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Possible we get back to even for the day. Looking at the balance of reported buying and selling today it's crazy that we are still down 2%. Possible that a large sell from earlier turns up after close of course.

Would be good to see another couple of tick ups before close today.

Straw that broke the camel's back bonker!

Funnily enough, looks like my final 4k top up was what broke her in the end.

Peel have a big chunk to offload it looks like, hence all this buying at 44p. Can't be long until the dam breaks and we move higher imo

You can be sure that if we got 300k of sells in the space of 10 minutes that the MM's would have dropped the bid, but when we get 300k of buys in 10 mins, no such luck...

A lot of buying at 44p here, hopefully get a bit of a reversal this afternoon.

Agreed, I don't think anyone was expecting a rise on backward looking results, and it's usually the opposite as people have already said. The catalysts here are clear, and we need the SEC approval or Hypromag USA decision to proceed to move the SP substantially higher at this point.

Sorry I'm a bit confused Fever... Not sure where your worry / comment about feedstock comes from? We are working with ILS, and have an Inserma unit at their recycling plant already. We are also working with EMR for electric motor feedstock, as per the RNS's. We have an agreement with Envipro to work on UK feedstock as well. If we have managed to secure enough feedstock for the first US plant, that operates at over 1.5ktpa (per JT's assertion), then I highly doubt that we are struggling to secure feedstock for expansion to 100tpa in the UK!

I am a lot less worried about feedstock than I was a year ago. JT seems to think Hypromag USA are now in a very strong position in this regard, and I think that our partnerships with ILS, EMR and Envipro in the UK mean that this is less of a risk.

I think in reality, they are probably matching their production targets / expansion plans to the demand for their product. 2025 and 2026 have been / will be more focussed on optimising processes and testing / proving the products, particularly the magnets, with OEMs and other customers, before firmer orders materialise and lead to expansion of production.

Given that we don't need to spend any additional capex to get to 100tpa, we should be able to scale up relatively quickly to meet increasing demand. The move from 100tpa to 350tpa will be reliant on hiring and training additional staff so we can run more shifts, which is probably why they will want to see substantial firm orders before taking this step.

This is another excerpt from the management discussion:

HyProMag UK is the primary industrial user and operator of the plant and is the exclusive licensee for the underlying HPMS technology, developed at the UoB and now being commercialised by HyProMag. Initial commercial production will be based on 20% capacity utilisation, equivalent to a minimum of 25 tpa NdFeB.

From this, it sounds to me that this is just a choice / contractual limitation, and is not due to the need to add more equipment to get up to 100/350tpa.

This is from the management discussion re Tyseley scale up:

The Company is evaluating phased expansion to start in the latter part of 2026, firstly to 100-350 tonnes of NdFeB alloys and magnets per year and then to 1,000 tonnes per year.

So looks like they are looking to move from 25tpa upwards towards 100tpa in Q4 2026.

GLR, I agree that there are probably better focusses for management time than scaling up immediately, particularly when we are still in product testing phase with most of our customers, and are improving our processes and product range. However, I'm a little confused by your suggestion that scaling up would cost us a lot of money. Is this just in relation to the potential scale up to 1ktpa?

My understanding, which could be inaccurate, is that the Tyseley equipment on site is sufficient to run at 100tpa on one shift and 350tpa on three shifts. Yes, the expansion to 1ktpa would require substantial additional capex, but I don't think this is the case for the original scale up to 100/350tpa? If it is then I would argue that the company have misled shareholders on this point. Keen to get yours and others views on this.

Fever, I don't share your conspiracy theory around the placing. From the accounts, it doesn't look like we were desperate for cash, and I'm sure management could have got a smaller raise off at a higher price, but they clearly decided that there was a great M&A opportunity that they wanted to take advantage of. They didn't need to raise £10m to keep the lights on...

I was p*ssed off about the raise, and still think it was poorly done, but I think you are doing Will and Alex a discredit by saying that they made up the M&A as a pretext for the raise, that just doesn't make any sense to me.

Magic, I and others had already picked this up in the updated presentation they posted in March and discussed it on here, it is not new news as such. I commented at the time that this delay was a poor show, and looks like it may be linked to the footnote around the current 25tpa restriction that comes with UoB ownership of the equipment (something I was also p*ssed off about at the time).

But I have moved on from this and have added again in the 43's just now. A bit of patience needed, but these management missteps / overoptimism are far from terminal, and they are presenting a great buying opportunity, so I am taking advantage, despite my previous disappointment with recycling scale up progress / communication.

Haha, yeh saw that, just the 18% up! Nearly a billion $ added to the market cap in a day. Let’s be having some of that please. Pull your finger out SEC!

250k just turned up on the bid at 46p for the 11am auction.

MM's finally let her go after all their games at open this morning.

Today’s one was a bit different as it happened as part of the closing auction at 4.35pm. But what it looks like is that someone is accumulating post close so as not to impact the share price with their buying. A bit whiffy as I mentioned yesterday. Looks like one of the MM’s actually moved up to 45p after close, but am on my phone so can’t see which one.

Big transfer of shares going on at this level. Lots of 50k and 100k buys and sells.