Member Info for scott309

A short video with Cedric

https://www.youtube.com/shorts/aOLsmBhKXYk

Are there shorts registered anywhere? It seems to be just selling of warrants, which must be nearly complete?

Agreed, although CB's recent RNS's seem a bit dodgy, e.g. releasing assays for a single drill hole, but he's judged it well to get the placing away.

There are a few funding possibilities here with the US desperate for fluorspar, gallium & HREE - maybe further grants & take-off agreements. So some patience needed for the forthcoming news flow. I can't see the US allowing this to flounder for lack of funding.

There was Q1 update on 19/5/25, so maybe this week?

From their presentation, they would have a fluorspar resource of 716,000t (3.58m x 0.2) to produce 50,000t/pa and revenue of about $24m. The gallium has a resource of 633t, which, if occurring in the same rock would result in 633 x 50/716 = 44t/pa and revenue of 44 x 2500 x 1000 = $110m (?) - is that correct? If so, it would mean the gallium would be the main product and fluorspar and HRE by-products.

Have they indicated any activity on Sesana, e.g. drilling, sampling, scanning etc?

I was surprised to hear they were considering acquiring another property, but I suppose it indicates confidence they can finance & progress Monte Muambe and Sesana.

KEN looks an interesting prospect, but how do you get a resource estimate from a DEM, which is just a topographical model?

I remember CB at Jubilee where he achieved very little. KEN's RNS - 'major expansion potential', 'rapidly emerging', 'above ground ...deposit' based on a digital elevation and surface samples (no drilling?). Anything 'above ground' is normally called air, but I'm not a geologist. Sounds like dubious hyperbole. One to watch but maybe wait for the placings etc

Is the company worth more than £15m + 10%? I think most here would estimate multiples of that...

Dilution is disapointing but necessary. Hopefully more external funding after metallurgical testing..

10% dilution could be cleared quite quickly. He needs to do a few more US presentations at some bigger events.

There's only about 700t of gallium produced annually worldwide!

I think it would better if the MRE is announced after the presentation. There's plenty to discuss and present without the MRE. If new investors watch or listen to the presentation and the share price is rocketing upwards (although, it may not rocket upwards!) and after the share price has already tripled recently, I don't think many would want to invest. However, if Cedric says the MRE is imminent and there may also be off-take agreements and further US funding in the near future, there would be some incentive to invest and quickly to get in before the pending near-term announcements.

Thanks, noix

It seems like everything is on hold here pending the Chad compensation claim. Is there any recent guidance on when this might appear?

Interesting to note that completion of the RE PFS increases their ownership from 50 to 70%. Also, only 2 of 11 targets have been drilled so far. Off-take agreements to come? It would be good to have a presentation on the website after Tuesday.

Maybe the metallurgical testing to extract the gallium from fluorspar is taking longer than expected. Apparently, it's very unusual to have gallium in a fluorspar deposit - normally it's a by-product from bauxite (maybe REE) mining or aluminium refining. Willy88 can probably explain the complications.

Https://www.youtube.com/watch?v=f-sQOKY0_dQ

For the fluorspar and gallium production, the CEO said it would be 6 months for a DFS and 12 months for construction. So late 2027/early 2028 for first production. THE HREO may change that?

If the US continue with the Hormuz blockade, the Chinese are going to stop rare earths, fluorspar and gallium exports

Can anyone explain the ownership structure? The presentation seems to suggest Pensana owns 65% of Sable Min, which owns 75% of the Longonjo mine, which means Pensana owns 49% of Longonjo? I thought Pensana could buy into a greater stake of Longonjo in the future, but not sure now that Sable Min is involved in the ownership structure.