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Short term correction from what he said, based on profit taking and short term 'softness' in the gold price, before resuming the uptrend. Which is funny given that it is still within 5% of its ATH and the margins producers are making are off the chart. In the longer term I'm still long gold miners. Does need to beat $3,430 resistance to break out, which is only likely if Fed cuts by 50bps in September, or does consecutive 25bp cuts in September and October. Who would be Jerome Powell, with what is right now an impossible dual mandate.

MM's certainly taking advantage this morning. Just dropped the bid a whole penny from 43p to 42p. Might be needing to free up some funds for another top up if it carries on like this.

I think much depends on Jackson Hole speech on Friday Bonker. But Rick Rule was warning for the last week or so that commodity shares, including gold, silver and uranium might be in for a short term correction. He wasn't referring to Rare Earths, but profit taking over at MP and others probably makes sense after the tear they've been on. Here, we've had profit takers taking out their money at 8p, 12p, 15p, 18-19p, 31p, 34p, 38p and 44p. I think the rise has been healthy and I think our story is a very different one from MP, we are just getting started.

Interesting Finton. I wonder whether MP has taken a bit of a hit because Neodymium prices are knocking on the door of the price floor that the US government has set (latest price is $108k today, so only $2 under)? Above that level MP are at a disadvantage as they have to pay a revenue/profit share to the US DoD as I understand it? Funny how a great deal can look not quite as great a few weeks later... Not that Neodymium prices would have risen to $108 without the deal. The key for MP is probably the long term certainty that the price floor provides, so I'm sure they're still pretty happy with it.

Certainly not already priced in, Neodymium is on a complete tear and Cohen and Co must be absolutely licking their lips. Like on the goldies, the higher cost mines are the ones with the most torque when the price shoots north. MP is another example of this. Make no mistake, this neodymium price rise is adding a lot of value to our shares, particularly through our MKAR holding valuation. The value will be reflected soon enough when we list, and if not then it’s time to list Mkango over there too.

Importantly, those two trades represent £100k of buying.

Neodymium flying. Our Songwe numbers are looking better by the day, great news for the SPAC.

Let’s try and keep clear of the domestic politics if possible. Geopolitics, no problem, as it’s directly relevant to our SP. Politics chat on BB’s is largely irrelevant and just divides people. We tend to get on pretty well on here despite having a range of different political opinions (I assume). Better to keep it that way imo.

Yeh, we appear to have taken a breather again, starting with some chunky selling yesterday afternoon (some reported today) and fewer of the big buys we've been used to over the past week or so. UT at 43.5p which makes the fall look worse than it is. But with our business being highly correlated to Neodymium prices, +6% today has added a lot of value to the business today, if not the MCAP. Quite an environment to be listing MKAR in if it continues. Who knows, maybe the original DFS numbers won't be far off being relevant again by the time we do list?

Fair point Gallmat. But it does seem likely that NdPr prices and NdFeB magnet prices will be highly correlated, so applying a % rise in NdPr oxide price to a % rise in NdFeB magnet price isn't completely unjustified, at least in the medium/long term? We will also be producing NdPr oxide as one of our products in the US and we are currently producing this at Tyseley as our main product.

Berenberg back on the bid hard at 44.5p, just as US markets are opening...

Ajc2, I would say that they're very unlikely to hold back blockbuster news for the Q2 results and would announce anything major as soon as it lands. That's not to say that the Q2 results are unlikely to provide anything of value. Will be interesting to see what, if anything, they say about Tyseley production in the Subsequent Events section of Management Discussion and Analysis document, given that production started in July. As we move into operations on one or more projects, the accounts will have more and more interesting information in them.

While I would absolutely love for a deal with the DoD to be announced in the next 8 trading sessions, I want to temper my expectations somewhat. To my mind such a potential deal has yet not been a material factor in our share price rise, and if it comes then it would put additional rocket boosters under the share price.

But if nothing is announced in the next 8 days I don't want people thinking our SP is due for a fall. We are where we are because of the SPAC deal, the opening of Tyseley, the announcement of feedstock supply deal for the US plant, the potential for EXIM low cost financing for the US plant, and the massive increases in the underlying Nd and Pr prices in the last month (23%) and in the last year (51%) - partly driven by the MP / DoD deal.

Any DoD announcement should be seen as an absolute bonus imo, a bonus that could end up being worth 3-4 times the base salary! Even if we don't get it, we are massively undervalued at this level based on the project economics today e.g. $650m NPV for Hypromag USA (latest quoted by Julian) + $160m to reflect current pricing x 40% share = $324m for our share of Hypromag USA's first plant alone, which doesn't take into account tax credits, low cost EXIM financing, or any municipal, state or federal grant funding.

Sitiain, Hypromag USA will be producing magnets so I don't think we will be focussing on offtake deals for our NdPr oxide with rival magnet manufacturers. More likely we will be looking to secure offtake deals for finished magnets with OEM's, big car manufacturers, consumer electronics companies (a la Apple's deal with NP), datacentre builders, defence companies, etc.

Some chunky sells and buys delayed reported from before close yesterday, including a buy of £49.99k by Mr 9.99.

I can currently sell over £50k's worth at 44.12p

That was delayed reported from opening at 8am.

Not seeing any big jump on the bid? There was a nice 75k purchase at 46p straight off the bat on open this morning.

Agree SG, that’s where we’re heading. I imagine US prices right now in particular are somewhere between the $103 per kg quoted by Myles (direct conversion from Chinese price) and the $125 per kg that you had worked out from that link. Separately I have recently seen some benchmark info which suggests that last month US prices for NdPr oxide are around $10 above the China index price.

The big thing, as pointed out in Myles’ post, is that the high case in the Hypromag USA FS assumed $94, and that was delivering an NPV of $593m (more recently Julian suggested an increase to $650m due to time value of money). At say $114 I reckon you can add on at least another $160m+ to that figure, if you extrapolate the change from $55/$279m to $94/$593m through to $114.

SG, just noting that the based on my previous research the link you provided to strategic metals invest.com is for the retail price of neodymium, rather than the bulk supply price which we would likely be receiving. They say that bulk purchasers should contact them for a quote. It looks like there is a bit of a premium for the retail price.

Agree that feedstock prices will not be exactly correlated with RE prices given all the other potentially valuable items in the scrap, though there is likely to be some increase in its price if rare earth prices increase.

Don't worry about the Canadian price. AIM is driving the car, TSX is a backseat passenger, or perhaps in the boot. 161k volume over there today, 3.3m volume here today.