Member Info for Tangodog1024

Hi FG - possible scenario for a 0.2 placing which is only open to certain institutions and invited individuals - the BOD is aware, informally, of developments that will be favourable to UFO and within a few weeks announcements will be made. That 0.2 placing suddenly looks very attractive especially when you know you have some less attractive announcements that will drive the SP down (happened last week) which then appear to justify the low placing price. If this scenario plays out then the certain institutions and invited individuals will be very happy.

I fear that this is another Sirius Minerals in the offering - company running low on cash, on the verge of production but cannot quite get it over the line and in steps AA to buy up a cheap commodity shafting the PIs in the process.

A direct quote from the RNS on 30th June yet nothing has been reported. This clearly has a material impact on the core business and future of the company but there has been nothing but a deathly silence. There needs to be an announcement even if it is simply to state that the dates have been moved. Investors need reassurance that this crew know what they are doing.

My understanding of a DFS is that it is a normal part of the pre-production process - no company is going to commit significant resources without due diligence. It's another step in the right direction but the way it has been communicated leaves a lot to be desired. Firstly, no specific timescales on the DFS - just a vague 'over the coming months' - UFO is paying for a service so surely it can give more specific timescales, e.g. by end of November. Secondly, the RNS states 'completing the required Fauna, Flora and Vegetation studies to support the Environmental application' - when was this completed and what were the findings? Maybe I missed it. There's been no announcements on the scope of progress regarding Native Title Holders just vague phrases yet these discussions have supposedly been going on for weeks if not months - documents were submitted last year if I understand correctly. I appreciate it is difficult when steps forward are not necessarily under your control but you can control the communication sphere and UFO is just not doing it adequately enough.

2.6million at an average of 0.42p per share

I hold a few million of these shares. I observe this BB but rarely post, however, I have some concerns. Firstly, communication is key. The company states two key milestones for July - "The Company proposes to provide a strategy and board structure update in July 2023." and "there is a key Native Title meeting scheduled in July following which the Company will have a clearer idea on the timing for production commencing". I appreciate that, in any business, delays occur but at minimum communicate acknowledgement of delays - it is starting to look worrying. Furthermore, I go on the Alien Metals website only to learn that the domain name has expired - someone has clearly taken their hands off the rudder of this ship. Finally, I look at the biography of the CEO - Sirius Minerals to Anglo Amercian then to Alien Metals. I am hoping there is not another Sirius Minerals in the pipeline and we shareholders get a raw deal. Happy to have got that off my chest, now back to lurking.

Mineral Resources can be defined as the concentration of material of economic interest in or on the earth’s crust, whereas Ore Reserves are the parts of a Mineral Resource that can at present be economically mined - https://www.mmg.com/our-business/mineral-resources-and-ore-reserves/

Does this part of the RNS "This option award and that announced in September represents the director and management incentive awards for the next 12 months or so." mean that those targets are expected to be achieved within the next twelve months? If so, suggests that the mining licence is not too far .