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Er.... Looking at the RNS of 9 Jan, which suggests that MFAI holds about 1.5% of Infinite Reality, which is now valued at $12.5bn... you only need a calculator to work out that means well over 20p per share to MFAI? Am I missing or miscalculating something?

Yes I was thinking)hoping that 10p will transform from resistance on the previous leg up, into support this time. The spread has narrowed nicely as we approach 10p and I could still sell 300-400k all day. Touch wood a week or two and then another leg up towards the 20p range which I now personally think is fair value (upgraded from 15p due to the increased certainty of a the RTO).

GLA NAI

Yes I think that's the interesting thing, RRR seem likely to be offered a slice of an interesting and hopefully immediately cashflow-yielding project, in exchange for abandoning the mega claim against Glencore. Imagine if it yields say $3-4-5m a year? The SP would likely 4-5-bag sharpish IMHO

It's been suggested many times that placing holders from 5p may be selling X shares and paying to exercise the warrants for the longer term. I have no idea whether that's typical.

500k trade gone through, difficult to tell if it's a buy or sell as the real spread was a lot narrower than published. If I had to guess I'd say a sell, possibly warrants related

Sometime in mid-late May I would suggest for the completion of the listing...

They should have made money from at least some of the warrants by now, although there's been no RNS, they're probably waiting for the next block listing?

.. seems to be around 5-6 months, not long in the scheme of things to realise a holding which should be around double our current market cap .. plus Cohens seem to be fast workers and highly experienced in this type of transaction so I suspect it may be at the short end of that timescale... Mr Market will wake up at some point...

OK fine so the TVs and monitors will be shredded first, and the magnet bits transported to HyproMag, makes sense. Sounds good. Keep up the good work Mkango!

It seems to me from the announcement that the recycling company is going to get a HyproMag facility onsite in due course, is that how you read it? I know we will be looking to feed into the main plants, but for the sake of what I assume is no more than 50g of REE in a computer monitor I wouldn't think it would be economic to transport it dozens or hundreds of km to our plant?

Can anyone provide a link to any info about 12.5p warrants?

Agreed they will bring in some cash.

More good news. Seems relatively small scale so far, but shows that they understand the issue of securing feedstock for the plants.

Gallmat, interesting article about Tanbreez. They have a large resource but the TREO levels are much lower than at Songwe. As the article states it's nothing to write home about. But they still got $200m+ for it.

Some of the other articles linked from it are interesting also. How the US and Europe are working to start to reverse their 20-year+ capitulation to China's aggressive mineral expansion in Africa. Malawi, anyone??

GLA

Yes director salaries in shares is dilution (fairly small), I should have been clearer that I meant running out of cash. There seems little danger in running out of cash IMHO

One of the biggest benefits here is that there doesn't seem to be a need for much dilution going forward.

* The directors are taking shares instead of salaries

* There will be $750k coming our way when the SPAC deal is completed

* The listing of Songwe should allow release of further cash to put towards expanding the UK and Germany recycling plants, and possibly others.

* Actual cashflow from the UK and Germany should start feeding through later in 2025.

* The US plant construction will be funded non-dilutively.

So unlike other small-caps which face the threat of continual dilution, which keeps the SP well below fair value, MKA is sitting pretty. And even if they needed to raise another say £1m as a final, short-term stopgap (which I think unlikely), at a £33m cap that's minimal dilution.

DYOR etc

Gallmat I'm fairly certain that the Hypromag process works, not sure why you seem to be doubting that now?

Excellent find on the REE tax credits - let's hope Cotec are all over it! Imagine if we get an RNS in 3-4 months saying that we've got tax credits for our full plant construction cost! Just in time for the FID :-)

Well done Gallmat very helpful

Monteacute if your average is 37p and you think things are looking up, you could average down? Up to you of course.

I'm not sure why you think there's a risk of the SPAC not proceeding? I would think it's in everyone's financial benefit, and with a highly professional outfit like Cohens (who will also be making fat fees) making sure it all works legally, I would think the risk is very low?