Member Info for SmoothOperater

This is a clean-up phase, not a valuation phase.

The current price is being set by legacy holders, fee shares and broker inventory being cleared, not by what the asset is worth.

The re-rating comes when the new company is priced, and buyers will be institutions pricing a new company off the CPR, offtakes and the prospectus.

OAP,

AMG is not running a sales process right now, it is running a regulated RTO.

While the prospectus, CPR and FCA approval are in progress, the company is legally restricted from releasing selective commercial detail or forward-looking claims. Everything material has to go into the prospectus.

AMG shares today are not a bet on current operations, they are a ticket to a valuation event.

The re-rating happens when the CPR and prospectus are published and institutions price the deal.

OAP,

You already know none of them questions can be answered at this time.

But, PEEL has a a rate of one or two weeks to convert paper into cash.

The amount of shares being moved is not trashing the shareprice level, most likely they are being soaked up by entities.

PEEL as joint broker will be involved in the upcoming bookbuild, which I suspect will be sooner than people are expecting.

With the above in mind, I continue to buy sometimes multiple times per day.

PEEL will be done in 5 to 10 trading days, and then we'll be off to the races.

Buying at this range, will give massive returns when the mine is fully operational.

Ignore the noise, and increase holdings.

Don't be fooled by what you're seeing, the odds of RTO completion is increasing with every day.!!

Brokers do NOT bother clearing positions this carefully if an RTO is about to fail.

They walk away and leave it to drift.

This is controlled distribution, which only happens when a corporate event is coming.

I've no regrets, the company didn't finalise the funding and the deal collapsed.

Guess what SmoothOperter did inthe above situation.?

Bought more and continues to buy at all prices ever since.

I'm holding a nice position now.

I took a couple of them small buys, all adds to the overall.

Ready to take more.

Fill your boots

As joint broker Peel may hold a higher temporary position and would typically reduce through CPR upgrade, prospectus approval and institutional bookbuild rather than before them.

Drill specifics aren’t usually released piecemeal. SLR is running confirmatory drilling now, and the detail will be published in the updated CPR in early 2026 — that’s standard practice.

You’re mixing early ramp economics with steady-state valuation.

Early ramp volumes are about validation, not valuation — EBITDA and pricing are assessed at steady-state scale, which the CPR will define.

OAP

It's worth noting,

At the production levels being quoted (1 -5 Mpta) assumes a fully scaled, later-stage operation.

Early production scenarios are significantly lower and phased.

Road upgrades would already have been completed by later-stage operation, so treating the contribution as a perpetual cost is not realistic.

Whether any historic $1/tonne deed survives is a DD item. If it does, it’s captured in CPR costs and prospectus risk disclosures. If it doesn’t, it won’t be. Not something a forum can adjudicate.

Road access and haulage conditions are legacy lease matters and are treated as operating or capex items within the CPR and prospectus. If they weren't manageable, the transaction wouldn't be progressing.

UPSA does not claim to own the land - it has contractual rights to extract and process the material, which is standard in quarry and minerals projects. The detailed legal terms (change of control, royalties, termination) are disclosed in the prospectus, not early RNS updates.

The £1bn / £1.6bn figures are CPR modelled estimates, based on processed PSA sales over time, not a simple "£ per tonne in the ground" comparison. That's why comparing it to raw SCM deals isn't valid.

Full costs, capex and sensitivities are part of the CPR, and lower-price cases are always tested. The deal wouldn't be progressing if it only worked at one optimistic number.

Carbon credits are upside, not the core valuation. Ownership and monetisation are commercial details that are finalised before admission, and ther ect does not rely on them to work.

OAP

These are prospectus-stage questions, not red flags – the CPR and prospectus are where legal rights, costs, pricing sensitivities and any carbon upside are formally disclosed.

As expected, and they are not dumping, it's all calculated to maintain the 11p as basement anchor.

Today's shareprice is -7.84% than a year ago, when there wasn't even an RTO to discuss.

Today, the Company is in the final stages of an RTO, after recently raising circa £600k for bridging funds to completion.

Great time to buy IMO

CPR → funding → prospectus → admission

The final stages of this RTO.

Looks like people are buying in for the CPR, the RTO is definitely going to complete now IMO