Member Info for del929

This is from GMF78 on twitter, I’m a little confused as Trav is at MT yet they state it’s issued to the WK sub. Can anyone clarify?

https://x.com/GMF782/status/1722136235638947933?s=35

“First ever tweet from this account after several years … looks like a licence granted at Travyanaya to Kovinsky Kamen that owns the #EUA West Kytlim subsidiary so spreading the word as asked…maybe more details to follow it others search too ?”

@Harris; try calling Keith, he usually answers. Not sure if anyone has contacted him since Friday.

@Toffers; yes you did. The BOD certainly need calling out on their decision making and communication. Not much anyone can do now unfortunately except contact them by emails & phone calls but can’t see that making a difference.

The questions we should be asking of our BOD are;

WTF was a company who were/are supposedly about to sell for £billions doing entering an agreement with Logik in the first place.

What went wrong with the agreement.

Why did we need to appoint lawyers to reach a settlement with Logik.

How much was the settlement with Logik.

Who the feck from EUA was monitoring legal costs.

What are EUA disputing with the invoices.

Who is monitoring our legal/experts etc costs for the asset sale.

Why the BOD seem to be unaccountable to their shareholders for all their fcuk ups.

Another horrendous week as an EUA shareholder, wtf are this bunch up to?

Board of Directors and Senior Management 2023

CHRISTIAN SCHAFFALITZKY

Executive Chairman

IAIN RAWLINSON

Independent Non-executive Director

TAMERLAN ABDIKEEV

Non-executive Director

KOTARO KOSAKA

Independent Non-executive Director

ARTEM MATYUSHOK

Independent Non-executive Director

DMITRY SUSCHOV

Mergers and Acquisitions Officer

KONSTANTIN FIRSTOV

CEO Kola & Country Manager

VASILY KUDRIN

CEO West Kytlim & in charge of pre-sale activities

I’ve no idea what they currently cost the company but in 2022 it was £580,194 (including JN)

it’s time they all started justifying their salaries as from what limited information we have they are simply not worth it.

This is what news is still pending;

1. 12th May 2021; received a proposal from a credible party & exited the FSP 909 days ago.

2. Asset sale; (28 Oct 2021) buyers DD complete 740 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 691 days ago.

4. NYUD JORC; (8 Feb 2022 draft CPR with BOD for review) 637 days ago.

5. Nyud; Exploration license received by Rosgeo in mid Dec 2022, EUA will update shareholders on receipt of this license in due course. Approx 323 days ago.

6. Court case pending QVL & Mispare.

7. 3 July 2023 MT DFS approved; 126 days ago.

8. MT royalty payment due by Nov (16.68 million roubles).

This is the updates I’d like to hear.

1. MT DFS details published.

2. BOD telling us they’ve sold the WK concentrate

3. Update on how much VAT credits they’ve received & are due (in local currency) & where the credits will be paid to (sub or EUA account)

4. Updated Reserve & Resources figures

5. NYUD decision

6. MT open pit update

7. The revised WK mining plan

8. What the Logik court case settlement cost EUA

9. Details of the winding up notice by Gowling WLG (UK) LLP.

Imo the BOD need to start delivering on all of the above and cease with the constant excuses, I’d be embarrassed if I was a member of the current BOD.

Get the sale agreed or resign!

I seriously think our CEO is totally out of his depth, he may well be an excellent Geologist but as a CEO he’s useless, it seems that everyone is or has taken legal action against us, WTF is he playing at, every new bit of news we get results in more issues, questions and a drop in the SP. At what point does he accept that he’s massively failing us as shareholders and step aside. Is it possible that someone can initiate a no confidence vote in the current BOD unless we get total clarity, sick to death of the smoke, mirrors & incompetence. Seal the deal or fcuk off!

@EIE01; I think the question that everyone is trying to figure out is why weren’t all the options exercised? I very much doubt anyone on here would have let them expire if they had any. What about all the employees who had some. This doesn’t make sense imo.

@ Stockdale; 146 Million last time they were extended on 2 May but CS told us at the AGM that AC’s 40 million were cancelled.

@IKN; apologise you are correct, i thought 5 million were exercised by GFs estate but that was prior to the last extension on 2 May so I think it should be 106 million now.

@bigfatlad; you’re probably correct, they might tell us the MT Royalty payment has been made though, can’t see that coming under an NDA.

I wonder if the BOD will give us any updates on any of these along with the “options extended RNS” tomorrow?

1. 12th May 2021; received a proposal from a credible party & exited the FSP 904 days ago.

2. Asset sale; (28 Oct 2021) buyers DD complete 735 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 686 days ago.

4. NYUD JORC; (8 Feb 2022 draft CPR with BOD for review) 632 days ago.

5. Nyud; Exploration license received by Rosgeo in mid Dec 2022, EUA will update shareholders on receipt of this license in due course. Approx 318 days ago.

6. Court case pending QVL & Mispare.

7. 3 July 2023 MT DFS approved; 121 days ago.

8. MT royalty payment due by Nov (16.68 million roubles).

9. 101 million options due to expire 2 Nov.

@DR; thanks for your invaluable input.

To be honest I didn’t even know there was a court case going on with the RF as been busy with other things and didn’t expect any news on EUA until options extended next week.

Would you be happy to explain to all of us uneducated shareholders exactly what it means in basic terms and what EUA will gain from it, is it related to the VAT credits the BOD previously told us they are starting to receive or a totally separate issue? My take is it means less tax on sale of concentrate etc which I’d assume will go into the sub KKs account.

I got the info from the EUA daily digest page, is that the same as the TG, didn’t realise I had to get it approved by you before sharing it. Not sure why it matters to you where the info comes from, I thought good news is there to be shared with all. Best you get your “friend” GMF to keep a closer eye on me huh 🤔😉

DEFINED:

1. The proceedings in the case shall be suspended until the judicial act of the

Supreme Court of the Russian Federation in cases No. A60- comes into force 42662/2022.

2. The ruling may be appealed through appeal proceedings to the Seventeenth Arbitration Court of Appeal within a month from the date of its adoption. The appeal is submitted to the arbitration court of the appellate instance through the arbitration court that adopted the ruling.

In case of appealing a ruling in the appellate procedure, information about the time, place and results of the consideration of the case can be obtained on the website of the Seventeenth Arbitration Court of Appeal https://17aas.arbitr.ru.

3. When applying to the court for a copy of the judicial act,

or about familiarization with the case materials, information about the date and time of issuing a copy of the judicial act or familiarization with the case materials, respectively, can be found in the “Card Index of Arbitration Cases” service in the case card in the “Addendum” document.

Judge

T.V. Chukavina

Having considered the petition, the court finds no grounds for postponing the court hearing due to the expediency of suspending the proceedings in the case. The

representative of the interested party did not raise any objections.

According to Part 9 of Art. 130 of the Arbitration Procedural Code of the

Russian Federation, if the arbitration court, when considering a case, establishes that another arbitration court is processing a case, the claims for which are related, on the basis of the grounds for their occurrence and (or) the evidence presented, with the claims stated in the case before it, and there is a risk of the adoption of conflicting judicial acts, the arbitration court may suspend the proceedings in accordance with paragraph 1 of part 1 of Article 143 of this Code.

In accordance with clause 1, part 1, art. 143 of the Arbitration Procedural Code of the Russian Federation, an arbitration court is obliged to suspend proceedings in a case if it is impossible to consider this case until the resolution of another case considered by the Constitutional Court of the Russian Federation, a constitutional (statutory) court of a constituent entity of the Russian Federation, a court of general jurisdiction, or an arbitration court.

From the meaning of this article it follows that the grounds for suspending proceedings in a case may be circumstances that can be established by the court when resolving another case, which have prejudicial significance for the case, the proceedings in which are subject to suspension.

In accordance with Art. 145 of the Arbitration Procedural Code of the Russian Federation, the proceedings in the case are suspended in cases provided for in paragraph 1 of part 1 of Art. 143 and paragraph 5 of Art. 144 of this Code, before the judicial act of the relevant court enters into legal force.

The court found that the circumstances of this case were considered in the framework of cases No. A60-42662/2022 and No. A60-43970/2022, on similar disputes

Machine Translated by Google

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1245702826_14035120

between the same persons in relation to other tax periods (August and September 2021).

Coincidence of circumstances may have prejudicial significance for the present case, since they contain a study of identical arguments, similar documents, taking into account different periods.

Case No. A60-42662/2022 was requested from the Arbitration Court of the Sverdlovsk Region.

In this connection, the court believes that the proceedings in the case should be suspended until the results of the consideration by the Supreme Court of the Russian Federation of the cassation appeal in case No. A60-42662/2022.

Guided by Art. 143, 147, 184, 185 of the Arbitration Procedural Code of the Russian Federation, arbitration court.

DEFINITION

on suspension of proceedings in the case

Yekaterinburg city

October 23, 2023 The Case No. A60-44773/2023 operative part of the definition was announced on October 17, 2023

Arbitration Court of the Sverdlovsk Region, composed of judge T.V. Chukavina, while keeping the minutes of the court session by secretary S.A. Nikitina, considered at a court hearing the case at the request of the Closed Joint Stock Company "Kosvinsky Kamen" (TIN 6614005227, OGRN 1026601102725) to

Interdistrict Inspectorate of the Federal Tax Service No. 14 for the Sverdlovsk Region (TIN 6617002802, OGRN 1046610970010) on recognition

decision No. 439 of June 15, 2023 is invalid,

when participating in a court hearing:

from the applicant – they did not appear at the court hearing, the time and place of the hearing were duly notified, including publicly, by posting information about the time and place of the court hearing on the court’s website,

from the interested party - Gorinova V.A., representative by power of attorney No. 03-17/13731 dated December 26, 2022.

Procedural rights and obligations are explained to persons participating in the case. No challenges were filed to the court composition.

Having considered the case materials, the arbitration court

INSTALLED:

CJSC "Kosvinsky Kamen" appealed to the Arbitration Court of the Sverdlovsk Region with a statement to the Interdistrict Inspectorate of the Federal Tax Service No. 14 for the Sverdlovsk Region to invalidate decision No. 439 of June 15, 2023. By a court ruling dated August 22, 2023, the application was accepted for

proceedings, and a preliminary hearing was scheduled for September 25, 2023.

Simultaneously with the application, a petition was received for interim measures in the form of suspension of the disputed

decisions of the tax authority.

By a court ruling dated August 22, 2023, the petition was granted, the effect of decision No. 439 dated June 15, 2023 was suspended until the court decision in this case enters into legal force.

A review was received from the interested party, inspection materials, requests are asked to be refused.

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1245702826_14035120

The response with documents was added by the court to the case materials.

The applicant raised objections to proceeding with the consideration dispute on the merits in the absence of a representative.

No other statements or petitions were received.

At the preliminary court hearing, the interested person objects to the stated demands.

By court ruling dated September 27, 2023, the case was assigned to trial proceedings.

On 10/16/2023, the applicant received a request to postpone the court hearing until the Supreme Court of the Russian Federation makes a decision on the cassation appeals filed by the applicant in the framework of cases No. A60-42662/2022 and No. A60-43970/2022, since the decision will have prejudicial significance when considering this affairs.

@BoB; wasn’t it JN who brought WK to production & obtained the MT DFS?

@DR & Dattabase; really grown up response, any chance you could address any of the points raised instead of throwing childish insults?

Stej; we all accept the war has had a huge impact here, however that started 20 months ago & it’s the BOD & senior management responsibility to react to situations which affect the company. There’s 8 of them appointed along with god knows how many advisors to assist with decision making. The continued decline in SP is due to their complete lack of ability to give the market & shareholders any decent update & clarify where we are at, there’s plenty news they could give us;

1. MT DFS details published.

2. BOD telling us they’ve sold the WK concentrate

3. Explain why they canceled Alexei Churakov’s 40M options and why it’s “fair & reasonable” to keep extending the other 101M beyond 2 Nov 2023.

4. Update on how much VAT credits they’ve received, are due and who receives them (in local currency)

5. Updated Reserve & Resources figures

6. NYUD decision

7. MT open pit update

8. The revised WK mining plan

9. What the Logik court case cost EUA

In addition to the above look at the length of time certain things are taking & ask is the SP decline only down to the war or are the BOD responsible for it too?

1. 12th May 2021; received a proposal from a credible party & exited the FSP 899 days ago.

2. Asset sale; (28 Oct 2021) buyers DD complete 730 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 681 days ago.

4. NYUD JORC; (8 Feb 2022 draft CPR with BOD for review) 627 days ago.

5. Nyud; Exploration license received by Rosgeo in mid Dec 2022, EUA will update shareholders on receipt of this license in due course. Approx 313 days ago.

6. Court case pending QVL & Mispare (mid Nov 2023)

7. 3 July 2023 MT DFS approved; 116 days ago.

8. MT royalty payment due by Nov 2023 (16.68 million roubles).

So if CS & DS can’t take up each of their 20m options that’s fair enough, does that mean the other 61 million can’t be taken up either or do our BOD just extend them too because they think it’s “fair & reasonable”

How does it work with the options, are we classed as in a “sales process” therefore CS & DS are unable to exercise their 20 million as they are in the know ref DFS, asset sale etc, what about the other circa 61 million held by others. Do they get told in advance by the BOD whether they have to exercise them or not? I’d like to see them all taken up and not extended again (they’ve had 5 years to exercise them).

MT Royalty payment for 16.68M roubles (£147200) is due end of this month and I believe the QVL/Mispare court case sits mid Nov?

It’d be nice to get them all out of the way.

If you go through that list from the AGM and compare it to the questions asked CS dodged addressing a lot of the actual questions. From memory WK DFS was published 53 days after approval yet here we are still waiting for MT to be published. It’s very difficult to say how well the BOD are doing as just about everything is “pending”. What I’ve always said is the BODs communication are appalling, whether that’s done on purpose or due to complete incompetence I’m not sure. If someone called for a no confidence vote in the current BOD I’d vote in favour as I’m sick to death of them.

I’ve just spoke with Keith, he said he’s had loads of calls today and sounds totally p155ed off. IMO the BOD are showing a total lack of respect towards their shareholders (and have been for some time now). The lack of clear, precise & accurate communication is appalling and has affected the SP in addition to the Ukraine situation. Ok there’s NDAs in place but its the BOD who signed up to them. How the fuk do they expect anyone to invest in the company given the amount of pending information there is?

WK; not sold the concentrate, no updated mining plan

MT; DFS not published, no updated reserves & resources for open pit

Asset sale; what’s going on with the buyers/interested party etc etc

NYUD; no decision on the licence or release of the JORC

Rosgeo; they said it was a game changer, it’s now expired!

Reserves & Resources; why hasn’t this been updated?

Throw into the mix the fact our previous NOMAD resigned, JN left with no notice, a few suspensions, Alexei selling his 28M shares, options extended which isn’t “fair & reasonable” imo, not informing us of the 2 x court cases. I’m sure I’ve missed quite a few other things.

Most employees would be sacked with a performance as above yet our BOD are able to carry on regardless, at what point do shareholders say this is not acceptable?

As for EUA v2, there’s not a hope in hell I’d invest in that!

Dattabase1; the BOD told us at the AGM that the Russians are very good with their processes etc. WK was 53 days from approval to published, yet here we are with no news. I can’t wait for this to conclude (one way or another). The BODs communication to shareholders has been and always will be appalling.

Condolences to Les & all his family at these very sad times x