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i'm guessing the mine isn't producing much, if any, profit at all at the moment, but being a smaller, nimbler operator, maybe the bod think they will ...?

imad toumi, chairman and ceo of managem, also mentioned that the sale is part of the group's desire to focus its efforts on larger projects. "by separating from small assets, we are positioning ourselves for sustainable and profitable growth. we are confident in metalnrg's ability to maintain the high standards of safety, environmental protection and governance that we have established,"

however, i'm also taking a punt that the bod see future development of the wider area as one of the reasons for selecting this particular asset...

umrane mine

"located in the anti-atlas oriental about 90 km northeast of the city of zagora, the site of umjrane has been exploited since the middle ages and almost all the copper veins outcropping the district were scratched at this time. in recent decades, the site has been the subject of several mining exploration campaigns, notably by the brpm (mining research and participation office).

mining of wells and tracings was carried out in 1970 and an initial estimate of reserves of 370,000 tonnes to 2.43% copper.

in 2010, managem resumed exploration of this deposit by highlighting a reserve of the order of 2 million tonnes with an average grade of 2.7% cu.

the multidisciplinary exploration work in the district of boukerzia to the east of the central deposit has revealed a potential of more than 10 million tonnes, some of which are potentially exploitable in the quarry. the deposit was put into production in 2014 by cmo (campagnie minière d'oumjrane) a subsidiary of the managem group.

the mining district of ouemjrane consists of a swarm of co**** veins mainly in sedimentary land of a sizzying nature, these lands are affected by brittle deformations which have developed faults which house the lenticular filonian mineralizations."

And more today, including an 8m buy from yesterday!

Think we're seeing a huge churn in stock here?

Message to the shuddawuddacudda brigade, you had your chance...

Coldspy, yes, another excellent point being missed by many is that we are effectively already a revenue producing company, and have been since February.

How other small caps do we know in that position (so many are massively overvalued 'Jam tomorrow', loss making, lifestyle, money pits).

Great Post Jimzi, totally agree. The shuddawuddacudda brigade will be out in force when this rerates.

Not gonna lie, Friday turned out to be a very disappointing day price wise, but as disappointed as those who thought they simply had to buy a % of a £7 mcap one day and think it would the same % of a £30m mcap the next. If only investing was that easy!

What is being completely lost on people here is yes, there will be a lot more shares, but a very much bigger mcap (some still can't work out how share price relates to mcap, or what drives mcap valuation).

I understand there's still uncertainty around funding, but I'll be surprised if there isn't some minimum exercise price at premium to today's price and a minimum lock in so new equity is released after value has been accrued, not before.

The people running the show now are not Gravy train CEO's, they're experienced resource developers who know a good asset and deal from a bad one.

And...to repeat myself once again...Uranium and gold are still being carried a zero value, when they're realised, there will be fireworks.

Now is the time to take a stake, before all the above comes to fruition, not after!

Wizard, just stop please.

Issuing shares doesn't increase mcap per se. A share's value is derived by taking the mcap and dividing by the total issued.

The point is, yes, we are looking at a LOT more shares, but a MUCH bigger mcap.

A share is attributed a nominal value but is only worth what someone wants to pay for it, based on their valuation of the underlying asset or revenue etc.

If you wanted someone to explain, you should have just asked!

Yes, and they confirmed yesterday that they will be applying for Atlas to be admitted to Main Market, so that's at least one thing put to bed.

I know some are talking about dilution (I have too) but if you add $25m CLN and $5m additional funding to current £8m mcap (c£33m total). If the minimum listing is £30, where's the dilution?

And that £30m valuation still gives zero value to Uranium and gold, just a working copper mine.

Am I missing something?

Thomas Griffiths thinks it was worth increasing his holding from 5 to 6%.

Follow the money

Bid's turning, let's see if it's got legs (should have)?

Agreed, market is a joke. All I'm going to say is there's been 3 shares bought for every 2 sold this morning and the MMs have obviously been looking for stock for months.

Make your own mind up.

This was worth over penny before yesterday's news imo

I think it's about time we let a certain thread title disappear into the abyss!

Everytime a stock jumps, there are those who missed out, deramping, trying to get in cheaper.

You missed the boat.

Suck it up.

But, there's still a lot of value to be had here.

I've got a GOOD feeling.

First off, we don't know all the terms of the CLN. But I think it's safe to assume they wouldn't be too keen on a convertible deal to acquire shares in business that's about to tank.

Secondly, they are...

"an US$8 billion global asset management firm that specializes in institutional investment strategies in precious and energy transition metals and minerals." Ie, not miners per se.

Thirdly, how much did they acquire the asset for, was it a good enough 'flip' for them to take the deal and move on?

If you're really asking 'should I invest', why didn't you just say that?

Just for some context, I first started buying these years ago at near 0.7p when it was a relative basket case, assets, but no real strategy or direction. It now has a clear strategy, best Bod ever and stronger asset base.

Do the math

The CLN will dilute as it's realised (don't know the lock in term is yet though, if any).

But what you're really saying wizard is that your preliminary research is a superiority analysis than that of the DD headed up by Chris Chadwick et al who have decades of proven experience in this field?

...and the underperformance last year, despite its ongoing production, revenue and potential growth, is probably what made it a target for the MNRG Bod. Timing is everything.

If you're looking for negatives, this is the only bit I see in there that could constitute an 'uneasy feeling'...

"The Company is exploring funding options for the remaining US$5m of the initial consideration"

The easy option would have been a placing, but given they've not mentioned it makes me think that would be a choice of last resort. And even if it does happen, better now at a much much higher price than the ridiculous valuation our shares had just months ago.

Imo

I'm no expert, and will await someone who does understand these matters pooing all over my post.

Imo, that paragraph relates to this...

"The firm is to propose a name change to Atlas Metals Group PLC"

So we are effectively new company who needs to relist.

MNRG today, Atlas 'tomorrow'. You know, a bit like a butterfly emerging from it's chrysalis...lol

Chris taking the helm, tick

CLN financing, tick

Orion's backing, tick

Still got Uranium in play, tick

Still have gold in play, tick

And a mcap still sub £10m

What's not to like?

Well, I'm taking top marks for the timing of my top up today, but losing points for the timing of walk to the park!

Opening price tomorrow anyone.

(Not has a chance to read the detail yet)

On the subject of Chris Chadwick, maybe a good time to repost this link to a Stockbox vid from a year ago, the days when we were still trying to disentangle ourselves from Britnrg and our uranium asset had literally been written off.

(Oh, and btw, Chris mentions his experience in this too. Tick tock...)

https://youtu.be/wNRNnjJYj6U?si=4ANUDOiokNU9GQU8

Great observation Take_AIM

Just chucked another 1m in my SIPP ;)

Can't be too long to see a return on that?