Member Info for DRB83

Quite a rare investment strategy you have there Chris. Averaging down whilst knocking your investment on a daily basis. Let me know if it works.

As for, further dilution. Yes. It is. We knew about that six months ago. Actually I'm hoping for more of it. Think about it. For the warrant holders not to convert, the sp will need to be below 0.13 until they expire (about 2 years from now). You may not want the warrants to convert but it's bad news if they don't.

After 6 years of nothing tangible, you expected BG to come in and deliver something tangible in 5 months into a 12 month commitment. Nuff said.

Sp may not have moved forward in his time but plenty of intangible developments.

GRE JV

EH modern MRE

Debt free this month if not already

Strongest balance sheet we've ever had

Soon to have an updated MRE on MM.

Plenty happened in a short period of time for us aliens. Drill results imminent. MRE imminent. SP will catch up eventually. Gla

Was just about to write the same about the pointless trolling and negativity but looks like the waiting is over.

wce have really taken a smashing on asx this last few weeks. now valued at £24m. they pretty much just have 70% of eh making eh worth £34m in total. our 30% share then is worth c£10m. add on our cash pile and those 2 items alone gets us to our current mcap of £13m.

that means none of below is currently priced in:

eh free ride

mm 30%

mm free ride

wce 30m shares

gre 38m shares

han**** 90%

also note, this is based on wce at 0.13c which is the lowest it's been since last summer so massively undervalued imo.

with mre expanding drill results to come in the next 2 weeks, i'm very comfortable with my large investment here.

i certainly don't think they were walking round han**** for the sake of it earlier this week. let's wait for the update and reassess.

1.25mt pa @ $15 profit. Nothing too clever. Do you have something different?

sounding like a lower and lower cash burn. soon it will be £30k per month with about £1m coming in just from silver. another £1m per month from han****. all for £13m mcap. ill wait and see how this unfolds.

i think we'll have a few board changes coming up in the next 12 months. all depends which route we go down with han**** but i don't see bg sticking around once eh is in production. maybe the search for the next ceo is currently on. who knows.

with eh and munni munni now largely partner-led, han**** is really the one asset the ufo board should be judged on directly. so far, visible progress has looked light, even if there are clearly strategic discussions and technical work going on in the background. there was a site visit to han**** on 12 may, so hopefully that is followed by a meaningful update. bruce is not someone i’d expect to let the team sit idle, so the market’s patience probably now depends on seeing behind-the-scenes activity turn into an actual milestone.

i expect a han**** update along with the first batch of drill results from wce in the next 2 weeks. the excitement builds

Thats Aussie dollars yes vs usd silver, and that's just the 2.8moz. I think all indicators are pointing to this being 10moz+ so you can x4 that fcf. Not a bad little operation to have 30% in. Most of that will be returned to shareholders imo as just too much cash to handle for UFO. All for £15mcap.

Not seen it mentioned on here but now we also know how ufo are likely to monetise their equity holding in the jv partners. Each placing that our jvs do will allow ufo to liquidate a small portion of their holding. This week was gre, in a few months wce will likely place, hopefully at around 25c minimum. Sell 5m to get A$1.25m cash. Then it will be gres turn to place at say 20c and so on until we have a fcf. No need to dilute shareholders anymore, and as Bruce keeps saying, he is very against unnecessary diluting his shareholders. That is what you call, turning a corner. The market just isn't sure yet. It will be come Q3.

Yes, the market is incorrectly valuing the management team, our iron ore assets and our £1.5m cash balance at minus £10m. AKA a great opportunity to buy cos the market will realise soon enough.

Even as a DSO only option, the profit margins are ridiculous in this silver market. You might lose $20 of the silver price for DSO. We are at $85 currently and forecast to be over $100 soon. That's uber high margins for a very simple production process. Assuming we dig and ship 1mz per year thats at least $60m FCF, $18m to UFO. 1 year FCF at EH is almost our current mcap. Throw in a 5 year LOM and a ever increasing silver price and you get plenty of bags.

UFO only going to need $5-10m a year to explore new tenements so what do they do with the rest of the cash.

Smiller not happy with the 30% dilution in our 17% holding. Would have much preferred If ufo had kept 100% of MM and raised the £6m+ GRE have raised this year ourselves. MM alone would have been another 6.5bn shares dilution for UFO. Not even factoring in if we held onto 100% of EH.

JV was the only way to save ufo. It will sink it soon.

Pre GRE raise today we had 17% of the GRE pie. Now we have 12.5% of what will be a much bigger pie.

We can trust smiller to zone in on the negative despite all the glaringly obvious positives from this next step towards production and the free ride situation ufo have put themselves in.

$7.5m at no cost to us but all the benefit. Great.

Same moan, different day. Wce deal done more than a year ago. The future value of your shareholding is not behind us its in front. Start focusing on 2026 and not 2025 and before.

To add. My view on funding is simple. Given the low capex requirement and the uber high margins. Any funding required will be short term, and i mean months. For example, let's assume eh kicks up 50,000oz per month at $100 silver and $80 profit. Let's assume they go down the DSO route. <$10m capex and now apply $20 discount to the silver price for dso. So, $60 profit for 50,000oz per month = $3m. In around 3 months they would have cleared the initial capex funding.

WCE won't dilute shareholders for that capex as dilution is a long term effect. They won't take a loan or a cln as they are unnecessarily expensive. They'll go offtake and we'll have suitors galore lining up to be the sole recipient to the highest grade native silver in the world.

The offtake won't just be a deal for wce, it will be for EH meaning the offtake will cover both wce and ufos funding commitments effectively locking in the 30/70 split.

After 6 months of running, wce and ufo are generating millions each month for their own purposes.

Then for an added bonus. WCE continue to explore outside the mre all at a continued free ride to ufo until the tonnes are officially approved for mining. Our EH cash is 100% ours. No exploration costs required from us for EH or MM. We throw it all into shareholder pockets or brand new exploration projects.

Rinse, repeat. The great time to be an Alien is on the Horizon and being in now ahead of the crowd is my approach.

An initial DSO route shortens the revenue timeline significantly. Bruce appears hungry to get this mine open and at current silver prices, even DSO is hugely profitable. They may chose to wait for RH but they may not. Revenue H227 imo. Either way, ufo free riding to DTM so sit back and let the value come to us.

What you also seem to be dismissing is that at $60 and 80% margins there is $168m profit in that inaugural MRE. Even if it didn't grow, a revision of the silver price to $80 is worth an additional $56m. Enough to buy RH outright and do it up if they wanted to at some point in the future. Now throw in a 10moz mre and $150 silver price and funding concerns just evaporate.

Wce won't wait until they are at 10moz before production. Once the scoping study is done MRE will be 5moz + and they'll be focusing on getting the open pit mine producing ASAP. Once FCF is flowing mid 27. The project will just keep expanding into new pods effectively FOC. Call me optimistic but its looking good so far.

fair on eh still needing met work, drilling and studies. wrong on two big points though: ufo is publicly free-carried to decision to mine, not bfs, and munni munni is not already a current 90%-indicated jorc 2012 resource — that stat comes from the old historical 2004 estimate gre is still reworking. radio hill is also optionality, not the only route.

once wce get to funding stage mre size and mcap will likely be 2-3 times where they are now so capex requirement won't exceed 10% of mcap.

also, arguing gre is stronger than wce is not a good reason to sell ufo imo as we have both.

imo, you've got hung up on this inaugural mre of 2.8moz and seem to be dismissing all the drilling that is set to quickly get this worked up to 10moz+. 2nd mre update in 6 months. this i expect will get us to 5moz +.

then you have the han**** stalemate which will have to move somehow. this is all ufo bod have to work on. they'll have to unlock value somehow and will imo. han**** valued at zero currently.

by all means sell ufo as you did for 0.13 and then in a few months time when gre have modernised and grown their mre and wce have grown their mre and ufo have have finally monetised han**** then maybe you'll buy back in at 0.3.

you're choice to sell of course and maybe you're reasoning was right for you as a trader, but most on here are long term holders so we look beyond what will happen next week.

But we were already forecasting towards 80% margins at $60 silver. FCF at $100 would be silly never mind $150.