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Is FFX a biochemist ?

PREM’s latest RNS is operationally encouraging but financially still high risk.

The upgraded flotation circuit appears to be performing better, with internal concentrate samples above **5.0% Li₂O** and peaks of **5.58% Li₂O**. That is the first genuinely positive technical signal for some time. However, the key issue is that commissioning had to stop because PREM ran out of available ore feed. The company openly links this to its **current financial position** and lack of resources to mobilise a large-scale mining contractor.

So the position is roughly this:

Better plant performance

no sustained 30-day run yet

no independent verification yet

not enough ROM ore

Canmax Long Stop Date still unresolved

audited accounts still pending

high-risk recovery situation

The Canmax extension is the main near-term issue. Without that, PREM remains under severe pressure. With it, they may get breathing room to rebuild the ROM stockpile and run the plant properly in July.

For me, this is not yet a de-risked investment case. It is a distressed AIM recovery punt with improving technical signs but major funding, dilution and creditor risk still hanging over it. The next meaningful RNS needs to confirm Canmax, accounts, funding/ore supply, and then a proper continuous operating campaign.

The article repeatedly points to a model of taking early or mid-stage mineral assets and moving them up the technical curve:

- secure licence or project interest;

- define or expand resource;

- complete studies, optimisation and sensitivity analysis;

- establish mining routes;

- attract partners, project finance, processing solutions or acquirers.

This is clearest in the article’s reference to Bird’s historic Kiwara transaction, where a Zambian copper asset was advanced and then acquired by First Quantum.

GLR:

The realistic value route is likely to be technical de-risking of projects followed by partnership, partial sale, development funding, processing agreement, or asset-level monetisation ... which is what we are seeing evolve.

Here's hoping at least one becomes cash generative in the next 6-12 months.

Morning FFX … I agree we all want a return but it you disengage with the RNS’s, ignore the reality of the higher risk pharmaceutical sector and don’t expect delays, more data, more trials, more money then you chose the wrong place to put your money.

Expecting a return on the basis of being her a longtime is like saying you worked for 40’yrs so deserve more than you have right now.

That is not reality FFX … time invested does not always equal a decent return in anything including money, relationships or skills.

FFX … in other words you don’t believe the RNS’s, you ask for evidence but won’t accept the companies own words or actions. and you won’t engage with the pharmaceutical modality.

I hope other readers can now realise how irrational you are.

As for Trans who accuses me of ramping actually writes about a possible deal next month …

You two are a good example as why social media is so obnoxious… all I did was QUOTE THE COMPANY , consolidate the timeline and dissect the terminology.

Here’s a challenge for Trans … explain how my posts are ramping posts …

I expect more verbal nonsense from these two shortly.

FFX you really are a piece of work … a distillation of NFX RNS’s and you spout garbage, not reasoned evaluation.

Are you illiterate, don’t understand pharmaceutical processes or just a person with a spiteful personality?

Remember FFX spouted the same diatribe over the FDA additional data … where is it … what a farce etc.

Now look at FFX finding another drum … where’s the partners blah blah blah … day on day out like a worn out record.

I won’t be blocking you FFX because it means I can’t comment on your BS and you would prefer no one challenges you and your ilk.

I suspect you haven’t a clue what the mode of action is of NXP 002 and couldn’t care less such is your facile commentary.

Have a good evening.

Trans likes making accusations even when RNS’s are quoted … are you stupid or just a troll ?

For those who can read and don’t have there head up their own backside this is a resume of the last 13 months drawn from Nuformix RNS’s and not Trans or FFX’s accusatory little brains.

⸻

For balance, it is worth stepping back and looking at the actual RNS trail over the last year rather than just repeating the usual negative line.

In May 2025 Nuformix confirmed European Orphan Drug Designation for NXP002 in IPF, with the EMA/European Commission recognising the potential for significant advancement in a rare, serious disease area. The RNS also stated the benefits of EU ODD: 10 years’ market exclusivity, protocol assistance and regulatory fee reductions. That is not promotional fluff; those are regulatory and commercial incentives that matter to any potential partner.

The same RNS made clear that the company intended to submit for US FDA Orphan Drug Designation and, importantly, said it would continue discussions with potential future licensing partners.

Then in November 2025 the FDA came back asking for clarification on one specific part of the ODD application. The negative spin at the time was predictable, but the company stated it would respond using existing data already in its possession, and Dan Gooding specifically said they had previously dealt with a similar query from the EMA. He also reiterated that partner discussions were continuing during the FDA process.

That then resolved positively in March 2026, when Nuformix confirmed that the FDA had granted US Orphan Drug Designation for NXP002 in IPF. So the November clarification was not a failure; it was part of the process and ended in approval. The US ODD brings its own incentives, including potential tax credits for clinical trials, waiver of the PDUFA application fee, and the potential for seven years’ marketing exclusivity on approval.

The key line for me is this: the March FDA approval RNS states that US ODD, alongside the earlier European ODD, would be valuable for potential future licensing partners the company is in discussions with.

Then the placing on 11 March 2026 needs to be read in that context. Yes, dilution is never ideal, but the company raised £1 million gross specifically to drive forward NXP002, including additional pre-clinical studies aimed at reinforcing areas identified during ongoing out-licensing discussions and due diligence with large pharmaceutical and speciality pharma partners. That is a materially different statement from “we raised just to keep the lights

This is all from the RNS’s so if it’s ramping or lies then it’s NFX doing it not me … I tend to think this all sounds quite positive.

Now make up your own minds … download the RNS’s and actually read them of you really are interested and want to tell me I am lying.

How am I ramping or lying Transhaven … try particularising what I am lying about to start with.

Facts … licences, funds, further data … no lies there.

Talks … note how FFX avoids answering which is the classic response of someone who can’t support their own position which is … what talks, what partners.

RNS 11 March 2026 … due diligence is referred to, ongoing out licensing discussions is referred to.

If Trans and FFX can’t read and comprehend the RNS then that is not my fault

Don’t start throwing accusations around Trans unless you can back them up …

FFX will no doubt respond … oh but still no partnership … but FFX can’t read or comprehend much so needs spoon feeding like the whining child they are.

Due diligence in pharmaceutical circles usually means multiple interested parties.

No ramping here, I am well under water Trans …

Now try putting a coherent post together because you come over as ignorant and illiterate.

Does FFX have hard evidence discussions are not advancing ... clearly you must think they are not, thus NFX must be screwed.

Is that your position ?

FFX ... as you say your opinions are your opinions ... I will stick to the facts.

Licences, cash, discussions. That is all anyone knows.

Spin that however you like.

FFX’s answer to opposing views is to ask the opposition to filter them not for FFX to filter the opposing party … in other words silence me.

FFX I just stick to the facts you go on like a whining child …

FFX - you are putting your own spin on everything. I am evidently no silencing you or anyone else.

All I have stated are the facts of NFX’s position, you are annoyed things haven’t moved as fast as you thought they might and you post constantly the same diatribe.

You spend months going on ‘where are the licences’ … we get the licences, then you move onto ‘where are the partners’ … we get funding as possible partners need more data …

You posts add nothing …

Exactly what are you disagreeing with FFX … I am puzzled by your response … the facts are the facts, the rest is speculation and hearsay and only fills the void until a new fact emerges.

It makes for a lively bulletin board but does alter the facts … licences, money, data, discussions … that is it

FFX … the evidence is we have EFA and FDA licences and funding to facilitate further data acquisition to further negotiations with unknown interested parties.

The DG scenario may or may not be relevant … but is not central or relevant to the main facts listed above.

We don’t need repetitions of ‘are we there yet, are we there yet’ on a virtual daily basis. If they turn up they turn up.

That’s is it in a nut shell.

You get the same result buying a lottery ticket in this game … no point moaning your numbers didn’t come up after playing for yrs and yrs.

FFX, everything you post is your personal opinion. I see the same types of posts on other forums where projects take longer than originally implied.

You don’t have any more knowledge of the background events than anyone else.

Accept you are in the dark just as we all are, you are frustrated at the pace of progress and are have to blame someone as events have not evolved as you imagined they would.

Welcome to the world FFX …

In fairness FFX is speaking as if pharmaceutical research and development is simple … as if

3m upfront MM … most of GLR’s projects have taken 5 yrs to get this far if you go back over the RNS’s

I suggest you look at the bigger picture instead of navel gazing.

3m incoming … have you forgotten that MM ?

You banged on about an asset sale to prevent ‘dilution’ … you should have been more specific about the T&C’s when you made your wish

MM finding a new negative … a new drum to bang