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Talent10 are an SA VC fund with a varied focus of investments, gaming, energy, resources etc. Its pretty legit, its chair is on the board of Sanlam and various other resource businesses (listed). The only consolation in this further listing is being done at 3p, if ATM was severely cash strapped my guess it would have been materially lower or been saddled with high finance rates.

To me this is the last throw of the dice for my interest in ATM, a long 7 years of wasted opportunities and 4 capital raises, very little of which has led to shareholder value being maintained, let alone increased. The ore sorter saga has been woeful given the emphasis placed on it 2 years ago - it was fully funded and would lead to +ve free cashflows, nothing of the sort has happened. Clearly ATM have been diverting these funds to other projects or to remaining solvent. I can only hope that between them , Orange, Orion and new shareholders can apply some pressure for the board to finally focus on the crucial need to get to that cashflow position, something that should have happened years ago.

TD2 - H&P have posted an update as well, mostly a rehash of the RNS, a few opinions on what's been happening:

In February this year, ATM announced a US$2.5m funding facility from Orange

Trust, its largest shareholder, to fund the construction of a small scale jig plant at

Uis. This would effectively provide a second tin plant at Uis, increasing processing

capacity by 100tph, and allowing modular expansion of operations into proximal

pegmatites without disrupting current production. Construction is progressing

well, with the crusher successfully commissioned and other components either

under fabrication or enroute to site. First output from the jig plant is targeted for

H2 CY’25.

Drill results published in April confirmed tin mineralisation in 13 nearby

pegmatites with a total strike length of 5km, which could add materially to the

current V1/V2 pegmatite Resource. However, this represents just a fraction of the

potential at Uis with over 180 mineralised pegmatites mapped on the licence area.

Demonstrating production of a saleable tin concentrate from these satellite ore

sources using the low-capex jig plant would present a path to accelerating the

unlocking of value from Uis, in our view.

Meanwhile, we note the installation of a pre-concentration circuit incorporating

ore-sorting technology, as outlined by ATM in March 2024, has progressed slower

than we had anticipated. The construction design for the pre-concentration circuit

is complete, and the Metso crushers and ore sorters are on site. However, these

remain to be installed and commissioned as ATM re-assesses and re-engineers the

front end of the existing tin processing plant to enhance efficiencies.

That or we get that long-awaited bid that the board can no longer ignore and must put before shareholders..! Been my preferred option for the past 4 years

From SP Angel this morning:

Tin market – Acquisitions mark turn in tin market as Critical metals supplies tighten

• China appears to be tightening the supply of critical raw materials into Western markets in typical PRC fashion.

• With Rare Earths they claim the metal oxides are available with an overly complex export system being blamed for the lack of REEs into wester markets

• Is this down to overenthusiastic bureaucracy or it is a cunning ruse to deliberately starve western manufacturers?

• Either way some key players are positioning for an upside move in tin:

o International Resources Holding (IRH) is acquiring 56% of Alphamin Resources in the DRC from Denham Capital for C$503m valuing the company near C$900 million.

o Metals X Limited is offering a 25% premium (~US$17m) for 28% of Greentech Technology for its stake in the Renison Tin Mine in Tasmania

o Xingye Gold (Hong Kong) has agreed to takeover Atlantic Tin for its Achmmach and Bou El Jaj Tin Projects in Morocco.

• Tin is more critical to the electronics industry than rare earths.

• China produced some 190,000-210,000t of refined tin last year representing just over 50% of global consumption of 367,900t

• While China does not entirely control the tin market, it is concerned over the disruption of tin supplies from Myanmar, much of which is unofficial.

• Consumers are also concerned over the potential impact of disruption in the DRC with the M23 rebels not far from the Alphamin mine site.

• The rise of AI is generating new demand for high-power datacentres and new AI-supported electronic devices will no-doubt spur sales.

• All these electronics use soldered connections with 99.999% of these using tin.

• A shortage of exploration and discovery in tin over the past 30 years means there are few new mines to make up any gap in supply or an increase in demand with many of the existing producers thought to be resource constrained.

Relevant details:

Rockhopper recently provided an update on its North Falklands Basin Sea Lion (RKH, 35%; Navitas, 65%, operator) project resources and valuation, as determined by Netherland Sewell & Associates (NSAI). We have reviewed the report and made some adjustments to our model. We also think it appropriate to bring our applied discount rate in line with other similar international focussed E&Ps at NPV12.5 (from NPV15) leading to an increased risked valuation at LT Brent of 86p (from 49p) which includes both our revised Sea Lion valuation (+ve) and the recent Ombrina Mare arbitration outcome (ve). We maintain our Speculative BUY rating.

Our risked NPV12.5 valuation for RKH of 86p includes Sea Lion project and financing risk, combined CoS 60% (from 48%) for first stage development, 50% (from 36%) for the upscale to full "development pending" resources. Our target price includes no value for remaining exploration upside. Fully derisking the funding element would increase our RKH NPV12.5 valuation to 126p and successful project delivery would increase that to 155p. Our valuation is very sensitive to discount rate and oil price. At NPV10, our risked valuation is 124p (funding derisked 183p). At NPV12.5 our valuation changes by c.2p/ sh per $1/bbl oil price assumption move.

Looks like the Qly ops review was brought forward, maybe as berenberg wanted to release their updated note. Or maybe due to the complaints on comms from shareholders..! in which case, a minor victory..

Cont/..

far too cheap at

current levels, trading at 0.24x our risked NAV and 0.58x our Uis standalone

NAV. We remain at Buy, and retain our GBp11 per share price target.

TD2 - some further comments in Berenberg's research note which was updated today. Disappointing on the crushers/sorters - i'm sure the company confirmed this equipment was delivered on site last year, and yet it seems to have only recently arrived. And progress on building and integrating appears limited, let alone commissioning. There's been some serious mis-direction here - explains why there has been no reference to the Orion funded investment since mid 2024. Another case of distraction away from a previously stated strategic priority..?

Andrada Mining has released an operational update for the quarter to 31

May, and it was broadly in line with our expectations. At its Uis mine in

Namibia, ore processed of 255kt was a little better than our 250kt forecast,

while the feed grade of 0.136% tin was a little lighter than our 0.14% forecast,

likely a function of blending. Recoveries of 69% were a little below our 72%,

and contained tin volumes came in at 238t, a touch shy of our 252t but still

better qoq, which is good news. Plant availability was steady at 88% and

utilisation an encouraging 93%. Tantalum volumes came in at 12.1t, better

than our 9.3t estimate. On the cost front, we note good cost control, with

costs coming in better than our estimates; C1 cash costs of USD18,901/t were

better than our USD19,633/t, while C2 costs of USD24,139/t beat our

USD25,385/t, and AISC (all-in sustaining costs) of USD28,999/t were a little

better than our USD29,079/t. Realised tin prices for the quarter were

USD32,993/t, versus our USD34,000/t estimate. The better costs appear to

be due to a mixture of ongoing progress in Andrada’s Continuous

Improvement II programme and cost savings.

● Tin expansion on track: Management noted that construction of the new jig

plant at Uis is progressing well, with initial production targeted for H2 of

CY25; we believe that this will enable throughput to lift to c1.9ktpa (versus

965kt in FY25E) and in turn lift tin volumes and lower costs. The company

also noted that, as part of the pre-concentration circuit, crushers and ore

sorters have been delivered to site, but work is ongoing to re-assess and reengineer

the front end of the plant to enhance efficiencies. As part of this,

the company is undertaking a cost-reduction process, which it thinks will

support better cash flow as the year progresses.

● Lithium work kicking off: Exploration work as part of Andrada’s

exploration earn-in with lithium major SQM at Lithium Ridge (Namibia)

commenced in May, and the work plan and budget for stage one of the earnin

agreement have been finalised, while the USD7m funding facility from

SQM to support exploration and drilling has been drawn. This offers

meaningful valuation upside, we think.

● Model changes and valuation: We update our model for the results, which

improves our estimates (note that the percentage change is largely due to

the small scale of the numbers). The company is, we think, fa

Haha, that reply is typical of ATM and just about sums them up - the tone suggests they're disappointed in you for being critical of their shortcomings!

Nothing is ever their fault, dismissive and unapologetic, I really have lost faith in their abilities.

Good luck with that!

I think two major issues preventing ATM reflecting what is clearly going on in the mining space (widespread M&A, companies deciding to de-list and be taken private) are their previous rejection of the idea of talks, and their very tangled and complex financing structure (JV's, royalties secured on specific assets, future agreements on asset ownership, no doubt certain assets pledged to the banks for these exorbitant loans etc) - all of which no doubt come with various covenants and break charges in the event of a takeover. Their balance sheet is poor and they desperately need capital for expansion, but this is no doubt a big turnoff. Not helped by AVs stubborn attitude to reject approaches, which have clearly costs shareholders dearly.

I'm not sure he gets this - ostrich head in the sand behaviour.

Shd be positive for ATM, but as usual...

International Resources Holding Enters into Agreement to Acquire Majority Interest in Alphamin Resources Corp. from Tremont Master Holdings

Published on 04/06/2025 at 02:47

Share

ABU DHABI, UAE, June 3, 2025 /CNW/ - International Resources Holding ("IRH") and Tremont Master Holdings ("Tremont") are pleased to announce that they have entered into a definitive agreement for IRH to acquire Tremont's majority interest in Alphamin Resources Corp. (TSXV: AFM) (JSE: APH) ("Alphamin") (the "Transaction").

Under the terms of the Transaction, IRH will, through a wholly-owned subsidiary, acquire 718,990,967 common shares (the "Acquired Shares") of Alphamin (the "Common Shares") owned by Tremont, representing approximately 56% of the outstanding Common Shares, at a price of C$0.70 per share, for a total consideration of C$503,293,677 (US$367,001,749), subject to completion adjustments which may decrease total consideration in certain circumstances set out in the definitive agreement, including as a result of distributions, dividends and payments made to Tremont by Alphamin in Tremont's capacity as a shareholder of Alphamin or otherwise, or related to the Transaction which arise from September 30, 2024 to the date of closing of the Transaction, other than the dividend paid by Alphamin on November 4, 2024.

IRH Strategic Rationale for the Acquisition

This acquisition strengthens IRH's position in the global industrial metals sector, adding a majority interest in a highly productive and strategically important tin asset to its portfolio. Alphamin is one of the world's largest and highest-grade tin producers, playing a key role in supplying a critical raw material used in electronics, manufacturing, and industrial applications.

Ali Alrashdi – CEO of IRH, stated:

"Alphamin's strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential."

Rob Still, Chairman of Tremont Master Holdings, commented:

"Following Tremont's 12-year history in exploring, evaluating and then building and operating the Bisie mine, we are now pleased to transfer our ownership stake to another long-term investor who shares our vision for the operation and our commitment to the region."

Closing of the Transaction is subject to certain closing conditions, including, among others, the receipt of all regulatory and internal corporate approvals.

Agree with you, one small positive, they did contract to sell a % of their tin at a guaranteed floor price of $33k I seem to recall ( not sure how much, 30% of production?). Orion will be gouging 10% off the top line until when..?, production ramping to an agreed level?

Either way, this smacks of really s**t execution

UBS has downgraded lithium miners, mainly in Australia, due to continued weaker pricing. Although ATM doesn't actually sell any Li, seems like the market thinks its a good enough reason to lower the bid.

When is the next operation report due? I'm not expecting anything positive tbh.

Couldn't make it unfortunately, had meetings that clashed. TBH, looking at the agenda, was probably another rehash of the 'we're positioned as an aspiring, mid-tier (laugh) poly-metallic, african leader, battery metal, blah blah company, that can't make up its mind what it plans to focus on or when we'll ever break even, let alone produce profits for our shareholders..' type presentation. Which i can catch online whenever i want.

Seriously, this lack of newsflow on key projects is beyond a joke. And AV wonders why the institutional market has lost interest.

The sulk approach doesn't help.

I’m in jozie on the 28th, I’ll pop along and collar him

Rgbuk, couldn't put it better, production levels are still pitiful for the stage at which ATM is at, after 7 years of operation and missed objectives. They never seem to consider that this is a failure relative to the strategy they committed to, and a huge missed opportunity. The lack of comms unfortunately is no longer a surprise. There should also be news on an a JV agreement to develop BW which I understand has also been signed in recent weeks.

Despite the bullish claims from AV i don't expect the next ops report to show a dramatic operation al improvment. Possibly worse given the very high royalty costs to Orion, which come off the top line and ramp up costs considerably. Hence the ongoing weak share price.

Great news, the chinese have a rep for getting things done in double quick time, and cutting through red tape!

"faster production timelines compared to offshore projects"

Are they sure?

You'd probably need to budget 20 years for one of those then.

Fks sake, how long does it take top open an offshore bank account for your cut of the deal...

Can't be long now

SC, see page 8 of the annual report - 'our current understanding is that the rig activities are planned to occur after the commencement of gas production from NT-2, now expected in mid 2026' so this probably scotches any drilling before the middle of next year. I also expect that the pipeline construction won't be a six month job - Aminex are practically ready to produce gas at a moment's notice, they're guiding for construction to be more like 12 months, unfortunately.

It begs the question of what they will actually be doing for the next 14 months - everything required for gas produxtion is already in place. Sounds like a lot of down time - brush up on the sodoku..

They do state the signing is 'imminent', which sounds like a step up from 'soon'. But the report is worth reading.

I understand the ore sorters are roughly two thirds completed. Expecting some further news on BW development, seems there has been activity there which has eaten up management time.

More M&A in tin sector:

Atlantic Tin (Unlisted) – Recommending an A$98m offer from Inner Mongolia Xingye Mining

• The unlisted Australian company, Atlantic Tin, reports that it has agreed a recommended A$98m offer from Inner Mongolia Xingye Silver and Tin Mining.

• In August 2024, Atlantic Tin (formerly Kasbah Resources) completed the acquisition of the former El Hammam mine, located adjacent to its Achmmach tin project, from Managem.

• At that time, it was indicated that processing capacity at El Hammam which included a “two-stage crushing plant, milling, flotation, thickening and filtering in place as well as power, water and communications” would be used to process ore mined underground at Achmmach into a tin concentrate.

• Production was expected to start in 2026 building up to “a sustained mining and processing rate of 900,000 tpa of ore”.