Member Info for esduk

I've had both of these miscreants green binned for the best part of 3 months now and it has definitely made my BB experience much better. There are bears or those who lean bearish on here and I think that's great, as we need more balance, and I will never green bin someone who has a different view from me but for whom that view is genuinely held.

But these two, who I try not to refer to or name in order to avoid giving them the oxygen they are desperate for, are never going to change their ways. As JMUK says, we've all tried the engagement route and debated with them, but it never works when you've got wrong'uns like these two who just want to stir up trouble. If people want to respond to their every post, that's their prerogative, but I think we'd all be happier and have a better board if everyone green binned them.

Think Zak Mir hosted one about [18] months ago. He didn't have a clue about the company, and didn't select the best questions, but it was still useful.

Taser, I think that what is included in cost of sales may depend somewhat on the ownership arrangements. If we are leasing equipment from the UoB then the lease costs would be included in cost of sales I assume.

I think the revenue figures are probably a large part of the explanation for the loss. Based on the UK numbers from the RNS at the end of March we'd be expecting $55-65/kg, so from 6.1 tonnes we would expect to see about $335k (at $55/kg sales price). Now we are producing NdFeB powder rather than finished magnets so you would expect a discount on that $55/kg, but you'd still expect more than the $52k shown by the accounts, which suggests an average achieved sales price of just under $8.5kg. I expect we are selling the powder at a heavy initial discount as part of the testing / validation process. As customers validate the product and particularly as we move to sintered magnet sales, we should expect a large increase in revenue per kg.

Drantley, I think you, with the help of the affable Bob from down the pub, have a really good grasp of what's going on here given you are a relative newcomer. I think it's great for newbies to combine a bulletin board like this with their own personal use of AI to get up to speed so quickly. The board can sometimes help correct or give proper context to AI research, and AI can allow you to deep dive to explore the company, competitors and the rare earth market in detail without always asking questions and relying on getting good / detailed answers on the board. You've contributed a lot of good stuff recently, so thank you.

Agree with that summary SG, though I think the UK and Germany may still be a bit higher cost than US even at larger scales due to energy costs, and the fact that a fully expanded Germany (750tpa) will be less than half of the US plant throughput, with a fully expanded UK plant (1ktpa) being two thirds of the US plant throughput, so lower economies of scale. Think the UK and German numbers published at the end of March are the best guide while the plants are operating at 100-350tpa.

Timbo, I agree, I was a little surprised by those numbers, but I think colin has provided a good explanation. For a longer term view it's worth looking at the numbers they published along with the raise at the end of March, which for the UK plant were revenues of $55-65/kg against costs of $30-36/kg. I would hope to see those numbers / margins as we hit 100tpa plus next year.

That is quite the holding velcro, respect. I think we'll get a boost from SEC approval as it sets the timetable for the listing and removes any doubt about it. People will know that they need to get in before the event itself. Then I expect a boost on listing, including if we have any interesting / high profile cornerstone investors through the PIPE financing. Then we have potential increase in MKAR value in the first few days after listing.

After that it will all be about Songwe FID, Pulawy DFS, DFC funding, EU CRMA developments / Polish government grant etc. Plenty of value accretive milestones that could come this year.

I've topped up on Sovereign today, which looks like it may drift without known near term catalysts. Will continue to do so as funds become available.

Oh and I should say that it is Berenberg that are the MM driving a lot of this, which always makes me suspicious. They had been absent for a good while, up until the last few days.

Nice post velcro. Just to be clear, I wasn't saying there was anything strange with the overall trading pattern in terms of the drift back below 50p over the past week or two, just that MM behaviour i.e. N/T to buy, reluctance to move up the ask etc have changed in the past few days. We had a while where the book looked pretty square, and the last few days that hasn't been the case. I understand we are waiting for news and major SP catalysts. Personally, I think the SEC approval will be a substantial SP catalyst as after that the Nasdaq listing is a formality. We shall see.

More strange SP action, certainly has felt different the last few days.

As someone is heavily invested in silver miners, I wouldn't want to see Greatland enter this market unless there were exploration / development plays in the Telfer region, which seems unlikely given Australia doesn't produce a lot of silver. Best to stick to and perfect what you are good at both in terms of metals and geography. With the bank financing secured and the plan seemingly to use it for strategic / relationship reasons, we will need something to do with all the FCF we chuck off over the next year though. It will likely include M&A and / or dividends as I can't see them spending that amount on exploration alone.

Looks like it was that 300k delayed reported sell that caused the unexplained drop.

Yeh I read through the REEcycle BCA summary yesterday and had a good laugh. We are light years ahead of them in terms of R&D, cost, energy requirement and industrial scale. Did make me frustrated though about the lack of progress on Hypromag USA FID and Nasdaq listing though. We should be the recycler with first mover advantage in the US given how far ahead we actually are. Hopefully Cotec's reconfirmation of the H1 2026 FID in yesterday's updated corporate presentation means they'll take it in the next few weeks.

Top up from me this morning. Going in the bottom drawer with the rest of my holding. I have little doubt that they'll make me a lot of money one day, patience is all that is needed.

Very strange SP action, with big drop just now despite continued heavy buying.

Biffa, I agree, plus if I was the EU I wouldn't want to be solely reliant on a company that is partly owned / controlled by the US government for my European rare earth supply chain.

MM's being naughty here. Three buys above full ask, but no movement in the ask. Games being played...

Some chunky trades rolling through, hopefully see a move back up this afternoon.

Agree with your comments SG and ajc, I would say however that the 25tpa was the initial run rate proposed by the company for 2025, which they said would expand to 100-350tpa this year (in their original presentation). So 25tpa this year is not what they promised.

I think they have generally done a good job given the complexity and all they have on their plates, but they did not handle or communicate the 25tpa contractual limit well imo. Hopefully lessons have been learned about over promising and under delivering, I much prefer the opposite. Now that we have such a long cash run way they shouldn't feel the need to over promise on timelines and get just get on with scaling up as efficiently as possible.

I enjoyed the school run this morning Monte. You're a good man for taking an active role with the grandkids, I hope your kids appreciate it. We had a few days of childcare from my in-laws last week and made the most of them with some fun in London. Going to have a read of the results now with my morning coffee.

Sneaky buy at 50p post close too. Oh well, time for a beer...