Member Info for del929

I wonder when the BOD will give us the details of this? Very important considering it’s our only source of income!

“The Board have agreed a new and extensive mining plan for the remainder of the season, based on electricity powered machinery and equipment. The mining operations in West Kytlim will contribute significant additional funds to the Group when the value of the extracted concentrate is realised.”

@DR; I do admire the fact you posted Principle 2 😳 I think that one is well obsolete now.

@Stej; nothing yet, he did say 17th so I’d like to think it’s in the post. Have asked my sister to go check my mail towards the end of the week. Have you had anything yet?

18. The 2020 Annual Report mentioned a short infill core drilling campaign focused on L and WN. As it's a requirement of listing to give details of drilling to certain mininum levels why has no information been given to shareholders of the drilling results.

19. In April 2021 you submitted a detailed exploration project for the MT flanks area to develop those prospects and bring further resources into the MT mine. Any update on this and what has been found/changed resource wise.

20. A number of years ago you gave a JORC figure of 2.2moz Pd equivalent at MT however, despite it being a requirement of listing, you never released the actual JORC to shareholders. Why not and will you.

21. In the annual accounts for 2022 £28,000,000 is showing as loans to a subsidiaries. Which subsidiaries received these funds, what was it used for and how much is remaining

22. Are the deffered shares (4.9p) included in the 'nominal aggregate value' calculation?

23. Artem Matyshok; was brought in to ‘speed up’ the Asset sale in May 2022, it’s now obvious that the DFS was required before any sale could take place so in what way did the BOD expect him to succeed.

1. 12 May 2021 we received a proposal from a credible party, 28 Oct 2021 buyers DD was complete, are we still in active negotiations with these.

2. The Group’s current (as at 29 June 2023) cash position is around £40,000, US treasury Bonds valued at £1,646,255 plus around £4.1M for the concentrate at WK. What’s our projected monthly cash burn.

3. Reserves & Resources, why have we had no update since the JV expired on 26 Feb despite losing the rights to 8 of the assets.

4. Will the proposed changes in the BOD result in an increase or decrease of expenditure

5. NKT open pit updates, when is this due for completion

6. NYUD; is there an expiry date to take up the licence, have we paid for our 75% entitlement in full, is there any possibility of an update on the JORC. Is there a breakdown of total costs paid for the Rosgeo JV

7. Why did the BOD not inform shareholders when the 2 x court cases were lodged against EUA and why no mention of either in the AR, what’s the worst case scenario we can expect

8. Why was it decided to host a virtual AGM only?

9. How many NDAs remain in place & when do they expire

10. Why was the AR not released until 3 July, when it was expected early June

11. Options; 146M. Is it possible for a breakdown of who these have been allocated to, the OPD issued by RNS on 17 July 2020 is incorrect. Can you explain why you feel it was “fair & reasonable” to extend all of these to 2 Nov 2023. In particular Alexei Churakov who has 40M.

12. "we also note recent precedent transactions which have successfully completed despite the geopolitical situation." Whats prevented/ preventing the BOD from selling our Assets?

13. James Nieuwenhuys, stated in an RNS on joining the BOD “leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders". Was this achieved?

14. In the AR you stated “No further significant expenses are forecast for the Monchetundra project” Have we paid our Royalty payment of circa £187,000 for MT due in Nov 2023

15. DFS; I appreciate it was only approved just prior to the release of the AR, how long before the BOD read & digest the contents & give shareholders an overview of their thoughts. When do you intend to publish the full MT DFS contents so shareholders have the ability to analyse it for themselves. If you are not intending to publish it, can you please give us a reason why?

16. Can you clarify why there is a requirement to reinstall Resolution 6 considering it wasn’t necessary last year and you’ve advised we are fully funded for the next year

17. Why are communications between the BOD & shareholders not clear, open to debate, often conflicting with previous communication received & deliberately vague. This is totally unacceptable to shareholders and needs rectifying as a priority.

Below is what they stated in the AR, obviously CS 20M would account for the Executive Directors but where would DS’s 20M, AC’s 40M & AS’s 15M options sit in this list, any ideas what unallocated actually means?

Executive and Non- executive Directors 20,000,000

Advisors and staff 65,390,000

Unallocated 60,610,000

Christian Schaffalitzky

10,000,000 0.42

5,000,000 0.6

5,000,000 0.9

Dmitry Suschov (Amended from figures given in OPD)

10,000,000 0.42

5,000,000 0.6

5,000,000 0.9

Alexei Churakov

15,000,000 0.42

15,000,000 0.6

10,000,000 0.9

Alexander Sushchev

5,000,000 0.42

5,000,000 0.6

5,000,000 0.9

In the AR, they stated the following, am I correct in assuming the “Group” would include all our subsidiaries? I know we’ve also got a minimum of £4.1M for the WK concentrate which hopefully is close to been sold.

“The Group’s current (as at 29 June 2023) cash position is around £40,000 and US treasury Bonds valued at £1,646,255 with the reduction since December 2022 being accounted for by £150,000 in capital expenditure, £950,000 on development expenditure on its assets portfolio, and £2,031,578 in costs”

@Scuba; the website was update in May I think. CS has 20M so that covers the executive & NEDs. So my assumption is no other member of the BOD was entitled as of May. The rest of it is impossible to figure out, no idea what Alexeis 40M & Alexander’s 15M would come under. Anyone else got any idea?

@scuba; the options are very confusing for me, not helped by the fact that the OPD issued by the BOD on 17 July 2020 been wrong 😳

Website currently states;

Executive and Non- executive Directors 20,000,000

Advisors and staff 65,390,000

Unallocated 60,610,000

OPD (my interpretation)

Christian Schaffalitzky

10,000,000 0.42

5,000,000 0.6

5,000,000 0.9

Dmitry Suschov

10,000,000 0.42

5,000,000 0.6

5,000,000 0.9

Alexei Churakov

15,000,000 0.42

15,000,000 0.6

10,000,000 0.9

Alexander Sushchev

5,000,000 0.42

5,000,000 0.6

5,000,000 0.9

Fr.Jack.Hackett; I think that whoever set up the computer at first or loaded the pdf document thing might be registered as the author. I’m sure someone more tech savvy than me can explain better.

Magnum, I think that could be an option. We will find out on the day what % voted against so would be an indicator if an EGM could be called or not. I’ve no idea how something like that could be implemented but I’m sure someone would know all about it.

Grandq; I see what you’re saying but surely the threat of those resolutions not getting passed would encourage the BOD to be more open & transparent with us? I’ve already voted as I believe they will have access to see how the vote is going, it’s down to them to make me change my vote on the day.

@Grandq; by voting against resolutions 4,6 & 7.

@INK; £40k cash & £1.6M (approx) in bonds. That won’t last long unless they sell the £4.1M concentrate. Do you know how much cash each of the subs have left?

@Rob; I think they are going to have to clarify that, if no buyer that should mean no NDA in play

Aubery; I don’t think shareholders will accept no answers this year, imo the BOD are treading on very thin ice. If they try to remain silent at the AGM I can see CS not getting re-elected.

Has anyone managed to identify which of the subsidiaries received the $28M in 2022, surely that’d show up in their accounts which I know the TG found on a website a few weeks ago?

Kammy18; I really think we will get some clarification before or during the AGM. The BOD must realise that the vast majority of investors have had enough of the lack of clarity and that people want answers to the every increasing questions. There’s no doubting the wars had a massive impact on the SP but the BOD have not done it any favours either with their stance on remaining silent.

Can only find 4 “eventual” & 17 “disposals” 😂

@Parttimer32; many thanks for that, appreciated. I’d searched for Japan & EUA v 2 and that’s all I could find.

DR; MT has a payment due in Nov of around 16.68 Roubles. I’m pretty sure we’d applied for another licence there as well. WK hasn’t got anybody income until the BOD get an agreement in place to sell the concentrate.

Can you show the latest update on EUA v 2 please, I can’t find anything current and if it’s the future of the company you’d think it’d get a mention in the AR.

Who’s Dexter? 😳

For those who think Resolution 6 & 7 might be to raise funds for EUA v 2. Here’s the grand total of what I could find in the Annual Report. That suggests to me that the BOD don’t have much plans for it at present. Can anyone find anything else?

Page 8 “Representative office in Japan to develop connections to Far East markets – Japan, China, Hong Kong SAR”