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It wouldn't bother me if Tyseley's commercial ops announcement is delayed a bit. It wouldn't be a long delay, it'll happen. Hyp and MKA aren't doing anything wrong it seems (moreover they're doing everything right as per last few RNSs). New tech takes time.

I noticed 3,500+ commercial grade recycled magnets have now been produced in the pilot operation. MKA and Cotec spoke of 3,000+ magnets (don't know what grade) having been produced by early last year. I think that means a minimum of 500 commercial grade magnets have been produced in the last 18 months.

The important bit for me is detail and forward guidance on sales/profit forecasts, supply and offtake contracts, and scale up projections.

I get the impression the parties are in overdrive behind the scenes trying to meet the 30 June deadline, although ultimately everything's extendable (exclusivity, BCA, options and RSUs).

If it goes past 30 June, I'd be looking for announcements of revised tight deadlines. I would not want to hear that the escrowed BCA note investor funds are being returned. That would likely indicate a longer delay.

The run in to the next election will be interesting. If there's a good prospect of a PP led government, who'd likely permit the mine, that could re-rate BKY nicely. Even better if the current government changes tack.

For me this political backdrop is perhaps the more likely SP dial shifter near term.

I wouldn't expect an Arbitration decision (or indication of likely outcome) before the election. And as for enforcement/settlement of any compensation award, add more time and cost. That said I agree about strength of case and the decision getting ever closer. Like the idea of a steady re-rate from here on the back of that.

Worth noting in the permitting scenario there would likely be a raise as part of the top up funding BKY say is required to build and bring the mine to production. But the SP then would be multiples of today's, so a good position to be in. This was around 65p when nuclear was out of favour with rock bottom uranium prices and fewer supply issues.

It's still a bit of a mystery to me why the sp is holding up so well. Any thoughts?

It's more than 2 years till the next election and despite the lobbying and environmental and socio-economic imperatives I can't see the current government changing course on nuclear policy, so there's little prospect of permitting in the near term. The Arbitration will move at a glacial pace and take years. The recent exploration work is early stage and a bit of a side show imo. Not very exciting, at least not yet.

It must be general pro nuclear sentiment, and maybe iis eg Sprott buying with an eye on the future (albeit distant future). It does seem inevitable the mine will proceed eventually, with the strong arbitration case a good plan B if govt policy doesn't change.

BBC News - Spain's government blames huge blackout on grid regulator and private firms

https://www.bbc.com/news/articles/c62d8k8edgxo

Lol

"the message is clear: the supply security of these minerals will remain a constant risk as long as China’s dominance goes unchallenged."

Helps bridge the (shrinking) gap whilst we're still pre-revenue.

Warrants conversion seems v plausible. I also wonder if the warrant holders aren't just being asked, but are obliged to exercise now, under a "use it or lose it" condition. Say if the VWAP has exceeded a threshold over a period. We weren't told this was a condition on issue in Aug '24, but is it possible it was? Could account for a high volume of forward sells.

A bit like what Cotec just did. Keeps the cash coming in as the SP advances towards more sensible and realistic levels. Designed to force conversion and thereby take advantage of the market waking up.

This forward selling/warrant conversion process could also help reduce spikes in an improving market, maybe a good thing in the long run, seeing as the warrants will be converted at some point anyway.

Agree re India bonks. Good incentives on offer under the National Critical Minerals Mission.

Government Plans ₹1,500 Crore Scheme to Boost Critical Mineral Recycling https://share.google/m2xlEUDNvUxJp13kj

Hope so.

Advertised speaker was

Enzo Satkuru-Granzella, Analyst, Mkango Resources

I thought it was a bit odd. I'd want to see a firm plan in place if we're going to commit material resource to Mongolia/Kazakhstan. And I'd like to see money coming in first.

Another duck takes its place in the row. The market will get it at some point!!

Esduk, I'm reading off the 8 Jan RNS: sponsor money to be arranged "simultaneously" with execution of the BCA, in the amounts just announced. Hence the theory the market might think delayed BCA, on announcement of this sponsor money. The better interpretation is of course to welcome the sponsor money as having arrived early. And the BCA looks on course whether or not it's signed in June.

The market might think there could be a short delay in signing the BCA, because the BCA was supposed to be signed at the same time as the sponsor money was put up. Also, the RNS said the exclusivity and therefore timetable's extendable shock horror.

And this is AIM, doesn't take much to freak a share price out. But chill and buy imo.

I'd guess thurs 26 June for the BCA announcement and rocket emojis. If other good news doesn't get there first!

FutuREproofUS

It's presumably this bit (from 8/1/25 RNS) done early. The BCA must be nearly there. Looks like exclusivity is being rolled over perhaps monthly. I don't think we've been told that before or seen 30/6/25 mentioned before. I conclude everyone's keen committed and being kept honest.

Exciting times.

It's also interesting Minnick emphasises AI and robotics as RE applications in this SPAC context.

"Simultaneously with the execution of the Business Combination Agreement, CPTK's sponsor will arrange $750,000 in cash proceeds of which US$500,000 will be funded upon the execution of the Business Combination Agreement and the remaining US$250,000 will be funded upon the initial filing of the Registration Statement with the U.S. Securities and Exchange Commission for the Transaction (the "Sponsor Investment"). The Sponsor Investment will cover certain general corporate expenses of the Company."

Yes. A lot lower and simpler than I'd thought too. Great if your interpretation's right.

Thanks esduk, I might ask anyway. I'd originally imagined it would be a much more sophisticated arrangement given the sums and potential, perhaps with licence fees increasing with commercial application, then tailing off again to a royalty after recovery of r&d outlay and a return. Maybe it's just a royalty though, peaking at 1.5% with commerciality then reducing.

"licenced to HyProMag with a royalty of up

to 1.5 % payable to the UoB". Is it only the up to 1.5% royalty, or licence fees on top I wonder. UoB presumably need to recover its share of the $100m r&d expenditure on HPMS and a profit. A bit of detail would be useful. A question for the next webinar.

$100m r&d expenditure on HPMS

Re the cotec placing. As well as being at only a small discount (and that after a good run), it's bold and confident to oblige early exercise of the warrants over 135c. Bodes well. You can tell Julian's super-frustrated with the sp and expecting it to take off v soon.