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Though I wasn't able to make the TH meeting, I think this shows you that SD is the main man to be reading when trying to crystal ball gaze. He looked nervous when presenting at the conference around the time of the revised guidance, but he has looked uber confident in the past few months. If he was expecting 45-55k oz's in the December quarter I don't think he would have been able to bluff that massively confidence building webinar he delivered, or his ebullient performance at the TH.

Let's try and keep it civil lads and lasses. Gold at near ATH's, production figures way above expectations, shorts frantically calling their creditors and also ordering new underpants, cash over $1bn once you include the 14k oz's we have yet to sell (remember Gold is money). No need for vitriol an sniping, now is a time to celebrate together.

Gold back testing $4,500, currently above it. Silver is over $82 and looking like it wants to test ATH again in the next couple of hours. What a time to be a precious metals investor!

We can but hope!

Or thinking of it differently, you can invest at a massive discount over here, knowing that the there are two valuation crystallisation events to come that will cause a complete re-rate. Read Myles' comparative valuations for Mkango and USA RE, they are still way overvalued compared to us.

Kaeren, I agree that we could have been given more clarity around the SPAC timetable and updates on where we were at in the past. However, given their statement in the Q3 results that finalising technical reports/PFS and filing these with the SEC was the next stage, we will know when they hit it as they will surely RNS it. So until that RNS about the SEC filing, I don't see us getting any further progress updates.

Yeh totally, the sentiment has returned there and not here. Lucky we have a solution for that / can profit from it. Just need to get a move on... Hope they had the consultants working over Christmas (like I used to have to in my youth) to get those reports sorted!

Gold approaching $4,500, silver crossing $80 and copper testing $6, all at the same time. What a day for round number lovers!

True, but they also fell a hell of a lot harder than us, which also has to be taken into account.

Yes, I guesstimated late November / early December earlier last year based on various bits of research and AI analysis which suggested that SPAC's normally took around 5-6 months from the agreement of the Business Combination Agreement (it was signed 3rd July) to the SPAC listing and the fact that the management team had RSU incentives for the SPAC to close by end of 2025. What we missed was the need for Mkango to provide the SEC with updated Songwe technical reports and a Pulawy PFS, which was never mentioned by Mkango as being a requirement. This seems to be the bit that has held up what otherwise should have been a 5-6 month process.

Bit more strength back on the bid since the Japan announcement. Stills looks like it wants to hold this high 40's range.

I think the big catalysts for the SP in terms of the SPAC will b:

- filing of the F-4 Registration Statement with the SEC - best guess this month

- SEC approval - best guess this quarter (based on statement in Q3 results)

- CPTK shareholder approval - best guess late April

- Announcement of listing date

- SPAC listing and associated PIPE financing - best guess late April / early May, with this being the first valuation / price discovery point.

How much financing is raised through the PIPE transaction and what does it value MKAR at? Our indicative valuation is currently $470m ($400m for Mkango, $70m for CrownProptech). Do we raise $25m, $50m or $100m through the PIPE financing? Does the PIPE financing value MKAR at $470m, $235m or $940m, we can only speculate. Will the US government be involved? Will we have any big name cornerstone investors through the PIPE financing? What SP / market cap will MKAR open at on the first day following the PIPE financing? All very intriguing and exciting.

So while the SPAC listing is likely to be a few months off, there are plenty of related SP catalysts before that.

Here's the full statement from the results:

"The Company is currently finalising a revised NI 43-101 technical report and a US SK-1300 technical report on Songwe Hill and a prefeasibility study on Pulawy. This will allow the finalisation and filing of a Form F-4 Registration Statement. Once the Registration Statement has become effective with the U.S. Securities and Exchange Commission (currently anticipated to be Q1 2026), CPTK will endeavour to obtain shareholder approval and the transaction will proceed toward closing."

Doing a bit of digging, my best guess is that the SPAC listing will occur end of April / start of May. This is based on the statement above that they anticipate the Registration Statement to become effective with the SEC in this quarter. AI suggests that this normally takes 30-60 days from filing the Form F-4 Registration Statement to SEC sign off, and that once it has become effective shareholders must be sent the prospectus (I assume this is CrownProptech shareholders, not us) and have 20 business days to review it before voting.

So if we assume that we file by the end of this month, it takes the SEC the full two months to review and sign-off, and then there is a shareholder vote 20 business days following that, we get to late April. Obviously if we file this week, and the SEC takes 30 days to review then we could still be looking at mid / late March, but it's probably better to be more conservative / temper expectations and use the later date.

Of course there is plenty of other news we are expecting this quarter and potentially some things that we weren't even expecting.

I can understand the frustration and impatience. The company have missed the three targets they set themselves for their RSU package, which is always disappointing:

- 30th June for Tyseley commercial operations - though they only missed this by a few days, and may still claim it was effectively hit.

- 31st December for SPAC listing

- 31st December for German commercial operations

I think they have been overoptimistic / possibly been a bit unlucky / had new things come up / spread themselves a little thin, but at the same time these were just targets that if hit would provide them with bonus shares as part of their remuneration package, rather than hard deadlines that they promised to hit.

The SEC delays may or may not have been a factor, but I reckon there will probably be some delays to the PFS / SPAC from working out how the EU / US will be involved, as SG suggests.

I wonder whether they knew they would have to provide the Pulawy PFS and updated Songwe technical report when they started the SPAC process, or whether Cohen and Co / regulators / potential investors suggested to them that this would be needed subsequent to their first announcement on the SPAC listing timetable.

I think a SPAC listing by the end of this quarter is currently in the balance, as we would need those SEC filings pretty soon to allow for their sign off and get a date locked in for the listing. But whether it is in March, April or May, it is not currently priced into the SP and when it does come it is likely to blow the doors off the SP. It is also encouraging to see the US RE shares rebounding as a supportive environment will be helpful when we do come to list MKAR. I remain very positive here, but it would certainly be good to see an update on the SPAC and other items e.g. German plant, in the next few weeks.

Well you can see that there was a 50k buyer about from the delayed trades today. Unfortunately we also seem to have had some selling volume, with a fair few 20k chunks. Also looks like we will have a few delayed reported sells post close.

We started with 46p on the bid and we end there. Disappointing, but agree that we seem to be in a holding pattern at this range awaiting new developments. Not sure where this selling comes from personally, with sellers having had a chance to lock in profits at much higher levels a while back or at the same level a few weeks ago, but I guess that's why I'm a bull...

There is a 50k buyer about

Ha, they moved it up within 30 seconds of my post! Should try that more often...

Yep, price action looks like it wants to take us up again shortly.

Background buying continues a pace here, with a nice tick up in the bid to take us positive for the day (remember Friday's close was a UT 0.5p above the mid price).

I think we can expect multiple US and EU funding and financing announcements for Mkango in 2026, and who knows, we might even get a fiver from the UK.

Yes Floyd, I remember discussing the phased roll out of the Section 301 tariffs back in 2024. How things have developed since then! But you're spot on, they will have a big incremental impact and make our US plant economics even more attractive.