Member Info for TrickyDicky2

This research note also states.

5. High management competence

The management team has extensive experience implementing mining projects in Russia and internationally. The team has repeatedly demonstrated its ability to successfully scale assets from exploration to sustainable commercial production.

That should give you all a good giggle.

TDT

Maidit308

".......that's a really good sign that RRR could hit a penny in short orders....."

You do realise that 1p per share would value this POS at £72.5m, a market cap that it has never had and will never see.

TDT

Bohercom

Good spot and thanks for posting, much appreciated.

Lets hope Andrada can now get a wiggle on and report the processing of high grade ore from Goantagab. The ball is now in play.

TDT

The Quisling speaks.

Being out numbered in manpower in an asymmetric conflict is irrelevant. Its the technology that counts.

TDT

WiKi Q&A

Q - Is Korea still at war?

A - Yes, Korea remains technically at war because the Korean War ended in a 1953 armistice, not a formal peace treaty. Although large-scale combat stopped, the conflict never truly ended and continues as a state of military standoff with high tensions, characterized by North Korea's nuclear program and sporadic clashes. Both countries have different political systems, with North Korea under a communist regime and South Korea a democracy, and they remain divided by the Demilitarized Zone (DMZ).

Yawn 🥱

TDT

You will know if the new jig is operational, processing Goantagab ore and producing increased amounts of tin concentrate in advance of it being announced because the share price will spike ahead of the news being released.

TDT

Bohercom

This might help explain why ore sorting at such low grade might be problematic.

"At 0.14% Sn, ore sorting can work, but only if the cassiterite is strongly localised in certain rock fragments and shows a clear XRT density contrast. If cassiterite is finely disseminated, the sorter will not improve the grade enough to justify the cost, you’ll just be throwing tin into the waste pile. Typically, a bulk sample test program with a pilot-scale sorter is essential before committing capital."

Does anybody know if a "pilot-scale sorter" was tried?

TDT

Hi PD

Point taken.

To be honest I wasn't expecting much from the ore sorters anyway. Given its primary function, it was never likely it was going to add much to the low grade ore currently going trough the existing jig at Uis. It would probably be better deployed on the Goantagab ore going through the new jig.

On the Orion Mine Finance royalty deal the terms are initial rate ~ 5.13% of gross tin revenue at the current production rate. As tin production increases (annualised contained tin), the rate will reduce in stages. For example at 1,600-2,000 tpa (tonnes per annum) it reduces to ~4.50-3.61%. - Ultimately, after a “Phase 2 expansion,” the rate drops substantially to ~0.86%. The penalty increases if production is not achieved within 15 months from drawdown. In that case the royalty rate temporarily increases to 9.63% until the production milestone is met. The Orion take is painful but if the second jig and Goantagab kick in as expected (hoped) the Orion take reduces significantly, as the amount of contained tin increases.

It really does all hinge of the Goantagab ore and new jig.

TDT

Page 62 od the Annual Report.

"Based on the forecasts, additional funding will be required within the next 12 months. As the Group is also currently expanding its tin operations, which are close to near-term production, the cash flow forecast assumes the successful completion of the jig plant to deliver the business strategy. Further funding will be required for additional exploration and capital projects as well as studies related to the feasibility of the future growth phases. These forecasts are sensitive to fluctuations in the quoted tin price."

"The Group believes it has several options available to it, including but not limited to, use of the overdraft facility, restructuring of the debt, additional debt or equity, cost reduction strategies as well as potential offtake arrangements."

Its the "As the Group is also currently expanding its tin operations, which are close to near-term production...." that leads me to believe that we will see the new jig pant processing Goantagab ore come the middle of October, if not sooner.

TDT

From the 21st. August RNS

"Commissioning of the Jig Plant to commence in the final week of August 2025"

The commissioning will take several weeks. I'd expect the new jig to be fully operational and producing no later than the middle of October.

If the ore sorters are parked for now is it not reasonable to assume that since the decision to acquire ore sorters a better option in Goantagab's higher grade ore materialised? Or do you think the ore sorters have simply failed to live up to the hype?

TDT

I don't think there is a hold-up. If there was something preventing them from fulfilling the 17th. June RNS statement “Interim processing of the high-grade ore will commence immediately through the existing Uis plant” they'd have to RNS it. Furthermore, I haven't seen anything that commits Andrada to fully processing the higher grade Goantagab ore through the existing Uis jig to produce tin concentrate. Maybe somebody else knows otherwise.

You can be disappointed if your own assumptions don't bear fruit but you can't lay that disappointment at the company's door even if they have been a bit sly in their 17th. June RNS wording.

I expect to see the new jig up and running no later than the middle of October, hopefully sooner. For the avoidance of doubt that's October 2025. That will give 6 to 7 weeks of high grade ore processing within the next quarterly update.

TDT

Total commissioning time for the new jig, assuming no major delays and given the relatively modest size of the new jig plant, should take 5 – 9 weeks (1.5 – 2 months). Commissioning started the end of August so the end of September is possible but, given that we're talking Andrada here, the end of October is more likely.

rgbuk

I think the statement in the 17th. June RNS regarding Goantagab ore is cleverly worded. It says the higher grade ore will be processed from that date, and I suspect it has been, but doesn't explicitly state processed fully. Slipping in "interim processing" allows them to slip off the hook but we shouldn't have long to wait before we do hear that this higher grade ore is being processed.

TDT

A mention of Goantagab in the RNS is noticeable by it absence. That’s the only niggle I have.

With regards to that statement in the 17th. June RNS it says “Interim processing” which I take to mean crushing of the ore. You don’t get concentrate until after the jig and it seems they’re holding back process any of the higher grade ore until the second jig is operational.

A second RNS before the end of the month perhaps?

TDT

I’m happy with that 😊

TDT

I don't know what everybody else is expecting from the quarter's results but I doubt its going to be a significant change but more like solid progress. It's not until the second jig is working processing 20,000 tonnes of 1.5%+ ore

per month that we are going to see a significant improvement in the amount of tin produced IMHO. An increase in contained tin to 250+tonnes and an AISC down to anything below $28,000/tonne would be a good result. A realised tin price per tonne of anything like the previous quarter ($32,993) would do me as well.

I think the significant news for the quarter will be confirmation of progress (jig, Goantagab, SQM and BW) and target dates. Something that confirms when we can expect the 2nd. jig to be fully operational, confirmation of progress with ore coming from Goantagab, target dates for SQM/Lithium Ridge and something confirming either progress at BW or names of potential partner for BW.

A bit early for Christmas but that's my wish list.

TDT

The amount of tin in the LME increasing by 30% since the end of August is another odd one. When the amount of tin in the LME goes up the price is supposed to fall. There can be a bit of a time lag before it does but stocks have been on the up since the middle of August.

Next week should be interesting and in more ways than one.

TDT

Since the end of August when tin in the LME was 2010 tonnes its gone up 17%, to now stand at 2,355 tonnes. That's quite a jump in less than 8 trading days.

I guess Myanmar back on stream!

TDT

....notoriously leaky share at it again? Any time I see a group of buys in the round thousands I'm inclined to assume somebody has either had the nod or notes are being passed at the RNS of an impending release.

I could be wrong but Andrada does have a tendency to leak more than Thames Water.

TDT

"The non-shareholder and never was a shareholder."

You're just jealous Hopeless, I bet you wish you hadn't invested here.

TDT