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To conclude, the mood of shareholders, from everything we’re hearing, is shifting from anger and frustration to regime change as management heads remain in the clouds! Shareholders regularly question why the share price is so depressed with several potential projects? The answer is simple, unremitting dilution has creates a de-stabilising environment in which investors are reluctant to invest.

TYMSAG hopes there is something more substantive to comment on next month.

If you support us, email Justin at: tymshareholderactiongroup@gmail.com with the words “I’m in” and we’ll do the rest.

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Paymaster…………..None….None.

Sweden Projects:

Storuman……………None….None.

*An earlier Konkola West update (31 March 2025) informed shareholders that the Earn-In/Option Agreement had been extended by 4 months from 14 to 18 months. In addition, and implied in return for this concession, a provision of the agreement was made to ensure that KoBold's newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, would also be held under the terms of the Earn-in Agreement for the benefit of all the parties. This kind of quid pro quo is a normal and expected commercial convention in return for favourable option agreement variation.

However, the company’s Konkola West update on 25 June 2025 announced a further, and larger, extension to the option/agreement, in favour of Konkola, for a further 6 months from 18 months to 24 months but without any additional benefit or payment to TYM. In other words a free one third extension was given, which is extraordinary and demonstrates the lack of commercial aptitude and ambition by management. This extension commits the company to carry the cost of another 6 months, when we have no income, burning through more cash we do not have. This extension was known about at the time of the recent placing (6 June) and a commercial approach to re-negotiating the terms could have reduced the extent of that placing or negated it altogether, sparing shareholders unnecessary further grief! When will this, so called, management realise that TYM is a commercial entity whose purpose is to generate income to cover costs, and reward shareholders. This represents yet another opportunity missed by a management at home with a pile of rock samples in front of them but completely out of their depth with commercial & financial realities!

The company provided a project summary (19 June) highlighting the Jacks’ Project, a recent trend by both TYM & SRES when no substantive announcements or delivery of shareholder value is forthcoming. What management, of both companies, appear not to have grasped, from the absence of any investment enthusiasm following these announcements and the usual declines in the share price, is that investors are now indifferent to these presentations and JUST WANT RESULTS. It’s quite simple, NOTHING ELSE will do!

There was a Stockbox Podcast on 25 June with PC featuring TYM & SRES. The two related takeaways were; this type of exposure is an opportunity to excel, promote, enthuse and ultimately outline a strategy for turning the company’s fortunes around. Unfortunately, all we got were excuses for where we are. The other was PC’s claim that TYM’s plight is down to “a lot of bad luck”! It’s surprising, after 26 years of it, he hasn’t realised that if things keep going wrong it’s because you’re doing something wrong. In business it’s an inescapable truth!

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To illustrate just how costly these decisions and delays are for shareholders, the company raised £880,000 on 28 August 2024, in the knowledge, incidentally, that the Storuman decision had been made and what it was (questions of disclosure arise here!), then delayed our detailed submission until March 2025. The company’s cash position at 31 March 2025 was £93,502, meaning that through this period of delay, if you add in the accruals, the company burnt through almost £900,000, of our money, whilst adopting a leisurely approach to one of its potentially most valuable assets, that’s £128,500 per month or £4,245 per day as management delayed submission by over 7 months or 200+ days! That’s the scale of their maladministration. What has £900,000 been spent on, we’re all asking, without a penny of shareholder value being created!? It’s time management woke up to the real world consequences of their placing/spend/bonuses/no results culture, which has pervaded the last 26 years. Instead of continual hardship, shareholders demand results. At TYMSAG we try to remain civil, in our comments and observations, but what management did here is not only unacceptable but inept and it’s been going on for years. We say directly to management; you’re decision making has demonstrated a lack of sound commercial or financial strategy. Realise your decisions have consequences, affect people’s lives and have destroyed a great many pensions!

Let us hope the transformational deals, much talked of but undelivered by management, come from Zambia, where management have placed all their faith, before the Storuman decision, otherwise the folly of their misplaced and inept decision making will be brought into sharp focus, once again and shareholders will pay the price, once again!!

Shortly after the Storuman decision last year one member of the management team, who shall remain nameless, within the context of this very conversation, actually said to one concerned shareholder, when challenged about the wisdom of an appeals submission delay, that it wouldn’t result in “cash-burn” because it was being done “in-house”! It’s quite unbelievable. We suggest they look up the definition of cash-burn and how it’s relevant to EVERYTHING you do, including (7 month) delays, and has done for 26 years. That’s why there are 5 billion share in issue!!

And so, we turn to our monthly update on “Project Progress”. As we all know, there wasn’t any. Little wonder with pervading attitudes to urgency and creating value by management!

Project Progress 2025

………………….......Mar/Jun....July

Zambia Projects:

Mushima North….None....None.

Konkola West…….None….None (Drilling update 25 June*).

Mukai……………None….None.

Jacks……………..None….None.

Mupala………….None….None.

Nevada Projects:

Brunton Pass………None….None.

Lucky……………….None….None.

Mt. Tobin……

Dear Shareholders

After almost 26 years of placings, most recently on 6 June, without income, signals nothing short of an admission of failure! This failure to generate income for year after year rests squarely with management’s decision making, for which they accept no responsibility, leaving shareholders to repeatedly pay the price. To add insult to injury they, without shame, continue to reward and enrich themselves whilst shareholders receive NOTHING, not a penny; long term holdings have devalued by 70%, 80% & in some cases 90%+, whilst management fail to deliver!

You might think that in the circumstances management would do things at speed; as a matter of urgency, without delay as every day wasted is a further day of cash-burn, without income, leading to more dilution! Well you’d be wrong. There is no sense of urgency here. Let us give you an example. The one project the company has with a defined resource (worth in excess of $1.2Bln) is Storuman, currently without mining permits. All other projects, in Zambia and Nevada, are seeking to define resources, at this stage. In September 2024 the company said, in relation to Storuman;

“….the Board has decided to appeal the Mining Inspectorate's decision to refuse the Company's application for a mining concession. Whilst taking the action now [note the word “now”], to keep the Company's options open, the Board is determined that this legacy project should not be a burden on management time or Company funds.”

Bear in mind that every day that passes costs the company in running costs and expenses and there’s a responsibility on management to mitigate those losses, for shareholders, by generating income at the earliest opportunity. The one project we currently have in our locker and, capable of generating income, if consent were forthcoming, is Storuman. Notwithstanding management’s caution (above), not wishing to be reckless with limited resources, you might be forgiven for thinking, due to its potential contribution to the company, that management would submit its detailed appeal submission reasonably promptly, after stating “Whilst taking the action now…..”. Well, you’d be wrong again! It took more than 7 months to submit the details of our appeal, meaning that a decision on it will arrive considerably later than it could have done! Any company facing the financial challenges this one is, whilst doing the work “in house” to save external costs, would, you might think, work diligently to submit its appeal as soon as possible. True to character, management didn’t, and so we wait as we have done for 26 years. Instead of the prospect of a decision in weeks from now it will be sometime in 2026!

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Project Updates March - June 2025

Zambia Projects:

Mushima North….None (Assay results published in 17 & 25 March).

Konkola West…….None Drilling update 31 March)

Mukai…………………None(Drilling update 14 March)

Jacks…………………..None

Mupala……………….None

Nevada Projects:

Brunton Pass………None

Lucky………………….None

Mt. Tobin……………None

Paymaster…………..None

Sweden Projects:

Storuman……………None

There were 3 project update during the period. Unfortunately all failed to deliver income, the prospect of income nor were they sufficiently mouth-watering to increase the share price, yet again. There were, however, 47,000,000 warrants issued to Directors and employees and today every shareholder has been fleeced by a further 30% dilution because our management are incapable of being savvy businessmen and generating sustainable income. It has to stop and this company needs to start putting its shareholders first!

TYMSAG looks forward to reporting project updates and progress next month.

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Cast your mind back to what was happening in 1999, to gain some perspective on how long we’ve waited for an income stream; Tony Blair was 2 years into the job, we were consumed by the Y2K Millennium bug, the Euro currency was introduced, Bill Clinton was US President, the Blackberry was introduced, the Northern Ireland Peace Agreement was signed, Damon Hill retired from F1 Champion, the Space Shuttle first docked with the International Space Station, The World is Not Enough Premiered, the Scottish Parliament was formed, Serena Williams won her 1st Grand Slam title, Livin’ La Vida Loca by Ricky Martin was No.1, Boris Yeltsin was Russian President, the World’s population reached 6 billion (now 8.2 billion), and a baby born in 1999 is now an adult, EARNING AN INCOME!

What’s the first word that springs to mind? Well, I have several but one in particular, what’s yours!?

If any other publicly listed company bled its shareholders for over 25 years because it management were incapable of generating an income, the management would have been shown the door, years ago, even a junior mining/exploration company.

The unbelievable truth is, this Board continues to think they’re right to continue as they are, no changes or urgency needed here is their attitude and everything will be rosy in the garden! Their utter complacency and lack of business acumen is beyond the comprehension of most, particularly those who’ve run and built businesses. Shareholders reaching this conclusion are, unsurprisingly, growing!

We would like more of you to join our campaign. With greater numbers we will force change and bring about financial self-sufficiency sooner, you have nothing to lose! Just email Justin at: tymshareholderactiongroup@gmail.com with the words “I’m in” and we’ll do the rest.

Finally, each month (see following page) we will be featuring a helpful quick reference segment called “Project Progress”. This will briefly highlight the progress made each month project by project.

Thank you.

TYMSAG

Dear Shareholders

Three months have passed since the AGM and nothing has changed, except the loyal and supportive shareholders our MD refers to in this placing announcement today have been made even poorer. It is the purpose of management to generate income to benefit shareholders through an improving share price and/or dividend payments but all this company has done, consistently throughout its entire existence, is take destroy shareholder value; they have never rewarded shareholder loyalty nor given shareholders anything in return.

If the 3 month since the AGM seems like a long time, think of the company’s history in the following terms; below is a list of the number of months which have passed since the founding of the company in August 1999, throughout which this company has failed to generate a single income stream:

1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, 115, 116, 117, 118, 119, 120, 121, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 136, 137, 138, 139, 140, 141, 142, 143, 144, 145, 146, 147, 148, 149, 150, 151, 152, 153, 154, 155, 156, 157, 158, 159, 160, 161, 162, 163, 164, 165, 166, 167, 168, 169, 170, 171, 172, 173, 174, 175, 176, 177, 178, 179, 180, 181, 182, 183, 184, 185, 186, 187, 188, 189, 190, 191, 192, 193, 194, 195, 196, 197, 198, 199, 200, 201, 202, 203, 204, 205, 206, 207, 208, 209, 210, 211, 212, 213, 214, 215, 216, 217, 218, 219, 220, 221, 222, 223, 224, 225, 226, 227, 228, 229, 230, 231, 232, 233, 234, 235, 236, 237, 238, 239, 240, 241, 242, 243, 244, 245, 246, 247, 248, 249, 250, 251, 252, 253, 254, 255, 256, 257, 258, 259, 260, 261, 262, 263, 264, 265, 266, 267, 268, 269, 270, 271, 272, 273, 274, 275, 276, 277, 278, 279, 280, 281, 282, 283, 284, 285, 286, 287, 288, 289, 290, 291, 292, 293, 294, 295, 296, 297, 298, 299, 300, 301, 302, 303, 304, 305, 306, 307, 308, 309, 310………………..

That’s right, 310 months or 1,343 weeks or 9,428 days. 25 years & 10 months to be precise. That’s close to one third of an average lifetime!

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Dear Shareholders

………………………………...AGM 2024…..AGM 2025

Votes against Resolution 4 - 7,378,117 145,937,636 (Represented 20.64% of votes cast - 25% required to fail)

Votes against Resolution 5 - 23,392,139 171,142,999 (Represented 24.20% of votes cast - 25% required to fail)

We wished to send an unambiguous signal to management that we are deeply dissatisfied with their performance and this year’s hugely increased AGM voting against management’s funding resolutions has achieved this objective (see above).

The AGM Results statement refers to:

“The Company's Corporate Governance statement requires the Company to state any ACTION to be taken as a result of resolutions for which votes against have been received from at least 20 per cent of independent votes.”

It goes on:

“The Company is keen to maintain an active dialogue with shareholders to ensure that concerns around any future fundraising are addressed.”

The latter is far from “ACTION”. If management fail to deliver better deals in the weeks ahead, continue to reduce the value of shareholdings by dilution, again fails, in their 26th year, to deliver a self-supporting income stream and fail to adopt a sense of urgency across all areas, whilst periodically awarding themselves free shares and bonuses, we would like to invite all shareholders to join us to hold management to account and bring about change.

It’s now time, long overdue, management finally rewards loyal shareholders by delivering shareholder value, this year!

Thank you.

TYMSAG

tymshareholderactiongroup@gmail.com.

NB Many will have noticed how popular you are at this time of year, when the management charm offensive seeks your votes, and how side-lined and frustrated, by the lack of financial progress, we all feel throughout the rest of the year. Please don’t be taken in by management suggestions the company could fold without your votes. It’s an overused tactic to alarm shareholders and force conformity. Management will yield to shareholders wishes before allowing that to happen, it’s their management responsibility as elected Directors. Use your vote to bring about change.

Dear Shareholders

The TYM Shareholder Action Group encourages shareholders to vote against Resolutions 4 & 5 of the AGM agenda, to put an end to the continual dilution of hard earned shareholder investments.

The company has a variety of assets which it can and should use to fund day to day expenses together with better JV and other deals, involving greater upfront payments, until such time as it concludes one or more of its flagship projects, finally delivering self-funding. The practice of continually milking long suffering loyal shareholders by issuing ever more shares, which simply encourages financial underperformance, must end. Shareholders have shown enormous patience and made huge sacrifices, over many years, some for the last 25 years, to provide the company with working capital and every opportunity to turn the corner to financial self-support. Twenty five years is long enough and it’s now time for management to demonstrate real business acumen, deliver tangible financial results for shareholders and end the destruction of shareholdings.

Thank you.

TYMSAG

tymshareholderactiongroup@gmail.com.

Dear Shareholders

Following our post on 20 November we have been contacted by large numbers of shareholders expressing their frustrations and exasperation at the lack of share price and financial progress together with disappointment at the dilution of their shareholdings and the awarding of bonuses for the last 2 years, over which much of this has taken place. We understand those frustrations and would like to thank all of you for your input and pledges of support.

The support we’ve received represents a considerable number of voting shares. Our membership will enable shareholders to express their views in numbers.

To be clear about our objectives, we favour incentive related awards when appropriate, if one or more of our projects transforms the fortunes of the company. This means it results in either a transformational flow of funds to the company or shareholders and/or a sustained transformational rise in the share price, placing the company on a substantially elevated footing no longer requiring the issue of more shares. We cannot agree, however, to a scheme which makes awards for years prior to the schemes announcement where no goals or targets were set, nor met, and covers a period in which the share price fell 75% from 0.28p to 0.07p and saw a 150% rise in issued shares, hugely diluting shareholders. The scheme, as currently drafted, is intended to award the chairman several times for the same outcome i.e. work done whilst the share price declined and again for the same work if the share price goes up. That is wrong in the eyes of any reasonable person.

We would like to invite all shareholders to join us, we welcome your support. The more support we have the more we can influence how your money is spent. We have a wide variety of disciplines within our membership including company directors with considerable experience.

We understand those who may be reluctant, you may not agree with all of our aims, but if you’re unhappy with the way things have gone and you’re being presented with this opportunity, you can’t in all conscience complain about the company’s performance if thing go wrong or fail to turn out as you’d hoped in the future, if you fail to act. So we would encourage all shareholders to help us and themselves by swinging behind the action group and allow us to be your voice on matters which will affect YOU. Don’t let this opportunity slip away!

It may interest shareholders to know that major shareholders have joined us. The company is responsive to shareholders in numbers which makes for a positive dialogue, which is all we seek, so make your voice heard.

To join us simply email:

tymshareholderactiongroup@gmail.com with the words “I’m in” that’s it, and we’ll do the rest.

Those who have and do pledge their support will be kept informed of progress.

Thank you. (TYM Shareholder Action Group)

Continued.

Finally, the manner in which the company communicates exploration and drilling results needs to improve. The vast majority of shareholders and market participants have little understanding of technical detail or jargon and need more help to interpret results. The company frequently have to resort to interviews to correct or better deliver results following muted market response. Additionally, the market reaction to results would be more positive if the company made more of them in their communications. “The Chairman is delighted” the oft used phrase is just not enough. Tell shareholders and the market just how enthusiastic you are about the results and how positive they really are, if that’s the case.

If you feel equally concerned by the lack of transparency regarding the reward scheme, the absence of clear goals, continuous share placings, which affect every shareholder, or any other issue we’ve raised then lend us your support to further our legitimate aims, by emailing us at tymshareholderactiongroup@gmail.com.

We will do the rest. We have already written to the company expressing our concerns and have made proposals for an incentive scheme. We will keep those who share our concerns and join us informed and how the company responds. If you’re in touch with other shareholders or contribute to other chat forums, please make others aware and ask them to get in touch.

Thank you (TYM Shareholder Action Group)

Continued.

The company communication refers to short, medium and long term targets and non-timeframe specific targets but provides no detail of what they are. This is deliberate, as is the discretionary nature of the proposed scheme and that it spans calendar years and not financial years, which is intended to be vague, difficult to compute financial performance and make it unchallengeable allowing awards for whatever and whenever the “company” decides. This is shareholder money we’re taking about, and/or more dilution, and as such shareholders are entitled to demand transparency, to know how an award can be made, in advance, by reference to forward looking targets or goals, with clear links to financial performance and have a say at an EGM or AGM about whether rewards are merited.

Shareholders seem to overlook the fact that this company has been in existence for 25 years (Est. in 1999), it’s never made a profit or come close, making losses year after year. Even a small mining company who’s been given 25 years should be self- sufficient by now. Given the performance of the company over the last few years a “bonus” scheme is wholly inappropriate. A forward looking Executive “Incentive” Scheme, on the other-hand, would be appropriate to lift the performance of the company, improve deal-making and deliver self-sustaining income and placing the company on a sound financial footing. This can be achieved by clear and transparent goal setting, in advance, for the Chairman to achieve, which must be share price related and income generation related. That constitutes a proper and defensible rewards programme rather than rewarding a reversal of share price and financial progress. As such, a scheme beginning now must only focus on performance going forward and not the past.

It must also be a condition of any incentive scheme that any further dilution nullifies any award. The last share placing, on 28 August 2024, diluted existing shareholders by approximately 43%! Shareholders who have supported the company over many years have seen no benefit and have suffered massive dilution. Large numbers of shareholders have had enough and demand that they see their own fortunes improving in the company if the Chairman is to benefit from rewards, paid for with shareholder money or shares. Improving fortunes is a shared experience, or should be in a public company, but what has been proposed is entirely one sided and self-serving.

Continued.

Dear Shareholders

As a TYM shareholder, I’ve become concerned about aspects of how our company is being run. Colleagues and I have taken the pulse of other TYM shareholders and have been surprised by the strength of feeling, among ordinary shareholders particularly with regard to dilution, and the recent bonus scheme announcement has been the final straw.

We recently established the TYM Shareholder Action Group (TYMSAG) the purpose of which is to seek change from the Board, namely; to end the years of fund raising through share placings which continually dilute shareholder investments, bring forward the point, well overdue, at which the company reaches financial self-support, through the negotiation of better cash and earn-in deals with third parties which generate better 1st payment up-front money, surrender less over a shorter time-frame (deals to date have been excessively generous to the other side and options extend for up to 6 years), thereby delivering sustainable income and shareholder value through a progressively rising share price, which in itself will be assisted by an end to dilution.

Many have been disappointed by the announcement on 18 November concerning an executive bonus scheme which is not only ill-conceived but cynical. The scheme seeks to reward the Chairman retrospectively for his performance in calendar years 2023 and 2024 during which he and the Board have presided over a sharply declining share price, now at its lowest level ever, and several share placings which have dramatically devalued the holdings of every shareholder. Many cannot agree that this is a good record, deserving of reward. Over the proposed “bonus period”, for which the Chairman is being rewarded, an additional 2,235,569,421 shares have been issued. From 1,477,440,092 in 2022 to 3,713,009,573 today. An increase of over 150%. Made worse by the declining share price forcing more shares to be given away to raise the required cash. To put that in context, for every 10,000,000 shares a shareholder held in 2022 they would need to purchase more than an additional 15,000,000 today to maintain the level of their holding. That assessment doesn’t take into account the devaluation of their holding through a plummeting share price, over the same period, from a high of 0.28p to 0.07p today, further damaging shareholder value.

We’re doing business with some of the largest and best funded mining entities on the planet, with deep pockets, and yet our board repeatedly fails to sign deals with decent 1st payment upfront cash considerations, which could fund the company’s day to day expenses, leading to more shares being issued. The sums being obtained barely cover the legal costs of the deal. The kind of deals we’re doing were being done 30 years ago and the board needs to be sent a clear message that they need to raise their game.

Continued.