Member Info for Wigster77

I33: There are far more buys than sells today

Buys 5748263 / £76695

Sells 6805420 / £89322

What am I missing?

Proquo: "As we have no debt, that's 800k to work with straightaway About 250k pending. Should be another approx 180k for May and then June should pull in over 200k. Add in the Petrovis soft loan and we've got enough to keeps going and do the low-cost workovers on H2, Gobi and Gazelle."

What costs have you used for H2, Gobi and Gazelle? I thought it'd be tight for us to just do the H2 work personally, but admittedly this was only from what I'd fired into Grok (AI) a while back during another query, which could of course be a mile off:

Estimated Costs

Costs for converting Heron-2 to an injection well and associated infrastructure vary based on location, equipment, and local conditions. Estimates include:

Workover Costs: $0.5–$1.5 million for rig mobilization, well cleanout, and equipment installation, based on industry standards for similar shallow wells (~2,900 m depth). Petro Matad’s prior standby costs of $150,000 for Heron-1 suggest relatively low local rig rates.

Surface Facilities: $0.5–$2 million for water treatment systems, pumps, and pipelines. Costs depend on water sourcing (e.g., local wells vs. trucking) and proximity to existing infrastructure.

Permitting and Analysis: $0.1–$0.3 million for geological studies, reservoir modeling, and regulatory fees.

Operational Costs: $0.2–$0.5 million annually for water treatment, maintenance, and monitoring during initial injection.

Total Estimated Cost: $1.3–$4.3 million, with the lower end assuming minimal infrastructure needs and efficient operations, and the higher end accounting for potential water sourcing challenges or delays. Petro Matad’s cash position (not specified in the RNS but supported by recent operations) and potential partner funding could cover this.

---

Some could arguably be discounted as not needed or not needed right now, but generally looks reasonable to my untrained eye.

Abzzba - any insight you can give?

Let's hope we never sell the block to China. Just imagine the strokes they would try and pull to delay any payments.

Lets see how the market reacts to this news. I really don't know what to expect, but wouldn't be surprised if theres not much movement.

"MATD SP up + 12.28% at a snapshot real time price."

Due to a massive £2.99 buy pushing it to 1.60 on Google's "last trade price"...

Yet again, we find ourselves in a pivotal period for the company. In the next 2 weeks:

- Will hopefully get a resolution to the VAT/Tax Charges situation and first payment

- Full Year Results for 2024 should be with us, so we will get a view of the current financial situation and the going concern statement

- Should really get cast-iron plans for the rest of 2025. H2, Gazelle, Gobi....or nothing, pending a JV. Would be nice to know, bearing in mind the year is chugging on and these works aren't 5 minute jobs...

- Will hopefully know once and for all whether there'll be a fund-raise or not this year

- Brent Oil prices / Iraq, Israel wider world situation will unfold

- We'll see if the British Ambassador visit (thanks Master) means anything or is a red herring.

Lets hope there's a glimmer of good news as it's been dire recently.

GLA, ATB & DYOR

"If they don't stop it I'm going to filter TenBag and Gravy as well"

Best decision you'll ever make. They quite literally bring nothing to the board - no discussion about MATD, just always obsessing about other posters.

TT/ADW - We may yet get the confirmation as, like I say, the "delay" could just be out of Thorns hands. And yes, fair play to him for letting the board know he'd sold such a large chunk as it quelled any unnecessary panic caused by seeing such a large sell go through. Although it's obviously "interesting" when such large holders decide to sell sizable amounts.

Anyway, fair play to you TT for putting your money where your mouth is this morning.

TT1981: "Thorn - you still haven’t shown evidence of your equivalent (or similar) buy in Avacta. Hence I can’t help but think you are being disingenuous here."

Thorn is under no obligation to you or anyone. Also, the sell was done late in the day so maybe the funds took a while to be processed into his account. Or maybe he's waiting for a good entry point into Avacta. Maybe he went out for a calming beer or 3 after deciding to sell a substantial long-held holding in MATD. Maybe he's changed his mind and will put all of his money into B&M instead. Who knows? Who cares?

TT1981: I’m expecting an update on the Sunsteppe side of things imminently. Any mention was notably absent in the last RNS while MB focused on it quite significantly during the last company presentation. Could be a couple of positive RNS’ coming our way next week.

What imminent updates are you expecting?

There could of course be updates at any time as each project progresses, but I can't see any of them having much impact to the SP at the moment as they're all in their early stages. There's always possibility of an uber-positive piece of surprise news I suppose - further investment from the Gulf countries MB mentions is one such possibility. Do you know anything we don't?

Here's some of MB's comments during the AGM Q&A:

Q: When can we realistically expect meaningful revenue income from the Sun-Step projects?

A: We're hoping that Phase 1 of OT (Oyu Tolgoi green hydrogen mine) will be online in 2026, but Phase 1 is relatively small (4.8MW). So the revenue contribution, depending on how much of that project we can afford to hang on to ourselves, won't be hugely significant, but actually being able to say it's happening could well have significance for the company. The battery storage project (Choir 50MW), potentially, if the land issue does get resolved as we think it's going to, that could also come into production in 2026. The hybrid project, the 200 megawatt hybrid project, certainly the body group is moving very fast with their own facilities and they want to do so as well with the renewables. So we've assumed that that's 2027 but might be earlier. On the export China projects we assume when we signed our cooperation agreement with SPIC that we were talking about, you know, three or five years to get that going. But the current government is really moving hard on that, and you've seen some of you will have seen in the press comments about investment from Gulf countries in that. Some of those investors have invested in some other countries to the west of us and have made absolute major inroads in converting those countries into renewable energy exporters. So if they're keen to do the same thing for Mongolia, that would be just great.

Sean 21st March: "It's great to be able to report continued progress across the uranium portfolio as we eagerly look forward to starting drilling in around 10 weeks"

Today is 11 weeks since that RNS, so hopefully news will follow very soon.

3rd time lucky...

..we'd have hit less than 1.2p as a producer they'd have been laughed off the board.

...we'd have hit

I33: "And back in 2023 when it hit 7p, why didn't you sell with a healthy profit "

Back then, a lot of us were hoping / expecting 12p, 15p even 20p+ just on the land permit signature alone. If someone told us back then that we'd have hit

Whatever the reason, it caused a savage (arguably OTT) drop in the SP and I can't see it instantly going back to 2.3-2.4p when it's resolved. Frustrating.

Hopefully we'll get an update soon (Mike Buck does like a Friday RNS....)

I33: There's also this to consider (courtesy of Proquo and Abzzba a few weeks back):

"Really interesting detail in that article Abzzba is that the Chinese have invested $367million in a Mongolian field with less than 15 million barrels of recoverable oil. Our lowest estimate of recoverable oil at Heron is more than double that. Would be frankly astonishing if the Chinese aren't thinking of buying the whole lot from us"

"The industry rule of thumb for valuations of in-ground reserves for buyouts is one third the current value of the oil in place. The other two thirds is therefore to cover costs, opex and eventually profit."

I'm no expert, but the third/two thirds rule seems a fair one to me.

At the end of the day, it all depends on how well MB can "sell" the asset to prospective buyers and how much they're willing to pay (Captain Obvious, I know).

The best response from Mike Buck would be to get the payment issue sorted ASAP, broker us a world-beating JV/TO deal and/or get H1/H2 pumping to its maximum capacity and work wonders with Gobi and Gazelle.

GLA & ATB

Probably nothing in it, but I see that the biggest buy of the day by far (628931 / £10000) is missing from the MATD Share Trades list above.

Not the first time I've seen big buys missing...

I'd like to echo the thanks to AGEOS and Manlord (and indeed a few others). I have had a small holding for a while but have recently increased this substantially and it's been great to read some of the great insights and information on here.

"Wow I think this is the stupidest question I’ve ever read here and that says something. Ehh how about never!"

So, one of the longest holders of a stock makes the statement that we will be 120x the current share price and you wouldn't at least be interested in how they've come to that conclusion and remain so positive after many years invested, during these "low SP" times?

Anyway, I received an answer back (which is very much appreciated, Velocoraptor)