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I am starting to wish COTEC ship someone over to London. They have 3 presentations post DFS, we have even more news but nothing comes out of mkango, it is simply bizarre

I think the point is to use a model like hard disc drives. Clip off the bit with the magnet and transport that.

I am really wanting more explanation of the recycling as a business rather than just saying scrap will increase.

The plan might be to develop lots of insermia units for a range of scrap. If HDD is very good for them, over time you cross sell this waste stream.

If it is economic and you are doing HDD why not add this to your line. You are going to ship other scrap anyway.

Alot here depends on the EU, if they really want scrap processed maybe they help with implementation

They really have a good setup for a future date

Clearly if the investment in customer acquisition pays off and the new customers stick around, with a warehouse expansion this looks good.

One thing to highlight. I used public website traffic trackers. They saw discount dragons organic traffic as flat over a couple of months. Probably not accurate! Just wanted to point that out.

Remains on watch list

Great revenue growth but I need to see profitable growth before getting excited.

I really like the CEO but it is tough for a small business to manage line selection in 3 segments, retail is tough

Thanks milmain.

Imagine what we could do with more capital, we could initiate multiple studies. Having the tech to target waste categories first is going to be valuable, it just builds the MOAT and makes recyclers sticky to supply us.

If they are hitting milestones that are a first for europe and uk that has to be good. It is feedstock that nobody else has yet chased.

On the economics it is unknown, we know a hard drive has the magnet, this needs screening, but maybe It solves the issue of shredding and magnetic waste

Mkango really needs to do a call, silence and we have

1. Comments from CMA

2. Spac transaction

3. DFS

4. This new stream

Do doubt I will.have to.get the info.from cotec

I agree on the cash. If they did need a little but you would think they would be able to obtain it easily with the SPAC on the horizon

More news on usa applying pressure to get deposit and block china.

It does look like america is serious about getting deposits. If we have gov support then I think a deal will be done

"There was a lot of pressure not to sell to China," Tony Sage, CEO of Critical Metals, told Reuters. Barnes accepted payment of $5 million cash and $211 million in Critical Metals stock for Tanbreez, far less than Chinese firms offered, Sage said.

https://www.reuters.com/markets/commodities/us-lobbied-greenland-rare-earths-developer-tanbreez-not-sell-china-2025-01-09/

Sorry for the typing.

I have asked 4 questions to the company on friendly around the SPAC, I will share if they respond.

Directors taking shares vs salary is dilution.

I asked the company hypothetically how we acm extract cash early from SPAC. Sadly they are no the beat with comes

Cotec have multiple videos since dfs, we have dfs, critical minerals association comments, SPAC and not a sausage.

This is really lacking

Pharma can be amazing but I realised I do not have the skills. I saw avact go sky high and.l crash and destiny etc.

Unless it is a volume expansion or something tangible I cannot get fair value, anything technical and I am lost.

I think a bit of cross chat is fine. There is nothing happening with pat.l.

I had a little bit of ondo before they announced the factory expansion. Not sure I want more now?but looks very good long term.

I am positioned for another industrial tech for the next 6 to 8 weeks. Very much waiting on what mad trump does, could be a cracker if he goes proper bonkers

Well I have seen stocks that tried to commercialise new processes. On scale up it went wrong. Zincox comes to mind.

Here I think it is much less of an issue. We are not talking about huge changes in scale. But I never take anything for granted.

We also need to secure supply at the dfs price. I am sure they are confident in what they put in dfs but I want to see actual contracts signed.

This is actually a business, you need to make supply and sales agreements, manage it, deliver efficiently and beat the competition.

I think the case here is great but I do not see an npv and just think yup that is automatic.

Velcro.

I think the value of the separating plant is just the work todate. I agree the location could be easily changed, and if this is a usa investment there is a case for domestic operations. People just find it easier to understand the macro picture of their own country, rather than foreign politics in a different time zone.

The big unknown is trump's tarrifs. If you are usa based you might escape the tarrif but still capture the inflated price.

The next few months of usa policy really matters

Adams intelligence who are experts on sector state it.

Again I do not focus on the ultra bull case, but the rhetoric from trump is really in change of long standing policy thoughts

https://www.aljazeera.com/economy/2025/1/9/as-trump-talks-up-trade-war-with-china-fears-rise-for-rare-earths-supply

Amtech.

Ultra bullish cases are often noted such as this growing to be a billion usd company.

I remain more grounded. If we could even extract 20m usd from the asset sale that gives us money to limit dilution on the recycling.

If the tech works in uk ( and we will see soon), then this is a good indicator to put value on the USA operation

If the tech works, we get supply at the right cost I do believe this can be massive.

Recycling is a boring and sticky industry, if the process works it works. Supply will also increase over time and this is how multibaggers work, just increasing revenue over time steadily.

Https://www.lse.co.uk/rns/rajasthan-writ-reply-and-rim-financing-6wom9wmxoqsxlja.html

Another good example of government messing us around in court. We analyse why it makes no sense.

Of course we base our view on lcm financing it as they have a 90pct win rate but it is interesting to understand how they have acted.

The vsa note covers most facts well. But does not talk much about the actions in india. I told the vsa analyst this a weakness.

Case specific info

This rns gives some background about us being promised the license. You get the feeling india made very positive noises to us, much of which may be documented.

https://www.lse.co.uk/rns/significant-step-towards-grant-of-bhukia-pl-4ta38asqibhpfu5.html

India does not deliver and then you have india presenting reasons why. Which we assume they need to explain away under our trial

https://www.lse.co.uk/rns/bhukia-prospecting-licence-application-update-qb490dzrq7in2lg.html

Article in times of india with them saying deposit, they use a local currency measurement crore.

https://timesofindia.indiatimes.com/city/jaipur/state-plans-to-auction-gold-mines/articleshow/104057087.cms

About the deposit

The company says consistently it Is world class. So far we have 7.2m oz. Our grade is 2g where many these days are 0.8g. The deposit has gold starting close to surface and is near infrastructure ( roads etc) and there is no resettlement issue. Goats graze on the land!.

The oldest company presentation on the website is the best one. It shows you some gross sections showing how good the drill intercepts were ( think equivalent of 100m at 1g a ton) the gold is not dispersed randomly everywhere making it expensive.

After that this shows the breakdown of the Indian drilling by block. Interestingly half the gold is in one small block ( this is around area we drilled - shown in the corporate presentation).

I have high hopes for a good claim as the deposit looks desirable

https://images.app.goo.gl/RRtPuD2YNw2k2NEh7

I think the SOC might be march/April, that is purely a gut feel.

The ceo is in london week of 10th of feb so I assume they are finalising things. The CEO comes to London to work frequently as it is more efficient rather than working around time zones.

Some people want to play the SOC release I am here for a longer term view.

You would think if cma are saying they want to help them this is an obvious way, just letting them access the program.

I am not sure it is big money yet. I think just a tax credit of 30pct on build cost so maybe 125m ×0.3× tax rate in usa.

Anyway, I will keep sharing anything useful

I forgot. One of my questions to cotec was are there any potential tax credits/breaks that have not been incorporated within the DFS and how we learn about them.

Also asked how we learn about the carbon credits in USA.

Final bye