Member Info for Jarv55

There's a question about the annual accounts showing 28 million pounds as loans to subsidiaries,

and the question was which subsidiaries received the funds.

The only subsidiaries we have that are relevant are the ones that are actually carrying out work

as part of our portfolio projects in Russia.

And that means that all the money invested are capitalized as loans.

The figure of 28 million refers to the historic investments since 2006,

and up to pretty well pre-the war.

Most of it is, in fact, nearly all of it is pre-war expenditure.

And even though we are not a sanctioned company,

and we are entitled to maintain ongoing operations at the levels to which they were already.

And so, there has been no interruption to our operations in Russia at all.

There's a question here, which is very technical one regarding to the deferred shares

of 4.9P and what is their status.

And basically, these deferred shares do not have voting rights attached,

and they are part of an artifact of a consolidation some years ago.

And we describe that in detail every year in our annual reporting.

The DFS, the question is when do we intend to publish it and the contents to shareholders and so on.

And unfortunately there are legal procedures in Russia that must be followed before these results can be published.

And until that happens, I won't be able to enlighten you on that any further.

There is a question, and this is a question that's been asked a lot.

Why have we put back in Resolution 6 and 7 regarding the potential to raise funds through equity placements?

And the Board believes that this year is a very critical year for the company.

We hope to complete the sale, and we're also focused on the company post sale.

It's standard practice for companies in our position to seek such an authority, as we have done in all our AGMs except last year.

Furthermore, I think it's important that the Board has maximum flexibility for business development in the future.

It would tie our hands that if there was a very good acquisition we made in advance of, say, completing a sale,

that we wouldn't be able to proceed at least in part in doing something like that.

And that is the kind of thing we keep in mind always, not just during the sale process.

But the sale process takes precedent over everything else, and that's what we've said.

Moving on to the next question, which some of the questions overlap,

even on the ones that were submitted, so I'm just doing a selection here.

In April 21, we submitted a detailed exploration project for the Montechundra Flanks.

That's now what we call MKT. That's what once was called, the MT Flanks license.

And so, as I said already, MKT's work is ongoing on compiling all our new information.

There was a question here regarding the official, regarding a JORC paper on them,

which released some time ago of 2.2 million ounces of palladium equivalent.

And the question is, why have we not released it?

Basically, we're subject to the Russian system where the DFS has those officially approved reserves and resources,

and that will be updated as soon as the DFS is published.

There's a question about James leaving the board.

James is an EPC specialist that's regarding the construction and development of mines,

and as we are not commencing that work at the present time, at Monchetundra, even though it's ready to go,

James has moved to another job where he is doing exactly that role.

And it's worth recording though. He took the projects, not just this one,

but also West Kytlim through to the milestone of production.

Regarding our statement in the annual report, no further significant expenses are forecast for the Monchetundra project.

The question was, have we paid the royalty due in November?

And the answer is no, we haven't it remains outstanding.

No further significant expenses are referred to exploration work.

There's a question here about options, and specifically those that had been awarded previously to Alexei Churakov,

and then you just say that Churakov's options were cancelled and returned to the pool.

And regarding allocations of options to non-PDMRs, this is that we're not obliged to report only the ones that are held by directors.

There's a question here about our sales process and the current geopolitical situation.

Basically, the board is focused on getting our assets sold as quickly as possible.

That's all I can really say about that. It's been very clear.

We've made it very clear again and again in our releases and in the annual report.

You can all appreciate, I'm sure, that the market has become difficult now due to this much more difficult year political situation,

and it hasn't made our job any easier.

Then there's the question about why do we host a virtual AGM?

Well, as I said already, the fact that we have more than 100 people is that it's a clear signal.

This is a successful way to organize AGMs, and in fact, also this Q&A being formalized and organized must be a good thing as well.

There's a question about how many nondisclosure agreements are in place regarding the sale process and when do they expire?

Basically, that varies a lot through time as some are extended, some new ones as recently as June were signed,

and they usually have a one to three-year timeline, and as I said, they can be extended.

There's a question about why was the annual report not released on the 3rd until the 3rd of July when it was expected in June.

This is related specifically to the period since February 22 when the war started,

and this regards to the annual audit, which is a difficult process now where the auditors no longer have branches or affiliates in Russia,

and as well as Russian speakers locally to represent them.

We're very grateful to Grant Thornton in successfully completing this work under very trying circumstances.

It was a much tougher job this year than ever before.

Then another question relating to the board, and whether the changes in the board will result in an increase or decrease of expenditure.

Well, we have one less executive director on the board, and we do intend to appoint a new CEO, but following the sale of the assets,

that's our plan at the present time.

There's a question here about the MT Open Pits plan, and when is the due for completion?

This work is ongoing, and we're still compiling a lot of new data and interpreting this new information together with the historical data,

and at the moment we don't have a deadline for this work.

There's a question about NYUD, which was the one project which advanced under the Rosgeo joint venture during the period of the JV,

and the answer is, is there an expiry date, and have we paid for our entitlement, and so on?

And basically, as we said in the annual report, no final decision has been made with respect to NYUD.

The amount paid for NYUD is the total cost paid for the Rosgeo agreement, and does not include any management time on our side for external reporting.

There's a question here about why did the board not earlier informe shareholders with the two court cases were lodged against the EUA,

and why no mention is made in the annual report regarding this, or what is the worst case scenario?

Well, first of all, the Logik case is settled, and it was not discussed or announced in detail,

simply because it was not material to the business of the company at this point.

And with respect to the Queeld and my spare action, this relates to the reissue of shared certificates where the shareholders say they have been lost from its place.

When a company reissues a shared certificate, it is obliged to ensure that such shares are issued to the true owner.

Furthermore, to protect all the shareholders, the company and the registrar seeks an indemnity where it feels it is required.

It is not possible, obviously, for me to comment further in advance of the court case to be heard in November.

Transcript of last years Agm I am hoping we get an update this year with the AR.

I don't see any questions specific to that, so I should now go straight to the Q&A list

which we received in advance of the meeting.

They are very varied, they cover a lot of grants, and what I'm going to do is answer those ones that are written,

and any questions, and again, there are very many which ask the same thing, perhaps with different words,

and do my best to answer them now in the first instance.

If it's still unclear, then perhaps you can submit it again, but basically I hope that my answers to the written questions

now will deal with most of the ones that are even being asked today.

So the first question is very specific, and it's asked about a proposal from a credible party which we received in May 2021,

as to whether this particular credible party was still in act of negotiations with us,

and the answer is yes, that party is still in negotiations with us.

The current question regarding our cash and assets was based on what is our productive monthly cash part.

I prefer to answer the question a different way, that at the present time the company has sufficient cash to meet its outgoing for the coming year,

including returns from the currently unsold concentrates.

Regarding reserves and resources, we've had no updates that the JV expired on 26th of February.

This is the Rosgeo JV.

Well, that's quite straightforward.

We cannot produce reserves and resources figures for deposits we do not own.

The site reflects the expiry of the Rosgeo agreement, and that reserves and resources for those projects in that pipeline are gone.

Impressive results in this market well done to the longs.

Surely its Peels clients selling not Peel themselves. Have to wonder who is buying them to let out.

Shouldn't be too long for the name change hopefully this week.

No two deals are the same in Russia. What I want to see in the results is what our cash position is. How much is it costing to keep the site maintained. How much of the stock have they sold? Will they get their court costs back from Queeld seeing as they are neutral? How much Vat have they got back, what are the cost savings of the tax cases? I want to see an update on their intentions of what they are going to do this year. Are they still selling and getting out of Russia altogether. Or are they going to start production? Do they intend to have a name change for the company with different assets being brought in, they said they are thinking of steering away from mining and going more towards renewable energy is that still the case? How many interested buyers are there at the table? Do the Queeld shares have any effect on the sale at all? I assume not seeing as it is the asssets they are selling not the company. How much are the directors and non bod members being paid? These are basic questions that should be answered.

Only the fundamentals will effect the share price I have heard it all now that is total BS. We just went from 1.4 to 7p on sentiment and buyers.

Spikey or shall I say Jub didn't you learn anything last time? Sale may not come for a long time but when it does its going to be worth a lot more than where we are now.

Lots of decent info comes in the telegram group don't be influenced by the trolls here trying to get in cheaper its a good balanced group that discusses the fundamentals and the risks its not a happy clappy group. if anyone wants in just dm me on twitter.

JC thanks for going for us maybe next year Sunda will hold a virtual Agm so everyone can attend.

The one thing that was said in that court case today is they are worth having SpikeyJ

Looks like she will allow an extension for them to represent themselves last time though.

Feed back from Agm no funding at PLC level will be asset based.

Judge taking a ten min break to buy the pull back pmsl

Interesting someone is buying https://invst.ly/15a7cq