Member Info for del929

@pwlx; am I missing something here, if this got voted through what’s to stop the current BOD deciding on very minimal continued development and carrying on as they are? “the beauty of the resolution is it’s left open to the company to decide what ‘continued development’ entails”.

The current BOD is full of people from a sales background (supposedly) so who’d be suitable to develop MT? Imo we’re missing the main issues here that the BOD are abysmal at communicating, can't sell anything and are totally out of their depth. We should be requesting a no confidence in the BOD vote, anything else is just a waste of time.

@Makeabundle; we don’t even know if the Russian or Hong Kong potential “buyer” has completed DD yet so there probably isn’t any bidding going on at present. Unless it’s the one we were advised that did complete DD on 28 Oct 2021.

@ BoB; do you have the link for the KK EGM please?

I spoke with Shiv from Yellow Jersey yesterday ref whats going on at WK and he’s contacted CS for clarity ref the images, positions advertised and the KK EGM. Previous response from CS a few weeks ago he'd not be updating shareholders unless there is a material change in circumstances so I’m not holding my breath for any response!

I also received this response from CS a week ago on LinkedIn to a message I’d sent him weeks ago.

“doing our best to get a result on the sales process while living with complex issues affecting our ability to manage our newsflow”.

Updates

1. 12th May 2021; received a proposal from a credible party & exited the FSP 1072 days ago.

2. 28 Oct 2021; buyers DD complete 903 days ago.

3. NKT JORC; (16 Dec 2021) Work on the open pit part is in progress and the NPV of that part will be announced separately 854 days ago.

4. 30 June 2023 MT DFS approved; 293 days ago.

5. 26 July 2023; very hopeful of selling the assets this year. 267 days ago.

6. 19 Sept 2023; The Board expects the WK concentrates to be sold at carrying value and we are currently evaluating offers from three parties who responded to the tender process.

Russian Asset Sale; Several parties currently at various stages of their due diligence. 212 days ago.

In addition all of the below have “conveniently” prevented the BOD from disclosing full information to shareholders;

5 month suspension (Feb - July 2020)

FSP (July 2020 - May 2021)

NDAs

The BOD have told us that sanctions & the QVL shares issue do not prevent them from selling the assets, so what is it that’s preventing the BOD selling the Russian assets & the WK concentrate?

They’ve told us WK is in maint yet evidence (satellite images & KK job adverts) suggests otherwise.

When you look at some of the things we do know that’s happened it hardly reflects well on the BOD;

CS only exercising 6m shares in Nov yet had access to more info than shareholders, no other options were exercised, not even DS.

27 Jan 2021; sale of 27,400,000 shares by Alexei Churakov.

Rosgeo JV; 26 March 2021, In total Eurasia has already invested some US$8.3 million across the Additional Assets. A total of US$35m was then raised $20m on 26 May & $15m on 24 Sept 2021. How much of these funds were actually spent on the project?

The Gowlings WUP was embarrassing

Logik case wtf was that all about

The asset sale has been ongoing for over 4 years now with zero offers to date that shareholders are aware of so why not activate the SinoSteel agreement and mine ourselves? Some will say because we’re not miners however we were mining at WK, either way we’re certainly not Hydrogen experts & that was their grand plan for EUA v2 and I have no idea what their strategy was with the Logik JV.

The BOD have advised us that their sole focus is on the Russian Assets sale so surely we have to ask are they giving us all the facts, which of the current 8 members of the BOD & senior management are suitable of achieving this and what can they offer EUA in the future?

Christian Schaffalitzky; Executive Chairman

Iain Rawlinson; INED

Tamerlan Abdikeev; NED

Kotaro Kosaka; INED

Artem Matyushok; INED

Dmitry Suschov; Mergers and Acquisitions Officer

Konstantin Firstov; CEO Kola & Country Manager

Vasily Kudrin; CEO WK & in charge of pre-sale activities

I’m sure I’ve missed lots out but based on all the above I think the BOD needs a major reshuffle, Ians rocket shoved up their a££ and forced to clarify to shareholders wtf is going on so we can move on from this proces

@Calls; how do we get in contact with him & prove how many shares we have? Some posters on here must own 144M share by now according to their posting history! Would it be better if shareholders contacted via Yellow Jersey using an agreed template where they can add on their personal info & shares held which the company could then verify as genuine? Not trying to create an issue just something that’d get a result.

@Magnum; YJ told me that CS doesn’t intend to issue a corporate update as there has been no material change since the Dec one!

@Saint; I’d assume no material change = no progress. Ref WK, don’t you think the satellite images, job adverts etc contradicts what the BOD have told us previously yet as above no material change since Dec. NDAs have been in place for over 4 years so why would the latest ones signed in June indicate news due soon. CS if voted out could still offer advice as it’s in his interest to sell the company with circa 100m shares! I’m positive there's someone out there able to fill his current position who’s probably more qualified in asset sales, certainly better at communications and has nothing to hide from shareholders.

I know quite a few posters on here used to swear CS is a decent person, but surely he’s now proved beyond doubt that he’s utterly useless as the Executive Chairman. The total lack of communication from the BOD has to put all their integrity into question, an NDA should not prevent them from giving shareholders a generic, factual operational update, all we get is YJ telling us there’s are no material changes! The question we want to know is why is there no progress? I will be voting against CS & any of the current BOD who are up for re-election at the AGM based on their lack of progress & non existent communication skills. At least Keith had the decency to resign, something all the salary thieves on the current BOD should consider!

@EIE10; CS stated “very hopeful of a sale this year” granted that could be interpreted differently as stated by others ie financial, tax or reporting year but he’s had plenty opportunities to clarify what most shareholders thought he meant as in 2023.

With regards to the disputed shares, if the court rules in QVLs favour they could potentially make a huge amount of money which the Russian Authorities wouldn’t be happy about hence my thinking they will not approve anything until it’s resolved in their favour. Again I could be wrong but it’s the only thing I can think of to explain the lack of clarity from the BOD, they want to keep the Russians onside and can’t do anything to change the situation.

@Dattabase1; I think DR has answered your question.

@DR; spot on with your view.

@GrandQ; all YJ have said is that the BOD don’t intend to update us unless there is a material change in circumstances (which there isn’t at present) & that the BOD are fully aware that Shareholders have had enough of the appalling comms.

@JamesB1; see above response ref updates.

I just can’t see any other reason for CS to refuse to give us any information, considering he said at the AGM he was very confident of a sale in 2023, somethings changed and he can’t/ won’t give us the facts. I could be totally wrong but CS must know the whole world thinks he and the rest of the BOD are useless tvvats.

I have the feeling that the Russian authorities are holding back on signing anything off for EUA until the legal case for the 300+M shares between QVL & the Russian Bank is resolved. If the bank wins they will give the go ahead to publish the DFS, sell the assets and issue whatever approval is required to complete the sale. If QVL wins then I think we’re fecked.

The BOD will want it all done well before the next AGM (end of July) as they must know any of them who are up for re-election will probably be voted against by shareholders and that’d mess up CS’s ability to award options as a “reward” for achieving the sale!

“The Company’s remuneration policy with regard to options is to maintain an amount of not more than 10% of the issued share capital in options for the Company’s management and employees which may include the issue of new options in line with any new share issues”

Meanwhile CS thinks it's acceptable to remain silent & tell us very little. I guess knowing he’s due to retire makes it easier to just fob us off & keep us in the dark with zero regard for shareholders circumstances.

@Dattabase1; I’ve been talking with YJ on a regular basis. They’ve basically told me the BOD are only going to communicate with us should there be a material change in circumstances which at present doesn’t look likely. I’d suggest calling them up & discussing any issues or questions you may have. I’m thinking we probably won’t hear anything until the QVL issue is fully resolved in June as I think the Russian Authorities are holding back on everything until that’s sorted.

@Crypto; this was from the case between EUA & Queeld.

Petros Zapitis, identifying himself as a former director of Marendo Investments

Limited, wrote to Link and the Company by an email of 12 January 2023. Mr

Zapitis’s email stated that Marendo had agreed to buy the Claimants’ shares in the

Company, that instruments of transfer had been executed, that Marendo had paid

for the shares in July 2017, and that Marendo had become the owner of the

shares. Mr Zapitis asked Link or the Company to issue share certificates to

Marendo. Mr Zapitis’s email therefore raised questions about the ownership of

the Claimants’ shares in the Company.

What DR is saying is that Dmitry Suschov (EUA mergers officer and major shareholder) appears to also be a part owner of Marendo.

@MyIPA; sorry, I understand your point now. Hopefully that’d be one less thing to worry about if they took ownership of the QVL shares. Really hope the BOD give us some clarification on the ownership, they must know by now if anyone has claimed them as yesterday was the cut off.

QVL, Promsvyazbank or Marendo Investments Ltd, we should start a sweepstake lol

@MyIPA; it looks to me like the UK & USA have sanctioned the bank but maybe these lists aren’t up to date;

https://sanctionssearchapp.ofsi.hmtreasury.gov.uk/

https://sanctionssearch.ofac.treas.gov/Details.aspx?id=34656

@Lenoman; why would a Russian bank (that's sanctioned by the West) taking ownership of QVL’s shares be a positive? Don’t you think that’d create even more issues for the BOD?

On February 22, 2022, British Prime Minister Boris Johnson announced sanctions against five banks, including Promsvyazbank.[24] United States President Joe Biden also imposed sanctions against multiple Russian individuals and companies, including Promsvyazbank.[25] The Canadian Prime Minister Justin Trudeau has also announced he was moving to impose sanctions as well.[26] In addition, the bank has been sanctioned by New Zealand.[27]

https://en.wikipedia.org/wiki/Promsvyazbank

@TBOB; where did the BOD state this? It’d be interesting to have a read of it.

“A FS was confirmed via RNS once recieved the DFS was confirmed as enhanced resource”

@IKN; if that theory is correct then it’s almost impossible to narrow it down to any company as they could technically have people based in Hong Kong or Russia for negotiations. With regards to fact checking, I’m not convinced that RNSs are checked that thoroughly otherwise the OPD EUA issued with wrong figures for DS would have been identified by either CS, Keith or the NOMAD.

The BOD told us this on 7th Dec;

“active discussions are maintained with counterparties based in Hong Kong and Russia”

from what I can see Tata Group are Indian so that’d probably rule them out unless things have changed since the 7 Dec RNS.

@DR; why would I be jealous of your huge loss here. Mines bad enough and I’ve only got around 1,250,000. I knew you’d not be able to tell us all why it’s a good thing but carry on pretending it is. Fingers crossed for the big boom you’ve predicted once again which hasn’t materialised.

@DR; not jealous at all. I’d say you’d be massively down if you do own that many shares.

A genuine question, why do you think this bankruptcy is a good thing for EUA, who’d now own Queelds 300+M shares in your opinion?

@B1ll; he claimed to have over 18M months ago and I’ve lost count of the number of top ups since! Walter Mitty of EUA!