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Rio could form a JV with Sovereign and other parties and maintain their approx 19% shareholding to maximise off balance sheet exposure but retain lucrative operating and marketing rights to arrange more off-take agreements for quality graphite, high grade rutile and perhaps even some fancy monazite plus in this case utilise access to substantial government backed loans (Japan/USA/Malawi) to minimise their Corporate loan exposure. So do not write them off yet in this case despite their stated restructuring away from their defined core pillars. It is a wait and see for me now. Nothing is definite. DYOR.

For general Information: Hunan Sunwalk Tech Group signed a USD 7Billion MoU in 2025 with Govt of Malawi to build a Ilmenite titanium Extraction and Processing facility/Smelter at Salima (adjacent to Sovereigns Mining Licensed Area) plus a USD5Billion agreement to build out a special Economic Zone at Salima/Chipoka. The Ilmenite is to be sourced from lakeside plains HeavyMineralSands deposits. There is likely to be competition for Power but Sovereign seem to have secured their requirements.This adds in a geopolitical element which I still think is likely to rule out permitting any Chinese investment in Sovereign.The Sovereign deposit is likely to be reserved exclusively for Western facing supplies. Hunan is still at exploration/feasibility study stage but it shows how Chinese influence is growing in Malawi, which is shaping up into becoming a significant Titanium supplier to the Global Market which should in turn anchor the logistics routes. DYOR.

Rio are in for just under 26p/share on average. This includes for other valuable concessions regarding operational management and control over some offtake agreements.They are in my view unlikely to bid now due to their stated revised mineral strategy but they will probably know who to approach to buy their shares and the best timing for any deal. They will be obliged to offer a full takeover if they raise their shareholding much higher I believe. It is a fairly straightforward surface mine to develop and operate with a tasty probable long term reserve. There is a bit of risk depending on a stable China dependent Mozambique for logistics over a long time frame, although Japan are financing the rail link to the coast. With a very low projected cost per tonne of two or maybe three mineral streams perhaps they could engage a large contractor such as Mota-Engil Group as the contractor but they would also have to source the requisite finance which is difficult for a minnow.But backing could come from a variety of sources as the figures as stated look lucrative.DYOR.

Interesting to imagine an offtake agreement with Sovereign Metals for the Monazite fraction from their Malawian Kasiya Project to be sent to Poland for refining by MKA into the missing Rare earths they currently lack in their offerings.

They are an Investment Company who would understandably like to monetise this asset. I think that the Orange River sweetwater abstraction license for 182500 cu m per annum and wayleaves for a pipeline are a very valuable part of the asset which could act as the killer switch to protect future income.The water quality and volume make a big difference to the lithium processing especially for an investor/operator able to combine Aftan and Swanson. Can affect yield by as much as a 50% increase on using brackish water from boreholes.Again dry processing will affect the Tantalum yield substantially (perhaps 40%) too so it looks like a very short sighted option. The potential value of the mineral deposit is possibly substantial (lots of unproven pegmatite swarms)but only if realised by a tolling or royalty arrangement to overcome the upfront risk, and an incorporated drilling incentive.So there is plenty to negotiate over if the upfront monetary demands are restricted to only what is needed now to adequately finance the diamonds and HMS operations and the rest is deferred to risk sharing arrangements. But they have the experts to evaluate the options. DYOR. Not investment advice.

A sale negotiated to combine with the Arcadia/Swanson mine is the golden ticket.From my inspection it appears that:

Kazeera hold a 182,500m3 pa water abstraction and wayleaves for a 17km pipeline of sweet water from the Orange River.Swanson has permits for 76,650m3 from Warmblad boreholes 21km distant which is probably brackish and inferior for lithium processing due to reagent interference reactions.This affects Lithium yield and cost. This pipeline could be retained by Kazeera as a killer switch to protect its income streams if it wants to negotiate deferred payments, royalties, and charge for water offtakes. There is potential to increase reserves from other pegmatite swarms identified but not analysed or quantified.The revenue value from both Lithium and Tantalum have increased substantially since the original deal which did not recognise the Lithium deposit nor the sales price uplift. A combined mine is worth well in excess of the sum of the parts.As much of the reserve is not fully quantified a deferred payment arrangement from an operating enterprise is probably easier to negotiate. DYOR.

RIO might be just optimising the offering in preparation for an offload to another miner. It would make sense as they know how far to go with their input to optimise and they have knowledge of all the Miners.

This share is not for widows or orphans or the uninformed in my view.There is a lot of facts to consider.It never produced much revenue although it has large 'kind of reserves' only, (as they have to be permitted annually).We still do not know how big the new royalty rates will eventually be or how they affect profitability especially with regard to the lower priced HMS.Then of course the other issues regarding a fraud case which was well publicised and a possible large fine and what sounds like the confiscation of production assets and stocks which may or may not be recovered.Against that it has had large corporate support from selected investors at double digit prices. So it is priced as it is for a reason, that is the market. DYOR.

The exploration site has significant contingent reserves of green hydrogen.

They need converting to proven reserves to impact on the balance sheet.

ESP results are encouraging and exceed what was anticipated but more makeover work is reqired to improve the Gas Water Ratio by reducing water ingress. This is usually technically feasible. Hydrogen content so far is good.The deposit as drilled is very likely to be commercially viable.

The pumped volumes and fluid temperatures appear sufficient to generate geothermal energy to convert to electricity for the site making recovered hydrogen even greener and reducing opex. Could be as little as one year payback for the modular kits and a cushion from fuel oil spikes.

The value of the product is probably on an upward curve with occasional spikes. Demand will be high especially in the next five years.

The exploration area at Rukwa can accommodate several simultaneous JV's.

The predator rig is available on site for workovers. Still a long term value proposition. DYOR.

Blue Star has come into production at a time of high helium prices enabling an accelerated development.

As asset values increase so will the share price.

Because the shares are volatile traders will continue to trade amongst each other mostly in a game of chance.

From what I can discern patience is required as:

We have found a potentially vast deposit of helium but it is somewhat novel as it is combined with nitrogen and dissolved in water. We do not yet have a JORC compliant Proven Reserves estimate and are a distance away from getting one.But indications are now good - good enough to progress.

At todays prices and at the demonstrated pumping rates achievable with the given helium% and GWR it CAN be shown to be viable.However at relatively small extra cost to rework the wells, as would be normal practice, the shaft can be isolated from the Karoo water infiltration.That would make it exceedingly profitable and now, but only now, of interest to a JV partner.The partner would be given a deal over a given number of wells where they supply a rig, or two if they are ambitious, and we follow with the Predator to remediate pack and line and test and prove as required to reduce leakage. Make hay while the Helium spot price is high to pay back some of the capex as quickly as possible to reduce financing costs.Exploration should then or simultaneously continue with a JV partner for a new cluster.If the appetite remains to explore and operate while proving adjacent reserves using JV partners then take advantage of the circumstances and go for growth.Avoid dilution but if the field is actually as big as we think, just accept that dilution per cluster is not just acceptable but optimal for an exceptionally large development broken down into development clusters.So it is all down to demonstrating a viable business plan whilst there exists an appetite for risk which overcomes the problem of defining provable reserves first. DYOR and GLALTH. Can someone do some sensible numbers?

i have done a back of a *** packet fantasy deal for kazera/xinhai/arcadia.helped by ai of course.

premise that namibian groundwater from boreholes is notoriously saline and high in total dissolved solids which might lead to reagent interference reducing lithium recovered and quality and price down to about 2/3. the orange river water is soft with low tds which should allow xinhai to achieve 75-80% lithium recovery rates and justify an overall combined 30ktpm plant.this would change from a swanson 15ktpm over 7.5 years life to a 12.5 year tier1 -lithium-tantalum hub and increase gross revenue from about usd190m to usd1b aggregated lom revenue with lower cost/tonne by working at scale over longer lom. further reserves might exist in the area but all tenements would be attributable to swanson.

i would ask for xinhai to build kazeera a commissioned pipeline (using the existing abstraction permit and wayleaves) worth usd3.5m in the deal and charge them for water at usd 3.50/m3. plus upfront cash of usd3m: an amortised five year carry of usd9m at sofr +2%; and a 2.5% pooled royalty for lom :

that gives a post tax lom of about usd 38.7m to kazeera payable over time with income to defray expenses/invest elsewhere. pure fantasy of course. dyor.

Bear in mind that Kazeera are in negotiations over the future of their Aftan Mine which they may not be able to divulge as an NDA is probably in place. The value now as a result of holding critical Water Abstraction and wayleave rights from the Orange River plus the fact that both Tantalite and Lithium prices have increased substantially since the original sale to Heibei and the fact that they have won a court award (although it is subject to challenge in a Higher Court) substantially changes the NPV. Again as the adjacent Arcadia Swanson Mine contains both the same minerals and will use a similar processing method, an agreement with them would allow a longer LOM and/or higher outputs and a better water resource without substantial capital duplication for water reticulation and plant. Any uplift in selling price would accrue to Kazeera and they would also recover their tax free court award. DYOR. A Swanson involvement or not could be determined by end March I believe.

I think that Mr Edmonds is a very talented negotiator who has now probably got the opportunity to resell Aftan to an interested buyer.It is not unrealistic to revalue the asset in view of Lithium presence,Inflated Tantalum prices,Water abstraction Permit and easements in place for a pipeline from the Orange River.If the buyer has an adjacent mine then the prospect of a share in the upside of a combined operation is also reasonable. Think in terms of an overall deal in the region of USD50 Million or more to be achievable in the circumstances.That would be a massive gamechanger with all the prospects for HMS and Diamonds to invest into. DYOR

Kazera (Aftan/Tantalite Valley Mine) has the major advantage of a highly coveted fully permited (but not yet constructed) abstraction licence and 15/17km (USD 2M cost) water pipeline route from the Orange River. Hebei and Aftan fell out over the construction of the facility. Hongkong Xinhai Mining Services has until mid March 2026 to conduct due diligence and enter a definitive agreement to advance the Swanson Tantalum Project with Arcadia Minerals. Xinhai has then the right to expand the plant or undertake extensive exploration to increase throughput but any expansion beyond the DFS at Swanson is probably not viable without an additional water source. So Kazera could propose an infrastructure deal where Xinhai builds just one high efficiency plant and one pipeline (discarding a pipeline build from saline 210m3/day only borehole sources at Warmblad about 21km from the mine) to serve both mines. Then offer to fold the the Aftan assets into the Xinhai partnership in exchange for a 20-30% carried interest and higher royalty of say 5% and USD 5- 10M cash. Ensure all legal paperwork to formally cancel the Hebei transaction (due to their breach of contract) is ready allowing for a clean title transfer to Xinhai or another buyer by Q2 2026.

Kazeera keep the USD4.1M non refundable deposit and as they own the asset outright they do not have to repay Hebei any surplus over the USD 11.9M but can keep the uplift.This aligns with Kazeeras policy of finding a commercial solution to bypass the need to rely on Hebeis ability to pay the debt. DYOR.

One Investor with/or who had a very large holding had this agreement to buy shares: https://pyxresources.com/wp-content/uploads/2022/10/PYX_Investment-Commitment-GEM-v.5-FINAL.pdf.See also relevant RNS's 07/07/22,07/10/22, 05/01/23,23/02/23. Do the collapsed but now repaired Bridge restricting access for months and the huge increase in taxes and Royalties proposed plus the unexpected tax demand and investigation into a subsidiary company for alleged fraud constitute foece majeure in this case I wonder? I am a LTH but can not see this share zooming overnight.

Bear in mind that the Operating Environment in Indonesia can be challenging and according to an AI search the following challenges have to be overcome by management in addition to operational issues.

There is no direct link reported between the criminal corruption case regarding the illegal mineral sales and the separate USD 2 million tax assessments that PYX Resources is currently challenging.

The two issues are distinct regulatory and legal challenges:

Corruption Case (IDR 1.3 Trillion): This is a criminal investigation by the Central Kalimantan High Prosecutor's Office into allegations that PT Investasi Mandiri used manipulated RKAB approvals to legalize minerals sourced from illegal community mining outside its licensed area, causing significant state losses. This case involves specific suspects, including the local Director of PT IM.

Tax Assessments (USD 2 Million): These are civil tax assessments received by a local PYX subsidiary that the company is currently challenging through appropriate legal channels and the courts. According to PYX Resources, these are part of a general "complex regulatory environment" and are not specific allegations linked to the ongoing criminal investigation.

While both issues involve regulatory compliance and financial matters within Indonesia, they are being pursued via separate legal pathways and involve different alleged violations. PYX Resources has stated that the company is not the subject of specific allegations in the corruption case but is cooperating with authorities to ensure sector-wide compliance.

This was an AI generated response to my query.

N.B. This is an AI generated estimate.

Likely Output Range

Based on typical recovery profiles for heavy mineral sand operations of this scale, the probable output of monazite concentrate is expected to be:

Estimated Volume: Between 10,000 and 30,000 tonnes per annum. (Note: Final figures are pending the 2026 Definitive Feasibility Study [DFS]).

Grade Profile: The concentrate is high-grade, containing approximately 21.8% NdPr and 2.9%–3.9% DyTb.

Economic Value: At current market prices for high-grade monazite (approximately US$8,500/t), this production could generate an additional US$85M to US$250M in annual revenue.

I hope so.

This is what AI came up with.

As of January 2026, the official defence of

PT Investasi Mandiri (PT IM), or its parent company PYX Resources, has primarily focused on regulatory and administrative aspects rather than directly refuting the details of the corruption indictment in public media.

The following are the known key points regarding their position and defence:

1. Government Regulatory Changes as a Factor

PYX Resources (as the controlling entity of PT IM) has stated that operational disruptions were caused by sudden changes in Indonesian government regulatory policy. They argue that the suspension of export permits and RKAB (Work Plan and Budget approvals) was a result of government restructuring of the mining sector to address market oversupply, not specific violations by the company.

2. Commitment to Responsible Mining

In official statements, PYX Resources has maintained that they remain committed to responsible and transparent mining practices. They claim to have always supported the government's goals of improving governance in the mineral and coal industry, while regretting the legal uncertainty caused by the transition in the permit system (reverting from a three-year to an annual system effective 2026).

3. Economic Issues and Operational Costs

The company has also highlighted economic pressures as a reason for ceasing operations, rather than solely the legal case. They cited several constraints, including:

Royalty Increase: Protests against the increase in regional royalties for zircon minerals from 4% to 20%, which they deemed highly burdensome for the industry.

Market Conditions: Weakening mineral sands prices and high operational costs in Indonesia.

4. Voluntary Return of State Losses

As part of the legal strategy in facing the High Prosecution Office of Central Kalimantan's investigation, there are reports regarding the voluntary return of state funds totaling approximately IDR 972 million (about USD 57,300) as of January 2026.

This restitution was made voluntarily by affiliated parties or witnesses as a gesture of goodwill to recover state losses.

However, the Prosecution Office asserts that the return of funds does not halt the ongoing legal process against the main suspects.

5. Incident During Suspect Naming

On a personal level, one of the suspects from within the company (initials ETS) reportedly fainted while being detained in December 2025. While not a direct legal defence, this indicates the psychological pressure involved in the examination process for the company's employees.

Overall, the company’s defence strategy appears to be shifting from technical operations towards litigation while simultaneously pursuing regulatory diplomacy through the Zircon Association (AZTI) to restore their permits.

NB - This is an English translation of an AI response which may include mistakes.

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Home » HELIUM TUBE TRAILER - 6 TUBES DOT 3T 2400 PSI 40 FT

HELIUM TUBE TRAILER - 6 TUBES DOT 3T 2400 PSI 40 FT

Helium (He) Tube Trailer - 6 Tubes DOT 3T 2400psi 40 ft Tubes

Type

Tube Trailer

Product

Helium (He)

Tube Design

DOT

Tube Spec

3T

No of Tubes

6

Tube Manufacturer

CPI

Stamped Pressure

2400 psi

MAWP

2640 psi

MAWP (bar)

182 bar

Tube Length

40 ft

Tube Length (m)

12.19 m

Tube Diameter

22 in

Water Volume

93.30 cu. ft.

Capacity

96036 scf

Capacity (m3)

2635.00 m3

Product Weight

927 lbs

Tube Weight

4455 lbs

Frame Weight

8540 lbs

Tare Weight

35 270 lbs

Gross Weight

36 197 lbs

Tractor Weight

18500 lbs (sample)

Gross Weight (With Tractor)

54697 lbs

Photos

HELIUM TUBE TRAILER - 6 TUBES DOT 3T 2400 PSI 40 FT (1)

Notes:

Values provided here are estimates for information purpose only. Actual image or drawing of the unit may vary from what is shown. Different

The government of Malawi has signed a memorandum of understanding with Chinese company Hunan Sunwalk for a $7 billion investment to develop the country’s mining sector, with a strong focus on titanium extraction. Might they compete with the presumed Japanese offtake interest?