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Aminex Then and Now: Why CH-1 Is Not the Same Comparison as NT-2

A Very Different Starting Point

28th June 2026

Comparing Aminex today with the period before the Ntorya-2 drill is useful, but only if the comparison is made carefully. It is not enough to look at the share price then, look at the share price now, and assume the same outcome should follow. The company, the asset, the ownership structure, the share count and the development position have all changed.

That is exactly why the comparison is interesting. Before NT-2, Aminex held a larger percentage interest in a smaller and less defined appraisal opportunity. Today it holds a smaller percentage interest, but in a much larger mapped gas system, with 3D seismic behind it, a development licence awarded, a Gas Sales Agreement signed, pipeline construction under way and a clear route toward first gas through Madimba.

The better question is therefore not whether history repeats. It rarely does. The better question is whether the scale of the opportunity now being tested by CH-1 is materially larger than the opportunity being appraised by NT-2, even after allowing for the farm-out and the larger number of shares in issue.

On that basis, the comparison looks very different from the headline share price alone.

https://www.aminexinvestors.com/investor-articles/aminex-nt2-ch1-resource-growth-comparison

That old piggy 🐷 🐖 would swear blue was pink.

Aminex Board Alignment: Another Potential Catalyst in a Year of Delivery

Turning a Negative Question Into a More Useful One

24th June 2026

A recurring criticism of Aminex is that parts of the board do not currently hold ordinary shares in the company. On the surface, that is an easy point to make. Ordinary share ownership is the most visible and straightforward form of alignment, and investors are right to pay attention to whether directors have direct financial exposure to the shares they are asking others to hold.

But the better question is not simply whether every director holds ordinary shares today. The better question is whether the board remains properly aligned with shareholders as Aminex moves from survival and development into delivery, commissioning, first gas and potential revenue generation.

That wider picture is more constructive. Aminex has used equity-linked remuneration during a long period of cash conservation. It has existing option structures, a major ARA-linked cornerstone shareholder, a carried interest through to first gas, and a board whose reputation is now tied to delivering Ntorya after years of delay. The ordinary shareholding point is therefore not irrelevant, but it is not the whole story.

→ Read full analysis

https://www.aminexinvestors.com/investor-articles/aminex-board-alignment-agm-first-gas-catalysts

3.25 to 3.5 for me atm. It could be higher, maybe as much as 5 but very much depends on news flow.

Certainly worth higher imo.

#AEX Regional Gas Demand - Aminex Beyond First Gas

First Gas Is the Start, Not the End

For Aminex investors, first gas from Ntorya remains the defining near-term milestone. It is the moment when years of exploration, appraisal, farm-out negotiations, seismic work, development planning, gas sales agreements and pipeline construction begin to convert into physical production and potential revenue.

That milestone matters because it changes how the market views Ntorya. A field that is producing gas through Madimba is very different from a field waiting for infrastructure. Once the route to market is operating, the investment conversation moves from whether Ntorya can be monetised to how much gas the field can ultimately deliver.

That is where regional demand becomes important. Ntorya’s immediate value lies in first gas through Madimba. Its longer-term strategic value may lie in the fact that the Ruvuma Basin is increasingly being planned around not just domestic power, but industrial growth, LNG, cross-border infrastructure and regional distribution.

https://www.aminexinvestors.com/investor-articles/regional-gas-demand-aminex-beyond-first-gas

The Route to Market Is the Real Story

22nd June 2026

For Aminex investors, the Ntorya story is no longer only about gas in the ground. The more important question is how that gas moves from the field into the market, and how the infrastructure now being built changes the character of the project.

That route begins at Ntorya, moves through the Ntorya–Madimba pipeline, connects into Madimba’s existing gas processing system, and then links onward into Tanzania’s wider domestic gas network. This is the physical chain that turns Ntorya from a discovered gas field into a potential producing asset.

The wider Mtwara region then adds another layer. Mtwara is already central to southern Tanzania’s gas infrastructure, and the Ruvuma Energy platform places Mtwara within a broader future concept involving LNG, industrial development, power generation and regional gas distribution. That makes the route from Ntorya to Madimba more than a local connection. It is the first practical step in placing Ntorya within a larger energy corridor.

https://www.aminexinvestors.com/investor-articles/ntorya-madimba-mtwara-gas-route

A Wider Chain Than First Gas

21st June 2026

The immediate Aminex story remains centred on Ntorya’s route to first gas through the Ntorya–Madimba pipeline. That is the near-term operational focus for shareholders: completing the connection, preparing Ntorya-2 for production, progressing CH-1, handling field processing requirements and moving from development activity into gas sales.

Ruvuma Energy’s public platform material adds a wider layer to that story. It presents a proposed integrated Tanzania–Mozambique energy and industrial platform built around LNG, gas-to-power, an eco-industrial park, cross-border infrastructure and virtual pipeline distribution across East and Southern Africa. Aminex is not presented as the owner or sponsor of that platform, but Ntorya is referenced within the proposed feed-gas chain, which makes the material relevant to investors trying to understand the wider demand environment around the Ruvuma Basin.

The key point is not that Ruvuma Energy guarantees anything for Aminex. It does not. The point is that the Ruvuma Basin is increasingly being discussed not merely as a local gas province, but as a possible regional supply base for domestic power, industrial users, LNG production and wider distribution. For a company with a carried 25% exposure to Ntorya, that broader context matters.

Read more...

https://www.aminexinvestors.com/investor-articles/ntorya-ruvuma-energy-chain

Ntorya Condensate: Where Will It Be Separated? The Question Investors Are Asking

19th June 2026

A useful question was raised in the Aminex investor community:

Will Ntorya condensate be separated at the wellhead, through a modular upstream gas processing facility, or will it be separated at Madimba?

The answer matters because condensate is not just a technical by-product. It may represent an additional commercial stream alongside gas sales, depending on volumes, processing, ownership, handling and offtake arrangements.

Ntorya is known to be a gas-condensate discovery. Ntorya-1 tested gas with condensate, and later technical work following the 3D seismic programme pointed to associated recoverable condensate across the field.

That makes condensate more than a footnote.

It may become one of the more interesting parts of the Ntorya story. → Discover more

https://www.aminexinvestors.com/investor-articles/ntorya-condensate-separation

Pipeline Commissioning and First Gas: What September 2026 Means for Aminex

September 2026 Is Becoming the Key Operational Marker

18th June 2026

For Aminex investors, September 2026 is now one of the most important dates in the Ntorya development timeline.

The reason is clear. Aminex has stated that construction of the Ntorya–Madimba pipeline is progressing in line with schedule, with completion and commissioning on track for September 2026.

That does not make September simply another construction target. It places the project close to the point where the physical route to market should be ready for use. Once the pipeline is completed, tested and commissioned, Ntorya moves from being a development project under construction toward a producing gas asset with a direct link into Tanzania’s domestic gas system. That is why the distinction between pipeline commissioning, first gas and commercial production matters. - Read More...

https://www.aminexinvestors.com/investor-articles/ntorya-pipeline-commissioning-first-gas-september-2026

If you are worried about periods, you could while away the hours, Conferrin', with the flowers, Consultin', with the rain, And your head you'd be scratchin', while your thoughts were busy hatchin', if you only had a brain.

On a serious note, if your periods are causing you this level of brain stress, I would recommend a visit to a doctor. Of course the problem could be as simple as banging your head when you creep from under the bridge.

Pipeline Commissioning and First Gas: What September 2026 Means for Aminex

September 2026 Is Becoming the Key Operational Marker

18th June 2026

For Aminex investors, September 2026 is now one of the most important dates in the Ntorya development timeline.

The reason is clear. Aminex has stated that construction of the Ntorya–Madimba pipeline is progressing in line with schedule, with completion and commissioning on track for September 2026.

That does not make September simply another construction target. It places the project close to the point where the physical route to market should be ready for use. Once the pipeline is completed, tested and commissioned, Ntorya moves from being a development project under construction toward a producing gas asset with a direct link into Tanzania’s domestic gas system. That is why the distinction between pipeline commissioning, first gas and commercial production matters. - Read More...

https://www.aminexinvestors.com/investor-articles/ntorya-pipeline-commissioning-first-gas-september-2026

The gruesome twosome are trying to bury it but I'll post it again.

https://www.aminexinvestors.com/share-price/ntorya-value-scenarios

I sense them peering over the bridge walls, so I wonder how long it will take them to strike again. 1 minute or 5? At least it keeps them from under their mums feet

The Lernaean Hydra. GL

One of many that are allowed to live on this website. In fact judging by the amount of them, I begin to think they are encouraged.

Ntorya Value Scenarios: What Gas Could Mean for Aminex.

Aminex’s investment case is built around its 25% carried interest in the Ruvuma PSA, which contains the Ntorya gas discovery in southern Tanzania.

https://www.aminexinvestors.com/share-price/ntorya-value-scenarios

The Headline Gross Value

Aminex’s share of currently recoverable Ntorya gas has previously been discussed by investors at around 0.4 Tcf.

For simple illustration, 0.4 Tcf is equivalent to around 400 million Mcf of gas.

Using two broad gas-price assumptions:

At $4.00 per Mcf, gross lifetime sales would be around $1.6 billion.

At $6.10 per Mcf, gross lifetime sales would be around $2.44 billion.

With approximately 4.475 billion Aminex shares in issue, those gross figures illustrate why investors pay close attention to Ntorya. Before PSA effects, cost recovery, timing, taxation, exchange rates and development risk, the headline gross value is large relative to Aminex’s current market capitalisation.

On a simple gross basis, those values are broadly equivalent to:

approximately 28p per share at $4.00 per Mcf;

approximately 43p per share at $6.10 per Mcf.

These figures are not target prices. They are gross revenue illustrations. They do not represent cash received by Aminex.

Their purpose is to show scale

Ding ding.

The London buses have arrived

Ntorya Value Scenarios: What Gas Could Mean for Aminex.

Aminex’s investment case is built around its 25% carried interest in the Ruvuma PSA, which contains the Ntorya gas discovery in southern Tanzania.

https://www.aminexinvestors.com/share-price/ntorya-value-scenarios

The Headline Gross Value

Aminex’s share of currently recoverable Ntorya gas has previously been discussed by investors at around 0.4 Tcf.

For simple illustration, 0.4 Tcf is equivalent to around 400 million Mcf of gas.

Using two broad gas-price assumptions:

At $4.00 per Mcf, gross lifetime sales would be around $1.6 billion.

At $6.10 per Mcf, gross lifetime sales would be around $2.44 billion.

With approximately 4.475 billion Aminex shares in issue, those gross figures illustrate why investors pay close attention to Ntorya. Before PSA effects, cost recovery, timing, taxation, exchange rates and development risk, the headline gross value is large relative to Aminex’s current market capitalisation.

On a simple gross basis, those values are broadly equivalent to:

approximately 28p per share at $4.00 per Mcf;

approximately 43p per share at $6.10 per Mcf.

These figures are not target prices. They are gross revenue illustrations. They do not represent cash received by Aminex.

Their purpose is to show scale.

Aminex indicated contract news by the end of this month and from news related to M&Ps drilling comes the expectation it will be completed around 26th July (Tanz authorities have stated the M&P rig will be the rig they use)

https://www.aminexinvestors.com/investor-articles/kasa-drilling-timeline-ntorya-rig-window

From the amount of green boxes it seems I rattled a cage

Shut up you plonker, the only nonsense here comes out of you and your multiple IDs.

0.5 you mocked it and 2.65 you still mock it.

Meanwhile investors have seen more than five-fold increase so shove that in your peace pipe and smoke it.