Member Info for del929

@GrandQ; the company authorised warrants to Sanderson which they can exercise anytime in the next two years. If they did that CS would have to sell them his at 4p per share. Obviously that’d not happen until the SP went over 4p.

If EUA took tranche 2 for £750,000 plus 5% fee that’d be £787,500. Convert that to shares @ 2.3p = 34,239,130 which would put us owing 100,790,692 shares which is above what CS has so maybe a reason he’s not activated that yet.

@GrandQ; my thinking is this. EUA owes £250,000 + 5% fee = £262,500. Convert that to shares at 2.3p = 11,413,043 shares. They also offered 41,551,563 warrants Total now = 52,964,606. In addition there’s a 12.5% finance arrangement fee on the full loan facility (2.5M) = £312,500 convert that to shares at 2.3p = 13,586,956. Total shares owed = 66,551,562. CS’s 95M shares cover this in the event shareholders vote no. Obviously the warrants are convertible at 4p which won’t get exercised atm but I’d assume CS would get the cash from that and then probably award himself options! Hope that makes sense and I could be totally wrong.

@Jarv55; that’s certainly what I intend to do.

Sorry iPads playing up! There’s also 143,377,203 deferred shares @4.9p. I’ve no I more info on those though.

@GM; I’d not be shocked if he’s connected to Sandersons in some form or another. There’s also over

@Jarv55; excellent questions. I really hope CS will provide clear answers, pick a strategy and stick to it in order to sell the fecking lot asap and put an end to this whole saga so we can all move on.

@GM402; I’m pretty sure it was DR who came out with the claim ref DS, however I don’t remember if they provided any proof and as we all know DR tended to talk a lot of rubbish most of the time.

I’ve worked out that if Sanderson took full repayment for £2.5M in shares plus their warrants it’d be around 164M which is just under 6% (not positive that my calculations are correct). That’d only leave the BOD with around 4% additional to issue. The other I concern I have is the BOD say approx 10% which is a bit vague.

21. If there is a MBO what would happen for repayment of the £28,880,560 that the Subs owe us?

22. Are any of the current BOD or M&A team part of or financially connected to anyone in the possible MBO. Would that be a conflict of interest?

23. If the BOD haven’t managed to sell anything in the last 5 years or so is it time to look at bringing in people who can sell the assets?

24. How much are the secure storage costs per week/month for the WK concentrate?

25. On 23 Sept 2024 you announced the Extension of 41,551,563 warrants to 31 Dec, in what scenario does this benefit shareholders?

26. What was the reason for the delay with the Audit and announcing the AGM once the AR was released?

27. Would the BOD accept shares instead of deferred fees & expenses?

28. “without the authority to issue new shares pursuant to the TFA, the future of the Company might be jeopardised." Why didn’t you wait for the shareholders authority before drawing down on the funds?

1. The latest figures given for the WK concentrate are confusing, June 23 we had £3.5m, Dec 2023 we sold £2m, now have £5m?

2. ⁠Why did it take over 8 months for the BOD to advise shareholders they’d sold £2m worth of concentrate?

3. The AR states James Nieuwenhuys salary for 2023 was £10,000, is that an error considering he didn’t resign until the end of June/early July?

4. ⁠28th Aug the BOD stated they were in discussions ref securing a loan facility to cover the financial gap (if any) then on 6th Sept they announced they were drawing £250,000 immediately. What changed in those 9 days?

5. ⁠ The £1,132,246 investment in Urals Alluvial Platinum Limited stated in the AR is that a cash balance or an annual payment & can the BOD confirm what its current cash balance is?

6. ⁠Which Russian Subsidiary has secured the $1.3m loan and what are the terms ie who’s repaying it and what’s it secured on?

7. ⁠On 16 Oct you stated “In the meantime, our financial resources at the plc level remain restricted” The obvious solution is to sell the £5m concentrate.

8. ⁠Why have they not recommenced mining at WK to give the company a source of income?

9. ⁠Tamerlan Abdikeev is on a salary of £125,417 what does he actually do to justify being the highest paid member of the BOD?

10. How many active NDA’s are currently in place?

11. How much are we paying YJ to basically ask you questions?

12. How much of the £2.03M raised from the sale of concentrate at the end of Dec were transferred into the EUA £ or $ bank accounts?

13. How many shares do Sanderson Capital Partners Limit hold?

14. Do you intend to issue any options to the BOD on completion of the asset sale?

15. Loans provided to subsidiaries increased by £722,720 in 2023 what were these funds used for?

16. What % of shares are required for a Russian management buy out to be implemented.

17. Queeld Ventures Limited court case update on ownership of circa 300M shares.

18. "For our strategy to be successful (what is your strategy) we have tabled a resolution to provide the authority to issue new shares on a non-pre- emptive basis limited by approximately 10% (can you provide an exact % figure) of the Company's current issued share capital. The Board believes this will provide the Company with added flexibility to meet its working capital obligations”. (What are the expected working capital obligation figures)?

19. “We are expanding the marketability of the Company and in that regard, we are planning a secondary listing in Kazakhstan on the Astana International Exchange” so would publishing things like the NYUD JORC, MT DFS, NKT open pit update & a revised Reserves & Resources figures.

20. In 16 Oct RNS you stated; “We understand the past few years have been a frustrating time, due largely to circumstances outside of the Company's control” You totally miss the point that the main source of shareholder frustration is your abysmal communication skills and

@Saint; the BOD should have been mindful of the facts before signing an agreement they couldn’t honour without gaining shareholder approval. I’m sure CS will explain his thought process on Wednesday.

CS needs to explain a lot of things, I’ve submitted 26 questions so far. For people to make any decision before getting answers is crazy imo. They have £5M in concentrate and technically could start mining at WK if what they’ve told us ref sanctions and getting funds out of Russia is true. I’m also curious as to how they can agree to pay Sandersons the Finance arrangement fee in shares & offer 54M warrants yet haven’t got shareholder approval yet? There’s so many unknowns it’s impossible to make a decision yet. Hopefully things will be much clearer on Wednesday.

Are my figures correct, if we took out the full loan and Sandersons converted all fees due etc to shares? Also we pay the full Financing fee even if we only drew down the first trance of £250,000, therefore we currently owe them £575,000 (250,000 + 312,500 + 12500)

Loan

EUA Receives; £2,500,000

12.5% Financing Fee; £312,500

5% Draw down Fee; £125,000

Total £2,937,500

Average conversion price @ 2.7p

Shares; 108,796,296

Warrants

54,347,826 @ 4p

EUA receives £2,173,913

Sandersons possible total shares; 163,144,122

@GrandQ; it defo sounds to me like YJ won’t be responsible for PR for much longer.

@IKN; It does give the impression that CS is confident he can communicate with shareholders from the Webinar onwards. 🤞 that’s a good sign.

I asked YJ if they will still be responsible for EUAs PR after the Webinar as it states we can contact the company direct and they replied “that cant be disclosed”

@GrandQ; I’ve currently got around 20 questions which I’m working on and going to submit. Why they aren’t selling the concentrate instead of going down the TFA route is defo one of them. I think it’s best if each shareholder submits their own questions to prevent the petty arguments on here.

I’ve just registered. It's a shame they didn’t implement something like this a few years ago. Point 3 is interesting, will that mean no more communication via Yellow Jersey?

Whilst the Company may not be able to answer every individual question, the aim is to address the issues raised by investors;

· Responses to the Q&A will be published at the earliest opportunity on the Investor Meet Company platform following the presentation; and

· Investor feedback can also be submitted directly to management after the event, to ensure the Company can understand all investor views.

@Thechessmaster; if I vote against the resolutions it’ll be because CS hasn’t bothered to clarify what the strategy is and answer the numerous questions shareholders have been asking for years! As far as I’m aware nothing has changed with regards to sanctions since the last AGM and he told us then he was very hopeful of selling the assets that year so forgive me if I have a few nagging doubts about trusting the BODs ability to sell the assets or believe what they tell us is factually correct or just a clever play on words!

If CS expects shareholders to vote in favour of all the proposed resolutions without clarifying the multitude of questions we have I think he’s been totally unrealistic. Far too many unanswered questions along with the purposely shocking vague communications and total lack of respect shown towards private investors. He’s got just over 4 weeks to sort those out otherwise they won’t be getting my support and the two directors up for re-election have zero chance of getting my vote as things stand. I’m long past trying to guess what the BODs strategy actually is and don’t believe a word that CS says anymore.

Didn’t we also have warrants issued on 26 May 2021, I wonder why they weren’t extended?

53,306,751 ordinary shares (the "Warrant Shares") to a single institutional investor at the market price of 26.5p per ordinary share and associated Warrant, for gross proceeds of £14,126,289, or approximately US$20m