Member Info for TastySalmon

> Dont forget directors have options at 2p

In 2016 they had options at 187p. In 2020 they had options from 35p+. They've given up on both of those. It needed shareholder pushback to hold them to 2p. (see the RNSs from April). You can see they've had to lower their sights over the years.

> the company must have achieved annualised recurring revenue ("ARR") of at least £3.5 million

How far away is that? 15-24 months? In the first half of 2022 they grew ARR by £160k. In the second half of 2022 5they grew it by £340k. Wow accelerating growth! First half of this year they've grown that by £300k. Boo! Acceleration stopped. The last figure for it was around £1.94M in December, make up your own numbers, if they add ~£300k every six months it will be 2 years to get there, Christmas 2025. If they can accelerate again, it could be 18 months? 15 months?

They need at least one fundraise to cover something like £0.5M-£1.5M expected losses over the next year. Maybe they can make a chunk of that up in non-recurring sales revenue? I haven't paid attention to those numbers.

> Osi is a good growing company unlike many others on the aim market. With cyber attacks on the rise (will only get worse) imo they are in the right position at the right time.

I don't disagree, so ... why aren't they growing faster? When founded in 2008 they were early. In 2016 when they listed that was a great time. Now in 2023 the market's being eaten, BeyondTrust takes $330M/year revenue, Osirium is puttering about with £0.2M of cost cutting and lowering their Director's targets. The sales director whose strategy has been so weak all the years, they just made him CEO. The market isn't standing still, if they keep the growth rate over the next 5 years they'll be an also-ran nobody, they might get bought and shut down just to take the customers and end the competition.

To become a big player they need to STOMP on the sales accelerator and be adding - I dunno - £1.5M ARR by Christmas, £5M next year, £12M the year after, £40M the year after, £100M the year after. Their recent yearly additions were 160k, 300k, 0.4k, 500k, ~600k. There's no hint anywhere that they have what it takes to avoid being an also-ran.

If September interim results say on track for £300k H2 this year or worse, that's a dragged out 24month future to barely breakeven. Weak sell.

If they say on track for £4-600k H2 this year, they got the accelerator going, but it's a fairly slow 1year+ future. Neutral.

If they say much more than that, £750-£1M+ for the second half of this year, STRONG BUY (maybe after any placing).

> "I don't think it will work with financing the current management on AIM, clearly it isnt working. Having been here for about 3 years, (I recall the 6p placing, then the 3p, then the 2p), I have not seen any noticeable difference in strategy during that time"

They think their strategy is working; look how many RNSs mention 'land and expand' for years, e.g.:

- "We are delighted to secure this new customer in the legal sector and a further 'land and expand' licensing deployment. " (November 2017)

- "Over the time of our engagement, the Customer has also adopted our PPA capability, demonstrating the potential of our 'land and expand' strategy" (August 2022).

> "I don't think another small placing will solve the fundamental issues here"

At the rate of annual recurring revenue growth, it feels like a £2M raise (triple the shares in issue) and 2 years has a good chance of seeing them (barely) profitable. And like a £1M raise (double the shares in issue) probably won't.

140M shares in issue and 0.7p/share by Christmas, and a need to raise again in mid 2024, anyone?

I've read back through RNSs. Current CEO was at Bomgar (now BeyondTrust which sells PAM software, Est. $330M/year). Chairman, Sales Director and CTO were senior at MIMEsweeper, sold for $1Bn after 5 years. I guess they thought they could do that again and get rich quick? Osirium founded 2008 [Sir Ian, Sir Ian, Sir Ian] AIM listed 2016.

RNS highlights:

- 2016 April listing 10M shares at 175p, raised £5.1M, share price tips 200p, £17M market cap.

- 2016 July "strong and growing pipeline of new customer prospects, significant contracts in sight for 2016". Total revenue £162K.

- 2017 January "Revenue growth slower than expected, investment in core functions slower than expected".

- 2017 May results, appointed 4x Directors. Total revenue £477k. Share price lows of 93p.

- 2018 March placing 3M shares @ 134p, Chairman buys. Total 13M shares.

- 2018 April results, appointed 2x Directors. Total revenue £647k. [quiet year].

- 2019 April, share price drops off cliff?

- 2019 May results, total revenue £957K.

- 2019 October placing 7M shares at 34p, Directors buy in, £2.7M convertible loan notes for 2024 at 40p (lol). Total shares 19M.

- 2020 May results total revenue £1.17M. Share price 25p.

- 2021 April placing 9.5M to raise £2M, directors buy in. Total shares 29M.

- 2021 June results total revenue £1.43M.

- 2022 Feb, placing ~16M shares at 6p to raise £1M. Talk of $21Bn market opportunity. Total shares 34M.

- 2022 April results total revenue £1.47M. Almost same as last year? All those ~ business development directors ~ doing what?

- 2022 November placing 63M shares at 2p, raising £1.5M and 12.7M shares sold to Directors.

- Total shares in issue vague, ~95M + 20-30M of options/grants/convertible loan notes makes up LSE reported 122M shares, I think?

- 2023 March results total revenue £1.92M. Share price 2p.

- 2023 July share price 1.25p. £1.5M market cap.

In between those are contract wins, expansions, renewals, record growth and contract sizes, new industries, enormous opportunities, confidence in their strategy, record boot production, and always being at war with EastAsia.

They've lost thirteen million quid in five years but only now doing 'cost saving' measures?? Enough placings that IPO investors need 140x share price to get money back. What is the future, November placing 150M shares, March results £2.6M revenue, placing 300M shares, £3.8M revenue, placing 600M shares, £5M revenue and profitable, placing 1Bn shares to fund R&D because it's 2027 and everyone who wants PAM software has it by then? Sales Director who "saw 600% growth" at Bomgar was overconfident?

But they took revenue from £162K to £2M (12x), built sales networks, gained customers, new products, directors keep buying in, years of slow growth - but consistent - and they're levelling off the nosedive. Is it possible they can pull up into rapid growth? One more placing, 2x revenue to £4M and stop losing money by June 2024, >2x to £10M

> Or a lot of ramping but the likes of Afzal, casper, bigib, bel, doc etc

Afzal sold everything almost two years ago - 23 Nov 2021 15:38 "Holdings in Company" RNS, he went from holding 10.29% of the company to 0%.

I'm puzzled; revenue now ~£2m/year, losses £3M/year. Latest RNS says 34% ARR increase or £0.5M. Five more years of that to break even? Funded by raises and dilution? Then again the March 2018 RNS crows about "The sales team comprises four direct sales people, three pre-sales people and two sales consultants". Breakeven is only another £3M in sales, how come NINE FULL TIME SALES PEOPLE haven't been able to do that in five years?

Google "Osirium site:reddit.com" there's maybe three mentions of them. I spend too much time on technical Reddits, there's ones for vendors like CyberArk and FortiGate, and like r/MSP (Managed Service Providers) where 140k subscribers discuss password vaults and endpoint security and account management tools. Osirium are completely absent. No employees there raising awareness. They didn't bother to register r/Osirium (taken last October by some Anime thing). Outside Reddit, Veeam hosts their own forum anyone can sign up to where employees respond as well. Osirium support portal has a 'contact us' email form to request an account.

The March 2018 RNS says "The marketing team is also up to full strength and is building [...] Osirium's internet presence" - you can find their marketing team on Glassdoor saying how nice the company is to work for and how easy the marketing job interviews are. Not out marketing to people like me who have been on the technical side of managing privileged accounts and cleaning up after ransomware? Why not?

I've watched some of their YouTube videos[1] and their products look decent, decent technical skill gone in taking away Admin rights on Windows and selectively allowing it, in the servers being clusterable; the web interface looks clean and pleasant. SoftwareReviews giving them gold stars on ease of use and support? OK say I want to give them money - no prices on their website. Try and get Osirium PAM from their website, I can "Get PAM for Free" the express version, but can't buy the full version? Want Osirium Automation, you can "get in touch" by filling out a contact form. That's a dealbreaker for so many people who might buy a license key on a company credit card but don't want to talk to a sales team. Have they not learned the lessons of the cloud providers and take advantage of shadow IT spend?

Osirium has 50 employees, so 20% are sales and marketing and they got to "we tried tweeting 3 adverts a day, and now we're all out of ideas"?

Forget selling coals to Newcastle, they can't seem to sell Guinness in Dublin and they barely seem to be trying; what am I missing? Is their software secretly rubbish? Any reason to think they can go £2M -> £5M ARR and profitable in another year if they could only add +£0.5M last year?

[1] (if less polished than amateur YouTubers)

In 2016 this touched 199p/share with 10.3M shares in issue. Now it has 122M shares in issue, over 90% dilution. Ouch.

Last placing was in November 2022, 72 million shares at 2p raised £1.2M and lasted ~9 months.

Now they anticipate more fund raising, another 70M shares for £1M perhaps?

Choice quote from the March 2018 placing RNS:

> "Gartner estimate that cyber-security spending was $89bn in 2017, growing at 8% per annum. Privileged Access Management (PAM) is emerging as one of the fastest growing markets within the wider cyber-security market and is expected to grow at 27% p.a. to $2.3bn by 2020 by which time it will represent 2% of all cyber-security spending. This anticipated growth will be supported by significant opportunities in the mid-market space."

What happened?

> What’s the point in working towards production when they can’t even shift the stockpiles ?

What's the point of posting multiple negative comments today when you haven't even watched the most recent interviews with KM? It's not that they "can't" shift the stockpiles, it's up to the banks/creditors when to sell, and they are prioritising using the boats for higher grade ore with more profit in each trip.

@Danger_Man: the last Red Setter Heritage Survey RNSs announced it was 'underway' on 12th May 2022 and 'completed' on 19th May. (One week). Here[1] is the WA government guidelines on heritage surveys and they're looking for archaeological remains, buildings, gardens, parks, trees with cultural significance. I'm not expecting there to be many parks in this desert and earlier flyover surveys mean they'll know where any buildings are, they must have been talking with aboriginal people in the region for the previous survey. What do you think the cause of it taking "a lot longer" than three months might be?

> "I also note you've been bullish on this all the way down from when the share price was in the mid-teens"

I haven't posted "rah-rah, to the moon, wouldn't want to be out of this over the weekend, fill yer boots, smart money, £1 tomorrow" empty ramping. My bullish comments have been supported by reasons and references to RNSs and tempered by acknowledging it's a risky gamble and communications hasn't been great and so on. I want the same from critical posts; if you say Northern Red Setter is much more inhabited and link to some satellite images, or if you say the government is backlogged with work and link to some examples, fine, I take that on board. It's the "greasiest ceo on AIM, no gold found, no progress made, 1p tomorrow" character assassination, lies, misleading empty unsupported doom and deramping posts I push back against.

I'm not thrilled with the share price, but if I could see where share prices were going in the short term I'd have been retired years ago - nobody can. Look at FaceBook (META) and Tesla and NVIDIA; in the last two years their share prices each lost >50% value in around a year, then tripled in the last eight months. NVIDIA became the darling of the new AI boom no competitors have anything like their hardware and the cloud services are buying as much as they can, meanwhile Tesla failed to launch the cybertruck and their head of AI quit and their self-driving which was "going to launch around 2017" is still a failure which increasingly kills pedestrians and blames the owner, and META lost 14Bn on the metaverse with nothing commercial to show for it and had to fire 11,000 people and their one business model has seen young people leave it and advertising and tracking be more and more regulated. How do the three share prices show the same pattern, what sense does that make?

[1] https://www.wa.gov.au/system/files/2022-09/Guidelines-for-Local-Heritage-Surveys-2022.pdf

> Question being, what news? The last broadcast was going on about heritage surveys before any drilling. Minimum two/three months to get those boxes ticked and probably a lot longer.

Where are you getting "probably a lot longer"? We're waiting for Heritage Survey drilling program details and news on work on the other properties. The interview from April is here https://www.youtube.com/watch?v=B2lbcdi4eF0 (in case the link doesn't work, it's titled "Wishbone Gold to continue drilling at Red Setter 'as quickly as possible'" on the channel by Proactive Investors).

Around 4 minutes 30 RP says "Now the people we've worked with, Expert Geophysics, are a group out of Canada who have done quite a bit of work in the Pilbara, I would say they're world experts at interpreting Magneto Tellurics. Looking at public data on Telfer, what they're saying is [Red Setter] looks as though it's an analogue to Telfer. So they're not saying it is Telfer, they're saying it's an analogue to Telfer. [...] Havieron is a large concentrated high-grade deposit, Telfer is an absolutely enormous low-grade deposit. Nothing wrong with either of those, tremendously exciting if you can get one of them."

"When we announced the drill results last year, basically we're finding mineralisation all over the place, what we didn't find was a single specific massive quantity of mineralisation - which would have been a Havieron analogy - what we're finding is mineralisation in pretty much every single hole we drill. Now with the MT [magneto tellurics survey] we can do more targeted drilling. Unfortunately this is not in any of the areas which have been cleared by the Heritage Survey, so the heritage survey will be the next ... we're talking to them, obviously trying to get it done as quickly as possible but it's probably two or three months to get that. It's another day to go into the history of problems we have in WA [Western Australia] from the actions of other mining companies, but we will get that done and then we will have a drilling program following on from that."

"It's enormously positive, to me it's an extraordinary statement that EG [Expert Geophysics] would actually say that this is analogous to one of the largest mines in WA [Western Australia]. It's fantastic. It would be a huge mine if it was half the size of Telfer"

and "we're also working on the other properties as well, so there'll be some news flow coming forward on what we're doing on those."

> We seem to have no plans driling yet. RP needs to outline a timing plan.. And provide an update to shareholders. The weather is perfect in AUS for drilling.. WE WANT AN UPDATE

We need to wait for a Heritage Survey / approval before we can drill the next area we are interested in.

> drilling for 18 months now and still no real discovery has been made just very poor grades of silver and other metals.

Apart from the real discovery of gold at Red Setter? The site recently described by a 3rd party analyst as "a potential analogue to Telfer"?

> Only 95% down hahaha. Still could be worse eh

Take the 52-week high from LSE stats or graphs or the 5-year high from the graphs or the 52-week high from Yahoo! Finance, to the current shareprice - none of them are over 90% down.

You can't even do a single division without lying about the result?

> What I don’t understand is why would you put out sush a shocking RNS with grades so low and more importantly no indication that they have gold

What I don't understand is why you'd think the "high grade silver acquisition" was going to have gold in it? Bad news it also has no oil, no helium.

Did we not already know these figures?

> "· Rock chip geochemical sampling results reported up to 298g/t Ag
Including: 2m at 165g/t Ag" -
- from RNS on 3rd March 2021: High grade Silver Acquisition in Patersons Range

> "Posts photos of fools gold cores and people wonder why its down here"

Actual gold cores, that was gold: "Given the known gold mineralisation intersected in both holes WRSDD0010 and WRSDD0011" - Update on Red Setter Analysis RNS.

> "*Would of been a better move to identify proper targets before you send two drills in not after you make the balls up*"

Remember the original surveys from years ago, and the ground sampling surveying and the aerial magnetic surveying? What do you think that was if not identifying targets?

> Company is GKP. SRY for the O/T

Made a small paper fortune on them a decade ago or so when they discovered Shaikan (?) oil field. Which they screwed up and drove the share price down to nothing and I lost it.

Same company that Nadhim Zahawi was a director of when he became an MP, taking £1.3M in payments from them and keeping it quiet.

Same Nadhim Zahawi who gave a parliamentary internship to a relative of the Kurdish government (Mazen Barzani) in 2017 while he was a director of GKP who working in Kurdistan, and an MP in the UK.

Same Nadhim Zahawi who resigned as Chancellor of the Exchequer after only two months, in disgrace after dodgy taxes.

BTW if anyone wants to learn more about the dodgy deals from ~2010 and the former CEO in prison, google Todd Kozel and Gulf Keystone Petroleum.

> Everywhere We are all living in hope and greed ( and chasing our tails) that we shall be monetised by holding shares in these wing and a prayer companies that actually carry no discernible value other than wishful thinking .

Taking a shipment of Iron Ore from a stockpile of 1.25 megatons and selling it for millions of dollars, and then doing it again, last year, that seems like discernible value to me.

> "*So what's bad about the grades?*"

There isn't enough gold in them to be worth digging up and refining. This quantity is about as useful to us as finding nothing at all, so far. They drilled 15 holes, 6,348 meters, and found 3 meters of reasonable quantity.

Two years of searching for a monsoon and they've announced a light drizzle and a weather balloon.

Well, that isn't the results I was hoping for.

Yes, RNS on Capital reorganisation and EGM result, 10th Jan 2020:

> The Company's existing issued share capital of 2,845,879,000 Existing Ordinary Shares will be consolidated on the basis of 100 Existing Ordinary Shares into one Consolidated Share, and in turn, each Consolidated Share will be sub-divided into one New Ordinary Share of 0.1 pence and one Deferred Share of 9.9 pence.

> The Capital Reorganisation will be undertaken on 20 January 2020 at 6.00pm and application will be made for the New Ordinary Shares to be admitted to trading on AIM at 8.00 am on 21 January 2020.

> 3. Western Australia [...] In this bill 'Covid officers' or Gestapo as they will be known, have the rights to [...] enforce vaccination on you. [...] This is the western australia legislation i mentioned...

Open link, Ctrl+F 'vaccination' ... 0 results found.