Member Info for Dan_LSE

There are 2 more entities I missed in the puzzle, they are not owned by any other entity now and never were, so they stand separate. However...

Вайттара / "White Tara"(?)
Mongolia
5497329
- Luvsandorj “Zula” Dulmaazul
was the owner and CEO until May 2025
From May 2025 Dharambazar Anand is both part-owner, CEO and UBO

Conducts research and consultancy on renewable energy

The mildly interesting thing about this is that it was set up at exactly the same date as Вольфсон ХХК / Wolfson LLC
Mongolia
5497302, and the pattern continues where Anand became the controlling person there in May 2025.

Then we have Шивээ грийн энержиг / 
Shivee Green Energy LLC
Mongolia
6123538
, also not owned by any other entity, set up in 2016, also set up by Zula and also in May 2025 taken over by Anand. Other owners from 2025 are
Agvaanpuntsag Boldbaatar and Terbish Enkhbayar
(Агваанпунцаг Болдбаатар, Тэрбиш Энхбаяр), I can't find any info about who that is.

So we have multiple entities changing hand to a single controlling person, Ananad Dharambazar, who is allegedly an experienced banker, and all of that happening in the same month. All it seems to say is that a larger structure is being aligned for something, like listing, M&A, or some sort of consolidation.

Thanks to AI we can now just put all the entities in one search and ask for an update from the Mongolian registry, so any changes to this should be easily found, I will keep searching if something pops up.

Ah that's the way, thanks! :D x.com/DanMavr/status/1983268227334713567

try this one ************* [remove spaces here] +pk3rfe7rxwmwnjfk

Mimbrit, sure, do you have Twitter or Telegram? Just so I dont have to post it here and then I get spam from web crawling bots

As promised, here is the deep dive into all of the different companies around Petro Matad, the relationship between them, the key people and how it all evolved over time, including info on new entities in PM group which we may not have heard about yet. Strong presence of bankers, sources of funding anand recent changes pointing to a consolidation/reorganisation of ownership. Any feedback welcome. Treat with some caution, I tried to make it accurate but can't guarantee I got everything right. Video in the tweet below.

x.com/DanMavr/status/1983182437078446179

Heron 2 up to date images.

x.com/DanMavr/status/1983171693595247004

The people most likely unknown to us until now, listed on the JV entity in Singapore are:

SHARON LIM SIEW CHOO - Singapore

Ms. Lim was appointed as a local Director and Joint Secretary of Sunsteppe Renewable Energy Pte. Ltd. in April 2025. This coincided with the JV company expanding its compliance team after the JV restructuring. Sharon Lim’s role is primarily administrative and governance-focused.

VEZOLLES PAUL MONROE - USA

Mr. Vezolles is an investment professional with over 30 years of experience in finance, real estate development, and renewable energy. Based in Charlotte, NC, he is the President & CEO of Chatham Park Development – a company leading a large mixed-use real estate project, where he oversees strategy and investments in sustainable infrastructure. Previously, Mr. Vezolles was a General Partner at WEDGE Capital Management LLP, managing equity portfolios, and earlier an analyst at investment advisory firms. He is a Chartered Financial Analyst

Known people:

Mike Buck

Tim Bushell

Zula (Sunsteppe/Wolfson/Gov roles)

Gazelle-1 seems to be finished.

x.com/DanMavr/status/1982804422611587258

Mimbrit, yeah it's all very web-like and connected! I was able to tie entity creation dates to roughly the dates of big announcements, so hopefully it will make more sense soon, although it will be something like a 30-minute video you will need to watch :D

Thank you Fronteracheckin, got this captured already and working on more. There are a few more related entities. I am mapping the dates and addresses and people with control so we can link those that have not yet been linked. Coming soon, most likely tomorrow. I paid for the info from Singaporean registry so I have a few more names to add from Sunsteppe Renewable Energy Pte. Ltd, which helped me located the 50% owner Sunsteppe Energy LLC.

You are very right Unnd, this is exactly what I have been spending time on and I already have the details of the Sunsteppe entities, including Sunsteppe Energy LLC. I will post soon once finalised

Hi all,

We are working on clarifying the company structure and trying to piece all things together, as Sunsteppe is not a very straightforward undertaking to understand on paper. I will share it once completed. It's not necessarily good or bad info, it will just give insight into the inner workings of a wider web of companies, with info on their key people. So far I like what I see, but some of my previous tweets may need correction possibly.

For now I will drop one small bit. If you find Jeremy Elliott on linkedin, somewhere in his bio is a role of an advisor for Shard Capital ending December 2024. In the description he says:

"SunSteppe is an ambitions Mongolian developer raising for a $1b+ renewable pipeline. At it's helm is Zula Luvsandorj (Dan's note: CEO of Sunsteppe, behind the $1b European Investment Bank scheme for Mongolia), a well-connected, dynamic and expereinced local developer with international credentials."

I think that relates to gasoline, not oil. Here is why I think it is gas. From other posts from this page they are actively working with China, UAE and Kazakhstan in recent days to supply this specific type only. So I would not make a big news out of it for PM, since Mongolia can't refine crude oil yet, it is all about imports and building storage capacity. Would you agree?

facebook.com/Ministry.of.Industry.Mineral.Resources/posts/pfbid0dVP4LuUSrjuQ4iaYUYXyUHZjmH2EqhDoT6Q23qC4Xys7nhukCynMakok3W6K9rwGl

FUEL MANUFACTURE AND SHIPMENT TO MONGOLIA WILL BEGIN NEXT WEEK

Here is a brief summary of the meeting held with the Petrochina International Company of China.

Representatives of the Ministry of Industry, Minerals, AMGTG and petrol importer enterprises held a meeting with representatives including Wang Xin, Vice President of Petrochina International Company in Beijing, China on October 24, 2025.

Ambassador N.Enkhbold from Mongolia to China and Advisor Sunjidmaa attended the meeting.

Focus on increasing the type and quantity of fuel purchased from Petrochina International Company from Mongolia, first of all on quickly organizing the production and shipment of AI-92 gasoline that was ordered in October, supporting and working to overcome the difficulties faced in our country, continuing cooperation for a long time and supplying monthly fuel name Proposed and discussed to have a integrated formula for matching types, quantity, and pricing, and to sign a long-term contract.

From the Chinese side, Petrochina International Company has been working with Mongolian enterprises for a long time, emphasizing that our neighboring countries with friendly relations and the Mongolian market hold an important position for us.

Continuing, Mongolian companies are ordering 6900 tonnes, additional 7600 tonnes, total 15500 tonnes AI-92 gasoline starting in October.

2000 tonnes of this have been manufactured and ready for shipping and exporting will start next week as soon as export quota and railway schedule are out.

The remaining products are being organized continuously and will be supplied from the beginning of November.

Also, the PRC can supply fuel according to Mongolia's consumption and orders, although factors such as railway transportation and the capacity of transfer facilities are affecting this activity.

Therefore, the transport related issue should be resolved by both sides together and at the government level unanimously, and the company will make efforts in this regard, and the Mongolian side also requested to take relevant measures in this regard.

2025.10.24

Updated Gazelle-1 commentary following Master's note on pump being installed

https://x.com/DanMavr/status/1981606484518518798

See below more details on the fund currently part owning Sunsteppe's new entity, most likely focused on the large wind farm.

x.com/DanMavr/status/1980313354544861659

For those interested, here is how to use the timelapse function in the Copernicus browser - it is much better to see a timelapse of the site rather than individual images.

Happy satellite hunting!

x.com/DanMavr/status/1981066220251033722

ManxKippers, for clarification these are not wells but site for the solar power plant. The spelling is "Чойр" which phonetically translates Tchoir --> Choir. Our oil wells like Heron and Gazelle are indeed in a middle of nowhere, in a different region. See link for H1 and H2.

browser.dataspace.copernicus.eu/?zoom=15&lat=46.82489&lng=116.13064&themeId=DEFAULT-THEME&visualizationUrl=U2FsdGVkX1%2B%2FcntatMmdpJhqKFu5qTozaS5oEz2Oxy9qgy7S3BK9nV9IRJpbobACOyCRi6oLUXhVkW9qwRW%2BqVSPNxFLneDZin1P5AW2hZJ5GS5J0dcRamZi%2BaITog41&datasetId=S2_L2A_CDAS&fromTime=2025-04-15T00%3A00%3A00.000Z&toTime=2025-10-15T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&gain=1.4&gamma=1.7&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=MOSAIC

X.com/DanMavr/status/1981053730121281795

I have been able to definitely identify the site for the Sunsteppe 50MW solar power plant from official sources, see tweet for a video. Location 46.31928465365669, 108.34386800440956

You are right Adw in that sense, I can't disagree with that at all. I can't say the involvement of an IR person makes a definitive impact on share price, only on the understanding of the company from investors. But I see your point completely, and I have to agree with your sentiment.

In terms of IR engagement, I have a very positive experience with Sasha Sethi (operates under flowcomms) x.com/WrightmanAIM who is managing Telegram and X accounts for multiple AIM companies. I have met him personally a few times on AGMs and had multiple conversations about the companies 1:1, which he doesn't shy away from so that investors understand the company and understand the publicly available facts well. He has shown tremendous patience with investors, and I can honestly say he has always been doing his very best to engage investors and keep them informed. I will be happy to reach out to him, so that MATD and him connect, however cost is a consideration for you all. If we are at the stage where the CEO cut his salary, is it the right time to pay for IR? It is up to you, if we get quite a few showing interest, I will be happy to ask him.