Member Info for 46Gillingham

AKHM

All ive seen is someone posted a few days ago a reply from Peter saying the next update will be with the March interim

Whats Happening with this?

I've supported the ambition to bring a Net Zero MSAR product to market well ahead of 2030 and believe the strategic timing is right. My concern is not the product vision, but the ability of the current QED team to commercialise it. Based on over a decade+ of observed performance, I have limited confidence that the existing marketing and go to market capability will deliver credible market traction without material change. If the Board wishes to progress Net Zero MSAR at pace, this risk needs to be explicitly acknowledged and mitigated through changes to leadership, governance, or route to market. I.E. a complete re-think

Cash position June 2025 £5,900,000 with a burn of £300,000 pm by October 2026 they will have £1,100,000 remaining. Options with no news

Raising more money at 1pish, massive delusion.

If the trial has been announced then they still will be raising more money however this will be at a much high SP. Everyone should be happy with this.

No new by October market the company and let some other company move MSAR forward

At the moment, I see this as a speculative punt rather than a conviction investment. There is no clear entry point other than waiting for a catalyst.

If a trial is announced, I would expect a significant uplift in the share price on the back of renewed momentum and market interest. However, if nothing material happens, the shares are likely to drift lower over time and could fall back towards around 1.5p or below. In the current scenario, it becomes a complete gamble.

In short, it is very binary: meaningful upside on positive news, but clear downside risk if progress continues to stall.

We should also not forget that QED is burning through £300,000+ per month and has done so for years and really delivering nothing commercially . At this point, Peter and the team need to deliver. Personally, there will be no more money from me unless they do.

January 2025 we were touching a market cap of Approximately £130-140m. Today we are hovering just above £40m with £30m knocking on the door. Plus Qed yet again £3m+ poorer. Peter please sort this out

"The next update will be the March interims"

The update will tell us what we already know....Working hard trying to get everything signed.

What we need is an RNS with real progress announced and that can come anytime however not sure it will be soon but maybe towards the end of Q1 fingers crossed.

If a funding is announced without any concrete news cant see it being supported

Yes Hotfinance. That was Jason word of wisdom. None of which have come true

My Reply

Thank you for your mail.

While exact timings are difficult to control with so many larger players than ourselves involved, we continue to carry out the strategy as outlined at the AGM and also at subsequent briefings: We “chase” down each one of our counterparties, we seek one-on-one meetings within all stakeholders and seek to push the next action or obtain some sort of clarity on what might be blocking progress and what we might fo to unlock same. I.e. focusing on the parts that we can influence.

We have been doing that non-stop also over December and January - we will continue to remain narrowly focused on getting the MSC documents signed and trials up and running, on securing another trial with another credible shipowner and on getting a decision on our equipment currently placed at the premises of OCP.

Best regards

Peter Borup

Chief Executive Officer

Dear Peter,

Since becoming CEO of Quadrise, you have referenced two specific periods — November and subsequently January — during which you indicated you hoped to announce that the MSN trial had been signed, together with clear start and completion dates for that trial.

In hindsight, it is evident that the necessary due diligence had not been completed in either instance, as neither announcement materialised. These dates therefore appear to have been aspirational rather than achievable, and they raised shareholder expectations that were not met.

Unfortunately, this approach reflects a pattern that long-standing shareholders of Quadrise have experienced over many years: optimism and timelines communicated to the market, followed by little explanation when those milestones are missed. The result is predictable — erosion of trust and continued pressure on the share price, which is once again close to historic lows.

I understand the reluctance to issue updates in the absence of tangible progress. However, once dates or expectations are communicated, failure to meet them without clear explanation almost inevitably leads to negative market reaction. That is exactly what has occurred.

This is particularly frustrating given that there appear to be multiple opportunities in play — including several potential commercial projects, ongoing testing programmes, and initiatives across MSAR®, MSAR Zero, marine, and other applications. Despite this breadth of activity, shareholder communication remains weak, leaving investors simply waiting and watching.

Historically, the only periods of sustained communication have coincided with capital raises, during which activity and optimism temporarily increase, yet rarely translate into the outcomes implied at the time.

At this stage, shareholders need either:

demonstrable execution and delivery against communicated milestones, or

a serious consideration of alternative strategic options, including the sale of the business to an organisation with the scale, influence, and commercial capability to realise the technology’s potential.

Quadrise’s technology has long promised significant value. What is now required is decisive progress, clearer accountability, and a communications approach that reflects the reality of delivery rather than hope.

Yours sincerely,

The challenge compared with several years ago is the increase in shares in issue. With around 2 billion shares outstanding today, a 10p share price implies a market capitalisation of roughly £200m. Historically, when the share count was closer to 1 billion, the same 10p price would have implied a valuation of around £100m. That dilution materially changes the valuation context, which is why I am taking a more cautious view.

AKHM

What price do you see happening?

AKHM

Good question.

Assuming the team has been working hard behind the scenes, Q1 feels like a reasonable window for announcing that one or two trials are agreed and ready to start, Not January

Where I would slightly temper expectations is on the market reaction to those announcements. If the news is simply that paperwork is agreed and trials are commencing, a short term uplift of around 2p to 3p feels achievable

On the longer view, successful completion of trials over nine months is obviously necessary, I would wants to see a clear commercial pathway after the trials. I would hope this would drive the SP to 10p to 12p, feels possible if trials complete successfully and there is visible progress towards commercialisation during that period. Without that bridge to revenue, even “successful” trials I would suggest the SP would struggle to hold valuation gains.

Just a thought I wanted to share.

I have a sense that a funding event could occur at some point soon, not because Quadrise necessarily needs the money today, but because it may make strategic sense under the current circumstances.

With a new CEO in place, there is often a natural desire to ensure the business is well capitalised for the next two to three years, particularly where existing projects may take time to convert into material progress or news flow. Raising from a position of strength is typically preferable to being forced to do so later.

Framing any raise around Net Zero objectives and the longer term QED ambition could also be a logical approach, positioning the capital as enabling future delivery rather than addressing short term pressure. Maybe if this was the case it would also have to be lead by II

Of course, this is only an observation, but it would not surprise me if a call like this were made to give the company sufficient runway while current projects continue to mature.

Some of Quadrise RNS’s over the last 15 months

25 November 2024 Collaboration Agreement with Auramarin

26 November 2024 Collaboration and Operational Trial Agreement with MSC and Cargill paving the way for the long-awaited vessel trials on board the MSC Leandra (the "Trials").

16 December 2024 Material Transfer and Trial Agreement with Sparkle Power SA, Panama

15 January 2025 Valkor License Revenues

31 January 2025 Result of Upsized and Oversubscribed Retail Offer raising gross proceeds of approximately £6.53 million.

0 June 2025 Marine The expected bilateral agreements between MSC and Cargill, and Cargill and Quadrise, to initiate the commercial-scale marine trials are now in near final form and are expected to be concluded soon. Following signature, the trial equipment will be installed and commissioned at the MAC2 site in Antwerp, ahead of the commercial-scale marine trials commencing in Q3 2025.

15 September 2025 CEO Appointment

Will something happen in January 2026?

I think January is really Q1?

Had a very constructive meeting just before Christmas with Peter in QED London office.

I'm keeping everything crossed for a successful Q1

Possible 2 trials confirmed by End of January

Think I read all of this one years ago

During the year Quadrise commenced the SEASTARS EU Horizon Project, a consortium of 19 partners from 8 countries working together to drive sustainable shipping forwards. The Company is also awaiting approval on other similar EU-funded projects.

Commenting on the update, Peter Borup, Chief Executive Officer of QED, said:

"We obviously would have liked to have more to say about progress of the Company's main projects. However, we have taken advantage of the successful fund raising to significantly increase our experience base and capacity to improve our marine project management and the commercialisation of our unique technology."

"As a relatively small player dealing with larger and much more complex clients, our focus is now on more aggressive project management, with more assertive timeline management as well as pursuing parallel projects and trials to give ourselves more chances to advance our technology."

"This is particularly important at a time where the maritime industry needs to select technologies that together can offer cost savings and emissions reductions to meet the requirements of the EU regulations and ultimately the IMO."

Valkor: In September 2025, due to slower than expected production growth at Valkor's Utah operations, Quadrise and Valkor agreed a further addendum to the 2023 Site License and Supply Agreement. This sets out a revised timetable regarding payment to Quadrise of US$1.5m for licensing and equipment fees, quarterly support fees and the deployment of Quadrise equipment to Valkor's site.

Following receipt of an initial US$50k of the US$1m license fee, a further US$0.3m is now due by 31 March 2026, and US$0.65m by 30 June 2026. Quadrise will provide a 600 bpd Multifuel Manufacturing Unit ("MMU") by 30 June 2026, for which Valkor will pay US$0.2m by 30 September 2026. An additional US$0.3m is payable upon delivery of a full-size 6,000 bpd MMU, in exchange for the 600 bpd MMU. A service charge of US$75k is due quarterly from 1 July 2026 for at least two years, covering engineering, process design, commissioning, site operations, and compliance support.

Valkor have now secured the funding required to progress drilling and site development, with their 500bpd oil sands pilot plant expected to be operational in Q2 2026. Representative oil samples for Quadrise testing are expected in Q1 2026 ahead of the deployment of Quadrise equipment to site and the commencement of marketing activities in the USA.

Americas: In September 2025, Quadrise was pleased to announce the successful completion of proof-of-concept and emissions testing for its MSAR® and bioMSAR™ fuels at the Sparkle Power SA plant in El Giral, Panama. These trials mark the first application of MSAR® and bioMSAR™ on Everllence (formerly MAN Energy Solutions) 4-stroke engines, broadening the commercial potential of the Company's fuels across additional engine types in energy-intensive sectors seeking cost-effective decarbonisation.

Testing has demonstrated improved engine efficiency and significant emissions reductions, and also validated expected performance for commercial deployment. The next steps are for Quadrise and Sparkle to confirm commercial supply arrangements and secure fuel permitting in Panama. In parallel, discussions with potential regional supply partners are underway.

OCP: In Morocco, the proposed 30-day commercial site trial continues to await final OEM approval. Quadrise and OCP are now working to obtain this or select alternative sites, and the trial is expected to commence once plans have been agreed, with the trial equipment on-site at OCP.

bioMSAR™ Development: During the year good progress has been seen on testing new biofuels for bioMSAR™ and bioMSAR™ Zero and the Company has also collaborated with technology companies to explore and unlock new renewable feedstocks. These included:

· Solvolysis: with Vertoro BV and partners

· Fast pyrolysis: with BTG Bioliquids BV and Alder Energy

· Hydrothermal Liquefaction: with Licella Holdings

· Undisclosed others under development

During t

2025 Overview & Update

Whilst progress during 2025 overall has not proceeded as expected, the Company closes the year in a stronger position, with a clearer path towards commercialisation and the resources in place to achieve this. During the year the Company advanced preparations for the MSC trial, successfully completed a trial with Sparkle Power in Panama and recognised its first license fee revenues from Valkor.

Following the successful fundraise in January 2025 which raised £6.5m (before expenses), the Company recruited additional resources to enhance delivery capacity, accelerate growth and raise its profile in the marine sector. These included the appointment of Peter Borup as CEO with effect from 1 October 2025 and new additions at board, executive and advisor level.

These decisive appointments have resulted in a strengthened business development pipeline and allowed the Company to open discussions with multiple potential clients and supply partners in parallel.

The Company's position has also been strengthened by ongoing regulatory uncertainty. The IMO MEPC's decision in October 2025 to defer adoption of a mandatory Net-Zero Framework for shipping until October 2026 strengthens the Quadrise value proposition. Our technology offers immediate cost savings, significant emissions reductions, and a pathway to low-cost compliance with future regulations.

Progress in each of the Company's key projects is summarised below.

Marine: Following the signature of the 3-way agreement with MSC & Cargill in November 2024, finalisation of the remaining trial agreements has been slower than expected. This is primarily due to the need at MSC's request to consider post-trial go forward commercial supply and for the agreements to reflect the logistical complexities of the trial. Negotiations are ongoing and proceeding positively, with all parties remaining committed to the trials and working to finalise the agreements as soon as possible.

During 2025, the MAC² trial services agreement was executed. Trial operating permits and a dedicated bunker barge have been secured. Groundworks at MAC² are complete, with the trial equipment ready for shipment to Antwerp upon agreement finalisation. In parallel, discussions are ongoing with refineries with regard to commercial supply from key bunker hubs worldwide.

Following signature of the remaining agreements, installation and commissioning of trial equipment at MAC² will precede fuel production and Proof-of-Concept tests. The bioMSAR™ LONO trial will conclude 6 to 8 months after the 2-month Proof-of-Concept tests of MSAR® and bioMSAR™. During the LONO trial, the parties are aiming to finalise a Commercial Supply Agreement and secure permanent bioMSAR™ bunker supply operations for the marine sector by Cargill from MAC² facilities, contingent on successful trial completion.

Valkor: In September 2025, due to slower than expected production