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Page 9. Target price was reduced to 18p. This is the note from October 15th.

Our target valuation is based on ATM’s existing operations, as well the potential for growth, at Uis. We revise our DCF valuation for Uis to include the jig plant. We continue to factor in XRT ore sorting, with start-up now assumed to be in late FY27 vs FY26 previously, as ATM assess the optimal front-end configuration. Under our previous model, we had assumed discarded material from the XRT ore sorting step would be fed directly into a second set of near infrared (“NIR”) ore sorters to upgrade the lithium content ahead of a fully integrated lithium petalite circuit. We continue to factor in a petalite circuit using NIR ore-sorting, albeit with first output in FY29 vs FY26 previously, in part reflecting a weaker lithium market and more realistic timeframe to qualify the material for end customers in the ceramics sector. Similarly, we have deferred the 10Mtpa Phase 2 expansion by ~6 months to FY32. We apply a blended 0.44x P/NPV to derive a risked valuation of US$459m for Uis. We add US$30m for Lithium Ridge and US$50m for Brandberg West (vs. US$5m previously), with upside potential post drill results. Adjusting for net debt, convertibles and options/warrants, we arrive at a diluted GBp18/sh target (vs. GBp33/sh), still offering 471% upside.

Am expecting something before month end..

C1, unfortunately no progress has been made on the ore sorters from what I hear. H&P now only factor in XRT ore sorting to be implemented by late FY 27 - the kit remains sat in the desert doing fokall. ATM need to assess the optimal front end configuration for them, which also has an impact on the lithium petalite circuit.

Such a waste of money, huge fanfair, loaded up the BS with more expensive debt and royalty payments straight from the topline, with no economic benefit. Probably the worst in a growing list of poor strategic decisions from ATM.

Unless they ramped up shipments considerably in Q2, i don't expect the interims to be very impressive.

Ditto the quarterly ops report.

Yeah, that's the point Antroot, ATM used to have a good relationship with Crux, regular interviews and webcasts.

Their interviewer was the one person who asked relevant and searching questions, although he rarely received joined up answers from AV.

Maybe that's why they stopped using them, bit uncomfortable when you've ditched your development strategy so many times that no-one seems to know what it is and when it will payoff.

But no mention of ATM as a listed producer with uninterrupted supply capability.

Looks like Viljoen has stuffed up the Crux relationship as well.

Maybe he forgot to pay the PR bill..

I understand there are various discussions going on with Orion, SQM and Talent10 at present around funding/investment packages, centred mostly on the Lithium resources. Nothing concrete. Still waiting for news on the Jig commissioning.

Arrived with a fanfare, left via the back door, share price was above 5p when he arrived, almost 4 years of shareholder value demise.

Seemed to go quiet soon after his arrival, clearly at odds with the snail pace of progress, was he responsible for Orion..? Probably never know, but needless to say, achieved very little of what was promised by chairman Parsons when he was appointed:

Glen Parsons, Chairman of AfriTin Mining commented, "On behalf of my fellow board of directors, I would like to welcome Michael Rawlinson to the Board. Michael brings a wealth of experience to an already impactful board as a result of an illustrious career in his previous roles in mining finance. His vast experience and input to the Board will provide a valuable contribution as AfriTin transforms a significant resource into a tier 1 technology mining company."

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TD2, I think the royalty has already stepped up to the 9.6% level, effective Q1 of the FY - from the H&P note:

ATM has been paying away $3k/tonne to Orion for the past two quarters, hence the high AISC and v low cash margins

"Including the Orion Royalty, which stepped up in Q1, all-in costs were US$30,789/t, up 15% YoY. This squeezed the cash margin to US$2,519/t from US$5,063/t in the same period last year, despite an improvement in realised tin prices.

This should also materially cut costs, as the royalty rate paid to Orion is subject to a sliding scale based on output, with a ~9.6% royalty paid at annualised contained tin of

Sorry, shd have read 8 shipments, rather than the 16 made 12 months ago

TD2, the messaging on the sorters is yet again vague and contradictory.

In the PR for the share subscription in late June, the proceeds were earmarked for expedition of the sorters - integration and commissioning. Dial forward less than three months and H&P (ATMs broker and adviser) are stating that it's unlikely that this will happen now until CY 2027..! So the funds are being diverted elsewhere (no surprise as cashflow for H1 is down heavily after only 3 tin shipments made in Q2) - the bill for the sorters climbs higher and its pretty clear there will be no economic benefit from them for years . Deceitful..? Well, pretty dramatic change of reason for the subscription. Worrying? With costs seemingly not under control, up > 15% YOY, margins are falling even with high tin prices - the Orion royalty is close to 10% and likely to remain there for some time.

It certainly suggests that communication between ATM and H&P looks confused, and their note was pretty downbeat.

See below, from H&Ps research note dated today. Given ATMs track record, i would presume no high grade ore being processed yet. As for the ore sorters, parked in the long grass it seems. Complete waste of capital. No wonder share momentum is so poor.

The jig plant was commissioned in August and hailed by the company as a “key milestone towards doubling production” although the precise timing of the increase in contained tin output will depend on the speed of ramp up as well as the blend of ore sourced from lower-grade Uis stockpiles and high-grade Goantagab material. A key advantage of the jig plant is that it will allow modular expansion of operations into proximal pegmatites without disrupting current production. Meanwhile, we note the installation of a pre-concentration circuit incorporating ore-sorting technology, as outlined by ATM in March 2024, appears to be less of a focus with attention firmly on the jig-plant ramp up, given the potential to rapidly boost output and lower royalty costs. While no commentary on the preconcentration circuit was provided with the Q2 operating update, we previously noted that construction design is complete and the Metso crushers and ore sorters are on site. However, these remain to be installed and commissioned; endnotes within ATM’s FY25 Financial Results (released 29th Aug) suggest management has this slated for FY28 (i.e. calendar year 2027).

Spot on Rgbuk, fully concur. I don't see much contribution from Goantagab in this FY unfortunately, so another loss-making one, although marginally better than FY24-25 (hopefully). Will ATM need more funding in 2026..? Hate to say it, but I believe it will.

CCC, agreed

I'm hearing that tonnages last month were way up and also the company received some long awaited cash via a VAT reclaim which was released.

Absolutely no excuses now - but some specifics on production targets and operating cashflow once commissioned are long overdue.

Excellent? Not really, its the same format and content we've been seeing for years, a toothless interviewer, no specific guidance on anything, poorly answered questions.

But thats what you get when you pay for research cover or 'in depth interviews' it seems - too scared to throw in any searching questions in case it upsets the client. Only one guy made life a little challenging for AV and he's obviously been binned.

Sorry, waste of time and company funds. Check the share price..

Https://andradamining.com/wp-content/uploads/2025/06/Accelerated-bookbuild-presentation-26-JUNE-2025__.pdf

Not sure if you've spotted it but there's a revised presentation on ATMs website, used for the recent subscription and book build. It includes some important detail on production expectations once the JIG and sorters are commissioned. Time line for the JIG is Q4 this year and the sorters end Q1 next ) per Berenberg). No financial details bit includes some explanation for the sorter delays. Better than nothing.

Personally I see the shares back above 5p by Q4..:)

It sounds like the ore sorters are the priority, which they shd have been all along, and given their impact is needed and is more significant, I agree with that. I guess Feb is being factored in as there will be inevitable problems and delays.

I expect H&P will circulate something today now they've earned their fees..

They'll probably tap Orange for the balance, as per.. :)

Berenberg have produced quite a positive note this morning, ahead of the news the placing completed, but they see this as the catalyst for getting to the 2.5mtpa target and possible £10m fcf in FY 2027 (year end Feb 27). No doubt there will be delays, so more likely mid 2027, they expect the sorters to come online in Nov 25 which will ramp production to 1.9mtpa, with the Jig plant going online in Feb 26 for the further 0.6mtpa. Which would be year after the announcement, yet again another example of AV's ridiculous 'immediate' comment.

They don't give any value at present for the Li or other exploration assets, so any good news here would be incremental.

Reduced their TP to 10p due to dilution and added 'unseen capex for the sorters. I wonder how much of the Orion funding actually went towards this? They also don't factor in the new higher grade feed, getting Guantegab feedstock should improve yields considerably.

Their target AISC with all this done is c. $21k/t.

I couldn't give a monkeys about the distracting projects AV seems to be infatuated with - just focus 100% on tin production and stop p*ssing around elsewhere.