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Excellent email 46G. it's good to see some posters on here are not in la la land.

So they were close to signing the agreements and now the war has delayed this (if true). MSC and Cargill have massive resources ie staff. I don't buy it at all.

I recall 2 posters on here sent emails to the company asking if they had received the Valkor payment that was due at the end of March. To my knowledge neither had a response. I wonder why!!

In laymans terms 'soon' is a few weeks and we are well past that. I guess they will now google 'what is a similar term to imminent,close and soon'

'Very true. September 17th was our last RNS of any value 🤯'

And on 2nd Oct 2025 AM stated the company has never had such a big pipeline. It al seems to be jakanory.

At the AGM in November he then revised it to January for the 2 shipping agreements .You would think he would of learnt from his previous missed target of November. Since then he has said 'soon'.If he was asked today he would still say 'soon' The only pattern is that what he says in each update is what investors want to hear.

'HF14 actually it’s 6 months since the AGM where he said that but still . It’s ridiculous. Why would he say that knowing the frustration around delays even then ?'

If it was 6 months ago that would be December so how could he state he expected 2 shipping agreements by the end of November ? He actually stated it on 2nd October at the IMC for the final results so it was 8 months ago. He must of been out of his mind to state it.

'it’s become increasingly worrying that peter felt it ok to stand up and talk about signatures in 8 weeks at the agm. were our partners bull****ting him ? was he naive? (yes, clearly).'

He indeed was very naive stating that considering it is now 8 months since he said that and still nothing. We have also learnt since that statement was made a second shipping company agreement is miles off. It's as if he thought we would forget he made that statement!!!!

Great post 46G. The bottom line is the QED management are under achieving by a long shot and if there is no significant news soon I will be telling them that. As you say this cannot go on month after month year after year..

Scenereport...in that scenario we will be told things took longer then expected. We are told that in every update.

Totally agree Vince. I recall going back to Q125 when JM informed us Q225 would be a busy quarter for news on projects and nothing significant has happened in the 3 main projects sine he stated that. The management team are on lucrative salaries and are not delivering,The story has become very boring as you say.

Only 6 weeks remaining of Q226 and still no news on any significant project progress.

Yorkie...In recent correspondence with our CEO from an investor it suggests thuis.

'Why say these things if they are patently not going to happen.

Vince..I am sure it is the case that they say these things as that is what we want to hear. This has been going on for years.

'Close' has gone for sure and from what i can gather at the moment they are still not near to 'close'

The only thing that is imminent is the next monthly payment of £320k with most of this being staff costs.

We are now mid way in Q226. Below is what we expected in this quarter and what we know now :

1/ MSC trial agreements to be signed soon. We now know it was 7 weeks since Peter said 'soon' and right now we are not near 'soon'.

2/ OCP trial agreement. You could grow a beard that laps the M25 before we get any news here.

..

3/ Valkor sample testing results ( JM stated samples are imminent). in the recent IMC we had the below Q&A :

Question 21:

We were told the Valkor samples were due in Q425 then Q126 and now Q226. What is causing these delays and will we actually receive them in Q226 ?

Valkor have experienced some delays getting their drilling operations, technology and pilot plant up and running. We now understand these issues have been resolved and the sample material is now being collected for shipment in Q2 2026.

So the samples were imminent 7 weeks ago and still no news. I suggest this is because what Tomco stated in their recent results on 31st March which was after the IMC:

Valkor is also trialing various techniques to drill for oil below the oil-sands layer with a view to optimising a commercially viable methodology during 2026.

4/ Panama - not sure if a timeline was given for the refinery/commercial agreements. Not much more known.

When we get these updates mainly via IMC it seems to be the case they tell us what we want to hear For example on 26th March Peter stated the signing of the MSC agreements was close. That was 7 weeks ago and I get the impression it is still not close as of today.

SN88 Ignore him he is toxic.

Good email. Any reply will be very interesting.

Around mid 2025 JM stated we were not top of the pile with MSC legal to sign off the agreements due to the new US sanctions etc impact