Member Info for Edgein

Ksmyth,

Well effectively the Irish pretty much don't have an oil and gas industry anymore. They have a declining large gas field and that's it. They have swallowed the green agenda hook line and sinker. Yet global oil and gas consumption goes up year after year. They could have been collecting hundreds of millions in tax revenues and jobs from Barryroe alone. Gone are the days where the likes of PVR and the majors would sink $100m per well on the Atlantic margin off the cost line of Cork. The west coast of Ireland is largely unexplored, some wells had oil shows some had gas. They actively discourage oil and gas development let alone exploration. No one knows how much gas reserves there are in the Northern Slyne as there's only been a handful of wells drilled beyond Corrib.

So if you run a large oil and gas company with a huge exploration/development budget and you look at Ireland that blocks potential developments and you look at EG or pretty much the whole of west Africa from Nigeria down (they all want to increase oil and gas production.) Just stop oil in Europe, just means produce more oil in Africa and middle east, south America. Like you I bought in here for EG development too, prolific area, swamped by majors its not an oil and gas wasteland like Ireland is now. Majors are throwing $bn at EG gas.Cameroon wants to start developing their gas industry too as they sure know there's going to be a market for their LNG. Ireland is a bonus if it eventually gets drilled and good luck to Will if he can manage to get a partner.

Advantages of having an oil and gas industry, apart from the obvious jobs and taxes to the country, but a cheap source of energy, not subsidised through electricity bills etc. Rig and seismic availablilty, therefore lower cost to the likes of EOG and often local oil and gas service companies. That's why Ireland needs to start issuing licences for not only the likes of Barryroe but also exploration licences. They'll need to go above and beyond to attract the majors out of West Africa as its a hot spot right now and Ireland is certainly not. Barracuda farmout relatively easy, the reason I bought back in here, Inishkea also large prospective gas but sits gathering dust at present.

Regards,

Ed.

Sounds positive. Hopefully they'll get a positive conclusion to the ICSID this month.

Regards,

Ed.

EOG are still hoping and expecting that the JV completes this Q so hopefully that might help!

Regards,

Ed.

Flombo,

Good posts, exactly! That's the kind of thing that the Irish government should be doing! Tax incentives, oil and gas funds etc. They're putting their energy security into the hands of Russia and the middle east and its certainly not paying off for them!

As for the big companies and the little guys in competition, I don't see it like that. Look at the North Sea, its always been a mix of small, medium and giant companies operating side by side and sometimes in JV too. The big guys tend to bring in the infrastructure. Just like offshore EG, as others are posting here and on ADVFN, lots of giants pumping $bn into EG gas right now and that provides EOG with an eventual gas export route if Barracuda comes in as good as hoped. Also cast sharing, a lot of large and small companies can share costs on seismic vessels and rig mob costs etc. The more majors in EG the more hot rigs there's likely to be nearby lowers mob costs to get one in from another country. As there is plenty of demand for oil and gas they're not competing for sales. I reckon if Barracuda comes in there'll be no problems getting gas sales contracts.

Before I bought back in here last summer I previously held EOG when Kosmos was in the JV, so at one stage the large companies were here. Given the history of drilling in the Slyne and Atlantic margin I believe that EOG already have one of the best licences on offer in the Slyne as its right beside the only large hc discovery. There could well be more in the large basin, but given the water depth it'll need the big companies to find them and believe me the Irish gov is going to need one hell of an incentive to draw majors from West Africa right now.

The UK and Irish governments and indeed the rest of Europe (France banned drilling decades ago) are learning an expensive lesson on energy security right now and windmills ain't gonna help! Lets see if they learn anything from what's going on. Unfortunately unlikely. Lets see how many movies they make when the lights go out! :)

Regards,

Ed.

Flaber,

Comments from NFM today regarding tungsten market, its more applicable here imo than there:

"TUNGSTEN MARKET CONTEXT

Tungsten is classified as a critical mineral by the United States, the European Union and Australia. The metal possesses the highest melting point of any element (3,422°C) and exceptional hardness in its carbide form, making it virtually irreplaceable in defence, advanced 8manufacturing, and semiconductor applications.

The benchmark ammonium paratungstate (APT) price has surged over 430% in 13 months, from approximately US$340 per metric tonne unit (MTU) in January 2025 to approximately US$1,750-1,850/MTU by February 2026 - the most significant tungsten price movement in the metal's modern trading history (Figure 27,9).

The rally has been driven by defence and manufacturing uses, and China's February 2025 export controls on tungsten products, which resulted in a reported 70% decline in Chinese APT exports. China accounts for approximately 82% of global primary supply, and concurrent mining quota reductions and declining ore grades have further constrained output.

Demand has been supported by increased global defence spending, semiconductor fabrication growth and sustained industrial consumption. The USGS ranked tungsten 9th among 84 mineral commodities for supply disruption risk in its 2025 Critical Minerals methodology, placing it in the "High" risk category. The United States has no domestic tungsten mining and remains fully reliant on imports and recycling.7

The global tungsten project pipeline remains thin following depressed prices between 2012 and 2024. Non-Chinese supply is limited, with analysts broadly expecting elevated prices to persist through 2026 and beyond, underpinned by structural supply deficits and geopolitical tensions around critical mineral supply chains."

For anyone not sure an MTU = 10kg

Tungsten price increase from $34,000/tn to $180,000/tn

I'm certainly looking forward to drilling and trenching results over the next months here.

Regards,

Ed.

Yeah and the Irish government are also dancing around the same wind turbine while chanting it'll all be ok, it'll all be ok. UK can at least turn to quite large unexplored area and stranded gas discoveries in the southern gas basin. Probably a few billion boes left there once they start sorting more exploration and development licences (once an Ed Millibland free gov emerges). Irish government needs to get more companies back into the Northern, central and southern slyne to drill baby drill and then they'll know if they need LNG facilities or not. Chances are not because Corrib is unlikely to be alone out there in the Atlantic margin.

Regards,

Ed.

Yeah disappointing result for the REEs and U for sure. Now clear why they picked up the Canadian REE asset while awaiting to release these results and why it took so long. Focus will likely move to explore in Canada while they get Big One developed.

Regards,

Ed.

Marco,

Yeah its possible that the US may also fund the flourspar and gallium. Its great that the company are talking to the DFC and Cedric seemed pretty confident that he would get the funding after the PFS for upgrade and resource drilling. So its all falling into place so far. I wouldn't be surprised if the DFC ended up funding both projects here.

Regards,

Ed.

Bfd,

Here it is, it was posted by Flyhi on ADVFN

https://www.youtube.com/watch?v=oOipwvg2kNU

Regards,

Ed.

Very good interview from Ed, sets out very clearly the focus of the company and its currently on tungsten. Some studies going on with the other assets too, but the trenching and drilling all aimed at proving up the tungsten. Good explanations about skarns etc too and comparison to other tungsten companies. Certainly a must watch for those interested in the developing momentum here.

Regards,

Ed.

The Irish gov need to be thinking ahead. There were hints that Barryroe was bigger than first thought before they killed it off. They should be prioritising exploration around Corrib while it still exists. They need to know if there are recoverable economic resources/reserves before that infrastructure gets decommissioned because the majors aren't interested in offshore Ireland these days. They're all over in South America and West Africa making large discoveries. As these developments take years offshore they need to be doing all they can right now, it could take 3-4 years to drill and appraise Inishkea and Inishkea west if we're lucky. You would imagine that politicians would like easy votes from supply of cheap domestic gas, rather than rely on expensive LNG imports.

I remember when EOG had licences west coast of Ireland in the Slyne basin, the whole west coast of Ireland and Atlantic margin is under-explored. They should be offering tax incentives and start an oil and gas development fund to get things rolling. but they would need to act sooner rather than later as once the lights go out it may be a long time before they come on again!

Regards,

Ed.

Chisler,

I have to say I enjoyed reading that RNS today too! Very detailed. More trench assays coming soon as well as getting ready to drill from June and a MRE from the tungsten out this year too. Going to be a busy year for these guys. I wonder what that will do to our small cap! :)

Regards,

Ed.

Quite a lot in there today! Liking the reduced devex now down to just $17.7m. Sounds like they are making good progress with the project design, EIAs and mining licence on the southern area. Hopefully get the two outstanding gov approvals and they can then, fingers crossed secure the modest project financing. Sounds like they're getting lots of support towards the FID. Accelerated separation plant sounds interesting.

Regards,

Ed.

B_P,

I hope you are wrong re-VTM project. As it looks like a very low devex cash cow project, perfect to use some early cash flow from eventual gold production. Its current status is:

"Advance its portfolio projects including the high-grade Molly Gold Project, the Paranaíta Gold Project and the 100%-owned Pitombeiras vanadium titanomagnetite Project"

I'd like to see all three developed.

Regards,

Ed.

Ted,

That is the part that stuck out for me too, its not just the hard cash to see through the PFS, but potential for offtake funding from US would be huge.

Regards,

Ed.

I'm not sure about HREE, but I'm sure that both JAN and REE have high grades, shallow and quality management (gold and rees respectively).

Regards,

Ed.

Not seen one of these here before, 3p bid with 2.6p ask. Could be a sign of a good day ahead share price wise as we await more assays.

Regards,

Ed.

Agreed guys, what lovely news to wake up to this morning! Totally out of the blue and a great decision by management to bring REE to the USA. We've still obviously got lots more assay results to come soon as well as the US grant, but nice to get the odd surprise thrown in as we re-rate. US investors likely to send this much closer to fair value once they get their chance.

Regards,

Ed.

Of all the small miners they choose to short this is the one the choose? The one with the large REE resource in the process of securing US funding! The one that expanded its shallow drilling campaign due to finding additional flourspar. The company with lots more assays to release likely in batches from said campaign. They would probably be safer shorting a pure exploration company than an undervalued company approaching development.

Regards,

Ed.

No wonder the placing was done so quickly after the tungsten results, its clear that Cantor wanted in and wanted lots! Bring on the the geophys and the drilling!

Regards,

Ed.