Member Info for ART123

You couldn't make it up really. GEX spent all that time waiting to get the drilling approval and then when they finally get it after months of delays they don't have any funds to pay for the drill and no way of getting any funds without a lengthy prospectus. The management - Hamilton and Wallace that is - have just proved themselves to be totally useless as they could have thought about the funding situation while they were sitting around twiddling their thumbs for the last 15 months. Let's hope this alternative approach works and they can get the required funds quickly and without having to go back to DPME or DEMIRS or whoever they are for further approval. Best of luck - and I think we might need it.

I bet they wish they had listed on AIM rather than the Main Market and then they could have raised the funds required for drilling Hussar themselves instead of depending on one of the Offtakers. That would have needed them to do an IPO on listing rather than the RTO. I'm assuming that Hamilton and Wallace didn't know this at the time. The Main Market is not the place to be for exploration companies that need to raise funds continually for their early exploration activities.

let's face it, gex haven't got a pot to **** in let alone anywhere near the funds required to reenter hussar, so any offer is going to be accepted with open arms. let's just hope a deal is finalised pronto.

It's just time for GEX to get a bloody move on and stop all this time wasting.

The sooner a finalised deal is announced the better - and it had better not involve any need for approvals as that would kill it stone dead.

I don't think that GEX can just accept the funding offer from Harlequin without first discussing the matter with Halo and then it's down to which of the two companies can offer the least dilution to GEX and also which one can get this started the quickest.

The Halo expression of interest of a few months ago went from a proposal to an agreement in a couple of days so hopefully this can move forwards as quickly.

Either way, with Harlequin or Halo, to get the Hussar reentry drilled with no dilution is a huge step forwards and I expect the share price will reflect this as soon as a deal is finalised.

Well it looks as though GEX will get the funding required for the Hussar reentry, and completely dilution free, though they will probably have to give away a fair chunk of their ownership of the pre-offtake asset to secure it.

That they have 2 interested off-take parties might even lead to a bidding war, which will work in GEX's favour in terms of how much percentage they will need to give for the funding.

Dilution free the m/cap is absolutely tiny leaving much room for a large share price increase pre-drill once the deal is finalised.

Yes, Olivia Edwards is very young and very inexperienced and she would rush off and sell the ETH at a loss the first time the price dipped but at least now there are a few experienced directors in place to steady the ship a bit. On the downside they will all need remuneration so the cash will soon be fast disappearing anyway.

Re cash position: the sale of ETH and BTC even at the knock down price of late, should have brought in another £3/£4M, plus the existing cash - up to £5M - plus the TAO value..................

Okay sorry..........

Shares in issue? According to the placing RNS dated 13th November - link below - there are 442,327,407 shares in issue (and not 10.8M as someone has posted.

"Total Voting Rights

Following Admission, WeCap’s issued ordinary share capital will consist of 442,327,407 Ordinary Shares. This number represents the total voting rights in the Company"

https://www.investegate.co.uk/announcement/prn/wecap-plc--wcap/placing-and-subscription-to-raise-100-000-an-/9230507

That says all it needs to say. Excellent stuff.

ClaytonJ

Sorry, clever clogs, I know the reason for the rise and so do all the readers and posters on this board but the general market has not been informed directly by EME management that the result of the farm-down is now imminent. That is what I meant.

Maybe an RNS from EME management to explain the reason for the rise might be a good idea and add to the impetus. The share price was as high as 0.16p ie. nearly twice what it is now - on the strength of the announcement of the Gas Sales Agreement in July and this is much bigger news.

ATB

Your information is incorrect, so please stop posting it. Soon after the RTO, in August 2024, the share price to a high of 19.4p. Over the last year the share price has not exceeded 11.55p, and that was in May 2025.

In reality, the share price has done very little since listing. It climbed upwards for the first month or two, but has been on a downward spiral ever since due to the excuses, delays and generally poor management.

Please stopposting incorrect information. The share price here has never been 25.5p. In fact it has never been over 20p and in the last year it has not been over 11.55p.

So all that is needed is a JV Partner who is willing to pay 100% of the Hussar 2 drill costs in return for 50% of the wellhead revenue (which is already under an agreement) and then maybe also the first option to participate in the Mt Winter drill as well. Considering the estimated revenue runs into billions, then that sounds like a pretty good deal.

Apologies for my posts today which have probably been over-critical and even scathing in their content. It's just that I have been holding here since the end of July 2024 and it has been a very difficult share to hold and it's not getting any easier. I have never thought of selling at a loss because the potential prospect is so huge but it is so annoying that the share price never goes up but only ever seems to go down and the delays have been tiresome and annoying. And even now, when they finally have the drilling permit approved, they don't seem to have any clear idea on how to get the funding to get this drilled as soon as possible.

Lets just hope that they can find a way of getting the drill funded soon and then get on with it.

ATB

Funnily enough, they've had a whole year to work out how to get the funding for the drill. Unless that is, they didn't think they were going to get the permit issued. Maybe it has come as a big surprise (a nice one though) and has caught them completely unawares and now they have it they just haven't got a clue where to get the necessary funding. Just a thought.

You can't have the shares cleared and a TR1 from an II. Make up you mind, which is it. There is no reason why the II will sell any of the placing shares so there is nothing to clear. Not that there is any reason for the share price to rise either, anyway. £200K plus £300K isn't going to fund very much of anything.

If they want to spend the funds they have now on the drill preparations as already outlined numerous times and while they are doing that they can get the headroom issue resolved so they can then raise the further funds required to get Hussar 2 deilled.