Member Info for Red0rb

Andii - Thanks for summarising the numbers (multiple ways!). Appreciated your many thoughtful & evidenced contributions over the past year or so.

'Exponential growth' is a term that is often misused, but Leakbot is showing just that (mathematically-speaking, a close approximation thereof), 50% annual growth equating to a doubling every 1.71 years.

You know, if someone said to me that my savings/salary were to double every 1.7 years I would not say "not bad, but it still needs to accelerate".

LawrenceHut - you've been here 2 days, most of your posts are (sometimes cleverly) tinged with doubts or negativities - you want a debate, that's great, but you're mainly repeating/seeding the same negative lines with different wording ("...needs to accelerate...", "...slow uptake from customers...", "...stalled..."). You say for you Ondo is a "weak buy", well why didn't you invest your money in one of the other millions of companies you'd be more comfortable with?

'course it's up to you what you do with your money, but my guess is the only thing you've invested in Ondo is your time on this bb.

Kod also 'operate' the mine. Does this mean within the £650odd OPEX some payment goes directly to Kod for 'management fees'? If so the effective OPEX for Kod's portion is actually lower.

Great! Even when Ondo are (rightly) focussing mostly on delivering for the existing queue, they're still getting new contracts in.

The market (which is huge and the surface is very barely scratched) is only sending positive signals. Per-device profitability is already proven (post 12 months of each's use), and company profitability incoming (Q2 2026).

First time in my life that I could possibly max out my ISA allowance... why can't the limit be higher?! Nice problem to have, I guess :/

I'd pitch in on a one-way ticket for them/it.

Seems the three green boxes just like talking to them self.

For those of us less than fluent in French here's the Google translate of that tweet:

"Good news for Mali!

President Assimi Goïta will inaugurate the country's second lithium mine in Bougouni this Monday, November 3, 2025.

Further proof that Mali is moving towards economic and energy sovereignty."

Cheers! That's almost better (might mean we've come to similar results rather independently of eachother)

Hey Andii, can you say where you get that 'each plumber can handle 10k new leakbots a year' from?

Interested as I did a back of the envelope calc in my head just yesterday and came to near enough the same figure (I had 5 plumbers handling about 40k per year growth).

It's my fault, I bought another £5k's worth this morning, sorry 😞

Looks like mine and Kongolasse's maths match up, except that mine is valuing the raw resource present and Kongolasse has gone the extra mile and factored in %ownership and operating cost estimates.

I'm just correcting the original maths here (i.e. not corroborating your source info), but it went wrong near the end and think these are the real revised totals:

If 1 tonne of earth contains 36kg TiO2 then 2.2B tonnes contains 79B kg TiO2

If 1kg TiO2 is $2.5 then 79B kg has a market value of $197 billion

Big numbers!

I don't think that a lack of 'measured' resource is an issue at this stage, it's simply how the path towards the ever more comprehensive 3D map has to evolve.

This is a maiden MRE (emphasis on maiden) and will be complemented with additional drill holes and assays in time, these will both expand the volume studied and the confidence in the results, as a result both the gross tonnage will increase and 'indicated' will be upgraded to 'measured'.

Figures 7 & 8 illustrate well the difference in the density of drill samples required to go from 'inferred' to 'indicated', some infill drilling will be needed to get to 'measured'.

IMO the drop today is the madness of the markets rather than any genuine disappointment in the maiden MRE amount/confidence level.

Are they actually 'outside the resource area'? If the resource area is limited to the dark orange area on the top-down map, then yes, they start at surface outside this area. Underground they go at an angle (not straight down).

Basically, it's not easy to visualise, and the RNS figures are naturally 2D, but you need to be visualising the resource in 3D. The map is just the top layer.

I think this is gonna be huge, but I like that the company releases are grounded and factual (I'm also happy with repetitive 5% gains over spiky volatility)

I also don’t think Mosa was being negative/deramping, they’re just pointing out that the grades are (relatively) lower towards the north and maybe that’s marking the northern boundary to Pepas, that’s ok, Pepas can’t go on forever!

Anyways…

Looking at the top-down map and two cross sections this is my personal take:

Northern point - drills might be finding/nearing the boundary.

North-Eastern edge - we’ve not got holes drilled right to the edge of the orange (>4 g/t) region on the map, guessing this is may be because its nearing the surface of the exposed slope and surface/soil sampling already provides sufficient data. Fact that it’s already orange on the map and looking at the cross-sections it’s realistic that high grades persist right out to the slope/surface.

South-Western direction - PEP060, 064 and the (already pointed out) more western ‘purple’ hole along with ‘red’ holes on the map indicate there may be more out towards the west/south-west (though have to take into account the angle of the drill as well as its starting point, 3D spatial awareness required!). My feel from the cross-sections is that there is more gold to be found out towards the west/south-west but I reckon it’s deeper with the gold-body on a ~45 degree slope to horizontal when looking south-east to north-west (hope this makes sense). If so (being deeper towards the west/south-west) I guess this wouldn’t show up as strongly on the original mapping/scanning from surface. Could it go on a very long way, getting deeper? A question for an actual geologist.

South/South-Eastern - can’t say much from the map in this latest RNS, if there really are no holes yet then maybe there’s scope for more gold. Speculating, applying what I inferred about the gold-body’s slope and depth and the limitations of surface mapping it’s again plausible gold goes on for longer, just deeper.

Depth – could it go deeper even where already drilled and in the center of the top-down mapped body? I’m looking at the cross-section (Fig.2) and PEP052, 060, 051, 044 all continue to hit high grades right to the end of the drill hole, it’s not like they’re petering out. So I’m not convinced we’re drilling to the bottom here.

Conclusion?: Can’t say what all this means in terms of MRE numbers, but my gut says the initial value will be sizable (though I’m not expecting multiple million Oz’s), it’ll completely backup the project and be transformational, feeding progress (path to near-term mining, increase in share price). I think the initial Pepas MRE will be added to with further drilling/deeper drilling in time, plausibly, Pepas may eventually be a lot larger than many think.

When you throw in the other 4 prospects and that action is happening at each (no dormant prospects just sitting around), it’s easy to envision a very positive future.

Lav: "Redorb, I was also wondering if they were going to retain double the transport and follow with a second shipment, I don't think it was asked?"

I think they were nonspecific on how long they are intending to double-haul for. Guess it depends on when & how much (10k pcm!) concentrate gets produced at the steady-state rate and whether they want to keep a modest stockpile of concentrate on site (I don't know if this is needed or sensible, just thought they might 'cos then they can still transport & ship (ie use contractors and please customers) if for whatever reason they have any unscheduled mine downtime - I could imagine keeping back a 10k pile to give a months buffer).

The feeling I got was double-hauling for maybe 3 months, at a guess

Totally agree, this board (at times) can be super educational.

Just to focuss back to the original question on this thread: "how long might it take to get 30k tons of concentrate to port?" my back of the envelope answer came to 'about 6 weeks'.

At the AGM Bernard mentioned about the fleet of trucks being mobilised and how initially they'll be double the usual number in order to move the stockpile. Now I'm assuming the usual number will cover about 10k per month (to keep transport in dynamic equilibrium with mine production), so double that for 20k a month (6 weeks for 30k).

Probably over simplified things, but that's about the level I work at...

Thanks for highlighting the Linkedin post.

As edge devices, AI, robots & drones get more complex I can see the need for both supercapacitors & batteries, providing different powering options.

Perhaps we're the analogy..., our bodies function using different powering options. Aerobic for baseline and extended activity (e.g. marathon), topped up with an anaerobic 'boost mode' for short term power (e.g. sprint).

If we want our drones to both marathon & sprint, they'll need both batteries & supercapacitors.

I'll make time to read the peer reviewed paper today. On first glance it looks tip top, and Nature Comms is one of the best journals

...to add to VR, a quote from the article indicates this is already scaling...

"Dr. Phillip Aitchison, CTO of Monash University spinout Ionic Industries, and a co-author of the study, said the technology is now being commercialized.

"Ionic Industries was established to commercialize innovations such as these and we are now making commercial quantities of these graphene materials," said Dr. Aitchison.

"We're working with energy storage partners to bring this breakthrough to market-led applications—where both high energy and fast power delivery are essential.""

Regarding timescales, watching the interview Bernard did yesterday (someone kindly posted the youtube link) I think Bernard said he (expected) all the final arrangements to be in place "within the month".

I'd throw in some contingency, and am thinking/hoping trucks are rolling by mid-October..., but could start before then.

...and thank you, Bernard, for the timing! As a long-standing shareholder I appreciate an 08:15 RNS!