Member Info for elcobbledore

Last realisation was get visibility 9 months ago…with 27 companies at various stages I’d be annoyed if we don’t get any further realisations between now and end March…

Tbf the directors don’t benefit at all until the SP increases. It may take some time to get the SP going but fundamentals are pretty strong, just get those blooming realisations coming (and do share buybacks to increase the SP). Surely there will be a realisation in the next couple of months?!

Hi p119, if that was the case, it equates to $22.4m if 95 per cent was $21.3m. Doesn’t quite tally up. But anyway the process works now and as people have said the business model is proven. So onwards and upwards!

RNS 1/12 states the below.

Following completion of loading, our local Mali registered mining company, Les Mines de Lithium de Bougouni ("LMLB") (a subsidiary of Kodal Mining UK Limited ("KMUK") in which Kodal has a 49% shareholding), will submit an invoice for the initial 95% of the cargo value with the offtake partner, Hainan Mining Co. Ltd ("Hainan"). LMLB are subsequently due to receive the first payment from this shipment for a total expected value of c. US$24 million.

So my question is why have we received c$3m less than expected. Maybe i am missing something?

I think £25 is highly optimistic in 2 years, but if expansion continues and gold holds, maybe 5 years plus who knows. We all know this is an absolute beast of a project. I’m retiring if we ever hit £25! The amount of cash they are currently generating is frankly insane.

It’s an incredible feat, after all of the hurdles (there have been many), this really is a transformational period and moves from junior miner to producer, producing profitably. 99 per cent of junior miners fail to get to this stage. Spod price has already surpassed GS’s forecast for 2026, long may it continue!

Ah ok, yep bit disappointing on the final price but in a way, the delays of everything have helped, as probably would have just broken even a few months prior. Started exporting at a good time!

Yep works out to $800 ish for the full 100 per cent. Any ideas why this is a bit less than expected? Freight costs, being slightly lower grade etc? Still making profit which is vital, and spod is ripping at a good time

Chef and bloggs can absolutely do one and proves they spread utter rubbish! Well done Bernie and team kodal, it’s now a proven business model. He’s said that he expects FID in 2026. Let’s hope so, 2026 I think will be a transformational year for kod. About time!

Fund I is now positioned as a maturing portfolio with multiple value-realisation prospects and a clear path toward further distributions.

Yep totally agree re selling at this level. Last realisation was ages ago so surely we will get another realisation soon…

Let’s hope for realisations then buy backs. That’s the one way to boost. And then the bod get more at 2.5p I think. Lots of shares in sticky hands.

Https://www.kitco.com/news/article/2025-12-11/goldman-sachs-sees-significant-upside-its-2026-gold-price-target-4900oz

Page 15 on companies house accounts shows salaries

https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/97eduxja4kj_hxghtnlw8bmj3tq-o8cefhcfv9dwimm/application-pdf?x-amz-algorithm=aws4-hmac-sha256&x-amz-credential=asiawrgbdbv3cgr4vzy3%2f20251213%2feu-west-2%2fs3%2faws4_request&x-amz-date=20251213t091703z&x-amz-expires=60&x-amz-security-token=iqojb3jpz2lux2vjefeacwv1lxdlc3qtmijgmeqciedjuzjtbegi4ry09vcdxckz2teu3ijmbqlcf29iubrgaibhxjucor%2b10ogle%2f4hr0wjsohgaea4jscoq%2bx6mlkhusqbbagaeauaddq0otiyotazmjgymiimy0zfq6zmhtzwvgkhkt4dth3%2fykcrify5obuv9ngtbj0ysyfggwfpv0ye54%2bcz%2fs81ebyuwb2u5qfxxqelmvwtqt90tp8tdphsznnqyase0kvqzqjfuaz8fnjfor1%2fugfykbrbln4bat3v90paup5hwkwprzlhxcdfegjeozvidh%2fugw2ls3flpqdmkjubfvrpnpzstzeuwormsp%2fjfrpnkwfn5kd7bzrx%2bpoxiou1yms5embiyn5nk29mxa5xqk9idaje9o737xtkj8byhe3cpuw%2fountougrndpq1qw7adhbseu3hrvac1izjoxbp69emtguc2n63zdud0igk%2fnmgq4kjfdlq1nvur%2b%2fbh65lrmcd60gyq5ru7a3opw2cf6hpgw47h0x0rmgiskjvwzser3***u45uk2ruzw0dz3vsvxeanj2nzs%2fypy2ddgspjwogt8zpavgg4tecispjturmp4l2yo36htzlpdu1b8%2bzwurv3eao8rpsnn8kttqujjlv72wge2xswdn%2bftkjcfjbfueln2rnpojkx0svilypvx1ncc%2fk0mcnvam3tbbt0zdl8ufzu9swtzmczbpsmx8l5fznsg2lzw5skr91u%2fb3debdlxrwdvxax0ss1zbmcsns2c7gslm52zlwhpjck1ftjbjqmaxglij5gzxdntmzfhtedsnkxhlkrywpo5tggtwxcmmjgdy0b0lzpin5qsjgl1bkg2xuot7p%2fm5qi1z22qrjnn1r%2fotspicxlc6mgrouncgzpsrnzioistopxrorqwenhxoysxbhgfqhl0ft4zb0elqfuikuwslbxc8%2baohkidp6uwr8myhx1%2bddholu58qnqw2brrvt5bcbcts%2fynqod9mnzbevwwr0%3d&x-amz-signedheaders=host&response-content-disposition=inline%3bfilename%3d%22companies_house_document.pdf%22&x-amz-signature=eb837b74a620eac7c6b77252b96efe7b670b77b307ede163aa47bfe53657ae5b

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Hi all I decided to look at accounts and found out that David Palumbo has a salary of £10k per year (2024, down from £34k in 2023). Nick Lee has zero salary (2024, down from £50k in 2023). For a NED, £10k is a pittance. Thought people would like to know anyway…

If by this time next year we are not at least at over 0.5 I will do 3 shots of tequila. That’s a promise and you can hold me to it. I hate the stuff!!

The way I see MFAI is let’s say 5 out of the 27 investments do well and generate £2m in cash to MFAI each, equates to £10m on a market cap of just over £3m…£2m obv v approx but Get Visibility generated £2.6m cash inflows. So hence market cap is ridiculously low. If we start getting realisations I’m confident in a decent sustained rise here.

I tell you what Bernie really does know his onions.

There will be a re rate upwards but only when more realisations happen. MFAI have a fantastic portfolio. But need to realise the £ and exit. Once they do they should either do share buybacks or dividends at some point. Personally I’d prefer share buybacks to boost SP. Being debt free is massive too.

Wow why on earth would anyone even consider shorting here?! That is truly bonkers. Hope they learn a valuable lesson and get burnt!