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Yeh, nearly balanced in reported buys vs sells now, but they have dropped the bid by 1p. Anyway, it is all short term noise, with the big SP catalyst events becoming more and more imminent.

MM’s have taken the opportunity over do the drop this morning on relatively little volume. Oh well, another opportunity to top up for me.

Do you want to elaborate on that at all? What were you expecting, while we are pre-production? Nothing particularly surprising from my perspective, we knew the approximate cash position at year end and we knew that we did a raise post period end.

“The business combination agreement is currently being finalised”. Looking good for news on this soon!

By a 475k buy! There was a smaller (but still chunky) amount being bid for at 19.50p as well, so may have got wrapped up in the total. Thoughts Bonker?

I.e. it's pretty unprecedented in terms of MKA's level 2

Looking at L2 right now there is a bid for 389k shares at 19.2. Haven't seen something like that in years!

Apologies S&S, didn't realise you had already responded, good summary from AI. I think we can move that end of July date forward though given that management will have given themselves some wiggle room i.e. their base case timetable will be achieving listing by October/November.

We are not expecting the SPAC listing until the Autumn, but the main catalyst for the SP is likely to be the valuation of Mkango's share of the new company, which recent precedent suggests is likely to come up to six months before actual listing.

Berenberg back on the bid hard this morning. We know what happened last time that was the case! Big buyer in the background and big rise in the SP. If we do have a big buyer in the background it should be a good chance to break the moderate resistance in the 19's/20, even without any of the news flow we are expecting in the next two months.

*big buyer

It’s come through as an uncrossing trade too, very strange. Interesting action at close and this morning, either a buy buyer in the background or something about to happen, could be both.

Let's hope for some good news from our MoU with Envipro for the Japan market. I imagine Mkango will be talking to major auto manufacturers there about off-take at the very least.

I was going to post something similar, but I have commented on this so many times before that I thought it would just sound repetitive. From what I can see, uncrossing trades (UT) serve no apparent purpose other than to allow MM's to change the close price artificially. Very annoying.

The company haven't previously mentioned a grant application for Pulawy (to my knowledge), but this shows that there may be a good chance that we could receive grant funding from the EU for the project. EMH's funding comes from the EU's Just Transition Fund, hopefully Alex and Will are looking at similar avenues.

So far this morning, including two 100k buys straight off the bat and then more of those 50k buys we were seeing last week. Think we’ll see a further move up today.

Very true, and it's pretty much all been buying today. 14 day RSI at 70% level would now be in the 20's, with 80% level at nearly 27p. I think we are heading in that direction.

Could be a big buy just gone through, given the jump in bid and ask at 10.43am, or maybe the MM's have finally decided to let this ride.

Also FeedCo, just noting that the HyproMag USA plant in Texas will not be the first commercial plant. HyproMag's first commercial plant is due to open in Tyseley (Birmingham, UK) in the next two months, and we have our German plant due to commence operations later this year. JT has talked about how valuable this is when talking to potential investors and other stakeholders. Everyone is talking a big game regarding Rare Earths and recycling, but we are about to have a fully operational commercial plant. JT is bringing people over from the US to have a look at the UK plant, and given that the plants are modular, there is a lower risk in scaling them up. The German plant will be a scaled up version of the UK plant, so it's successful delivery would further prove this. You may need to reassess your view about 'delivering being a different matter' if all goes well with the Tyseley launch in June.

FeedCo, you should watch some of the Cotec investor presentation / market update videos. Julian Treger (CEO of Cotec) has said in those that they will do this properly and want to have the feedstock supply agreements and offtake agreements in place in advance of FID, with the FID date to be within 6 months from now, so by end of October. As I’ve said below, he’s also suggested in the most recent video that feedstock and offtake agreements will be announced in the next few months.

Based on JT’s comments in the video I don’t think it’s likely to be a traditional project financing with high gearing (high debt to equity ratio). Cotec are in discussions with potential third party equity providers (which value the project at multiples of Cotec’s current market cap), have applied for a US government grant, and are talking to US government departments about loans and guarantees. Will be very interesting to see what the final funding and financing structure looks like, but I have no doubt that it is going to improve the already great project economics, which were based on conservative assumptions for financing costs.