Member Info for Mitriti

Short term I’d expect continuation. The 0.05–0.06 base has clearly flipped to support, so that now looks like a solid foundation.

Near term I’m looking at 0.10–0.12 as the first test, and if that breaks and holds, the path towards 0.15 (previous holder supply) opens up quite quickly. Medium term, assuming SPV/WNEL completion and approvals come through, a move into the ~0.20–0.30 range looks realistic as the market starts pricing actual Mako-linked cash flows rather than just removing risk.

Looking further out, with first gas targeted around early 2027, the market will start pricing that in well ahead of time. If execution stays on track, I’d expect the share price to be significantly higher by then, potentially moving into the 0.50–1.00 range over time as the story shifts fully towards cash flow.

Now that a large part of the risk has been taken out, this feels like the point where the real re-rating phase begins.

Nothing goes in a straight line of course.

GLA!

Agreed MrH_m, that’s how I read it too.

Today looks like one of the key pieces falling into place with the note restructure. If repayments are indeed tied to WNEL dividends, then the risk profile here has clearly shifted.

The next logical step is SPV/WNEL completion and the remaining approvals. Once those come through, the market can start pricing actual cash flows rather than just removing risk.

Still early in that process in my view.

And no, you’re not the only one getting those annoying pop-ups… 😈

Cheers Blakie, exactly that… still early days, plenty yet to be priced in 👍

You’re right Blakie, same here!

Personally looking at this as a hold into first gas... that’s where the real re-rating should happen if Mako plays out.

Good post MrH_m , agree on the £6m+ as a base case.

If you roughly look at the implied Mako-linked cash flows and the fact the CLN overhang hasn’t been reset, current mcap still looks light. Today feels more like risk being taken out of the story rather than full value being priced in yet.

Appreciate that Africanskies, thanks.

Key takeaway for me: dilution risk reduced, interest burden lowered and time bought. Now it’s about Mako delivering… let’s see how it unfolds 👍

Blakie, still here mate ;D

To call yourself self-made and supposedly travelling the world, you do seem to spend a fair bit of time on here having a go at EME… perhaps you’d be better off simply enjoying your money for a change 😉

Good job blakie👍🙂

Will be 50/50 on getting that into your ISA, Blakie 😅but really hope you get it sorted in time 🍀

Thanks GoBig! Looks like the CLN update and approvals may follow fairly close together. Definitely into the last stages here.

If it’s ready, it won’t wait on calendars or holidays. Wouldn’t surprise me if it lands when everyone least expects it...that’s usually the way with this one 😄

Can’t blame you wanting it to land after the new tax year though... nice ISA timing that 😉 good luck mate

Why, Blakie? I don’t see any reason it would necessarily slip beyond Easter. These things tend to land once sign-off is done, not to a calendar.

It’s been a frustrating wait mate but often it’s just when people start losing patience that it drops😉

Thanks Mr_H! Had a read through the CRD annual report nothing new as such, but useful confirmation.

EME’s 8.5% PI is effectively converted into an economic interest via SPV, the project is fully funded (no further cash calls), and the $16m structure remains intact with first tranche paid. Mako now clearly sits as a de-risked, contracted development. Still subject to definitive agreements and final approvals, which explains the lack of rerate so far. Waiting on the completion RNS🕰

Would it be possible that CLN and approvals come through around the same time? That would be quite an update if combined.

MrH summed it up well...it’s about the CLN terms. Once those are clear the overhang should lift.

Looks like supply got cleared and buyers stepping in now. Let’s see if we get follow-through tomorrow.

Market rarely waits 2 years. If you wait for first gas, you’re usually late. Re-rating tends to start once uncertainty is removed. It moves when uncertainty clears, not when production starts.

Seller looks cleared to me.. Price holding firm with buys coming in. Spread wide but that’s typical when supply dries up. Feels like we’re just waiting for the next move now.

GLA 🤞

Even with a modest CLN, this still looks materially undervalued, just run the numbers... At ~$1–2/mcf for Mako, you’re already looking at roughly ~0.25–0.50p per share on a simple basis. The disconnect is hard to ignore and that’s not even close to the ceiling heading into first gas...

Good luck mates🍀