Member Info for Glib

The BOD aren't doing themselves any favours. There seems to be very little promotional or marketing chat around this share. Even the recent Surf and Turf project didn't get them a mention in the articles written about it. They need to step up and tell people what their product can do for them. What impact would the range extenders have on a hydrogen powered vehicle compared to without? What impact would their product have on existing car battery performance or endurance? Many of the car manufacturers have articles in the press about the big push to electric vehicles and countries intending to stop sales of petrol and diesel cars by 2030. Informative articles in the press would generate interest as well as their recent scaling of production. As long as they didn't make it sound like a sales pitch this would generate a fair amount of interest. They could do this on the back of the surf and turf project pushing the environmental benefits and making remote areas more self-sustaining.

Thanks H5O. I had seen this and wasn't convinced we had existing assets that could become income producing in the short-mid term. That last sentence didn't fill me with confidence, but at least they are honest that dilution will be coming. Whichever way this goes I get the feeling we'll be left with a mess. No short-term upside but hopefully we're able to pull through the other end without too much hardship.

H5O - I'm not sold on either option right now but do we know what the plan is if we don't go with Crusader? From what I see we would be left with the same dilema when TSR decided to build a mine - mass dilution, especially without any other income. Has anything been mentioned about what is intended for Stratex's future?

I agree that Stratex would not be able to fund the start of the mine without heavy dilution - even then we would struggle to raise $100m even with loans. I think the company would need a partner. For those that think ThaniStratex is a better option, they could be 5 years before they get to the stage Crusader are at. And then they would still need to build a mine costing 6 figures. With no income, Stratex's holding will be diluted before that stage is reached and we may struggle to hold any relevance or attain meaningful income from them.

If she was stealing they would have had her charged. I think it may be a case of there is nothing else she is able to do for the mine as they have already decided to sell. Slightly surprised that there wasn't the usual thanks and well wishes though.

Stratex say they hope to produce a bankable feasibility study within 6 months. Crusader produced a feasibility study not long ago which was reduced from the 2014 one due to the reduction in gold prices. This was based on 2M tonnes of ore being processed per year, giving the mine a 12 year life, which I calculate would generate approx $80m per annum before costs. Many mines face delays due to permitting issues but Borborema is in the final stages of permitting having already been granted their operating licence and are awaiting an alteration licence. The have water and power at the site already. Jurnena is not at such and advanced stage but is probably not much more than a year behind. TSR are still to complete a Preliminary Economic Assessments (as far as I can see from their site). By the time they get around to mining (and possibly an IPO), the Crusader mines could already be operational for a few years.

The fact that it is a world class asset seems to be the only saving grace. 9.9Moz reported in the last annual report. We can't mine it at present, but the gold isn't going anywhere. It looks like the technology to recover the gold is probably already here - Papua Guinea is about to have the world's first sea-bed mine http://www.mining.com/worlds-first-seabed-mine-to-begin-production-in-2019/ In December 2015 the valuations were around $150M (although no offers were made at this level). With PUNO no longer an issue, what would the value of the asset be now? (Bearing in mind the flooding)

We have just under 3 months to pay the �5m Hillside loan, no news on specific planning permission and no mention of any MOU's. I hope the board get over their shyness at some point to stop their shareholders from worrying about a loan which is about 30% of the entire company's value and what is going on to develop an asset that could be transformational to the company.

And a mid-price of 25p has been reached. Looks like news of funding will be this month - for better or worse.

Altintepe has been in production for a year before Marcus became CEO and we had received nothing from Bahar. Our interest in ThaniStratex had fallen from 40% to 32.4% (now UP to 30.1% from previous 29.5%). It could have been years before Stratex saw anything from Altintepe so I can�t really fault him for taking a $3.5m profit for the mine ($2m was for services related to mine operation by the geological team). Still not sure if the Crusader deal is better than throwing our money at ThaniStratex. It doesn�t look like they are going to do an IPO now and will be focussing on more drilling. With Hall and Foord on the Board at Thani Stratex I can imagine what they will want to spend our money on.

17/09/2015 -Cold commissioning of Altintepe complete 06/11/2015 -First Gold pour at Altintepe. Expected to deliver minimum of 30k oz gold per annum over 34 months. Bahar to receive 80% of net free cash flow to recover costs ($39m). Stratex investment in Altintepe is $1.5m 25/02/2016 -Thani Stratex secures $1.25m funding reducing Stratex�s holding from 40% to 38.4% 08/03/2016 -Up to end December 2015, 608oz gold has been produced at Altintepe. Full commercial production expected at end of March with quarterly reporting provided. First cash flow to Stratex anticipated once targeted production level has been achieved. 18/04/2016 -Sales up to 16 March stood at 12,280oz. Total revenues generated $14.3m. Mine development schedule being optimized to evaluate requirements for working and development capital. Stratex received reimbursement of costs of $190k 19/04/2016 -ThaniStratex raises $2m. Stratex�s holding is diluted from 38.4% to 32.4% 11/08/2016 -Altintepe H1-2016 sales of gold and silver generated total revenues of $32.73m. At 30 June 2016, total project revenues since start of production stood at $33.39m. Contracted mining cost with Bahar was $450/oz. Total operating costs less closure and working capital costs estimated to be $560/oz. �Once the longer term planning of the Mine has been fully evaluated and provision made for future capital requirements, including eventual mine closure, distribution of net cash can be initiated on the agreed accelerated payback basis�. 01/09/2016 -Marcus Engelbrecht appointed as new CEO. Issued with 6m share options with an exercise price of 1.78p 25/11/2016 -Christopher Hall to retire with effect from 31 December 2016. Peter Addison to replace him. 27/02/2017 -Estimated production for the financial year ended 31 December 2016 is 35.8 koz gold and 41.6 koz silver, generating total revenues for the mine in excess of US$45m. Stratex has yet to receive a cash distribution from Bahar. 19/04/2017 -Highly constructive discussions with Bahar have taken place over the last month. 24/04/2017 -Sale of Altintepe for $8m (after taxes and costs). {Of which $2m was owed to Stratex for work done} 18/05/2017 -Proposed acquisition of Crusader. 19/05/2017 -Further funding at ThaniStratex � Stratex contributing $390k. Stratex's initial share was 40%. Various fundraising exercises and shares issued by TSR had diluted Stratex's interest to 30.4%, and a recent issue of shares in lieu of fees has diluted Stratex's interest further to 29.5%. Stratex's share of TSR's loss for the year ended 31 December 2016 was £160,615 and as at 31 December 2016, Stratex's investment in TSR was held in the Company's balance sheet at a carrying value of £5.8m. Holding is now 30.1%

Our previous broker was Brandon Hill Capital Ltd. They were appointed on 23rd Jan. On 10th Jan, ZAI Corporate Finance Ltd was appointed as broker and nomad. Don't think you can read any more into it than they have a new adviser. AIM. A nominated adviser is required at admission and throughout a company's life on AIM. The nomad assesses the company's suitability to join the market and helps coordinate the admission process. On a continuing basis, the nomad will advise and guide your company on its responsibilities under the AIM rules. Follow the link to find out more about how to become a Nomad for AIM. The corporate broker acts as the main interface with the stock market, assessing market conditions, the demand for your company�s shares and actively marketing them to potential investors. You may want to appoint a broker with experience of your industry, capable of stimulating investor interest both at flotation and in the after-market, to enhance liquidity in the shares and to maintain your company�s profile.

We have until 10 November before the 6 months of suspension has lapsed. They did say they would release news in September, so I am still hopeful that will be the case. We might not come out of suspension if news is released but by November we may have the Concentrator Circuit running and a better understanding of whether the company will still be viable. No fat ladies singing yet.

I noticed Orkney's Surf'n'Turf project had a brief segment on the BBC news. Not sure if it mentioned Proton Motor/Power though. Here's an article about the project (which doesn't mention us) https://www.orcadian.co.uk/surf-n-turf-hydrogen-project-officially-launched/ Hopefully the company can capitalise on this and possibly get our name associated with the project. Possibly contacting some of the main Scottish papers to see if tney would be interested in doing an article on why this is such a step forward for hydrogen production and potential future in the sector.

It may help to balance the account books for income v debt, but from having tried to investigate PUNO, I get a feeling there is very little money if any that could be recovered. We may be able to pass some of this on to our creditors - sell it for maybe $3m but if PUNO really don't have any money then we may need to write it off (even though they hold shares which have a value).

Got it - its the £40m and A or B. Market Cap must be £40m post merger (currently STI=£5.75m & CAS=£17.41m) AND Have either: A projected cash flow within 3 years of £8m (within I assume the first 6 years) Or the Company maintains for 6 months, within 3 years of Marcus being made CEO (September 2016), a market Cap of £80m Thanks Romeike - head still stuffed with this cold.

So he is getting options now and more options that are performance related. The LTIP (long term incentive plan) requires him to achieve the results of my last post - if I have the sums right. I have a cold so it might be a bit of a mess. So if the Crusader deal went ahead and he met those market cap values then he would be able to buy shares at 1.745p The current company incentive (EMI) is giving him just under £200k of options at 1.745p. This would mean the SP would need to increase by 27% before he would buy those shares. I don't see this happening before financing for the mine is secured. I guess we'll be drip-fed info from each camp throughout the week.

I am still on the fence with this. The Crusader deal doesn't sound great but I can't see why they wouldn't have gone with the ThaniStratex deal if it was a better one. From what I understand from the RNS', (please correct me if I am wrong) the renumeration that Englebrecht will receive is when the average 6 month market cap is £80m. After the dilution from the merger then the 20 for 1consolidation, that would mean the current SP would need to double, wouldn't it? My problem right now is how they will get the financing for the mine. If they use Bergen or Bracknor then it is basically a race to the bottom. That would dilute the SP and increase the number of shares so fast that they would only be able to do 2 or 3 transactions. You just need to look at CRND or AVO to see the impact these deals have. Has anything been said about where the financing would come from? If post merger we had about 125m shares with SP of 25p even a 50% placing wouldn't be enough. For me they would need to answer that question before I could support them. We gave TS 300k in May to get us back up to just over 30% ownership in them but they will need significant investment in the coming years also. I am very aware that we were getting no information at all from them for quite some time - until they needed more money. Not a situation I would be happy to go back to. We need some form of sustained income generation but it does not look like this is high on the agenda of the Requisition shareholders.

There is an article today on pro active investor. It looks like some of our major shareholders have an interest in ThaniStratex and want us to retain our money instead of diluting the SP to invest in Brazil. You would need to crunch some numbers to find what Stratex is valued at for the Crusader deal, but many feel we are undervalued with nothing being accredited to our ThaniStratex or other holdings. I do not think the Crusader deal is a good one as we will need to find $100m to set up the mine while we have no income stream. I also do not know what to make of Hall and Frood - I can't see them as the white knight types. Maybe they are the lesser of 2 evils but we don't know their intentions for the company at all. Is there any more space on that fence?

Who was the high profile investor in favour of the deal?