Member Info for Dan_LSE

@ClimbingWooster waiting patiently with no hints received, only one being satellite activity, which points to no specific scenario.

All that is confirmed is Sunsteppe activity increasing, but that’s not the main topic we are waiting for now. So I am sitting patiently, enjoying a sunny day in the Czech mountainside, and will hold off any reactions until 7am RNS tomorrow, which will either confirm all of our worries or confirm all of our hopes.

Https://energy.gov.mn/post/175511

https://energy.gov.mn/post/175514

List of companies expressing interest in one of the 5 sites have been published today together with some more information about the process. The one of interest to us is "Project 1 – 50 MW SPP and 30 MW / 100 MWh BESS to be connected to the “Choir” substation in Sumber soum, Govisumber aimag;"

A total of 114 entities submitted expressions of interest, including 54 domestic companies, 29 foreign companies, and 31 consortiums.

One interesting condition is "The lead consortium member shall be capable of financing 50 percent or more of the total project investment value." Since we should be in a consortium with ZTT Group, we can now understand that they are expected to finance 50% or more of the project.

Date of the auction is 2026.06.18 - Time: 09:00 – 10:30

On the list of interested parties I can't see "Sunsteppe" specifically, so the assumption is ZTT is the leading member of the consortium, showing in at number 20 (ZTT Group/Зи Ти Ти Групп).

I have sent a question to PM to confirm the accuracy of this summary.

Nothing material to share. The ministry of energy held a session to update the interested parties. Process ends 12th of June, construction intended to start 1st of July(I am highly doubtful of that but who knows, maybe things are in place already...)

https://energy.gov.mn/post/175388

INFORMATION WAS PROVIDED TO THE STAKEHOLDERS OF THE PROJECT FOR THE CONSTRUCTION OF RESOURCES AT FIVE LOCATIONS

For the first time, competitive auditions have been announced in the renewable energy sector for projects involving solar power plants and battery storage systems at five locations. The Ministry of Energy is accepting applications from industrial units to express their interest in the project for the selection of a project developer for the solar power plant + battery storage system. A meeting to briefing the stakeholders of the project was held yesterday at the Mongolian National Chamber of Commerce and Industry.

The meeting was attended by about 120 representatives of public and private institutions. At the same time, relevant experts clarified that the purpose of the audition is to support national industrial units, increase transparency, contract with experienced companies, and build resources in a short period of time. The state budget will not finance the construction of new resources in the Bulgan, Khentiy, Uzurkhangai, Govsumber and Dundgov regions.

Auditions will be open and digital, with registration closing on June 12 and contracting with the selected contractor to begin work by July 1.

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When it comes to the wind project Sunsteppe is bidding for (not RNSd yet), the bidders are being shortlisted, in Q3 there is a bid submission, Q4 27 for final choice of bidder and commercial close with signing of PPA planned for Q1 27.

https://energy.gov.mn/post/173875

Https://www.linkedin.com/posts/zolzaya-jargalsaikhan_sipa-oecd-closing-event-key-takeaways-ugcPost-7463166395854323713-ld4a?utm_source=share&utm_medium=member_desktop&rcm=ACoAABB0Lp8BjYcF_IeVVjjxWWaoMBcQdECD0Z8

SIPA (OECD) Closing Event – Key Takeaways

Today marked the closing of the OECD-supported SIPA project in Mongolia.

A few important messages stood out from the discussions on our long-term energy transition:

Energy demand by 2050 is expected to increase 7-fold.

If we continue on a “business as usual” pathway, emissions could rise by 4.5-fold – this is our baseline scenario.

To stay on track, installed capacity would need to increase by around 5-fold.

To achieve highly ambitious net-zero targets, we would need around 7 GW of renewable energy (solar and wind), and coal would need to be fully phased out by that time. Only under this pathway can we realistically meet our climate commitments.

This transition will be very costly. Work is ongoing to better define investment requirements, financial structures, and key economic indicators, including ranking sectors by urgency and importance. The next step is to deepen the economic modelling and cost analysis.

The SIPA project has been important in helping Mongolia move closer to its NDC targets by making potential projects more feasible and investment-ready.

Key strategic areas developed under the OECD-supported work include:

* Hydrogen development pathways

* EV infrastructure planning

* Renewable energy sandbox framework

* Decentralized energy systems

These are cross-sectoral strategies developed with ministries through an integrated approach.

I really hope this work will continue with phase 2. From today’s discussions, it is clear that SIPA has helped significantly in closing critical gaps between ambition and implementation.

A hydrogen strategic framework was also presented today – an ambitious but very costly pathway, highlighting both the opportunities and challenges ahead. Looking forward for more research on this.

Https://x.com/DanMavr/status/2056794594143047812?s=20

https://x.com/DanMavr/status/2056795672716681655?s=20

I would consider this undisputable activity observation. Notice fire protection boundary at Heron-1 being renewed, the same with Heron-2, and Gazelle-1 and just too many ground "texture" changes at the same time - groundwork began.

Https://energy.gov.mn/post/175359

For the first time, the Ministry of Energy announced the audition for a project that will include solar power plants and battery storage systems that will be implemented in five regions. The contractor is expected to be selected in a short period of time and construction is expected to begin next July. He said that this is important for the implementation of projects in this way in the future, which is why the ministry is working urgently.

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Some conflicting info, in this article it translates the construction timeline as starting next July, but in other sources it says July 2026

https://mono.mn/n/government_of_mongolia_fa

But again here it says it should be completed by this December, so probably just translation error. Mongolia is aiming for our first renewable project to be completed even this year. If that's even possible without signed construction contracts and equipment not ordered yet.

https://montsame.mn/en/read/398960

Good, Zula attended this (see previous post in the thread)

https://www.linkedin.com/posts/zula-luvsandorj-788375_investmongolia-energytransition-greenfinance-ugcPost-7461277836285239296-RuXd?utm_source=share&utm_medium=member_desktop&rcm=ACoAABB0Lp8BjYcF_IeVVjjxWWaoMBcQdECD0Z8

Pleased to join the panel discussions at the “Invest Mongolia: & JETRO Energy and Financial Sector, Tokyo 2026” Forum together with representatives from the Ministry of Energy, Japanese investors, financial institutions, and private sector leaders.

My key discussion points included:

• Renewable energy and energy transition opportunities in Mongolia

• Improving project bankability for international investors

• Political risk mitigation and guarantee mechanisms

• The role of Japanese DFI and green finance schemes

• Expanding Mongolia–Japan economic cooperation and sustainable investment partnerships

Also pleased to participate in the AIMA Japan Annual Forum 2026 discussions in Tokyo this week, engaging with global investment and financial sector participants on emerging market investment perspectives.

Encouraging to see strong interest from Japanese stakeholders in Mongolia’s growing energy and infrastructure sector.

Https://www.linkedin.com/posts/invest-mongolia_invest-mongolia-energy-and-financial-sector-activity-7461432991261601792-itWV?utm_source=share&utm_medium=member_desktop&rcm=ACoAABB0Lp8BjYcF_IeVVjjxWWaoMBcQdECD0Z8

“Invest Mongolia: Energy and Financial Sector, Tokyo 2026” Forum was successfully held in Tokyo, Japan.

The forum was attended by representatives of the Government of Mongolia led by Deputy Prime Minister of Mongolia Togmid Dorjkhand and Minister of Energy B. Naidalaa Badrakh, including officials from the Office of the Deputy Prime Minister, the Investment and Trade Agency, the Ministry of Energy, the Bank of Mongolia, the Financial Regulatory Commission, the Embassy of Mongolia in Japan, and other relevant organizations.

In addition, more than 240 representatives from Japanese government agencies, private sector companies, and investment organizations participated in the event. Fourteen Mongolian private sector enterprises introduced their operations and projects, while exchanging views with Japanese businesses and investors on opportunities for business networking and future cooperation.

Within the framework of the forum, participants discussed Mongolia’s investment environment in the energy and financial sectors, major ongoing projects and programs, and opportunities for bilateral cooperation. Extensive discussions were held on expanding economic collaboration between the two countries.

Participants also exchanged views on renewable energy, energy transition, green financing, and sustainable investment environments, identifying new opportunities and practical pathways for future partnerships.

The forum stood out as an important platform for increasing investment in Mongolia, strengthening public-private sector cooperation, and expanding international partnerships and economic collaboration.

Https://x.com/DanMavr/status/2055256290352304381?s=20

Here is one for debate. 1 April - 1 May. Would we confidently say there is NO activity there?

@Hamm ah yeah you are right, there was an email I forgot about.

I am already getting lost myself in the plans, emails and assumptions :D Best thing to do now... Sit and wait for AGM and Ops update. I think a break from the board is in order until then, will just keep posting interesting things if found.

There is nothing more we can do now. Everything we say will be just guesswork, which will be made largely invalid by the upcoming announcement.

@Hamm for May there are only two pieces of work in the plan which are not dependent on the farmout, so assuming we go by that, we should be expecting Heron 1 dewax and Heron 2 pumpout testing. I of course don't have detailed info on costs of those operations, but it doesn't sound like big items. I would hope these are covered from existing cash resources.

Again assuming they will go by the plan, it is planned for May, and May-June respectively, therefore they are not necessarily late yet. That would be my interpretation based on limited info and understanding.

@master82 "we have no work schedule for 2026"

https://www.petromatadgroup.com/wp-content/uploads/2025/12/Corporate-Presentation-16_12_25-Petro-Matad.pdf

Slide 7 - wouldn't this be it?

Shanghai forum will happen day before the AGM. So far they always yielded something material for Mongolia, and useful info for us. CMM announced some of the speakers today:

We are honored to welcome James Lok, Global Head of Project Finance at the Asian Infrastructure Investment Bank (AIIB), as a panelist for our discussion on Mongolia's Energy Future at Mongolia Investment Forum: Shanghai 2026.

We are honored to welcome Sophia Chen, Head of Debt Capital Markets at 国泰君安国际 Guotai Junan International, to the stage at Mongolia Investment Forum: Shanghai 2026. Ms. Chen will offer a strategic overview of the Mongolian International Debt Capital Markets landscape, highlighting the critical points of financial interconnection between China and Mongolia. Her session will be vital for institutional investors and partners looking to navigate the region's credit markets and capital flows.

We are thrilled to welcome Joseph Yao, Vice President, Mining Micro-Grid, Huawei Digital Power, to the podium to deliver the Opening Remarks at Mongolia Investment Forum: Shanghai 2026. Collaborating with Huawei as our Global Partner for the forum.

We are pleased to announce that Batkhuu Idesh, State Secretary of the Ministry of Economy and Development of Mongolia, will deliver remarks at the upcoming Mongolia Investment Forum: Shanghai 2026.

@Pilsbury7 apologies for confusion, they are not intended as related posts. Each with different heading covering different topic.

Regarding duration of previous farmout - yes, it can take longer than a year overall, depending where you mark the starting point.

https://www.petromatadgroup.com/about-us/history-and-key-developments/

Regarding refinery - this is a separate post, separate topic juts for info

Https://x.com/UureeMR/status/2053789399859769690

Reposted by the official refinery account:

Despite the foreign loan law falling through and causing obstacles in financing, the general contractor company is continuing its work without even a single day's delay using its own funds 🙏🏻

The annual Extended Meeting, which happens once a year, is taking place today at the project site. Big directors from India have arrived, and they're discussing the details.

This is the timeline of the previous farmout with BG Group, so we have something to compare the present with:

Dec 2012 — Petro Matad formally launches farm‑out process for Blocks IV, V and XX.

2013–2014 — Marketing, technical evaluation and counterparty engagement; third phase of 2D seismic acquired in 2013; Petrovis injects US$5m (June 2013) to bridge funding.

7 Apr 2015 — Binding Farm‑Out Agreement signed with BG Group: BG takes 78% of Blocks IV & V, funds Petro Matad's share of a US$28m work programme (FTG/HRAM, 2,000 km 2D seismic, 2 core holes, 2 exploration wells), plus US$4.55m cash (US$2.75m on completion + US$1.8m at US$50k/month). Effective date 1 Jan 2015. Subject to Mongolian Government approval.

11 Jun 2015 — Mongolian Government approval received.

22 Jun 2015 — Farm‑out goes unconditional; 78% interest transfers; US$2.75m paid; signing ceremony in Ulaanbaatar.

H2 2015 — Work programme executed: FTG/HRAM completed; Phase 1 seismic (1,085 km, Block IV) done by Dec 2015. Exploration wells deferred to 2016.

15 Feb 2016 — Shell completes acquisition of BG Group; global portfolio review begins.

28 Apr 2016 — Shell issues Exit Notice on Blocks IV & V, citing portfolio optimisation (not technical issues). Interest reverts to Petro Matad (100%).

May–Jul 2016 — Dispute over exit payment: contract minimum US$10m, Petro Matad argues for more; payment withheld; flagged as going‑concern risk.

Aug 2016 — Settlement concluded: Petro Matad receives US$15m (US$5m above contractual minimum). Blocks IV & V fully back in Petro Matad's hands.

Key durations for investors

Marketing launch → signed deal: ~2 yrs 4 months (Dec 2012 → Apr 2015)

Signing → completion: ~2.5 months (Apr → Jun 2015)

Deal lifespan before exit notice: ~10 months (Jun 2015 → Apr 2016)

Exit notice → cash settlement: ~4 months (Apr → Aug 2016)

@investor33 hmm I think for the 200 MW project we are exclusive with TME, for which we are building it. I don't recall a mention of a third party here.

The partner is Tsetsens Mining and Energy LLC (TME), a subsidiary/affiliate of Bodi International LLC (part of Bodi Group), a major Mongolian conglomerate. TME is a 100% Mongolian-owned company focused on geological exploration, mining, and energy. It holds licenses for the Buuruljuut (or Booroljuutiin Tal/Tsaidam Nuur) lignite coal deposit in Bayanjargalan and Bayan soums, Töv (Tuv) Province, about 100–130 km from Ulaanbaatar.

It is implementing an integrated coal mine + power plant project. TME is wholly owned by Tsetsens Holding LLC, which is 51% owned by Bodi International LLC and 49% by an individual (per recent reporting). Buuruljuut Power Plant (also called Buuruljuut Thermal Power Plant) is privately financed 600 MW coal-fired IPP (independent power producer) developed in phases. It is based on TME’s coal mine and aims to supply the Central Energy System.

Bodi Group (Bodi International), a prominent Mongolian business group active in infrastructure, energy, mining, construction, real estate, tourism, and more. It has been involved in major projects, including logistics/coal export infrastructure. TME/Buuruljuut is one of its flagship energy initiatives.

SRE (Petro Matad’s 50/50 JV) has an exclusive development agreement/MoU (signed late 2024) with TME for a 200 MW hybrid wind + solar + battery storage project to be developed in parallel. The goal is to decarbonize/replace part of the committed 600 MW coal capacity under TME’s existing power purchase agreement (PPA) framework, which offers an attractive tariff (previously noted around 8.9 US cents/kWh in related updates).

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I think the third party you have in mind is ZTT, with whom we partnered for the Choir battery project. I would not be surprised if we went with them for the wind farm as well (not yet RNSd) as Sunsteppe appears on the list of bidders as "consortium".

To strengthen SRE's competitive readiness, an MoU has been signed with ZTT International, one of the top Chinese EPC contractors and the one that built Mongolia's first utility-scale BESS financed by the Asian Development Bank. With SRE having the only approved feasibility study for Choir and ZTT having a proven track record of project delivery in Mongolia, the partnership is well placed to be highly competitive in this process.

I really hope that the upcoming AGM and company update will be the kind that puts reasonable peace of mind back to many here, who may have lost it along the way due to delays, uncertainty, NDA-induced silence and so on. It is hardly surprising and I can't blame people start turning against the company or each other. If I may, for example with @master82 , who historically provided the most insight into the legal processes, progress, hidden news and updates around Mongolia and Petro Matad, and has been of service to other people here with the information he provided. We had multiple private conversations trying to find useful information to be shared with everyone here. Perhaps unsurprisingly, even the biggest supporters can change tone to a critique of the company, and a deserved one, when months turn into years and an investment turns into a burden of red figures where only hope and frustration battle it out in our minds, waiting for the turnaround news.

The cost to us in paper loss and missed opportunities elsewhere has not been small so far for most of us, and my wish for you all is that the upcoming AGM is the definitive turning point.

In the meantime we can focus on finding the information that is helpful for us, paints a picture of progress for the company where relevant, and questions the company in a constructive way such that the company feels a strong pressure to disclose and confirm the information in clear, useful way to investors. And in case of absence of anything useful to us, I would urge everyone here to not channel effort into personal attacks we have seen intensifying in the last months... It would be much better to send longer frustrated communication to the company with clear suggestions on how to improve, than spend the time here focusing on each other, when it should be us pulling for the same rope, as we all have the same goal - make money here and leave whenever appropriate.

I will keep supplying potentially useful information to you all until time comes to leave, and I hope you all join me in making this space back into one where one comes to learn and discuss, rather than one where we come to filter and point at each other. Good luck to all, wishing you the turnaround you all deserve.

Hm I would bet I saw a thread about Sunsteppe development premia from this morning but it's not here anymore. Not sure if it got deleted or I am getting old. Someone asked for the source of the figures:

https://www.investormeetcompany.com/meetings/investor-presentation-891

Question 42:

Our research on past development premiums in Mongolia tells us that developers have been paid between $50,000 - $100,000 per MW for commercially attractive projects that are at the ready-to-build stage(...) We believe that the potential for capital injections into the business from these projects through development premia could be significant.

Assuming lower limit figure for all to remain conservative, also each project is a bit different:

200MW hybrid wind, solar, and battery energy storage project - $10m

24MW Green Hydrogen - $1.2m

50MW Battery Energy Storage System - $2.5m

1.5 + 1.5 GW Energy Export - $75m + $75m = $150m

Total - $163.7m

MATD share assuming 50% split - $81.85m renewables pipeline. Cost to develop these is unknown.

Plus 100 MW newly announced wind farm auction (not won yet).

First project to start construction could be the 50MW storage, potentially starting this July based on yesterday's government news.

@investor33 I don't see a reason it couldn't be announced on the day of the AGM, a vote is not required for that as far as I understand. I think RNS on the day is the most likely. 2 weeks to go and then we all will be a bit wiser as to the plan.