Member Info for DRB83

Agree with Art 100%. Those projects weren't given away. Its going to take 12 months to get to dtm and several more millions of dollars. Even longer with MM. This all needs to be factored in to what we got for eh. We have 30.5m shares worth about £3-4m. Yes we have had a very small dilution (about 5% of our holding). Its not much, and with that 5% our shareholding value will likely increase by 200%. This is called constructive dilution. Not the typical destructive dilution we have been used to with ufo. When factoring all this in we will end up receiving £20m+ for 70% of eh and our remaining 30% will increase in value too now. What was the alternative, dilute ufo shareholders to 20bn shares. No. Following the decline of the sp over the last few years, investors for ufo were extremely limited imo. No institutional investors would entertain us imo forcing us to offer huge discounts on the price and billions of warrants just to get them to glance at our offering. So the only other alternative was to fail on the required annual exploration spend required to keep hold of the license and forfeit it back to the government. That would be giving it away. So, the recent bod have actually done a good job in getting UFO into an extremely strong position where most of us long termers will be able to recover our losses and possibly make some cash. All imo but this is the best position we have been in for years. Time to stop looking backwards and start looking forwards.

Strong placing. Institutional investors. No mention of warrants. Anything under 15% discount is a solid price. Clearly lots of confidence in wce and eh. Bring on those results. 2 weeks to go.

turbo, im keen to understand what you think would motivate ufo management to intentionally fail on han****?

Steve, not too surprising given we have never mined any silver. Your about 12 months too early.

you forget the added complexity of the windfield deal which allowed us to have 90% of hammersley in the first place. also, we spent £300k in 2024 on legal fees trying to finalise a jv on han**** only for it to fall through. why? i don't exactly know but i suspect it has something to do with windfield. not as easy as you think otherwise it would have happened already unless you are implying alterior motives by management?

It still doesn't explain why our biggest shareholder would run his own shareholding into the ground.

a very few on here think it is a scam but i am yet to see any logic behind it. we have had many board members come and go so it would be extremely unlucky if we employed several lazy scammers one after the other.

some say it is the influence of 6% holder bennelong. why would he intentionally drive down his own holding by influencing a scam by overseeing the recruitment of several well respected directors to play along with his scam. very risky strategy and should larger investors find out there would be real issues for bennelong nevermind convincing well respected directors to jeopardise their career along with their family's livelihoods.

it would simply make more sense for him to push the company towards success and thereby grow his wealth along with everyone else's.

i don't buy the scam. i don't buy that he gave away our assets. due to bad luck, bad timing and possibly bad management, we were unable to monetise han**** and as a result we were never going to be able to go it alone on eh and mm. if we hadn't jvd we would now have 20bn shares in issue or even worse be liquidated.

the strategy for a while now has been to monetise our assets. 2 down 1 to go. then we explore the hell out of brockman and vivash with a view to monetise them once we have a solid mre.

Forest, pretty sure it doesn't work like that. WCE have hoops to jump through before they can decide to mine. A MRE is a pretty big hoop, which then supports the business case for the required funding to actually mine. Not to mention the several other steps in between and all that, supercedes the most important step which is good solid assay results currently pending. A DTM is probably at least 9 months away imo

All part of the course in my book AJ.

1. The options are the choice of the holder not wce and there are millions of options still outstanding, which can and should be priced in as they are known to the market. Reason for exercising now I suspect is to increase their allocation of what they think will be another oversubscribed placing. Oversubscribed usually means less of a pricing discount to the current market price.

2. I for one didn't expect the $6m placing back on July to be sufficient to get wce to a decision to mine so another placing or several were always on the cards for me. Every placing they do justifies more the deal ufo did on eh as its cost wce need to spend on our behalf to get us to dtm. If it was only going to take one $6m placing to get us to dtm then giving 70% of eh away would have been an extremely bad deal. I expect a sizeable placing this time and oversubscribed and probably another one in July and probably another one after that which will probably be for capex relating to mining.

I see this more as a required step to progress forward rather than 2 steps back as you say.

Capital raising. They spent up quicker than I expected. Oh well, our wce shares will get diluted a touch but at least we are free riding eh.

Mmmmmm

Late March early April. Jorc MRE June

Those 10m & 15m trades are clearly placing/warrant shares being churned. Good news is, once its finished the sp should take another leg up, especially as the anticipation around silver assay results grows over the next couple of weeks. Too many reasons for this share to increase for it not to. GLA.

IB, WCE could potentially be mining silver in 2026. We own 10% of them and 30% of the silver mine. We have an obvious link to the price of the commodity but I picture it as a somewhat loose elastic band. The closer wce get to mining the tighter the elastic band gets. Whilst there is no immediate correlation to the silver price, the effect is merely deferred and eventually there will be a sharp realignment. Id rather be in before that realignment happens. 2026 is poised to be a good year for UFO imo

some will reside in the camp that believes the bod is corrupt and just in this to pay for lavish holidays, i prefer the more positive camp and don't believe the board to be secretive. yes, communication could always be better but in terms of strategy, it looks pretty clear to me. monetise the assets we have. for years we floundered trying to explore all 3 by ourselves and ended up being diluted as you say from 3bn to 11bn shares. we tried and failed.

no major would get involved at the stages our projects were in and our access to finance was extremely limited. we could have refused the partnerships with wce and gre but then we'd now be sat around 20bn shares. tbh, i don't think that was even an option so with no majors and no funding, we had only one option. let a minor with funds have a go and monetise as always better to have 30% of something than 100% of nothing.

whats important to me now is now. the mcap is £15m of which £10m is sat in liquid assets. should wce and gre continue to increase then the ev of our free carries and han**** will be priced at zero. with the metals market going where it is then to me ufo is a no trainer at these levels.

chris, it happened, time to move on.

we can't force another company to jv han****. iron ore has been hovering around $100 for years now which just happens to be right on the bubble of whether an major would show interest or not. not to mention the complexities of the windfield deal, which ufo had to take to get the 90% for basically nothing.

many things outside of ufos control and had ironed ore stayed around $120-130 then maybe we'd be mining now and eh and mm would look a little different too. it didn't, so here we are.

we were never going to be able to fund all 3 major projects on our own and whats the point in owning billions of dollars of metals if you can't ever get them out of the ground. id much rather own millions of dollars of metals in a pile on the ground.

it happened, time to move on.

the bod only have control over han**** and han**** is currently priced at zero in the sp. any sniff of han**** being monetised and the sp will swiftly rerate. given ufo risk has been significantly reduced in the last 6 month, i certainly don't expect the sp going backwards from here. a good accumulation zone ahead of a flurry of news in q1 me thinks.

Silver, Platinum, lithium, Copper,Gold. They're all flying. Only a matter of time before the elastic band flicks and UFOs sp starts to rerate back to something sensible. Not long left for top ups. With zero near term dilution risk and 3 active MRE news flows on metals that are absolutely flying, the base has been set. Bring on 2026.

Buff, I guess it comes down to personal risk reward preference. WCE and GRE carry way much more risk than UFO who are spread nicely across several commodities and free to carry. WCE and GRE have huge upside potential of course but im comfortable that UFO is now becoming way more appealing to long term investors rather than high risk traders. Each to their own of course

The risk return gap is growing significantly here. Risk has decreased dramatically in 2025 for UFO with the free riding JV of both EH and MM, with both now planned for major resource development in 2026 giving UFO major upside to the tune of 5-10 bags. Not to mention, there couldn't be a better time to be in silver and pgms.

GLA. Naysayers may be trapped in the promise land of 2023 but whats important now, is now, and next.