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Surely, with the 2m buy from last Thursday, the 1.5m buy from Tuesday and this nearly 2.5m from yesterday, we will be a TR-1 at some point!?

Just reported from after close last night at 32p! That's £777k! What is going on here indeed!?

Anything is possible silver, but if this is the case, they are going to have to get a shift on if they want get up to the kind of shareholding that would make this possible. With all the upcoming transformational catalysts, if I was a suitor I'd be going hell for leather at this SP level, to avoid paying a lot more in future. Seems like the recent buyer(s) is (are) taking a more measured approach. Other than the day we rose to 38p, where they were relentless, they seem to be nibbling away in the background without wanting to heat up the SP too much.

This leads me to believe this is more likely to be an investor building a large position rather than looking to take over the company as a whole, but you never know, we have had plenty of shenanigans in the past few months.

Nice one Myles. Yeh I also picked up on the $650m NPV point and would also say that the NPV of the project is also likely to be greatly enhanced by low cost finance from the US government's EXIM bank. They have assumed a real discount rate of 7%, so let's say c. 9% nominal discount rate. If EXIM are providing c.70% of the financing via a low cost loan e.g. 5% (nominal rate), this would imply a discount rate (cost of capital) of for the remainder of the 30% financing of over 18%!

In other words, the EXIM debt financing will greatly enhance the equity IRR of the project. Forget the 31% real IRR quoted in the feasibility study, we would be looking at closer to 50%. This is why project finance SPV's are always highly leveraged, the returns to equity can be enormous. This is without mentioning grant funding, pre-funding agreements with offtakers, and third party equity investment.

50k+ delayed buys continue rolling in. This should be an almighty TR-1 when they are finally finished (assuming it's just one party).

Nice move up so far this morning. Will be watching for the delayed 50k buys which I assume have continued this morning and are behind the rise.

Its traders are its owners interestingly (at least the top 30% of its 1700 employees are) and they are wiping the floor with all the other commodity/energy trading houses. They made massive money in 2022 and 2023 in particular off the back of energy market turmoil caused by Russia invading Ukraine and are still smashing the competition now. Will be interesting to see what they do with (not so) little old Mkango over the next few years.

JT also says that they are looking at offtake deals that pre-fund the capex. This would also mean we get our money quicker as it removes/reduces the level of Cotec equity funding required.

Https://6ix.com/event/cotec-provides-investor-update

You can watch the playback if you missed it. I'm going to re-watch as missed some parts due to phone calls. I noted from the wording of many of the questions that there were a good few on this board asking them.

Yes Gallmat, I didn't hear that bit in detail as got a phone call, but something about potentially having equity investment in certain plants from key offtakers to that particular plant. He didn't envisage the need to substantive raises/dilution on Cotec's part as you say.

Green box has arrived, I am going to take Myles' advice and ignore. I suggest others do too.

Bullish presentation and Q&A from Julian, mostly focussed on Hypromag USA. Worth a listen for those who didn't tune in live. He's talking about an NPV of $650m for the first plant, but suggested that they may announce plans for another plant later this year, with an announcement on a further plant in the first half of next year. He's talking about 6-10 in total!

Ongoing conversations with Apple's competitors, big end users like the major auto manufacturers and various parts of the US government, but wouldn't go into detail given commercial sensitivity. They have got their grant applications submitted and have become aware of further pots of funding.

Confirmed that if Cotec need to put in equity funding for the US plant, this would be repaid before distributions to Mkango, though suggested that this would probably only mean funds flowing to Mkango 1-3 years after they flow to Cotec. Obviously, if we are majority debt and grant funded, Cotec won't be putting much, if any equity, so we would both get our distributions at similar times.

Have opened their data room for financing

Julian saying that with the support of US government funding we could accelerate those timelines...

Thanks, had a quick flick through. I don't think there is any new info in here per se, but good for them to update the presentation after all the developments we've had since the last version in April.

Ha, I was just about to reply with that point! Interesting that MM's have taken to reporting big sells (100k at 32p) without any delay, but are still delaying the reporting of buys of 50k+. You know they are looking for shares when they start using those sort of inconsistent reporting tactics...

I really hope that after this big buyer is done, we get a TR-1 holdings RNS from a well known institution (financial or industry). Would really put the cat amongst the pigeons and attract a lot of interest and eyes on the share.

Look at these 50k delayed buys rolling in, similar to the day recently where we got up to 38p.

The strong background buying continues, with lots of delayed reported chunky buys of 50k+.

After the consolidation of the last week and a half, the 14-day Relative Strength Index (RSI) has fallen back from overbought territory to a healthy 60%. With the 70% level currently being at 37.5p and 80% level being at 50p we now have lots of headroom above us as we've tended to get well above the 70% level on the last few rises, but not quite to 80%. Imo we are well primed to start the next leg up.