Jun. 6 at 12:11 PM
$APAAF The completed SK-1300 report is a great sign as that report is for US based regulators and aligns with Ultras intent to IPO (possibly by year end). Rare Earths Americas (REA) just IPO’d for
$400M and doesn’t even have a completed SK-1300 (let alone a PFS) which helps demonstrate Ultra/Appia are much, much further along in the development process. I still expect the PFS to be completed by year end but it may be pushed to Q1 2027.
Not sure if you watched it, but InvestorNews did a Q&A with Tom just prior to the filming of this interview. Jack Lifton (co-chair of CMI) was there and was highly, highly favorable to Tom’s Brazil prospects. Jacks take was the IPO will be somewhere in the mid 9-figures.
Appia holds 2.3m shares of Ultra. Ultra should IPO in the
$25 range. Appia will have
$50-60m of liquid asset on their books upon IPO…risks of future shareholder dilution goes to zero IMO.
$70-80m APAAF market cap once that happens…4x from here.
