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Notes from Underground – Most read articles for the week ending Oct 5

By Darren Atwater | Sunday 6 October 2024


 


The most read non-Tom article last week is The View From The Montana Log-Cabin As Gold Stalls Below $2,700, but $3,000 still in play as near term target by Nigel Somerville at number 1 or number 4 including Bearcasts. 

The most-read ShareProphets articles this week were:

  1. The View From The Montana Log-Cabin As Gold Stalls Below $2,700, but $3,000 still in play as near term target
    Gold closed the week at $2,658 – up yet again on the prior week’s weekly record high at $2,621 (and thus at another weekly high) – but in a week it reached $2,685 and didn’t press on through $2,700 it was a bit of a disappointment. Gold stocks dipped at the end of the week as can be seen on the chart below of Gold vs the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers). What happens short term is anybody’s guess.

  2. Surface Transforms – interims, “significantly behind plan” and having to ‘evaluate all available cash options’ AGAIN!
    Previously writing on specialist automotive brake discs company Surface Transforms (SCE), in July with the shares up towards 2p I concluded ‘latest announcement detail suggests to me that risk is high – and follows I previously noting, with operational non-delivery, after arguing sufficient funding on a fundraising last year, less than six months later it was a further equity raise which it states was ‘needed’. That raised a gross £9.5 million and with it already “cash as at 30 June 2024 was £5.0m” and the amount of shares ‘confetti’ already in issue meaning a market cap of approx. £25 million, still currently avoid/sell’. The shares most recently closed at 1.45p… and now half-year results, and what about a currently crashing below 0.50p share price?

  3. RBG Holdings – interims argue “Executing a clear strategy to restore value and reduce risk profile”… but it’s currently not working!
    Most recently writing on legal services company RBG Holdings (RBGP), in March with the shares at 8.85p I concluded including ‘the still-limited fundraising size in relation to the debt and the outlook currently still concern… at a prospective £11.4 million market capitalisation, at this juncture I still wouldn’t want to own the shares’. The shares most recently closed at below 6p and what of them currently below 4p on the back of half-year results despite these headlined “Executing a clear strategy to restore value and reduce risk profile”?

  4. Bluebird Mining Ventures: interims and funding news, ahead of further projects updates Buy – Tom has
    Bluebird Mining Ventures (BMV) has announced results for the first half of 2024, including emphasising that it now “has c.US$9 million committed to develop its projects, which have an estimated cumulative 1.8Moz Au and is on a free carry structure”, as well as new funding and comparing to a current 0.925p share price, £6.6 million market cap.

  5. BOOM: Alessandro Zamboni you are not the Messiah you are a very naughty boy, dodgy 1AF2 accounts finally filed
    Alessandro Zamboni has finally filed the unaudited accounts for 1AF2 Limited for the year ended 31 May 2023, a few months late.

  6. OptiBiotix Health – disappointing interim numbers but there is an explanation, risk/reward Buy
    OptiBiotix Health (OPTI) has announced results for the first half of 2024 including “reported revenues decreased by 21.3% to £276K” but also “significantly increased order book and solid sales performance”, so what’s going on here?

  7. Is Bluebird a fraud making things up?
    Of course, it is not and it is not but that is pretty much the accusation being made by Show Me the cash on this website’s comments section and by, I suspect, the same poster on the LSE Asylum. I have chatted to the company.

  8. Kefi Gold & Copper – interims, upcoming project financing catalyst to spark the shares
    Kefi Gold & Copper (KEFI) has announced its first half of 2024 results, including emphasising that it remains on track with its flagship Tulu Kapi gold project in Ethiopia and “to finalise second bank credit approval, sign the definitive detailed financing agreements, drawdown the equity funding and then launch Major Works - all targeted within Q4”. We suggest that means significant upside potential from a current 0.60p offer price, below £37 million market cap, before even considering continuing Saudi Arabia joint venture progress.

  9. Tribe Technology – having emphasised extensive engineering and collaboration, review concludes “further significant... work is required”!
    Last month Tribe Technology (TRYB) announced the arrival of its “first autonomous reverse circulation TTDS GC 700 drill rig” in Australia, emphasising “this is a major milestone for the company and is the culmination of significant engineering hours over the last four years, pioneering design and innovation along with extensive collaboration with our first customer”. The shares were then 4.55p and recently closed at close to that, but are currently falling below 4p on a “First autonomous RC Drill Rig Update” announcement.

  10. A failed fund manager says not to worry about ballooning debt
    No not me silly. I regard a debt to GDP ratio of 100% as truly scary. But disgraced Neil Woodford, under FCA investigation, knows better and thus opines:

The most listened-to Bearcasts this week were:

  1. Tom Winnifrith Bonus Bearcast: Bluebird Mining Ventures offer - I'm in!I discuss today's fund raise at Bluebird Mining Ventures (BMV). In a modest way I am in as a trading play but also an fundamentals based play. I explain why and offer some praise for Richard "nobody likes me but I don't care" Jennings.

  2. Tom Winnifrith Bearcast: what if Kefi slips again and is there any upside in oil & small oilersGold is flying. Usually that means oil is flying but it is not and I don't think it will. I explain why and what that means for oil shares. Then it is Kefi Gold & Copper (KEFI)

  3. Tom Winnifrith Bearcast: stop wetting your knickers over KefiIn this bearcast I look at Kefi Gold & Copper (KEFI), Aston Martin Lagonda (AML) and Celadon (CEL) as I celebrate one week to seeing a Shipman. You can crowdfund that/book your Sharestock seat HERE as I announce another new speaker. I reference a question about the second Kefi bank in the bearcast. Here is a definitive Q and A from Harry below. Honestly some of you do wet your knickers over anything, convincing yourselves of bad news when this is actually good!!

  4. Tom Winnifrith Bearcast: when will Jubilee see glory days again?I start with Versarien (VRS) and Supply@ME Capital (FRAUD) and the end game. The Hemogenyx (HEMO) and it is placing ahoy. Then I consider British Land (BLND) and its retail offer. Am I tempted? Finally Jubilee Metals (JLP) and a CEO drinking in last chance saloon.

  5. Tom Winnifrith Bearcast: Has GenIP burst the TekCapital bubble?I look at musicMagpie (MMAG), Hemogenyx (HEMO), Belluscura (BELL),Microsalt (SALT),TekCapital (TEK), GenIP (GNIP) and disgraced Lord Willetts.  

  6. Tom Winnifrith Bearcast: Darren says I am being mean and pettyDarren's charge concerns a fight I am having with the ICO which seems to think journalists are fair game for abusive emails. Then I look at Versarien (VRS), Armadale Capital (ACP) Chill Brands (CHLL), Ben Habib's First Property (FPO), and Argent (RGT)

  7. Tom Winnifrith Bearcast: wrestling with the moral dilemma of a sick CEOI cannot name him or the company for reasons I explain but the company really should be coming clean 

  8. Tom Winnifrith Bearcast: The person from Porlock was the mother in lawI start with my mother in law and why the bearcast was late. I reflect on Inheritance Tax for that is what she wants to discuss. Then it is onto Powerhouse Energy (PHE), Versarien (VRS), Hydrogen Utopia (HUI), TekCapital (TEK) and MicroSalt (SALT)

  9. Tom Winnifrith bonus bearcast: the bollocks of a Versarien corporate updateWell done evil PR genius Tim Metcalfe, you fooled the morons with this one but today's update is pure bollocks. Now it is placing ahoy.
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