Member Info for Benhowell459

I sincerely hope this milestone will ensure we are able to have some insight into the Private Company, IE. A name which will allow our excellent diggers/researchers to go down some interesting rabbit holes.

I do worry that:

A) Sareum will not be able to reveal the Company due to contractual limitations. "As per the agreement outlined in January 2024, Sareum have received ownership of 500k shares."

B) This is a private company. There will be no way to find out how much the 500k shares are worth (unless we have some excellent contacts)

C) 500k shares worth 0.1p is diddly squat.

There's nothing stopping the company diluting the he** out of the company prior to handing us out 500k. I would much rather they were given X% of the private company rather than number of shares.

CRUK probably think they've covered all bases with the agreement. But history will tell us, they probably haven't.

i agree. whoever is negotiating on behalf of icr or advising them either have ulterior motives or couldn't organise a **** up in a brewery.

multiple positive reviews on combi therapy - got screwed by sierra and had no way of getting out speedily or forcing their hand and had to just wait it out.

now they've signed a contract with some submarine private company so no accountability and seemingly no oversight.

you can't possibly imagine icr are getting monthly progress reports? what would they say?

progress is being made in understanding potential improvements in the cancer field using chk1, with updates outlining possible future trials and in patient evaluation expected by the end of q4 2024. preparatory work (or sareum's favourite phrase, translational studies) continue to assess the optimal approach to undertaking trials in order to progress etc etc.

icr must know by now they've been had. it doesn't take 8 months to find 3m for a promising trial and recruit volunteers, especially as they will have had a plan in place when they signed the contract.

utterly bizarre.

Explorers need to be exploring. Get the drill in the ground Colin for God's sake.

If people haven't sold out, it's either because they're 80% down or they've fallen asleep through boredom. He should have had an absolute grilling for the pathetic fall we've had here.

How does it take 8 months to decide what to do with it? Not even a peep.

Surely you have some idea (including a plan) before you even sign the contract with agreed milestones etc.

Any idea why it's delayed apart from the obvious, ie. CRUK have been played again? Due diligence woeful?

Ah Jez that's because he was spending his time writing his other one outlining AA's 200m bid for BR.

In reality, he was probably bored after writing GLR, BZT and AFP all on the same day?

Thanks for the musings SOG.

I was interested in this sentence "Take into consideration that it took 3 months to return all data from SO to CPF. Albeit a considerably larger data package."

We know these things take time. Time from first dose to now (still no full data published) over a year.

My question would therefore be: why on earth does anyone think it would be feasible to have P2 results by EOY 2024? We will be lucky to have dosed a patient in P2 by December. Results if lucky and all on track possibly a year from now.

I've been around (without posting for some of that time) for 8 years. Many of here longer. I appreciate one more year could double our money, but there is more risk and I can't wait that long. Timelines always slip and we always end up waiting longer..

Hopefully recent BOD movement is a precursor to a healthy 1bn+ takeover.

From the RNS:

"The Company expects to use the net proceeds of the offering for general corporate purposes."

RNS can be found on this website, on the AZN page.

Can't make it tomorrow unfortunately. Any of the regulars able to make it and report back? Not too interested in Colin's choice of curry or favourite tipple afterwards. Would be very grateful if anyone could shed light on any of the below:

- Colin's assessment of his delivery record across the portfolio (BR, Manica, Kakuye, Eureka, Kalengwa)

- Colin's assessment of managing shareholder expectation with his forward looks (and subsequent missed milestones and projected timelines)

- Colin's assessment of his share price management

- Colin's assessment of the sale of Manica - in respect of the original agreement (was it not watertight?) and the amount agreed? (We were offered more several years ago)

- Why Kakuye was promised drilling over a year ago but nothing has taken place.

- Material from Kakuye was trucked for sorting a year ago - why no news? Can he shed light on this?

- His general thoughts on the strength of (justified) frustration among long term shareholders, who were given hope of expectation across the portfolio.

Many thanks.

We have seen through the waffle. As the Tories found out, it's all about delivering. Something Colin failed to do at Kalengwa, Eureka and so far at Kakuyu.

A lot was promised over the last 6 years about the above projects. But nothing has materialised.

We were promised there would be a death by a thousand cuts. It feels like death by paint watching.

We were told BR would be wrapped by April '22. He did not deliver this.

We were told he would tell AA to shove it if 10p were offered.

The trend is empty promises followed by failed delivery. I sincerely hope his record is discussed on Wednesday (not Kalumbila) and he is asked to explain his failures in both delivery and share price management.

Hopefully he understands the widespread disgruntlement among shareholders and is encouraged to get a move on.

A terrible riposte Colin. Just hit air. Empty words with zero to back it up.

"board's hard work in building a base for future value to be realised"

What hard work? He works part time. He's done nothing since BR phase 2 finished two years ago apart from commission a couple studies.

There's no sign of a turn around. Actual shareholders have zero confidence you know what you're doing! (And quite why you think those posting have no shares - why else would they be venting?!)

Completely agree Jezz. There is not one shred of evidence that he is working in the shareholders' interests.

No exploration since 2022. Sold our stake in a profitable gold mine because his deal wasn't watertight and was being abused by partners. Share price down from 8.5p. Many holders at least 60% down. No plan for profit before Colin is 85. No plans whatsoever put before shareholders. "Works" 2 days a week for 125k per year.

In all seriousness, I would back a motion to get rid of him and bring in someone else to work full time with incentives based on share price recovery.

How we get a motion on the AGM to remove him?

Would be very Sareum to announce a buyout or on-licence and the very same day the RNS service is down...

Who knew an antivirus update could cause so much chaos. Hopefully sorted soon.

What the directors really mean is we have decided the money from Manica just about covers our inflated salaries so can't really do much exploration apart from scrub clearing, soil samples. Maybe we can throw in a token 1,000m RC shallow drilling to keep the pesky shareholders off our back. We won't get round to reporting it though. We'll tell them we're awaiting results. Then we'll say we're analysing samples. Then in late '25 we'll say we've acquired a new licence and everyone will forget that we're an exploration company!

I'm still unsure why Colin deserves 125k for a part time role doing nothing. I would like the complete and utter lack of exploration AND his justification for excessive salary explained at the AGM.

Tell them where to shove 10p. I'll tell him where to shove his pay rise.

Agree potnak.

Most noticeably:

- J&J taking out Proteologix for 850m USD. They have two candidates about to go into phase 1.

(Personally I think this was incredibly bold from J&J!)

- Novartis taking out Mariana Oncology for 1bn USS up front and 750m in milestones for next generation RLTs in the preclinical stage. They are in the cancer space where there is high unmet patient need.

Sounds like a lot but I must confess I don't really understand their science...

Appreciate the reply Sheep. The reason not to average down is more down to the fact I can't, rather I choose not to. Mortgage issues etc.

Completely agree about the cycles. I must say we are extremely lucky we are not a Junior on AIM as, despite Juniors being out of favour at the moment, at least we are not part of a broken market, which companies are looking to leave and whose MMs are seemingly acting irresponsibly.

My question is ultimately still...at what point will the value being built here be recognised by the market? We now have 100% of much, much more than before but share holder value as as low as ever before.

(Apologies - LSE on the phone is like seeing a car crash in slow motion. Awful CX.)

I've asked this before but I will ask again now we are in H2 and awaiting results.

The rest of the Junior market seems unpopular and Cobra is no exception. Positive news doesn't gain any traction with small gains quickly disappearing. The market (especially AIM, but generally Junior explorers) just seems full of traders and MM take full advantage of low volumes.

Therefore, the question to be asked is: where does shareholder value come from? In my case, how do we get to my 2p average. Yes, I could average down but there's not guarantee we will ever gain more than 20% on news. It's just doesn't stick.

Unless news guarantees income, the market isn't interested in sticking around. So what does Cobra plan on doing? Can it on-licence? There's no guarantee this will interest investors who don't give a to** about jam tomorrow. The only way we will see 3p again is with a buy out. There is zero appetite in this market to stick around. I've been here 4 years and I just can't see us over 3p unless there is news of a buyout.

Thoughts?

I've asked this before but I will ask again now we are in H2 and awaiting results.

The rest of the Junior market seems unpopular and Cobra is no exception. Positive news doesn't gain any traction with

Cobalt, I was thinking about 737 this morning. I agree, 6 months is plenty of time to get things moving. If someone has spent time and effort negotiating as it's (presumably) something they want, why has nothing happened?

Utterly bizarre and leads to theories about blocking progress.

I'd agree with Aberystwyth - Sareum has long described itself as a "pre clinical or early stage" company.

It should NOT be looking to fund a phase 2 trial. We have the data (or will have very shortly) and confirmation the Science works (we never expected to prove efficacy on our own!).

It is absolutely time for the BoD and hangers on to prove they have the business acumen to get a deal. Otherwise we will remain under 1p old money - a share price that is absolutely criminal given where we were previously and what we have in our stable.

Get a deal done and secure Sareum's future. Time for them to earn their money.

We have heard recently concrete evidence of how AIM is broken. There is not enough money coming in. AIM companies have struggled to get finance and several companies have either already left or threatened to leave the market soon.

The only news which sees a sustained rise is news that guarantees income, i.e. on-licence or buyout.

Sareum would do well to sell everything, as AIM is not the place to be mid to long term.