Member Info for Benhowell459

Cracking news this morning. It's a huge milestone. We are safe and have great potential for efficacy in patients. Can't ask for more than that. This news opens doors to the next massive milestone which will be either on-licence, phase 2 news (after more comprehensive results) or more of a long shot, a buy out.

This is confirmation that the exciting developments can be and are being planned by the BoD.

We can market ourselves as "best in class". We can market ourselves as less harmful than brepocitinib (sp?). We can claim to have had success in clinical trials. Well done Tim and John for making it happen. Will raise a glass tonight.

However, let's be honest. This is the science that has succeeded. For SAR to truly make it's mark on conditions like psoriasis, the business side of things needs to up it's game. 737 was on-licenced appallingly: the wrong recipient was chosen (limited funds and easily distracted) and the contract was evidently poorly worded. Tim and John have to have learned from that experience (not their fault) for the sake of patients and ultimately (what we're mostly here for) the sake of the share price and sale of 1801/SAR.

Wasn't going to mention this as not totally relevant but relates to the pickle we found ourselves in due to RF / PH.

The Oriole Resources AGM was yesterday - a shareholder went and had a frank discussion with the Board. They also went through their own financial troubles and spent months trying to avoid using Lanstead who were an option of last resort. The point here is it shows the market at the time (12-18 months ago) was horrendous. There were no viable finance options. Many have pointed out that AIM no longer functions correctly as companies can no longer find suitable funding.

Tim and John were evidently in a very tricky situation, like many other companies on AIM.

PH it seems were in it for themselves and pushed them down that path. Perhaps foreseeable but by no means a terrible decision, when we look back with hindsight. Their options were RF or fold it seems (should have considered going to shareholders).

Just one point to consider when criticising their business acumen based on recent decisions.

Basil, love the info about licences for Phase 1 candidates. Let's be clear here though. 1801 is no longer a phase 1 candidate - I would argue in 3-4 weeks it will be an exceptional phase 2 candidate due to cracking safety data. Therefore the sums you quote for P1 'candidates' could be doubled or tripled.

And because of said excellent safety data (an assumption as of 19/6/24), 1802's licence fee as a P1 candidate will surely be higher.

We will shortly be looking ahead to P2. Will be a tough decision to move forward ourselves with HNWI or other funding or take the lower offer. We have historically defined ourselves as a preclinical or early stage small bio. This would imply we should be taken out by now, although of course the offer needs to reflect the years of work up to this point.

Exciting times!

"nobody can deny that Mr Bird loves drilling 'oles."

Hasn't drilled a hole for 2 years, despite having funds to do so and even stating that he would, with drilling "scheduled".

He says he liked exploring but in 2 years, all he's done is "explore" a desktop study from AA. He's barely lifted a finger in 2 years!

Lots of work went into acquiring Kakuyu in December 2022: agreeing the terms with Oval Mining and initial exploration.

Why on earth has Colin ignored it since then? The following statements were released in RNS:

December 2022:

a) New targets will be drill-tested early in 2023.

Comment: were they?

b) Xtract plans an exploration programme to understand further the type of deposit and mineralisation potential at Kakuyu. This programme is likely to comprise initially a detailed ground IP and/or EM geophysics survey with follow up drilling on identified targets.

Comment: see above - did this every happen?

January 2023:

c) A detailed assessment and inventory of ore currently stored on the ROM pad is in progress

d) A 250t bulk sample has been delivered to the Kabwe Refinery for drying, crushing and sampling ahead of negotiations for the future processing of ore production.

e) Samples have also been delivered to an external processing consultant for metallurgical test work.

f) The Company is now sourcing a drill rig to test the potential extensions to mineralisation.

Comment:

Did the bulk sample get lost? Could they not find a drill rig?

June 2023:

g) Drilling is scheduled to test the extent of mineralisation and the variability of ore with depth ahead of processing plant optimisation and if appropriate, mine design

Comment: Hallelujah, drilling is scheduled. I.e. it's booked in. They must have found the drill rig.

September 2023:

No mention of drilling. Back to references of 'reconnaissance work'. Drill rig must have got lost again. Those dusty roads in Zambia!

No word on the 250t delivery of ore.

There has been no subsequent mentions of Kakuyu since September 2023. 9 months and not a peep.

We are an exploration company. Activities have been stated in an RNS and not done. I have zero faith that Colin can deliver with the new licences. He has no need to bring about shareholder value here - 125k per annum to do absolutely bu***** all. His record speaks for itself.

And before Zap replies saying strategy changed from copper in Zambia to....copper in Zambia? Don't state drilling is scheduled if it isn't! Don't state a 250t delivery of ore is being processed if you're not going to bother to inform shareholders.

We are not far off the next AGM here. AGM 2022 I asked about Eureka. Look where that went. 2023 he seemed to get off scot free. His comments from RNSs need to be read out to him at the AGM and reasons demanded for non adherence to RNS forward looking statements.

If the sale is above 10p, they can have their warrants. Can't see it happening personally. Would love a sale at 9.9p, just to annoy all the warrant holders though.

I honestly do feel sometimes that whatever Sareum announce, will never be enough for the market. And that may not be down to Sar, but down to the broken AIM market. I'm not sure there is enough money in the market to see a sensible valuation of Sar via the share price, unless we see a buyout. Even if we on license 1801, I feel there will be a spike then gradual decline post RNS as usual. On licence of 737 saw exactly that - granted 1801 could be worth 3-4 times more but the point being the market isn't interested in potential gravy tomorrow. Buy out required imo.

Something I noticed yesterday in one of the articles about another drug...

At what point does 1801 (or SAR737) need to be peer reviewed? Presumably it adds extra weight to our case but is not essential?

Thanks Sad. Such remarkable potential for SRA737. Frustrating we have no way of knowing what is being discussed behind closed doors or even if things are moving at all.

It's like doing pick and mix blindfolded - we've got no idea what's going on until all is revealed.

Hopefully prostate cancer is right in the cross hairs and said private company is just dotting the Is on a volunteer/patient recruitment drive. Perhaps they are requesting our bank details to send over the milestone payment as I type.

Who knows?!?

Good to see a CHK1 inhibitor getting attention.

Goodness only knows why our CHK1 inhibitor has to go on such a complicated journey round the houses. If only we could find out who has it...

In terms of licencing, does anyone have any thoughts on the following:

I'm asking as we are probably at the point where we reach a fork in the road. Once we make a decision, it will be very difficult to change track (as we know too well having had a 'mare with SO)

If we on licence 1801 (or 1802), will we then become less attractive to be bought out as rival companies won't want to work with each other?

Or will two majors be fine with that?

I am of the opinion that 1 on-licence, then buyout is OK. However if we on-licence 1801, then licence 1802 to a separate pharma, a buy out becomes much more complicated.

SRA737 with a private company (would prospective buyers find out who this is?) also complicated matters. I doubt buyers will want to be involved if they don't know who 737 is with?

On-licence the next step here, but it would get complicated thereafter and discussions will take longer due to more parties involved. No wonder GSK handed back 737 as too complicated.

All very promising and does add to the confidence of a district play here. There is gold in them hills and quite a lot of it.

However, it takes a while for punters to understand how soil sampling adds to confidence. Early fieldwork rarely gains traction. Even before Covid when AIM was on the up, you really needed good DD results to get attraction. Now the AIM market is down across the board, it will probably take some serious news like JV or buyout to move companies. (Even GGP was on its knees at one point and many LTHers knew what was coming from fieldwork etc.)

Luton, what is that 3 fold rise based on? Current information?

If we receive:

- SRA737 news which provides funding and pathway to income

- Excellent P1 safety data with positive indications for psoriasis and/or others

- Licence for 1801

We will be way past 140m MC.

I agree with Basil. This sector has the potential for mega rises in a short period of time. We have also seen SAR do this before. Anything can happen with the right news/results.

Copper talk starts at 17mins 40.

Can't believe I wasted 15 minutes listening to them natter about private schools and Donald Trump. Good lord.

Roast discussion about said presentation. Seems they were present.

https://audioboom.com/posts/8516851-sunday-roast-featuring-charles-archer-long-term-ftse-aim-investor-and-freelance-financial-analys

Bobbler - very interesting. I notice their drug has only been trialled up to 200mg.

We have gone up to 300mg. Worth noting?

Thanks for the clarification HBD - I think the fact we are there at all bodes extremely well. Pharma will know who we are - all we need is a room and some slides showing our data and potential uses.

Both 1801 and 1802 up for grabs. Buy one get one 20% cheaper?

It truly is exciting times.

Had another tiny top up on Friday afternoon towards the close. In the grand scheme of things 44p is still way undervalued, under 0.9p old money. We were 10x here 2 years ago (sp, not MC)

Couldn't resist the top up - it feels like we are really on the cusp of news. The signs are all there.

We are presenting at this BIO conference and wouldn't go there with terrible data...

Colin Bird Bingo....

Who had "the day of the small miner"? Hands up!!

In all seriousness, was Zak's first question a sly dig? "Chairman of Xtract Resources, amongst other things, aren't you Colin?"

Subtly telling Colin to focus and stop spreading himself so thin perhaps...

I also note Colin asked himself about when the "day in the sun" would be. He mentioned October. Didn't mention which year though. We see you, Colin!

Unfortunately with XTR, it's always "too early" to tell or "just another 12 months". It was Easter '22 when the bow was supposed to be wrapped and 10p would be rejected. We are now 4 years + since BR was acquired and it's been mothballed for the time being. Where is the value going to come? More drilling here, more drilling there. What's the end game? Is there even a strategy to get shareholder value or does CB not care? I have no idea how Colin plans to get the share price back to 6p? No buy out on the horizon and drilling results months if not a year away. He always said he wouldn't JV but now he's done exactly that...