Member Info for Gallmat

It is so interesting.

You have a global strategic issue.

A uk company who can provide short term and.medium term supply

And retail sells it down. No doubt today they will google (HDD), use their boiler ( water pump) ride to work in an EV. Switch in a computer to work ( wind turbine)

And conclude there is no issue. I mean, why would you need a rare earth magnet

Honestly the FT, BBc and others should be interviewing mkango.

I hope they are reaching out some how

A great article. Good quality news outlets now getting the point

https://www.removepaywall.com/search?url=https://www.nytimes.com/2025/04/16/world/americas/brazil-mine-rare-earths-china.html

One thing I am not doing is trying to optimise mkango vs cotec.

While linked they are both different and I believe good companies.

Mkango has direct exposure to rare earth prices ( recycling feedstock costs increase with sale prices) via the mine. They also have greater exposure to non usa markets. The usa has alot of attention presently but japan and Europe could be bigger long run

Cotec has a really clever strategy ( after all they found mka from 400 techs). They are diversified and have I think a board that can open doors.

I thought long and hard about which is best. I concluded they are just 2 companies that are different and I liked them both.

Cotec being at 30m usd made me increase the position as they have good leverage to good news. Just 1 plant at 60pct of 500m usd is 300m vs 30m

2 hard to choose. Buy both

Np

Remember I am no expert, I am just an optimist 😀.

Hopefully this works out well, if not. There is always another bus !

Hi Nelson

I always recommend you use some ai. Grok on X is good.

It still makes huge mistakes and needs alot of validating ( even for basic calcs) but it can help you know where to look fast as a heads up.

State Responsibility under International Law and BITs

Under international law, as codified in the International Law Commission’s Articles on State Responsibility (2001), a state is responsible for the actions of its organs, including regional or local governments, as they are considered part of the state’s structure. This principle applies to BITs, including the Australia-India BIT. The treaty is signed by the central Government of India, and thus, India is internationally responsible for actions of its subdivisions, such as the Rajasthan state government, if those actions breach treaty

One thing Nelson. I always say I am not an expert and not even a lawyer.

Just giving you my personal take.

Crazy thing we are probably just at an OK value for our upstream.

Glr is right, if they squeeze db and ty we might get a nice price rise. I read they are 4pct of good magnets but their price vs nd is much much higher.

This could be moving the magnet basket cost

Yup.

This is a structural story now and I think people will move beyond tarriff this and that.

We need magnets and even the poster boys in the industry have issues.

Recycling solves the heavy rare earth issue, it won't go away. People will take time to get through the fluff and marketing of mp materials and usa rare earths.

Mkango is one of the few companies who can bypass the china restrictions.

Agree GLR.

That is one reason why I always push the IPO angle.

Yes it makes sense to wait to build the business, but if aome guy turns up and offers you a gold House for a normal one you bite their hand off.

I still think Cohen and cotec will be saying just ipo while the iron is hot. Everyone can be reasonable if discussing %s

The only way it can work is if everything in a cou try is covered.

If a country can say another department or local gov did this so it is not covered the agreement is worthless.

You will always interact with a local government and they have a 100pct way to walk away

I think even if they step all the way back it makes no difference.

The problems for government moved from hypothetically important to actually important.

Uk,eu, usa and Japan will just throw some money at this problem.

Mkango have a key card. If you do not support us we will put our focus in the market that does.

Also we are taking what 30m usd. Not like we are asking for 300m usd for a mine.

I pretty much ignore the tsx, there is no volume

Look for pantheraLTH.

I like both of them.

Initially I was just 100pct mkango, as the price of mkango ( rightly ) outperformed I moved a little to cotec.

Hopefully holders of both do well. Nothing makes me happier than seeing a stock multibag and all the followers on the board doing well.

If you consider their 60pct share of the 600m npv for just 1 usa plant that is 360/30 or 12x. This needs say 50m usd equity..gov might just give it to them. They also have discussions with 3rd parties so the dilution might not be horrible

I could go on but...

To add colour

Magiron is a iron ore project. The equipment along is worth 0.5bn usd and they purchased it for 5m usd. Add in 2.3bn ton or iron ore at 36pct one of the largest usa deposits.

The ceo said they have discussions with 3rd parties for pre valuation In 100s of millions.

So 200/30 is 6x

Interesting that mkango is 3x cotec price. Cotec has much lower exposure to the big picture, but at 30m usd they have alot of upside to their hypro usa operations.

Gains are bigger from a smaller market cap

I am not sure it matters.

The government of India is responsible for the country as an entire entity.

If a local government or central government wastes your time it is all within India.

It's about 10yrs out of date