Member Info for Mullins58

Highlights

· The Ministry of Industry and Mineral Resources (MIMR) and the Ministry of Construction and Urban Development (MCUD) have approved the Company's proposal to reclassify oil production well pads such that they do not require construction permitting. MIMR has issued instructions to the Company to start production. Construction of long-term production facilities at Heron-1 has commenced and production startup during October is expected.

· Commercial details for the cooperation agreement between the Company and the operator of Block XIX facilities have been provided and are in line with expectations. As soon as the agreement is in final form it will be shared with industry regulator the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) for approval.

· Preparations to test the Heron-2 well are underway with results expected in early November. Now that construction permitting is not required, the Company is progressing plans to be ready to bring the well onstream in November in the event of a good test.

· The Gobi Bear-1 exploration well has been drilled and logged. Casing has now been run to bottom and the well will be suspended pending further evaluation prior to likely well testing.

Https://www.londonstockexchange.com/news-article/MATD/operational-update/16700927

I added a few more yesterday.atb

Nice . ATB

Filtered

2.70 / 9.9m

The hardest thing is finding the oil, we have . ATB

Https://www.mining.com/web/iron-ore-price-surges-to-nearly-three-month-high-on-chinas-fresh-property-stimulus/

2.40 / 5.44m

Yep , only 194m shares in issue, this will fly one day. ATB

Highlights

Application for Exploitation Licence

· GreenRoc has submitted its application to the Government of Greenland for an Exploitation Licence for Amitsoq.

· The Government will now consider the application and, subject to approval, it will then be sent for public pre-consultation for 35 days.

Amitsoq given "Project" status by the international Mineral Security Partnership ("MSP")

· The MSP is a collaboration of 14 countries, including the United States and the United Kingdom, plus the European Union designed to catalyse public and private investment in responsible critical minerals supply chains globally.

GreenRoc CEO to speak at EU Business Mission to Greenland

· A high-level EU Business Mission will be in Greenland this week.

· Stefan Bernstein, CEO of GreenRoc, has been invited to present Amitsoq to the Commission, being one of only three raw minerals projects to be selected.

Positive results of purification tests

· Further purification testwork, seeking to develop an alternative to standard hydrofluoric acid leaching, has been completed with very positive results.

· The tests were designed to reduce the volume of reagents needed to achieve a purification level of more than 99.90 wt% graphite, with a final target of at least 99.95 wt%.

GreenRoc's CEO, Stefan Bernstein, commented:

"With our application for an Exploitation Licence now submitted, we have reached an important milestone for our Amitsoq Graphite Project. We are grateful to the Government of Greenland for having substantially simplified the process of permitting for the mineral industry while at the same time, and importantly, not diluting the existing high ESG standards required of all operators. This is an example of how governments can streamline the permitting process for raw materials projects, as has been stipulated in the EU's Critical Raw Materials Act. We believe that the grant of our Exploitation Licence should now be achievable in matters of months rather than years.

"Amitsoq being given "Project" status under the international Mineral Security Partnership is an important endorsement of our ambition to become a major producer of graphite active anode material from our graphite mine at Amitsoq and our planned AAM production plant located at Eyde Materials Park in South Norway.

Highlights

Application for Exploitation Licence

· GreenRoc has submitted its application to the Government of Greenland for an Exploitation Licence for Amitsoq.

· The Government will now consider the application and, subject to approval, it will then be sent for public pre-consultation for 35 days.

Amitsoq given "Project" status by the international Mineral Security Partnership ("MSP")

· The MSP is a collaboration of 14 countries, including the United States and the United Kingdom, plus the European Union designed to catalyse public and private investment in responsible critical minerals supply chains globally.

GreenRoc CEO to speak at EU Business Mission to Greenland

· A high-level EU Business Mission will be in Greenland this week.

· Stefan Bernstein, CEO of GreenRoc, has been invited to present Amitsoq to the Commission, being one of only three raw minerals projects to be selected.

Positive results of purification tests

· Further purification testwork, seeking to develop an alternative to standard hydrofluoric acid leaching, has been completed with very positive results.

· The tests were designed to reduce the volume of reagents needed to achieve a purification level of more than 99.90 wt% graphite, with a final target of at least 99.95 wt%.

GreenRoc's CEO, Stefan Bernstein, commented:

"With our application for an Exploitation Licence now submitted, we have reached an important milestone for our Amitsoq Graphite Project. We are grateful to the Government of Greenland for having substantially simplified the process of permitting for the mineral industry while at the same time, and importantly, not diluting the existing high ESG standards required of all operators. This is an example of how governments can streamline the permitting process for raw materials projects, as has been stipulated in the EU's Critical Raw Materials Act. We believe that the grant of our Exploitation Licence should now be achievable in matters of months rather than years.

"Amitsoq being given "Project" status under the international Mineral Security Partnership is an important endorsement of our ambition to become a major producer of graphite active anode material from our graphite mine at Amitsoq and our planned AAM production plant located at Eyde Materials Park in South Norway.

Https://www.londonstockexchange.com/news-article/KDNC/interim-results/16686606

Https://talent4boards.com/eqtec-welcomes-brian-cole-to-its-board-as-independent-director/

· In North Fork, California, USA, the Company made another visit to the plant to carry out an on-site inspection of the full facility, following a focused effort by the various contractors on site to complete construction of the plant and work toward commissioning. The plant has experienced a range of delays throughout 2023 and early 2024 as various parties working on the project changed. The Company has been informed that final construction work is now progressing well, and that commissioning is expected to start in Q4 2024.

Ian Pearson, Chairman of EQTEC, commented:

"Not since I have been involved with EQTEC have we witnessed consistent, steady revenues from our high-value engineering services, equipment supply and plant support services; nor have we been able to achieve margins commensurate with our high-value, world-leading capabilities. The external market forces driving the global shift towards sustainable energy and the circular economy continue to present significant opportunities for EQTEC. The growing demand for solutions that address both waste management and clean energy generation is creating a unique space for us to apply our proprietary technology and engineering expertise. As we position ourselves to meet these demands, the Management Team has made important strides in rebasing the Company, including refining our business model to focus on high-margin, IP-rich services and strategic partnerships. These efforts, combined with the ongoing operational and organisational transition, leave us well-placed to take full advantage of the opportunities in front of us and drive long-term value creation."

David Palumbo, CEO of EQTEC, commented:

"Our performance in H1 2024 compared to H1 2023 demonstrates the impact of our strategic re-focus. Revenue has increased tenfold for the period, and gross profit has significantly improved, which is a direct result of our shift towards high-margin, IP-rich services and away from high-risk, capital-intensive development activities. While we have made considerable progress in stabilising our operations and delivering consistent results, much work remains to be done as we continue to rebuild value for our shareholders.

We are operating in a competitive sector where many companies are still in the early stages of validating their technology without any real commercial application. In contrast, EQTEC's technology is already commercially tested and delivering real-world solutions across multiple geographies. As we scale our business, our priority remains to strengthen our foundations, drive revenue growth, and maintain our leadership in the clean energy sector."

Revenue focus shifted and diversified successfully in line with strategic intent

o Consistent, month-on-month revenues for entirety of H1 2024

o 51% of H1 2024 revenues from design engineering services (FY 2023: 77%)

o 24% of H1 2024 revenues from equipment sales (FY 2023: 0%)

o 25% of H1 2024 revenues from operations and maintenance services to built plants, creating the base for recurring revenues (FY 2023: 0%)

o No revenues from development services in H1 2024 (FY 2023: 23%) as the Company fully exited capital-intensive development activities.

The net loss, including significant non-recurring items amounting to €1m, was €3.19 million (H1 2023: €2.42 million), including €1.55 million of debt servicing and other financing costs the majority of which were one off and non-recurring.

The Company expects to sustain improvement to gross margin for the whole of 2024 compared to 2023, as a result of its focus on improving rates, cost management, and delivery excellence.

Financial highlights

· Revenue: €1.45 million (H1 2023: €0.145 million), a 10x increase from previous year.

· Gross profit €0.826 million (H1 2023: €0.036 million)

· Gross margin improvement to 50%+ ((FY 2023: 15%) a 3x increase from previous year, underpinned by a shift toward high-margin IP-rich services and a departure from high-risk development activities.

· EBITDA loss: €1.60 million (H1 2023: €1.92 million) a 17% reduction from previous year.

· Capital raise of £0.85 million (€1.0 million) through the placing of new shares, and refinance of loan facility.

· Post-period payroll costs reduction of c.14% executed through operational and organisational transitions.

· Post-period, £1.1 million (€1.3 million) equity investment raised in September through the placing of new shares and £2.0 million received in full settlement of the LOGIK legal claim.

Https://www.londonstockexchange.com/news-article/EQT/interim-results/16684617