Member Info for DRB83

Next up - MRE next month. Another step forward today but clearly nothing for the sp to get excited about yet. The pressure builds on those flood gates though.

The maiden MRE was never proof that all modern drilling had already translated into net new ounces above the old depleted resource. A lot of UFO drilling was not simply infill inside the final pit shell — part of it targeted wider extensions and targets around the mine, including a new zone about 400m south along the Munni Munni Fault, so not all of that work would be expected to fall inside the compact first MRE. Also, not all drilling carries the same weight for a JORC 2012 resource: WCE’s own MRE says Indicated was limited to a tight 7.5m buffer around recent drill data, while broader reconnaissance work such as aircore was mainly for target generation rather than immediate resource conversion. And Radio Hill is only one possible route anyway — WCE explicitly lists DSO, specimen sales, gravity recovery, and flotation as potential processing/value pathways for Elizabeth Hill. So the first MRE mainly validates the depleted historic mine inventory under JORC 2012, while some drilling and geophysics spend was deliberately aimed at extension/target work and optional future monetisation routes outside the current shell.

We have our base case and now wce have thousands of metres of drilling planned to grow it towords 10moz. There's the value. I'm not selling just before the value is realised and mined.

Don't know anything about GPG and not worth discussing as simply not comparative.

You'd have to elaborate

Expectations are everything. Up until the trading halt i was expecting the MRE October time. In that MRE i was anticipating 6-7moz. We were however caught off guard by the 6 months early April release but given we had only drilled above the old mine, the only drilling that would qualify for MRE, I was only expecting a small MRE, I called 1moz but I was being prudent. It seems some were expecting the 6-7moz before we had even drilled the wider areas.

Don't be disappointed in EH, WCE or UFO. Be disappointed in your misinterpretation of what was being told to you by the Company.

Interesting to note for those that say 'what's the point in investing in UFO' and 'why not just invest in WCE'. Since 7th April, UFO is 40% up, WCE is 30% down.

UFO are much more than just WCE.

Very poor comms I must say from GreenTech.

So tomorrow is last day of April. Tonight for phase 1 results then. They've clearly over shot mid April but at least get the right month. GLA

for years, han**** was all we focused on. i don't think they're lies, i think things just change, including management and plans.

i'd be more than happy for han**** to go 60/40 (40 ufo) with free ride to production and then let the jv sort all the admin and capex out.

we'd still have to negotiate the performance rights with windfield but they must be getting a squeaky bum by now. whatever deal we do, i would like to think that cash doesn't exchange until cash is being generated from han****.

if this happens this year, then we have

30% in eh and free ride to dtm

30% (probably move to 20%) in mm with free ride to bfs

40% in han**** and free ride to production

100% of board time spent proving up brockman and vivash and possibly a gold or lithium deposit.

that puts the sp well north of 0.75 imo.

given han**** is currently valued at zero along with the other iron assets then im comfortable being patient for now.

smiller, over exposure is about how much you have invested. not sure what maths you're doing to get 10% but i'm mostly here for 10 bags.

chris, board only have han**** now and bruce just told us, he's looking to monetise. visit in 2 weeks then we'll get a strategy update. you said you'd give him the 12 months but seem to have cut that in half.

No. That's over exposure.

the previous **** show ended with the eh jv imo. then partnering with gre on mm was another relief for me. we now have 3 bods working in our interest instead of just 1. if we jv han**** which looks like the route then we'll have 4 bods working for us. i'm comfortable with that. ufo 2025 is imo polar opposite to ufo 2020. i invested in ufo 2020 initially but got diluted down to almost nothing. i went gung ho into ufo 2025 and brought my average down to 0.164. my risk, my choice. i'm flirting with break even but won't be looking to sell any until 0.25 min. the bulk i intend to keep until silver and iron are fully monetised.

phase 1 mm results next week.

updated mre a few weeks later

han**** update after may site visit

eh drilling and results from may.

imagine the frequency of news when han**** gets jvd and someone actually starts progressing it. mix that in with ufo drilling brockman and vivash and a new gold or lithium tenement and all of a sudden, the sp moves pretty quickly.

we can but hope

I am aware of the risks with my investment here Smiller. We don't discuss them much on here as its usually about far left ridiculous negatives and adverse speculation by trolls and uber negative stubborn investors who try to stamp on any positivity as soon as ot lands, to far right ridiculous positives by ramping traders who leave as quick as they arrive. Would much prefer the board to evaluate ufo from a more realistic and reasonable central balanced view but most of my posts are done trying to neutralise the ridiculous and emotional.

#itiswhatitis

Crazy how some lths are so vocally negative about their investment. Adopting an investment strategy of telling us every single day, its worthless, bod useless, they've given everything away, ufo new strategy won't work, its too late, the bod missed the boat, we'll end up with royalties, we'll get diluted to oblivion........................ but I hope it 4 bags (4 hundred percent) to my break even. You guys must be at a constant tug of war with your inner selves. Daaayyyyuuuummmm. I mean, I get some people are stubborn and maybe they'd adopt that strategy in private but you guys seem more than happy shouting it from the rooftop each and every single day. If/when ufo do pull this off and 4 bag which I think they will, you certainly won't be able to pat yourself on the back and look at what a great investor you are........ Mmmmm, but I bet you will.

up to now ufo have proven they can execute early stage jvs and partial monetisation of an asset. they have done this twice. the real test is proving to the market they can execute a full monetisation of a project. han**** is that test. if they can convert han**** into cold hard cash then they prove they are capable of delivering on their new found project generator company strategy. once ufo prove they can be a self sufficient project generator, the market rerates to many multiples of where the mcap is today.

if you like the new model stay invested, average down.

if you're not sure, stay and see how it unfolds and decide later

if you don't see the point or firmly don't believe in the model or the bod then what are you still doing here.

Smiller, there's a pretty large fund market out there so guessing many people can see the point in those kinds of vehicles.

Imagine an project generator company that never has to raise because it has 30% holdings in multiple cash cows. 3 holdings = 1 full project but with risk spread over several commodities.

Now imagine, they do the same with Brockman and Vivash whilst having a new Gold tenement and a new Lithium tenement to start exploring. Then they have 5 30% holdings with 5 lots of equity investments funding rapid drilling on 2 promising prospects.

Rinse repeat. Assuming the LOMs of the 5 jvs you have are between 5-10 years then you have up to 10 years to explore and work up new tenements.

Once you hit your capacity for active projects. I.e 2-4 then you either expand the team or you start paying out juicy dividends.

Or you could concentrate your risk all into one vehicle like WCE and hope the silver price doesn't come crashing down or hope the reserves doesn't stay below 4moz or hope WCE doesn't have a major fall out with its jv mining partner or contractor or processor, or hope that Radio Hill doesn't have a fundamental issue 12 months down the line or hope the 3rd party logistics WCE are using don't go bust or hope BG doesn't suddenly depart leaving wce rudderless for several months. I can keep going but im assuming my point is clear. A lot can go wrong so being a ufo investor for 6 years or whatever its been, I thought you would appreciate the risks of having your eggs all in one basket.

that's certainly one theoretical scenario dip666. as long as it all adds up to at least £100m then most here should be happy. ill be extremely happy. our shares in eh and mm are already worth £30m so add in a touch of value curve and say another £20m for han**** and we'll be all gravy

lets see what the report says in may/june. jv still on the cards allowing us to keep material exposure to ongoing profits. not the outcome we were all hoping for but our mcap had han**** priced at zero so upside either way.

can only assume the iron price and unpredictable markets deemed the risk to operate han**** ourselves too great. who knows but it would be great to monetise this year just so we can move on from a 6 year fiasco.

so in coming months we are due:

phase 1 mm results - imminent

mm mre update - may

whundo results- may

eh results- throughout q2

han**** strategy update - may/june

kick off of mm resource expansion drilling - june

plenty going off. before the war, ufo had an implied ev of £32m + iron ore assets. today we £15m. #imlockedandloaded

What you seem to be bypassing though is that 2.8moz is the initial MRE. The bit above the old mine. There currently drilling what could be another 2-3moz to the north at surface. Then there is the drilling below the old mine. Indications are that there could be another pearl below. Then there are all the other leads they are planning to drill. You're talking like 2.8moz is where it ends. Its just the beginning.

Nomlas, $300 is a tad optimistic but even $100 is multiples of our current mcap. Admittedly, its not the 32moz per month silver that ggp was expecting but still, I'll take a few multiples to get started with ;-)