Member Info for HarChris

It was exactly one year ago (bar a day) that Richard Hughes joined the board and the share price has risen over 100% since - here’s to a similar reaction for his upgrade to chairman.

Great to see the gold price quickly recover the 24 hour losses, anything above $4k long term should give ECR every chance of success, anything beyond $5k really should guarantee it (yes I know no certainties in this game).

Theoretically ATM should now be able to go on and make a shed load of cash before July 2027 and pay off the CLN in cash that they've just downgraded to 5p conversion price... in reality I can't picture AV actually doing that though, even if the cash is there it's much more likely he uses the cash for some other venture (lithium at Uis?) and issues all those shares at 5p.

Hope to be proven wrong.

Market's saying show up these 6000 results and land the long awaited deal - happily backing that to happen.

He needs that account to rec teabag.

The Jan and April payments are deferred until October 2027 in principle but there’s a clause in there for Heights to be able to covert post TNBC results / June 30th (whichever is earlier).

It’s a one-time chance to convert either on or both of the Deferred Payments - it’s designed to give Heights an early exit if the share price has fully rerated ie if say rhe share price ends up being £2 they’d highly likely be converting early to crystallise big profits.

If 6000 results lead to a deal in the next month and the share price rerates then Heights probably converts these shares… but it’s not something to worry about at 78p today as it only happens following significant short term appreciation.

You say jump I’ll jump Rich, following you over the last few years has helped me turn £5k into £50m.

You truly are a genius and I can’t thank you enough.

Yes it is, at least your comment is. If the share price is lower today it’s because folk have sold post-news, rather than previously selling due to a leak.

It’s also stupid to assume someone would dump like crazy because they heard Andrada had entered into new desires facilities with Namibian development fund whilst also completing the lithium ridge drilling. That’s not news to panic sell.

Barring bad news it certainly looks so.

In the meantime we hope for discoveries at Brandberg West and Lithium Ridge that help command a far higher valuation as it is and also hope that the third party supply agreement goes in Andrada's favour, as gaining access to 11X the grade ore for Uis would transform the balance sheet overnight.

Then Andrada gets into a bit of a mess if they've failed to increase the scale of their operations and hence reduce their AISC by the time that happens.

It doesn't look like tin price is falling substantially anytime soon though so there's still plenty of time to prepare for less sunnier times...

No it wouldn't Gib, it's a silly post below.

Overall the update is a positive, ore sorters full steam ahead and 16500m of drilling complete. It's very positive.

Desperately need to start generating meaningful cash going forward now though, with hedge lifting first then more scale coming online that really should happen.

I get that sentiment but Andrada are looking to become a giant multimetal mining business and they just aren't earning quite enough to rapidly get there. A 10 year loan that strengthens ties even further with the Namibian government (through DBN).

They shouldn't need more cash to fast track the ore sorters but if that's the case then this is the best form it could come in.

You have to laugh if you think the fact that the state funded Zambian government of 1994 couldn't run Kabwe economically so a private company won't be able to either...

Ps in addition the Zinc price in 1994 was ~$1050/t, today it's $3550/t.

Very helpful krayzkat, thank you.

Not enough 0.6p warrants to make any difference, not all that many 1p left. I’d say at this share price the warrants aren’t a short term downside risk now.

It is probably best to keep expectations lower like you say but having produced 273t in Q2 with the jig plant having only started phased commissioning then and Q3s 271t I don't think it's too much of a stretch to hope it can contribute around an additional 10%.

With just a small uptick in production from the new jig plant ATM will be generating oodles of cash going forward with the hedge ending and tin price sky high. Even just 300t brings in £12.1m per quarter at current tin price, that's the amount ATM generated for the full first half of the year last financial year.

All the same stuff was being said in 2024 and 2025 too.

It's the problem for all junior AIM explorers 3.14. It's a challenge that all must overcome to go from explorer to producer, to raise the funding without such heavy dilution as to make it worthless.

The phase 1 development of just part of the resource is $561m at much lower than current zinc price, at spot price I believe that's more like $1B. And that's before the expected major uplift in resource.

There's clearly returns to be made here for interested financing parties against a market cap of $4m. Will future partners likely take a major stake in SKA? Yes certainly but even if we get diluted 4 fold to get there and there's 500m shares in issue then we're still only talking £50m mcap at 10p a share, £75m coming in at 15p a share, many returns from here. And obviously that's a fraction of the NPV so highly conservative if they manage to get back to producing at Kabwe.

There's also Rukwa with coal prices more or less at a three year high - find some way to monetise this asset next would go a long way to unlocking value here.

We know now that just 8 patients were dosed between TNBC and STS up until the October cut off and hence the focus from the start was very much on SGC. We've started to hear more about STS since the turn of the year which makes me think despite the relative low number of patients dosed in 1b they are likely seeing efficacy signals and hence it's still very much a part of the programme.

Most assumed this anyway but it's far better for the platform if the only reason for less emphasis and discussion re TNBC and STS is because so few patients have been dosed, rather than lack of responses.