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It did make me chuckle when they say:

Management remains confident that the operational platform established at Uis together with strong market fundamentals, strategic partnerships, and a diversified critical minerals portfolio, positions the Company to deliver sustained value and long-term growth across multiple commodities within a defined achievable timeline.

Defined achievable timeline, since when did they start doing that?!?

But seriously the 2nd jig circuit should have been up and running by now, it’s not as if they are doing this blind, they have a template of a working one on site!! Sounds like it’s unfortunately going to be months yet before they get this sorted, although I have to say I’m not that surprised by another disappointment from Andrada at this stage, I’m kind of getting used to them which is a little worrying. One day, they’ll get something right……

At least someone seems to be consistently buying 500k share chunks!

I think that’s referring to this line:

‘ Uis Mine exploration upside: multiple notable drilling results for targets proximal to the current mining pit with high-grade intersections of up to 1.13% tin and 1.76% lithium oxide.’

However there’s not enough information here to determine if this is simply a dense pocket or a more substantial ore body. Also we have no idea what the lithium is, being Petalite or spodumene, I suspect it’s Petalite otherwise they would be broadcasting this much more loudly.

I think my major annoyance is that no one ever bothers to talk to us shareholders, if AV or even one of his minions talked to us and said, yep we see that moneys going to be tight for the next 12 months but this is the plan we have and this is where we expect to be in terms of production and costs in a year, 2 years, etc.

I wouldn’t even mind if they outright said, yep we’ll need more cash but this is the PLAN and what we expect to achieve but we’re left trying to find scraps of news from other websites or someone in the ‘know’ to try and piece together what’s actually happening!

It leaves you feeling that they’re just lurching from one mistake to the next. I mean if they’d put the money towards a second jig plant (possibly even a third with the amounts raised!) with the money from Orion and subsequent raises for the failed ore sorters we could be producing 2 or 3 times the amount we are now at $38k a tonne. Wouldn’t that have been good?

Grief, I’m really sorry but I don’t see this with the rosey aspect that others seem too.

‘Gross profit decreased by 27% to £1.9 million (H1 FY2025: £2.6 million) because of a 25% increase in the cost of sales, driven by inflationary increases in production costs including mining and processing.’

A 25% increase in the cost of sales in 6 months, that’s insane! The Orion royalty only accounts for less than 50% of this.

‘The Company started the interim period with approximately £1.8 million cash and cash equivalents closing the six months period with £0.7 million. This closing position reflects the £2.8 million in net funding secured during the period, largely through the strategic investment made by Talent10. The net outflows of £1.7 million were constituted of approximately £1 million in interest and lease payments and bank debt repayments of £0.7 million.’

So they have £0.7m cash and are burning through £1m per 6 months just on interest repayments, and this money included the £2.8m raise! And there’s much worse to come in 2026 for repayments.

Jig circuit still not commissioned, Goantagab ore not coming anytime soon, ore sorters pie in the sky, Petalite production will cost way to much at this point to implement, they just don’t have the funds.

I am a long term holder as I had seen the massive potential here but one that’s increasing hugely frustrated by the ineptitude of management to get things under control.

It does unfortunately look to me like they will have to raise more cash again which is not great news.

I keep wishing that one day an RNS comes out where AV actually meets one of the promises he made and we get upto 5p. In fact I’ve been wishing that for the last 2 years! Is it asking too much? Sometimes I think it is….

So disappointing with the huge potential they’ve had here they just seem to have taken on more and more debt for so many failed projects. We’re now in the crazy position that we’re either relying on SQM to buy us out, which could be years away at best, or the Goantagab ore to start flowing which seems completely up in the air currently and no one knows if/when it will ever happen. Neither position I am at all happy with.

Trump threatening higher china tariffs.

I’m not happy at all about this whole business, a director doesn’t resign at short notice like this unless it’s a falling out or ill health. Usually with ill health it’s clearly stated so as not to spook the markets.

The only good bit of news in my eyes is that if it’s correct he’s sold all his shares it means he doesn’t have any information that’s not available in the public domain. I.e. he doesn’t know that the jig circuit is delayed, or the Groantagab ore deal has had hiccups, or whatever bad news you can think of!

You’re quite right Tricky, our price should at least be reflecting the lift in tin prices, but instead it’s going in the opposite direction.

Rawlinson leaving very abruptly worries me, the fact we’ve heard nothing on the Goantagab ore which should have been coming in from June of this year also worries me, and I’m guessing by the look of the share price it’s worrying a lot of investors.

The fact is we shouldn’t be here, the Orion loan should never have gone ahead in its format as millions has been spent on ore sorters which don’t work and we’re paying a stupidly high royalty on this loan crippling any income we get. As I said before someone should be held accountable for this but AV instead just tries to hide it from shareholders.

Personally I’d be more than happy if he went now and someone took over who was competent and honest with us very beleaguered shareholders!

The fact he was on the agm agenda to be voted back in and has now gone isn’t a good sign, my concerns are only increasing about this company!

Please AV prove me wrong, there’s nothing I’d like more than for you to make me eat my words and start making the profits you promised!

There has been so much promised and so little delivered it’s starting to sound either incompetent or dishonest, take your pick.

Remember these statements from 12th March 2024, 18 months ago, the last time we saw a production and strategic update? I wonder why we’ve not had one since……

Tin Production Expansion

§ Implementation of an ore sorting circuit underway to increase tin concentrate from 1 500 to 2 600 tpa. (If that were true why the hell are they not installed?Based on this quarters results we are still only at 1800tpa)

§ Ore sorting is fully funded by the Orion Resource Partners facility. (At the cost of several million dollars but I love the words FULLY FUNDED, so then in June of this year they come back for an additional $3.5m USD for the ore sorters and they’re still gathering dust, someone’s head should roll for this level of incompetence!)

§ Expansion is anticipated to increase revenue by up to 75% and continue to reduce the AISC of the mining operations. (AISC is still rising, not falling)

Lithium Production

§ The concentrate stockpile is currently accumulating. (Really, how much? In 18 months it should be substantial but I suspect it isn’t since this has gone quiet too)

- Further development test work for supplying the lithium battery market is also ongoing. (No update on this in over 18 months so I’m taking it that this was a big fat miss)

§ The Company has commenced studies to integrate the entire lithium circuit into the current operations.

§ Preliminary modelling indicates an initial production of 30 000 tpa (from 1.7 million tonnes per annum ("mtpa") Run-Of-Mine ("RoM")) of technical grade petalite concentrate.(wow, 30-40ktpa however we are still waiting for the circuit to be integrated and no date given! No offtake agreement either and they’ve sold a paltry few tons here and there on the open market in 18 months)

And then the final nail in the coffin, Goantagab, seriously if they had the ore they could have easily blended it into current operations, let’s face it they desperately need the revenue. It sounds to me like things haven’t happened for one reason or another. The paltry profit they made this quarter even with record production will be easily eaten up by interest payments let alone any “enhancements” or resources estimates work they are progressing. As Peking said they will have to come back to the market cap in hand for more cash, it’s inevitable. The market sees this hence the dismal showing since the update.

I’m a long term holder as I believed there was huge potential here, however the more I look at it the more concerned I’m getting.

All I can say is the 20kt per month Goantagab 1.5% feedstock absolutely must happen in the next quarter, it’s imperative now.

I’d also like to hear AV explain what’s been going on but unfortunately I think he’s too scared to face his responsibilities of talking to shareholders. Please AV,

That might well be the case Tricky, but I just wish that AV would come out and tell us what’s going on, when can we expect an uplift due to the increased Goantagab supply, does this mean they have 50kt stockpiled ready to go, I’d love to think so but my instinct tells me no. The fact is no one knows and it’s frustrating to say the least, as this supply was the game changer in my view. As shareholders I think we deserve this information!

I mean if we forget UIS completely and just processed this 60kt a quarter we’d be producing 657t of tin, at a significantly lower AISC too! Currently we have 273t of tin produced from 272kt of feedstock, it’s a monumental upgrade and we need to know what’s going on with it! I appreciate that when they’ve paid of the costs of the 2nd jig this comes down to a 60/40 profit share but even then it’s almost 400t of tin!

It used to be I loved this company for it’s transparency but in the last couple of years this seems to have turned into a game of hide as much information, especially information that’s not that favourable, from shareholders as possible and I really don’t like it. I’m not even going to start on the ore sorters which seems to have been forgotten again after a second round of funding for them!

Look, I’m a long term holder here and I believe in the outlook and these results were DEFINITELY a step in the right direction.

However the feed grade here was exactly the same as it was last year so this must mean the 20kt per month of 1.5% tin feed stock as quoted in the RNS on 17th June that and I quote, “Interim processing of the high-grade ore will commence immediately through the existing Uis plant” hasn’t happened yet?

I mean from my rough calculations, leaving out all the UIS tin at .139% completely, at 73% recovery rate of 50kt (20kt per month, but let’s say 10kt for June) of 1.5% feed grade we’d get 547t of tin, way above what we recovered in these results?

Come on AV, please stop hiding information from us, just tell us what’s going on with Goantagab?

Don’t forget the ore sorters will be coming online at some point, don’t exactly know when but this should significantly increase throughput and hence tin concentrate.

The Goantagab feedstock will initially pay off the debt incurred by the new jig circuit but that obviously drops to 60/40 profit sharing when this has been complete unless we take another major dilution by coughing up 15m USD from issuance of more shares, another 500m shares out there folks? Let’s hope that by the time this happens the share price is quite a bit higher to lessen this blow.

We still don’t know what’s happening with the Petalite circuit, when it will be fully integrated, how much Petalite will be generated (at one stage they were talking 30-40k annually), off take agreements, etc, let’s hope this is in progress and we get an update on this soon.

Also, will be good to know what progress SQM have made on lithium ridge. To be honest my hope is that it’s a major spodumene resource that SQM what to fully control it and they buy out Andrada, how did AV put it, oh that’s right, ‘for an eye watering amount!’ Let’s hope we get to see the amount this time round!

Tin stock at the LME had a big draw down on Friday of 175t, meaning warehouses are at a year low of just 1655t now.

As I understand things once the pre-concentration circuit and ore sorters are in and running throughput will need to be much higher. Previously they were talking about increasing tin production from the existing UIS mine by 50% with this in place and that can only be done by increasing the basic raw materials coming in.

Now what the increase with the 2nd jig circuit and additional high grade ore will on top of the ore sorters I’m not completely sure, but it will certainly be a major uplift in terms of tin concentrate produced. Question I’d like to ask is can the 1.5% ore supply be increased?

Tin stocks at LME now below 1.7kt and price hit $35k, all heading in the right direction!

Well with LME tin stocks now below 1.9kt for the first time in over 2 years and tin prices holding nicely above $33k I wonder if there will be a supply issue soon?

Stock fell by 430t in June and already another 335t down this month, good time to be ramping up production? Let’s hope everything goes smoothly with the increased tin grades, ore sorters and 2 jig circuit!

Unfortunately us long suffering LTH’s have heard the ‘plethora of positive news for the rest of this year’ or similar comments many times before and yet here we are.

But there is some good news at least, tin continues to hold above $33k and tin stocks at the LME warehouses have dipped below 2kt for the third time this month showing supply concerns.

If the new feed of 20kt per month at a grade of 1.5% is coming into UIS now to be processed then hopefully next quarter’s results will look a lot more positive but I’m just a little in the dark about how fast this can be ramped up, obviously if it was from day 1 of the RNS that would be incredibly positive but I just don’t know. I would say that a call from AV to provide a little more clarity would be very helpful but I know that falls on deaf ears!