Member Info for Andii

Sorry, graphene and TSG*

Versarian and Directa plus are the two specialist graphene companies which come to mind

Did you arrange a video meeting with the CEO this week to discuss this?

UK.listed geaphene companies have a history of hemorrhaging cash.

The value of TGS has to be more than £2m now. The Indian authorities surely wouldn't let it go for cheap.

What value? £7m? Should be dilute everyone right now by 40% to buy a R&D company that is loss making? Wouldn't that delay the mining plans considerably?

Https://www.investi.com.au/api/announcements/bat/5697454f-0a4.pdf

From the battery minerals interm results 12th September 2023

"The Group incurred a net loss of $2,216,976 during the 6 months ended 30 June 2023 which included sharebased payment expenses of $273,674 and exploration expenditure incurred at the Company’s Victorian and WA

projects of $1,030,536. During the half-year period the Group had cash outflows from operating activities of

$1,460,037 and cash inflows from investing activities of $408,283 and financing activities of $1,989,406.

The Directors recognise that additional funding either through the sale of Tirupati Graphite shares and capital

raising will be required for the Company to continue to fund its exploration, corporate and administrative

expenditure. Further, whilst there is inherent uncertainty in the capital markets, the Group has adequate liquid

assets in the form of Tirupati Graphite shares should they not pursue capital raising."

I count about 1.1m large sells the last 6 trading days

There may have been more in the weeks before, that's 5 weeks now since the suspension was lifted.

· 3,500,000 TG ordinary shares of £0.025 each to be issued on or about the date of this announcement (the "Tranche 1 Consideration Shares"); and

· 6,546,556 TG ordinary shares of £0.025 each to be issued on 8 December 2023 (the "Tranche 2 Consideration Shares")

Other substantial share holders as of 30th june:

27.25% Tirupati Carbons & Chemicals PVT Ltd 29,565,778 UK£5.5m

11.3% James Brearley & Sons Ltd. 12,257,706 UK£2.3m

4.25% Nicholas Petitjean 4,615,300 UK£865.4k

4.05% Premier Fund Managers Ltd. 4,395,306 UK£824.1k 0

4.01% Optiva Securities Limited, Asset Management Arm 4,346,991 UK£815.1k

3.68% Jarvis Securities plc, Asset Management Arm 3,990,894 UK£748.3k

3.34% HBOS Investment Fund Managers Limited 3,620,578 UK£678.9k

3.23% Battery Minerals Limited 3,500,000 UK£656.2k

1.75% A J Bell Holdings Limited, Asset Management Arm 1,902,308 UK£356.7k -30.45%

1.65% Shishir Poddar 1,789,250 UK£335.5k

1.62% Evelyn Partners Investment Management Services Limited 1,753,332 UK£328.7k

1.57% Barclays Bank PLC, Wealth and Investment Management Division 1,703,732 UK£319.4k

1.31% IG Group Holdings Plc, Asset Management Arm 1,422,075 UK£266.6k

1.25% Christian St. John-Dennis 1,359,210 UK£254.9k 8.9%

0.86% Hemant Poddar 933,857 UK£175.1k

BEIS sorry*

It went on RnD, clearing previous debt, expanding the payroll, incubating (developing and designing) 17 projects.

And lastly, equity injection into northfork and the MDC's.

I blame BESS with their failed promises to support uk gasification. You just need to see where projects are taking off, USA and France pipelines. Those are the duristictions with the most progressive policy support.

2019 CFO salary €262k

Financial highlights

· Revenues of €1.6 million (2018: €2.2 million).

· Loss for the period including one-off items €3.6 million (2018: €8.2 million).

· Net assets €15.5 million (2018: €11.9 million).

************

2022

· Revenue and other operating income: €8.0 million (2021: €9.2 million)

· EBITDA loss before significant and non-recurring items: €4.9 million (2021: €3.8 million)

· Net assets: €37.1 million (31 December 2021: €43.4 million)

· Capital raise of £3.7 million (€4.2 million) through the placing of new shares

· Two loan facilities secured: one for up to £10 million (€11.3 million) and the other for £2 million (€2.3 million)

The net loss including significant and non-recurring items was €10.5 million (2021: €4.7 million), which included an investment impairment of €4.7 million in relation to the North Fork project in California.

**********

Net assets have grown significantly

Share price about the same

Workload probably increased 3x

Take home pay about the same

FJ, the CFO has in total sacrificed about £350k of his salary towards share options. When considering the strike price of those options and the price to sell on the open market today, those share options are likely worth about £50k today.

If the BOD had not raised in July 2022, we wouldn't have France MDC today which is now the biggest revenue generator secured on the books.

Everything you say can be taken apart on cross examination. The markets have been horrendous but you blame the whole thing entirely on the BOD.

Those research notes all had disclaimers about the revenue targets relying on third party investment.

Debt will be for expanding operations.

Madagascar needs capex to expand to 84ktpa, and to add an additional 400kw hydro power.

Mozambique requires investment in the community, DFS completing and Capex. The original quote was $39m additional for Montepuez but we have been told this will now be less.

I see blackrock minerals Australia released a presentation yesterday. Its quite clear to see that large and jumbo flake aren't going to hold their premium value forever as new capacity coming online is mainly large flake sizes.

Hopefully Montepuez with plenty of small flake/fines will come online just in time to profit from a boom in small flake prices.

EU battery rules over supply chain emissions profile comes into force start of 2025. That would be a good target I think

Some great posts on the graphite industry to be found on the hotcopper Syrah resources message board.

https://hotcopper.com.au/threads/media-reports.6779383/?post_id=69700233

Article from one week ago on battery supply chain

https://news.bloomberglaw.com/environment-and-energy/us-battery-hype-spurred-by-climate-law-faces-hurdles-from-china

It says there will be a second wave of funding decisions announced by the end of summer. Also mentions China a few times.

"Policy Decisions

Major policy decisions still have to be made, including how to treat companies that have had experience with China, said Ben Steinberg, executive vice president and co-chair of Venn Strategies’ critical infrastructure group and a former Energy Department official."

I'm not about to engage in a conversation on the merits or pitfalls of each individual exec director whilst hundreds of billions of £ have left the UK equity markets and the cost of debt has gone up about 400% whilst material costs have gone up about 150%.

To have kept growing the share price during these headwinds would be near impossible. Again I refer you to the panmure report I have posted here now two times which shows the share price of eqtec in line with the new energy market index.

If the salaries were smaller these guys would leave to go work somewhere else and eqtec would be in a worse state.

Sept 2020 (oportunity) pipeline = 41 worth €341m

Feb 2021 pipeline = 75 worth €657m

July 2022 pipeline = 200+ potentially worth €1.75billion

Aug 2023 pipeline = 300+ maybe? worth €2.625billion?

......

September 2019 share price 0.22p, market cap £10m, debt £25m

September 2023 share price 0.17p, market cap £19m,

debts around £5m, pipeline growth over 1000%, guaranteed revenue for the next 24 months, an MDC online and 2 projects containing our technology in the hot commissioning stage.

Compare to ITM, VLS, PHE. They have much smaller revenues compared to market cap, and our share price has reacted similar.

Salary (after share options are removed) = €155k

Of which €15k goes into his pension (£12K?)

If the share price stays at 0.15p to sell, his total salary, shares + pension is worth €276k. If the share price were to fall further, this value would drop more.

Below €0.001, it would cost him more to buy his share options than it would to buy shares on the open market.

https://ibb.co/J7VGQky

I already benchmarked the CEO salary against another 5 companies under £100m market cap and found their salary as being mid tier based on market cap, and low compared to profitability.

Hardly any UK tech projects reached financial close anywhere in 2022 due to the market. Investment and appetite dried up. Hundreds of billions of equity left the UK market. Meanwhile eqtec had a much smaller ebitda loss than anyone.

Eqtec did everything possible to incubate projects but the intended investers/owners pulled out. The share price has reacted the same as the whole sector.

You have watched the latest AGM video yes? It was all explained

Omg please change the record

You do know that half of Numar Babars salary is in share options, and those options from 2021 and 2022 are almost worthless at todays share price?

Talk about an incentivised BOD

Are those biomass plants classed as "base load" plants at that capacity figure?

14th March we got the RNS to say Italy was online.

If guarantees are only offered from 6 months (so from month 7 onwords), that date is approaching in a few weeks.

I don't believe the insurance will be in place at Italy MDC but interesting to know that in 2020 the company predicted they would require 6 months to get a plant up to 80% of expected output.

Was the $4.5m grant for 50% of the DFS costs based on 100ktpa plant or new revised 200ktpa plant? Would a DFS cost more for a larger plant? Maybe not if the process flow sheet is simpler, based on today's RNS

Guarantee is for 80% of revenue. So 80% of 90% uptime is 70 something%. They could be there but want 90% hence that statement in the RNS

2. Performance warranties on the first 6-24 months of plant operations

EQTEC offers performance warranties on between 6 to 24 months of operations

following commissioning, depending on a customer’s demands. Such performance

guarantees are also important to parties engaged in the funding of plants.

Performance benchmarks are based on projections of a project’s financial model, and

include attributes such as kilowatt hours of electricity and heat generation (which is

determined by syngas output and purity), system availability and ultimately the revenue

generated by the operation of the plant.

Insurance covers revenues generated from the plant and its ability to meet debt service

ratios of the lender(s) that financed the plant. Debt service ratios commonly require the

plant to always generate above 80% of forecasted benchmark revenues.

Should the customer demand it, performance warranties can be extended beyond 2

years, and insurance cover for this can also be extended. Premiums for performance

insurance after 2 years of operation fall sharply, if there has been no breach of

performance benchmarks during the previous period.

3. Liquidated damages / delays (can be covered by insurance)

Liquidated damages and delays to construction and commissioning of plants can be

covered by insurance.

Source arden june 2020

https://drive.google.com/file/d/1R2BvlobUV5FwrJp3xc7Bj2U2pqg7f5j1/view?usp=drivesdk

If performance guarantees are for around 86%, a reasonable target would be 86-90%. If they are at 80-85% then they would want to improve over this.

As stated tho as this is the first 6 months of operation with a variety of feedstocks and moisture levels, hitting 90% straight out the starting blocks is probably ambitious for any company