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

By Darren Atwater | Sunday 6 April 2025


 


As usual, the most read non-Tom article, at number 1 or number 2 including Bearcasts is by Nigel Somerville, Ariana – Management Incompetence At Its Worst. Can It Recover? The most read non-Tom, non-Nigel article is MindGym – argues a “significant improvement in profitability”, but how “significant” really?… by Steve Moore.

The most-read ShareProphets articles this week were:

  1. Ariana – Management Incompetence At Its Worst. Can It Recover?
    As noted last Wednesday, I was furious with AIM-listed Ariana Resources (AAU) and its MD Kerim Sener. I still am. This follows the surprise smash’n’grab placing, seemingly to keep the lights on at a company previously drowning in cash and producing Gold (now well north of $3,000 per ounce).

  2. The View From The Montana Log-Cabin As Gold Reaches Further New Highs….When Will The Correction Come?
    Gold closed the week at yet another new all-time weekly high of $3,085 compared to last week’s $3,023, having put in another all-time high of $3,087. With the end-of-month and end-of-quarter tomorrow, the odds of new all-time highs there too are strong. Having started the year just over $2,600 the yellow stuff has come a long way, up some 17%.....surely a correction is due.

  3. Another Winnileaks expose: Tavira letter to customers - this does not read well
    Oh dear, oh dear, this letter from bucket shop broker to penny dreadfuls Tavira to its clients does not read like its good news and it has found its way to Winnileaks so gets a wider audience. Apparently it has had a strategic review. Uh Oh! The two most dreaded words in the world of finance.

  4. MindGym – argues a “significant improvement in profitability”, but how “significant” really?…
    Describing itself as a “global provider of human capital and business improvement solutions”, Mind Gym (MIND) has issued a “trading update” emphasising “a resilient performance in FY25 with significant improvement in profitability” and including that it “is expected to remain profitable in FY26”. However, previously on the company, in December, I wrote interims including “the business has returned to profitability”. Er, no it hasn’t!, so what about a current 22.5p share price?

  5. Zamboni fraud NUBURU Inc - repeating Supply’s formula of announcing deals with unnamed counterparties to pump its shares but accounts delayed
    Whilst the insolvent fraud Supply@Me Capital (SYME) had to fess up that the insolvent fraud Nuburu (US:BURU) has failed to pay the $500,000 second instalment of its $5,150,000 financing facility that was due on 31st March, Nuburu has at the date of this note not fessed up to its cash flow problem. Does the SEC find that acceptable?

  6. Northcoders – “New Consultancy contract wins”, but how’s current trading?
    Describing itself as “a market leader in technology training in the UK”, Northcoders Group (CODE) “is pleased to announce… new contracts with Skipton Building Society, one of the leading UK-based mutual financial services groups, and Manchester Airports Group”. How ‘pleasing’ are these, with the shares moving a bit higher in response to 119.5p but that down from above 150p just over a month ago?

  7. Surface Transforms – argues key customers discussions “at an advanced stage… regarding longer-term arrangements”, but from currently a cash constraints limited ability to operate!
    “Manufacturers of carbon fibre reinforced ceramic automotive brake discs” (well, commercially trying to be!), Surface Transforms (SCE) has issued a “Financing, trading and operations update” commencing that “Key customers continue to be highly supportive”. How’s that translating financially then, with the shares currently further down at 0.275p, a now below £4 million market cap, on the announcement?

  8. Technology Minerals makes a profit but is surely bust, Recyclus accounts overdue
    Results from Technoloigy Minerals (TM1) came out on March 31 but really should have been published a day later as it boasted of a profit of £882,000 in the six months to 31 December. But before any fans of fraudster Chris Cleverly start insisting that the curse has not struck this time…

  9. Questions for Kerim Sener of Ariana
    Believe you me I have a series of questions for Sener as I am a mightily pissed off shareholder in Ariana Resources (AAU)

  10. Video Interview with Kerim Sener of Ariana Resources
    I am a shareholder in Ariana Resources (AAU) and, like many of you, not a happy one. I have recorded the video below with Kerim Sener and I hope that it clarifies where we are at, puts a couple of misunderstandings to bed and that you think I gave him the hard time he deserves. To me I can still see a sum of the parts valuation of in excess of $400 million. Clearly there are risks and I am furious as to where we are now but for the potentially spectacular upside I am certainly not selling. Enjoy.The most-listened-to Bearcasts articles this week were:

The most-listened-to Bearcasts this week were:

    1. Tom Winnifrith Bearcast: If only there'd been a technical analyst on board to warn folks about a 95% share price collapse!
      That silly woman from Shares Magazine probably thinks it is racist to make that Zak Mir/Lift Global Ventures (LFT) joke again but it is good enough as the shares plunge to a new low to make it yet again. But seriously folks, I ten turn to Marechale Capital (MAC), the upper class twit of the year 2012-24 and Weardale Lithium, Ariana (AAU),.First Class Metals (FCM), Cirata (CRTA) and Aston Martin (AML)(, both of which are still shorts. I also look at gold stocks as gold hits a new high of $3,123 oz.

    2. Tom Winnifrith Bearcast: the latest Stuart Ashman blunder and Lemming is wrong on Probiotix
      The podcast is what it says on the tin.

    3. Tom Winnifrith Bearcast: At least one CEO seems to be listening to me
      I start with the hike in the minimum wage and why that is bad news for the, pro tem, working poor. Then the stock I don't write about and silly suggestions, Optibiotix (OPTI), Celadon (CEL), Predator Oil & Gas (PRD) and Hydrogen Utopia (HUI).

    4. Tom Winnifrith Bearcast: that day of the year that I get to annoy mad lefty sister N and the mad lefty Mrs too
      I start with my April 3 treat, then market carnage Trump and tariffs, Ariana Resources (AAU), Skinbiotherapeutics (SBTX) and K3 Business Technology (KBT).

    5. Tom Winnifrith Bearcast No2: Once again we far right alt right conspiracy theorists wholly vindicated - mass arrests at Turkish barber shops
      I start with another job LinkedIn thinks I should apply for then myself and Mark Smith celebrate another shock vindication. Then it is the Trump tariffs and a false media narrative on Liberation Day, Gear4Music (G4M), the Versarien (VRS) rescue plan and why it does not make sense and, at last, GOTCHA! Andrew Monk's scumbag pal Robbie McCrae at Caracal (GCAT) is resigned.

    6. Tom Winnifrith Bearcast No2: Bugger I have to go to Greece
      There are problems at the hovel so I must fly early on Sunday and am back Thursday. This is not planned and I am very cross about it. I hope that I can minimise disruption on this website. In today's podcast I look at Trump tariffs, market meltdown especially in oil. Then it is Diversified Energy (DEC), Union Jack Oil (UJO), Upland Resources (UPL), Victoria (VCP), Futura Medical (FUIM), Glencore (GLEN), Amaroq (AMRQ), Minoan (MIN) and Celadon (CEL).

    7. Tom Winnifrith Bearcast No 1: Lucky Luke's hammer blow for AIM but what does it matter and who is to blame?
      Yesterday various AIM CEOs descended on 110 Downing Street asking for help to revive the sewer. In light of today's news from Luke Johnson chaired Brighton Pier (PIER), I explain why the Government should tell the CEOs to Foxtrot Oscar

    8. Tom Winnifrith Bearcast No 1: Steve O' Hara vs Chris Egleton, what AIM should be for and what it has become
      I look at the records of the boss of Optibiotix (OPTI) and that of Minoan (MIN) and also explain why the former is just so extraordinarily cheap right now. Even O'Hara's critics, of whom there are many, can surely not argue with hard numbers.
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