Member Info for Couerdelion

Think of it as a buying opportunity.

At a 2.5% annualised increase, I'd be happy with an 8% dividend yield.

SALT MCap up £1.5m. TEK MCap up £0.3m

Had to take a bit of profit here. Despite the shares being worth more, 709p was too good to pass up.

The settlement should be great news in the market. Any thoughts on the terms of the deal?

So, any short term liquidity concerns could be met through BELL and LUCY before SALT becomes an option in Q1 and there would be no need of any firesale and plenty of room to improve the existing assets/add new investments.

The BELL asset sale doesn't look all that bad now. Selling £300k of assets for cash and the market value drops £1.2m looks to me to be an overreaction.

The shares received a big bounce on the announcement of the cost measures so some of this will be priced in. There is the scope for further growth (analysis are pricing around 15% more) but you'd think this would come when results start to show the impacts.

Possible downside here is that the buyback program looks to be complete.

What are people's thoughts on Guident's current stage of development? Is this one that TEK could continue to hold and develop for another few years or are they approaching the point where they will want to look for a listing?

And do we know what agreement they have for holding onto their SALT shares?

Do you think the any of the projects are not viable at $10k per tonne? Longer payback and lower NPV maybe but hardly at levels where funding won't be found.

As for the Chilean government, for them the decision is one of taxes, employment and inward investment or not. I can't pretend to read the minds of the government but I don't see any point in their delaying licensing for projects lasting 30 years just based on current prices.

Forgot to correct, the BELL holding is now below 5% - it was 10% at YE2023

The value argument is clear as day but liquidity is the thing that the markets are reacting to. I'd like to see something from the company because the sale notice looks like it might be simply to cover running costs. The last cash raise allocated £600k to working capital and the latest BELL sale raised another £200m. On today's prices, they've raised another £700k from 2024 sales of BEL shares.

Collectively that's £1.5m against annual costs of c$2.4m So we have to ask ourselves how the rest of the operating costs are being covered and how long it will be for the well runs dry. Another £1m from BELL and some loose change from LUCY.

No news about the planned AI investment (of which the capital raise earmarked £500k. It's starting to look like the company is running on fumes and the lack of update on the non-traded assets is very worrying. I may well top up at some point but not while the Autumn Statement is hanging over my head threatening to take half of any upside.

Which is just to say the valuation of BELL is history. Without any larger source of income from SALT or Guident, they'll be selling the rest in due course.

1.5% of the total shares, not TEK's holding.

From an NAV standpoint, it's trivial. It's more about what it means for the cash position of the company

You're covering several bases with the bumpy steady rise prediction.

It will cover about 2 months of operating costs.

I haven't seen anything from the company. Does anyone know why the shares are dropping so much?

I'm eagerly awaiting an update. We need some sort of catalyst to get the price moving upwards. A few more added today.

That's very restrained. I too am tempted to make a little top up here. Got a few losses to recoup and this looks as good a place as any to get them back.

I can see this going down further purely on sentiment but at this price I would hold and ride out the dip.

The way I read it, the Thaba project will have cost $45m in CAPEX for a return of $150m over the next 10 years for a rough IRR of 25%. Depreciate the $45m over the 10 yrs if you want but the cash rolling off is supposed to be $15m per year. A very crude NPV calculation will give you something in the region of $50m of value here (pre-tax).

I expect we'll see a bounce in the SP at some point though I won't be the one to call it.