Member Info for TrickyDicky2

The old “nearology” ploy! Bell’s been playing that one for well over 10 years now and it’s turned up nothing more than the middle of a polo mint.

TDT

BoB

You neglect to mention that Stalin was largely responsible for his military's poor performance in the opening stages of operation Barbarossa due to him having the officer class executed, or the millions who died during Stalin's decision to collectivise the farms, or the millions who disappeared into the Gulags or the millions who starved to death due to his callous attitude towards his own civilian population.

You can lay a large part of Russia's death toll during WW2 at Stalin's door and that's before you look at the number of his own people he killed before the war started and after it ended.

"NATO and its imperialist aims."

I wonder who has their hand up your back passage pulling your strings?

TDT

Thought you'd given up Dicko80.

TDT

Just to be clear.

"DTR 5 requires investors to notify issuers and the FCA when their holding of voting rights in a UK-listed company reaches, exceeds, or falls below 3% and each 1% threshold thereafter (e.g., 4%, 5%, 6%...). Notifications are required within two trading days for acquisitions, disposals, or financial instruments (e.g., derivatives) that reach these thresholds."

"Thresholds: The initial notification threshold is 3%, followed by every 1% increment. For non-UK issuers, specific thresholds apply (5%, 10%, 15%, 20%, 25%, 30%, 50%, 75%)"

From the Andrada Mining Memorandum & Articles Section 13:-

"13.2 If at any time the Company shall have a class of shares admitted to trading on AIM or admitted to listing on the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities, the provisions of DTR 5 shall be deemed to be incorporated by reference into these Articles and accordingly the vote holder and issuer notification rules set out in DTR 5 shall apply to the Company and each Member.

"13.3 For the purposes of the incorporation by reference of DTR-5 into these Articles and the application of DTR-5 to the Company and each Member, the Company shall (for the purposes of this Article 13 only) be deemed to be an "issuer", as such term is defined in DTR-5 (and not, for the avoidance of doubt, a "non-UK issuer", as such term in defined in DTR-5)"

The 3% requirement applies to everybody and notification is required within 2 days of a relevant event.

TDT

@lowlander

What’s interesting is that Andrada updates its significant shareholder information on its website monthly, even though there is no obligation to do so. Under the AIM Rules, these disclosures are only required to be updated every six months. In addition, Andrada appears to require DTR 5–style disclosures from shareholders, despite not being formally obliged to apply DTR 5 as a non-UK incorporated AIM company.

I’m less convinced that all major shareholders consistently comply with the spirit (or letter) of DTR 5–type disclosure. Andrada has clearly set things up to be as transparent as possible, but transparency only really works if it is observed and enforced. In practice, that’s difficult, because the obligation to notify rests with the shareholder, not the company, and relies on the holder submitting a TR-1.

The company’s Memorandum & Articles typically include provisions allowing the board to suspend voting rights for shareholders in breach of disclosure obligations. That is a fairly drastic step, though, and not something a company would want to threaten lightly against one of its major shareholders, particularly in a small-cap AIM context where relationships matter.

TDT

@lowlander

Its not that simple.

On AIM, shareholding disclosures can be driven by AIM Rules for Companies (the AIM rulebook itself), and the UK’s Disclosure Guidance and Transparency Rules (DTR 5) made by the Financial Conduct Authority.

For UK-incorporated AIM companies 3% first threshold, then every 1%. For AIM companies that are UK-incorporated, the AIM Rules import the UK disclosure regime, first notification at 3% then at 4%, 5%, 6%, etc. (every 1% movement). This comes from AIM Rule 17 (Significant shareholders), which sets the 3% trigger, and the FCA’s DTR 5, which governs how shareholders notify crossings and subsequent percentage changes.

So for a UK AIM company, you’ll typically see 3% → 4% → 5% → 6% → 7% … disclosed. Which one applies (or whether both apply) depends on where the company is incorporated and whether it is treated as a UK issuer for disclosure purposes.

Many AIM companies are incorporated outside the UK (Jersey for example). These companies do not fall under the FCA’s DTR regime, and are only subject to the AIM Rules minimum disclosure standard.

In practice, that means they follow the AIM default disclosure convention, which is first notification at 5% then at 10%, 15%, 20%, etc. (every 5%).

In short:-

If it’s UK-incorporated → expect 3% + every 1%

If it’s non-UK → expect 5% + every 5%

Some non-UK AIM companies, however, voluntarily adopt the 3% / 1% standard in their articles or investor policies to appear more transparent to UK investors. So occasionally you’ll see a foreign AIM company still reporting at 3% — but that’s a choice, not a regulatory requirement.

Andrada, as I'm sure you know, is incorporated in the Channel Islands.

Section 4.3 (a) of Andrada's AIM Admissions document has this to say on the matter.

- Other relevant laws and regulations

- Disclosure of interests in shares

"The Disclosure and Transparency Rules do not apply to the Company but Chapter 5 thereof is incorporated by reference into the Articles and, accordingly, the vote holder and issuer notification rules set out in DTR 5 apply to the Company and each holder of shares of the Company."

I take that to mean ACAM is required to confirm if they are holding shares over 3% and every 1% boundary crossed thereafter. If anybody knows otherwise please say.

TDT

Https://s3.eu-central-1.amazonaws.com/afc-assets/afc/Minerals-Map-2026.pdf#asset:329363:url

https://www.africafc.org/fr/notre-impact/nos-publications/compendium-of-africas-strategic-minerals-2026

TDT

@lowlander

The last holding for ACAM reported on the Andrada website was dated 30 May 2025, at which time ACAM held 58,523,783 shares, representing 3.5% of the issued share capital. This is the same number and percentage disclosed in the 7 March RNS and subsequently reported in the monthly updates through to 30 May, after which ACAM no longer appears.

ACAM was mentioned again in an Andrada presentation from June 2025, which stated that they still held 3.5%. This appears to be the most recent reference to ACAM’s shareholding. ACAM has not been mentioned in any monthly updates since then.

You suggested that ACAM may have fallen off the 3%+ register due to an increase in the number of shares in issue. However, based on the latest figure published on the website of 1,929,686,100 shares in issue, ACAM’s original holding of 58,523,783 shares would still equate to 3.03%, so dilution alone does not explain their removal from the 3%+ list.

For the purposes of threshold calculations and notifications , holdings must be aggregated where one entity effectively controls or directly/indirectly holds shares through a group of companies.

This flows from the overarching Disclosure and Transparency Rules (DTR 5) that apply to AIM companies alongside the AIM Rules. Under DTR 5: Holdings of shares and related financial instruments are aggregated whether held directly or indirectly through subsidiaries, controlling relationships, or where one entity has control over another. For group companies, holdings are aggregated at the group level when calculating whether notification thresholds (e.g., 3%, 5%, etc.) have been reached or crossed.

If ACAM has not sold any of their original holding they now have 58,523,783 + 24,295,432 = 82,819,215 out of a total share capital of 1,953,981,532 which amounts to 4.238%.

TDT

Richyf3

"....he made himself look stupid last time...."

Really! Explain.

TDT

Play the ball RD not the man.

TDT

Doesn't anybody wonder why this grant is needed given the £7.7m raised in July 2023 and the $25m raised in September 2023? The former to fund a lithium pilot plant the latter to"....to accelerate lithium and tantalum revenue streams, including metallurgical test work and related development around the Uis lithium resource."

These funds are going towards producing a BFS for a 50,000 tpa lithium project to be produced from existing processing waste (tailings). If they need this money for a BFS doesn't it make you wonder where all the other money went.

TDT

Mr_Wolfe

I'm not sure I recognise that emoji although it does look a bit like a turd.

I guess if the emoji fits 🤣

TDT

Neither do the Quislings of today.

TDT

“….the US general with more medals than a banana 🍌 republic dictator outflanked by ample girth. ”

Said the Quisling.

TDT

Robbie got it right......

https://www.youtube.com/watch?v=MdYGQ7B0Vew

TDT

"You can fool some

of the people all of

the time, and all the

people some of the

time, which is just

long enough to be

president of the

United States."

TDT

Bohercom

You said "....he must have delivered on exploration...."

Afritin didn't kick off exploring. They started life as a tailings processing company. The demand for lithium developed well after Afritin started their tailings project. AV got lucky I guess that Uis contained a whole load of lithium bear pegmatites. A lot o the information Andrada has relied upon to get to where they are at currently has come from the drill logs of work done previously by others.

TDT

"Future growth, comes a price."

We know that because AV told us in an RNS back in February when arranging the $2.5m loan that "Potential for immediate, significant increase in tin production and therefore enhanced cashflow" would follow.

You speculate to accumulate. What you hope to accumulate, however, is an increase in value not further dilution.

TDT

Bohercom

When founded in 2017, AfriTin’s strategy was to revive the former Iscor tin mine at Uis by starting with a low-capital, pilot-scale operation. This involved analyzing the reprocessing potential of existing, extensive tailings dumps from historical mining. There's not much exploration going on in a tailings processing operation.

TDT

SQM brought Gina Rinehart in on the Azure Minerals buyout.

Maybe SQM could bring Robert Friedland with them when they buy Andrada.

Having somebody at the helm who knows what they're doing would make all the difference.

TDT