Member Info for Gallmat

I think bigger money is definitely around.

In the past we had discussions for offtake for marram gas storage. The market for gas extraction and storage has positively transformed since then. It will still be there.

we could attract private money for gas storage as the capex is say 450m with npv of 500 to 800m. There is plenty of room to give an equity share, especially as gas offtake would reduce equity requirement.

But as Tom says. Gb energy and the national fund are made for this type of investment. Recent events would make investing in us a political flag waving exercise " labour is taking action".

Being a small cap, they could also take a share in epp and would get great capital gains. They won't be able to get this leverage to a pipeline by backing people like centrica.

I think just a little more patience is needed. I cannot see epp making a big move until the results of the gas security consultation come out.

That document might green flag financial incentives ( cheaper debt, more leverage). At minimum it signals the government intent and requirements ( green light for gb energy and wealth fund). It could also unlock government plans for more storage like knox and lowry.

Personally with so many positives that could come from consultation I see us waiting to see detail. Good news is i think results are due soon.

It is not the jorc. You need to take those oz and haircut for stage.

It does not really matter the oz. Whatever it is it will be multiplied by a gold price which is 40pct higher.

Our claim will be based upon 7.3moz.

India shot themselves in the foot. They have effectively said they believe in their results as this is what they used for the auction.

Also by publically stating they will make billions in royalty and the project could support 50k jobs, they cannot turn up to an arbitration and say the opposite it is really just a small deposit

They could try but they run into " judicial estoppel'

He said was just back from a long flight and tired.

It would have probably been better to do the chat on another day but nothing to worry about IMHO.

Everything is on schedule and if we get the kalaka renewal soon that will be great as is it is our most advanced gold asset

Time for a bit more relaxing

Seems all good to me.

Getting the kalaka license soon could really make this shift! Personally I like the project alot.

All gold assets are getting expensive. At 4k gold even a 2k aisc project looks amazing.

Some jv partner will probably appear as mali is probably one of the places you can still aquire an asset and make a killing. Given half a chance I would love to develop it. As Mr Bolton said. Kalaka is a " mine"

The real gains from here are probably not going to be from initial production. Building the platform and flogging hypromag usa will make us the money in the short term.

This is a great deal, we have feedstock to show what we can do in Germany and now can say we can be short loop and medium loop producer.

I think it is a great deal !

It would be super to hear about how our long loop process was developing as that is " sweetener" for our hypromag usa ipo.

There is also great downside protection, even if we had some issues getting feedstock it won't come out now as we can draw down off the stock pile, making the ipo story easier.

I actually suggested global rare earths to them 1 yr ago!

I think consolidation is inevitable.

Short, medium and long loop all have their place.

The more processes you control the better your offering for feed suppliers and offtakers.

Go hard early, consolidate and become the partner of choice.

At some point people will only a partial offering will realise they need to be part of something bigger to catch the synergies and leverage contacts.

The disconnected is that aim is crap and has not been valuing us correctly yet.

They are valuing the whole hypromag business at 0. So I am not surprised they value a good aquisiton for hypromag at 0.

It's just aim

It's a great aquisiton. Honestly I would love to see more of this type of thinking.

Usar are just going out and buying the companies they need to make them a comprehensive product mix in the market.

Personally would not even mind making progress with ionic. Then we have short, medium and long loop at commercial scale.

Also a monopoly for recycling in uk, and ionic also have worked with less common materials who are part of usa rare earths.

Grab assets and then when talking to feedstock providers and customers ( the life blood of a recycling business) you just say we do everything and are the market leader.

Every company is trying to have the same discussion on what they can process and supply

Does anyone really believe even if chinesw said we will give you magnets we can say OK fine.

I mean at any point they can change their mind and have you by the b@&s.

Staying with this strategic weakness is like putting handcuffs on yourself.

There is no going back now.

And honestly even if they did supply magnets. It just makes sense to F&(( recycle them anyway as recycled magnets are cheaper than primary

Kat

The guys in usa are clearly looking to build a plant and at huge scale.

They updated their website with a fly through with the build.

The hypro usa presentation notes they are looking for a ceo for operation.

Ils already have permanent staff working on feedstock (and plan to add).cotec said in a interview they had ordered the reactors.

Another reason to be bullish is the cotec cfo who has 7.5m cad invested in cotec, he purchased another 150k cad.

That can only imply they are very confident. If you have 7.5m cad In the company there is no reason to go to 7.65m cad unless you are confident.

The ramp up is maybe slower than we like but we are building a new industry. Only 1 pct of rare earths are recycled. These are companies setting up an eco system and it takes time.

One thing that might be good to listen to is the recent cotec interview. JT the cotec ceo said he is happy because the partners now have said they think they have enough for the first plant and than happened in last few months.

It's probably just took a bit longer to get some people over the line.

I also don't think 250m is reasonable.

But if it gets the deal done and I 2.5x that is fine.

I would just put it on another case that could double.

Good to be flexible in the strategy IMHO.

I would like the max. But honestly If we walked away with 250 usd after costs I would be fine, even 210

I would just put it in another case and go again

Do you know usa rare earths have been given a 14m usd grant by state of texas. 2 days ago

We can choose any amount we like, but the important thing is no way will panthera be purchased by india

This whole thing would fly if we had a listing in india, but that is not easy

I would think it is virtually impossible. What entity would buy the company.

Any move like this would be seen as an admission of guilt.

India could settle this for a few hundred million amicably.

Soon this just turns into an ipo story. Yanks will snap up the hypromag usa ipo.

Just need that fid

If your producing gold in India you will sell it domestically as the indian price is higher than international price.

Indian domestic price spiked 6pct on news yesterday.

The only reason it might not enter our forward pricing might be indian policy on these specific rates can be volatile. Often driven by worries on too much fx leaving country.

So this might not be viewed as a permanent thing