Member Info for flundra

Down with the market and sector imo. And our own RNS today was a bit non-news imo. Maybe it's what the new PR machine has seen fit to advise Hyp US put out.

It's presumably just the completion of the agreement for lease, ie the grant of the lease itself, and commencement of the lease term. It was expected, there were no onerous CPs announced. Into the unit we go, to plug the phone in and fit the burglar alarm. But not much else of significance seemingly, unsurprising as we already had sufficient knowledge and access to do the design work before fit out.

And maybe we start paying rent now (or start any rent free period).

Don't want to belittle it, it's good we're in and to hear about it, it's further evidence things are moving, but if I was JT I wouldn't have said it was transformational. Reserve that word for something, er, transformational.

Re future funding, it would be nice to think we'd have a long-awaited strategic investor or two on board before too long. Siemens or JLR maybe. No better way for an industry player to demonstrate their green credentials.

Https://rareearthexchanges.com/news/mkangos-rare-earth-recycling-dream-gains-momentum-but-investors-should-keep-one-eye-on-the-cash-register/

The question's becoming which government department or agency DON'T TPX have a contract with!

Apropos recent discussion

BBC News - Spain's Sánchez digs in after eight years as PM as wave of scandals threatens survival

https://www.bbc.co.uk/news/articles/c1w21gn340xo

Https://www.nyasatimes.com/before-the-mines-run-dry-the-urgent-case-for-malawis-sovereign-wealth-fund/

https://www.nyasatimes.com/mkango-moves-towards-nasdaq-listing-to-raise-funds-for-malawi-rare-earth-project/

Malawian take on Songwe and surrounding issues as listing approaches. The concern about being deluged with fx is interesting, Malawi having made such a song and dance about getting it in the MDA negotiations.

Could happen anytime I guess.

I also remember Sanchez's silly self indulgent performative withdrawal from the public eye in 2024 for a period of reflection! The sp jumped on hopes he'd go but he came back and carried on! Might happen again?

One thing's for sure - general election by summer 2027 latest.

Looks like I won't get my 20p top up and yes a bit of a sp recovery. And yes maybe something going on.

I'd like to see a quick firm dismissal by the arbitration tribunal of any jurisdiction issues. Spain will be well and truly in the spotlight and under pressure then. There's no indication they have a leg to stand on! Hopefully the tribunal has both teeth and cojones to get this pushed along quickly, and any time wasting identified and punished.

The macro background, EC pressure and spanish election with the hope of change by next summer might all give further sp impetus.

I think we're now awaiting the tribunal's order on whether jurisdiction issues should be heard as a preliminary question. (Spain having applied for this, BKY now having objected).

Then I guess this applies (from claim RNS):

"Spain has until July 2026 to respond to the Memorial of Claim (or until October 2026 to submit a Memorial on Jurisdiction, if the ICSID tribunal orders that issues of jurisdiction be heard and determined before issues of liability and damages)."

Because it says "or" not "and", it looks like our liability/damages claim gets frozen if jurisdiction issues are to be addressed first? Rather than run concurrently.

Might the process also permit relaxation of the July deadline perhaps? If the tribunal rejects Spain's bifurcation request, for example, leaving little time until the July deadline. Shouldn't, but it might?

There could be pure delaying tactics here from Spain in raising jurisdiction questions. Their case to avoid liability/damages sounds very weak, non-existent even.

Maybe Sanchez's coalition are trying to avoid responding to the claim till the next general election, with a view to hospital-passing it to the next government (unlikely to be Sanchez as things stand).

Https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/24/22

BKY's submitted its objections to Spain's bifurcation request.

Getting the same feeling..

Liking that 50% GLR! Presumably the manner of the launch and pricing/valuation in a us ipo nowadays is designed precisely to achieve such a strong start and keep momentum going?

Makes you wonder why MKA is languishing in the 40ps!! The only way is up.

Not much from the sp again, despite back to back fabulous RNSs. I guess we'll just have to be right on our own for a bit longer till the market realises what we've got, and sheds any perceived concerns. Keep believing and buying in the meantime imo.

We're in good company, SpaceX have filed too.

There's little if anything not to like about MKAR so sooner rather than later for us on ipo timing hopefully.

On that UK 25tpa utilisation restriction, did we find out how much we have to pay UoB to lift it?

£¼m to £½m perhaps? (on the basis £950k for UK capex would have covered all of the UoB payment, and also the costs of the expansion FS, and likely other capex too (see the original raise RNS)).

Decent actual sales figures is perhaps what Mr Market needs to see now. The revenue visibility point. Turning concept into coin. But we're so obviously undervalued atm, given what's coming down the track in the short medium and long term.

Great deal, great price. Doesn't sound like Remloy are too far away from revenue generation either:

"Multiple production runs have been completed with the current focus on product optimisation, sample generation for customers and ongoing offtake discussions to support the commencement of commercial sales and targeted scale-up of operations,"

Certainly various tussles going on at EU, national and government levels. But atm the government's dug in like an Alabama tick refusing to permit the mine, on antinuke policy which looks entrenched.

Looks like Sanchez's coalition is becoming increasingly unpopular though. General election has to be held by August 2027 latest. We might see a change and permitting then maybe.

Spanish governments and the judiciary all have a checkered history and an, er, interesting relationship with honesty, for sure.

Got an order in to buy a few more at 20p now. Just get the feeling this could turn a corner in the not too distant future.

Thanks JM, that sounds about right. Yes I was trying (in vain) to pull together this CRMA 15 month time period, with where MKA are in progressing Pulawy, and the PFS milestones:

"Milestone schedule including an assumed engineering start date of April 2026, procurement start date of September 2026, construction start date of April 2027, commission start date of October 2028 and production ramp-up start date of Q2 2029, ending in Q1 2030."

We've got the land agreement, but are perhaps still early in the process of working up and applying for planning, construction, engineering and infrastructure permissions, and providing all requisite reports and assessments, in accordance with the simplified CRMA process. DFS and funding still to come too. The 15 months is perhaps applied piecemeal to each part of our applications, whether or not they're submitted together. I recall the EIS is dealt with separately.

So perhaps we should expect nothing of significance to come from Poland on the expiry in June of the 15 month period from designation as a CRMA strategic project in March 2025.

Re Pulawy, what are we expecting from the Polish government at this point (approaching the 15 months on from designation as a CRMA strategic project)?