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DD, yup, i've been invested since then! I was hoping they might have learnt their lessons from BMN, especially with the new NED who's ex Liberum and knows a bit how to promote small cap miners to the buy-side. Hasn't been much improvement so far. Given the huge growth potential here, the lack of an effective message is puzzling, this must be one of the easiest investment cases to pitch to the market. The lack of progress, or at least, communication on progress, for the by-products is clearly holding it back, as is the jorc update. Painfully slow, but that seems to be ATM's way..

Update can't come soon enough. Tin at $44k, battery metals getting squeezed, ATM flatlining to the point where it's fairly ridiculous. A couple of weak tweets from AV in recent months? It does feel at times that ATM have forgotten they actually have a market listing and shareholders/potential investors to inform. Communication continues to be dire..

Expect unprecedented M&A activity in junior mining as major miners struggle to meet needs of western auto battery manufacturers
• It is a privilege to witness the chaotic scramble for mineral assets that is upon us.
• The EU published its first list on Critical raw materials in 2011 – with virtually no reaction from the mining industry and very little from Auto manufacturers.
• Only a few brave entrepreneurs had the foresight to put their money and balls on the line in the search for the critical battery materials
• It is five years since VW called for cobalt in 2017– which like a British song at Eurovision resulted in Nul Point for VW and no cobalt either.
• Rio Tinto thought they were ok with the world’s greatest lithium project at Jadar in Serbia, but someone forgot about some ESG issues and they got kicked out.
• Rios even have a piece of Jadarite rock in the reception of their London HQ, but just the one rock really won’t do.
• BHP have pledged $100m for a nickel project in Tanzania, a country BHP would not have previously touched with one of Rolf Harris’ didgeridoos before they woke up to the need for more nickel for NMC batteries.
• So, why should the major mining companies bother to invest in battery metals and why would investors in these companies divert management focus away from iron ore?
• When the party ends in iron ore the majors risk being replaced by a new breed of entrepreneurial companies which have grown to feed the battery metals revolution.

The LSE, separating the impatient from their wealth since 1571….:)

and that's on a v conservative spot price of $28k/ton..

and look what the future holds Alfa.....(curtesy Tamesis) :)

H1’22 has shown the 80tph pilot plant can be profitable producing only tin concentrate at a gross profit margin of 22%. At the current production level, we estimate that the operation’s total cash costs (including depreciation) are US$26,360 per tonne of contained tin on a tin-only basis. Over the next three years we expect this to fall to c. US$18,500/t on a tin only basis as Phase 1 plant reaches a steady state of 120tph. On a co-product basis, with tantalum and petalite by-products, this falls further to c. US$6,650/t of contained tin in concentrate delivering an EBITDA margin of 45% based on $28,000/t tin price.
However, its Phase 2 that provides real momentum with plans for a 10ktpa tin concentrate plant (6.5Mtpa). We believe by then the Company will have improved the tin and lithium recoveries to 75% and 50% respectively, and clearly there will be benefits of scale to the unit cost control. At this point FY26 the company will be delivering $215m EBITDA at a margin of 56%.

CUSN also listed on Aim, poor excuse..

Cornish Metals up 60% last 6 months, ATM flat. Given the difference in terms of stage of development, resource size, by-product production cost subsidy etc, that's ridiculous, and slightly embarrassing for the ATM board.. :(

I agree ufufuo, i think the trigger here today was ANGS's ceo comment on how the market was attributing little/no value to the hydrocarbon reserves hidden away on the balance sheets of small cap energy stocks, and what this points to - field sales, mergers, takeovers etc. There was a similar scramble for dirt cheap reserves after the tech bubble and GFC - it took time, but there were some great multi-returns made. It always amazes me how so-called efficient markets can overlook actual investment opportunities for such long periods of time - they get hooked on the company and not the investment case.
I added 2m shares today, i planned to do it before xmas and thought i would have more time, no matter, very cheap to some of the shares i was buying 10 years ago! I give a lot of credit to Santos for enabling AEX to survive - now that it has, the investment case here is asymmetric IMO, just a matter of time and how big the return. I've been in and out since 2008 so another 12-18 months is fine by me.. GLA

If you watch the interview with our new NED you might change your mind on this, AV also promised no dilution 2 years ago and there followed an almost doubling of the shares in issuance. The board cannot promise anything on this, AV knows that

it's possible that phase 2 finance will be all debt, but unlikely, not least because the investment banks like their equity underwriting fees. For ref, Tamesis included the below in their funding assumptions in their research note last month:

We assume a total amount raised for Phase 2 of US$225m which includes a further 12.5% to the capex (US$25m) as a working capital buffer and to avoid any funding gaps through ramp up. We use an 80:20 debt:equity ratio with equity issued at our 20pps TP and debt with a 6% coupon and 7 year term. Therefore, we model a US$225m fundraise consisting of US$45m of equity and the balance in debt. We model this fundraise occurring in June 2023.
dbutler @

I’m in Zim a couple of times a year, was there last month, seen it hit rock bottom and start to gradually recover. I’m also in SA regularly, and tbh, the situation there is probably way worse from a corruption/governance/shareholder risk point of view given the poisonous politics and massive energy issues. Namibia by contrast is Switzerland..

Thx Alfa, I actually switched a third of my ATM into Prospect back in Feb, if the resource is the same ( and it was a Zim based Co-investor who suggested it was a better grade, more suited to batteries) then this just highlights the ridiculous value in ATM currently.

Another African lithium miner selling major asset to the Chinese, huge battery metal land grab under way. Prospect has high grade, battery quality lithium, ATM is a lower grade product which can be refined to battery grade. Be good to finally know the value of what ATM is sitting on re it’s Li resource, significantly above current MC just by itself..

Conclusion: Prospect received seven non-binding proposals to advance the Arcadia project in late November with Zhejiang Huayou Cobalt Co. offering the winning bid.

Completion of the transaction will be a big confidence booster for Zimbabwe and should demonstrate to international investors that Zimbabwe is open for business from a mining perspective. China, also, appears increasingly desperate to secure lithium feedstock with new giga-factories thought to be running short of graphite and lithium feedstock.

then someone shouldn't be picking up their bonus shares next year...

Tin prices expected to stay elevated next year on buoyant semiconductor market and supply limitations
• Tin prices hit a record high last month of $40,680/t.
• Tin stocks remain at record lows despite LME inventories rising 1,755t this month.
• The ITA expects a tin market deficit of 9kt this year on a 380kt market.
• Production has been hit by extreme rains in major producer Indonesia alongside Covid-related border disruptions in Myanmar.
• Production cuts at Malaysia Smelting Corp have further exacerbated supply limitations.
• 2022 demand is expected to be strengthened by the booming semiconductor industry which grew 26% this year and a further 9% in 2022. (World Semiconductor Trade Statistic)
• Analysts have noted the need for both brownfield expansion and greenfield discoveries to balance the tin market.

I have to disagree Alfa, compare with CUSN, significantly newer venture, still drilling and doing feasibility studies, no revenues, recent market cap >£70m. The difference is stark - as the sell side have been saying (Crux, Tamesis etc), the message from ATM is not clear and getting through to the buy-side - as shown by pitiful trade volumes. That is an area that needs improving if you want to see this discount to intrinsic value narrowed, over the near term. Nothing from our latest new 'paid, broker yet either. There is plenty of M&A happening in the lithium space right now - ATM is vulnerable to a low-ball bid if they can't take care of pitching the opportunity to the right audience, IMO.

Coffee, just quoting what Tamesis had on their research note, maybe that have it wrong:
Royalties & Tax
On all three product streams there is a 3% royalty applied to the free on truck revenue (ie. shipping costs
are deductible). In addition to this the tantalum and petalite is subject to an export levy of 2%. There
are no third-party royalties over Uis. The corporate tax rate in Namibia is 37.5% for non-diamond mining.

That's because your number are a long way out - our latest 'paid' research from Tamesis are suggesting REVENUEs of £11.7m and £20.8m respectively for 2022 and 2023, and net profit after tax of £0.0m and £3.7m for each year. The real revenue ramp up doesn't start until 2024 onwards. 2021 ATM will make a loss - corporate tax rates in Namibia are 37.5%. That said, the shares should be starting to price in the by-product sales (late 2022..?) and the fact this will push the cost of producing tin down to practically zero once this starts. The fact that it hasn't is strange - maybe due to AVs less than stellar skills in this area, repurcussions from the share placement, concern that the lithium separation process might just not work...who knows? It could stay cheap for a while until that catalyst arrives..

https://www.news24.com/news24/southafrica/news/covid-19-traces-of-omicron-variant-detected-in-cape-towns-wastewater-20211210

No mention of who is supplying the test equipment, could be DVRG?

on 3 August 2021 TPI updated its
forecasts and financial model for DeepVerge, resulting in an increased price target of 94.7p for the shares (up from 84.8p that was
previously).