Member Info for esduk

I think Trump's hand was forced by the bond market. Rates were going through the roof in a year where they need to refinance $9tn and probably raise about $3trn of new debt.

Oil down 11%! Crazy how Trump's every word can move the market.

Absolutely crazy price action on silver.

5 day pause on strikes on Iran's energy infrastructure.

Apparently it's due to the announcement about US talks with Iran progressing!

What just happened? Gold and silver bouncing hard and Greatland too.

Just general market risk off, capital being moved to the side lines. Clear buying op for me (if I had any spare funds left!).

I’m pretty sure that no one knows the exact date of the SPAC listing right now (including the Us embassy), as we are in the middle of the SEC approval process.

We can speculate that the release of the updated DFS and PFS RNS likely means that the SEC had completed their initial review and that they have no major issues with the assumptions used in the DFS / PFS, that is my working assumption any way. If that is the case then we must be making minor amendments to the forms before resubmitting them for final review and approval. If this is correct I reckon we will have final SEC approval by the end of April, the CPTK shareholder vote in May and will be listing by the end of May. We are close imo.

It could be that the £13m isn't directly related to GDX, but it's a big trade if not.

I assume that most of the shares will have been bought on the ASX which is listed as the primary listing for the MarketVector Global Gold Miners Index that GDX bases off, but not completely sure.

So there's the £13m UT just posted at £5.07. GDX got a very good price, the b*ggers...

Watching L2 very interesting, lots of bidding in high 510's and low 520's, I'm assuming some of that is GDX. Will be an interesting UT today.

Will be interesting to see the last few minutes trading and whether we get a big boost from GDX. SP has already ticked up a fair bit in last couple of minutes.

Agree with the relax comment, but I would add: take advantage if you can (I have again today), and I'd replace the coffee with a beer!

As you say, all feels very familiar, got a run up before ASX listing, then disappointing reaction after we actually listed, followed by a big steady rise (helped by the gold price of course!). When everyone buys on the theory that GDX / ASX 100 / index inclusion will create an immediate uplift you can bet your bottom dollar that sophisticated / background actors will take advantage of the narrative and that the immediate uplift everyone expects won't come to fruition. But as others have said, the effect over time will be substantial, so I look at today's prices just like I looked at the £2.30's prices in August for what they are, an absolute gift.

Yeh I think $600m is fair as a starting point, although it will be interesting to see if they announce anything around DFC loan approval once SEC have completed their approval. That would be a great feather in the cap for the Nasdaq debut.

Yeh I picked up on this as well when reviewing the RNS yesterday velcro. Most gold miners seem to use 5% which I think is a bit cheeky personally. I also made the point that a price floor should reduce the 10% discount rate significantly, acting in a similar way to your long term offtake contracts.

Our overall weighted average cost of capital will be a fair bit lower than 10% imo, particularly for Pulawy. Hypromag USA uses a discount rate of 7% and I reckon we could argue that Pulawy should be closer to that level, particularly if we get the debt guarantees that I think are likely from the EU.

If we were to update the DFS/PFS numbers for current prices, assume $100m grant for Pulawy and a WACC of 7.5% for the two projects combined (taking into account debt guarantees from EU and low cost lending from EXIM for Songwe) I think we can change that $1.12bn joint NPV to $2bn+.

Just the market brief, which has a page on Mkango.

Thanks hamster, I saw a reference to a SP Angel report when chatting to AI yesterday but didn’t know where it could be found. It’s a useful summary.

I like the fact that Pulawy construction is slated to start by April 2027, with commissioning in October 2028. If things go to plan, by the end of 2028 / start of 2029 we should have at least three operational recycling plants (with both UK and Germany scaled up to 750-1,000tpa), a mine and a separation plant, in five different countries across three continents. With plenty more recycling plants likely in development in the North America (both US and Canada), Europe (Pulawy perhaps) and Asia (Japan, South Korea, India). Now that sounds pretty nice.

Just need to get this SPAC listing and Hypromag USA FID done to unlock billions in potential shareholder value. Agree with others that the release of the updated DFS and the PFS likely mean we are through our first SEC review iteration and there are no show stoppers, so I’m expecting that SPAC listing within the next two months. Exciting times!

I agree with most of those biffa, the only one I'd adjust is that I don't see us getting a major grant from the EU for Songwe. I think that this is a shoe in for Pulawy, where the Polish government will almost certainly be providing us with EU grant funding money. But I think EU Songwe support is more likely to come in the form of debt financing or financing guarantees. We may see a smaller grant, but I think the fact that it's not in an EU country makes a large grant less likely as no one government can get the kudos (as will be the case in Poland). Equity financing from EU may also be possible, with EIT being an existing shareholders after the conversion of their Mkango Polska shares into Mkango shares. I'd also add German commissioning to the list.

Quite a few of the technical folk I follow have had a back test of $4,500 support for Gold and $64 support for silver slated for a few months now. I hoped we wouldn't get there (we probably wouldn't have without the war), but we did and so far have bounced off $4,500+ support for Gold and $65 support for silver. I took advantage of the £5.30's here today and 12% drops on some of my other favourite favourite gold and silver miners. If this bounce sticks then the bottom may be in for both gold and silver and consequently gold / silver miners. If not I'll continue to funnel money in as an when it's available. Long term, we all know where this ends up.