Member Info for BA_64

“Material uncertainty related to going concern

In forming our opinion, which is not modified, we draw attention to the disclosures made in the Strategic Report and Note 2 in the financial statements concerning the Group and Pantheon U.K. Entity's ability to continue as a going concern.

The Group incurred a consolidated loss for the year of $4.2 million for the financial year ended 30 June 2025 (2024: loss of $13.4 million) and, as of that date, the Group had cash and cash equivalents of $13.2 million (2024: $7.9 million).

Based on current forecasts, the Group and Pantheon U.K. Entity are expected to experience a working capital deficiency from the second quarter of 2026, and will therefore need to secure additional funding to meet operating expenditures, general corporate costs, and other obligations as they fall due.

As stated in the strategic report, and Note 2, these events and conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group and Pantheon U.K. Entity's ability to continue as a going concern.”

It’s in the results, suggest you read it

Where does it say “funding in place”? All I see is the funding plan of

1. Equity raise

2. U.S. listing

3. Farm out (😂)

Hope you’re ready for the next cash call on this turd

Short working well so far, still believe it is a zero.

Merry Christmas

It was undoubtedly a poor RNS. I read it as an increasingly binary update on the 23rd.

If it’s “positive” stock rockets from here, maybe 30p+, if it’s “negative” then we’ll be seeing 10p.

Do you think the 10.52m convertible shares have already been sold on delayed SD ahead of the 19th?

Best of luck to you then, we’ll have to agree to disagree!

$18m* extra you mean?

1. When it rallies I’ve been shorting it the last few days.

2. I am not saying management are “all wrong”, but clearly this is costing much much more than they expected, with various bumps along the way already and I strongly suspect FID will be elongated (if viable at all) and harder to attract a partner.

Also which facts are wrong from the last update? It stated pretty clearly about the cost expectations vs reality.

[LINK REMOVED]

Well from a technical PoV and the recent well outcomes (both in terms of flow + costs) lead me to think that there is a myriad of issues in terms of reservoir stimulation + permeability, I have concerns around Pantheon achieving the required rates for commercial viability (for a variety of reasons, mostly due to the the sub structure location) at an economical cost.

2025 we’ve had:

1. Megrez flow test shut in due to no hydrocarbons at surface (won’t quote it all here, we all read it)

2. Dubhe 1 (Ahpun), this was a monster 25 stager of almost 16,000 ft, w/ 5,200ft, despite 40% of the injectant having been recovered we still don’t have a representative flow rate. The cost for this was supposed to be much lower (wasn’t it $15m?) than the $33m as updated so something is not right here and it’s a major red flag.

I am not saying they won’t, ever, get over the above but it means the process of converting these contingent resources to reserves (and thus getting to FID + some sort of partner), becomes much, much more expensive in the very least. I honestly don’t know what’s happened there but it makes me a seller.

I read through the various CPRs, as published (Netherland, Sewell & Associates (NSAI), Cawley Gillespie & Associates (CGA), Lee Keeling & Associates (LKA)), and having worked in the industry I don’t believe, given the conditions precedent, that the contingent resource estimates will ever get to commercial viability. I am sure there will be ups and downs along the way, but ultimately on any strong rally I’ll be selling ahead of the next fundraise - they’re going to need much, much more cash in any case.