Member Info for MarginMiner

I think they doubled up those big double trades yesterday by accident and they are required to unpick them. Definitely no selling going on here—not if you have your head screwed on anyway! For those talking about getting back double or triple from here, let me put it another way: IF Rome proves they have 150,000 tonnes of tin, let's say at 75% recovery and at $50,000 per tonne, that gives $7.5 billion... please double-check the market cap of Rome, then decide if double/triple is acceptable. We need that RNS showing we are well on our way to a wonderful tin resource.

Charles is great, and he is also invariably utterly bullish on timescales; you usually end up waiting 6, 9, or 12 months longer than expected. So, expect a wait here too! As mentioned, please don't underestimate Ed being onboard. I don't see him agreeing to a sale without knowing exactly what is under the ground; his role is to ensure shareholder value is maximized. Then you have Paul, who has a track record of protecting investor interests and brings vast experience. As I’ve mentioned, I rate both extremely highly.I don’t see Rome itself being sold; they will likely sell the mine(s) instead. However, an endgame in, let's say, 2026? It is important to remember that XRF results are not the same as proven tonnage; you cannot bank on XRF alone for a definitive MRE. To get this done, they would need to use the VPEM to establish where to drill, use targeted drilling to extract cores, and then use the XRF again (as it can be used at different stages) to verify the grade, all while needing an independent review. They simply cannot cover 38.4 sq km in 6 months to ensure everything is 'covered off.' They’ll be forced to focus strictly on the strike area to get any kind of 'proven' data, leaving the rest of the project as unverified while using the VPEM results as an upside kicker to Alphamin or the buyer... maybe thats the nice middle ground for all involved and everyone moves forward.

Thanks all, sorry I’ve been working on RMR most of the day, so haven’t had any chance to reply or work with on ORR in any great detail. I’ll do a deeper dive and return in a day or two.

Sorry, just to answer your questions fully: no gap, it’s license border to license border. My thoughts, and I’m sure Ed’s will be aligned: we must understand what we have and use all methods available to determine the tonnage. We need to go deeper; it’s open. We need to extend along the ridge.

The VTEM Plus is massive and will help determine our drilling strategy. If it’s as big as I hope, and as all the indicators are telling me based on the data and information available, we could have a few years of drilling ahead (need the vtem results). It’s also not just tin; I expect we have some decent copper kicking about. To complete the 4,000-odd metres to the Alphamin boundary with a couple of rigs, we are probably looking at six months, maybe slightly more if the terrain makes access painful.

I’m not so sure they have been struggling as such for resources; they keep going deeper with their current mine and finding more. They are now checking between their two mines to determine what resource is there. But critically, the most encouraging aspect of the recent North Ridge holes, which they are now prioritising, is that they are intersecting the same high-grade cassiterite (tin oxide) mineralisation found in the main Mpama North orebody. So these North Ridge holes are what join to Rome’s ridge strikes. They have intercepts above 4% Sn, so this aligns with Rome’s theory. Putting all the pieces together, we could be sharing the largest tin deposit on earth!

No, they haven’t used VTEM Plus, but will be doing so around the same time as Rome. We are scheduled for the end of May; Alphamin by the end of Q2 2026.

I guess think of the VTEM plus (the gold standard in this terrain) essentially as a massive metal detector which can see through ~500, maybe 600 metres of ground. Think of it like an x-ray to an extent. The VTEm wont tell you the grade, nor a clear shape, it will be fuzzy on the x-ray - but you knows its something. Paul would then pick the hot spots and get drilling.

If the shallow copper & zinc is continuous along the strike (which recent holes MADD024 and MADD018 suggest), then the tin heart underneath it is almost certainly continuous as well. Dont underestimate how important the VTEM plus system on the heli is, as by the end of June we will know if the structual corridor is continuous across the 5KM. Super happy with the 100m grid too, means less chance of missing any major pods. There is also surface evidence and artisanal mining occurring at multiple points along the full 5km, the chance that these are isolated "blobs" is low. It is far more likely they are pods within one continuous 5km structural corridor. Maybe it's not so super speculative @ 5% chance...linking all these together... maybe, just maybe a 30% shot at a geological blueprint for a Tier 1 mine! .. is 30% toppy? You decide!

If a bidding war kicked off, prices could theoretically reach $3,000 per ton, but that would require hitting the upper-end tin targets. It’s a wide per-ton position and notoriously difficult to pin down, which is likely why the conservative $1,000 figure is being cited.

Two factors are being overlooked: First, Ed joining as a Non-Executive Director is a massive win for the board. Second, the transition to Canada is already gaining momentum.

Lastly, it is vital to distinguish the scale of the ore body. We need to ensure we’ve surveyed the ground thoroughly; there is significant talk of the geology being connected between the two sites. We have only covered approximately 550 metres of a 5,000-metre strike length on our license. If we get anywhere near the recent broker note of 50,000 tonnes, then 200,000–240,000 tonnes becomes achievable. However, if those sites are linked, and it’s a big 'if', we could be looking at even higher tonnage, we could push toward the 500,000 to 750,000 tonne range. I guess thats why the heli is up, I want this tested, and so does Paul! Moonshot if that happens! ...

Settlement of the additional subscriptions (May 7)? 139.6 million shares and noting the banking delay ??

Holt, if you dont mind me asking. what is your biggest holding? I'm always interested in others perspectives and what they see.

It would be useful to have the metallurgical progress, expected in July? Which, as it happens, is the same time I suspect we shall need a small fundraise. Maiden JORC a couple of months later, say September. I don't usually see CB, nor his team this bullish regarding drill results. Can only bode well for all involved.

Ok BIKWIK, you have my attention. Had a little look at ORR this morning — thanks for sharing.

Can you (or anyone) comment on the following:

Cameron Mining — how risky is this here? What are the red flags to be mindful of?

Dilution — what’s the actual agreement around allowing 50% of the resource to walk? What part of this agreement allows ORR to produce? And if not, do you have an idea of expected CAPEX?

Any comments on the g/t at the main site?

Any recent videos / call recordings of the CEO / Mining team please talking about the drilling prospects please?

Thanks MM

Aptly named Amaroq as we slowly creep up...

Bezant is well undervalued. I find these moments a good buying time. The IRR is terrific, the LOM will grow and we own 90%. Gross value per tonne on todays prices, also applying a recovery rate of 90% Cu, 70% for Au and Ag: $180. So if we just stick to the core resource, total recoverable is $545,000,000. Now lets add in the mineralisaed inventory, total recoverable is $1,195,000,000. $1.2 billion USD. Add the low-grade easy to mine, thats another $60,000,000. ~$1.25 billion. The captial will come, get it done.

A small mention regarding Hope & Gorob late in this chat:

https://audioboom.com/posts/8902343-midweek-takeaway-with-martyn-churchouse-from-kendrick-resources-lse-ken-ken-bzt-xtr-afp

Edzi, I had just composed a long message only for the page to refresh and I lost the lot! So it’s going to be mega short, as it’s been a long day. Agree the broker is very conservative. Next door have 75% recoveries as a comparison and as I suspect they may wish to purchase this nugget at some stage, could well use that figure in the calculation. Tonne again low, prefer the 1,250 range, but if someone used 1,500 I wouldn’t say that’s overly toppy. Now if alphamin jump in, no reason not to move to 2,000. Loads more drilling, give a dfs and recovery number will jump I have no doubt.

This could well be the mining share of 2026! The market cap vs other rare earths miners around the globe is just ridiculous.

Richards bay is aging, limited resources, aged equipment and more expensive. Rio will want to secure optionality on the next-generation rutile source before it gets expensive or locked up.

Happy with a daily drip feed into sharebuy backs, no reason it couldn’t be spread over the entire year to ensure not to overly influence the share price. More than possible. Find the sweet spot, anything left over divi and special divi. When the p/e is so low, and when you run the numbers, the leverage is incredible. Appreciate it may or may not support liquidity.

It’s a shame the ceo didn’t use this opportunity for a share buyback. At Thors P/E ratio it was a no brainer!