Member Info for Benhowell459

I do find it bizarre that long term holders have to do a fair about of working out to decipher what this means for us, as a company, in terms of profit and loss. Utterly ridiculous. Almost like they don't actually want people to buy into their projects.

Dani, this company may be making profit. But if Colin keeps on making the reports as clear as a pool of dishwater, nobody is going to know the profit story! And I wouldn't bet on Google and stockopedia or whatever getting profit wrong because it's not written down clearly!

For the umpteenth time, can we please get someone into Xtract who cares solely about this company? Colin is split so many ways, he's got no idea.

Interim Results out. I'm changing the title of the thread on purpose. I actually think the BOD are trying their best and if you read the whole report, are evidently putting their necks on the line and cards on the table. It's a shame we didn't sell Senala in my opinion. The limestone pivot could be a good option for providing income in the mid term. Oriole has a great package - we just need someone to show more than an "interest" and buy something, a la Chesser Resources.

Put the company on the market for 100m and see who bites, I would.

Not to worry Bobbler - I assumed it was accidental. The news is still very positive - they wouldn't be recruiting if they weren't confident! Onwards and upwards!

Great news that they are recruiting. However, I am wary of posts which misrepresent the message here. We currently have NOT had approval from the safety committee to proceed.

The text says: "Cohort Psoriasis Dose i will only start after the Safety Review Committee (SRC) meeting has taken place to review the available safety, tolerability, and pharmacokinetic (PK) data from all previous cohorts, and the members of the SRC have decided that it is appropriate to initiate Part 4 of the study and the doses that should be used."

Bobbler, the fact that you left the first few words out of your post implies we have already had approval from the SRC. We have not.

(Bobbler's post: “members of the SRC have decided that it is appropriate to initiate Part 4 of the study and the doses that should be used...)

I am as positive as everyone else here and undoubtedly recruitment for the next stage is great but let's not misrepresent the facts.

Thank you.

Weirdly enough if you Google "Thames Valley Aria SRA737 cancer" it comes up with the January 2023 version and we are also on there. So either this is old news or nothing is progressing. Not entirely sure what it means though..

I must say this interview is an excellent deep dive into some of the more pertinent aspects of resource development. I.e. how to get this to the production stage, funding questions and barriers.

The interviewer is fabulous at clarifying what Rupert says and honing in on the salient points. He even stops him later on and asks him to explain in English when Rupert utilises bull**** geology/management speak.

I can imagine Rupert was wondering why Cobra were paying this guy for such a grilling (and I do wonder if they'll do another interview) but boy is this appreciated. Well worth half an hour of a shareholder's time. More of the same in 3-6 months please and less of the normal brunette who asks bland questions and gets nothing interesting out of Rupert.

The last part of the summary is particularly encouraging.

This is a pivotal moment for Cobra with REE mineralisation at Boland displaying not only excellent

ionic adsorption characteristics and high recoveries of MREOs, but also unique potential to employ

game-changing in-situ recovery techniques. The combination of these factors and the completely

unconstrained scale and expansion potential of Boland should see Cobra become a leading REE

development company with an essentially unrivalled commercial western world opportunity.

Hopefully Andromeda agree sharpish so we can move forward quickly.

Thanks Sad. A reminder that 737 has huge potential and could make a huge difference to us, but most importantly to patients in the future. Criminal that effective therapeutics are stymied and left on the shelf. Would very much like to be a fly on the wall at ICR/CRT. Are they considering offers? Is our part ownership complicating matters? Are we putting off bids?

I mentioned before the complicated nature of our business model. Are pharma waiting for 1801 results to take our whole pipeline over, including part of 737?

GSK won't want to take on 737, if then Merck take over SAR and benefit from GSK's work. I wonder if Tim, John and the NEDs are having private conversations behind the scenes RE takeout scenarios (what we need to prove, when and level of buyout).

Last point, sp has been stagnant for the last day or two. Normally when it's quiet, MMs would drag it down but that is not the case. Hopefully news on the way. We are into the 4th (calendar) month in the clinic - nothing negative as of yet...

Similar thoughts here Jez. Hopefully we have a new wave of CB inspired copper enthusiasts.

The potential here is quite frankly huge:

1. A "potential" district play in Oz with a proven copper resource and room for expansion. Ticks many boxes: safe jurisdiction, water source, rail network, close to port, professional workforce.

2. Newly acquired licences in Zambia. I'd put these on the back burner and ask for an extra tenner in the buy process. Unfortunately for me (I've invested here after all), I'm more astute than he is and see it as a waste of money and way for him to continue earning 120k a year for a little while longer. The canny g*t.

3. Kakuye. I'm intrigued by Kakuye. Artisanal mining and historical high grade copper found. Strike lengthened to 2-3km by all accounts. Interesting deal with operators. Nothing happened in the last 6 months though. Colin's earned 60k, Kakuye has done nothing. Where's the promised income?!

4. Manica. Income to the tune of 600-700k / month? Pays all the bills and 2/3 of exploration? Some CEOs would be shouting from the rooftops about being cash positive and being fully funded. But not our Colin - too busy spotting elephants through giant binoculars.

As I say, this is huge potential here (to get my money back). I can't help but think it's Colin who's the problem though. Move on, please, Colin. We'd all like our money back.

(Hope the positivity came through in this post).

I think Colin has run out of ideas for BR. It's about as far away from what he prophesied as you can get. Don't think he's ever been in love with Manica. Manica is a vanilla steady Eddie partner, doing all the day to day hard work completely unnoticed while you are on the hunt for a bombshell with great taste. Unfortunately vanilla steady Eddie pays the bills whereas blond bombshell is a complete waste of money and ultimately doesn't love you (or doesn't have any copper).

I do wish CEOs could be held accountable for their statements. Many invested in XTR based on Colin's utterly erroneous and wild forward looking statements. Most turned out to be complete bull****, or misleading if you like.

Anyway, I promised myself I'd be positive about this company. We have income and income that can support future investment. There will be very minimal dilution here, which is an obvious bonus. If Colin can spend it wisely, we can take advantage of this so called copper shortfall that he has been predicting for the last decade. Stopped clocks are occasionally right...

More great news in this space.

Takeda will initiate a Phase 3 study of TAK-279 in plaque psoriasis in FY2023 and plans to evaluate TAK-279 in systemic lupus erythematosus, Crohn’s disease, ulcerative colitis and additional immune-mediated inflammatory diseases.

Shows how many potential diseases TYK2 can target. Full steam ahead!

Morning all, been away over the summer but checked in most days. I must admit our two visitors have been exceedingly dull and annoying. They are perfectly entitled to their opinions/shorts but no one is interested. The funding from RF bridges a gap and takes us through phase 1b, which is when we find out efficacy in psoriasis, i.e. what we've been waiting for for the last 15 years. The end is nigh.

As Leggster said very succinctly, the signs are good. My impatient self would like more updates but I appreciate it is out of the BOD's hands. The NEDs like whatever noises are coming out of Oz though and that should calm the nerves.

To paraphrase one of our leaders, they may not be great at biology but we are damn good at chemistry. Majors will be watching this when news is released. A safe, once a day orally administered, 100% available therapeutic in a newish space with a younger and better looking sibling wandering along the track just behind will definitely be attracting attention soon...

Hopefully, the endgame is nigh and all decisions will be taken out of our/my hands. I've said before, a buyout is much more preferable: no decision needed of when to sell, quicker return of shareholder value and no waiting around for pharma to push it forward to phase 2/3 where risk increases...

Enjoy the sunshine everyone before the rain returns.

And by plan of action, I of course mean, timescales, funding and overall business strategy (ie JV with Andromeda, buyout) etc. and not just the below which was included in the RNS:

Drill sonic core holes to better understand the nature of mineralisation, define permeability potential, and recover sufficient samples to produce a REE carbonate

o Install monitoring wells to gather baseline hydrology data to inform pilot ISR extraction tests

o Resource expansion Aircore ("AC") drilling to define a maiden ionic REE resource

o Re-analysis of historic drill samples on new tenement applications to define new ionic REE occurrences

o Regional AC palaeo-channel testing to demonstrate province scale potential

Thanks for the quick reply bitcoin.

I do agree with it being a great entry point. This is about as low as it's ever been - very very unlikely to go lower. Great for new shareholders, less good for those 50-60% down.

I would top up, IF the BOD could tell us their plan of action and a timeline. Rupert started doing this in RNSs and I (and many others) thought it was a great idea - only issue was they didn't/couldn't stick to it. Concrete plans with a timeline are appreciated by shareholders.

The RNS is overwhelmingly positive (I also like the fact they've snapped up 2 more licenses - didn't they do this before?) - I would like to know next steps with Andromeda (strategy, ie. JV or buyout), funding and a timeline.

I agree this is incredibly positive. Proof of concept and proof of economics is the most important discussion with the REE.

I would query however your phrase Bitcoin "immediate near term cash".

The RNS itself quotes NED David Clark who says, "It may take some time for the full implications of Cobra's model to be apparent - but it is already clear that it is positive for Cobra's shareholders ..."

"It may take some time" is not the same "immediate".

I also query how it's going to be positive for us as shareholders. Having bought in at 2.75p 2 years ago, the discovery of REE has not improved the share price. In fact, we are essentially in the doldrums. Therefore, the question is David et al, how will this generate a return for current shareholders? Market hasn't reacted positively to this news, we have no income to process this and there are no signs of a buyout. Therefore no increase in shareprice, no dividends, no buyout and most probably a cash raise to pay for the next steps.

So could Mr Clarke explain how exactly he and the BOD envisage it will be positive for shareholders?

(Please don't reply with "just accept the great news" - good news doesn't seem to cut it at the moment unless there is news of guaranteed shareholder return)

Morning everyone. I've been thinking long and hard about why progress has seemingly stalled with 737 and we've had no on licence in the last couple months. Admittedly, this is all conjecture as no one really knows what's going on - maybe not even the BOD as it's not really theirs to negotiate.

I would like some thoughts on the following, please. Might pharma be reluctant to take on 737, simply because they are all looking at the bigger picture? I'll explain the situation that's been swirling around in mind head.

Pharma A really like 737 and would like to take it on. They have done their due diligence and know the minority partner has a credible pipeline that could materialise in the next 1-2 years.

Pharma B and C are waiting on phase 1a results before opening dialogue with SAR. They are interested in licensing 1801 if there are positive results.

Pharma D like the look of the SAR, but won't want to take them out lock, stock and barrel until some indication of results from phase 1b are positive. Unfortunately for them - and us - they won't want to take us out if 737 is in the hands of pharma A, and definitely won't get near SAR if 1801 has already been on-licenced (quite likely as that's the first option).

Going back to pharma A, which has done it's work on 737. It can see our pipeline. It can guess what may happen 1-2 years down the line. Pharma A ideally would have a therapeutic which it has complete control of, and which provides financial gain for them and them alone. A return for the CPF is acceptable. However, with the potential for a take out, taking on 737 and subsequently providing financial gain to pharma D is not acceptable.

So here's my worry. If we start to on-licence either 737 (not our decision) or 1801, would it cause a reluctance from other pharma to take us out as they will be working with other pharma, and vice versa. Are pharma reluctant to on-licence because they don't want to put the work in, then find competitors may benefit in the long run?

Thoughts welcome on this. Just some personal thoughts on the potential big picture. We are Al pretty confident the science works. The finance situation has been discussed to death recently. The big picture situation looks at overall progress and ultimately our end game. (As I've said before, I'd prefer a take out - cleaner and shorter time frame).

Was there any positivity? Did he give us a timeline??

Hi Steve

Completely agree. There has been zero progress at BR in 12 months apart from one report commissioned, which was then paused to include a second one.

12 months is a long time but diddly squat has progressed. We need a timeline. We need a project plan. This isn't a scouts camping trip - this is a multi million pound company and we have the right to better communication and stakeholder management, ESPECIALLY if the management pays himself 30% more!!!!

Are you going today?

Hi all,

Unfortunately, I am away today and cannot make the AGM. I appreciate everyone has their own thoughts on questions that need answers - I have a few that I feel need answering.

"Would he tell AA to shove it if they offered 10p tomorrow?"

"Does he think his lack of reliability and tendency to exaggerate in terms of forward guidance is at all responsible for the market not believing future success at xtract and therefore a low share price?"

"What timescales does he have for achieving shareholder value?"

"Does he believe his strategy of acquiring small scale projects in Africa will provide shareholder value in the short to mid term, and if so how?"

"Can he justify a salary increase of 30%+ in the previous year, given the dramatic fall in the company's share price and zero return in shareholder value?"

AGM won't be livestreamed. It wasn't last year, don't see why it would be this year. Looking forward to hearing feedback from those that go. Please try not to let CB waffle on!

Can someone please ask Colin at the AGM:

"would he tell AA to shove it if they offered 10p tomorrow?"

"does he think his lack of reliability and tendency to exaggerate in terms of forward guidance is at all responsible for the market not believing future success at xtract and therefore a low share price?"

"What timescales does he have for achieving shareholder value?"

" Does he believe his strategy of acquiring small scale projects in Africa will provide shareholder value in the short to mid term, and if so how?"

"How many hours per week does he work on xtract?"

"....Can he justify a salary increase of 30% in the previous year, given the performance of the company's share price?"

"Following on from previous question, can he provide any metric which shows he has proved successful in his role over the past year? How would he rate his performance out of 10?"

Am trying to think of a list of tricky questions that might cause Colin to pause and reflect and ultimately pull his socks up, start to acknowledge performance is sub par and he owes us honesty and transparency about the short to mid term.

I'm honestly fed up. I am now of the opinion he loves this gravy train he is on and doesn't feel the need to bring shareholder value as he continues on 124k per year with just one of his many companies. Why would he need to retire!?

Will add to the list above as and when I think of others.