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Excellent presentation and Q&A imo. Recycling the main event, but they also put some real meat on the bone re Malawi, MDA, strategy and progress.

Back to strong buy imo.

Another use could involve funding the creation of “synthetic reserves of critical minerals”, the official said.

Nice!

It'll be a few years before Songwe is in production, but given the bullish Ndpr price projections there's no better time than now to sort funding and get building imo.

I hope Alex Lemon in particular will give some guidance tonight on the MDA, confirming it's got good provisions to attract funders. I've raised the questions discussed here a few weeks ago, by email and for the Q&A. Hopefully he'll be more forthcoming than previously.

Delivery of HPMS vessel at Tyseley due this month too. Good newsflow.

Interesting. Maybe we'll find out what's actually in our MDA soon then. Perhaps expect another co-ordinated controlled release of information from Malawi with Lotus and MKA. The Q&A could sensibly align with that.

V interesting how these MDAs are being handled. Atm the best we can say is that MKA's is somewhere between good and bad, but it's nice to read we should know more soon.

Although quite what Monica and the gang mean by soon is another question altogether.

Now's a good time to build a REE mine, to go into production just as neodymium prices are projected to rise v nicely.

On the mining side, part of the problem's the MDA RNS imo. What should have been blockbuster news re-rating the sp was actually a thinly worded mystery raising more questions than it answered, and which for some unexplained reason was served up in a strange co-ordinated scripted exercise with Lotus and Malawi. Lots of pink fluffy marketing material but no meat on the bone.

Great to have an MDA but without knowing the detail of what's in it, it could be anything from company making to a real disappointment. The Q&A might help clarify.

Re recycling, that's all good imo, indeed the main event. Great milestones upcoming.

Inspired by your posts Joe, yes I have reached out. I'll post any response with Will's blessing. It'll be interesting if I get a meaningful response, as the points go to value.

MKA is a hold for me as far as the mining side's concerned.

"Globe link detail is exactly same as MKA MDA"

No it isn't Joe, that's the point. MKA's RNS is silent on this and more. Did MKA get a foreign a/c provision like Globe, it's important for shareholders to know to assess ability to fund and therefore project viability. Hopefully we got sufficient provisions but we just don't know.

More info required.

Https://www.globemm.com/asx-announcements?offset=1690239960834

Here's a link to Globe's MDA announcement. You'll see there's a lot more info than we've had.

Each project's different of course, but we can always have expected MKA's and other upcoming MDAs to be broadly similar for the generic issues, otherwise companies would constantly seek to renegotiate if each successive MDA is better than the last one.

The frustration is not knowing how good or bad, or how much better or worse than Globe's ours is, within the limited differences possible. For MKA not to have mentioned the issues like fx we've seen reported so prominently is poor and will contribute to sp volatility. Happily Globe got a lender foreign a/c provision. Did we? Was it any good? Why not say? I sincerely hope we did. Facts that this are very important for assessing fundability. I think Lotus didn't mention this either. The press reports re their MDA looked identical to MKA's at first glance.

More info needed.

Bb123 the point is Malawi MKA and Lotus have announced these MDAs with great fanfare, but all have said remarkably little about them.

After years of discussion we finally have binding contractual agreements. We need to hear a lot more about them and the terms.

Excuse a bit of a rant catching up after hols.

The MDA RNS for MKA (and Lotus) is poor imo. The MDAs may be fine, may be there's confidentiality provisions for some of it. But who knows.

There's minimal info, and what there is is mostly about terms expected anyway (5% royalty, 30% cpte tax, 10% state equity etc). The rest is scripted feelgood candyfloss. The only interesting figure is MoM's v precise but unexplained $120.6m revenue pa. Feels almost like a conspiracy of silence. Investors are asked to take it as read that we should be confident, but who's going to accept that?!

There's nothing about how the important issues delaying this for years were resolved.

What about fx and foreign accounts? Can we or can we not maintain foreign currency accounts abroad, so essential for project funding? Funding options will be v limited without.

What are the time frames and parameters around getting funding and proceeding? How achievable is it all?

Looks like there's no tax breaks for foreign sourced services. Additional taxes if REE prices rise over certain thresholds isn't mentioned.

These and many more were all issues causing huge concern for months/years on end, as widely reported.

Did MKA get what we wanted? Or cave in? On some or all these issues? Which? Is this MDA a golden goose or a dead duck?

I've not seen anything specific to persuade me to sell up mind, may be everything is indeed hunky dory like we're asked to accept, but ref the mining side of things it's difficult to buy MKA without a lot more info.

Grrr, thanks for reading if you made it to the end of this.

Great to have the MDA, take nothing away from that. And to have it properly announced on a level playing field with a decent SP spike.

The RNS is very thin though, it needs lots more detail. When does mining have to commence, when do we have to getting project funding in place by, and many more questions.

The March/April £750k gives enough financial runway to achieve various Hypromag milestones. A little bit will have been unexpectedly used in the last few weeks to get the Songwe MDA signed, but not much more than the cost of Alex getting his pen out surely.

MKA are in a position of real strength now across its various business lines. It'll be a busy few weeks/months dealing with the funders queuing up at the door.

I think the decimal point in the SP is in the wrong place now! I'm looking forward to the MDA details announcements. It does seem likely we now have something that's fair to us, having hopefully resolved the fx, foreign a/cs, royalties, fiscal regime and materials/services sourcing issues. Those seemed to be the main sticking points.

Like London buses, you wait ages for an MDA, then 2 turn up at once! Malawi's investable. This should also roll the pitch for future MDAs, which should bring MKA's rutile and uranium etc into play. Project funding should also now follow reasonably quickly for Songwe. They did a Banks beauty parade on site a few years ago I recall.

Mustn't wish the weekend away, but I can't wait to read a big fat juicy RNS about all this on Monday.

Https://www.globemm.com/asx-announcements?offset=1690239960834

A link to Globe's March '23 MDA announcement, to compare with Malawi, Lotus and MKA's forthcoming MDA announcements.

The involvement of the PDU (Presidential Delivery Unit!!) over the last 2 weeks seems to have unlocked this.

Interesting times ahead.

Https://mining.com.au/the-capital-crunch-bellevue-seeks-to-raise-150-million-for-five-year-growth-plan/

Perhaps worth noting it seems there's some debt finance to be had for Malawian mining projects. Globe US$15m Ecobank Malawi loan.

Ps Nice MKA buys today

V good update.

JT said in March about 3000+ recycled magnets had been produced. So the 10,000 forecast for 2024 in a range of grades/applications looks good. Lots detail still needed of course, to work out how good.

Also nice to see the powder processing plant delivered on time (July), and the HPMS vessel nearly so (Sept not Aug now).

Quoting EC again the sanctions regime addresses gas but is "riddled with holes". Russia's "the second biggest single provider of gas to Europe after Norway" ie more than USA!

France and Belgium are singled out as big recipients as well as Spain. Get digging that uranium and build on the success of the existing nuclear fleet.

I'm quoting Ed Conway in Sunday Times 2 days ago.

I think the Spanish government's got energy badly wrong.