Member Info for LordWM

When we announce first sale this should re rate quickly.

With expansion now funded this should re rate quickly when the conflict ends.

Mkt Cap £26m, this is due a rapid re rate soon. FID should land any day/minute.

Glad it’s coming into sunny weather season, and we have the solar plant up and running to help guard against energy costs :)

Forgive the repetition, may be useful for new investors:

I've been re-listening to the details of the interviews after last years P140 RNS, esp with Charles and Kevin - https://youtu.be/iNkUgLuT3Ck?si=WnuVdzz9rqTzLBoV.

Some important points:

- The diagnostic test will be rolled out 'relative quickly' (10.20). It will be used for patient selection for trials, will be in place before trials start.

- They already have the safety data, so hope to go straight to Phase 3 trials - a much faster timeframe. (23.20)

- Phase 3 trials should be quicker and cheaper, because they'll use the diagnostic test to pre-select super responders with Type M auto immune conditions.

- They 'know for certain' that patients with Type M conditions will response to P140 (27.30).

- What will the licence deal look like (assuming they don't get straight out acquired (29.55)

- There have been multiple 'eye watering' $1b plus deals (just upfront and milestone payments, excluding royalties on sales) in the autoimmune space, just to out-licence products (15.10)

- Immupharma are offering something 'superior' to those previous deals, and we should expect a good deal (32.35)

Summary - we can expect a huge deal any time. Was due in Q425, but spilled over due to multiple large pharma interest.

IMO - as this is significantly de-risked, already have safety data and can likely progress immediately to Phase 3 trials where they will select super responders, there's an increased chance that Immupharma will get bought outright.

DYOR, and listen to the words yourself.

I remember looking at Nanosys years ago, they had a marketing leader and marketing team (on LinkedIn). They were attending all the events, had slick campaigns and media on their website.

The Americans ‘get’ marketing and its inportance for go-to-market.

I lost a load with Nanoco after the Samsung settlement car crash. Having another very credible CEO with a stronger commercial development background come in and also fail to deliver revenue/growth, and poor Nigel Pickett sadly running out of energy and losing faith was the final nail in the coffin IMO.

I agree with this. Product Marketing and GTM have always been weak, I think Brian thought he could do this himself in the old days, should have hired a VP Marketing long ago.

Understanding what the application’s are, who the customer is, the best channel to engage them and the right messaging/campaigns is key.

They should have been able to highlight the value of their products long ago and secured the supply agreements that Nanosys seemed to have done. After that it becomes a legal battle to defend patents, but with no revenue to fund it all.

A huge missed opportunity sadly. And now the whole market seems to ignore Nanoco, knowing they can infringe at will and settle for a pittance if needed.

"Hydrogen core samples likely been at Lab for a few weeks. depending on what tests asked for could be ready, or night be longer. Wouldn't be surprised if Tier 1's they talked to have asked for specific tests."

I agree with this Punter. If there was nothing in the basement and they had moved on to perforate and test upper levels, they'd likely have updated the market. They've updated the market frequently with ALL previous wells (touchdown reached, perforation progress, initial results, flow testing commenced and then full results). Inez is taking a long time to complete, the weather has been mostly fine, bar a few days in Jan - technical problems or ongoing testing?

No news is good news IMO, but time to roll the dice.

I've been re-listening to the details of the interviews after last years P140 RNS, esp with Charles and Kevin - https://youtu.be/iNkUgLuT3Ck?si=WnuVdzz9rqTzLBoV.

Some important points:

- The diagnostic test will be rolled out 'relative quickly' (10.20). It will be used for patient selection for trials, will be in place before trials start.

- They already have the safety data, so hope to go straight to Phase 3 trials - a much faster timeframe. (23.20)

- Phase 3 trials should be quicker and cheaper, because they'll use the diagnostic test to pre-select super responders with Type M auto immune conditions.

- They 'know for certain' that patients with Type M conditions will response to P140 (27.30).

- What will the licence deal look like (assuming they don't get straight out acquired (29.55)

- There have been multiple 'eye watering' £1b plus deals (just upfront and milestone payments, excluding royalties on sales) in the autoimmune space, just to out-licence products (15.10)

- Immupharma are offering something 'superior' to those previous deals, and we should axpect a good deal (32.35)

Summary - we can expect a huge deal any time. Was due in Q425, but spilled over due to multiple large pharma interest.

IMO - as this is significantly de-risked, already have safety data and can likely progress immediately to Phase 3 trials where they will select super responders, there's an increased chance that Immupharma will get bought outright.

DYOR, and listen to the words yourself.

That’s incredible, the market totally swallowed that raise, we’re at the same place but with funding to expand!

£1.5b mkt cap now, and to think they wouldn't let us on to the FTSE250 at one point!

I'm so glad I didn't take any profits with this one, on a screaming run and copper/silver showing no sign of weakening any time soon.

GLA

A further thought on this point: "One question I have is - would the diagnostic product need strict regulatory approval, being a non-intrusive diagmostic test as opposed to a treatment? "

It's challenging and time consuming to diagnose autoimmune conditions (Tim explains this in his interviews and google will tell you the process for diagnosis). So any test that gives an immediate diagnosis, regardless of whether its type M, is surely a game changer in it's own right. Cheaper, quicker, less clinical time involved, quicker news for the patient who can then seek treatment/advice sooner.

Again, happy to be challenged and interested in views on this, but i'd be surprised if, once peer reviewed and validated, a blood test diagnosis isn't used very quickly. Fast route to market and revenue - $10b annually.

Just hit I believe.

Kaeren - NP, credit should go to JW in the Telegram group who found and shared the Max Power announcement.

At times like this when we're sitting waiting, I sometimes go back to the evidence and interviews to remind myself of the investment case.

After the Aug25 patent application Tim did 3 intervews in quick succession. This is the third one which was the most polished IMO as he'd had 2 practice runs: https://youtu.be/tSUsuxcuplA?si=1RE8iE6bXhGMtX53

The stand out quote for me was:

“And we're talking about a technology here which is going to change the autoimmune space. And I say that without hesitation, and that is being recognized by the pharma companies.”

That's a very confident thing to say. If the IMM team are that confident, and the big pharma partners are seeing this, there will be a monsted out-licence deal or possibly a straight acquisition.

One question I have is - would the diagnostic product need strict regulatory approval, being a non-intrusive diagmostic test as opposed to a treatment? If not, there's a much quicker route to market and first revenue (valued at $10b annually) while P140 is going through trials (valued at £100b annually, for a 20 year patent life). This would be INCREDIBLE and would surely put a straight acquisition more into focus, because any P140 approval/success risk is underwritten by hard diagnostic revenue.

Here's the second clip I listened to: https://youtu.be/glgh9epfOzA?si=dbUXxxwHtTAoNisO

The stand out quotes for me here are:

“We are very confident going into the new year to be able to close that deal.”

“Something will come in 2025, in the new year”

GLA

So potentially big news - Max Power recently found potentially commercial Hydrogen at Central Butte, Saskatchewan - https://www.maxpowermining.com/max-power-confirms-canadas-first-natural-hydrogen-drilling-discovery/

This is further up the Great Falls Tectonic Zone mentioned by Bo in his recent MAGMA editorial - https://x.com/HelixExp/status/2005588025036931203?s=20

https://en.wikipedia.org/wiki/Great_Falls_Tectonic_Zone

Remember that at Rudyard, Helix so far has 4 commercial Helium wells (Weil, Linda, Darwin and Inez) and are evaluating hydrogen potential in the Inez basement (full Inez news is imminent).

https://helixexploration.com/project/rudyard/

Also, Helix has leases across a huge area at Rudyard, but are continuing to buy further leases because the opportunity appears much larger than initially thought:

22nd Dec - “Helix has acquired additional leases at Rudyard totalling 1,363 acres for modest cash consideration” https://irtools.co.uk/83/story/63ee72fa-551b-4d5b-bbf4-d797b1dd3c40

Helix have said that the field could support up to 20 helium producing wells in the Rudyard field, this was before any potential hydrogen discovery.

This also excludes Ingomar which has:

• Gas sample tested 2.5% helium, demonstrating significant helium potential with the highest helium grade in Montana

• 55.2% hydrogen in gas sample isolated from drilling mud could represent the first large scale geological hydrogen discovery in the United States.

https://helixexploration.com/project/ingomar/

Looking forward to some imminent new flow re:

• First commercial production and gas sale

• Offtake agreements

• Inez Helium flow rates and concentrations

• Potential commercial hydrogen discovery at Rudyard

• Next steps on Rudyard field development and well targets

• Plan for Ingomar

Just a reminder that Atome's projections are based on 'grey' CAN prices (to be pessimistic/conservative) and not the green CAN Atome will produce.

The price premium of green CAN is between 20-100% above grey CAN.

Atome will share sale price upside with Yara.

See this presentation from around 15min 50 secs -https://www.youtube.com/watch?v=9ZtrM8SNp2I

The detail of FID will be interesting, and the present value of Atome’s free carry. It was valued at £60m early in 2025 before significant progress. I’m hoping Atome also receive a payment on completion of FID for creating the project and work to date, to help fund ongoing pipeline project development. This should fly when the detail is clear.

They have to RNS soon, confirm what the market knows, then we'll see where it goes.