Member Info for ElectricLion

Depends on the price doesn't it squeaky. The BoD have a duty to all shareholders, not just the big ones, and while the big ones have enough shares to determine the outcome (assuming they agree, which they may not), the BoD would still need to take any potential offer seriously, and inform shareholders if appropriate. FWIW, I don't think MTL will be sold any time soon, but I wouldn't be so quick to rule it out either.

MTL is not a classic Lassonde curve case study, as we transition from one operating mine to another. Our MCap is also North of £400m, which is not chicken feed, even if it does not fully represent our true worth. Moreover, the Lassonde curve is a model, not a prediction, or a guarantee. La India will form a very solid foundation of MTL's business and SP going forward, but it may need further positive developments for the SP to truely soar.

Lee - don't mistake (often legitimate and surely understandable) frustration with a lack of patience and willpower. Whatever you MTL LTHs may have gone through, I assure you there are those of us who are now into our second decade of investment in La India, and have the scars to prove it. AIM PIs generally have a well-deserved poor reputation for their willingness to play the long game, but I don't think that applies to most here, regardless of whether they arrived before or after the CNR aquisition.

I would gently encourage you to expand your horizens slightly. Perhaps you will never invest in another company as long as you live, but at least learn to live with the fact that some do. That's not a crime, and it's not a competition. From here, I expect both MTL and KEFI to do pretty well, perhaps on slightly different timelines, but travelling roughly the same path. It's a sign of insecurity in your own position to be constantly needing to promote MTL at all costs, especially if you haven't done enough research into the alternatives.

You're getting confused Lee. No indication that I can see that suggests Smoothbrain is in KEFI. Also, contracts for the Tulu Kapi mine build are fixed-price. Appreciate you want to big-up MTL by comparison, but you're not doing a very convincing job. Maybe best to just drop the KEFI subject, unless you want folks to keep correcting you...

To add, both KEFI and MTL have seen their SP retrace recently, as had most of the sector, indeed a lot of the entire market. You won't need 3 guesses as to why. It's not MTL-specific, so while I reserve the right to my own opinions on DB, La India, Nic, etc, the reality is that the market is not helping anyone right now. Just have to suck it up and wait for brighter times.

Since you mention KEFI Lee, I'll put you straight on a few points. While the total funding for the Tulu Kapi mine is $330m, only $240m is in the form of loans, with the remainder of funding from other sources, including the Ethiopian government and equity. The equity has been painful for sure, but is now in the price, so not an on-going concern. There's a healthy chunk of contingency funds and OpEx in the budget too. I'm not sure that's the case for La India, so may not be apples-to-apples.

The hard bit was (hopefully) raising the finance, and that is now done. The contracted mine builder is Lycopodium - a name that mining investors should be familiar with, as highly experienced mining builders and operators. While I'm sure that DB's team are more than capable, Lycopodium are pretty much the gold standard in the industry. Many of their builds come in below budget and ahead of schedule.

First production is due early 2028, putting it maybe 15 months behind La India start up. Production will start at 160k oz (after ramp up), and then progressing to 200k oz, so more than anticipated for La India. AISCs are comparable to La India with an extra few hundred $/oz for All-In-Costs, which include debt repayment. Pretty much moot, if the gold price stays anywhere near current levels. KEFI MCap is £184m vs. £416m for MTL.

Suffice to say, both have a lot of potential. You don't have to choose! A bit of diversification won't kill you. I am in both. Also considering AAU and AMRQ, but need to do some more research.

WalterMitie - don't forget that it's an option - that means it's worth nothing at 2p, 1p at 3p, etc.

I think it's fair TBH, given where the SP is now. Worse terms wouldn't have suprised me.

Mostly agree Qnard. It's not been an easy job. Most here criticising would have shrivelled at the first sign of trouble. He has his faults - his opinions are often aspirational rather than cautious, and he reaches for the dilution button far too easily - but his tenacity throughout thick and thin has got us this far.

I think his total compensation is probably considerably greater than 75k, but that's not to say that he's necessarily over-paid. Bluntly, I get paid more than 75k, and my job is a piece of cake compared to his. I'm not sure I'd do his job for almost any amount of money - not worth the stress!

We've all had to reel in our expectations of the top-end of what KEFI could be worth, as a result of the dilution, but there's still considerable blue sky potential ahead. To me, KEFI, while still high-risk by most people's standards, is now a proper investment, rather than a gamble like half of the rest of AIM. And that transition has only happened because HAA (and his team, of course) have kept their noses to the grindstone for years.

While nothing is guaranteed, I'm pretty confident that KEFI will make me a lot of money, just not as quick as I hoped, that's all! :-)

Considering we were at 2p a little over 2 months ago, it's highly speculative, at best, to say it won't get back there until production. There's nothing wrong with saying you just don't know...

The OP seems to be doing this on multiple boards. Odd behaviour to say the least. A perusal of their posting history suggests that you're not likely to miss anything by filtering them, should you be so inclined.

Whether you believe him or not, HAA stated that the reason for the raise was essentially down to the Iran war, not whatever the situation may or may not be in Ethiopia. So yes Rob, you correctly predicted that a war could be a problem, just not which one! lol

Well said Sakura. The SP now depends on future execution. Resting on laurels and relying on fading memories isn't going to cut it.

*DB, obviously.

La India is a great asset - there's really very little DB can take credit for, apart from obtaining it in the first place. The gold is there, it's easy to find. As soon as the government see you actually have the ability to mine it, they'll give you more licenses, extensions etc. It's a cake walk.

The Philippines is another story, and here DD has struggled recently. Anyone who says otherwise is not being objective. Runruno has run dry - DB says that himself - there's nothing left. Sure, it's made some money in the past, most notably, to fund La India development, but now what? What's the future look like? Well, that's far from clear, and until it is, the market will remain sceptical, no matter what anyone here says.

Interview stated some news on the likely destination of the Runruno plant by the end of H1. That's not long, although it sounds like there'll be a substantial period needed for dismantling/moving/re-assembling the plant, even if it's a production-ready asset in other ways. Waiting to see what that news looks like before judging too hashly, but I do worry about what kind of asset we can actually afford, given the gold price. We're not likely to get another La India for pennies on the pound.

I'm old enough to remember a time when Mark Child (CNR CEO) was held in high regard - pulling spectacular drill results out every other day, but turns out he couldn't graduate to a producing company. I hope DB is not similar - he was clearly great while deep in the weeds of optimising a poorly-performing production process, but has he got the chops for strategic management of a mid-tier mining company? The jury is still out, as least as far as the market is concerned.

I really don't give a damn if your average is 0.1p, I've always maintained that the future is more important than the past, and the future is looking a little shaky right now, beyond La India that is, which was always going to be a star asset, no matter which company ended up owning it. Fingers crossed there's something to celebrate in the next few months.

(All that said, I have the means to add, but have opted not to do so. If the Philippines situation improves in a meaningful way, I will do so. The company needs a healthy second jurisdiction for all sorts of reasons.)

"Am I happy with the current SP? No, of course not. Am I happy to sit and wait for what I see as the inevitable 1st pour in Nic? You betcha"

Then we are really don't have too many differences. Indeed, any suggestion that I've been selling is, well wide of the mark. I invested in CNR for the potential of the La India project a long time ago, and am certainly not selling up now. A bit less baggage however might have led to less disappointment for some at the current state of the Philippines side of things, which has been flashing warning signs for a while now.

Not sure who you're even replying to Lee. Seems like a straw-man to me. If it is me you're replying to, then I refer you to my 23 Apr 2026 17:21 post.

Having a low average does not mean that you are any more qualified to judge the current situation than someone who just bought. Indeed, an experienced investor who is new to the stock, having just bought, is likely to have a more balanced view without the historical baggage. Some here think they're geniuses because they got lucky early on, but their posts have elements of naivety that betray their inexperience.

"Harry only thinks this is worth 1.2p"

Magic, that's not how anything works. Makes it hard to take anything else you say seriously. There's time and risks of course - do you think the rest of us haven't thought of that? Feel free to go and invest in those producing profitable miners if you like, no need to bore us with further "insights".