Member Info for EarEyeAm

Absolutely. Nobody walks into a Lego shop, picks up two items and then calculates from the prices how much they cost per brick to determine which one they buy.

And a £222m offer that was rejected is still a £222m offer regardless of how many shares are in issue.

People need to look at the £222m, £350m etc and then work out how many pence per share that is, not the other way round because that just leads to meaningless valuations.

£350m is 46.7p per share, that is based on the current number of shares in issue.

"The updated MRW showed 36.8 million tonnes (Mt) at 41.9% feldspar at Ewoyaa."

https://www.proactiveinvestors.co.uk/companies/news/1065351/atlantic-lithium-increases-feldspar-estimate-for-ewoyaa-1065351.html

"The continental average export price stood at $129 per ton in 2024"

https://www.indexbox.io/store/africa-feldspar-market-analysis-forecast-size-trends-and-insights/

I'll leave you to do the calculations as my eyes are watering!

What's happened since the offer of £222m for the company in November 2023? .... LOADS!

The offer came in after the Definitive Feasibility Study (DFS) was announced.

29th Jun 2023 8:21 am RNS Ewoyaa Definitive Feasibility Study

Since then, the resource in the DFS has increased, on top of which a maiden Mineral Resource Estimate for the Feldspar was produced and then increased. We also have Pegmatite discovery and Pronounced Lithium-in-soil Anomalies in Côte d’Ivoire, multiple other value add milestones as per the RNS titles below. Ratification adds a huge milestone and value add to the list. I doubt the board would consider any offer below £350m (46.7p per share) with Ratification in the bag.

15th Nov 2023 7:00 am RNS Rejection of Non-Binding Indicative Offers (at £222m)

28th Nov 2023 7:00 am RNS 106m Continuous Pegmatite Interval Reported

12th Dec 2023 7:00 am RNS Maiden Feldspar Mineral Resource Estimate

24th Jan 2024 7:00 am RNS Completion of US$5m MIIF Subscription

5th Feb 2024 7:00 am RNS Multiple Broad and High-Grade Drill Intersections

19th Mar 2024 7:00 am RNS Further Broad and High-Grade Drill Intersections

7th May 2024 7:00 am RNS Dog-Leg Delivers Further High-grade Intersections

10th May 2024 7:00 am RNS Admission to Trading on the Ghana Stock Exchange

30th Jul 2024 7:00 am RNS New Dog-Leg Target Delivers Increase to Ewoyaa MRE (increased from 35.3Mt to 36.8Mt)

12th Sep 2024 7:00 am RNS Grant of Ewoyaa Lithium Mining Project EPA Permit

8th Oct 2024 7:00 am RNS Grant of Mine Operating Permit

30th Jan 2025 7:00 am RNS Updated Ewoyaa Feldspar Resource Estimate (Feldspar Mineral Resource Estimate of 36.8Mt at 41.9% Feldspar)

22nd May 2025 7:00 am RNS Spodumene Pegmatite Discovered in Côte d’Ivoire

20th Oct 2025 7:00 am RNS Pronounced Lithium-in-soil Anomalies Côte d'Ivoire

22nd Dec 2025 7:00 am RNS Ratification Process - Ewoyaa Mining Lease

19th Feb 2026 8:27 am RNS ASX Trading Halt (in discussions for a corporate transaction)

What about Ghana Parliament sins?? 😈

Ratification will also see a swathe of II's stepping in due to the project risk level plummeting. That buying will put a floor under the price. II's will wait for the volatility from the news to subside, so look for II buying a week or two after Ratification.

The Market Cap today is £134.77m.

The company flatly rejected £222m in late 2023, wouldn't even entertain discussing such a low ball offer, that tells us that the Board believed the company was worth say £300m-£350m.

With Ratification and the enlarged resource figure, this company should therefore be valued at least to that £350m which is 46.7p.

The broker target in 2024 was 75p. The broker target should be updated after Ratification, it could easily be anywhere from 50p to 75p target.

Anyone selling on Ratification, good luck to them, but I won't be, because I still see a very good chance of a buyout of Ewoyaa or of this company within a couple of months, potentially a bidding war. A ready to build Mine, in a stable country, with a low extraction cost, with new Mining friendly Law, in the #1 country for Mining investment in Africa, adds up to an extremely attractive proposition for any Lithium or Battery manufacturer.

Another thing is, these tariffs only apply to prices inside the USA, not global prices. They are just a tax that is passed on the the USA consumer.

The new tariffs are only valid for 150 days, that's the law for that type of tariff, they won't affect anything because they are not indefinite, they are just a dictator having a tantrum again because he fought the law and the law won. He now has to also pay back about £175bn that he illegally raked in from his unconstitutional tariffs, lawsuits are flying in for refunds.

Seems a nice coincidence that a rocket is going up between 6 and 10 March, hopefully that makes TWO!

🚀🚀😁

"Artemis 2's upcoming launch window runs from March 6 through March 9 and also includes March 10."

As I said....

" A very limited competent person's report (CPR) was prepared for use by the TPDC to justify the construction of the pipeline. A full CPR over the Ntorya gas field is not likely to be commissioned until after the drilling of CH-1 and workover of NT-1."

https://www.londonstockexchange.com/news-article/AEX/ntorya-operations-update/16925405

AEX would certainly like a CPR so they can book Reserves as an Asset in the accounts.

My belief is that the CPR is pending the result of CH-1 and once that well is tested, ARA will get a CPR done.

Countdown to Royalty LI defaulting into Law.

12 stock market trading days.

About 8 Parliament days worth of hours, this is because 6/3 is a public holiday, 26/2 will be a half day due to an early finish to get Parliament ready for the President to Address The Nation the morning of 27/2, then half a day on 27/2 following the Address To The Nation.

I'm still expecting the Royalty LI to be discussed in Parliament (alongside the Ewoyaa Agreement), so that really needs to happen within the next 7 days of Parliament hours, otherwise it would end up being discussed on the final day of its 21 day travel through Parliament and, that would cause uproar from the Minority Party, because they want everything to have plenty of time to be discussed.

Https://www.greenbuildingafrica.co.za/us-approves-undisclosed-africa-investments-to-strengthen-us-critical-mineral-and-energy-supply-chains/

Hmmmmmm....

"The Board approved transactions in Africa that will advance economic development, enhance energy resilience, and reinforce supply chains critical to American growth, security, and innovation. Due to confidentiality considerations, these transactions are not being identified at this time."

They seem to be doing rather well and have good plans.

Elevra Presentation 19 February 2026

https://api.investi.com.au/api/announcements/elv/3d9f6943-13f.pdf

From their Facebook, confirms what I poster earlier.

Parliament of Ghana

Parliament Prepares To Receive President Mahama

The Majority Leader, Hon. Mahama Ayariga, who is also the Chairman of the Business Committee has disclosed that H.E the President has been scheduled to deliver the State of the Nation address on Friday, 27th February 2026 in accordance with article 67 of the constitution.

Hon. Mahama Ayariga made this known on the floor of the House when he presented a business statement for the fourth week.

He further noted that, in line with the convention of the House, Hon. Members are urged to be punctual and seated on time.

Hon. Ayariga was of the view that due to the President’s Address on Friday 27th, the House will commence sitting at 10:00 a.m on Thursday, 26th February, 2026 to enable the House adjourn early in preparation for the Address.

Last July I posted a merged image of the Ntorya Satellite view and the location of CH-1 from the ARA presentation, I lined up NT-1 and NT-2 so that the CH-1 location could be seen.

At the time there was speculation that ARA had not given the exact location in the presentation because of the fear of people taking over the land and wanting to be paid to leave it.

In any case, the location that I showed on that image in July 2025 is now being cleared, so perhaps the prediction was in fact spot on.

I've re-uploaded last years files (as I can't find the old links) which I still had on my laptop, plus today's image showing the same location being cleared.

ARA presentation image https://ibb.co/9mq3P6VK

Satellite image from July 2025 https://ibb.co/Zp3w9bpg

Merged image from July 2025, showing the location of CH-1 as a red circle https://ibb.co/j9MyHhYG

Satellite images 16/01/2026 and 20/02/2026 showing the same area has an access road and is being cleared https://ibb.co/6cbN25XS

I was just watching the live Ghana Parliament video and the head of the Business Committee was asked to present an overview of the business next week. He advised that there will be 7 questions to the Minister of Lands and Natural Resources, this is the chap that put forward the amended Ewoyaa Agreement for Ratification and he is the chap that requested the Royalty LI.

What that means is that the Minister will be in Parliament (not galavanting around).

It might also mean that questions are asked about Ewoyaa, the Royalty LI etc, but we won't know that until they are published in the schedule.

"BUSINESS COMMITTEE Thursday, 19th February, 2026. 12:00 noon Committee Room 8E (East Wing, 8th Floor, Job 600) To determine the business of the House for the Fourth Week."

Another thing to note is that the President will give an address to the Nation on Friday morning, so on Thursday the Parliament business will be half a day, so that the clerks have time to set up Parliament ready for the President arriving the following morning.