Member Info for ocelot

Good of them to respond to what was not a very subtle question!

Q: Intrigued by your comments concerning "an alternative mineralogical model for gold at Clogau".

If the test work proceeds satisfactorily, do you think this model could be a potential game-changer for Clogau?

A: Hello and thanks for your question.

All we can really say for now is what we said in our Final Results RNS:

The presence of sulphide mineralisation within blasted material presents an alternative mineralogical model for gold at Clogau, which has previously been focused on the recovery of free gold in the quartz veins. Test work is being undertaken to better understand the mineralogy of the sulphide material in order to determine the presence of gold in the different sulphide minerals and the best way to process those.

This investigation and test work will likely take a fair bit of time, but as and when we have material results for release, we will release another RNS about it.

Sorry we can't say more than that at this stage.

"Further to previous announcements (most recently on 19 March 2026), the Company continues to make good progress on the legally binding documentation associated with its proposed financial restructuring. The Company is targeting completion and execution of the definitive agreements in the coming weeks.

Upon execution, the proposed restructuring is expected to materially strengthen the Group's balance sheet, enhance liquidity, and establish a more sustainable long-term capital structure". (RNS of 20/04/26)

Voting at the AGM concerned the 8 proposed resolutions which are briefly identified in this morning's RNS. These resolutions did not concern the ongoing financial restructuring.

For ownership, go to their site, Investors/AIM Rule 26/Shareholders/Significant Shareholders

https://www.angusenergy.co.uk/investors/significant-shareholders/

£231k raised via exercise of warrants + update re Morrow.

Let me stress that while the news of Morrow Batteries filing for bankruptcy yesterday is indeed sad for Norway’s wish to become an important Li-battery producing country, it has little influence of GreenRoc’s position as a coming producer of graphite active anode material.

Over the coming decade, there is well over 1TWh battery production capacity planned or already in production (see map below from RWTH Aachen University, March 2026), which in turn will need roughly 1 million tonnes of graphite anode material. In Europe, there is today ZERO production of natural graphite active anode material.

We are hopeful that Morrow will find the capital to get back on track and join the growing club of battery producing companies such as LG Energy Solutions (Poland) and WV’s PowerCo, which recently opened for production in Salzgitter, Germany. (from SB's Linkedin post)

Note: Northvolt Sweden filed for bankruptcy about a year ago.

Https://www.batterytechonline.com/battery-manufacturing/european-battery-ambitions-hit-hard-as-morrow-files-for-bankruptcy

At 11am.

Mimbrit.

And where's the joined-up thinking?

£8bn of constraint costs forecast in 2030, this is a big figure.

Reflects the government's focus on wind-generated energy.

The solution is to invest in long duration energy storage solutions.

UKOG is proposing such a solution.

"The presence of sulphide mineralisation within blasted material presents an alternative mineralogical model for gold at Clogau, which has previously been focused on the recovery of free gold in the quartz veins. Test work is being undertaken to better understand the mineralogy of the sulphide material in order to determine the presence of gold in the different sulphide minerals and the best way to process those".

They appear to be convinced of the presence of gold in the sulphide material. The test work is to understand on which sulphide minerals they should focus their attention and how to best process the material.

"During the years ended 30 September 2025 the Directors occupied the following Board positions: Nicholas Mardon Taylor (Non-Executive Chairman), Stephen Sanderson (Chief Executive Officer), Kris Bone (Executive Director, appointed on 1 October 2024), Allen D Howard (Non-Executive Director), ..."

Yesterday's Annual Accounts RNS.

"... Sanderson didn't benefit from the usual largesse because the cupboard was bare".

Also, there was another executive director to remunerate, Kris Bone, appointed 01/10/24, at the beginning of the financial year.

"If gold is locked inside sulphides rather than occurring as visible free gold:

The deposit may be richer than previously thought, because sulphide‑hosted gold can be significant ...".

Extract from marc001's post of yesterday at 17:48 based upon his consultation of Copilot AI.

It isn't possible to quantify the implications but they are very clearly potentially positive.

The NSTA has decided to offer a gas storage licence to EPP for its MESH project in the East Irish sea.

It has taken quite some time for this licence to come through so the decision is a reassuring one for the sector in general.

Https://drillordrop.com/2026/05/05/ukog-submits-new-horse-hill-application/

Thank you for your post, marc001.

Potential for partial write-back of impairment of HH assets;

Borrowings of £3.462m remain a figure in the balance sheet because they are owed to the non-controlling interests in HHDL (Alba and Doriemus) and are payable on determination by the board of HHDL, controlled by UKOG.

These 2 sentences could be very important but it is too early to be able to assess their full implications.

The presence of sulphide mineralisation within blasted material presents an alternative mineralogical model for gold at Clogau, which has previously been focused on the recovery of free gold in the quartz veins. Test work is being undertaken to better understand the mineralogy of the sulphide material in order to determine the presence of gold in the different sulphide minerals and the best way to process those.