Member Info for David1951c

As often happens. 500k trade is a buy from me.

Agree Segilola mine life extension is the key factor and hopefully during Q4 there will be more information. Drilling results seem positive and this needs to be quantified and with any impact on AISC by going deeper and / or UG.

In the meantime THX are the by far the most profitable gold miner on London markets relative to production with lowest AISC around $915 compared to ACG (also good) , SRB ($1792) and ALTN ($1,357) and zero tax.

At one time I held shares in Deltic but fortunately sold out before too much was lost. I think Apta are in a different place and space. Revenue should be enough to cover costs in Fy26 and the last fund raise was partly to show customers that they were able to meet contractual obligations etc. and not having to negotiate from a weak position.

This is my largest investment and I believe it will be a good choice with a lot more to come on the back of such a broad and unique base and with clients in the top biopharmas worldwide. Indeed I think a take over will occur within 12 - 24 months possibly from one of the companies mentioned in last presentation such as Argenx. A price of 8p plus exercise of management share incentives would mean about £250m so not big sum in the bio pharma world. Of course we could hope for more!

Just back from a very long liquid lunch so will stop rambling or trying to work out the large trades appearing late pm.

Q3 Operating Update last year included (a) Segilola production ((b) Exploration Update and (c) 2024 Outlook and Guidance. Hopefully Q3 2025 equivalent will have similar breadth. Then Q3 Financials should be announced around 11 November.

More good news from Cote d'Ivoire. Q2 operational update from Segilola mine is due this week too.

Slides now available on Apta website. A good read!

From yesterday should be available soon. RNS said "A link to Aptamer's presentation will be made available on the Company website following the event."

I looked at this - great potential but short of funds (cash) which is all too typical of similar companies on AIM. I feel funds will need to be raised before the end of the year but please correct me if the financials have been misread. The market has failed companies like this forcing heavy equity dilution.

Post was intended to to explain why the SP has drifted down so much (as well as answer the question on cash runway). If you have a better explanation of the downward SP then it would be good to hear it. I have a lot of AIM shareholdings and am quite used to ups and downs.

The cash runway should take Apta into 2027 according to RNS at last equity fund raise. "This, combined with increased commercial traction throughout the last 12 months versus the prior 12 months gives the management team confidence that it has sufficient cash runway through to 2027."

With the numerous FFS and licencing deals in train, there should be a reasonable degree of confidence in this. Of course the Unilever one is the most immediate important one.

SP decline is typical sadly of what happens on AIM. I have seen this countless times over the last 15 years. It is why the issue of regular updates gives PIs a better understanding of progress. No news means some PIs will look at other opportunities in the short term as their money is sitting idling or declining.

The market abhors a vacuum comes to mind and Apta should consider more regular updates. I still feel the statement on 4 July that licencing deals were imminent now sounds a bit hollow. I have a lot tied up in Apta and accept the ups and downs in SP as I firmly believe it will come good. The drop from 1.20 to 0.80 is painful but bearable with a loger ternm view.

There are three main ones:

1. Douta Updated MRE and PFS

2. Segilola drilling and extension to life of mine

3. Maiden MRE for Cote d'Ivoire

Each should boost THx credentials as a mover to mid tier status.

This is classic AIM with a downwards drift in SP due to lack of news. Some investors will sell as they are otherwise missing opportunities in other biopharmas of a similar vein on AIM. Some of these have rocketed in last 4 weeks and investors will be tempted by the announcements made.

I still have a large (for me) holding here and believe the company has huge potential or will be taken over by a major. In 4 July RNS we were told licencing deals were imminent but have not materialised so far. I would like to believe that negotiations are taking longer to ensure best terms are acheived.

Hopefully a RNS tomorrow!

Based on higher PoG and production guidance, the EBITA for 2025 is likely to exceed $220m and net profit exceed $190m. Operating update due in mid October and Q3 financials by mid November. THX has the lowest AISC of London listed miners and great potential from Douta and current exploration, which is being stepped up imminently. The dividend payment is icing on the rich cake.

Until the accounts are published it is very unlikely there will be rival bidders. The time taken to complete the audit is unbelievable and indicates there are significant underlying issues.

What is also most annoying is that no timescales have been given for the accounts to be published. The board and senior management should be investigated for the incompetence and failings through the whole sorry saga.

2025 production guidance is an average based on a year of two halves. It seems probable that production guidance for 2026 will be materially higher with additional wells at Balder, Victory gas and Hole House ramping up. Possibly 16k boepd will be achievable. Also with such low unit cost in Norway the margins will be very high and the company very profitable even if there is a fall in oil price.

The tax refund is also significant and with the significant increase in profits, will enable expansion as AA is aiming for. The future looks bright indeed!

Placing will be heavily over subscribed. Might be increased?

Held shares for some years and was hit by dilution through equity fund raises. Very pleased to see the SP has recovered on the back of real progress and realisation of potential. However, I am still concerned about funding as at 30 June cash balances were £0.4m and with warrants exercised since own funds must be running low.

Like RENX today this is surely a good time to raise.

There should have raised more from Wrap offer as it will be oversubscribed. Is there a limit in proportion to the main raise?

One important factor in PoG falling back is that THX have currently one of the lowest AISC. THX will continue to be highly profitable under most scenarios for coming years. Compares favourably with all other gold miners listed on LSE / Aim.

Great news and hopefully now able to put financial concerns and constraints (survivial mode) behind them. The revenue should enable FAB to fund much more R&D and really get the company motoring. It should also mean more support from institutional investors. Takeover bid? Who knows!