Member Info for esduk

Yeh, you just have to pretend that you are a professional investor to be eligible for their research... If people are short on time, I recommend skipping to their valuation section on page 15.

Jimmy, that is certainly a risk, and alongside the placing, is the reason we are not in the 60's right now imo. The biggest direct impact for us would be the timing and / or valuation of MKAR SPAC listing. In a worst case liquidity event scenario we may need to delay the listing, or if the listing were to go ahead we may be looking at a lower valuation upon market listing. But even at a $200m (as opposed to $400m) valuation for our share of MKAR, we are looking at 42p a share for our MKAR stake alone. Given the joint NPV of over $1.1bn for Songwe and Pulawy at conservative pricing assumptions, $200m would be very low. So I really don't see the downside from these prices.

Further crazy volume, with 3.4m traded before noon on a non-RNS day. This is very encouraging.

Jimmy, our HPMS process uses hydrogen and no reagents (like sulphuric acid which is in short supply due to the crisis). It is way less energy intensive than primary mining or long loop recycling. So if anything, an energy crisis exacerbates our already strong competitive advantage.

In terms of general rare earth stocks being down my view is that this is about a risk off environment and given that most of these shares are pre-revenue, and based on speculative growth or future production, it makes sense that they have taken a hit in the near term. With two plants being commissioned, which don't rely on lots of chemicals and energy, I think we are in a strong position and I see the SP heading in the right direction before our major news milestones. The outlook for demand is surely even stronger post this crisis, with both energy transition (for energy security rather than net zero motives) and defence segments getting a boost.

So in summary, I don't share your concerns about the war / energy crisis.

Thanks for that duffdaffy, had to register to get access and will have a red through later, it's a long document! Looks pretty comprehensive.

That would make sense. Maybe Will and Alex can actually get their PR right on this for once and have maximum impact. Very strong buying this morning (lot's of 50-100ks) and L2 is pretty stacked on the bid for the 11am auction. Definitely still lots of interest and rightly so with this so cheap. Read and enjoyed Myles' analysis on X, it was spot on, and I'm glad he acknowledged the terrible job that Peel did on the placing rather than trying to side step that issue.

Great stuff, even if they are our joint brokers. Even corporate brokers don't typically initiate coverage at 6x the current share price, so this is very bullish.

Nice strong buying this morning, despite Middle East developments. 100k just bought and reported live which is interesting. Feels like we still have big players who didn't get their full allocation in the placing buying in.

Wonder why there has been no RNS on the grant funding? Would email the company, but doesn't seem to get through to anyone.

Nice strong finish with 40p back on the ask. Got to be happy with that short week. Hopefully we have a nice RNS on Monday morning for a good start to the week. Would be good to work our way back up towards 50p before next major news lands. Have a nice weekend all. Mine will be spent with beer in hand, watching the Masters and hoping for a Rory repeat, or barring that a Rosey, Fleetwood or Lowry win.

Well, we have 40p on the ask Nasa, so you may need to reassess your prediction! Haha

Oh and forgot to say, thanks in part to speedy, I have now got a sizeable (for me) stash of Gold and silver Britts and Gold Sovereigns, so I feel more prepared for what may be headed our way in the next few years. Thanks again for the advice speedy!

Nice thread guys, great reading, and fantastic to get everyone's perspective on exit strategy and also retirement planning.

As a 41 year old, who was lucky to have a similar experience to Greatland with my investment in Mkango Resources - original buy in at 3.4p in 2016, ride up to 38p in 2021 with rare earth prices and DFS, fall back to 4.4p in 2024 with delays and poor market sentiment, and then rise back up to a high of 73p late last year with rare earth sentiment going crazy - I feel doubly blessed to have been recommended Greatland in January last year at 8p.

I've just passed D last week in terms of profit, but am hoping for E+ in the next 3-5 years. I plan to hold everything I have until Havieron is running smoothly and then reassess, but am likely to be holding a large chunk in both my SIPP and ISA for the very long term. Until then I continue to build my position on dips and have zero interest in selling.

I have always had a Junior ISA for my nephew, who just turned 18 last month. It was going nowhere for years, and at the end of 2024 was not valued much higher than the £11k I have put into it over the years. But with the profits from Mkango and Greatland, he is able to fund all four years of his engineering degree at uni and may have a bit left over for a house deposit in future as well. This is the thing I'm most happy about, it will be life changing for him. My daughter is 4, and while her Junior ISA value doesn't match his, it's off to a great start.

As for me, I hope to get mine and my wife's ISA's to a level where we can both retire by 45 and live off the income until the SIPP's kick in at 58 (10 years before my state pension age). Planning to keep the mortgage in place until then and pay it off with a portion of our SIPP tax free lump sum payments. There is downside risk of course, but a large proportion of my money is in two shares that I now know very well, so I sleep soundly at night. Worst case scenario, I work to 50 or 55, and I would have nothing to complain about in that scenario. I've already moved to a less stressful / less well paid job so I can spend more time with my family, and for those who are able to do so I would highly recommend it. If my shares perform extremely well then I will look to start giving money to those of my friends and family where it would make the biggest difference to their lives.

Question is, will we reach 40p by the end of the day? May all depend on US open in under 20 mins.

Amazing volume and buying today.

JK, we have been collaborating with LCM and Ionic for a few years now, which preceded the takeover by USAR. A few of the Hypromag directors were founding partners of LCM (though stepped away a while back), so there is plenty of connection between the two businesses, who operate at different stages of the supply chain. Given that we submitted a joint bid with them, this relationship still appears to be in good shape. No doubt USAR are well aware of us, but at the moment we seem to have at least four potential rare earth ecosystems being set up in Europe.

The recycling ecosystem in the UK including Hypromag, LCM and Ionic.

The German / Polish ecosystem, including Hypromag, Pulawy (fed by Songwe) and potentially our new magnet manufacturing business.

The French ecosystem, including Solvay, LCM (owned by USAR) and Carrester.

The Nordic ecosystem, including Neo Performance Metals, Rare Earths Norway (mine), Reetec (Norway) and LKAB (Sweden).

Obviously there will be interfaces and crossovers between these different ecosystems. I think it is very clear that we have the best recycling proposition and will lead Europe in this space.

Thanks, from that link (and previous posts on this board) it looks to me like our consortium could have applied for anywhere between £2.5m and £25m in government grants, and that our consortium would need to match whatever grant was provided 1:1, so minimum £2.5m from our consortium.

The overall grant pot was £42m, to be split between five consortia. So on average the grants per consortium would be £8.4m, but I assume that they will be tailored. As the lead partner in our consortium I assume we would be getting 25%+ of the money, so something in excess of £2.1m in the average scenario, and that we would need to match this with our own money (which we have just raised).

Then we have the Feasibility grant. Have no idea of the size of this, but would assume we are talking something at £0.5m or under given that it relates to a feasibility study rather than capex. Looking forward to some clarity from the company on this, hopefully on Monday morning, to give us a great start to the week.

Thanks GLR! Out of interest, where did you get the £5m+ figure mentioned in your previous post?

Anyone got their placing shares yet? Mine are still pending on HL...

I see that Peel have reverted to 30k EMS, down from 100k, so suggests things are back to normal and they have shifted the placing shares that they needed to.

I think the bottom is definitely in, they made sure of that with the low raise price. I was expecting a bounce today as the placing was completed and that’s normally how things go.

May have been helped a bit by the grant news, although it’s probably only this chat board that know about it! Mkango took a while to announce the EU CRMA strategic project status, so I’m not too surprised they haven’t announced the grant yet. A Monday morning RNS would probably be best now for biggest impact as a release on a Friday afternoon during Easter week isn’t optimal.

Good post catchingpigeons. We have been successful under both the Collaborate and the Feasibility categories. The Collaborate funding is to develop a full UK supply chain for rare earth magnets (presumably) for electric motors. I wonder whether this will be part of our expansion of the Tyseley plant, and if so, we have already raised the necessary matched funding.

The Feasibility category is interesting and I wonder if this is also tied to the feasibility study for expansion of Tyseley, or if it is more specifically focused on rare earth magnets for electric motors / bringing on a dedicated line for electric motors. We know that Tyseley is currently mainly focussed on hard drive recycling, so it may be that we need additional equipment or an additional line to enhance capability for recycling electric motors.