Member Info for del929

@Saint; how long do we wait, another 4 years? The BOD are currently more dangerous to the SP than anything else. The BOD have told us they can’t tell us any more, that doesn’t mean that the law says they can’t. Look at the last set of questions/replies via YJ and tell me which of those they couldn’t answer due to an NDA.

@BoB; what’s the issue with QVL & their lawyers? Can’t see why them calling for an EGM would create any issues.

@Dattabase; I believe it’s 10% to call an EGM. QVL hold around 10.75%

@Saint; what have we got to lose, the BOD have shown they have zero interest in us PIs. I’ve had it with them. Time for PIs to try do something and look after our investment.

Dattabase1; I totally agree, I’ve emailed QVL lawyers from asking them for QVLs contact details to try see if they’re willing to call an EGM as a major shareholder. No reply but thought it’s worth asking, I’m sure they’re even more upset with the BOD than any of us.

If the BOD had the ability to communicate effectively (which they don’t) why can’t they give us some generic facts ie we’ve currently got two interested parties of which only ones completed DD. We previously had a bid of over x amount which was rejected by the BOD. I understand ref NDAs but the BOD are taking us for tvvats with the lack of any information. NDAs should not be an excuse for giving us feck all information especially with the SP continually declining and PIs been forced to make decisions based on next to no facts. I will never have a good word to say about CS as he’s responsible for this mess and the stress he’s put us through for YEARS….

If we are to achieve anything I honestly believe we need to make some changes to these, not many are justifying their position.

The first four on the list would not be missed, not sure what the other four are actually achieving;

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 West Kytlim & in charge of pre-sale activities.

Okfornow; the bit that sticks in my mind is CS stating at the AGM that they were very hopeful of a sale last year. As far as I’m aware no sanctions that affect EUA have changed (they said they’d advise us if they do) however that sale has not materialised neither has a reason why been released by CS (common courtesy) instead he’s taken a vow of silence. He won’t even answer questions ref the company which clearly are not affected by NDAs. Is it a wonder lots of shareholders have lost faith?

@Trowtech; for a start we’d not have to watch the SP decline nearly every day. What have we got to gain by the company carrying on as it is? It’s a fecking shambles and the market can do as they please with the SP safe in the knowledge that our useless BOD are unable, unwilling or maybe even not wanting to release any news. I’m wondering if a low SP would be favourable to the BOD should they decide to award themselves more options as a reward for all their hard work in selling our assets.

@BoB; military people get replaced & moved on all the time. I guess he’s not suitable for the next phase of the war or someone else is better suited will be the official line. Maybe an example EUA should consider given our current BODs performance 😉

All shareholders want the sale asap & CS to go into retirement!

The one thing everyone can agree on is that the communications have been abysmal and that comes down to one person CS. After 4 years it’s shocking that we don’t have a clue what’s going on and his recent answers to questions are insulting. It’s one excuse after another with feck all sold. CS may be the worlds greatest ever geologist but that doesn’t make him a good Executive Chairman or acting CEO and the whole world can see that with the exception of a few posters on here.

@Saint; Kipford Ventures Ltd is the parent company. Google that or any of the other individuals names if you’re bored and want a read. It’s all very complicated though. I’m sure the Russian Gov are fully aware of the current status with Queeld’s shares and would have contacted their lawyers if they had a claim on them as per recent agreement.

@Saint; I think the Russian Gov nationalised the bank they owned and removed it along with all their other assets accusing them of something. I also believe there was a dispute between the parent company that owns QVL & Alpha bank ref bankrupt (that might be incorrect) which was thrown out by the BVI courts. I’m not sure of the specifics but Lyudmila Ananiev & Dmitry Ananiev had to move to Cyprus to avoid it all while his brother stayed in Russia to try fight it & lost.

@BoB; I still don’t see why a major shareholder (QVL) as stated by Dattabase1 assist in requesting an EGM would bother the Russian Government. I agree that EUA seems to have a good relationship with the Russians as proved by our subsidiary KK winning the tax case (although they’ve still not allowed us to publish the MT DFS after more than 7 months) either way I very much doubt CS or the others are the reason for that relationship, I’d think it’s more down to Dmitry, Konstantin or Vasily (none of which are currently on the EUA BOD).

@BoB;why would Queeld requesting an EGM result in the Russian Gov getting involved with EUA? I think they’ve got much more important things to focus on at present rather than worrying about CS & co possibly getting voted out!

@PWLX; many thanks and good to see the TG making the effort. This asset sale is beyond a joke now and I’d urge everyone to send in an email (it can’t do any harm)

I’m sick to death of CS and the BOD, things need to change asap.

i genuinely can’t believe that someone can be so out of touch with shareholders and continue to ignore our concerns and leave us in the dark whilst the sp continually decreases. he’s showing his true colours now by refusing to communicate with us unless via yellow jersey.

at the agm on 26 july he stated;

“the favourite question which i get on phone calls from a couple of my long-term shareholders is; can you give us any confidence that we will achieve our ambition in the sale of its assets?

all i can say is that we're very hopeful that a sale will be completed this year and there are a number of reasons for that, but obviously because of confidentiality and i know this is very frustrating for you but because of confidentiality with the parties to who we are speaking we can not say any more than that for the moment”

it’s the 7th of february so what's changed christian, were you talking ****, have you fecked it up, is there a delay, are you out of your depth or are you just taking the p1ss out of us?

for those lucky long term shareholders mentioned above who have his number would you like to ask him what’s going on? in any other walk of life treating people the way he is wouldn't end well, cs is not acting like a decent person as claimed by certain people on here.

On the 12th May 2021 the BOD received a proposal from a credible party & exited the FSP.

28 Oct 2021 the BOD advised us that the buyers DD was completed.

On 19 Sept 2023 the BOD advised us ref the Russian Asset Sale; “We have concentrated on this effort since 2020 and can report that we continue to make progress.”

In addition to the above CS stated at the AGM "All I can say is that we're very hopeful that a sale will be completed this year and there are a number of reasons for that."

on 7 Dec it changed to "The Board and senior executives remain hopeful of a successful conclusion to the sale of assets process."

The DFS has now officially taken longer to publish than it took to approve. What’s happening with the sale of the WK concentrate.

We've gone from buyer completed DD, to several parties at varies stages of their DD & most recently Russian & Chinese counterparties.

CS responses to all the questions sent last month via YJ were very poor and he purposely avoided answering them eg

Q: Have both the Russian & HK counterparties completed their DD satisfactorily?

A: We draw investors’ attention to the latest update on the possible sale in the announcement of 7 December 2023. Further announcements will be made in accordance with regulatory obligations.

Can anyone explain why CS was allowed to exercise 6M of his options yet not one other of the circa 140M were exercised. These all could have been bought & sold at an immediate profit, is it possible his intentions are to re issue them?

The recent court cases with Logik, QVL/Mispare & Gowlings were not a good reflection on the BOD and should/could have been avoided especially considering we have a qualified barrister as an INED. We will never know what these cost the company as like everything else the facts are not revealed.

CS and the rest of the BOD have had plenty time to sell the assets or at the very least give shareholders a comprehensive update, however it appears they are not held to account for anything with minimal communication with shareholders despite stating this in the EUA corporate governance code “The Company aims to update on key operation and commercial events as appropriate and the Board recognises that shareholders require complete and timely information as a necessary input to their investment decisions.”

QVL & Mispare should receive their replacement share certificates 4 weeks today, I'm hoping they are able & willing to call for an EGM to allow shareholders the option to vote on the current BOD and either get answers from them or appoint someone else who can be open with shareholders who shouldn't have to be constantly trying to piece things together.

I’m of the view that CS is just dragging this out for as long as possible now whilst receiving a generous salary for doing feck all, answers to no one and hides behind NDAs for lack of clarity on most pending issues. EUA won't even communicate direct with shareholders now at a time when they really should be thinking about how this long drawn out process is affecting people. What happened to his “very hopeful of an asset sale this year” statement at the AGM?

Updates

1. 12th May 2021; received a proposal from a credible party & exited the FSP 982 days ago.

2. Asset sale; (28 Oct 2021) buyers DD complete 813 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 764 days ago.

4. 3 July 2023 MT DFS approved; 200 days ago.

5. 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. 122 days ago.

Questions

1. Have both the Russian & HK counterparties completed their DD satisfactorily.

2. Can the BOD confirm what the current “net value” of the WK concentrate is to EUA.

3. How much more VAT credits are EUA expecting to receive.

5. What is the “current” available cash for each of EUAs subsidiaries.

6. What exactly is delaying the asset sale (DD, DFS or other)

7. What’s the delay with publishing the MT DFS.

8. Is there a date when the BOD are going to accept the Asset sale isn’t going to proceed and the better long term option for shareholders would be to activate the SinoSteel agreement.

9. Have the remuneration committee recommended an increase or decrease in director & senior management salaries for 2024.

These are what he actually stated

26 July 2023

“The favourite question which I get on phone calls from a couple of my long-term shareholders is; can you give us any confidence that we will achieve our ambition in the sale of its assets?

All I can say is that we're very hopeful that a sale will be completed this year and there are a number of reasons for that, but obviously because of confidentiality and I know this is very frustrating for you but because of confidentiality with the parties to who we are speaking we can not say any more than that for the moment”

7 Dec 2023

“We appreciate our shareholders' support as we continue to pursue the possible sale of our Russian assets. Our main project at West Kytlim has seen no production of concentrate through 2023. We have maintained the assets in a sale ready state. Currently, the Company is not developing further mining assets. The Board and senior executives remain hopeful of a successful conclusion to the sale of assets process and we look forward to updating our shareholders in this regard as appropriate."

Updates/ Clarification I’d like to hear from the BOD

1. 12th May 2021; received a proposal from a credible party & exited the FSP 962 days ago.

2. Asset sale; (28 Oct 2021) buyers DD complete 792 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 745 days ago.

4. 3 July 2023 MT DFS approved; 179 days ago.

5. 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. 100 days ago.

6. How much more VAT credits are EUA due.

7. Current cash position of all of EUAs subsidiaries in Russia & Cyprus.

8. Has the Hong Kong buyer completed DD.

Received this email from YJ earlier;

“The Company can confirm that Keith is retiring from Eurasia Mining and he will be looking to move on elsewhere.”