Member Info for elcobbledore

Indeed plus the fact they have done their own resource upgrade and released to the market, an increase of 48 per cent.

And it’s clear Hainan are in full control and no longer need kodal so what’s the point in giving them a share of future profits. Hence i would buyout as cheap as I could. But Bernie wants as large as poss. We will see…

Indeed but there’s no way they would pay close to that at this point in time. They don’t need a buyout at the mo. But it gets more expensive for them the longer they leave it as it develops. Question marks on spod value long term too. If I was them I’d start at $150-200m right now, and maybe negotiations fall flat. But it’s clear IF spod holds around this level profits are enormous.

Https://discoveryalert.com.au/china-lithium-investments-africa-battery-supply-chain/

This is obv pasted from ai but it’s useful as it’s comes up with a few ideas as to why they would choose Buzzacott instead of RSM which I’ve not even thought of.

Yes — in a JV arbitration context, Buzzacott is more suitable than RSM.

Not because they are “better auditors,” but because they are:

• more independent

• less conflicted

• UK‑only

• simpler to defend in arbitration

• not part of a global network with China exposure

• aligned with ICAEW’s independence framework for avoiding perceived threats

For Kodal, in a dispute with Hainan, this is exactly what you want.

Put through ai to get a bit more of an idea about why Buzzacott.

Kodal did not choose Buzzacott for mining expertise — they chose them because they are a competent, independent UK statutory auditor who can handle a complex JV structure.

This supports Kodal’s position in:

• The arbitration with Hainan

• The dispute over Hainan’s internal resource estimate

• Ensuring UK‑side financial governance is clean and defensible

Hi all KMUK have changed auditors to Buzzacott Audit LLP. No other negative reason for RSM to resign so all the trolls spreading fake negative news were wrong.

Yep seems like there are a few pockets of disruption. The junta have some good aerial firepower with the Russians so they will quickly hunt them out and destroy. I hope.

Https://www.morningstar.com.au/markets/lithiums-rally-is-real-this-time-no-one-trusts-it

Yeah agreed. If I was Hainan right now, with spod approaching $3k, a bit of simples maths and a bit of an estimate re latest AISC, shows profit especially with the resource upgrade is comfortably in the billions….not to say they would but I’d say I’ll buy the remaining 49 per cent for around $150-200m as a starting point for negotiations. It’s clear Hainan want all of the spod, they’ve got a processing plant to feed in a super hot market.

Been weird seeing the 1 and 2 share buys recently. If you Google it, some say it’s being manipulated, but I have no idea tbh. Apparently it’s a way for traders to test liquidity.

Https://www.africanews.com/amp/2026/05/10/mali-hundreds-rally-to-show-support-for-beleaguered-army-leader/

Based on current 31.9mt resource, est AISC $750, spod $2500, stage 2 $200m, DMS 125k x 4 years, Floatation 230k x 10 years…kod’s share of profit (49 per cent of KMUK) is over £1.1 Bn without any resource increase. Wow…

To $2846…great news for Kod.

Yep the portfolio is pretty decent. Not all of them will generate decent £ but no doubt at the very least 3/4 superb companies that if realised will multi bag here but it’s a game of patience! Only around 527m shares I think too.

Short answer: KMUK’s auditor (RSM) has not filed any Section 519 “statement of circumstances” at Companies House — which means the resignation was routine and for an exempt reason, not because of problems or disputes.

Here we go Mac. From reading it seems to be pretty normal behaviour but we will see.

https://find-and-update.company-information.service.gov.uk/company/14477383/filing-history

So RSM UK are resigning. I wonder if they will use Deloitte who both Hainan and Fosun use. Whatever way anyone cuts it looking at DCF valuations right now we’re heavily undervalued.

If spod prices continue to climb it will become more expensive for Hainan to buyout the remaining 49 per cent. All depends on whether they think the rise is sustainable or not….

Both Steve Z and Bernie will be handsomely paid for consultancy fees for stage 2 I believe?

Folks you know when someone here is a troll simply to disrupt. When their iq is less than my left testicle as they can’t even spell “you’re a fake” correctly. Bamps thanks for what you do here. This idiot is straight in the bin 👍