Member Info for i-man

In Poolbeg Pharma’s announcement, “TOPICAL” does not refer to a medication applied to the skin. It is simply the name of the clinical trial — an acronym — and the drug POLB 001 is not being applied topically.

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What “TOPICAL” actually means

The trial name is:

TOPICAL = Trial of Prevention of ImmunoCytokine Adverse events in Myeloma London So... +1

This is a study title, not a route of administration.

Today’s RNS is a statutory announcement of reduced voting rights as a result of “an event that changes the breakdown of voting rights “. Afriquia Gas has not bought or sold any shares.

The RNS is a statutory requirement to confirm a reduction in percentage holding, which is due to the recent dilution. No shares have been exchanged

Thanks to Trump and pals the price of LNG is now about $20 per million BTU more than twice that agreed with Afriquia Gaz. Some incentive to get on with the job!

SP on 9 - 10 Dec 25 was 11.5p.. for what that's worth?

The Donald's war should make the Tendrara/Anoual investments more attractive and increase time pressures to get gas flowing, but could add further delays on parts delivery. If the Bond holders can be kept on side patience will pay.

This looks like a much better deal to ensure that Sound can continue to pay its debts until first revenues commence and to keep the bond holders on side and hopefully move repayment date beyond the end of 2027 and until phase 2 revenues can do this. Sound is looking more secure with this modest share dilution, but the ever extending delay in first revenues is excruciating! Good thing will come to those who wait.

Well done Majid and Graham...More info, please!

Metals One acquired approximately 19–20% of Lions Bay Capital Inc., a Canadian-listed mining finance company.

This investment was made through: A C$750,000 subscription for 7.5 million Lions Bay shares.

A later strategic investment of up to US$1.8 million in Lions Bay Resources (a South African private company jointly owned by Lions Bay Capital and Salamander Mining).

What the Lions Bay Project Actually Is

Lions Bay’s priority project is reviving a gold processing plant in South Africa, which previously shut down in 2021 after only 18 months of operation.

The plant is expected to be back in production by Q4 2026, offering near‑term cash flow potential.

Lions Bay holds an option to acquire the plant’s cogeneration facility for US$1.4 million, which originally cost around US$20 million to build.

Metals One sees the project as:

A low‑cost entry into gold production through a partner rather than direct mine development.

A way to balance its portfolio, which includes earlier‑stage uranium and critical metals exploration.

An opportunity to gain exposure to South African gold assets managed by experienced operators, including former executives from major gold companies.

Metals One is not developing a gold mine itself in Africa. Instead, it has taken a significant minority stake in Lions Bay Capital and Lions Bay Resources to support and benefit from the restart of a South African gold processing plant, expected to generate cash flow in the near term.

We were promised LNG and revenue by the end of 2025. Now Mana has said it will be in Q1 or Q2 2026. Sound’s coffers are virtually empty. What happens when Sound does run out of money? As Mana is running the show Sounds costs must be minimal, can we survive or does Mana want us to survive?

I was wondering why it’s taking so long to announce further drills, possibly because it may make sense for Mana Energy to buy a drilling rig rather than renting?

Considering Mana Energy has multiple wells ahead:l

• 8 maintenance wells at TE‑5 Horst

• Exploration wells at SBK and M5 (Anoual) and Te4.

That’s a meaningful workload — but is it enough to justify buying a rig?

Cost Comparison: Buy vs Rent

Buying a rig

Typical global prices:

• Used 750–1000 HP rig: $5–12 million

• New 1000–1500 HP rig: $15–35 million

• Mobilization to Morocco: $2–5 million

Total likely purchase cost:

👉 $7–40 million depending on spec.

Renting a rig

Typical onshore day rates:

• $18,000–$40,000 per day (Morocco likely at the low end)

A single well (maintenance or exploration) typically requires:

• 20–45 days of rig time

So:

• 8 maintenance wells → 160–360 rig days

• 2–3 exploration wells → 60–120 rig days

Total rig days: ~220–480 days

Total rental cost:

👉 $4–16 million

Conclusion:

Renting is almost always cheaper unless the company expects years of continuous drilling.

🛠️ 2. Operational Considerations

✔️ Reasons to rent

No need to maintain a rig fleet or hire a full rig crew.

• No storage, certification, or regulatory overhead.

• Flexibility to scale drilling up or down.

• Ability to choose different rig specs for different wells.

• Avoids capital lock‑in during early‑stage development.

33.00666° N, 2.35046° W

Please remind us why share dilution is coming, when Sound is on the brink of being revenue generating from LNG and all its costs of 2 exploratory wells as well as all our share of Phase 2, which on completion, will take us to major revenues allowing all debt repayment? Graham implied that the solar project will not require any additional share issue, as the modest, short term cost will be supported by the Moroccan banks. When we come to drill Te4 and develop SBK and Anoual M5, we will have plenty in the bank to meet these costs. So no more shares needed.

Sundance. The share price is only whatever someone is prepared to pay for it. Sound SP has been so low because of concerns about its continued existence, which I hope are now receding with the prospect of revenues and hopefully bond renegotiation. If the share price was just the (potential) capital value divided the number of shares, Sound SP would be about 40p for its 20% share of the Te5 horst alone.

Interesting to consider that the headline rate of tax on the UK North Sea oil and gas operations now stands at 78%. In Morocco we have a ten year "tax holiday" before a 25% tax is imposed. This makes Sound's 20% of Te5, with all CAPEX expenses paid and two high chance of success exploratory drills, despite having "given away" 55% to Mana, look like a remarkably good deal for Sound.

Graham explained that the FEED study was being done by a very reputable Canadian engineering firm, who were likely to complete before the end of year. With the tax holiday clock soon starting to tick, I hope Mana will soon be announcing Phase 2 FID.

Light at the end of a very long tunnel?

It is a good time to remember that the Te-5 Horst on its own, without considering neighbouring Te4, SBK and M5, stands at 377 Bcf gross (2C) 75.4 Bcf net to Sound. At a price of $8 per mmBtu, this equates to $3.13 billion ($625.5 million for Sound's 20%)

The current SP values Sound at $20m. Say no more!

Ediacaran

My hopes are very much as yours in that once LNG starts to flow, there’s great pressure on Mana to get phase 2 to a maximum ASAP. Things are going to start moving quickly.

My main concern is that with the first sale of LNG, the clock on the tax free 10 year period starts to tick for the Te5 Horst .Maximum phase 1 output is much less than the 25% tax saving on the phase 2 potential revenue and so Mana may not be as keen as Sound is to commence phase 1. Graham did explain that there are penalties on Mana for delays in phase 2 and I think similar for phase 1. Does anyone sensible have any knowledge in this regard?

The 50/50 partnership with Gaia project to open up to 270mW solar power into the medium voltage grid in Morocco looks very exciting. Low risk, low capex, easy loans and a potential to bring in more revenue than phase1 LNG.

Met1 has more than doubled the value of its holding in Fulcrum with Fulcrum’s very promising news on the Progress of its tailings retrieval process, which will have a place in several of Met1’s other holdings. Exciting news!

Certainly worth having a look at Evolution Energy Minerals (EV1) website. Looks like they are not a million miles from sizeable long term revenues.

Metal 1 has a multitude of small fingers in many small pies, which look like pure speculation that something might eventually come good. Is there any real revenue coming into the company from any of these investments in the next few years?

Graham said…

‘So let's say we kick off our first project early next year, will have revenue late next year. So that coupled with the gas revenue, our own solar revenue. And then the revenue we would have expected from our second phase in the gas project, that's equivalent to the revenue we're expecting to see from the solar project. So these are not too shabby projects to get involved in.”

If the projected revenue from the solar projects does equate to the Phase 2 gas revenue, on the solar alone, Sound should be worth many times its current rock bottom price! Does anyone know how the partnership is divided? Presumably we have a 50:50 partnership with Gaia Energy?

There was no mention as to how the solar projects are to be funded ? As they are several relatively small projects there does not need to be a single massive investment needing fund raising. Phase 1 revenue should fund this?