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REM Plc started as a shell under Chairman Lenigas who started the co. Lenigas funded the drilling of SONORA lithium project because Bacanora listed in Canada had capital markets that were not favourable at the time. Lenigas then got the TESLA contract for Bacanora but on Twitter, Lenigas said the board rejected it. Seeking Alpha wrote an article to say, it is not easy for a small co like REM to get a big Tesla contract and that would have meant that FUNDING to build would likely be successful with such an offtaker. Then, there was that 5p party in London which I did not attend. Subsequent to that, everyone knew that Leni would made a takeover bid for Bacanora and he did so so at £1. But Bacanora leaked it out to the market and REJECTED it saying it was not sufficient. But promptly, accepted GANFENG's offer for Bacanora eventaully at $361m. Initial offer 67.5p on May 2021 and finally 73.6p on Aug 2021, the latter with a sweetner of Zinnwald shares thrown in. FAST FORWARD: The Mexican Govt took Ganfeng's licence at Sonora Lithium, Mexico & they have launched a international arbitration case vs Mexico. The Mexican govt said they did not want to fight Ganfeng and the Orr Estate so they want it consolidated into 1 case. Recently, CADENCE & REM Mexico filed their own case vs Mexico for Sonora [JV 30% with Ganfeng]. HAD LENIGAS NOT DONE THE SCOPING STUDY PROVING NPV, then it would be difficult to lodge a case without MATHS behind it. LCM is funded the case for Cadence on Non-Recourse ie if the case is lost, nothing for Cadence to pay. But for Mexico, their OFFICIAL TREASURY REPORT produced a VALUATION OF $600BN for SONOARA. WHAT HAS HAAPPENED TO CEO OF BACANORA? He is now into bauxite on the ASX together with Hohnen. Meanwhile, there is DONROE DOCTRINE and it is doubtful, that on the surface, Ganfeng get back their Sonora licence and 30% JV with Cadence, they could start a mine? But had LENIGAS taken over Bacanora, there would be no issue for an AUSTRALIAN to run the mine. So, all the delay meant that Mexico finally "nationalised" the licences and Observer842 said had Leni taken it over, then the mine would be up and running. Lenigas got Kiran to run REM but they changed the name to Cadence and with the new Chairman, they pivoted to iron ore ie Amapa in Brazil and this is now running along etc. So, that ends the story of REM plc. I will be entering ___REM II___ [what I think could be REM II? IMHO under Lenigas and hope for the best. Mon, 18 May 2026. Zeus has recently produced a broker report on the potential of the litigation etc for Cadence. News. A HISTORY ONLY.

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I noticed that Kiran Mozaria , CEO of Cadence Minerals did an INTERVIEW with:

[1] CRUX INVESTORS [2] CRUX INVESTORS wrote an article and it stated it is "INSTITUTIONAL GRADE" hence why they also cited Guinea iron ore coming online ie the supply universe must always be studied as is norm. [3] Interview with Alan Green to talk specifically about the start of near term cash flow from the AZTECA PLANT. _________Crux Investors states at the bottom of their article they have 45,000 INVESTORS on their platform which means that it will NO longer be just the usual traders etc. But I recall that Crux said that their services are not cheap so it is apt for KDNC to use Crux Investors to reach a wider investor audience. I noticed that Empire Metals with their Australian Titanium project in Australia also used Crux Investors recently.

[2] No one on the main forum is talking about going to the KDNC General Meeting in London at Broadgate , offices of the legal counsel I am NOT sure why because that is usually discussed about MEET UP after etc. Many of these meets have an AFTER informal chat and it can be very insightful. I have a FEW QUESTIONS about the NEXT CAPEX to come for the AMAPA IRON ORE PROJECT which is not as prohibitive given they have the RAILWAY and port etc as Crux Investors stated in the article. My View: I recall the MC ARTHUR CEO flying from CANADA to SYDNEY to go to the MILLIONAIRE FACTORY as they call it via DL. I cannot think one can just walk into MACQUARIES BANK just like that without an INTRODUCTION because the subject matter is to borrow money. I am right in this because the CEO of MC ARTHUR flew to London to meet the TEAM which is the same office as DL then. In fact, no one knew until the McArthur CEO tweeted the PICTURES of him at the offices of CADENCE. What has MacArthur to do with CADENCE given Cadence Minerals only has a SMALL STAKE IN MC ARTHUR under its investment portfolio and therefore WHY WOULD MC ARTHUR CEO HAVE TO TURN TO CADENCE TO GET AN INTRO TO MACQUARIES BANK? AND THE MC ARTHUR CEO THANKED DL as I believe DL arranged for GLENCORE to give the deal to MacArthur for the upfront forward potential supply of iron ore VALUED AT US$4 BILLION FOR 10 YRS [it is still on open file data on Google]. Everyone was shocked at the time as GLENCORE taking iron ore before it can even start and into BILLIONS USD$ was unheard of. WITHOUT CONTACTS, NO ONE HAS HEARD OF SOMETHING LIKE THAT.

SAME WITH TESLA GIVING BACANORA Minerals the long term SUPPLY DEAL for the SONORA LITHIUM PROJECT. I posted on this site via REM PLC from Seeking Alpha who said IT WAS UNHEARD OF ie a tiny co like REM plc 's DL getting a supply deal from TESLA! Seeking Alpha also said with such a SUPPLY DEAL, it would be EASY TO GET CAPEX due to the supply deal with a MEGA co ie now a MAG 7.

By contrast, the capex of some $300m USD for Amapa cannot be fulfilled just from the near term cash flow, I think? It would need again, a SUPPLY DEAL or CONTACTS TO A T

I recall, that at the height of the REM Plc party in London which I did NOT attend, 5p for REM Plc was mentioned. REM Plc hit 2.25p which had a approximate MKT CAP OF SOME £90M. So, the 5p party POTENTIAL would mean in the area of £180M.

The AMAPA iron ore project has an NPV of ---US$1.97BN per the below data from the KDNC RNS of 10.9.25 and both Crux Investor's article etc.

___ZEUS NOTE states a POTENTIAL PRICE TARGET OF 21.8 pence. On Fri, 12.9.25 the KDNC share price is 2.45p = £8m mkt cap [yesterday]. So that is roughly in the region of 10X today's price approximately= KDNC GOES BACK TO THE REM PLC DAYS OF AROUND 80-90M MKT CAP AT 2.25P the height.

---------------5p party then?---------In order to get the 5p party, the MKT CAP has to rise to some £180M MKT CAP ie DOUBLE. Ah, that could potentially be in academic theory at a much later time perhaps or POSSIBILY , when in production, by which time it can be VALUED on income and revenue as is NORM for operating co's.

CRUX INVESTORS: There is both an interview and article by Crux and it is correct as they say, KDNC's Amapa iron ore project does have A RAILWAY which is

the crux to transporting the iron ore.-------------In many cases like BAOBAB on the London stock market, it fell as building a RAILWAY has terrific CAPEX cost in itself. Baobab is no more.

SUMMARY: As DL , the Chairman said, he left REM Plc in good hands [para phrased]. Yes, Kiran Mozaria is the right person to take the project forward given he speaks the language in Brazil and it helps to understand the ground infrastructure etc. The Crux Investor's article is aware of the big Guinea iron ore project coming up. From the time AMAPA was discussed, it is down to the COST of the IRON ORE, the GRADE, the infrastructure which is ready to some extent, means only the TECHNICAL reports have to be done as is norm--------------and CAPEX which is also not as prohibitive as green field project ie start from scratch.--------------SO, WELL DONE TO KIRAN MOZARIA. Sat News, 13 Sep 2025.

It is regrettable that the other forum does not appear to allow just a simple sentence of DL Chairman of REM Plc to KDNC Plc under Kiran Mozaria since they go back a LONG TIME ie DAYS WHEN DL, CHAIRMAN OF REM PLC WAS EXE CUTIVE CHAIRMAN OF THE LARGE CONGLOMERATE, LONHRO PLC. I was rather taken aback by the conversation last night but on reflection I can see the attitude which I suppose is a good thing to know reality. So, this forum can now close on the note that KDNC has lived to see another day but other co's in resource are NOT as fortunate as they are no longer here ie Baobab. DYOR.

I will post on this forum to finish the story of REM plc and the 5p London party. Here are FACTS: REM plc at 2.25p was around £90m mkt cap per Dallas on this forum. GANFENG PAID BCN $391M USD for Sonora but not for REM's licence JV 30%. One now knows for a FACT via leading Mexican publications/newspapers that the horse's mouth told Mexican press that they intended to supply TESLA across the Mexican border to USA which was NOT a long distance. REM'er mentioned this. I tweeted the article to DAVID LENIGAS, Chairman of REM and he stated that the board REJECTED the TESLA OFF-TAKE DEAL HE GOT. Seeking Alpha stated that with a TESLA OFF-TAKE , that would OPEN DOORS as norm to CAPITAL ie $$$. Lenigas's 5p party in London which I did not attend @REM plc would have taken REM to some £180m mkt cap which would be reasonable since Lenigas said he would do a CHESS move. That chess move to offer £1 for BCN was scuppered once BCN quickly put out an RNS that it UNDER-VALUES the co. Well, Ganfeng offered some 45p basic and investors grumbled since they said BCN was £1.50 before the mess up over financing. Lenigas also said that in takeovers of lithium projects, the last one was at US$400m so this is correct given Ganfeng paid $391m and already the threat of nationalisation was already known. MEXICAN NATIONALISATION HAS HAPPENED OF BCN @SONORA. Ganfeng may have said in their financials they are waiting for legal counsel to advice but on the GROUND, NOTHING DONE YET ie to lodge at an international arbitration court. Why? Well, there was a Mexican article etc that was from the CEO that they can WORK around the political issue of Uncle Sam. How? So, NOT surprised that Ganfeng has now gone on to take over a MALI lithium co. Maybe, they are moving on and that is now between them and the CEO of Sonora lithium since its their biz what happened. Observer said that HAD REM taken OVER BCN , then LENIGAS WORKS FAST AND THE MINE WOULD BE UP AND RUNNING = harder for Mex govt to say not enough progress on Sonora etc as the reason for the nationalisation etc. MORAL OF THE STORY: Moral is that now the /// is now on the CEO of Sonora, and therefore one sees the REM'ers were right ie they support the Chairman of REM plc. I mentioned on this forum that when KDNC was close to 30p, that if folks wanted out, they could do so for a temporary measure as AMAPA would take some time to get up and running. That has now been proved correct as this is normal ie stocks move with news. I take no pleasure in being correct because I did it as I am aware people's savings have gone in. As for Lenigas, he cant produce EVERY WINNER just as one cant win the National every year ie same horse, same trainer. At the momo, one of his Aussie stock is active and he has stated on Twitter today, that he can TWEET but ONE HAS TO CHOSE and DECIDE for one self. SO, MORAL OF THE STORY IS ASSESS AND DO SOME RESEARCH /DUE DILIGENCE and not just jump in. STORY ENDS WITH MEXICAN GOVT TREASURY OFFICIA

KDNC RNS, 31 AUG 2023 -SONORA UPDATE

Per the RNS, the licences have been taken back although not final if I read it correctly.

The info I got was accurate: "MEXICO NEGOTIATING RECOVERY OF LITHIUM CONCESSIONS."-BNAmericas,

25 Jan 2023. The name of the co was not named but there can be no other co except Ganfeng who owns the Sonora project +30% JV with KDNC.

FINANCING OF SONORA

"Mexico values it Sonora lithium deposits at $600bn."-Mining.com, 22 Sep 2022.

It is going to take deep pockets to develop SONORA especially the technology.

The technology is the main bug bear as clay deposits in commercial quantities is not going to be that easy.

"TESLA eyes Mexico expansion, earmarking new export hub NEAR SONORA LITHIUM DEPOSIT."-Proactive Investors, 1 Feb 2023.

Conclusion:

1] At its height, REM plc under DL at 2.25p had a mkt cap of £95m.

According to DL, it was correct now proven that it could be taken over at some $400m if a past takeover was a benchmark.

So, what went wrong? As Seeking Alpha stated that once REM got TESLA as an off-take partner, then

FINANCING would be much easier with banks.

DL had in recent times revealed that the board was NOT in fa vour.

But after the takeover of BCN, Ganfeng was going to sell to Tesla the lithium!!!

Shareholders rejected REM plc's £1 takeover offer and when finally taken over it was some 45p headline.

Also, shareholders of BCN had said tis and that and in the end, the takeover price was 1/2 of REM's offer.

Kiran Mozario, CEO of KDNC recently said in an interview that had REM plc taken over Sonora, IT WOULD HAVE BEEN IN PRODUCTION BY NOW. Then, of course, with a mine going, any takeover would be much more difficult

as mine licence would have been granted and it would go to international tribunal if it got taken ie it is an asset.

Shareholders of BCN were not happy with the takeover price and thought it was worth 10x more and related this to a newspaper but they forgot that it was at risk by then from nationalisation.

Well, at least we know the end of this story and will have to wait until there is further development if any.

I regret posting on this forum as I did not like to post some commercial reality given that at that stage, the price had risen and if REM'ers wanted an exit at par, they could do so. Many AIM co's lack liquidity these days as many have left

buying AIM stocks and the stock market itself has been very volatile in the last few years.

I cited below Kiran Mozaria, CEO of KDNC's interview with Stockbox on 31 July 2023.

Mr Mozaria was so enthused about the success of their investee co, EVERGREEN which KDNC listed on the Australian Stock Exchange and has such a HIGH MKT VALUE of some £27m [A$60m to A$53m recently] WITHOUT 1 SINGLE DRILL

carried out on BRYNOE [old name Litchfield, Northern Territory, Australia NEXT TO CORE LITHIUM'S FINNISS Lithium project].

[1]So, I went back to have a look at what Mr Mozaria said about Litchfield and came across his interview with VOX.

Mr Mozaria said that KDNC INVESTED SOME £800K INTO THEIR 3 AUSTRALIAN LITHIUM LICENCES and their

share of some 8%+ is worth £4.1 Million. YES, A VERY GOOD RETURN as said in such a short time.

-----NO WONDER WHY AT THE LAST AGM of "we dont make much of our Australian assets" to current thinking of

looking for perhaps MORE LITHIUM PROJECTS. !! Hence, those going to the KDNC 2023 AGM should ask Mr Mozaria more about this IF THIS IS THE DIRECTION FOR KDNC moving forward???

[2]Here and there, from the 2 interviews, I get the gist that for AMAPA , the iron ore project, Mr Mozaria is looking for a trade sale, JV etc OR LIST ON THE AUSTRALIAN STOCK EXCHANGE ie SPIN OUT. So, have to wait to see.

[3]SONORA Lithium, Mexico --KDNC 30% JV.

KDNC's broker has produced a broker note and they used the sale of Bacanora LIthium to Ganfeng to do the calculations and provided TWO figures, one discounted and one not discounted for country /sector risk etc. So, that is going to be as and when.

KDNC IS STILL AN INVESTMENT CO.

For this reason, it depends on what happens to Amapa. If KDNC does a JV or sale or spin out, it will mean that

KDNC will be back to the days of REM plc. Why? Does it go with 1 project in the main ie at Sonora? Or does it go the

post REM plc days ie investing in early stage junior explorers?

Mr Mozaria is cognisant that the market will not attribute a value to Amapa to be reflected in a higher mkt cap attributable and this is from Mr Mozaria himself on 31 July 2023. Why? Since Amapa is a iron ore asset of which they are part owners, the market wants to see CASH FLOW , EBITDA to fully provide a note for a higher valuation.

This is why KDNC is and Mr Mozaria himself is cognisant and therefore the future of KDNC will rest on the strategy moving forward. KDNC is not alone in this and as Mr Mozaria said, SONORA would have already come to PRODUCTION

if REM plc [old name for KDNC] had been successful in taking over Bacanora Lithium at £1. Gen did not offer £1.

Many commentators like Seeking Alpha said that with LENIGAS GETTING IN TESLA, then funds to develop may have been forthcoming from the market as norm as they see a potential off-taker in situ.

Now, that same TESLA is building a giga factory on the doorstep of SONORA and I wonder where the lithium is coming from? Those from REM plc days will remember what old timers talked about ie SONORA is on the DOORSTEP of car manufa