Member Info for Fevertreeman

This is the same bunch that have comprehensively shafted shareholders in HSS where returns have been negative, governance has been shredded, and the CEO massively overpaid for delivering zero value

Excellent news… for us LTHs still awhile to go, but well done Cleminson for keeping his nerve and listening to his s/holders…..the value of the product we’ve always known, this is an endorsement that the manufacturing aspects are slowly but surely being overcome…. Can we now have some more serious execs on board alongside KJ

I am going to flag the situation with AIM and seek clarification.

"Hard for him to go back on that as its quite specific" You are joking? This carpet bagger is the master of the Cypriot reverse ferret, as he has proven timer and time again....

The nonsense spouted from Adams continues....another RNS that would be worth yof a Jesuit in its ability to obfuscate...teh constant harking on about teh AG prie as if that makes a difference to us, givent hat the mine is yet built yet alone producing gold; and then there is teh aggressive discount rate used by Adams. I predict another can kick and another equity raise

Kevin did indeed get £400m order book, but the moment he started to try and actually deliver everything fell apart.

Shareholders wont stomach another raise until Cleminson and Johnson can prove that the business is motoring and producing sustainable cashflow. We were told that at 10p there was no need to raise any more...which was a bare-faced lie.....and within months we had a 1p raise.......shareholders dont forget this sort of thing esp when Board is intact and Johnson is still CEO

Aint that the truth! Its been along n winding road indeed. The biggest problem is that both Bundred (buffoon of highest order) and Johnson had no clue about the complexities of managing at scale, and misled the investors so badly that we had no one but two emergency fundraises in quick succession. Cue company meltdown.

The fact hat Johnson remains as CEO hardly fills one with confidence given that his glaring leadership failures. However, after the Bundred's repalcement as chair bolted the first chance he could, Cleminson has done a fantastic job ensuring that the corpse revived and the funeral didnt take place. it is still possible that the funeral party is delayed, but hopefully increasingly unlikely. For me (and other long sufferers) the major issues revolve around (1) Ability to scale production process commercially (2) Management Competence (3) Financial competence.

On (1) with manufacturing yields stabilising, the next hurdle is for the management team to prove they can maintain & improve yield, whilst successfully commissioning new capacity ...(having written off one furnace the jury may still be nervous). On (2) Johnson remains the weakest management link. he may be a brilliant boffin but having almost destroyed the business, high time that we had a much stronger management bench on the executive and board. On (3) they've survived only because of 2 emergency equity raises and £12m of cash prepayments from the OEMs. It remains to be seen whether the Company is capable of delivering sustainable freecash flow and profits and standing on its own two feet. So things are looking better but my God there's a long way to go torestore credibility.

My posting was certainly not premeditated ! I was merely cautioning that there is a mega amount of future progress already discounted w/i the sp. With Mka so reliant on news flow, despite today’s steady as she goes RNS, the lack of sizzle-related news sees the sp marked down….

Exactly why I raised it - to date, and to their credit our team ( I’ve been a holder for a while ave c 13p) has not fired the confetti gun or abused s/holders with large salaries and cash bonuses….but if we agree that this is the end of the beginning or close to it, then they will need access to a lot more capital.

And if you read my critique carefully you will note that I believe the fundamental case for RE and Mka, but think that there a lot of hope building into the sp. So far Will & co have resisted the temptation to tap shareholders based on presumption that Nasdaq listing will provide liquidity and that govt grants, cheap loans, & poss govt stakes will do the rest. Interesting that UK govt has actually put hand in pocket and taken a stake in Cornish Metals the co re ing South Crofty tim mine in Cornwall. So not beyond bounds that UK govt steps in here either. But, at some point tho the ex bankers at MKA will know they need a stronger balance sheet and imo they would be wise to tap the equity markets….

1. Tylsely is in slow ramp up phase as you know full well. We’re yet to see how it fares at full scale production, and as anyone who knows about specialist manufacturing, it can be fraught.

2. US markets & esp Nasdaq continue to trade at stellar levels, propped up by Mag7. As you point out there’s an “indicative” valuation for our mining assets from Cohen…so neither you nor I knows if that is feasible. Last SPAC frenzy was around cleantech…..and that didn’t end well

Despite Trump’s frenzied activity around trying to jumpstart Rare Earth industrial strategy

& kibosh the Chinese, care needs to be taken with comparing US efforts to a moonshot. Given China controls 90pc processing & 50pc of mining. U.S. has committed to $US7bn thru to 2029 but it’s going to be a multi year effort, that requires a joined up legislative approach, sustained Federal and commercial funding beyond the US$7bn.

Currently MP is the only rare earth mine of scale and only just started pilot production of NdFeB…in this context Mka has the chance to also become a strategic partner for western governments. We’ve seen that in the share price explosion as retail bets huge on Will/Julian/Uni Birmingham and team’s ability to execute. Given low institutional ownership, no revenues, fragile balance sheet with little cash and only pilot production, a huge amount of growth is already priced into the share prices.I am not arguing that the underlying investment case is wrong , but rather that we should not lose sight of the fundamentals. This is a blazing hot sector but if US markets turn turtle in the autumn then we could struggle to get a Nasdaq listing away, and as currently that underpins imo a significant part of the valuation, the share price could well come to earth with a bump! I will be taking my profits progressively off the table over the coming months as I fear that after an unbelievable run of good news, we face more severe challenges and likely disappointment

Abdullahs took ages to find Affini, and were sitting on a decent cash pile when they did. So they moved from cash positive to mildly geared balance sheet.

If history is any judge then we’ll be waiting a long time for another deal. Besides, they need to focus resources on building on their major strengths in rail and mobile ID and it would seem that they have finally decided that there is a market out there beyond the UK, with attendance at trade fairs now on the agenda for QRO. I do wish they’d been more proactive exploring export markets for Rail but I lack knowledge as to whether eye train, RTS etc have export potential.

Hopefully there is more dynamism evident in the group as Mr Market still struggles to believe Petards is a quality business that can deliver solid revenue and earnings growth year on year, not helped of course by its micro cap status and lousy liquidity. And remember despite decent recurring revenues + growing order book, the co. Is still unprofitable. YE 2024 we had operating loss of £774K + loss after tax of £1.13m. I remain a solid holder but feel that the Abdullahs now have to kick on and energise the business.

Abdullahs took ages to find Affini, and were sitting on a decent cash pile when they did. So they moved from cash positive to mildly geared balance sheet. If history is any judge then we’ll be waiting a long time for another deal. Besides, they need to focus resources on building on their major strengths in rail and mobile ID and it would seem that they have finally decided that there is a market out there beyond the UK, with attendance at trade fairs now on the agenda for QRO. I do wish they’d been more proactive exploring export markets for Rail but I lack knowledge as to whether eye train, RTS etc have export potential

It seems that slowly but surely thinxgs are picking up. Good to see more affirmation of Affini’s potential , and that customers clearly value its offer. SP continues to undervalue this recovery play, but after years of disappointment Mr Market wants much more evidence that it has turned the corner- and that hs to come from Rail ands Defence which are still showing little sign of sustained recovery

Agreed - management has consistently stepped on landmines - poor communications, lousy execution and for too long did nothing to serial overexposure in Nigeria. The fact that the market values this company at less than £300m for a business turning over £500m + with great brands and positions in fast growing markets tells us everything about the massive discount ascribed to management. Who’s to blame? Apart from successive exec management teams, one has to question whether the Zochonis family has been a block on radical action…I think its days as an independent company are numbered, and the right call is for the brands/distribution networks etc to

be part of a global FMCG business : RKT, P&G, Colgate, Unilever, etc

The presence of institutions has never prevented Pinocchio Adam’s from behaving badly in the past. S/o else here labelled him a grifter. .. a charge backed by cumulative evidence going back years ….Winnifrith doesn’t trust him…and clearly he comes with a massive health risk for the likes of Ruffer, where Jonathan won’t be happy with the FM if Adams proves yet again his less than Snow White credentials!

Branson would be my tip for a takeover - rebased as Virgin Studios

Adam’s relationship with the truth is as we all know incredibly elastic. And there is still a chance that we actually get sign off for TK before end of Aug but the man has never delivered on any promise in the last decade, so why would now be any different. As likely to get another fund raise at same time as TK which would nullify any so rise! And then there is his predictions for what the business will generate…he uses a 5pc discount rate ( ffs what junior non-producing miner uses anything less than a double digit discount rate), he uses a future gold price not much below current levels despite not having a working mine and with timelines going out years , and then he talks utter nonsense about a dividend. What is gobsmacking is that somehow he has persuaded some decent gold funds to back him in the last raise.