Member Info for StockFlopStar

@mug come on man it’s not even 8am yet, relax those warrior fingers of yours and save the 💩 for later on

Could be an interesting day of trading today, suspect there will be a lot of unallocated capital from investors who didnt get in on the SpaceX IPO flooding back into the market today!

Agree with ART and Sir_Hector here as well, and I wrote an email to Hamilton a month ago, asking similar questions, it’s genuinely time to start showing executable progress and milestones - otherwise as I said in previous post there are a lot of hallmarks of a lifestyle company here, and I genuinely want to turn a blind eye to it given how much I’ve stupidly invested here (stupidly meaning the % of my portfolio)…I sent an email last night again to GEX which which Anthony responded with a generic “that’s price sensitive and I can’t answer those questions” - I’ll post the email later when I’m back at my laptop so people can make their own mind up

To be honest this is where I have to agree with ZephyrZoe that I think the FCA should be investigating certain aspects of the operations, such as the legitimacy of the Harlequinn RNS’s and most certainly the use of Westmarket by Hamilton and Wallace.

Just to follow up on my last post — this is exactly what I was warning about before the recent GM. I said then that shareholders should not approve the dilution authorities without first demanding a proper response from the board and a clear plan of executable milestones. That GM was literally our one opportunity to force them to answer the questions a lot of us are now asking on these boards.

What happened instead? The resolutions passed with over 91% approval. Capital reorganisation 91.18%, share allotment authority 93.1%, disapplication of pre-emption rights 93.1%. Most holders voted yes without asking a single hard question, and the ones who did have concerns came onto these forums afterwards to speculate about what management might or might not do, rather than holding the board to account when they actually had the power to do so.

We had the leverage. The vote was the leverage. Once you’ve handed over the £2.5m at-the-market authority and waved through the pre-emption disapplication, you’ve given them a blank cheque and all that’s left is to sit on a forum and hope. That’s not how this is supposed to work.

The result is that we’ve given the board a free pass to use retail investors as an ATM — placing at 5p, then 3.75p in lieu of services, then 2.7p, with another £2.5m on tap whenever they need it. Every placing dilutes the people who paid 12.5p at IPO, and every placing happens because the “non-dilutive” Harlequin facility somehow doesn’t cover what an actually-funded programme would cover.

The AGM and GM votes are not a formality. They are the only formal mechanism we have to apply pressure, and once they’re behind us the board has no incentive to engage until the next vote comes round — by which point another tranche of dilution has been issued.

If we get another resolution requiring shareholder approval before the drill is actually executed, I’d urge everyone — bulls and bears — to read the circular, put questions to the company in writing beforehand, and vote no if the answers aren’t satisfactory. That’s not deramping, that’s basic governance from the only people who can enforce it. Us.

Lesson learned for next time. GLA

@Sir_Hector the next move should be up on progress but that’s exactly my issue with this share — they have made zero executional progress, what was once a fully funded drill is no longer fully funded and financed, the money has run out.

We still don’t have a drill contract signed.

Harlequin Energy — well if you do some digging on Companies House, the company has filed dormant accounts every year since incorporation in October 2020, and has just £4 of issued share capital. Don’t even get me started on the website, I could have built a better one using HTML 20 years ago in less than 5 minutes.

I’m honestly not deramping here as I am heavily invested, more so than I wish now, but as I’ve said before I’m seeing all the hallmarks of a lifestyle company in the same way I’ve been burnt before.

If you look at the setup of Westmarket Corp and how Hamilton and Wallace have been using Westmarket, another one of their personally owned companies, to pay the bills for GEX and then cross-charge back to GEX, we have no visibility on whether those recharges are at cost or whether there’s a margin baked in — the structure gives the directors discretion that wouldn’t exist if the company just paid suppliers directly. Then there’s the issue of 6.5m performance shares issued to Westmarket Corp in April 2025, triggered by an October 2024 resource model upgrade — a lot of fuss was made of this at the time, but it’s purely a desktop reinterpretation of 1980s seismic data. There really isn’t anything to it operationally.

It’s just all too fishy at the moment — my god I hope I’m wrong and we see actual executed progress by the end of Q3, but the track record of this lot coupled with the relationships in the wider management network — Roy Pitchford, current NED, was previously CEO of Vast Resources, and anyone who’s followed that story over the years will draw their own conclusions — speaks volumes and should trigger people’s alarms.

Been a long-time bull on this but starting to see things I don’t like.

I’ve held GEX for a while and genuinely believe in the asset base. Helium supply crisis is real, Hussar numbers are compelling, and Mt Kitty bringing actual 9% helium flows into the fold looked exciting. Good assets, no question.

But I’m seeing patterns I’ve seen too many times in small-cap land.

The entire Hussar funding narrative rests on Harlequin Energy stumping up $25m. Sounds great, but has anyone actually looked at Harlequin? A couple of pages of stock photos, domain registered for a single year, and the only public announcement they’ve ever made is their MOU with GEX. No track record, nothing. And MOU is the key word. Non-binding by definition. A statement of intent, not a cheque, not a contract, not cash in the bank. Until it converts into a signed binding drill contract with money committed, it is noise. Meanwhile Ensign negotiations have been “extended” for months with Q3 creeping up fast.

Here’s the bit nobody seems to be talking about. The CTP deal is conditional on GEX raising at least £7 million net plus an FCA approved prospectus. Hard condition, baked into the SPA. No raise, no deal. We just raised £1m at 2.7p, a chunky discount to the prevailing price. To reach £7m at current prices you’re issuing north of 250 million new shares on top of 165 million already in issue. That’s not dilution, that’s a restructuring.

I’ve seen this script before. Promising assets, planning updates, indicative timelines, small working capital raises, repeat.

This was supposed to be a GGP story. But GGP drilled. Right now GEX is giving us site inspections and MOU announcements. Not selling, but watching this very differently to six months ago. Eyes open. DYOR.

One of the guys in our shareholder group chat has written to Tony Hamilton requesting an update ahead of the vote., basically stating that shareholders want to see clearer evidence of execution before being asked to approve further dilution. this includes confirmation of a signed rig contract, a realistic and sequenced plan to drilling with defined milestones such as site works, mobilisation and spud, and more transparency around funding that is directly tied to operational activity. Nothing unreasonable, just a move away from indicative timelines towards tangible, near term delivery that gives confidence the company is progressing into execution and actual value generating activities.

Its honestly time to get into the ground, otherwise we are honestly no different to all those explorers (precious metals, gold, oil etc) that have came, diluted, rinsed shareholders, diluted again, rinsed new shareholders, diluted...rinse and repeat.

@baldhippy that is a completely fair and rational point....In that sense however, I am not expecting a detailed project plan, but a clear milestone timeline, which I think is reasonable at this particular stage at this particular time for GEX. Even for a company of this level of maturity, it should be expected to have a clear milestone plan to execution, even more so that money is tight....and the absence of one makes me feel there is level of incompetence at board level to drive real growth and value realisation.

Still appreciate your thoughts as they are very valid, and gives me something to ponder, but at the same time hope to see more concrete direction and execution led plans before the 20th, even milestone based planning would suffice as above.

Also not being negative :) and genuinely hope it pans out well, at the end of the day we all know the risk of these small caps, so need to take whatever comes good or bad...hopefully good :D GLA

Nomadicinvestor’s view is correct and a prime example of the point I was making earlier, where it is time for GEX to move towards real execution and value realisation activities. I have seen this pattern too many times in small caps, where things drag on with no clear plan of execution, followed by the same cycle of broad plans and promises that never quite materialise, then dilution and another raise, and then the cycle repeats.

I do have faith in GEX, that is why I am still invested and did not sell this morning, but I am hesitant on buying more shares, and I am also hesitant on voting YES to the proposals on the 20th April unless Hamilton publishes:

a) An RNS confirming that a rig contract has been signed and is ready to be mobilised....and

b) A clear and realistic plan of executional activities that could include, for example, confirmed civil works commencement dates at Hussar, contractor appointments for site preparation and logistics, a defined mobilisation timeline for the rig, and a targeted spud window that is backed by signed agreements rather than indicative guidance.

It could also include confirmation of funding drawdown linked directly to drilling activity, rather than framework agreements, and clarity on who is responsible for execution on the ground, including key operational partners. Even something as simple as a sequenced plan, for example site works, mobilisation, spud, testing, would give the market far more confidence than general statements about targeting or progressing.

These are all realistic, near term milestones that should be achievable within weeks if the project is genuinely advancing. This is not about demanding perfection, it is about demonstrating that the company has moved from planning into execution. If management can show that, I think shareholder confidence improves significantly and supporting the proposals becomes a much easier decision.

Until then, we are being asked to accept dilution based largely on future intent, and I think it is reasonable for shareholders to ask for clearer evidence of delivery before committing.

As shareholders we need to start looking at the facts properly, and in return also demanding the facts from GEX, far too often this forum is filled with assumptions of we have this, and this could be like this, and this is potentially this...no...we need to cut this out, yes me all want a multi-bagger, but at the same time as shareholders you need to demand more rather than dwindle on just promises and finger in the air waffle

Simple ask from shareholders before voting YES on April 20th....Show us real execution progress, not just plans.

I think most of us can agree that over the last couple of years Georgina has made progress on paper. There have been resource upgrades, permitting steps, funding discussions and asset expansion, all of which are positive. However, if we are being honest as shareholders, the consistent weakness has been execution....We are still waiting for a signed rig contract, a firm drilling timeline backed by committed counterparties, and clear evidence that operations are about to move forward rather than just being discussed, there has been a clear lack of execution or value realisation activities.

This latest RNS is effectively asking us to approve dilution now, potential ongoing dilution, and greater flexibility for the company. That is a significant ask.

So it is entirely reasonable that, in return, us shareholders should expect something tangible before voting YES on April 20th.....At a minimum, that should be a signed rig contract and an updated RNS clearly outlining a credible, near term path to drilling and execution, not just finger in the air plans of what we think or wish to do, I want to see a solid plan to execution of activities, im genuinely sick of all the wishy washy timelines, its like dealing with consultants in the corporate world....I don't want indicative timelines or broad guidance, but actual commitments.

Honestly this is not about being negative about GEX, like many I have faith and believe in the resources in the ground, but now is the time to pull the finger out and show a clear plan of execution to substance, it is about alignment between shareholders and management. If management can demonstrate that they are moving from planning into execution, I think many shareholders would be far more comfortable supporting the proposals.

Until then, we are effectively being asked to accept dilution based largely on future promises, and provide more capital in some respects without any solid plans and it is reasonable to question that. Its almost like giving someone money to start a business without a business plan.

Genuinely Interested to hear other views, but personally I would like to see at least one concrete execution milestone before committing my vote, and I think this is a stance all shareholders should take, even possibly write an email to GEX demanding this, as its completely fair and reasonable IMO.

Thanks for calming my paranoia :D

New RNS is a bit of a mix bag and likely to have downward pressure on the price and value for current investors - highly suspicious of the large £17k sell yesterday, someone clearly knew this RNS was coming, trump style trading shenanigans

The comment section on pornhub produces more intelligence than some of the folk on this board - maybe jrlomax, olly and kasami should spend some time there to capture some brain cells

If you give him 5-10mins he will draft up the leaked email in MS word for us :D

Not every recent RNS has had that big “wow” factor some were hoping for, but if you take a step back and look at them as a whole, you can really start to see something coming together.

It’s like watching a LEGO castle being built… each piece might not look like much on its own, but together they’re forming a solid structure. From operations to funding updates, everything seems to be moving in the right direction.

It might not be exciting enough for short-term traders, but for those of us holding medium to long term, it’s actually pretty promising. Just needs patience.

Great post cjm83, I feel as though you spoke far too much sense for this board you should be banned :D

Whole bunch of news

Cool story

The beauty of history is it doesn’t predict the future, and what you are saying is just the nature of exploration companies, there will be dozens of failures, but you only need to strike successful once for big rewards….fortunately MSMN, have numerous irons in the fire with one well confidently assumed to be a commercial success and Sagebush determined to be commercially ready….and there’s still plenty more to test