Member Info for Chilli300

There is a complex trail I've followed over the weekend that takes you from Dubai to India and weirdly Graphite in Tanzania, even as far back as 2019

I can't quite put my finger on how this is going to play out. But there are certainly two Indian family names in the mix. Including Graphene, NanoMaterials and all kinds going on

We need to watch for any MIMCO votes and who is involved, and then maybe we can piece things together.

If LBR could just focus on Barbrook and MIMCO as per Elcora Advanced Materials as their announcement

https://www.sedarplus.ca/csa-party/records/document.html?id=e1240b092322d6a58c1c7c0b0d6a9e067dfbd13776602d565c8a9667b4dd5d13

https://www.sedarplus.ca/csa-party/records/document.html?id=8ad4c183634c141cf90f08dbb78850f28b8f54bc5a2f4a20add098f2b1eda297

The Eldorado Property: Location and Operational Context

The Eldorado Gold Mine is situated within the Barberton Greenstone Belt, which forms part of the

Kaapvaal Craton in Mpumalanga, South Africa — a geological province recognized internationally for its

gold endowment and long history of producing operations. The property is located in close proximity to

the Fairview Mine, operated by Pan African Resources plc (AIM/JSE: PAF), a multi-decade gold-producing

operation, and the Lily Mine, operated by Vantage Goldfields. The Barberton region has supported

continuous commercial gold mining activity for well over a century and currently hosts several active and

advanced-stage operations.

The Eldorado property includes an on-site surface tailings stockpile, the processing of which constitutes

the initial phase (“Phase 0”) of the Company’s operational plan. Phase 0 is designed to generate cash flow

from the outset of operations without the requirement for a new mining permit, as surface tailings

retreatment does not constitute new mining under applicable South African regulatory frameworks. Cash

flow generation from Phase 0 is subject to, among other factors, tailings grade and tonnage

characterization by a Qualified Person, processing recoveries, operating costs, and prevailing gold prices,

all of which remain to be established. Readers are cautioned that the Company’s ability to generate cash

flow from Phase 0 is forward-looking information that cannot be assured at this stage of project

evaluation. The Company intends to use Phase 0 cash flows to partially fund subsequent phases of mine

development.

An experienced South African management team, co-led by in-country operators with established

knowledge of the Barberton region, has been identified and engaged to oversee on-site operations. The

BROT also provides for joint and transparent co-financial and operational management in accordance with

Elcora’s internal requirements and applicable Exchange standards. The Company will provide further

details regarding the operational team in subsequent disclosures.

BWTFDIK

That's why I'm starting to think there may be two separate stories developing. Lions Bay's interest appears centred on Barbrook, its plant, infrastructure, mining rights and the ability to get a mine back into production. At the same time, there are increasing hints that another party may be looking specifically at Lily and the wider MIMCO assets. We don't have proof of who that is, but the rumours around creditor meetings last Friday make the idea harder to dismiss.

The Elcora angle is still one of the most interesting parts for me. We know Eldorado sits on Portion 1 of Louieville 325 JU. We know Louieville 325 JU sits within the same general area as Lily, Low's Creek and Barbrook. We also know Elcora specifically referenced Lily when describing the asset. That doesn't prove any direct connection, but it does suggest Eldorado is not some random project on the other side of South Africa.

At this stage, my working view is that Barbrook and Lily may ultimately end up following different paths. Lions Bay taking Barbrook while another bidder focuses on Lily would actually explain a lot of the moving parts we've been seeing over the last few months. Whether that's what happens remains to be seen, but it feels more plausible now than it did a few weeks ago.

The two things I'd still love to find are the full 2015 Minxcon report and a proper cadastral map of Portion 1 of Louieville 325 JU. Either one could finally show exactly how Eldorado, Lily and Barbrook fit together on the ground.

I've spent a bit of time digging into the geography and old technical reports around Barbrook, Lily and the Elcora Eldorado acquisition, and a few things are starting to fit together.

The first thing I found is that Louieville 325 JU is a real farm area that appears in government records, planning documents and, importantly, on the old Barbrook mining maps. The Barbrook mining right isn't just the plant site. It stretches across a long corridor of ground that includes areas around Low's Creek and right up towards Louieville 325 JU.

That matters because Elcora's announcement says the Eldorado asset is located on Portion 1 of Farm Louieville 325 JU. When I first saw that, I wondered whether Eldorado might actually be another name for Lily Mine. Having looked through a lot more material, I don't think that's the case. What does seem likely is that Eldorado sits in the same broader mining district and is geographically much closer to Lily and Barbrook than most people probably realise.

I also went back through the old Vantage documents and found extracts from the 2015 Minxcon Competent Person's Report. Those figures show total Vantage resources of around 4.3 million ounces of gold and reserves of around 617,000 ounces. The interesting thing is that the report looked at the whole Vantage package together - Lily, Barbrook, Worcester and the surrounding exploration ground - rather than treating them as separate projects.

One thing that stood out was the difference between the historical resource value and what is happening today. On the face of it, it seems strange that Lions Bay appears heavily focused on Barbrook while MIMCO/Lily attracts much less attention (from LBR anyway). But when you look at the engineering work done after the Lily collapse, it starts to make more sense. Even back in 2016, the estimated cost of building a new access decline and getting back into the mine was well over R100 million before allowing for working capital and a proper restart.

Potential Catalysts in very near future

Some arguably more interdependent and will be catalysts for other "interests"

Not sure on sequence. And one is a hypothesis

1.MIMCO Vote

2. Impact of MIMCO vote on Barbrook

3.Section 11 / BEE / Financing Update

4. EV1 Graphite Chilalo Update (with conjecture on how linked 1+2+3 is to 4) We can always come back to the poem on that one....

5. Chikundo Assay update and drilling.(was due May 18th back with EV1 - assays)

6. Squaw Creek Update (this might even come first

7. Red Basin Novacore Uranium IPO update (will www.subatomicind.com and https://subatomic.com theory play out?) Who will go onto Novacore board from MET1?

8. Newcastle Cogeneration Plant Update

9. Swales Update

10. Nickel Update (least likely but might surprise us)

Sunday waits with MIMCO’s vote, the first stone in the stream,

Barbrook feels the ripple next, reshaping every dream.

Section 11, BEE, and funds may tighten into flight,

While Chilalo’s graphite whispers links half-hidden from the light.

Chikundo’s assays, overdue, may drill their truth awake,

Squaw Creek could move before the rest and make the markets shake.

Red Basin eyes Novacore’s door, with theories in the dust,

Subatomic shadows test the board — who steps across in trust?

Newcastle hums, Swales stirs, each waiting for its sign,

And nickel, last and least expected, may well still cross the line.

And I suspect that if things start going directionally right that it will trigger a number of updates

Lots

ON LBR there was a MIMCO vote on Friday 26th. I can't find any evidence of what the result of that vote was.

So depending on outcome of that and section 11 running in parallel, one could assume some form of update is due. I would imagine the timing of that is out of their hands.

The third element "Vantage" as far as I understand it the BRP proposing liquidation

So as far as I understand it

1. Barbrook - LBR / LBM Plan Adopted

2. MIMCO - Vote 26th Friday Just been with X Plan from BidderX

3. Vantage - BRP proposes liquidation

Not sure how splitting them all out sits, way above my pay grade. Only thing fairly evident is that there will be pressure politically to get this done now after 10 years and lots of mines closing close by with economic impact Platinum + job cuts etc

I am expecting many curveballs from unusual places...

Eminent Minerals.

https://dailynews.co.tz/tanzania-signs-agreements-with-swala-graphite-grafica-resources-for-the-extraction-of-graphite-in-lindi/

Fascinating if you trace it back to 2019

I did a Helium One Poem - being Welsh

So I thought I'd give a Met1 one a go

From Skyline to Elcora the breadcrumbs all glow,

Through Poddars and Goenkas, the spice-route winds blow.

Past desert souks where the graphite tales flowed,

A Kudu skips lightly down Chilalo’s road.

Lily lies waiting in Barberton’s fold,

While Met One goes hunting for glimmers of gold.

At the rainbow’s end, when the filings explode,

We’re off to audit the Yellow Brick Lode.

Https://www.share-talk.com/the-trillion-dollar-gas-hunt-minnesotas-massive-helium-discovery/#:~:text=A%20massive%2C%20game%2Dchanging%20natural,a%20domestic%20goldmine%20of%20helium.

A massive, game-changing natural resource discovery is unfolding right in America’s backyard.

In this episode of In Business, host Ken Buehler travels to northeastern Minnesota’s Iron Range, where an exploration company called Pulsar Helium has uncovered a domestic goldmine of helium.

Ken speaks with Cliff Kane (President of Pulsar Helium) about the staggering 12% helium concentrations found at the Jetstream 1 well site, and learns about the groundbreaking discovery of Helium-3—a rare isotope valued at $30 million per kilogram. We also dive deep underground with geologist Dr. Jarish Takarta to understand how 1.1-billion-year-old volcanic rock trapped this gas, and talk to Wes Minton of Chart Industries about the state-of-the-art cryogenic technology needed to bring this resource to the global market.

Stew the article you're posting is actually the opposite sentiment. So in effect it suggests that data centres and so on would use optical interconnect (Light) technology rather than Copper.

So they didn't go ahead with 8 July 2025 Hammaslahti or Outokumpu projects

The do have VMS (potential) exposure via Chikundo with EV1

https://evolutionenergyminerals.com.au/chikundo-copper-cu-pb-zn-project/

https://api.investi.com.au/api/announcements/ev1/b8a0c30e-330.pdf

BUSINESS UPDATE

CHIKUNDO DRILLING ADVANCES, CHILALO EXECUTION PATHWAY DEFINED

Evolution Energy Minerals Limited (ASX:EV1, FSE:P77) (“EV1” or the “Company”) provides an

update following a recent site visit to Tanzania, including progress at the Chikundo Copper Project

and advancement of the Chilalo Graphite Project.

HIGHLIGHTS

• Company is well funded to complete planned 2026 activities

• Strong copper mineralisation indicators observed during Chikundo site visit.

• Chilalo development pathway refined with clear execution and funding milestones.

• Modular graphite plant study ready for tender, EPCM engagement underway.

• Graphite market outlook strengthening with forecast structural supply deficit.

• A local CSR project at Nanguragai nearing completion.

NEAR-TERM EXECUTION

• Commence Chikundo drilling programme.

• Establish site office and camp infrastructure.

• Progress road development and access.

• Advance geotechnical and hydro studies.

• Continue environmental baseline monitoring.

• Issue Chilalo scoping study tender.

CHIKUNDO COPPER PROJECT

DRILL READY PROSPECT WITH STRONG SURFACE INDICATORS

As part of a broader visit, Craig Moulton (MD) and Gemma Cryan (Technical Director) recently visited

the prospect. Field observations from the Malachite Pit area were highly encouraging including:

• Extensive gossan development with remnant sulphide textures (Figure 1c and 1d)

• Visible malachite and azurite mineralisation (Figure 1a and 1b)

• Chlorite–sericite alteration consistent with VHMS-style systems

• Structural features indicative of fluid pathways and mineralising controls

These observations support the Company’s geological model and reinforce targeting confidence

ahead of drilling. OPERATIONAL READINESS

During the recent visit, several contract geologists were interviewed in the field, with an experienced

Tanzanian Senior Geologist Casmir Kiwale appointed.

Immediate priorities will include:

• Tender of the Drilling Contract via Mining Commission to ensure local content compliance.

o Expected to take ~1 week and not impact timelines.

• Equipment inspection of the selected contractor for HS&E compliance.

• Final procurement of drilling and sampling consumables and field supplies.

DELAYS IN ASSAY RESULTS

The Company has been recently advised by ALS Laboratories in Johannesburg that the results from

the completed soil sampling programme (submitted 25 February 2026) are now expected to be

delivered in the week beginning 18 May 2026, reflecting laboratory backlog. While this delay is

disappointing, drill planning and logistics will continue in parallel to minimise any further delay once

the results have been received. Drilling is now

Https://www.londonstockexchange.com/news-article/MET1/settlement-with-80-mile-issue-of-equity/17123090

Metals One announces it has agreed terms with 80 Mile PLC (AIM: 80M) ("80 Mile") whereby the Company will:

· terminate the 2025 conditional acquisition of FinnAust Mining Finland Oy from 80 Mile (announced on 19 March 2025), which holds certain licences comprising the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project and in Finland; and

· Remove a future obligation to pay 80 Mile 2,000,000 Deferred Consideration Shares (as set out in the Company's AIM Admission Document) in connection with the 2023 acquisition of FinnAust Mining Northern Oy, which holds the Black Schist Project in Finland ("Settlement Agreement").

The Company will not therefore continue with the acquisition of the Hammaslahti or Outokumpu projects in favour of prioritising exploration expenditure for other projects including in the USA where the Company has secured strategic footholds in prolific uranium and gold regions.

Https://www.polity.org.za/article/actionsa-condemns-threats-against-mpumalanga-mpl-thoko-mashiane-amid-madlanga-commission-engagement-on-lily-mine-matter-2026-06-01

ActionSA strongly and unequivocally condemns the death threats made against our Member of the Provincial Legislature in Mpumalanga, Thoko Mashiane.

These threats follow Mashiane’s decision to formally engage the Madlanga Commission regarding the decade long matter of the mining tragedy at Lily Mine in Mpumalanga that claimed the lives of three miners, Yvonne Mnisi, Pretty Nkambule and Solomon Nyirenda. ActionSA has consistently pursued the fact that this tragedy and the status of the resultant business rescue process have not been properly dealt with since the fateful day on 5 February 2016 to date in the interests of justice for the affected families.

Reports and submissions linked to the matter have raised serious concerns regarding alleged infiltration within the South African Police Service in Mpumalanga, as well as alleged connections between criminal syndicates involved in illegal mining and elements operating within law enforcement structures. These remain allegations that must be properly investigated through lawful and independent processes.

It is deeply concerning that a public representative seeking accountability and truth in a matter of such national importance is now subjected to intimidation. This conduct represents a direct attack on constitutional democracy and on the right of elected representatives to perform their oversight responsibilities without fear or favour. MPL Mashiane will be informing the Mpumalanga Legislature of these threats so that they can conduct a security risk assessment after this threat.

ActionSA remains steadfast in its commitment to pursuing accountability, exposing wrongdoing where it exists, and ensuring that no amount of intimidation will deter efforts to uncover the truth.

Issued by ActionSA Parliamentary leader Athol Trollip

They also have 20 million warrants

Https://www.otcmarkets.com/news-otcapi/news/document/content/id?id=75472

WR-016 — Rim Rock — dump — 1.25% U₃O₈ and 0.97% V₂O₅

Lark Mine 1.17% U₃O₈ 1.89% V₂O₅

Diana Mine 1.11% U₃O₈ 2.32% V₂O₅

And so on

Https://thorenergyplc.com/wp-content/uploads/2022/08/20200616-visible-mineralisation-in-us-uranium-and-vanadium-samples.pdf

Hadn't seen this specific map of claims before

Babe Ruth Mine

Diana mine

Rim Rock Mine

Wedding Bell Mines Group

Jack Knife Mine

Groundhog Mine

Bachelor Mine

Clearly Labelled

Very relevant to the original DISA agreement

https://www.londonstockexchange.com/news-article/MET1/agreement-to-treat-uranium-waste-dumps-with-disa/17214653

I suspect the first RNS would be:

"Further to the Company's announcement at 07:00, the Company wishes to clarify that the drill rig has now turned left rather than right and has successfully consumed a bacon sandwich. The Board considers this potentially significant and will provide further updates in due course."

So if they're going to achieve that they need to crack on

"Tranche 2 - 2026

Achievement of a Company market capitalisation as at 31 December 2026 that is at least 50% higher than the market capitalisation as at 2 January 2026. This shall be calculated based on either the closing share price on 31 December 2026, or the volume-weighted average price ("VWAP") of the Company's shares for the trading days in 2026 and shall exclude the impact of any Equity Issues in the period."

I completely get why shareholders feel this way after the dilution and share price performance over the last year. Pretty much a car crash, although could it have been even worse if they'd sat there waiting for something to happen with Nickel projects? Bearing in mind they're now pretty much mothballed as far as I can see, unless there is some giant magic wand of European Funding that is going to sprinkle some funding dust. Which I don't think for a second will happen.

Bigsmoke mentioned "coz thy are now incentivized?"

https://otp.tools.investis.com/clients/uk/metals_one_plc/rns/regulatory-story.aspx?cid=2778&newsid=2034101

You look at the structure of management incentives(16 February 2026), tranche 2 isn't some arbitrary number. The January 2026 reference price was 2.069p from what I can see or thereabouts. The second tranche effectively needs a 50% increase from that level, which gets you to roughly 3.1p. Importantly, the wording also adjusts for dilution from future equity raises, so simply issuing more shares doesn't make the target easier to achieve.

What I find interesting is that 3.1p isn't actually that far away from where Oak arrived at with its SOTP valuation of around 3.3p. Yes, the Oak note was company-sponsored research and should be viewed accordingly, but it's still notable that two completely different mechanisms seem to converge around a similar range.

To me that doesn't prove management will succeed. Far from it. What it does suggest is that the major shareholders who approved the incentive structure (whoever they are !!!) believed that creating sustained value somewhere around that level was achievable. Otherwise there would be little point setting it as a meaningful hurdle.

The market today at around 1.3p-1.5p is effectively saying none of that matters and very little of the optionality converts into value. Management now have to prove otherwise. We've had enough flannel and words, now we need to see if they can actually deliver. Only time will tell.