Member Info for JamestheBard

AsW ,Duggan has boosted internal marketing and employed a new director. Going forward FUM are having greater input to brand and marketing. Look at Amazon UK and Amazon US to compare Coopers to Amazon messaging. Coopers haven't adjusted to the key learnings but Haleon have totally changed from original messaging.

In US now consumer demand is exceeding expections and production is being ramped up at pace.

Need Coopers to adapt and Duggan is on it, plan is Futura will have greater control and greater profit share rather than leave it all to partners.

Council of Ministers met on Wednesday and had plenty of the usual routine items on the agenda, so no sign of any changes to normal course of business. I don't expect any change to original anticipated permit timeline.

President Goita this week has been attempting to make quick and easy heavyweight political signalling. Giving Cora the permit would be a quick and easy political signal to announce Mali is still open for investment. Hope he thinks of that.

DYOR

Gheko, standard procedure to get legal team to look over patent once received and also verify it meets contract terms before submitting. Haleon also have their legal team verify and then both parties need to agree that the scope of the patent means the same thing to both sides to avoid future issues.

Why say it? ironically to calm the market, to reassure that it isn't just the board but legal experts who say the funds are owed and terms are met.

Haleon certainly aren't saying no because constructive discussions wouldn't be happening, none would.

It all takes time, hence contingency planning should funds not arrive in time.

Shame it is overshadowing that US sales of eroxon have exceeded expectations these last couple of months with rapid ramp up in production.

Just a mention for others that Intense is planned to roll out " alongside" eroxon Q1 2027 with US as first market. Duggan expects only a small amount of cannibalisation but the principle of 1+1= 3 applies of having the extra product, choice and shelf space generates far more sales overall.

Duggan is certainly driving the business forward for next 12 months, we will see how he gets there soon.

If milestone was actively disputed they would have had to say so rather than in constructive discussions. During the presentation the issue focused around timing and it possibly not arriving in time.

Additionally that Duggan is in active deal negotiations for additional distribution in existing regions and strategic initiatives that could easily happen in time to extend cash runway. Duggan has just returned from negotiations in Asia and thinks he can get a deal by June, possibly July, Q&A yesterday.

They are also investigating other fund raising options because outcomes of these discussions cannot be certain.

They are confident of cashflow beyond June though.

Cash runway has been prepared on a prudent basis and so doesn't include the royalty impact of Haleon having to ramp up of production to meet consumer demand exceeding expectations in recent months.

So placing is possible but not certain.

But eroxon sales exceeding Haleon expectations in recent months and ramping up production at pace is the first real sign eroxon is getting real traction.

Investor Meet Company site, video of presention today 1 hour but at 37.40 Alex Duggan covers higher US consumer demand beating partner expectations and Haleon ramping up production at pace to provide for the increased sell through.

Any other day a comment like Haleon ramping up production at pace to meet consumer demand would be very bullish.

Market pricing in a placing now, is that overdone?

Duggan has just returned from negotiations in Asia and thinks he can get a deal done in Q2.

They are confident about Haleon payment but have prepared contingency, possibly placing?

US sales last couple months clearly higher so might be greater royalty income than expected H1.

Duggan been working on alternative partner distribution deals may generate cash or initial stocking in sales if imminent.

Going to be close now but they clearly have a source of cash lined up if needed, but a placing is being priced in.

Not needing one, or deals being signed or Haleon paying and Haleon ramping production isn't.

Actual wording now " Demand over recent months from consumer has been stronger than the partner had forecast. Haleon is currently increasing production at a pace in order to keep up with the sell through requirement"

From Q&A transcipt today

Duggan Q&A Haleon quickly ramping up production as demand exceeded expectations.

Possible divestment of WSD 4000 instead of developing.

Haleon invoiced for $2.5m seem to be disputing when they have to pay. (90 days?)

Possible APAC deal Q2 or alternative distributor deal for eroxon with cash payment.

Going to be close but seems they have a backup solution ready.

Council of Ministers last session approved the extension of Barrick permit for 10 years. A reduction in Mali jurisdiction risk considering the significance of the dispute with Barrick former CEO.

Eagle are a big new " partner". This involvement will secure the Sanankora mine build without risk of running short of funds to complete the build or overcome unforeseen events.

Additionally there will be funds available to progress the assets and prove up reserves preparing for expansion whilst the build progresses, rather than wait for the gold to fund those next stages.

This retrace to December prices massively opens the door to a £300m - £500m mcap company in 2 or 3 years now. This is why they have accepted them as a new leading shareholder, IMHO.

Permit and finance details now due, but short term some may sell to try and buy back in the offer. Long term it significantly stengthens the company prospects.

DYOR

Dilution was always going to be part of the financing anyway. This new partner provides additional surety that the mine will be fully built. Additionally funds will be available to add value by drilling some of the high priority zones to prove up reserves/resources. As with their backing for Toubani launching their biggest ever drilling campaign.

They are a good, strong, long term partner to have to help push and accelerate Cora growth.

DYOR

Essentially yes, renewals, date extentions, transfers, recalling dormant,unused or returned permits. Unless I missed something!

As far as I am aware B2B Fekola mine are "overdue" awaiting, exploitation permit for satellite regions around their mine, expected Q3 25, plus Cora for Sanankora also due.

The local press coverage around mines at present is typical of Government preparation and paving the way for political announcements, eg new mining permits. ie justification for foreign companies getting permits by emphasising the benefits the new code is bringing, plus new "oversight" Minister.

DYOR

Good find, so Checker was in Bamako last week.

Mali has a plan for security and is already getting US intelligence. They may base drones in the region, the article has overlooked the Ivory Coast has offered to base them. But the new Akinci drones give Mali almost the capability of US Reaper anyway.

More importantly for Cora holders is the minerals aspect. Trump will want US companies investing in Sahel mineral extraction. Additional investment means competition for available assets thereby lifting values across the board. Depending how fast Trump wants results, he isn't patient, Sanankora once permitted, would allow results within his remaining presidency. So where Cora has been identified as a potential Russian, Chinese, Turkish or regional takeover target the door is now wide open for a US company as well.

Just a note on Mali airport, they built a military base a year plus or so ago there to house Russian Africa Corp as extra troops specifically for additional security to protect it.

DYOR

News of US reset with Mali is in local Mali news now today so mining journals should have it soon and maybe even Western news will cover it eventually!!!

Toubani was a permit tramsfer to the "subsidiary" for the specific project and not a new issue, a paperwork exercise. What was "new" was Mali Council of Ministers moving a mining decision for a while, so greater expectations of Sanankora soon and Toubani announcing a big drilling programme.

Looks like Trump has given the green light to end Chinese and Russian political sway in the Sahel and get US access to minerals etc.

A full US reset of bilateral relations, recognising their sovereignty. US were in talks in Bamako doing just that last week, who knew?

This removes the risk of sanctions or push for regime change from a Junta in Mali and simultaneously signals a return of US capital and finance to mining in Mali.

AU have also visited and agreed a tour of Mali to see how best they can help Mali.

A UK delegation visited for talks early January.

The opening of a new deep sea port with Guinea and gifting of land to each other for building of import export facilities, improves access, competion, reduces risk etc.

Delivery of Turkish Akinci drones this week to military, 20 hour loiter, 20000ft plus strike height, full day and night surveillance and strike unseen and unheard. Upgrade on existing T2s, almost unfair.

Toubani permit transfer and big drilling campaign.

These are all recent significant factors that have moved Mali to a "risk on" investment environment and could easily cause £400k to move into Cora last week, whilst small retail blissfully unaware. Hence detachment from small deal pricing and large deal pricing on Friday.

US change being by far the biggest, signalling the return of Western capital to the mining sector. Anybody know a project ready to go with bags of expansion potential?

DYOR

Someone wanted catalyst details. In no particular order, value, timing or priority.

News on talks with Haleon re appointing sub distributor.

China / APAC partner, talks started last year.

US patent news.

Eroxon Intense HUT study (200 person to inform commercial direction) He will have had the raw data and been in discussions for a couple of months. Doesn't have to release it until it is finalised.

News of divestment plans, CBD100, TPR100,200, Eroxons? WSD? He has allocated legal expenses to explore so it's not just speculation.

Coopers review outcome, Haleon adjusted for key learnings months ago, Coopers are lagging here.

WSD HUT study.

Full strategic review, Duggan seems to be making sure of negotiations and future direction before he announces, by having already talked to the other parties concerned.

Bringing the condoms back and packaging with eroxon.

Revised packaging rollout to increase shelf space exposure, ie 8 pack, Haleon trialling.

Duggan has previously stated he is focused on China because it can move the needle, the Dec patent news was helpful in that regard.

Probably missed some as I wasn't trawling the fundraise document again.

One thing they can guarantee to know is how many shares they want. If it is the same buyer and they want more next week, where the number of shares is more important than half pennies on the price, then 11.5p today is cheap to them. A big buyer would have a volume and average price target to achieve. A fact that could only be clear to them right now is how high and how many. Worth watching to see if it continues, especially as Council of Ministers is moving mining decisions now.

Exactly they overpaid for speed and volume, determined. So 2m at 10p and 1.7m at 11.5p potentially same buyer this week, DMA .

1.7m just gone through at 11.5p.