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It does seem to move fast on little volume - up 25-30% at one point this week? Little buys or sells does seem to move it.

The royalties are overdue according to the rns, but I think the overriding £2m pa period started 01/07/24 and ends 30/06/25, which is why we should see the balance of the £2m this quarter at some point.

‘Should’

Looks like AP and his son attending, and James McFarlane

(Vast Resources)-?

Pretty sure he’ll get 51% of the asset via the definitive agreement.

I think he’ll own or already owns 51% plus the 6%.

Https://www.independent.co.uk/climate-change/drought-coal-africa-zimbabwe-zambia-b2726653.html

I think the salary is ok, respecting the existing salary structure. She’ll make much more through their investment in CGO.

Maybe wanted the appointment to take place before handing over the remaining royalties?

I think Huo has all the clout he wants already. Unless he intends to make an offer I’m not sure adding more shares changes anything.

If Huo wants the price down, perhaps he’s thinking of increasing his holding shortly. Given he recently bought 6% directly in monaf, perhaps he's now wanting a bigger piece of CGO or a variation on the deal to give him more equity.

I think Huo is controlling the news and presumably wants the price kept low for the time being.

Royalties due this month so still a week to go 🤞

It feels like Huo has the money but is choosing to spend it on other things (e.g. the direct buy into monaf).

I suspect we are at Huo’s mercy until the definitive agreements are signed. Hopefully then things will change.

Loans due to be repaid this month.

$500k royalty due this month.

Extend loans again?

Pay down some of the loans from the subscription and royalties to date?

Convert some of the loans to shares (they have headroom)?

Huo takes over or pays off some of the loans?

?

6p warrants issued to broker in connection with the prospectus. 18 months expiry. 2 months in…

This should bring another TR1 notification:

20-Mar-25 16:52:37 0.95 14,864,864 Unknown* 141.22k

Agree we can’t do anything other than choose to buy or sell.

Huo has 20% of CGO. Will he buy more? Will he offer for the rest? Will he take over the loans? When will anything happen? No idea.

Huo has 57% of Muchesu now, CGO has 24% and the other investors have 19%.

I wonder what Huo paid for the extra 6%.

57% following their recent purchase.

RAB increasing holding. Looks like this:

20-Mar-25 16:41:44 0.95 12,500,000 Unknown* 118.75k

Not sure about the other:

20-Mar-25 16:52:37 0.95 14,864,864 Unknown* 141.22k

The definitive agreements haven’t been signed yet and the loans are due to be paid back. Both this month I think. Maybe it’s all coming together at month end.

Huo handing over the cash