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Volume bought versus volume sold, according to LSE is nearly 4:1.

Yes the direction of travel of the SP of late has not been ideal (understatement) but there appears to be some MM games going on too. Affecting sentiment, seeding doubt. And it is clearly working.

Perhaps as others have suggested, no doubt once one or more people's orders have been filled, it is hoped that SP will be let to run upward, finally!

All my humble, uninformed opinion.

ATB - EP

Some bits I picked up from the video at 1.5x speed this morning:

- MMRE “early next year”

- Rupert used the word “phenomenal” to describe what he has seen to date

- “Boland is exceptionally significant” with 54% REE (30 heavy RE, 24 magnet RE). Much higher than concurrent mines and projects apparently.

- 50% recoveries demonstrated by the bench testing with favourable economics and low levels of acid consumption, and with low impurities expediting the purification process; but may yet increase the % with further fine tuning; results to be released in due course

- ISR halves the number of steps in extraction process compared to class South American mining approach

- cobra believe they can operate within the lowest cost quartile

- scoping study ready at some point in second half of 2025

- ISR responsible for circa 60% of all uranium mining

- Rupert appears genuinely excited about this work and nationally proud of what it could mean for Australia also

So it is all very exciting! It feels like some points of inflection are to be expected with news snippets over the coming months, with the biggie being the scoping study (which I understand also gives the economic estimated value?) in what I would expect is 9-12 months away.

Interestingly, and to afford some balance, it appears the timelines have slipped up to 12 months compared to the proposed timeline of events in the May 24 corporate update (slide 20). It might be worth raising the question to the BOD as to what has driven this slippage over the last few months and whether they are confident in delivering the scoping study before year end 2025, and by that point also, is the financing accurate to achieve this or might they need extra cash to tidy things off nicely?

And finally for me, what’s happening with the gold? Is that sitting permanently on the back burner until REE scope is known? Their website suggests “ *Improve gold and REE resource confidence to support a project scoping study; and *Test extension targets across gold resources with the aim of adding low discovery cost ounces”. So it may well be the case that we get a gold update in parallel …?

For now, I hold. No more capital to throw at this until Sareum hopefully goes pop and releases some funds for me to further invest here. These low prices may soon become a thing of the past, particularly if the MRE is released early next year and proves to be of the consequence and importance we are being led to believe it is … all will depend how “under the radar” Cobra continues to (appear to) be.

As always, all my uneducated own opinion. I would welcome your thoughts and opinions!

Have a good day

- EP

… and ignoring the years of frustration and disappointment that many harbour, and with good reason, to how things may have been managed to date, the raise of 11th Oct not included:

- we now have mention of about 1801 AND 1802

- 1801: to conduct further development of SDC-1801 to prepare the asset for Phase 2 clinical trials

- 1802: undertake further translation and preclinical development on its SDC-1802 /immunotherapy programme

- the moneys should therefore lead to the addition of data to the existing data packages already generated for these two programmes, adding to their value to potential licence partners

- target: potential to offer differentiated therapies in a NUMBER of autoimmune and cancer conditions where there is significant unmet medical need

- does not say we are to then do the P2 ourselves

- does not offer a timeline nor clarity as to what “further development” or “pre-clinical” may involve and how long this may take

- the issuance of shares in lieu of cash payment for advisory fees infers a potential upside has been anticipated by those offering their advice

On the whole, and trying to offer a balanced point of view: short of a licensing partner / takeover / raise at a premium to current price … this appears to be a relatively encouraging and positive update. We’ve a better sense of direction and the subscribers - including an II, which has never been seen before - have injected more of their cash. Yes, a clear timeline would be nice; but then if not adhered to the second, the BB will be out to lunch the directors …

Finally, whilst we PI’s often feel hard done to, no-one made you hit the buy button on no doubt more than one occasion over the years.

HOPEFULLY … we may now finally be on track to achieve a positive semblance of what many have posited over time this company could achieve in terms of the science, how it could help people, and the value it could generate for us PI’s.

The company has not folded. There has not been a raise at 10p, nor has a valuation of XX billion £ been confirmed. It appears to be a genuine improvement on fundraises past and the science continues to progress towards something oriented around being P2 ready.

So … why not everyone make a valiant effort to leave their personal angst at the door and instead focus on what we know, explore the art of the possible without inadvertently trying to ramp dreams into existence, and otherwise sit quietly and patiently to let the company do its thing :) :)

It’s only Monday, imagine what the rest of the week might yet have in hold! ;)

GLA and look after yourselves and loved ones

- EP

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