Member Info for DRB83

Well, next week is the last week of Feb so definitely expecting 2 things:

1. AC results for eh

2. Confirmation of phase 1 drilling complete at MM

I'm also hopeful of a technical review update from wce and confirmation of phase 3.

Gurk, you measure the future by analysing the past assuming that the same patterns will continue uninterrupted. I.e UFO have always placed once or twice every year and the sp has always gone down compared to the previous placing. Yes, agreed, this is factual, no one could disagree. However, where you seem to be lacking is that past performance does not guarantee future results.

Several big differences between ufo of today and ufo of prior placings. Firstly, they have £2m in cash with £1.5m in warrants oh and £7m is tradable shares. Secondly, there cash burn is c£50k per month giving them a cash runway well into 2027.

Yes ufo have raised many times in the past but only when required and only because they didn't have any cash in bank, they didn't have warrants in the money and they didn't have £ms of tradable partner shares. What they did have was a huge cash burn which comes with trying to fund and progress 3 major projects solo.

Butterflies don't crawl on leaves because that's what they always did. They fly because their situation changed and they grew wings.

You can take a horse to water and all that.

There's more warrants than that Vosgi. 1.1bn with most at 0.135. So about £1.5m cash sat in warrants that are well in the money and most likely will be converted over the next 6 months. Whilst these will obviously result in dilution, these are from December 25 and already known to the market. Livestock and ib are just lazy trolls, placings are always the first go to for a lazy troll. An educated troll would know our liquidity position and would focus on some genuine concerns that might carry some weight.

Shows how weak the trolls case is when all they have is to bang on about a placing with £2m cash in bank, lowest cash burn we've ever had and £7m in shares that most could be sold tomorrow if required. Thanks livestock/IB. Making yourself sound a numpty

146% up in the last 12 months. that change of strategy and those jvs saved us and hopefully we'll get some form of monetisation on han**** soon. corner turned and now onwards and upwards in 2026. some still think we are solely a junior explorer but i task anyone to find a junior explorer on any exchange that has £7m liquid shares, ultra low cash burn with 2 tier 1 projects rapidly progressing. £2m in bank with a cash runway well into 2027 with no destructive dilution required ever again. no debt.

ufo transitioning into a unique position. plenty of value curve progression coming in next 6 months.

moon, han**** won't require a placing. we have many options ahead of a placing. ie.

built into offtake agreement via prepayment

built into jv, i.e free ride to production.

debt funding

wce shares

gre shares

many options. lets also not forget that ufo have until now been known for its destructive dilution. which is raise, do nothing, raise lower, do nothing, repeat. hence 20% discounts and 1 for 1 warrants fir a small premium.

when we get to han**** requiring capital, that is going to be constructive dilution. raising is all about the story and there is a big difference to going cap in hand asking for money to keep the lights on and drill an hole or 2 and we might get you a return but we probably won't because we never have, compared with saying, hey we have all licensing and everything in place we just need £x to get it on to a truck and we'll give you 10 times your investment over the next 5 years. that's the kind of dilution that comes at a premium, not a discount. not all placings are bad. you can forgive the market for thinking ufos are because they have been but if ufo do need to raise again it will most likely be for han**** and it will be the first constructive placing ufo have ever done. like i said, ufo are a different animal now. just need to join the dots before the rest of the market does.

If you think UFO has been a caterpillar, is still a caterpillar and will continue to be a caterpillar. Sell up and invest in a butterfly.

If your staying put waiting for 0.3, 0.4 whatever your break even is then what are you doing, bashing your investment every opportunity, every day. You're basically calling yourself an idiot every time you do it.

I'm going to stay on this ship even though I think the captain is old and blind and for sure going to crash us straight into that iceberg, but I'm not getting off even though I could right now onto that other ship that appears to have a very good captain on there. Idiot.

UFO turned the corner in 2025 and yall still banging on about 2020 and 2024. Ill remind yall of it in several months time when yall catch up. Market starting to see, you will too. I have confidence in you.

Another addition to our team. All at zero cost to us. AC drill results next.

BG was speaking very highly and positive about eh in that last rns, full of optimism. District scale, extension. Great words.

I can only assume he's expecting these AC results to indicate the plunge opens up even further at surface and that silver exists in several separate areas. If so, I think that will be sufficient to lock in 0.2 as the new floor. Not long until we find out.

Sell shares, they have to be sold at some point. By DTM they'll be worth £20m or so. Maybe keep the shares and take debt. When cashflow is likely to be $24m per annum, many options will present themselves.

So let's assume when we get to dtm that silver is $100 with $80 profit, and eh are planning to mine 1moz per annum.

$80m profit per annum. 30% is $24m vs 2% royalty at $2m pa.

How on earth is Bruce going to justify to the nomad, other board members, shareholders that taking $2m over $24m is the right thing to do without it screaming corruption and bringing his entire career and family name into disrepute.

The answer is, he can't. It would take 12 years of royalty to return the same as 12 months of 30%. The starter MRE is only likely to be 3-5moz at best to begin with so royalty just doesn't come into it when silver is so profitable.

patience. you've waited 6 years, what's another 1. ufo don't have to do anything. wce and gre will do it all for us. at no cost to us. han**** will eventually unshackle itself but it may be many months from now. could be just a few months from now. i'd put han**** back in the bottom drawer for now and let eh and mm drive us towards 0.5. han**** will surprise us when its ready. that's the great thing with ufo. the optionality is a huge positive.

Like I said Smiller, it depends what you see. You see a caterpillar because looking back ufo has always been a caterpillar so that must mean it always will be a caterpillar. I see a butterfly, albeit, its just transitioning but soon it will fly away. That's what I see but I appreciate we all see things differently.

Certainly appears to have a good cv, oh and he costs us absolutely nothing. You don't spend money on someone like this unless you've seen something that suggests EH goes further than first thought. You don't use phrases like 'district scale' unless you believe this system to be stacked and massive. It can only be a positive. I'm sure you'll find a corruption link to RS somewhere here Smiller.

RS does not own majority. He owns 6% in UFO and less in the others. 6% is a million miles from majority.

Nomads are their to protect from conflict of interest. Bruce won't get a vote and the decision will have to stand up to nomad and shareholder scrutiny. He can't just decide to hand it over to WCE. By then, we'll have lots of big players on our share register too. RS and Bruce are not running this show between them. Thinking like that is why you and your group refuse to average down and now need to 3 bag just to beeak even. Its scandalous thinking like that.

Each to their own of course but there is still time to average down then for your group members. I didn't buy any shares between 2023-24 because I lost faith. I even wrote off my investment. Then WCE came along and with it a change of strategy and fortune. I went in hard just before the July results and again after the placement. This ufo is completely different to the one from 23-24. If I kept thinking them the same, I wouldn't have invested again and my average would still be 0.7. Now, I just look forward and not back. 2025 was a transformational year for ufo, 2026 could be a monster year too.

Ib, depends how long your in for as the potential mcap could span into the hundreds of millions in time. My first target is revenue generation which I suspect will take us beyond 1p. At that point I'll review where we are.

Another way to look at it Smiller. If you bought a million shares in 2022 at 1p, a cost of £10,000. They would be worth £1,750 now. Not great. However, should the sp rise back to 1p (mcap of just £120m) you would break even. That's just over double what our mcap was in 2022. If you compare where we are now fundamentally with where we were in 2022. 1p doesn't seem a stretch at all. I bought at 3p. Bought all the way down to 0.09. Sold a handful on the way for a short term trade. My average is now 0.18. My conviction over the last 5.5 years is paying off now. I expect to finally make some serious money in the coming months.

the heavily dilutive explorer ufo has gone. a new ufo exists today. one with cash in the bank and free riding on 2 major projects. this means low monthly cash burn. has there ever been a time where ufo have held £9m (and growing) of liquid assets on their balance sheet. i don't think so. these are all glaring indicators that the once highly dilutive explorer has transitioned to a top quality project generator. last time ufo were at 1p was 2022. you telling me you can't see what's changed for the better since then. £100m mcap is eh dtm, mm mre and han**** access granted. what happens when eh and han**** start producing and mm have a bfs in place is anyone's guess, but it will be well north of £200m. all my opinion but backed up with logic me thinks.

hi pete, if i understand correctly the wa government issued a notification on 22nd aug 2025 that it intended to expedite the granting of our exploration license. that started a 4 month clock for native title parties to lodge an objection. knac lodged an objection on 27th aug 2025. i don't know what the objection is but its important to note that knac are objecting to the expedition not the granting, they just want to negotiate some terms before granting. som now we are in case management territory where the case manager decides whether the expedition process is the right process or whether the right to negotiate (rtn) process should be followed. there is no clock for this but typically 6-9 months should be expected. we are 5 months in. if it is decided that the expedition process is correct then the license should be granted rather quickly, say a month or 2. if the rtn process is deemed correct then a 6 month clock starts for negotiations of what knac want. this would take us into 2027 and why i believe the market is valuing han**** at zero. lets keep an eye on what happens. focus swings back to eh for me now then. its the nearest to cash generation. est. 9 months