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Interesting spread of under 1%. That must be a first for Valereum. I wonder what's causing that. No doubt it will be back to the more normal 20-30% soon.

'QGP have made quite the habit of missing deadlines - don't think they have met one agreed deadline since VLRM got involved with them.'

'Got involved with them' or 'got them set up so this deal could be presented?' Remember QGP didn't exist just a few months before this deal, and don't seem to exist beyond it, given there is no record of them ever doing anything other than with Valeuem.

Telegram group continue to talk about QGP as if they are some totally independent entity, rather than asking if they could, just maybe, be connected.

Cut and paste for you:

-'The lease liability recognised at 31 December 2025 relates solely to the vehicle lease entered into in December 2025. It was gor £17,892

- 'In addition, a property rented by the Group in Gibraltar, was made available for use by the Chairman, James Bannon, as his residence during the year. No rent was charged in respect of this use'.

Billy0813.... House... Right near the end, car under expenses somewhere. Just need to read the accounts and it's all there along with big salaries to BOD and massive consultancy fees to unspecified parties. but we do know past fees have been paid to Gary's son in this way. Happy reading.

Nobody could have seen that QGP, a brand new company of two employees, set up just before the original deal and who have never done any business activity other than with Valereum - would not have any money. Due diligence checks were extensive so it must have been incredible bad luck for Valereum that these obvious red flags were missed. I feel for the BOD, I guess they just gave to grit their teeth, keep getting paid very healthily while they continue to deliver nothing. I just hope this doesn't stop Valereum being able to lease a car (porsche?) for James while he lives in his Valereum-paid house for free.

I admire your commitment BashM. If you were on the titanic I’m pretty sure you’d be arguing it was a good thing the ship hit an iceberg and the current captain just needs to correct course a bit. Then as the captain is seen jumping into a lifeboat and those around you are complaining he’s deserting, you’d cheerfully argue he’s just ‘off to get help’.

Quick AI analysis of the accounts for those that don't have time to read them:

The accounts as presented in the RNS show unusually low operating revenue and heavy reliance on disposals and fundraising, while disclosures about operating activity and the drivers of consulting and executive remuneration are limited; those features are legitimate warning signs that merit further review.

What the RNS actually shows and why it matters:

- Low operating revenue: The RNS reports £98,318 revenue for 2025, a small amount for a quoted company. This is explicitly stated.

- Material non‑operating cash inflows: The company realised £2.4m from a disposal and raised £2.1m equity, which materially improved cash to £415,929 at year end. Reliance on disposals and fundraising rather than operating cash generation is evident.

- Limited operational disclosure: The announcement emphasises strategic partnerships and regulatory milestones but does not provide a granular breakdown of operating revenue streams, customer contracts, or the nature/recurrence of consulting fees.

Why these are warning signs

-Remuneration and consulting fees that are large relative to revenue can indicate that management costs are not aligned with current trading performance; without detailed notes it is hard to assess whether fees are one‑off, related‑party, or recurring. This is a governance and going‑concern consideration.

-Heavy reliance on disposals and fundraising to sustain cash increases the company’s dependence on capital markets rather than operating profitability.

-Sparse operational detail reduces the ability of investors to judge sustainability of revenue and the reasonableness of fees.

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A few important figures to call out on where the money goes (not from AI summary)....

Directors' fees -£447k, Personnel cost £577k, IT development cost £307k, Professional fees £363k, Marketing, PR and conferences £233k,

Travel and subsistence £55k, Property rental and associated costs £46k, Consultancy fees £183k. So that totals £2.2m which has been paid out. For what services that convert to value for the business exactly? IT development when they have stated they are now just using off the shelf systems from there partners?

Some of these are obviously to directly to the BOD, others less so (on one of the last pages it is called out the company pay for a property that James Bannon uses as his residence during the year at no cost), but how many of those IT development costs, professional fee;s etc are to connected parties, like the one Gary's son owns. There is no way of knowing.

Lots of people in telegram chat baffled by why ‘they’ (QGP) have done this to ‘us’ (Valereum). Question of what ‘they’ gain, if ‘’they’ can be taken to court etc. Nobody is asking who ‘they’ includes. As if this company, seemingly set up ONLY for the purpose of this deal with Valereum, are really separate from Valereum BOD?

One thing is clear, ‘they’ are making money of the back of private investors.

Question: how many monthly users does VLRM markets have?

Answer (my guess)- registered users <10, active users zero. Revenue for q1 will be close to zero too.

Following research which didn’t use AI but did require tea, here's what may happen next.

Valereum will announce that they have verified that gold is valuable (if QGP were to have some). They will conclude the QGP fairy dust reserves audited and find they do have access to billions of ounces of dust. They believe this dust to be fairy-derived. But it may be just dust. But billions.

They will then conclude that the deal is no longer what they said it was, but may not point out that this means it is what it obviously was all along - given the 2-person QGP was set up just months before this deal (being the only published activity they have ever done).

Encouragingly, they may also inform investors that the independent audit only cost £200k. While highly complex (involving staring at the ground and occasionally kicking it), it may also turn out that a company owned by Garys dog had just the required expertise to complete it for this bargain sum.

Small correction to what Peoplepower1 (he's back!) wrote - The QGP audit may take up to 6 months because it is extremely difficult to audit fairy dust.

I suspect so many are down 90% plus that most think 'Well, I can't sell, I have to hope (against all odds) this will turn around. Which basically means Valereum BOD can keep placing and/or selling their basically-free warrants and continue to make money almost all the way to the share price hitting zero.

Someone saying in one of the many Valereum telegram groups that Valereum makes up 90% of their investments and that they are £200k down. I doubt they are alone… I suspect many who got involved with this put most of their savings/pension into this dog. The BOD should be ashamed.

‘An international accounting firm’ which will turn out to be owned by another member of Gary’s family or a connected party where we will never discover the real controlling interest. More cash extracted in fees but ‘oh dear, it didn’t pass due diligence’ so the deal is off. but fear not, we have a new shiny thing to distract you with.

@bashm you believe in Valereum even if I can’t fathom how given the facts. But I get that you do, maybe because you can’t really afford not to as that would be pretty painful. But I can’t believe you genuinely think there are really billions of assets to verify. There just aren’t.

RNSing every blog post tell you a lot about how little there is to say of actual value.

No point getting into big back and forth @BashM , we are not going to agree. You can respond to anything, that doesn't mean the points raised have been addressed. And in responding to each in isolation, you miss the big picture that you get when looking at them all as a whole.

But briefly:

1. Shares in issue - AI (copilot assessment that I previously posted) - Is Valereum’s share count unusual? Yes, extremely. It is one of the highest on Aquis. Is the share count justified by revenue? No — not even close. Revenue is so low that the share count looks disproportionate by any conventional metric.

2. No revenue, your answer is more time. I'd highlight no operating revenue and zero consistency and some dodgy reporting of past revenues which were not and that they had to correct.

3. BOD extracting millions. Read the accounts. And look at basically free shares. They off load any of those and it's all profit, and it soon adds up. Nothing illegal, but while most TG private investors are down 90%, the BOD are up considerably.

4. QGP yes, and DMC before them. SPC is different, the actual company QGP was set up for this deal, not the SPC. And it’s a company of two people with no history of ever, ever doing any deals with anyone but Valereum. Again. EVER. Nothing. Ziltch. And then the deal turns from money into worthless Vgold. Not at all concerning.

I haven't said scam. Whatever the language, put all of those things together and you get a clear picture of a company that is run specifically to enrich the BOD at the expense of private investors.

@BashM I'm going to take your question as genuine and give a very brief answer to: "So where is the scam? Explain please?"

If you saw all of the following things, would you consider that a genuine and normal way most businesses run and grow, and in doing so create shareholder value? Whether you want to use the term 'scam' or not (it does suggest illegal - and care seems to have been taken to ensure this likely isn't). Regardless, scams can be within the law when you are talking about very lightly regulated exchanges and people willing to push to the very boundaries of legality, but are happy ignore morality.

1. A company with a share issue WAY above normal levels and who keep diluting the share, giving themselves free of heavily discounted shares.

2. A company that doesn't have any revenue, and never has meaningfully, but makes bold (but always changing) claims about transforming an entire industry.

3. A company where there are basically no employees beyond the BOD, who are doing very well in salary and shares despite a complete lack of any revenue. Millions have been extracted by the BOD over the past years, per the accounts. Millions that have come from private investors who go into this via a telegram group largely.

4. A company that endlessly release impressive sounding MOUs but never give progress update on any of them, and none of them ever turn to revenue.

5. I company that has a history of agreeing deals with newly established companies, seemingly set up for the sole purpose of the deal.

6. I company that gives shares to family members, who just happen to have companies that do the thing that valereum need, but don't have any other business.

7. A company that communicates with private investors in a closed telegram group which shamelessly ramps the share, encourages people to average down, kicks out anyone who raises legitimate concerns, calls anyone who doesn't agree a 'hater' etc. (well, they did until recently, closing that group with no explanation).

Do all of the above look 'fine' to you? If so? Keep buying more shares although you may as well just get the BOD bank details and directly give them your money.

49.8% of nothing is nothing unfortunately.

Right now, QGP have not paid a penny. They got paid about £100k for the deal and to provide the $200m guaranteed notes with its guaranteed perpetual interest that turned out to be…. Not guaranteed. Reminder… 2 person company set up just before the Valareum deal and no record of them doing anything separate to Valereum. Why would anyone believe they are genuine or have any funds given they have already shown they don’t.