Member Info for flundra

Good questions, but is it perhaps more of a generic mining event, so possibly only a limited opportunity to get some company specific updates and info? That said, maybe ply the presenters with the wine to loosen the tongues, then hit them with some searching questions!

It's on the same day as the AGM (12 Nov), but after the AGM's finished, so there might be something useful to be had.

Who from MKA would attend? Won't most of management be in Toronto for the AGM? The MKA City event presenter attending the AGM remotely maybe?

I wonder if the AGM is itself livestreamed?

Btw I've also always appreciated bonker and still do! Great technical knowledge and comments in particular.

Everyone must dyor, make your own decisions and take responsibility for them, of course.

The Malawi raw minerals export ban was announced on 21 October, and widely covered in the press at that time. MKA wasn't and isn't affected by the ban. MKA's SP (whilst currently volatile) was 61p on 21 October then 66p on 24 October (the date of the CIRO requested no material change RNS). Ie the SP was 5p higher 3 days after the ban announcement. The "MKA isn't affected by the ban" RNS came on 28 October and quickly followed eg SVML's in similar vein.

The HNW/sophisticated shareholders therefore did not have any concerns, obviously. The presidential announcement might have been worded better, but was only addressing the unregulated mining problem, not formal projects like Songwe. I suspect Will and Alex were annoyed at the inconvenience of having to put out 2 silly market calming RNSs within a few days, when frankly they've got enough on their plate. They probably felt obliged having seen Lindian's and SVML's etc on 27 October.

Also the G7 spike came later btw (on 31 October).

On PR, MKA will benefit from Cotec's PR Co appointment (for HyProMag). So some free PR there stateside. I'd have no objection to more PR from MKA, but similarly see little point in spending time and money on it now in such a busy game changing period. What MKA have is already out there sufficiently for any serious investor to see imo. Putting on a short skirt and lippy now isn't going to attract anyone particularly desirable who isn't here already. By early next year we'll be in a very different place anyway with more concrete milestones like the spac hopefully achieved. That might be the better time for PR, to highlight those.

If income streams or other funding arrangements aren't looking like they'll be sufficient, I'd hope MKA will use the BCA completion/spac listing as an opportunity to cash in some value in Songwe. They could create a decent war chest by selling only a very small %age to another investor. My hunch though is that the bod are a long way down the track to sorting comprehensive long term funding, so won't need to look to Songwe at this point. The Autumn raise will most probably be part of a well thought through masterplan. It came earlier than I thought, and should last well into 2026, past when we can reasonably expect to have spac listed, and got in depth operational and financial updates, and solid longterm funding in place.

And leaving AIM can't come soon enough. I think we've all had enough of the bride's nightie sp movements.

It can be a long road from the starting gate to inking a contract and getting grants and funding. Steps on the road for HypUS/Cotec/MKA include getting the story out there, and very importantly building credibility and synergies with government and big industry players, by attending meetings and events. My thanks to the helpful posters on this chatboard who've seen and shared valuable details of where JT and other execs have been and the calibre of people they've been talking to. Its important and gives confidence. Things are going in the right direction.

Networking at business events is an important part of the equation, obviously. Particularly high profile ones. Go JT.

Also it was only about a month ago the sp rose through 50p for the first time. I remember feeling euphoric! Other than some macro developments (none of game changing significance to MKA I'd argue) nothing fundamental's really changed since then. I'm also chilled and confident. We're a good month closer to big news than when we first touched 50p.

And I'm sure MKA will give us its own fireworks display very soon!

So is anyone in Toronto for the AGM on 12th or is it being livestreamed? Isn't one of you on a Canadian MKA chatboard? Is someone from there going?

I wouldn't expect RNSable news either, but agree with Biffa's posts. All sorts of useful things can happen at AGMs, particularly smaller companies. I've been to a few where there's been presentations with Q&As, and a chance to speak to the directors at length. I even got invited out to a great lunch with the board at one, having only pitched up as a common or garden shareholder. An oil E&P company where I was well and truly out of my depths I can tell you! You can pick up a lot even if it's only reading body language, and seeing how enthusiastic the talk, vibe and mood music is.

There's certainly good tax breaks for us for recycling Chinese made products in the US. From AI:

Rare Earth Magnet Manufacturing Tax Credit: Bipartisan legislation, the "Rare Earth Magnet Manufacturing Production Tax Credit Act," has been introduced in the Senate and House to provide a $20 per kilogram tax credit for domestically produced magnets, increasing to $30 per kg if all component materials are sourced or recycled in the US. This is intended to spur domestic magnet manufacturing, a currently limited activity in the US.

Reading Rishi in today's ST.

"China now knows that its dominance in rare earths gives it the whip hand in these talks. I suspect it will be not long before it flexes its muscles again and forces further concessions from the US."

Https://www.nyasatimes.com/restoring-order-how-the-new-mutharika-administration-plans-to-rebuild-malawi/

"Mutharika placed strong emphasis on mining as a key engine for long-term economic transformation. He reported that Kayelekera Uranium Mine has resumed production, while major rare earth and graphite mining projects in Songwe, Kangankunde and Kasiya are advancing toward development. A Sovereign Wealth Fund will be established to ensure that proceeds from mining benefit Malawians broadly."

I'm definitely looking forward to tomorrow's announcement of the CMP alliance and the "several deals". Hopefully then an afternoon RNS confirming details of MKA's deal?! Could be a very good weekend.

Hopefully BKY are at least trying still with the government, despite its obstinate stupidity. The background couldn't be more favourable. Improving attitudes towards nuclear, growing demand for clean energy, limited sources of new uranium coming on stream at a time when demand is increasing. Almost 90% of uranium consumption is in countries with little-to-no primary production. Delaying this mine makes no sense whatsoever.

I wouldn't want to accuse anyone at BKY of doing unnecessary work to justify their salary or existence. It's just that sometimes the best thing to do is limit what you do to the job in hand, and thereby preserve cash. We already know more funds will be needed to build the mine when permitting eventually comes. The less money spent now, the less we'll need to find at that time.

The work that does need doing atm is (1) strongarming and shaming government to comply with the law and permit the mine, and (2) simultaneously getting the lawyers to present a slam dunk case to the arbitration panel asap (and by the deadline in early 2026). There's only so much BKY can do influencing or engaging with the government outside the arbitration process though (given that it's an unchanging and predetermined "no" from them basically!). And as the arbitration case preparation is largely legal process work requiring limited input from BKY now, this may well leave some BKY staff twiddling their thumbs, or with reduced hours. But that might be for the best.

I was interested to see if any other shareholders were enthusiastic about BKY rooting around for rubidium ++ over there by the Portuguese border, or whether, like Paul says, the situation is beyond bizarre!

Any thoughts on the rns?

I get that critical minerals are important, and the limited global production of Rb etc. Exploration might be a good side hustle, or plan B if the uranium mine doesn't get permitted anytime soon (say if the socialists win again at the next general election). Or if the arbitration and award enforcement gets protracted.

But are they exploring just to fill the time and give themselves and the employees something to do? CM exploration's costly and quite a departure from delivering our shovel ready uranium project. Tbh I'd rather see cash preserved and the focus on getting the mine permitted (btw what's happening with the high profile lobby group pushing for this in government circles?) and progressing the arbitration. Like I suspect many shareholders are, I'm only really here for the uranium.

Net cash outflow in YE June '25 was $4.6m. That's a not inconsiderable sum, and the lawyers working on the arbitration as it progresses won't come cheap. Added to an exploration programme it's quite a burn.

The context for a while has been clamping down on illegal mining in Malawi. Maybe that's what's behind the Exec Order, rather than seeking to unilaterally amend MDAs entered into under the new mining law.

As we're exporting MREC under an MDA, it doesn't affect us anyway. SVML unaffected too I see (they're pre MDA btw so they've understandably RNSed). And even if we intend now or in future to export raw material, it would have to be permitted under the MDA. If the exec order seeks to unilaterally change that, there's legal and reputational consequences for Malawi.

Processing in country was addressed whilst negotiating the MDA too.

Really isn't an issue imo.

Thanks for jumping on that quickly and comprehensively ytrewq. The s3 exemptions are clear. We also have a legally binding MDA. The MoM said:

On behalf of the Malawi Government I would like to take this opportunity to assure the investors that the Government will adhere to its obligations reflected in this MDA.

Yes I did see this a week ago, it was widely covered in the press. Didn't think it was even worth posting about.

Well said esduk. Less than 9 weeks to Christmas and more game changing RNSs due than you could shake a stick at. Buy imo.

Christmas in

Indeed. SC is clearly one of the best places to be for magnet production. HypUS's unique offering in that hub will be right in the heart of where it's happening. Buyers all around and there's scope for all sorts of partnerships down the line.