Member Info for Y00020978

Every placing the company have done recently has been for the bare minimum to progress the project to the next phase.

There's less than 100m shares in issue here and are fully funded to complete the survey and analyse the results, plus complete a number of drills - the board should be applauded for this.

The 'For Sale' sign is well and truly up.....would a suitor require a full drilling campaign once the survey results and a handful of subsequent drills are completed and results analysed? If not there will be no need for any more funds. If so, I'm confident that we'll raise only the bare minimum to cover them......but the value created from the survey and the drilling campaign would be highly significant if successful.

GLA

URU is pleased to announce the completion of a high-resolution airborne geophysical survey over its Zebediela project area ("Project"), conducted by Xcalibur Airborne Geophysics (Pty) Ltd. The survey incorporated both gravity and magnetic data, designed to enhance the understanding of the underlying geological structures of the Project.

The airborne data, flown at no cost to the Company, has enabled URU to access a comprehensive dataset without diluting shareholder value.

Its exactly the airborne survey hes talking about.

This one was flown at our neighbours expense, the more recent one with more sophisticated kit was at our expense.

In South African mining, "elephant country" refers to areas with massive, high-value ore bodies typically dominated by major mining houses, such as the Bushveld Complex (platinum/chrome), Witwatersrand Basin (gold), and major coal fields.

Here are specific examples of "elephant country" in South African mining:

The Bushveld Complex (Limpopo/North West): This geological structure is the world's premier "elephant" deposit for Platinum Group Metals (PGMs) and chrome, dominated by major, long-life, large-scale mining operations.

In the mining industry, "elephant country" refers to a geological region or district that is highly prospective for discovering "elephants"—a slang term for massive, world-class, or Tier-1 mineral deposits (e.g., 10Moz+ gold or massive copper-gold porphyry systems).

Meaning of "Elephant": A deposit of enormous size, high grade, and significant profitability.

Meaning of "Country": The location, region, or jurisdiction hosting these deposits.

Key Characteristics:

High Prospectivity: The area is known to contain, or likely to contain, multiple large-scale, low-cost mines.

Geological Favourability: Usually refers to areas with specific, proven geological structures, such as porphyry belts (e.g., the Golden Triangle in BC or the Ring of Fire in the Pacific).

"Herds" Concept: The phrase stems from the idea that, like the animals themselves, "elephants" are rare but, when found, often exist in groups or "herds" within a specific, concentrated region.

Industry Usage: Mining executives and investors use this phrase to describe areas with high potential for major, company-making discoveries (e.g., "If you want to see elephants, go to elephant country").

Examples of areas often referred to as "elephant country" include Papua New Guinea, British Columbia's Golden Triangle, and the African Copperbelt.

We'll find out soon i'm sure.

GLA

Horse - the MR has been granted.

We are at this stage:

Final Registration (Lodgement): If granted, the holder must lodge the right for registration at the Mineral and Petroleum Titles Registration Office (MPTRO) within 60 days of the right becoming effective.

There is absolutely no way that they haven't submitted the registration on time, or no way that anyone has suddenly decided to have an issue with it (it's been through years of consultations and approvals).

It is a valid question though.....what is going on and why haven't we heard anything?

One scenario could be that we're in negotiations for an asset sale, and the DMRE are being kept in the loop and have agreed to extend the registration deadline to allow the negotiations to conclude (more than likely under NDA at the request of the 'predator' hence why radio silence from all parties).....and then the MR can be registered in the correct name (possibly Ivanhoe, Valterra Platinum etc).

People may shout "they can't keep this material info silent", however according to their website the company is not subject to the UK City Code on Takeovers and Mergers (“the Takeover Code”) nor is it subject to any similar legislation or code in its country of incorporation (British Virgin Islands). The company has adopted some similar provisions to the Takeover Code in its Articles of Association. Such provisions are set out in regulations 40 to 45 of the Articles of Association.........us retail investors will be the last ones to know....but you don't want to be on the sidelines when we do!!

GLA

According to Grok....the ripple effect of this and similar recent articles (thanks to the great research in the Telegram group) :

The last paragraph makes some very pleasant reading !!!

1. The "Anglo American" Ripple Effect

Following its massive 2024–2025 restructuring, the market is currently digesting the demerged entities:

Valterra Platinum (formerly Anglo American Platinum): As a standalone PGM giant, it is a prime target for consolidation.

Analysts are watching for potential tie-ups with Sibanye-Stillwater or Impala Platinum (Implats) to create "national champions" with better economies of scale.

Kumba Iron Ore: Also operating independently, Kumba remains a high-cash-flow target for mid-tier miners looking to diversify their commodity baskets.

2. M&A in "Green Metals" (Nickel, Copper, Manganese)

With the 150% battery tax incentive now active (as of March 2026), expect a flurry of mid-market deals:

Vertical Integration:

Look for automotive OEMs (like VW, Mercedes, or BMW, who have large SA plants) to take direct equity stakes in junior miners or specific "clean" nickel/manganese projects to secure their supply chains.

Junior Mining Takeovers:

Larger players are expected to acquire advanced exploration projects like Zeb Nickel or Ivanhoe’s Platreef extensions as they transition from "planning" to "production" phases

Https://www.investing.com/news/company-news/valterra-platinum-establishes-zar10-billion-medium-term-note-program-93CH-4502464

With only 97m shares in issue, the current MCAP is £6.55m.

For our circa 75% stake in the asset, what price do people expect to see a sale completed at?

Then do the math to how many multiples of the measly current 7p SP that is!

The biggest buy and hold no brainer in all of AIM at the moment in my opinion.

GLA

It's a very very safe assumption that after finally receiving the Mining Right after going through a very timely and expensive 5/6 year (?) process, they won't simply forget to register the right in time!!

The management know what they are doing - we will be the last to find out, but those that hold when the news is released stand to be rewarded very handsomely.

GLA - tick tock

How about no further drilling required?

Surveys and ad hoc drills paid for with latest placement....

Major seen enough from historical drills, numerous surveys, recent drills to show that the geology aligns to being a continuation of the Platreef.

Offer incoming.....either to partner up or for the full shebang!

GLA

He gets paid a lot less than $1m a year....

If he sold the asset, his 12m shares will be worth far more....so he can ride off into the sunset.

If Zorb wins ....we win.

Very simple.....Zorb will want a payout and IMO the MR was the final pre requisite for any potential sale negotiations to commence.

I wouldn't pay Jono too much attention - just before the Mining Right was awarded he described the asset as fictional.....only to then be awarded a 30 year mining right on the 'fictional' asset.

I believe they would be able to delay informing the market if the interest was at an early stage ie Ivanhoe are exploring the conditions of a sale.

However if things start firming up then the company would have to update the market.

After spending years proving up the resource with drilling, adding clarity on the geology through numerous surveys, and finally securing the Mining Right for 30 years.....now the company has 3 options available to proceed:

1) The retain their full interest in the project and progress with proving the resource up further and commence a large scale drilling campaign and/or progress with plans to build a mine.

I have seen no evidence that the company have any plans to build a mine, and a large scale drilling campaign would be expensive. They would need to raise a lot more cash to fund this......but the drills would add significant value if successful.

2) URU partner up with a major player as a Joint Venture and expedite a large scale drilling campaign.....or go straight to plans for building a mine. This would add value in many ways - sharing resources, equipment and knowledge with a major would be huge. Also receiving a big chunk of cash to accelerate progress.....however we would have to give up a % of our interest in the project. But it would give us a valuation of the whole project if a major was willing to pay us £XXXm for Y% of the Project. This would instantly derisk the project and rerate the SP.

3) A major decides that they've seen enough from the surveys and the drilling results to make a move to acquire the whole project from us. The price they would have to pay now would be far less than if we proved things up further. This would provide instant rewards for shareholders and any asset sale should be valued significantly more than today's measly MCAP.

I am fully expecting an RNS any day advising that the board are reviewing their strategic options.....the outcome of which will hopefully be a full sale!

GLA

Nickel flying - I don't think we'll be around much longer!

GLA

I see the RNS land 'Strategic Options Review'

The board has received interest from a number of parties about a Joint Venture or a full asset sale and are currently reviewing their strategic options.

All bets are off when/if this lands!!

Benno - The good thing about this is that our CEO has a controlling stake and has held onto his shares tightly for years......if we get shafted, he will also get shafted.

The CEO will have an exit price in mind......if he wins, we all win!!