Member Info for iWantThatOne

The presentation, page 14, says that the new stacks are currently in operation at Stade - presumably the testing has started. Was this confirmed at the AGM? Appreciate this is not considered “newsworthy” in the new environment but it’s an important milestone and means results are not too far away.

Thanks BB and QC and others for the feedback - it does sound a more "grown-up" meeting today, appropriate for a company about to start doing some serious business. Look forward to the remainder of the year with confidence. I especially like the hint that a placing is not imminent and indeed may not be overly significant if and when one does happen.

I’d still like to get to the bottom of this fake news reference s bit more - some are interpreting it as lies, but equally it could have meant “not info that we now deem worthy of reporting - not newsworthy, and perhaps capable of misinterpretation”. I wasnt there so can anyone comment?

No I’m not new Simon and it wasn’t that large in the scheme of things. Poor choice of words from me but the sentiment is fair - a drop that was way overdone so the bounce back is only recovering ground.

“There were frank comments from the Chairman”, said Chleseabear’s report. Can anyone add any detail? Thanks.

I’ve just splurted my tea all over the table, Notes....good one.

Enjoy the day folks, I can’t make it unfortunately. Three years ago, shortly after I’d invested for the first time, someone (can’t recall who) posted “AB’s on fire!” part way through his presentation. Any similar feedback welcome today.

I don’t know what point you think I’m missing CB. I’m not suggesting we develop the plant ourselves, I’m supporting a 50/50 or similar arrangement, like the Omnia HR deal, using the contractor’s plant which they continue to own. Not a 20/80 deal whereby we effectively buy a plant over 7 years.

After a 40% drop in 10 weeks for no reason either - not that surprising!

Cap'n Bob, its all very well having a "free" plant (not free at all, of course, but effectively paid for by our low participation in the above-surface gold resource) after 7 years of mining FB in that way. I can't speak for other shareholders but that's far too far in the future for me - the whole world could change between now and then. And the 800k or so ounces have not been DFS'd so there is little robustness about that figure, nor the cost of extraction. Personally I would rather receive higher, less risky net income for the next 7 years, even if that means a lower overall return ultimately. A plant to process the 800k+ underground resources can then be considered on its merits at the appropriate time.

Andrew, I agree owning our own plant would open up options as well as allow us to take 100% of profits, but it comes at quite a cost - many £m of capex and probably dilution. (You allude to growing cash in bank and using that for the development - agreed but it would take many years of alluvial and other HR income to be able to pay for the plant).

Au contraire, I don't think 20% of the FB DFS's gold IS a lot of money for us. 20% of the $84m is only $17m, or about 3.5p per share. The obvious strategy of utilising an existing plant close by, if that's possible, on a 50/50 basis, as in the Omnia agreement, sees a far better return for shareholders - 8-9p per share. That's for the gold above the ground at least; possibly the underground resources skew the argument a little.

Captainbob only confirmed no need for placings this year, not never - I think. Can you confirm what CB said, CB? (same initials there - hmmm)....

Ok, I can see that BB, so a warranty per product. I’m not quite in line with your thinking, Strontium, that De Nora’s role is to certify the whole fuel cell system, but I guess we’ll see what the warranty covers when it arrives.

Yes I get that Strontium, but is that really necessary for De Nora to validate that their electrodes work as expected? It’s certainly necessary for AFC to demonstrate that the whole thing works, I agree that.

This raises the interesting question of whether De Nora will want to provide a warranty separately for each product in which their electrodes are used. If the 10kW unit tested at Dunsfold - fed by hydrogen in whatever way it is - passes their tests for longevity etc then I can't see why De Nora can't warranty on that basis. In Kore, there are other things that can result in the required power etc not being met (e.g. BoP) but they're not De Nora's fault. Surely they could rightly say "we're happy that - if hydrogen sources work correctly - then our electrodes meet the requirements". And if Kore doesn't produce the goods, then the issues are at AFC's end. So on that basis, surely its AFC that want Kore to be tested, not so much De Nora, who may already be in a position to provide a warranty? Btw, like the sound of the waste water electrolysis feeding a fuel cell - a further tightening of the relationship between De Nora and AFC.

I thought he meant 100m units, Dutch. So then depends on sale price, margin etc. Suffice to say, 100m of any market would be very nice eg 100m at $1 each sold via a licensee = $100m x 5% royalties = $5m per year for the company. PE of 15 then gives 75m /300m shares = 25c per share.

Haven’t you heard, Reonin, shareholder engagement is what it’s all about now and has been for well over a decade. Long gone are the days when shareholders were simply asked for cash and then completely ignored. Anything extra that the company tells us as a result of this exercise is information we wouldn’t otherwise have.

A vote of confidence from the CFO there. Bodes well. And many thanks BB for collating the Q's. I hope to be at the AGM but in any case will folks take notes and report back?

I’m pretty sure we’ll find out soon enough what AB has been doing in the background, cos once the testing is complete it’ll be all hands to the pump. For instance, how will the various opportunities be followed up and secured? Will there be placing a or new investment (you don’t build hundreds of Kores without money)? Does the company need to be restructured, with a lot of recruitment? Has he been schmoozing potential new IIs? Investor roadshows? What about the legal contracts for the warranty and deals as they develop? What about identifying potential licensees or distributors? Surely all this is going on as we speak. I bet he’s doing more now than he ever did when it was just R&D.