Member Info for Catbert

Realistically we don't have the resources to develop a major find into a mine. Neither do we have the people who might be able to pull together a financial consortium to do this.

However we do have a track record of forming JV's with larger miners and it is most likely that a JV is our natural route forwards once we have a proven resource and we have checked the recovery rates at Mushima North.

If the next few weeks are a success we'll have a very strong position from that point onwards to either sell or agree some form of free carry.

At this future stage we're also probably thinking about the Sulphide Zone below which may or may not be a thing.

Typically a sulphide zone in this type of deposit is many times the size of the oxide zone.

Our exploration target is I believe (based on my own estimate which I posted here prior to the official one being released) now far larger than that which was officially published. The reason for this is that having re read the RNS I note that they are going to be looking at the extensions and therefore we might very well have additional oxide areas to add to the current footprint (My estimated MRE was based only in the current footprint and not extensions as was the official one I believe).

When I was looking at the areas where they thought the oxide footprint extended on the map (you can check this yourself) we could have nearer double the amount of oxide area that we have currently verified. But only if we have the same degree of continuity as in the areas we have explored already.

Does the oxide zone at Mushima North extend and does it do so with continuity?

Perhaps we'll answer the first point and partly answer the second one within weeks.

If we get positive assays on step out drilling early on this could move the price as it confirms a larger inferred ore body.

This is still a wildly speculative stock however there does seem to be either a lot of potential upside or a lot of disappointment coming our way.

The drill will tell us.

We have a market cap of £2.8m and funds of £1m and we're about to find out if we have a viable resource.

As silver mines go a shallow small to medium sized open pit project (which our MRE target posits) in a decent jurisdicton even if we had a 30% free carry is worth a lot more than £2.8m.

If the project is more like a Medium to large scale shallow open pit, then we're into the billions on NAV.

Hopefully the drill doesn't shatter our dreams.

GLA/ DYOR.

Good. Let's get on with it. We needed funds and with a completed MRE this makes Mushima North a validated discovery.

I'm still really annoyed that they have thus far failed to communicate the exact details of the program or to do any media or comms to promote the project.

The drilling plan is targeting the Oxide zones which are near surface and appear to extend in two directions however we only have an indication that we are infill drilling. I would have thought that with the sum raised we'd have enough to do some step out drilling too into the areas where we believe the oxide zones extend.

If we do step out we have the potential of exceeding the exploration target set as this was based on the footprint of the areas already drilled so far.

They don't need to conceal this information and yet without it it becomes very difficult to know where we stand as a shareholders.

Their decision making around the comms is very shaky and it appears to have been given zero priority. They have genuinely good news to share and a great story to tell and yet they fail to step forward and share this with the market. It's exasperating. Absolutely stupid and beyond belief that they are so lacking in this area.

I can't believe these idiots only saw fit to post this oblique message via X FFS.

It would seem to imply that drilling has started at Mushima North however it doesn't say so specifically, neither does it give any dates or details- surely an RNS would be better.

Plus it's a chance to set out the specifics of their campaign and generally put the wind in the sails of the share price.

TBH I wouldn't be surprised if the Chairman was Autistic or an Aspie his projects are good and he's smart but he's woeful on the people stuff and comms.

On the plus side at least he's a cheapskate.

Thank heavens for small mercies.

FWIW I used to hold Orr but sold completely. The geology is fine however the politics and in country risk are horrible. Ancient president so at some point soon regime change and possibly it could get spicy as the incumbent has been in power for ages, Gov totally in China's pocket and the recent expropriation of one of the biggest Iron Ore projects on the planet where the Cameroonian Gov didn't even bother going to court. Such is their contempt for international laws and norms.

The best hope for ORR is that they sell the projects to the Chinese. They have yet to get the exploitation licence for the first project and if they don't get that then the second bigger project is cooked. They can only sell the gold to the in country government gold buying body who will pay them in local currency (Pebbles and Seashells) plus on their larger project they've had artisanal miners crawling all over it for some while. Let's just say that there is a lot that can go wrong. Plus they will deffo need to raise.

Good Geology though. Management seem decent- although they did recently award themselves an option to buy 4% of the company for a decent price (so they are no above shafting shareholders).

It's not even close to Kefi or comparable in any way other than these are two African Gold Projects - there is no mine build there is no clarity on licencing and government participation and there is no funding but the biggest risks by far are political ones.

If they can navigate these then investors have a chance of not losing their shirts. All IMHO DYOR. GLA.

The fact that the project is at 1600m and that water runs downhill is material.

Claims that the rainy season will derail Tulu Kapi’s build schedule or blow out costs ignore the fact that this risk has been explicitly engineered out in the project design.

The feasibility work recognises a July–September monsoon but still concludes there is ‘no reason why a commercial scale mining and processing operation cannot be conducted throughout the year’, based on demonstrated year‑round exploration and detailed water management planning.

Off‑site, the Ethiopian Roads Authority is responsible for building all external roads and a new road bridge over the Birbir River, with a new 14 km access road and concrete bridge specified as the preferred permanent solution to avoid wet‑season maintenance and bridge‑approach issues that affected older gravel routes.

On‑site, water will be managed via a designed TSF and waste-dump drainage system, with water harvested from the TSF and upstream catchments and an 8.8 km buried pipeline from the Birbir River to provide early‑years and dry‑year security of supply.

In other words, roads, bridges and water management have all been designed (and are being built) specifically to cope with the wet season, and the latest company guidance still shows the project on track for commissioning and ramp‑up, with no disclosure of rainy‑season driven delays or cost shocks.

No posts for ages and then this torrent of garbage. It's a poor effort.

Same here 99icecream.

The Royalty agreement is a very expensive way to finance the deal and one imagines that a buyer would take this element out and fund it themselves.

Indeed the removal of the Royalty funded element would add some considerable worth to the NAV.

My guess is that any buyer is still going to need more or less the same sign off criteria as the OWI RAMs deal and we are not quite there yet.

We shouldn't be too far off completing the necessary actions by the end of June though.

GLA / DYOR.

A potential purchase by NCI isn't just the simple exercise of agreeing a price and terms of business with FAB.

If their intention is to use Optimal then this means that they will allocate resources around the Optimal process which means people resources and program budgets need to be planned internally for the various projects which would use Optimal in their development.

This suggests to me that some level of internal reorganization is needed by NCI in order to adapt to a process which incorporates Optimal as a key stage- In other words they don't just buy Optimal instead they buy Optimal and reorganise their processes around its use. It makes most sense to me that they would do both before announcing an agreement with FAB.

I don't think the FAB sales team has any real leverage to add pace to the internal timeline of the NCI however I do think it is likely to be settled before their next budgeting/ funding deadline which is October/ November at the very latest if not before.

GLA/ DYOR

From the RNS in December 2025, Fusion said NCI had provided a proposal to extend the OptiMAL collaboration to “several named targets” and that discussions would continue into early 2026, but also explicitly warned there was no assurance an extension would be reached or on what terms. The same update noted that the NCI wants OptiMAL as a frontline human antibody discovery platform across a range of targets, which is strong external validation of the technology but not yet a revenue‑defining contract.

The fact that they were able to RNS this second point is substantial IMHO.

It doesn't state that the NCI is evaluating a number of candidates for this purpose instead it speaks of the specific intent indicated by NCI to make Optimal a key tool in their process.

This leaves me thinking glass half full rather than the reverse.

Not that I know anything.

GLA/ DYOR.

The ruling Prosperity Party are the favourite: A live prediction market on the “Ethiopia Parliamentary Election Winner” currently assigns about a 96% implied probability to the Prosperity Party winning, far higher than any opposition grouping such as GPDP, TPLF, NaMA or EZEMA, which each trade around 0.35–1.4%.

In the 2021 general election, Abiy Ahmed’s Prosperity Party won 410 of 436 decided seats, giving it an overwhelming majority and another five‑year term. This record, combined with fragmented opposition and ongoing security constraints, underpins expectations that the ruling party will remain in power

A Prosperity Party win assures a continuation of the Abiy leadership. The vote is 1st June with results expected 11th June.

It's difficult to see any significant risk arising as a result of these elections for TK more so as TK is also an Oromia State project in addition to being a project supported at a National level politically.

Theoretically there is an element of risk however IMHO it is very low indeed. Furthermore the project hasn't gotten to Bank draw down yet and it stands to be a major contributor to state funds $50m p/a once running. Multiple state actors are aligned with Kefi and it's investors in safeguarding the project as it is built.

GLA/ DYOR.

This is one where some volatility is inevitable.

The end point however is delivery of the construction project and that is in the best hands possible- Lycopodium.

They have set a timeline which seems realistic and they have a record of finishing things on time and often early.

The gold price isn't doing badly at present, Trump is agitating re Iran and so we have a wider risk off sentiment as a result- so shares like this are going to get some pressure, particularly in a news vacuum.

Plus we have a longish wait for build completion. Plus the last piece of news was negative for existing holders.

However we do have news pending on Saudi and it's not inconceivable that we might get some construction progress updates on TK.

I know they don't like photography but the resettlement must be well underway by now. My guesstimates are that we'll get both construction progress / resettlement updates and Saudi news in the next few weeks. If we do this should put the wind back in our sails and help the price along.

Those clever enough to trade in and out here will do so. I am not in that camp as I just cannot predict accurately enough what the short term price action is about to do. Longer term is easier.

Long Term the time on the build completion clock runs down and the price of gold supports the economic case- these two items appear to be very much still on track.

The institutions were buying in at around these prices a couple of weeks ago - presumably as they saw value at these levels.

IMHO anyone who had a plan to hold this for construction was aware that we'd get some volatility along the way. The last raise was unexpected and unwelcome but it's done now and at least it leaves us with a greater cash buffer that we'd previously had and seemingly the institutions who participated didn't seem to mind.

As construction continues my own view is that a takeover becomes more likely. Gold price assumptions for all gold miners financial models seems to be well below current levels if we sustain a gold price at or above $4500 for any length of time the entire sector is going to be considered as undervalued.

We'd have to observe a trend reversal for this not to happen and yet we have multiple highly regarded forecasters suggesting gold prices well over $5000.

GLA/ DYOR

I believe the drilling is due to recommence at Mushima North mid May was indicated.

Hopefully we get an RNS in the next few days to confirm this. This should mean assays are likely due between late June and late July. I would imagine that the Geos will be able to get some sense of the likely success from hand held XRF testing of any samples we pull up before then.

We'd be drilling for maybe a month to do the campaign, its mostly shallow infill drilling.

https://www.tertiaryminerals.com/downloads/20260505-tm-adm-news-operations-update-zambia.pdf

https://au.investing.com/news/stock-market-news/tertiary-minerals-plans-drilling-at-zambia-silver-project-93CH-4404862

I would like to know a lot more about their plan for this season and exactly where they plan to drill ( is it all infill or will we step out or do any drilling at depth).

I think they have an excellent PR opportunity here to maybe announce commencement of the drilling and delineate the exact plan and their aims.

Hopefully they will take this.

Shareholders and prospective shareholders like nothing more than action and activity and this is about to begin.

GLA/ DYOR

I may be reading a lot into Adrian's last sentence but I'm beginning to start to think that FAB and it's offering connects rather well to what is happening in the quantum computing space.

Indeed quantum computing could be coupled with FAB's offering in a most effective way as there is already significant evidence that quantum computer lead discover typically results in x10 stronger binding capacity for antibodies discovered this way.

Quantum platforms produce more synthetically feasible candidates compared to classical generative AI models.

Quantum designed antibodies are easier to make.

There is a wall of investment money coming into the Quantum space and there are already examples of commercial projects using quantum computing such as these.

https://quantumcomputingreport.com/polaris-quantum-biotech-study-demonstrates-quantum-advantage-over-generative-ai-in-drug-discovery/

https://thequantuminsider.com/2025/12/01/ionq-and-ccrm-announce-strategic-quantum-biotech-collaboration-to-accelerate-development-of-advanced-therapeutics/

I think we are at a very interesting time in the development of this industry, indeed it would not surprise me if we were a bid target for companies in this space as a quantum computing element would "accelerate" the performance of the FAB offering and FAB would be a great source of customers and potentially revenues for a quantum computing business.

Pre revenue businesses like those in the quantum space are liable to make bold strategic investments with lengthy time horizons in mind unlike the more conservatively minded Biotech / Pharma companies who might only be coaxed into making a bid to save themselves a whole raft of licence fees- a scenario likely to play out over a longer timeline.

I'd be very interested to learn the management's views on this subject.

GLA/ DYOR

Pandy2 My reading is that it's a little bit of both- news and maybe a little "can kicking" too- at least of sorts.

The news is that we have ongoing discussions with partners interested in JVs - if we sign one or both then I think that will definitely be good news as we bring more assets into play. The can kick is the 12 month extension on the development timeline for one of our current deals. I'm not too worried about this as big mining companies have their own internal timelines and project generators have to go along with these - the point is they are still onside and indeed for all we know they might be a party which is interested in a JV on one or both of the other projects mentioned in the RNS. I'm just guessing on this point but it is a possibility.

I'd rather have an RNS like this than not.

What it does signal is activity and potential progress in developing JVs for our projects. We're clearly in active discussions.

One imagines that they'd be unable to say anything more until a concrete arrangement has been made.

Not sure if Directors can buy if they know the status of the NCI deal.

They probably cannot claim not to know as this is such a big deal they'd be unable to recuse themselves.

Because it's a large deal with significant complexity my guess is Q3 at some point for a conclusion on this?

Any business which can double it's margin is gaining significant traction in it's market. We've just done that. It bodes well.

We're in a good cash position and we have opted to scale up the commercial side to presumably impact on revenue growth for 26/27.

If we sign NCI and deliver revenue growth outside of the NCI deal whilst retaining the margin growth we've achieved this year then we're in very good shape indeed.

The price action has been slightly wacky today but for LTH's it appears to be that we're moving in the right direction.

The buy out possibility exists and as we take on more work my guess is that the probability will increase because the pipeline of licence fees will build as the workload builds and this is where the big value is stored.

At some point someone we're working with is going to think why pay all these licence fees why not just make an offer for the company. At some stage this becomes almost inevitable.

However to get there we have to go for growth, which is what we seem to be doing.

I'm very happy with the plans for Mushima North over the next few months.

We already have multiple holes which ended in mineralisation furthermore we have extension prospects in both the North-West and South-West directions.

My calculations do not include any assumptions that either depth extensions or the extensions to NW and SW have been factored into the exploration target.

I believe the target is based only on what we have drilled so far and that it doesn't include any assumptions about areas believed to offer continuations of the mineralisation not yet drilled.

There is evidently a fault which runs SW-NE which would appear to be a significant structure and we have another area of interest to the South adjacent to West of the fault which may be a continuation of the SW/ NW extension. These extensions (SW/ NW and depth) and the possible continuation offer the scope to double or triple what we have and all in what appears to be an oxidised zone.

The plan is 2000-3000 of largely infill drilling but one hopes that we also get some step out into other parts of what is anticipated as a continuation of the oxidised zones.

Once this infill campaign is done we'll be in a very strong position.

The mineralisation is shown to be consistent and the geometry is flat tabular and near surface and the oxidised characteristics suggest easy low cost recovery.

My guess is that although we could radically expand and upscale exploration by fully exploring the extensions and depth plus the sulfide zone and adjacent targets instead we are going to define what is likely to be an economic resource based on the infill of our previous campaigns.

This is an approached championed by Pierre Lassonde and others whereby you don't try to define all the resource but instead focus on defining enough to build a mine and then use the revenues of the mine to further develop your asset.

My prediction based on the grade consistency so far is that we are going to witness 2000-3000 meters of bountiful reports followed by a company defining maiden resource.

This infill drilling into an area already shown to be characterized by very consistent and wide zones of mineralisation is as close to shooting rats in a barrel as it gets in exploration drilling.

Given the simple nature of the geometry and consistency of mineralisation followers here will be whacking the drill reports into their AI's and we'll all have the Jorc number estimated to a reasonable level of accuracy way before the official one is released.

Once we have the Jorc we'll be in a very strong position to negotiate a JV to fully develop the asset.

We still have to prove the metallurgy and the drill can and sometimes does disappoint and we may need to raise however even when we do raise I'm still confident that this can be done within the context of a disciplined and controlled expansion of the asset value.

DYOR/ GLA

The buyer is likely to be from the same group as the operator.

One is needed for the sale and one is needed for the OWI RAMs deal to complete.

It could be the same party calculating if operate or buy-in is the best option.

I'm guessing that whomever is the remaining buyer is holding up the OWI RAMs process.

There would be a lot of due diligence to do on a deal like this for a buyer plus some of the tasks i.e. the Harbour drilling are still not yet complete.

If that is contingent for OWI RAMs it's likely to be the same for a buyer.

Does anyone know the timeline for the next bit of data on the harbour drilling?

There seems to be some confusion about the adjacent licences Kefi hold.

Tulu Kapi district exploration licences (c. 200 km²) – contiguous ELs around and near Tulu Kapi held by KEFI Minerals (Ethiopia), described by the company as “the Exploration Licences held…cover an area of approximately 200 square kilometres over and near the Tulu Kapi deposit.”

Only some small parts of these were subject to the issue of over pegging.

https://www.kefi-goldandcopper.com/projects/ethiopia/tulu-kapi

Kefi knew that TK was advanced by prior activity on site and they have done what Pierre Lassonde would have done and gone for the smallest mine they could in order to get generating cash ASAP (I know it doesn't feel like that (ASAP) but it's been the strategy).

The cash from a producing asset then allows the remaining development to self fund. Lassonde did this with Orla. Find one big deposit and you can usually add to it.

There are more Kefi's in the 200km district package it's not proven but it's highly likely.

Trenching soil geochem and some scout drilling is not expensive what is expensive is resource definition however by the time we get to that TK will hopefully be chucking out cash like there was no tomorrow which will give the TK district a means of self funding the resource definition of any TK analogs on this district land package.

So yes three TKs is quite likely and the underground at TK is a near cert.

We have 200km2 of Arabian Nubian Shield to go at.

Thanks for your efforts Twincamcortina.

Hopefully the delay is a good sign.

"Earwig Go"

said the Earwig as he slid down the bannisters.

Nice to see the report. I personally hate share price predictions as they are usually such garbage and for explorers they are based largely on theoretical asset values and not what the market will pay for the shares.

If the zone below is a continuous and equally well mineralised sulfide zone then it could easily be several hundred meters in depth. If so .26 would be a fraction of what this is worth.

Likewise if Kobold hit the shale ore or if Storuman gets the go ahead.

We have three big free swings this year and if we connect with any one of them the price is going to go bonkers.

Hopefully the patience of long term holders will be rewarded eventually.

GLA/ DYOR