Member Info for ocelot

PS: I do wonder if SS did not postpone receiving his remuneration for a while during the 2nd half!

Don't really have one, mimbrit.

Agree with you that things must have become very tight by the year end at 30/09, because they began the 2nd half with cash and equivalents of just £373k.

Don't doubt that they did all they could to limit their outgoings during the 2nd half but don't know how low they could have reduced these.

They were intending to draw upon a facility with a financial provider by 31/10 until the successive placings provided them with an alternative and, doubtless, more important source of finance.

The AIM market fulfilled its fundamental role of backing a company undertaking new and interesting initiatives.

You wrote this, mimbrit:

"If you look at the interims, they had £3m net current liabilities in March ..."

Realism requires those net current liabilities to be examined. On examination they include £3.310m of borrowings which are not due to be repaid within 12 months because they are advances made by Alba and Doriemus to HHDL.

The figures I cite are those at 31/03/25. Since then they have raised £5m in cash.

ZYX098,

It's not a question of an outstanding loan being a liability, it's a question of a loan being a CURRENT liability!

A current liability is one which needs to be repaid within the next 12 months.

Whoops!

Net current liabilities of (4,250 - 1,199 =) 3,051 become net current assets of (1,199 - 939 =) 260.

Mimbrit,

Current liabilities at 31/03/25 of £4.250m include £3.310m of borrowings which are unchanged since the final results to 30/09/24.

Those loans are, in reality, not current liabilities because they are the advances made by Alba and Doriemus to HHDL which are only repayable "on determination by the Board of HHDL", a board which is controlled by UKOG.

Taking out those loans, current liabilities amount to £0.939m and net current liabilities of £0.311m become net current assets of £0.26m.

They are only counting 29.05bn shares so that is well behind the latest figure.

36.5bn shares (after the last raise) at 0.0145p = £5.3m NOT £4.2m but agreed, the market cap is very low, so low it is almost entirely covered by cash.

£680k ex GROC is the equivalent of about 212 ounces of gold at the current spot price, not allowing for any Clogau premium.

25.78% of GROC (per Alba's projects and investments of its last RNS of 05/11) = c£2m.

So Clogau, Motzfeldt, Finnsbo and HH are valued at a total of about £680k by the market.

Has the market got this right?

Https://www.thewellnews.com/funding/energy-department-offers-funding-to-bolster-rare-earth-supply-chains/

Zeus (Nominated Adviser and Broker)

James Joyce / James Bavister / Andrew de Andrade Tel: 020 3829 5000

Around £2,370 when the 1st 1oz gold coin was auctioned (RNS of 04/04), the spot price has recovered well from its recent decline and is now at £3,210.90 ($4,251.90), £840 higher.

This provides a very favourable context in which the Clogau blasting programme can resume.

"... Ocelot, why not follow your own advice and report it to the FCA?"

Not my advice, mimbrit, it is an issue the London Stock Exchange has raised with the regulator.

... but appear to have no financial interest in the stock one way or the other.

Mimbrit,

If you are a shareholder or if you are thinking of becoming a shareholder, I suggest you contact the company directly clearly specifying the figures that are of concern to you.

From Citywire's round-up of the morning press:

Top stories

The Times: The London Stock Exchange (LSE) has raised concerns with the City regulator about potential ‘market abuse’ from some bulletin board users and social media influencers as part of its attempts to improve the appeal of the junior market ...

They have raised a total of £5m since they wrote on 30/09 of an eventual capital raise before the end of Q2 2026 (interim accounts RNS) and of

planning to execute a new credit facility with a finance provider by the end of October 2025 (annual accounts RNS).

Of the £5m raised, the first £3m was raised at UKOG's own initiative, the second £2m was subsequently raised by potential investors approaching the company.

For a company currently without revenue, this is a wonderful position for UKOG to be in.

UKOG has emerged from suspension in a vastly healthier financial state than it entered suspension.

To further progress its hydrogen storage initiatives and to support its continued status as a going concern, the Company anticipates the likely need to raise additional capital before the end of Q2 2026.

Extract from the interim results RNS of 30/09/25 BEFORE they raised a total of £5m.