Member Info for TrickyDicky2

Rgbuk

Agreed.

TDT

"It was pre agreed that the $2.5m loan would see $3m repaid" but it wasn't repaid it was converted. It could have been repaid if they'd hit the targets they set themselves "Potential for immediate, significant increase in tin production and therefore enhanced cashflow"is what they said at the time they took the loan but when you constantly over promise and underdeliver I guess the easy option is to convert and dilute. Lucky OT and its at least lucky for us they are a sticky holder.

Pekingduck

It was a loan for 6 months so due to be repaid, or in this instance, converted. I'm not so sure in converting now it means there's something that's about to be announced that's positive though. I hope I'm wrong.

bohercom

"....you'd swear that building and growing a mining company is the easiest thing possible...."

If you are an expert in your chosen field it should be. If you're not then vacate the hot seat. You can only feck up so many times before it becomes telling. The Buffet maxim "top class management with a mediocre asset is better than mediocre management with a top class asset" springs to mind.

Criticism is allowed you know.

TDT

If they had dpne what they said they were going to do when they said they were going to do it they should have been in a position to repay debt not convert it. The ore sorter and new jig together with the increase in the price of tin should have made this possible.

Dilution is never easy to take, especially when it seems there could have been another option but it is what it is. I guess the 15 day VWAP to get the share price up to 3.85p helps explain AVs tweet the other week.

TDT

Ooops. Sorry about the repeat post.

TDT

Nesty

They bought Azure without a DFS for the lithium but that seems to have been a bit of a gung-ho decision. Their approach to LR seems to be a lot more measured.

Richyf3

A bulk tonnage project can be more profitable over a longer mine life with low grades due to economies of scale but that's not to say the grade isn't important. Grade goes a long way to determining AISC and the lower the AISC the better your position on the global cost curve so I doubt SQM are only attracted to LR because of its size and the continuity alone. Grade is still king and even more so if the high grade deposit is humongous.

"....we are ahead on azure comparison already....'

Agreed 😊

TDT

Nesty

They bought Azure without a DFS for the lithium but that seems to have been a bit of a gung-ho decision. Their approach to LR seems to be a lot more measured.

Richyf3

A bulk tonnage project can be more profitable over a longer mine life with low grades due to economies of scale but that's not to say the grade isn't important. Grade goes a long way to determining AISC and the lower the AISC the better your position on the global cost curve so I doubt SQM are only attracted to LR because of its size and the continuity alone. Grade is still king and even more so if the high grade deposit is humongous.

"....we are ahead on azure comparison already....'

Agreed 😊

TDT

I think the apples with apples comparison between Azure and Andrada is an interesting one. Azure had several MRE's for nickel, copper and cobalt to indicated and inferred prior to the buyout but no MRE to JORC standard for lithium. SQM seem to be taking a more measured approach with Andrada. We don't have an MRE on Lithium Ridge either but we are locked into this agreement. Stage 1 SQM funds US$7 million in exploration over ~18 months. 30% equity. Stage 2 SQM funds an additional US$13 million in exploration over ~24 months, +10%, totalling 40%. Continuing exploration funding earns SQM a cumulative 40% interest. Stage 3 SQM achieves either: 1) Completion of a Definitive Feasibility Study (DFS) or 2) Cumulative project expenditure of US$40 million +10%, totalling 50%.

That seems like a pretty long timeline we're locked into. The additional rig now working at LR might jolly things along a bit but it still looks like pretty close to the end of the decade before we will see a completed DFS. Anybody got any ideas why SQM bought Azure outright with no MRE for the lithium but haven't done the same with Andrada?

SQM could buy Andrada, or at least Lithium ridge outright but can anybody think of any reason, at this stage, why they would? They've got LR locked up with this 3 stage earn in deal.

Some pre SQM intercepts at LR are much better than you'v suggested Richyf3

ATNN17: 39 m @ 1.57 % Li₂O from 16 m downhole, including 25 m @ 1.73 % Li₂O.

ATNN23: 57 m @ 1.52 % Li₂O from 15 m downhole, including 32 m @ 1.85 % Li₂O.

ATNN24: 20 m @ 1.36 % Li₂O from 20 m, including 9 m @ 2.01 % Li₂O.

ATNN25: 22 m @ 1.28 % Li₂O from 17 m, including 9 m @ 2.03 % Li₂O.

Early_Bird

"ATM’s three Tier-1 assets"

Which assets are these then?

TDT

Copper1

Its AUS$1.7B not US$1.7B so closer to 47p per share than 75p per share. Still, not to be sniffed at.

Have you looked at, Azure/Andrada, to determine how close they both are to a apples for apples comparison.

TDT

HarChris

The justification for the change in reporting doesn't really stack-up, does it.

What "....distort(s) the underlying progress...." is AV failing to deliver. If he were to do what he says he's going to do when he says he's going to do it there wouldn't be these variations in AISC. It would be a gentle but consistent reduction in AISC. In deciding not to report AISC quarterly they remove a metric, and an important one at that, that allows PIs to judge progress.

TDT

This may have been posted already so apologies if it has.

https://theextractormagazine.com/2026/01/12/andrada-sets-uis-operational-optimisation-and-lithium-preparation-as-2026-target/

Its dated 12/01/2026 so its recent.

TDT

Its 20 tonnes a month hedged at $34,000/tonne. I believe that expire May 2026.

The last published AISC can be found in the 2nd. Q RNS dated 15/09.2025. AISC was $27,836/tonne + Orion Royalty of $2,953. The total $30,789. The last quarters results released 17/12/2025 didn't confirm the AISC for that period. Given Andrada's track record I think it safe to assume it was higher.

Until Andrada confirms what it has sold and how much for we are, as frequently with this company, in the dark.

If you want to track the price of tin over time you might find this web site helpful.

https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Sn_cash

TDT

This needs an RNS of substance to keep the momentum going and to put a floor under this rise. Tin and lithium prices have done their best to get us up there. It's now up to AV to take us to the next level, if he's able. No more tweet AV, news of progress only please.

TDT

A friend reminded me of the following recently. To paraphrase Warren Buffet

"Good management with a mediocre asset is better than poor management with a spectacular one."

With 17m+ shares in the company you would hope that AV would be just as keen not to screw this up as we are to see AV not screw this up.

Does the make-up of the current BoD and non-execs go any way to re-assure? I'll leave that one hanging.

TDT

Shareholder figures from July 2024 updated each month (mostly).

https://we.tl/t-tPgyaoxwbe

The spread sheet will remain downloadable for three days.

The notifiable shares total just over 1B so there's another 800m or so floating around that aren't visible or notifiable.

TDT

Deam505

The RNS from 4 weeks ago was the quarterly results up to November 2025. Over 6 weeks have passed since then. If there was anything significant to announce to the market to cover that period it should be released. There's nothing to prevent back to back or RNSs or RNSs being release in short order. Anything material should be released without delay. What you seem to be saying is the tweet merely repeats what was in the third quarters RNS but that doesn't stack up with the wording used and if it was as you suggest then why?

The "vastly improved" comment will go down with the "eye watering" comment as a classic example of AV no knowing when to say nothing at all.

TDT

Safaniya

You'd have to go through some extraordinary linguistic gymnastics to interpret “supported by vastly improved operational performance.” to mean "His tweet is simply acknowledging the high price of Tin" but if that's how you see it that's your choice. If you're having difficulty reading the tweet perhaps switch a light on.

TDT

Dean505

The RNS you refer to was the quarters results up to the end of November 2025. We have had over 6 weeks of production since and are almost half way to the next quarterly update. What he said in the tweet isn't what's in the RNS. The last quarters figures were not far of fthe previous quarters figures and the previous ones before that. What he is saying in his tweet now is something is "vastly improved". The best interpretation you can give quarter on quarter improvements is modest. I'm not sure where "vastly improved" comes in.

As for getting the name out there do you honestly think a tweet is the way to do that?

"....better than radio silence." If its followed up with something you can hang your hat on then fine otherwise this will do what it has done so many times in the past, dribble back down.

When you have a firm. nailed on reputation for over promising and under delivering you shouldn't be surprised if everything you say it taken with a large pinch of salt.

RNS it or keep schtum until you can otherwise any future "vast improvements" are likely to be met with a similar piffling 1.32%+ response.

TDT

Rgbuk

Using laguage like "vastly improved" without quantifying what that actually means is incredibly vague and open to misinterpretation. Furthermore the unresolved issues at Goantagab and the ongoing commissioning of the new jig make the use of "vastly improved" in a post on social media even more suspect. Is this AV, with the same frustrations we all have with the share price, deciding to take matters into his own hands and giving things a bit of a pump?

Add to that the sizeable slugs being regularly dumped into the market and you have to wonder what's going on.

AV will need to back this up with an RNS otherwise he's creating a false market. The rise is welcome but unlikely to stick if there's nothing to substantiate "vastly improved". Come on AV put a few numbers to what you mean by "vastly improved".

TDT

“supported by vastly improved operational performance.”

Shouldn’t this be in an RNS given everything else that’s going on!

TDT

Incredible moves from tin and lithium, predictable response from Andrada.

TDT