Member Info for HarChris

It’s not coming down despite hundreds of millions of shares being issued. Short and long term loans were €32m at the end of 2023, that fell to €30.2m by the end of 2024 and was back to €32.3m as of June 30th 2025.

The business isn’t profitable at the group level, the cashews have continually overpromised and underdelivered and unless significant cash flow positivity is seen this year they’ll be back to issuing half a billion shares once again just to push debt maturities further out once more.

The debt is too high relative to the potential profits here unless the cashews start to genuinely throw off cash which doesn’t seem to be the case.

Probably £1.5m in the bank… they won’t have been down to zero when raising, they had cash til end of March so say £200k. Add in the £1.3m net from placing and we’re at £1.5m.

The November 2024 placing of £750k + ~£150k (some land tenure and possibly a bit over from Raglan raise) gave 16 months of runway to Mar 31st 2026, this £1.5m cash is a good two years before we even add in Raglan contributions.

ECR are very much cashed up for the foreseeable .

Well I received my full allocation, hoping that 1.75p is lower than any new buyer is offered.

Upwards from here.

COYS you were asking for broker note information the other day weren't you? Well Hannam's note is out today and they are finally ascribing more value to Lithium Ridge and Brandberg West and have increased their target price to 21p. That should please you.

That's one of the problems today, Nick has always been a more conservative chap whilst Mike did the overegging. More recently Nick has emphasised offering up achievable and conservative outlooks to built trust but the general market shrugs and continues to treat ECR like the one of old so in a sense it's lose-lose for Nick for now with these conservative targets.

All that he can do is go and prove it in the months ahead.

You spent years complaining about the continuous cycle of exploration - raise - exploration - raise. Now that's broken and you're wanting it back!

ECR are now funded for at least two years, no one can deny that (£1.5m covers possible shortfall), if Raglan targets prove to be initially conservative as stated then we are in a totally different space now.

Relax and let it play out now, the rest of us are.

Ignore the definitive language, as things stand the majority of G&A is expected to be covered from this project which means only a small shortfall per year which is more than covered with the £1.5m cash balance for some time. If that’s the case it’s a hell of a lot better position that ECR were in before and may well open up debt opportunities in a few years time.

If it turns out to be conservative as stated then it more than covers all group costs.

They bought Raglan for peanuts and you’re trying to make out that we were expecting a massive resource and hundreds of millions of potential profit? It’s quite clearly a small but profitable opportunity that is the perfect stepping stone to the bigger resource of Blue Mountain, a self-funding path that breaks the ugly cycle of raising on AIM at a steep discount every nine months.

This is major progress.

Absolutely James, it's light and day compared to ECR at any point in the past.

As an accountant I do. It's certainly significant cash generation which will then be deployed across the rest of the business. I believe it will more than cover the G&A and ideally the exploratory activities across the group too.

Let's remember that ECR has traded between 0.2p and 0.45p for three years whilst they were miles off producing anything.

They now have more cash in the bank than at any point over that range and are capable of generating considerable free cash flow over the coming years with gold at ATHs which can self fund the rest of the business (with the cash balance there if needed) - it's without doubt the best position ECR has been in since I've come across them and they are still say here in the middle of that three year range. That's an opportunity.

It’s gross revenue (again £3.6m we see your little subtle tricks or you can’t work a simple currency converter) but costs are tiny for this alluvial project, let’s say £300k a year, Raglan therefore provides £2.7m for group G&A and group exploration funding over a number of years.

That doesn’t likely quite cut it but with £1.5m already in cash it very much does… and if these figures do turn out to be conservative as stated we’re laughing.

As for Blue Mountain give them a chance, there’s no way such a small team can get Raglan up and running and have everything else progressing simultaneously, I’m sure we’ll hear much more about it in the coming months.

And you're missing the key factor which is Raglan is a stepping stone, a dress rehearsal, a profitable knowledge-base to transition to the far larger Blue Mountain resource. If Raglan funds Blue mountain's path to production then it's more than done its job.

Nonsense.

Firstly it's £3.6m with costs at Raglan about £350 a year so let's call it three £3.6m - that gives £2.6m over three years to cover all other activities...

There's also £1.5m cash balance so over three years you've got about £2.6m profit from Raglan + £1.5m, that covers the rest of the portfolio and works Blue Mountain into production.

Who knows what else happens in the meantime, perhaps Creswick fully sold off or Baileston worked up and sold.

Plenty to play for here.

The only way DKL ever gets out of this debt hole is consistent and growing profits and yet here we see a third year on year decrease in production, this time by an enormous percentage. And with continued vague language around the cashew operation it's clear this is going nowhere fast.

These daily rises are starting to compound and look tasty.

Strange post, Axies was set up years ago.

My word if it can hold here in a few months with higher output and no hedge ATM will be printing cash.

today’s update from andrada mining on its lithium ridge project provides significant new details that enhance the understanding of the asset's potential size, scale, and overall characteristics. the announcement reports initial results from the first 15 diamond drill holes (totaling 1,328 meters) in the ongoing stage 1 exploration program, which is part of an earn-in partnership with sqm allowing them to acquire up to a 30% interest upon completion of this phase. this builds on prior surface sampling and mapping that identified multiple lithium-bearing pegmatites across a 6-kilometer strike length, with spodumene as the dominant lithium mineral.

key additions include:

- continuity and depth: the results confirm consistent lithium mineralisation from surface down to approximately 160 meters, intersected in most holes. this demonstrates vertical continuity and suggests the system extends deeper, supporting the potential for a substantial resource volume.

- grade and thickness: high-grade intercepts highlight the quality and extent, such as:

- 9.63 meters at 2.12% li₂o (including 5.74 meters at 3.02% li₂o) in hole lrd003.

- 24.44 meters at 1.38% li₂o (including 14.57 meters at 1.73% li₂o) in hole lrd010.

these thick, continuous zones across multiple holes indicate a potentially large-scale system, especially as the full stage 1 program involves about 14,000 meters over 120 holes meaning these early findings represent just a fraction of the planned work.

- polymetallic upside: beyond lithium, the drilling revealed associated tin (sn) and tantalum (ta) mineralization, e.g., 2.57 meters at 1.98% sn and 227 ppm ta in lrd001, and 0.89 meters at 1.33% sn and 247 ppm ta in lrd011. this reinforces lithium ridge as a polymetallic asset which could improve economics through by-product credits and add to its overall scale.

regarding the previous comparison to azure minerals' andover lithium project (acquired by sqm and han**** prospecting for a$1.7 billion in 2024), today's news strengthens the parallels. andover was noted for its high-grade spodumene pegmatites, with a maiden mineral resource estimate of 109 million tonnes at 1.11% li₂o (including higher-grade zones around 1.5-2% li₂o) and thick intercepts often exceeding 100 meters in early exploration. lithium ridge's new drill data shows comparable high grades (up to 3.02% li₂o) and meaningful thicknesses (up to 24 meters), confirming similar pegmatite-style mineralisation over a multi-kilometer strike. both projects feature sqm's strategic involvement, sqm started with a minority stake and earn-in at andover before the full buyout, mirroring their current 30% earn-in path at lithium ridge. this update validates lithium ridge's "world-class" potential as described by andrada's ceo, positioning it as an early-mover in africa's lithium sector with large-scale, long-life attributes akin to andover's trajectory from discovery to acquisition.

' and would add if the company is making decent profits and cash flow at these tin prices, shouldn't they be releasing an RNS stating that results will be above management / market expectations on current tin prices and above $40k since early December ? Or has the house broker upgraded forecasts which the PI's don't have access to ?'

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Management don't give profit targets in RNS', they give production and cost targets... these have been inline with expectations hence no reason to update the market. The tin price is an external factor not within management's control, it just so happens to be making the difference and is the prime reason for profitability at the group level as of today but it isn't a specific quarterly target to update the market on even if it's a brilliant and crucial result.

I suspect management will emphasise it in the next quarterly update within the commentary but we'll only get the actual details as to the cash being generated twice yearly, in the interims and the full year results.