Member Info for esduk

Yeh saw that write up earlier as I follow him on X. He also did one on Hypromag USA today which you may want to share as well given this is the Mkango board! Good to see the message getting out there. No particular views on IXR from me.

Yep, just look at the silver price today (breaking above resistance at $82) and the GSR which closed below key support on Friday and is confirming today. Very bullish for metals and miners.

The following paragraphs are from the 3rd July 2025 RNS:

“Completion of the Proposed Business Combination is subject to a number of conditions, including but not limited to, the approval of a Nasdaq listing application, approval by Mkango as shareholder of MKAR, approval by the shareholders of CPTK, approval by the TSX Venture Exchange ("TSX-V"), and the satisfaction or waiver of other closing conditions. There can be no assurance that the Proposed Business Combination will be completed as proposed or at all.”

“It is expected that a meeting of Mkango's shareholders will be called to approve both the transaction and a name change for Mkango, to be effective on completion of the Proposed Business Combination.”

The first suggests that they may not need a Mkango shareholder vote as it is not mentioned as one of the conditions precedent for the merger / listing. However, the second paragraph says they expect to call a meeting for shareholders to vote to approve the transaction and name change.

So whether or not it is strictly necessary, you are right about their intention to hold a vote. For us to meet the deadline for 5th June we’d need to be given notice this week. The 5th June date can be easily moved though, so I think we are still very much in the hands of the SEC and their approvals process and shouldn’t necessarily expect news this week, unless the company had a concrete approval date/deadline given to them by the SEC before they set up the meeting, which I think is unlikely.

Not sure anything has changed regarding the Annual General and Special Meeting date. However, I don’t think shareholders would necessarily get a vote on the business combination / SPAC as Lancaster is a subsidiary of Mkango i.e. we have never had a vote on anything to do with Hypromag for example. So I don’t know if the notice period applies in this case.

I agree with most of that Colin. I think Will and Alex have played a blinder for most of my 10 years in this share. Their deal with Noble (now Talaxis) and avoidance of major dilution during Songwe’s development and while we were mucked around by the Malawian government was very impressive. Their pivot to recycling and the deal they made with Hypromag were absolutely exceptional. Their ability to secure grants and government backing has been great.

But as the business has expanded and they have had more on their plate they have not maintained this fantastic record imo. I have been disappointed with the many missed milestones, discounted raises and extremely poor comms over the last couple of years. All understandable in our sector you can argue, but not what I expected from Will and Alex (other than the comms perhaps) based on their record prior to that point.

So in my eyes they have gone from absolutely exceptional management who barely put a foot wrong, to good management, with good ideas but unexceptional execution of them (whether because they are spread to thin or just not experienced in operationalising processes and companies).

I used to shout from the rooftops about how great they were, and I still hold them in pretty high regard (or wouldn’t be invested), but the goodwill they built with me over the first 7-8 years I was invested, has taken a bit of a hit in recent times. There is a massive opportunity here for life changing wealth for many of us on here, and I just want the to make sure it doesn’t slip through our grasp. The size of my holding shows that I very much still believe, but it is now time for delivery and results.

I can't see any trades right now, but we finished at 44.5p mid, up over 2% on the day, and over 7% from the daily low. There were some chunky buys before close, before the trades disappeared.

Is LSE melting down for anyone else?

Volume on TSX-V was 6k, so not really relevant. Good strong close here in the end, with a blue finish.

Good to hear, and good to have you back posting. Should be an interesting couple of months.

Think we are likely to see a blue finish

Nice article, thanks velcro. Hopefully the uptick in your posting is a sign that things are progressing well with your cataract issues?

I'm going to be buying some plug in solar when it becomes available in the UK this summer and have my EV charger being installed in a couple of weeks. Energy security and economics is what will drive the change globally.

Delayed buy of 200k just turned up there as well. Plenty of confidence from buyers at this level.

Fair enough. A downside of high 30's and and upside of £1+ is not bad when we're sitting at 43p after all...

Certainly not going to shoot you, but why don't you have the courage of your conviction and sell your holding in that case.

Nice to see someone buying 100k just now.

Back to even for the day now with Peel's move up to 43p on the bid.

Yep they are performing very well in pre-market.

Thanks Jimzi, knew you would have the correct answer. I was one of the few at PwC who did the CFA qualification (as I was in Infrastructure and Corporate Finance advisory) rather than the ACA, so my accounting knowledge is more basic than my general corporate finance knowledge e.g. DCF, debt and equity. Good to know that my initial instinct was correct, and next time I'll use AI to keep me right.

I think you are probably right JK, I guess I'm more thinking of the enduring impact being on our B/S rather than P&L. I think the large asset on our balance sheet will potentially make larger investors and financiers look at us differently, rather than a one off recognition in a P&L.

The impact will be on our balance sheet rather than our P&L. As things stand we'll have a semi liquid asset worth $400bn on our balance sheet once MKAR lists. If it takes off, and that asset value trends towards $1bn, the market will definitely notice. If the AIM market fails to value us correctly, management will need to act accordingly.

I just sold something else to buy some more at 42p.

Also worth noting that the UT at 44.1p at close yesterday makes us look like we are down more today than we actually are. The closing mid price was 43.5p, with actual spread before close being 43.02p to sell and 43.50p to buy. True spread at the moment is 42.06p to sell and 42.40p to buy, so we're really down more like 2.2% than the 4.8% reported.