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This mining conference is premature. I can't see any more MDAs appearing anytime soon. Globe are enthusiastic and attending (the only large scale project with an MDA under the new regime). But no other significant players seem very interested, hardly a vote of confidence. Lotus, SVML, MKA etc. Anyone aware they're engaging or attending? Looks like a turkey. The President should get "visibly angry" with his AG and the other ministers responsible for getting mining underway, but failing to deliver. Malawi will become a laughing stock for mining if it isn't already.

Good to see Monica making the right noises, commending the president and urging ministries to work together. Hope the AG's listening. There won't be much to talk about at the Mining Investment Forum without MDAs. Just tumbleweed blowing through a graveyard of ambition.

Https://times.mw/attorney-general-adamant-on-mining-agreements/

All part of the same regime, but the AG seems to be dragging his heels. The President and Mining Ministry seem keen. Can they get the AG in an armlock or something. Pressure needed. Little point Malawi pushing its mining sector without MDAs to enable mining.

Maybe one of the 5pps private placees reducing their existing shareholding (so as to maintain their pre placement %age perhaps) ahead of admission of the placing shares. Effectively £20k trousered on 2m @ 6p. Should pay for their round tonight...

Yes frustrating to say the least. The market's responded positively, for now. Perhaps it's relief BKY are finally going on the offensive. Maybe they should have done this 10 years ago when the then coalition (a similar make up to today's) bragged to Reuters they'd refuse to grant the permits regardless of illegality.

I suppose these new more aggressive legal tactics, or environmental necessity, or mounting political pressure might force the coalition to change tack and permit anyway. But for now we still have to endure Teresa and chums sploshing around playing their revolting potty games.

BKY need to tell us what the plan is. What will they seek in the arbitration? Specific performance orders compelling the government to permit, if that's even possible? Or just financial compensation? Chances of success? Timeframes? Why commence now?

I guess starting this arbitration was inevitable, perhaps triggered by the amnesty law passing last month, and the prospect of this government and its anti nuke policy lasting to the next election in 2027 and maybe beyond.

It'll cost a lot and take ages. BKY should win, but then there'll be the issue of enforcement. And even if a future friendly government permits in the meantime or later, its "price" for permitting would probably include BKY withdrawing the arbitration proceedings or giving up any award, with BKY bearing the costs. Costs ultimately may be irrecoverable, but arbitration is still probably the right thing to do now I guess.

What do you guys think?

Ahead of this next forum for yet more mining "discussions", here's a quote for Monica and the Ministry of Mining, from Nassim Taleb's Skin in the Game:

"For it will always remain that action without talk supersedes talk without action. Those who talk should do and only those who do should talk"

Let's see some MDAs. Producing one before the forum would help get people's attention.

Looking forward to Hypromag's progress reports this year. To see some detail, meat on the bone. Sales figures, volumes, specs, profits, projections etc.

JT's super enthusiastic comment that 3000 magnets have already been produced in Tyseley suggests it's proceeding apace. That equates to about 1000 a month so far. I assume it's the smaller magnets only atm, eg for consumer electronics (and maybe for those robotic arms for gall bladder removal tweezers)!

I get the strong impression Hypromag leads the space by some distance. Hiron a bit limited perhaps.

The two 50k trades look like Bed and Isa/Sipp type trades, which are often put through well below the sell price. I was dummy selling at 6.8 at the time.

O for a simple reporting system. All trades reported in real time, tagged "buy" or "sell". No exceptions.

It'll never happen though. Can't have PIs competing on a level playing field. That really wouldn't do...

I think cash should be around €1m less outgoings with a further €1m to come from la zarza deferred consideration.

Presumably ORM will participate in PN's funding rounds this year.

The sharp rise in gold price should also continue to benefit Golden Rose/TRU.

The ORM mcap is £1.18m, less than the €2m cash figure, and nothing re PN or the TRU shareholding (market value approx £900k).

So ORM's a bargain on one analysis. Both projects look good to me, but it's got to be weighed against ORM's history of abject failure to deliver and value destruction. They really do have the reverse midas touch.

And super green!

I hadn't previously appreciated that Cotec is 70% owned by management and the bod. Julian alone has 40% which he's increasing to 50%! So it's basically their own money going in to the technologies. A good sign. CAD 30m mcap, assets currently worth 10x that, scalable to billions.

It's looking good.

Hypromag achieving commercial production this year, and the level of income streams that delivers is v important and much will turn on this imo.

I think Dawes and the bod have been very astute. Clearly they haven't quite been able to bring in a comprehensive funding package just yet, but it's coming....

25/3: "Discussions are ongoing with potential strategic investors, project finance providers, grant funding bodies and other sources to finance recycling scale-up opportunities and further technology roll-out"

The cost cutting and small raise to create the financial runway "to enable MKA to achieve key milestones for HyProMag" seemed very considered, well thought out, and achievable.

If the stars align, these milestones, the income stream, the ability to borrow against it, coupled with the strategic review helping MKA to do the right thing with the mine and refine sides of the business, should enable MKA to get a favourable comprehensive funding package for the long term. Then no more worries about raises and running out of money basically.

Multi bagger from here imo as the market wakes up to the opportunity.

US involvement looking promising:

https://www.nyasatimes.com/chakwera-hosts-us-senators-hails-strong-and-enduring-us-malawi-partnership-during-talks/

Some concerns over budget re mining sector:

https://www.nyasatimes.com/dpp-mp-lipipa-reiterates-his-reservation-with-2024-25-budget-its-populist-but-unrealistic/

I'm sure many of us are in two minds about mining in Malawi particularly. On the cusp of something great or bogged down in African bureaucracy on a hiding to nothing. The strategic review is probably the right thing to do. It should at least bring the issues into focus and better enable some potentially tough decisions to be made. Imo.

Hopefully UK govt input will help MKA, particularly if the "technical assistance" to Malawi is to tell them to sign the effing MDA. It's been a long time and we as MKA shareholders have already stumped up big money on advice for Malawi from at least 2 independent law firms eg. They can't possibly need any more advice or assistance surely. Just get on with it.

There's a March presentation re Rodburn on Peak's website. Looks like a decent enough project. Raises expected this year to fund next stages.

British Govt as honest broker would be good, but there's a potential downside and/or conflict to them sticking their oar in to "help Malawi secure a beneficial deal" with companies with UK stakeholders like, er, MKA. Don't rock the MDA boat now.

It's a sea change in MKA strategy but a hold/buy for me. Boo to 5p but it looks like a well thought through raise, limited and targeted. The equipment purchases and orders must have been essential to make now to unlock grants. Maybe those grants would only be possible with this cash raise (cash as opposed to borrowing).

The recycling side has lead the way recently so it's probably wise to refocus there.

Julian Treger was also bemoaning Cotec's bombed out sp last week. The market will get it soon imo. Be in when it does. Hold/buy imo.

That whyafrica article says Lotus' MDA has been signed...