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Interesting point re market maker setting their price a couple of p lower each day.

You have to wonder how long that can be sustained though without attracting serious attention.

For instance china will be aware of this resource as it is strategically very important to the west.

This is just speculation but say Rio decide not to move forward and the price were to drop to sub 30’s, this is far too cheap for the worlds largest and second largest resource (with potentially a highly concentrated rare earth deposit as the 3rd resource in the pipeline) and a Chinese firm could make a bid. At that point Japan, USA etc would surely be clamoring to retain this resource for western use.

I don’t know the feasibility of a Chinese bid with existing MOU’s having been signed but I think it is a safety net.

They’ve been aware since January when they first released that they’d been found in the tailings. The heavy rare earths as a rule only occur in very small percentages when looking at overall ore. That’s why they were only discovered when they did further analysis of the tailings.

Agreed, my expectations over the last month were for the next Rns to be monazite resource estimate so although slightly underwhelming it's still a step in the right direction. I wonder whether we are going to get a staged estimate for the monazite? ie these 4 pits will be assessed first followed by the next stages.

We look to be on the up again now following the small sell of this morning, the share price definitely needed a boost and we appear to have got it.

Onwards and upwards

Barwickman I suppose this will inevitably have an effect but how can RIO or any other suitor know how much to bid when they don't know the monazite resource.

Its all very well having a higher concentration than competitors but we need a percentage of monazite either in tonne of raw ore or tailings to establish the true value of the company.

I hate sounding negative about this firm because I truly believe in it.

I am sure the team are working on an updated MRE to include the monazite, this will involve huge amounts of work similar to when they were working on the rutile ans graphite mre, there is alot of data to compile.

I think I am being impatient asking for a rough percentage per tonne when sovereign will want to do it properly and release a figure that they can be confident in.

Surely they could have told us the percentage of TREO per tonne of ore in these samples?

It’s a good update but we still lack the key info to give a rough estimate of how much hre we actually have. I wonder if the muted response is due to this?

Someone has to buy this surely or do you think they’ll be waiting for updated MRE?

I just wonder if the monazite news will be a ‘well this changes everything’ moment for Rio and they take the additional 90 days to allow time to pass for further de risking such as off takes or potentially wait for price drop due to lack of takeover.

Equally if offtakes come in and monazite news is good I don’t doubt that we will see 50p and beyond again so they would be playing with fire.

Whatever their strategy it only takes one bit of good news for it to blow up again. With the sp being where it is it would be a pittance to buy us out considering the resource size. I don’t know if they’d risk waiting for sp drop just to save a few Pennys per share, such a hard one to call.

We do seem to have a steady and regular flow of good news of late.

The 90 days seems to me not to be the important deadline as we all know the monazite would be considered the additional info necessary to trigger the further 90 days of deliberation. The only difference being if the monazite news truly alters the offering on the table then it may force certain hands to move with more haste due to the danger of outside offers.

It’s very hard to second guess when we have no idea the level of attention we are getting in the wider mining industry. With the size of Rio tinto you have to wonder how much talent they are employing to keep an eye on our goings on and how many layers of executives that news has to go through before it reaches someone who can make the real decision.

AIM success stories are few and far between. American and European markets have vastly outperformed uk over the last 10 years, geopolitics playing a big role too. Our time will come but we do have to be patient. I’ve been a victim of buying in the 40s and 30s when I had the opportunity to be in for 25. We have the largest resource in the world that is all you need to remember it has to come good eventually.

Maybe move to American markets would be a good idea I’ve only followed it once with Argo blockchain and it did some good but didn’t live up to the hype. I think for every long term holder of this stock there is probably a trader or two selling the news so gathering momentum for the sp doesn’t seem easy.

Maybe if Iran gets sorted out things will pick back up. Little nudge up in sp today let’s see

I can’t fathom how a multinational miner goes to all the expense of buying a fair proportion, help with dfs etc then opts not to go through with the running or purchase of a tier 1 deposit new direction or not surely it warrants a change in tac?

From today’s quarterly update

Next Steps

Over the quarter ending June 2026 and beyond, Sovereign will:

• Advance post-DFS workstreams, including finalisation of the Environmental and Social Impact Assessment

• Advance offtake discussions and progress towards binding definitive agreements with Mitsui, Traxys and other strategic counterparties

• Undertake further work to characterise the monazite mineralisation at Kasiya, including detailed mineralogical characterisation, assessment of heavy rare earth concentrate recovery rates through the proposed Kasiya flowsheet, and evaluation of potential scale and economics of rare earth production as a by-product

• Continue the Company's community and social development programs in Malawi

350000 on Monday too

400k shares changed hands In a single transaction yesterday then another 475k today.

Position building/increase going on?

I’d been doing some research and it seems they’ve a few assets where they have a 50-60% stake so thought this might be a possibility for us.

If they do end up buying a majority share then it can only be good for us.

The past few months of anticipation for the dfs felt very different to the expectation now with the next positive news flow being somewhat of an unknown with the rare earths/ipo/takeover all being a possibility.

With Rio having the option to run the mine and already owning a fair chunk of the company what are peoples thoughts on them staying to run the mine but maintaining their existing stake in the company with mine funding sought via other channels?

This would reduce rios exposure while they still maintain a say in the day to day workings.

They would always have the option to buy further as the company progresses towards becoming profitable.

US IPO seemed to get a fair bit of attention.

No mention of rare earths timeline in this particular interview which would have been nice but overall sounded very positive.

You would hope that Rio has a strategy for the coming weeks.

They’ve got 90-180 days depending if further info is required but surely they’ve got analysts looking at the figures right now.

It might be the case that an early bid is favorable considering the artificial low that netanyahu and trump have delivered like a steaming turd on our collective doorstep

It is alot of money bonker but hopefully IFC can help with that.

It seems after 2 years of free cash flow the initial capex is paid for then another 2 years covers the whole life of mine capex

Think it was a 100k share sale thats done it

He’s threatened to blockade the strate of hormuz over the weekend Australia down 2%.

Starmer has said he is not going to be helping with the blockade

Iran apparently can’t find where they dropped their mines.

Another fun week ahead