Member Info for SlowLearner

I agree we are somewhat in the dark on what's going on hence asked AI for a view ... this is the response:

General Meeting Approvals Just Passed

On 3 June 2026, Atlas Metals held its Annual General Meeting (AGM) where all resolutions were passed with over 99.9% approval. This included critical approvals for directors to allot shares and manage capital structure. If the RTO were collapsing behind the scenes, management would not have pushed through these transaction-enabling resolutions.

Fully Funded Progress

Unlike the failed 2024 deal, the company secured an accelerated funding facility through Yorkville in late April 2026 specifically to cover the legal, auditing, and prospectus costs needed to bridge the gap to the RTO completion

Looks like people are reading the results and getting on board .... volumes picking up

Good news on the RTO would blow the doors off ... will have to wait and see

This is quietly creeping up (20% in two weeks) ... very few sellers now.

It's low volume at the moment but if the herd spot the potential of the RTO (and virtually no one is selling) then this could move upwards whilst we wait for the RTO news.

Ps not a ramper just an interested shareholder who is betting the RTO will come off ... it's priced at 20-30% so clearly a risk but potential for a great (5x) return

Price ticking up today ... is good news coming as you say? (typically leaky AIM market?)

As was the late reported trade of 100k on 7th (i.e. it was another buy).

Is there a background seller that is selling into any buys? Unlikely to be the creditor that was settled on 31st March exiting (as only 648,497 shares) ... anyone seen any other creditors paid in shares that might exit? Otherwise is it Axis from ATM facility (5.5m shares on 18th) ... if so has anyone estimated the amount sold / still to be sold?

As predicted last week - the creditor paid in shares (c.5m) that appeared to be selling (e.g. the 2.5m trade last week) presented a good s/t trade between 3.2p and 4p.

However as confirmed in today's RNS the cash warrant holders are still exercising and selling when the price is above 4p ... another 117m to go!! Hence, still can't see the sp getting a long way north of 4p before 11th July when they expire (or if & when somehow all 117m are exercised earlier).

The updated significant shareholders register on Mast's website has no institutional investors (just PI's through Hargreaves et al) hence can't see any long-term support but, despite the rumours on this board, there no major detractors / short positions (it's been impossible to short MAST for months).

With the bogus advertising stopped (and hence trading volumes dropped off) I am pleased that we aren't seeing more PI's being duped into buying and I wish all holders the best of luck... bring on July 12th.

Nice to see civility has broken out on this board in general ... good stuff.

13th January RNS included 5,143,417 new shares being given to part settle a creditor ... i.e. 2.99% to stay under the 3% threshold both keeping the creditor anonymous and allowing them to sell down without an RNS.

Could well see another 2.6m sold tomorrow/coming days if they have decided to cash in (and it was them selling the 2.5m today)

If that pushes the sp down further (3.2-3.5p) then might be a day trading opportunity (back up to 4p).

After that though I am still bearish with the 120m remaining 4p warrants, I can't see the share price going much above 4p till July when they expire (or until they are completely exercised)

Good morning PJ,

Just wanted to check on your last message: you say the warrant holders "will move on that’s their model in fact just seen recently funding from them to another company" .... which company is that?

I do agree with your second point, "and if they do want to buy more then more cash to " MAST

PJ,

Thanks for your polite response and I acknowledge we have different views of what will happen between 12th January and 11th July to the 122m outstanding cash warrants. My concern was that people thought there were no more cash warrants.

- Your hypothesis is the warrant holders have made their money and moved on to other shares (as, to support your case, could be substantiated by the paid for "bogus" advertising stopping a few weeks ago .... most likely funded by MavDB/Warrant holders)

- My hypothesis is the warrant holders will exercise and sell if the sp goes materially above 4p as any value above 4p pure profit to them (there is no legal right or obligation for the warrants to be repriced upwards as some suggest)

Hence time will tell which of us is correct. I do acknowledge though that if these warrants can be exercised then that would be a beneficial £5m to MAST and once they are exercised (or) we reach 12th July then the sp will be free to "go on fire" (but not before the warrant are gone IMHO)

I doubt the Pete's (All Knowing 1 and All Knowing 2) have gone to the cliff to watch the lemmings die as seeing PI's being conned is what they have also tried to prevent

THE CASH WARRANTS DO NOT END ON 11th JANUARY - READ THE 6th JANUARY RNS - HALF REMAIN TILL 11th JULY

“Under the terms of the Equity Fundraise as previously announced, 50% of the Cash Warrants originally issued to the extent not previously exercised expire on 11 January 2026, resulting in 122,200,000 Cash Warrants remaining unexercised. Such remaining unexercised Cash Warrants expire on 11 July 2026 if not exercised.”

Maid,

- I am really disappointed in your message - I have always been civil and asked people to be civil in response.

- I have even tried humour .... never expected you to eat humble pie and call me all knowing 14 (shame you didn't push me up your list though)!

- The reality is there are 122m cash warrants that expire on 11th July - it's written in the RNS

If you want to ignore facts you can but misleading others to get them to buy is altogether different. You will see next week / in the next RNS that updates on warrants that these cash warrants are still in place and when that happens I ask that you examine your conscience and stop the BS

Maid,

Assuming your post about people living in the past is a reply to my post then:

- they are not old - historic warrants .... half the cash warrants will only expire on 11th July

- this was clear in 6th January RNS

- hence another 122m warrants can be exercised at 4p when the Warrant holders want (not as and when needed by management as you claim)

Hence a rerate will be somewhat difficult with that size warrant overhang

Maid, whilst I’m seriously disappointed that you aren’t referring to your listed 15 trouble makers as all knowing (you conclusively lost the 31st December bet as the sp was 4p not 50p!) … please read the 6th Jan RNS … ON 12th JANUARY THERE WILL STILL BE 122m CASH WARRANTS LEFT TO BE EXERCISED BY 12th JULY

I don’t know if the business has enough cash, whether the analysis from All Knowing #1 (aka PP) will be shown to be correct when the company issues its results BUT what I do know is the “churn” as you call it isn’t over and I don’t want to see PI’s suckered into buying today on incorrect info that all the warrants expire on 11th January

6th January RNS extract to save people time looking:

“Under the terms of the Equity Fundraise as previously announced, 50% of the Cash Warrants originally issued to the extent not previously exercised expire on 11 January 2026, resulting in 122,200,000 Cash Warrants remaining unexercised. Such remaining unexercised Cash Warrants expire on 11 July 2026 if not exercised.”

To clarify some of the miss information on warrants.... looking at 2nd Dec RNS and today's RNS:

1. On 2nd December there were over 13m prepaid warrants left (now only a few hundred thousand)

2. Hence almost half the 27m warrants exercised between 2nd December and now were prepaid (raising only c. £500k from the cash warrants exercised)

3. Furthermore a large number of cash warrants will expire on 11th January (>100m, i.e. MAST will not raise the corresponding £4m)

4. And only 14m cash warrants were exercised in the month since 2nd December

5. There are 122m cash warrants left from the second half (to be exercised by 11th July)

6. Hence unless the rate of exercising cash warrants improves (unlikely with current sp) then MAST will not raise the full £5m from the 2nd half of the cash warrants

7. And it's unlikely the share price will move much from 4p until 12th July (or all the cash warrants are exercised) as the warrant holders will exercise and sell into any raise

Maid - WTAF - you either do have me filtered or you can't read long messages .... so to keep it simple:

1. Unless we have an amazing surge then I won our bet of 31st October as the sp is closer to 4p than 50p on 31st December closing!!

2. In 2026, the share price isn't going anywhere until the last 125m cash warrants expire in July or all 125m are exercised

3. It's highly unlikely they will get exercised quickly as the bogus advertising has stopped and trading volumes have dropped

4. You are caught up in the middle of a Wolf of Wall Street scale scam ... MavDB and his partners have conned you and other PI's out of their savings (in MAST, MET1, SATS and others)

5. Thanks to Pete 1, Savs, Pete 2 and others at least we minimised the damage on MAST

Please, objectively look at what is going on and start calling your naughty list 15 - "All Knowing" for the entire of 2026

Ps Maid - could you post your list of 15 again so we can be numbered off 1-15?

Signing off for 2025,

SlowLearner, aka, "All Knowing 14"

So to conclude (hopefully some people will have read the previous messages and saved themselves a load of heartache in 2026) my predictions (nb it's a view not facts so please don't abuse me) for 2026:

- MAST may well need to be careful with their cash to survive and may even need an additional raise (like MET1 had to)

- The share price will not move far above 4p as the warrant holders will sell into any raise until either the last 125m are exercised or we hit 14th July (and rest expire)

- There are 10x the number of shares in issue now (at least 138m) vs July post the consolidation (13m) and this could double again with 125m cash warrants hence talk of the sp getting back to 50p, let alone £2 would imply a market cap of 10-20x the market cap of this summer !!! (charts don’t work with this level of issue)

- MavDB will try another fundraise somewhere (possibly not in the UK though!!)

- Hopefully the FCA will act and/or "Piranha of Puerto Rico" is written (as this is one outrageous scam defrauding PI's on a scale worthy of DiCaprio's talents)

What about the specifics of MAST:

- The initial fundraise only raised £2.7m net in July (from loan/pre-paid warrants) i.e., £5m gross less MavDB’s £2m fee & other fees

- The sp rose from c.9p in May with the bogus advertising and a lot of ramping on chat boards (was this in part funded by the same people funding the advertising?)

- The sp dropped from it’s peak (£2.13) shortly after the warrant holders started exercising and mgt distanced itself from the bogus advertising (early September)

- In exercising & selling 125m prepaid warrants, the sp dropped to the 4p warrant price (simple supply & demand meant that RNS during that period were largely irrelevant vs number of shares sold)

- the mythical large "out of hours buys" aren't mm's playing games ... they are just aggregated sales from the broker handling the warrants

- Peel Hunt are brokers not investors so had a stake (no doubt bought from the warrant holders at a discount) so the warrant holders could exercise more (they have a 3% holding limit each)

- With the share price near 4p, the advertising mysteriously stopped and trading volumes have dried up considerably

- Hence, it’s unlikely that all 125m cash warrants that expire on 14th January will be exercised in time (that would net MAST up to £5m more) … we may get an update mid-January

- That still leaves another huge 125m cash warrants at 4p that could be exercised before they expire on 14th July (that would net MAST up to £5m more)

- Ultimately it is outrageous that the FCA haven’t acted and PI’s have been conned by the bogus advertising and hype into losing their savings

To recap on why the below bet was a sure thing/MAST has been the latest in a line of scams and why “Piranha of Puerto Rico” (aka the new Wolf of Wall Street) is a must for our cinema’s:

- MavDB (in Puerto Rico) have done a number of fundraises for struggling companies (e.g. MAST, MET1, Satsuma) saving them (to be fair) but creating huge profits for their warrant investors (possibly >£100m):

- MavDB’s modus operandi is an emergency fundraise for a struggling company with:

- share consolidation (eg 10-1),

- issue of a huge number of warrants, c.10x the current shares in issue (eg £5m pre-paid & £10m cash ),

- charging a £2m fee (from initial £5m) &

- then dubious advertising appears (funded from Cayman Islands) causing the sp to spike up to 50x (got MAST to £2)

- Once the sp is high, the warrant holders (5 of them; no doubt controlled by MavDB as there is no competition to sell) start to exercise & sell making huge profits

- eg MAST exercise 6 million warrants at 4p & sell at to £2 in early September .... £11.76m PROFIT … 5000% return!!!

- To ensure control and influence over the company:

- MavDB have a 2-year advisor contract

- Celia Li (the partner/possible wife of MavDB’s founder Josh Bartch) is put on MAST’s board (July)

- There are a series of puff RNS with minimal info on the warrant exercise (often hidden at the foot of the RNS)

- The warrant holders made c. £50m on MET1 & would have made up to £250m on MAST if people hadn't spotted the scam &

- (1) in the case of PI's posted & alerted new PI's to stop them falling for the advertising

- (2) in the case of professionals, such as ii, stopped allowing PI's to buy shares on their platform (or for that matter short the stock!!)

So the challenge from 31st October is almost up. For ease of reference I have copied my message below:

“In my attempt for world harmony through humour can I suggest we take on the 31st December challenge and happy to adopt Maid's price target of 40-60p (now that I think he has acknowledged there are 361m more warrants that could be exercised). In other words if the share price on 31st December 2025 is:

1. Closer to 50p then the LISTED15 have to call (for the whole of 2026) Cando, Maid, Invester86, etc "Share guru"

2. Closer to 4p then Cando, Maid and Investor86, etc have to call (for the whole of 2026) the LISTED 15 "All knowing"

Between now and 31/12/25 can we all acknowledge we have different opinions/analysis and stop insulting each other like petty politicians?”