Member Info for Reserved

FYI

Benefits

• Helium is included in the list of critical raw materials

• by 2030 EU extraction capacity should be at least 10% of the EU's annual consumption of strategic raw materials.

• The first call for applications for Strategic Projects was issued on 23 May 2024 with the first cutoff date being on 22 August 2024. It is anticipated that the first wave of applications could be granted Strategic Project status as early as December 2024.

• The enhanced predictability of the Strategic Projects label should incentivise their financial de-risking through private financing instruments. In addition, there are several funding instruments available on EU level available that can support Strategic Projects

Hopefully, the above is being factored into the development of this opportunity.

Well that is one of my milestones achieved - that was quick; I only posted my requirements this morning!

I will continue to hold a significantly reduced holding, but need to see regular updates attached to key milestones, which for me include:

• Confirmation that drilling has started - this was supposed to start in April: in the May interview, we were told that an air core drill had been hired. If it hasn't been used, I hope it is off hire.

• Confirmation of the appointment of the experienced manager, together with details of their experience.

• Confirmation that the condition limiting extraction to the start of the water table has been removed.

• Updates on the extent of the land for which approval to mine has been granted.

• Updates on the export options.

I would be interested to hear other views on key milestones.

Reference has been made to the assay results from the Kobald drill. I suggest reading the 29/04/24 RNS, which includes the following:

"Under Stage II of the joint venture agreement, KoBold was required to incur US$11.6 million in drilling-related expenditures or completing 15 pre-agreed diamond drill holes within the licensed areas by December 31, 2024, or Bluejay's interest in Nikkeli will increase from 49% to 51%. ........Consequently, the lead-time necessary to secure specialized drilling equipment far exceeded what would have been possible in 2024. Accordingly, the Company does not expect drilling at the project during the course of 2024."

Without the drilling, there can't be any assay results.

Reference has been made to the previous success of Chris Tovey, but success can involve an element of luck, as well as ability. The crucial test for him now is how he deals with a very difficult situation.

On 03/06/24, Stonk posted:

"Could these financial concerns mean Sheffield may not be able to raise the funding for Cmet?"

The question was dismissed by some, but it is clear that the concerns were valid. The lack of communication re the commencement of drilling and the poor quality of the interview on 24/05/24 resulted in me reducing my holding. Since I am still invested, I would like to hear how they propose to progress the project; I do not want to hear casual glib comments.

An interesting presentation which presents a positive view of the future. The location and EU support for could make this an attractive investment. It will be interesting to see what the updated resource estimate is when it is published in July; this is key to progressing a scoping study, which they want to undertake this year so they can apply to the EU for Strategic Project Status in Q1 2025.

Given the scope of the work they need to undertake, there must be a possibility of further placings.

The slide comparing the market cap of MET1 with some peers was interesting. In particular the stage assigned to the peers. Magna Mining is noted as Explore / Discover, but the reality is that they are further advanced than MET1. This is a link to an investor presentation in April 2024 (they also have a feasibility study)

https://magnamining.com/wp-content/uploads/2024/04/magnamining-presentation-april-2024-v1.pdf

To me, the positive aspect of the comparison is that it demonstrates the potential of MET1. Let’s hope for some good numbers in July.

I have incorporated a couple of extra points to the note I posted last night after watching Andy Carrolls presentation:

Key milestones for me moving forward are:

• Confirmation US Q2 production (July)

• Georgina Energy RTO (July?)

• Commencement of EP145 seismic work (August)

• Completion of sale of Stanley oil asset $1m (Sep)

• Updating the EP145 resource model (Dec 2024?)

• Drilling on He prospect in Colorado (by end of 2024)

• Native Title Approval for EP155 followed by other relevant approvals

Infrastructure available in AUS and US.

Relatively simple processing (hopefully).

Darwin has capacity to purify He which AUS needs.

Given all the potentially good news, there will hopefully be significant increases to come.

Also included in the announcement:

"Ondine is also collaborating with Mid Yorkshire Teaching NHS Trust and Health Innovation Yorkshire & Humber to sponsor a health economic analysis with the York Health Economics Consortium (YHEC). The findings of this study, expected later this year, will be used to support further adoption of Steriwave across the NHS and additional surgical applications."

Coupled with the start of the FDA Ph3 trial, this will hopefully be the year when significant progress is made.

Tomhuk2000

Thanks for adding the Georgina RTO to the list of upcoming milestones. It's been a long day.

I am reassured by the scope and content of the presentation.

Key milestones for me moving forward are:

• Confirmation US Q2 production (July)

• Commencement of EP145 seismic work (August)

• Updating the resource model (Dec 2024?)

• Drilling in Colorado (by end of 2024)

• Native Title Approval for EP155 followed by other relevant approvals

Infrastructure available in AUS and US.

Relatively simple processing (hopefully).

Darwin has capacity to purify He which AUS needs.

If the pricing is too high and the sales figures are too low, then perhaps a revised pricing structure is required. I recently watched the Ondine presentation following the release of the 2023 report. They included some interesting slides describing their commercial progress, which is not good): these included:

• The number of hospital sites using their product (annual figures 2020 – 2024)

• The time taken to secure sales (annual figures 2020 – 2024)

• Price growth (annual figures 2020 – 2024)

• Shrinking cost of goods

I would like to see OBD presenting data in sufficient detail to demonstrate improved performance in terms of their markets, the cost of sales and pricing. I believe JB said that quarterly performance figures will be provided.

I am wary of promises and spin presented by politicians and business leaders. I appreciate that the senior team at Jay has changed, but I would remind people that Rob Edwards quoted in his interview on 08/12/23 that there was a contractual obligation on Kobold to drill Disko; it hasn't happened.

I am particularly interested in their proposals to fund the exploration.

The fact the SP is down nearly 14% suggests that I am not the only one with concerns.

There were a lot of positive words as part of an assertive presentation, but I believe there was a degree of arrogance.

I have always been concerned about the cost of the test and their high margin.

Their efficacy percentages are high, but how does their sample size compare to the competition.

The question I keep asking myself is; if the product is so good, why isn't the take up much higher?

Will I buy more shares? - No.

As an investor in both DEST and OBI, I was struck by the poor quality of the answers to question about OBI as a competitor (31:30) Chris Tovey quickly passed the question over to Debra Barker (in my view that was to give him time to think of a response)

DB said 31:52: “They have been able to get it into hospitals in the US and Canada because it is registered as a medical device and therefore they have been giving it away so the patients can use it. They have not been able to do that in major markets like the US because it is not registered.” CONTRADICTION

CT said 32:38: “The reality is that they are not in very many places and essentially they give it away where they have some presence in the UK and they are looking to fund the Phase 3 programme …” OBSERVATION: OBI have a significant presence in Canada and a presence in the UK that is likely to increase and are developing a presence in Australia and Spain. The EU is also on their target list.

As far as phase 3 is concerned, OBI are planning to start in Q3 2024, but they have not advised how they fund the phase 3; they will be working will partners who have an interest in the outcome, but a placing cannot be ruled out.

One potentially major difference is cost: OBI are pricing each treatment at $71 (CAD), excluding light source equipment, and DEST price is $268 (presumably US).

A basic model to predict potential revenue:

In the US around 2020, the number of spinal procedures was approximately 1,000,000. By comparison the UK undertook 50,000 and France 100,000. (Source: Journal of Orthopaedic Science - https://www.sciencedirect.com/science/article/abs/pii/S0949265823003718).

Even if it was decided that Steriwave was applicable to only 25% of the patients, the number of treatments would be say 250,000. Using the product cost of $71 CAD, excluding the light illuminators, there is a potential revenue of $17m CAD.

A quick search to establish the number of heart surgery patients produced varying figures, but the number will be higher. So, in simple terms, the expected revenue is likely to be at least double, i.e. $34m CAD

I believe this figure is likely to be very conservative, so I am prepared to accept another placing given the potential.

The key points I have taken away from the presentation are:

1. The size of the potential market was restated.

2. The use by hospitals is increasing – 23 hospitals at the end of 2023: the target for the end of 2024 is 46.

3. They have the capacity to significantly increase supply to meet demand.

4. The cost per treatment is $71, which makes it a very attractive option relative to the cost of HAI’s.

5. FDA phase 3 programme was set out with a target of selling in the US by 2026.

6. Progress in the UK and Europe is continuing. OBI have been invited to join the NHS supply chain.

7. OBI believe they have an advantage over DEST because of the commercialised state they are at and the fact their solution is easier and quicker to administer.

8. OBI are in discussions with potential global distribution partners.

9. OBI believe the use of steriwave can be expanded from the current range of applications.

10. The possibility that they may need to raise funds exists, but it is not a concern for me when I consider the potential.

I am sure there are other positive and negative points and I would be interested to hear other views on the presentation.

The production referred to in the interview (8:00 min) relates to the active anode material, not just the graphite.

Given the Amistoq mine NPV8 of $179m and the active anode plant NPV8 of$545m.

With 187m shares currently in issue and various financing options being explored, I am prepared to wait.

Steady progress being made. Key milestones / requirements identified. From my perspective, communication is good.

Looking forward to the PFS after the current drilling campaign is completed.

The potential extra resource from the enlarged licence area and the upper graphite level is promising.

We will have to wait a while:

· The Year 3 Work Programme is to be completed by August 2024

· The Year 4 Work Programme is to be completed by August 2025. The cost of drilling a well depends on many factors including the depth of a well and cost of drilling rigs at the time of drilling.