Member Info for DRB83

I think the raise wording has actually been left on there from the last trading halt announcement. A bit sloppy but makes sense as just raised.

This for me is just about the assays so im thinking either 23 or 25 has drilled straight into a 2nd pod, effectively confirming we have stacked shoots on our hands which ultimately doubles the value of the system instantly. At least doubles.

What ever the results, Bruce thinks they're enough to significantly move the needle. If UFO does stay open tomorrow, are you in or are you out?

As of yesterday, the Bennelong loan is now £150k from £400k. Bruce, if you are reading this, please pay that back in cash ASAP. We have plenty of cash in the bank and plenty of warrants in the money. £150k is not worth any further dilution at 0.08 and warrants at probably 0.135. Lets get this balance sheet fully cleansed and strengthened. Thanks

As long as the long term direction of the silver price is north then im not too concerned with the daily movements. We won't be feeding silver into the market for at least another 9 months so won't be particularly effected by this short term volatility.

These pending results are key for us. As it stands they are a bottleneck and once they land and we know what we're dealing with, a whole host of activity will be released behind the scenes. Once Phase 2 results land, WCE can:

Lock in shoot geometry (down-plunge continuation vs stacked lenses vs halo)

Commit to development-style drilling, not speculative step-outs

Run a focused deep test below the old mine or accelerate along the confirmed plunge

Start meaningful metallurgy and bulk-sample planning using current QA/QC data

Formalise commercial discussions (e.g. Radio Hill MoU) with real grades and widths

Frame a first mineable zone, rather than just targets

In short: assays move EH from “testing concepts” to executing a plan.

That is a potentially large step up the value curve.

Lets hope holes 23 and 25 deliver the goods.

Find out shortly. Hopefully, in the next few hours.

Whoops, 10% fall

I think the last 12 months has proven there is currently no link between the silver price and ufo. Not yet. The 10% rise was probably more to do with the missed assay deadline as with wce. The silver collapse didn't have any bearing on ufo just like the monumental rise in silver hasn't over the last 12 months.

Once we get a mre confirmed and start working on the scoping study then they'll be a significant rerate. Until then, the silver market and the ufo will continue to be 2 completely unlinked markets. Bizarre but true imo.

It may be controversial but it’s also worth being honest that Munni Munni remains a high-risk project at this stage.

Key risks haven’t gone away:

Infrastructure: WA has no existing PGM processing plants or smelters. Any development would require a new concentrator and overseas concentrate export.

Capex: PGM projects are capital-intensive relative to grade, which raises the bar for funding.

Macro risk: If Russia is fully re-admitted to global PGM markets, palladium prices would likely stay under pressure, making greenfield projects harder to justify.

Timing: Majors won’t move until a modern JORC resource and metallurgy are in place.

Given that backdrop, the lowest-risk route for UFO isn’t to push Munni Munni toward development, but to retain leverage and optionality.

UFO’s position:

Free-carried exposure through GRE’s spend

Potential receipt of ~20m GRE shares (worth £ms for 10%) as milestones are met

Ability to monetise exposure without funding capex or taking development risk

The sensible outcome for me is likely:

GRE upgrades Munni Munni to JORC (2012)

Majors show interest only then

UFO sells down its remaining ~20% interest to a major at that point

Imv Munni Munni is not a low-risk development story today. For UFO, the smart strategy is to let GRE de-risk the asset, then monetise exposure when majors are finally ready — not to try and force a build in what could be a difficult PGM market.

By then, the remaining 20% is worth tens of millions which would go along way in funding new exploration projects or a nice Special Dividend.

Chris

IMV Munni Munni not being built in the early-2000s wasn’t a geology failure. Under Helix, Lonmin (a top-tier PGM major) funded serious work: resource definition, metallurgy and early feasibility concepts. The project stalled because the timing was wrong, not because the asset was bad.

Back then:

* PGM prices turned down (especially palladium after Russian supply re-entered the market).

* The project was capital-intensive for its grade profile.

* Lonmin refocused capital on South African brownfields, where they already had plants and sunk capex.

Fast-forward to today, and the reason majors still aren’t jumping in yet is structural, not negative:

* Munni Munni still sits on a historical (non-JORC 2012) resource.

* Majors don’t JV off historic resources – they wait for modern JORC, fresh metallurgy and a clear development concept.

* PGM projects require large concentrator capex, so majors want the junior to de-risk first.

That’s exactly what GRE is doing now:

upgrade to JORC (2012), validate metallurgy, and only then test partner interest. Majors typically appear 'after' this step, not before.

Imo Munni Munni didn’t fail in Lonmin’s day – it failed the “why now?” test. The same applies today: majors aren’t ignoring it, they’re waiting for the next de-risking milestone.

UFO didn't have the credibility or resource to de risk MM so they partnered with someone who has. Also, the location of the Whundo project currently owned by GRE was a logical step in why gre chose MM and why ufo chose gre. A very good deal for ufo and I'll explain my long term view on MM in the next post.

Flatliners, seems to me like you spend all your time looking backwards at the charts and no time looking forwards at the fundamentals.

You must think a caterpillar will always be a caterpillar because it has always been a caterpillar. Until one day it flys away and your left saying "I didn't see that coming". Lets talk more at 1p

Gurk, that was 12 months ago. A lot has changed since then. Strategy is on the website and has been stated on here several times.

Given the market turmoil today, im quite impressed with how the sp held up. I'm ready for another green week next week.

Another green week again this week. Lots of emotions and negativity flying around. Are you sure investing is for you. Chill, pour yourself a brew and sit back, results next week.

What's fundamentally changed?

Lets face it, its disappointing of course but delays happen all the time, Bruce doesn't control the labs so he's been let down just as much as us. Its only traders that are going to sell today, nothing has changed for our 1p target. Relax, deep breath and get on with your day.

Hole 23 and 25. Not bonanza but confirm continuation. Happy with 60-100g/t. Continuation is all we need from these 2.

Hole 14 - best of the bunch with 15000g/t

Not long now.

Yes, and based on this line from the rns

"The first batch of core samples is being prepared for dispatch to Perth for laboratory analysis."

Expect results anywhere from mid Feb through March. Updated MRE April.

WCE AC results due end of feb, updated MRE Q2.

A very news rich few months with each update acting as the foundation for the next leg up in sp.

We live in hope but things looking the most positive I've seen in 6 years. GLA

Myavian clearly lacking the understanding of what the value curve is. Some people are very binary, win or lose. Fair enough but to me it just shows a lack of education and commercial accumen.

It comes simple to most of us here. UFO is a different beast now compared with 12 months. The sp tells you that. What also tells you that is:

£2m in the bank now vs £200k then

Cash runway for 12-18 months vs placing imminent.

2 x free ride flagship projects soon to have more holes in them than a sieve. At no cost to us. 12 months ago, 3 flagship projects sat doing nothing just incuring annual licensing fees.

Loan £150k going down vs £600k going up.

£4m liquid equity in WCE vs £0 liquid equity

£3m liquid equity in GRE vs £0 liquid equity

Silver $110 vs $25

6 months from 2 mres vs no sign of mres

Clear project generator/monetiser strategy vs heavily dilurlted, trying to be the sole explorer of 3 flagship projects strategy.

Its clear for all to see how ufo have progressed up the value chain. For the uneducated binaries of the world, until you win, you've lost. Unfortunately for them, by the time ufo win, the sp is 2p and the likes of myavian are left scratching their heads thinking, how did I miss that. Each to their own. GLA genuine.

Typical traders taking their profits from yesterday. Some shares will be going into sticky hands though as the strategic investors begin to build their long term positions. For now, hold on tight and enjoy the ride. For sure, it will be wild.

Come on BG, drop us some big ones. I want to see continuation at depth from hole 23 and 25. Hole 14 is going to have a monster grade, we're talking >15,000g/t. GLA

myavian, appreciate you're a long term troll here and you have your own agenda but you just need to compare the fundamentals of where ufo were in their long term downtrend the last 6 years vs the last 8 months or so. completely different animal now, completely different board. completely different strategy. 3 management teams working flat out on our behalf. wce on eh, gre on mm and ufo on han****. balance sheet, the strongest its been probably ever. funded with millions in liquid reserves. even you can't deny this is the strongest position ufo have been in probably ever. i'm sure you'll try but the facts speak for themselves. gla

Monty, I think the tailings come back into play when the processing route is confirmed. If we get Radio Hill over the line then I can't see why a deal couldn't be struck. Not sure if the tailings would be included in our jv with eh. I don't expect so as they are separate and not under ground. The deal should be between UFO, Wombat and Artemis. Hopefully we'll hear something soon on Radio Hill. Not sure why it's taking so long.

Can't find anything on whats happened to the tailings since. I can only assume they are still there. Maybe an option for us at some point.

Can't deny that. UFO completely different company now. Same name different bod, different strategy, different world. 2026/7, should be its best years by far.