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Sure thing ;-) "Lithium Miners News For The Month Of December 2017" (Dec.25.17) https://seekingalpha.com/article/4133731-lithium-miners-news-month-december-2017 === As I reported last month, Mike Beck stated he sees lithium prices going much higher "probably on their way to US$100,000/tonne" as you can view in his video here (12.20 minute mark), "Mike Beck: Nickel, Cobalt, and Lithium to Benefit From Generational Demand Shift in Commodities." === "Mike Beck: Nickel, Cobalt, and Lithium to Benefit From Generational Demand Shift in Commodities" (21 Nov 2017) https://www.youtube.com/watch?v=b_Kl5HYxKq4&t=12m14s

It's just the way discounting works @tomcat. It would be around $150m if mined uniformly across the period. More than this if the JV mining rate were weighted towards the first half of the mining schedule, and less than this if weighted towards the latter half. @Kiran has worked it out to be $90m and that is based on the NPV8 of pre-tax $1,253m $@11,000. i.e. the figures in the presentation and the $60m I estimated to KDNC at today's contract prices are pre-tax. Post-tax I'm guessing around $40m or so. Around 30 million pounds.

@tomcat - it would be worth 30% of your $150m @$11,000/t LCE NPV8 if that 11.95% of the total ore mined from the JV was mined equally throughout the life of the mine. However, since mining from the JV is *currently* weighted towards the latter half of the mining schedule, with very little scheduled in the first half, it works out as 30% of around $90m - i.e. around $30m to us not your $45m. Unfortunately! But as I mentioned earlier, at today's LCE *contract* prices we are talking values around double that presented in the feasibility study attributable to us ;-) Ob.

Sure - the $30m comes from page 21 of the April corporate presentation: http://www.cadenceminerals.com/wp-content/uploads/2018/04/Corporate-Presentation-KDNC-April-2018.pdf === Feasibility study on Bacanora Minerals yielded a US$1.25 billion discount cash flows (NPV8). Cadence Joint Venture (Mexalit) share of (NPV8) US$90 million (Cadence share 30% - circa US$ 30 million) === i.e. the very small part of JV1 that is in the *current* mining schedule. And noting that NPV is based on a contract sale price of $11,000/t LCE, when it is currently more like $16,000/t LCE and rising. i.e. the value of the small part of the JV that is currently planned to be mined could be worth more like $60 million in practice to us - and not forgetting the likely appreciation in the BCN share price improving our market cap. The upside is still potentially amazing from here @tomcat! And if BCN announce another offtaker as part of the funding deal, which will almost certainly mean more LCE from our JV's...? ;-) Ob.

Since it's important... "Live Webinar" (Wednesday 25 April 2018) http://webcasting.brrmedia.co.uk/broadcast/5acf1ed05a296618f1792506/5ae054e6715af0844c00007e === @ 33:13-35:33 So Kiran I've got a question from Ken Macintyre. How and when does the board intend to monetise the Sonora Joint Venture areas for the benefit of long term shareholders. So the first thing to do to monetise it is to have a contract which reflects, so we have a JV contract which is an exploration contract. So I've spoken about to various people about, we are in the process of ensuring that that contract is something that is a solid contract in terms of an operating company, you have the JV contract which is really about exploration contributing, and now there is a new contract which is a shareholders agreement, which we're developing and working with Bacanora, to put in place safety measures and ensuring that it protects our economic interest. Once we have that you can justifiably say well there is an economic valuation based on this contract which protects our economic interests. And that is what was missing when they originally did the readmission, and what we asked for so we voted against the readmission. This time we voted in favour because of course that had been progressed and we progressed that sufficiently to agree with the readmission. So, when we going to monetise it? I think there is a limited trade sale basis which is ultimately to Bacanora. In the contract beforehand they always had first right of refusal, so if we do get an offer they would have a first right of refusal anyhow on it. So I think the monetisation on that will either come, well it will come I think much later, much later, it's not going to be in the next 3 or 4 months or 1 year. The monetisation will either be realised once Bacanora gets the funding, starts construction and then the value of that JV because it's secure on a good contract can be reflected in our market cap, as I've said, around the 30 million dollar mark, and that's where I think where we will see probably in the shorter term where we will see it affecting the share price rather than a straight out trade and sale. === And that is why I see KDNC as a good choice as almost paradoxically if BCN get funding, our share price stands to appreciate more than theirs... ;-) And if they don't get funding, we have other assets to fall back on... In terms of stumbling - it's always a risk @tomcat - otherwise the whole market would be all in at this point! Ob.

Great recent presentation: "Share Talk Cadence Minerals" (3 May 2018) https://www.youtube.com/watch?v=RyYUqBKlv7g === Kiran Morzaria of Cadence Minerals talks about the impending lithium compound shortages and how Cadence Minerals is taking advantage of the mispricing of lithium exploration and mining assets and investing in undervalued assets which as at the end of 2017 have delivered returns in excess of 120%. === @degsie. re BCN, take a listen from 29-35 minutes from: "Live Webinar" (Wednesday 25 April 2018) http://webcasting.brrmedia.co.uk/broadcast/5acf1ed05a296618f1792506/5ae054e6715af0844c00007e in particular the question at 33:13. The BCN story is reasonably clear to me now. In terms of what is next, we are working towards signing an operating contract (which should be significantly better than had we allowed the original re-domicile to take place!), presumably as part of the funding package. Fingers crossed BCN doesn't stumble at the last hurdle! We should re-rate nicely if it manages to clear it ;-) Ob.

Was filed today - hurrah! ;-)

Here are a couple of encouraging CHP articles published this month: "Why gas CHP still measures up" (May 2018) https://www.cibsejournal.com/technical/why-gas-chp-still-measures-up/ === Conclusion Carbon savings from gas CHP will reduce as the Grid decarbonises, but this work shows there is a wide range of potential CO2 and economic savings arising from CHP. System designers need to ensure their recommended solutions maximise the benefits of the technology � how they size and integrate low carbon technology has a very significant impact on the benefits arising from it. The full paper on which this article is based indicates that maximising the economic returns from CHPs very nearly provides the maximum CO2 savings too. === "Comparison and Evaluation of the Potential Energy, Carbon Emissions, and Financial Impacts from the Incorporation of CHP and CCHP Systems in Existing UK Hotel Buildings" (10 May 2018) www.mdpi.com/1996-1073/11/5/1219/pdf === Abstract: In recent years there has been an increasing interest in the incorporation of distributed energy resource (DER) systems such as combined heat and power (CHP) and combined cooling, heating, and power (CCHP) in commercial building applications as they have shown considerable environmental and financial benefits when compared to conventional energy generation. This paper aims to investigate the potential energy, carbon emissions, and financial impact of the size of co/tri-generation systems on a real case scenario of an existing UK hotel. The analysis is carried out using Thermal Analysis Simulation software (TAS) and a payback methodology is adopted to carry out the financial analysis. The results show that the average percentage decrease in carbon emissions with CHP is 32% and with CCHP it is 36%. Whilst both CHP and CCHP systems increase energy consumption in the building, the costs are reduced, and a CHP system contributes to a higher percentage of cost savings and shorter payback periods. The incorporation of a CCHP system leads to lower energy consumption for a similar-sized CHP system. Further simulations under future climate projections revealed that a CCHP system outperforms a CHP system. === Ob

The more I think about the recent RNS the more I wonder just what extra pieces of information and assumptions those willing to lend us �530k, *interest free*, in a form of a convertible loan, convertible at *our* discretion, know more than what has been posted on here? Why are they willing to essentially buy at a *minimum* of @0.7p, but other "private investors" aren't willing to buy significantly below that? For instance, I'm beginning to wonder if they've had sight of the CIBSE report which is now over 4 months behind initial expected delivery date, or perhaps they saw Nick's presentation first hand or have seen a copy of it? Perhaps these have been published and we just haven't spotted them? Or maybe they know something about the new subsidiary that we don't? Are the answers in plain sight!? Of course when I say "we", I really mean me - whoever "bought" 25m might know more. Come on, spill the beans if so! ;-) What do the doom-mongers make of if all? This doesn't feel like a plate spinning exercise to me. The terms of the CLN's feel like an OK deal for us - of course convertible at a minimum of par: 0.1p, would have felt better all round, and the market might have even responded favourably today if JG could have pulled that off! ;-) But perhaps it's all of us wanting to buy in even lower that are now being greedy - for how long will we be able to buy at a significant discount to the minimum placing I wonder? What was the discount today? @0.45p I make it a 36% discount - isn't it normally the other way round? ;-) Ob.

@Fallingknife1: "I couldn't see the price the warrants are convertable at incidentally". It's at the conversion price of the CLN: === The conversion is at the full discretion of the Company and on conversion, each new Ordinary Share will attract a half warrant (one warrant issued for every two CLNs converted) at the relevant conversion price valid for 12 months from the date of issue. === which is the *higher* of 0.07p or 25% below the previous trading day's closing market share price. i.e. somewhere between 0.07p and infinity! ;-) I see what looks like a 25m buy @0.45p soaked up what looks like most of today's sells. Assuming we vote the deal through I'd say the odds of a good return on that within a year (perhaps very much sooner!) is quite high (IMHO!). I suspect those selling were following perceived market sentiment in the hope they could buy back in lower, and perhaps they will get to yet. Who knows? I certainly don't, but fingers crossed eh? ;-) In summary - half a million loaned to us in our favour says the game isn't over yet - but I suspect we'll have to wait several weeks, months even, to see just what state the cat is in when it is finally let out of the bag, dead or alive. But news might be days away, you just never know... I'm still smiling at the realisation that the cash is in our coffers and the CLN's issued. Otherwise I'd be worried there might be some last minute negotiation brought on by a falling share price on low volume weakening our hand! Although having said that, I wouldn't be surprised to find out if the push to below nominal was, shall we say, orchestrated... Sigh. AIM, AIM, AIM. Ob

Thanks for the kind words @maidit308. The trouble is that my gut says that no-one will buy in volume until we have concrete news and the media machine cranked up on the back of it, interviews etc. And I don't think that this will happen until we have voted through the various motions as there would be too much risk for the company that we would vote against what is being proposed if the share price rocketed up beforehand... Of course this perspective is good if you are happy to continue to buy below 0.07p ;-) So I'd say the most probable course of events from here is: share price stays around 0.05p; we vote through the motions in a few weeks/month; we get news a few weeks/months (years!?) later; share price rises; CLN's are converted. At the moment it feels a bit of a win-win to me. If the share price sinks below 0.05p I'll likely buy more strongly before the news, and if it rises then what I currently have is worth more, and of course I'll start to derisk at some point... ;-) But perhaps there is more to this than meets the eye!? Although it'll be unpleasant, I'm prepared to lose the lot here: that's the nature of a company bringing potentially game changing tech to market, it might fail horribly - although I'm slightly comforted we (appear!) to have a new business venture to fall back on, and are potentially about to make "investments in complementary areas and technologies that will utilise the Company's existing technical expertise." Ob - (the cynical sceptical optimist)

You've nailed our potential on the head @stag1974! Surely it must be clear to all and sundry by now that back in 2015/16 we either failed the accreditation process or aborted the attempt as we knew we would fail. It would have been polite if shareholders were told which of the two! Sigh. So since then we've very likely been back to the drawing board and in summer 2017 announced an improved electrical efficiency against target of 3kWe to 3.2kWe, whilst importantly maintaining the same fuel in and heat out (~20kW, ~15kWt), whilst simplifying the design as part of the design for manufacture. Additionally (and equally as importantly!) we have also brought down the manufacturing costs by using cheaper materials where it counts as announced in winter 2017. On top of this we see that in Spring 2018 Nick Stevenson gave a presentation at the CIBSE 2018 Technical Symposium indicating he is still in our employ, and I've recently pointed out that in February of this year we formed a new subsidiary called Inspirit Energy Consultancy LTD with an accompanying decent looking website. And if all that wasn't enough to demonstrate we could be on the cusp of a breakthrough there is the CLN! Now we know that our media presence has fallen off of a cliff the past few years (some would say suspiciously so!) but I can understand why if we have been back to the waiting game whilst internally putting the tech through its paces for many hours (read months, years even!), and this has resulted in the share price plummeting. But who lends a company over half a million pounds interest free, and allows the company to dictate if and when it is converted, unless they are fairly convinced that they'll get their money back and then some, and of course the lower the converted share price, the better the risk/reward ratio in their favour. I'm not suggesting that these "private investors" stumping up the �530k are in possession of insider information, no, I'd never do that, just that they would very likely have heard what we have heard, but from the horses mouth, and quite likely with some persuasive flourish... ;-) But as ever, it's a matter of DYOR, it could very well be that the doomsayers are right, though how we managed to raise over half a million if so beats me! I'm happy to continue to take the gamble, and especially below 0.07p! But above it? I'll need some convincing. By the way, I didn't realise that the CLN's have already been issued and the cash raised! I presume if we don't give approval we'll have to repay the CLN's. I'm actually feeling a little bit of excitement having just spotted that - surely the only way is up from here now that PI whipping is out of the way: who has interest in a low share price now? Although if the share price would do me the courtesy of staying below 0.07p a little while longer... ;-) Ob.

One more thing: === The Company has raised �530,000 in cash from private investors through the issue of CLNs and converted existing debt due to Related Parties (as further detailed below) and other third party debt valued at �315,000 into the CLNs. ... As set out above, certain of the CLNs being issued are to settle accrued Director's fees of �100,000 and �20,000 owed to two of the Company's Directors, John Gunn and Nilesh Jagatia, respectively, along with �95,000 owed to Global Investment Strategy UK Ltd ("GIS"), an associate of John Gunn (collectively the "Director Transactions"). === The declared debt due to Related Parties and other third party debt only adds up to �215k. I wonder if the undeclared �100k is being issued to partly cover remuneration of the operating board? Ob.

@MonRev "not forgeting the 25 pct discount on the death spiral shares". Take another read of the RNS: "Issue of Convertible Loan Notes. Related Party Transaction. Proposed Capital Reorganisation" (04 May 2018) https://www.investegate.co.uk/inspirit-energy-hlds/rns/issue-of-convertible-loan-notes/201805041454342187N/ === The principal amount of the CLNs are convertible at the higher of either 0.07 p per Ordinary Share of 0.1p each (the "Ordinary Shares" or "Existing Ordinary Shares" and subject to the Capital Reorganisation as set out below) or a discount of 25 per cent. to the previous trading day's closing market share price. === 0.07p is the *minimum* price the CLNs can be converted at. Also, it's interest free... ;-) I would have been happier if we had managed to arrange the CLN's at minimum of 0.1p, but raising at a ~33% premium to the current share price (last trade was @0.05275p) isn't that bad I suppose. By the way, yesterday I said "630k in the bank", it's �530k in the bank. === The Company has raised �530,000 in cash from private investors through the issue of CLNs and converted existing debt due to Related Parties (as further detailed below) and other third party debt valued at �315,000 into the CLNs. === One question for me is who are these "private investors" JG has allowed to potentially steal a large portion of my company at these giveaway prices? I suppose I have the opportunity to buy below 0.7p (but for how long!?) so I shouldn't grumble too much. ;-) This raises another question: === The CLNs are interest free, convertible at the Company's option and, in the ordinary course, only are repayable by the Company in Ordinary Shares following a conversion notice. === Exactly who in the Company makes the decision to convert? John Gunn is set to receive �100k worth of CLN's, so he has a conflict of interest over when they are converted: he will likely want to convert as low as possible, but it is in the company's interest for them to be converted as high as possible. For instance if the share price closed significantly higher than at present one day, say after the announcement of good news, the company should convert all the loans at that point, rather than wait until it potentially falls back. I suppose they might anyway, not wanting to risk the share price continuing to rise. Additionally, I wonder if the company can't convert any of JG's CLN's until sufficient number of the others have been converted that his percentage holding has dropped below 30%? Or perhaps because he is already above 30% that clause doesn't apply? Now what are we going to do with that �530k? Progress the boiler to production, or something else - perhaps related to the new consultancy subsidiary - which still hasn't been announced to the market! Sigh... Ob

�630k in the bank @maidit308

�120k for directors (in back payments) and �95k for money owed to GIS... Over half a million to play with ;-) The CLN seems a little too good to be true to me. I think I'll wait until it has gone through before I comment further... ;-)

I'm glad they reduced the nominal by two orders of magnitude rather than one...

=== The funds will be used for the following: � Continued certification of the microCHP boiler; � Commercial trials of the microCHP boiler; � General working capital; and � Potentially to make investments in complementary areas and technologies that will utilise the Company's existing technical expertise. === That last point is interesting. I wonder what investments they have in mind!?

Certainly one way of raising money @BrownAdder! CLN's @0.07p. Seems to have been offered very much in our favour and control. === The principal amount of the CLNs are convertible at the HIGHER of either 0.07 p per Ordinary Share of 0.1p each (the "Ordinary Shares" or "Existing Ordinary Shares" and subject to the Capital Reorganisation as set out below) or a discount of 25 per cent. to the previous trading day's closing market share price. The CLNs are interest free, convertible at the Company's option and, in the ordinary course, only are repayable by the Company in Ordinary Shares following a conversion notice. === As I suspected, someone wanted in on the cheap, and we said yes, but under our terms ;-)

"Lithium Junior Miner News For The Month Of April 2018" (May 1, 2018) https://seekingalpha.com/article/4167857-lithium-junior-miner-news-month-april-2018 === Lithium spot and contract price news - Spot prices slightly down, while 2018 contract prices are up. === "EV Company News For The Month Of April 2018" (May 1, 2018) https://seekingalpha.com/article/4167997-ev-company-news-month-april-2018 === Global electric car sales finished March 2018 with 142,000 sales for the month, up 53% on March 2017, with 1.3% market share. Year to date sales are up 59% on last year. ... China electric car sales were 59,000 in March 2018, up 85% on March 2017. Electric car market share in China for March 2018 was 1.8% market share. ===