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And on that theory the Managing Director quit because…

He was so excited about revealing, in just a short time, the success of a project which has been his baby for years, that he just collapsed from the sheer joy of it all?

Obviously they’ve brought this guy in because the rates are poor, not because they’re good. Come on guys, the Managing Director quit yesterday

It’s an odd arrangement, but what it seems to mean is:

1. NIU will only get the 12.1m warrants if they invest the £2.5m.

2. But, if they do invest the £2.5m, the 12.1m warrants they will get form part of the consideration for the £350k.

3. Therefore, it is possible that there will also be more warrants in consideration for the £2.5m. Or there might not be. We just don’t know.

Yes exactly. But the 12.1m are part of the consideration for the £350k, not part of the consideration for the big investment. We don’t yet know what, if any, warrants will be part of the consideration for the big investment

Dani, it’s plus 14m warrants (not 1.9m)

How do you know, Irishdemon?

This requires a bit of reading between the lines (today’s interview helps) but in my opinion Triessence and the SPG Partner (which we pretty much know is Taida) are *in substance* the same entity. I think Triessence is an entity set up by the SPG Partner outside China to participate in the JV, therefore avoiding the JV having direct political exposure. That would explain why it’s in the SPG partner’s interest to provide the know how even though it ostensibly isn’t part of the JV and is getting no benefit. It would also explain why, despite the JV being lined up to take all our small flake offtake, we are in talks with the likes of Posco. Once you appreciate that Triessence is a sort of artificial construct, there is an ongoing need for onward offtake. All just my opinion

This appears to be Jennings’ doing but I have to say I’m not keen on it. Legal proceedings costs a lot of money, take a lot of time (it won’t be 60 days as stated in the RNS) , and always have uncertainty of outcome. I would have preferred us to continue focussing everything on getting HMS into profitable operation for the time being, as indeed has clearly been DE’s preference

Significant signs of improvement in the SP, just as we are due news on the bulk testing leading to small flake offtake and the downstream processing JV. Not beyond the realms of possibility that someone over in China who knows the results is having a nibble

Hi many cats, yes, our application for the larger neighbouring beach is still pending with the authorities. Must have been waiting over a year so hopefully grant soon

Good interview, sounding really confident

Nothing goes up in a straight line but in my view this is now clearly worth 1.5p+ without Hebei payment or 2p+ with it. I believe we get something substantial from Hebei so am in the 2p+ camp

I understood “bulk” in this context to mean large volumes of ore processed (ie not artisanal). I wasn’t seeking to draw a distinction between open pit and underground

Today’s Nara results were useless, though. Nowhere close to showing that bulk mining is viable. Showed that artisanal mining is viable. But we already knew that

Legal, with Kav, EVERYTHING is a scoping hole or proof of concept. Countless millions are spent on drilling without ever finding anything much, but it’s always fine because they’ve found positive indicators / the right systems / things which the geophysics said would be there. To be fair, the counter-argument is this is only true until it’s not. And who knows, maybe this time in Botswana is the time

Poppyseed, yes, that is my expectation too. In other words, for all near term purposes / for all purposes remotely relevant to our current valuation we now own 100% of WHM. Brilliant deal

Anyone attend the AGM?

Absolutely over the moon about the MDA. And it does mean we have a very valuable project which we can now reasonably pursue ourselves. But, to be honest, I’d still rather we sold Songwe (for the right price) and concentrated on HyProMag. There’s a lot of execution and pricing risk with building a mine, whereas HyProMag really is a gem of a business in the making. If we could get c. £100m for Songwe (big discount to NPV so as to be worth the buyer’s while), we could have a £30m special dividend, £50m to turbocharge HyProMag, and a £20m “no more placings ever” fund. That would be ideal for me

It’s impossible to say in the abstract whether a further project would be a good idea. It depends what it is, how advanced it is, how much it costs, how it would be funded etc. I’d be well up for a copper or gold project with an existing resource and just needing some highly competent management, for example

If anyone wants to be intrigued by a 10 second tidbit, just listen at 52:55…