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'Thanks Vince, proves the point that somebody was making recently that they have 200k employees and can do other things in parallel...'

This is the key thing for me.Quadrise are blaming the war for the delay yet MSC are concluding other agreements/contracts.

AKHM...As per my previous posts on the samples from what Tomco posted in their results the samples could never have been sent to Quadrise.

Basrking,,,I am sure it won't hold up all of MSC's 200,000 staff.

SN88..They have been to many of these conferences before and look where we are.

Peter Borup (CEO of Quadrise) is in Athens, Greece, this week attending the ship.energy summit 2026 and Posidonia 2026. He is scheduled to speak at the summit on Tuesday, June 2 and will remain in Greece alongside his team until June 5 to engage with maritime stakeholders.

So they are there all week and we are paying for it.

We have been here many times before.Nothing will be signed in Greece apart from the hotel and meals receipts.

Peter Borup, CEO of Quadrise, is in Athens, Greece, this week.He is attending and speaking at the ship.energy summit 2026 on Tuesday, June 2, where he will participate in a panel discussion focusing on financing shipping's energy transition.

As we all know nothing will come of this. Peter is going there for his own PR and Quadrise PR as he has nothing more important to do.

We have had no news regarding product development for ages. We do have the Vertoro yacht trial agreement :

Start date: 01 June, 2023

Duration: 2 years

Amount of innovation fund grant: 4.00 M€

Partner: 1

Fund: Funded by the European Union

We have certainly gone past the end date. JM told us Vertoro had issues over 6 months ago and e have heard nothing since. Have i missed something ?

AKHM...46G posted the below :

Peter acknowledged shareholder frustration and confirmed it is shared by both the board and management team. He indicated that whilst progress has taken longer than anticipated, all projects continue to move forward with active engagement across all counterparties. He cited recent geopolitical events, particularly disruption in the Middle East, as having impacted counterparties' priorities and caused longer response times.

That implies all projects impacted to me.

From the reply 46G got from Peter can we conclude all projects are at a standstill and they are still burning through £320k per month ? If this is the case and they have not had the Valkor money surely they have to start making significant cost cuts.

NCIF..We have waited 20 years so far. Do you think it will take around 30 years ? Maybe 50 ?

I wonder what the chap at Proactive that does the interviews thinks of the Quadrise saga. I can imagine before each interview he says to himself 'here we go again'.

Another month has now gone with no significant project progress. Peter has now been CEO for 8 months with a spend of £2.6m investors funds over that period with no significant project news.

'With OCP not at full production wouldn't now be a good time to do the trial?'

Exactly my thoughts.

Thanks for sharing 46G. You posted the below which was regarding projects in general :

Peter acknowledged shareholder frustration and confirmed it is shared by both the board and management team. He indicated that whilst progress has taken longer than anticipated, all projects continue to move forward with active engagement across all counterparties. He cited recent geopolitical events, particularly disruption in the Middle East, as having impacted counterparties' priorities and caused longer response times.

I do not see how the middle east war impact the Panama and Utah projects.

I think the time taken to write these emails to QED just shows 46G is not a trader as some daft buffoons indicated.

Morocco’s state-owned OCP Group is not operating at full production.

The company has proactively reduced its output for the second quarter of 2026, cutting fertilizer production capacity by up to 30%.

Reason for the Production Cuts

The temporary reduction is primarily driven by external supply chain disruptions rather than a lack of market demand:

Raw Material Shortages: OCP relies heavily on imported sulphur and ammonia to transform its raw phosphate rock into finished fertilizers. Geopolitical tensions and maritime instabilities—specifically surrounding the Strait of Hormuz—have severely tightened the supply of these essential Middle Eastern raw materials.

Advanced Maintenance: In response to these supply constraints, OCP made the strategic decision to pull forward its scheduled plant maintenance turnarounds. These operations were originally planned for later in the third and fourth quarters.

Weather Disruptions: Earlier operational slowdowns and export bottlenecks were also compounded by severe weather, which temporarily disrupted activity at Moroccan shipping ports.

Strategic Outlook

While Q2 capacity is significantly curtailed, industry analysts from reports like Quantum Commodity Intelligence indicate that the annual production totals are not expected to face a massive shortfall. Because OCP is executing necessary maintenance now rather than later, the company aims to maximize industrial flexibility and return to full capacity once global supply chains stabilize. To prevent future vulnerabilities, OCP is also actively investing in a $13 billion green energy program to build domestic green ammonia plants, reducing its long-term reliance on Middle Eastern imports

Scenereport...I agree as if they had received the Valkor money and as it is material to cashflow they could release an RNS.

The reply does imply there will be no update until the AGM.

Don - Peter has already had 8 months to apply his magic.Maybe he has lost his wand.

In 5 weeks time Peter will have been with Quadrise for 9 months!!! I recall some herbert on here telling us all his a world class CEO.Good lord.

AKHM...He may be some expert but don't be surprised if there is still dilution.

The current cash is mainly spent on staff costs.

I have been looking at the funding position. In the interims we were told the below :

'As at 31 December 2025, the Group had a cash balance of £4.0m. This funding is anticipated to be sufficient for the Group to progress planned trial activities but further funding may be required in order to achieve sustainable positive cashflows.'

Cash burn is a staggering £320k per month (for 12 or so employees that is scandalous). It does not look like there will be any further costs as no trial dates have even been set. This will mean at the end of September the cash balance will only be £1.12m and December £169k. They will therefore need to raise funds in Q426 and we are not far away from that.

The above excludes and further money from Valkor and we know this is not guaranteed. The above aligns with the recent question below in the recent IMC :

Shareholders have been advised that the last fundraise was sufficient to take the company through to commercialisation. If I recall correctly the CFO also stated this in response to a shareholder question at the last AGM. I don't believe there was any explanation of the statement. Given the facts stated in the half-year report around cash holding and spend rate for that period, plus the delays to revenue generating contracts, does that guidance of "sufficient cash until commercialisation" still hold true? It is challenging to see how another fund raise can be avoided. Given all this information was available to the company at the time of the AGM, how appropriate was that guidance?

Our projections showed that the funding in place at the time would be sufficient to take us to postive cashflow generation. The Company has £4m of cash at 31 Dec, which covers more than one years worth of fixed costs. On top of this we have expected receipts of US$950k from Valkor during 2026. Our funding requirements beyond this will be driven by the progress we make over the next six months.

To think all that money they raised last year could soon be gone is damn criminal.