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Notes from Underground – Most read articles for the week ending May 24

By Darren Atwater | Sunday 25 May 2025


 


The most-read, non-Tom article at 5 or 13, including Bearcasts, is by Nigel Somerville with The View From The Montana Log-Cabin As Gold Correction Grinds On.

The most-read ShareProphets articles this week were:

  1. I Cannot Recommend A Purchase, Harry Adams you, your board and your advisors are an effing disgrace
    I said that I would not write about Kefi Gold & Copper (KEFI) again but I do so in sheer anger at Harry Adams, his wanker of a COO who will get a cash bonus of £300,000 just for doing his job for £300,000 and the company’s parasite advisors. The cash to fund corporate largesse will come from yet another placing announced today. Just like WW1 was the war to end all wars, the previous £10.6 million placing just six months ago was meant to be the last one, the placing to end all placings.

  2. Letter to AIM Regulation & the FCA: Investigate Neil Davidson or others at Optibiotix
    Someone at Optibiotix (OPTI) may have breached AIM Rule 10 and possibly committed fraud in pushing out a grotesquely misleading statement. Is it chairman Neil Davidson, partner of the ghastly ex Tory MP Anna Soubry. I have written to the regulators, ccing in hapless Nomad Liam Murray at Cairn and broker Peterhouse urging an investigation. Or maybe they will just try to sweep this under the carpet because it would not do to upset the establishment would it?

  3. Video: Greg Secker, a less rough version of Darren Winters exposed
    This website has shrugged off legal threats to expose the disgraceful antics of the charlatan Darren Winters and his rip off trading courses. But Winters is not the only scallywag making a good living from this sort of bezzle. Over the years Greg Secker has made a fortune plugging his worthless but hugely expensive courses. Watch the video below to see why he is just as bad as Winters.

  4. Amaroq shares rocket 108% in Canada overnight and are suspended, I said they were cheap!
    Shares in Amaroq (AMRQ) closed in London up 2p at 78p. But then as we slept, in Canada they rocketed ahead by 108% to C$2.91 ( 156p in UK money) prompting a share suspension ahead of an Amaroq statement. I said they were cheap!

  5. The View From The Montana Log-Cabin As Gold Correction Grinds On
    Gold closed the week at $3,201 – a fair old drop from last week’s $3,323 but much better than the week’s low point of $3,125. The correction grinds on, pulling the miners with it as can be seen on the chart below (courtesy of ADVFN) of Gold against the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers).

  6. An old joke but a good joke about tax
    Thanks to reader C for this. By his own admission an old joke but still a good one and a reminder to Rachel from Customer Services as to why so many of the geese who lay golden eggs are thinking of leaving Airstrip One.

  7. The AIM peasants are revolting No 1: Kefi
    Perhaps change is afoot. My anger at the incompetence, greed and, frankly, dishonesty of too many AIM and Small Cap boards is, it seems, far from unique. The peasants are stirring and may be revolting. First up is Kefi Gold & Copper (KEFI)where folks on the Telegram Group say that have 5% of the equity prepared to call an EGM.

  8. AQSE Regulation and the Truspine fine: this is just silly and unfair on shareholders
    Back in August 2023 AQSE Regulation fined Truspine (TSP), a dog run by a bunch of scoundrels who have now been ousted, £215,000 for a series o rule breaches. But, of that fine, £165,000 was suspended.

  9. Kefi Gold & Copper – co-lender approval formally ratified by Ethiopian Parliament, another step towards Tulu Kapi project financing major catalyst
    Steve Moore writes: Kefi Gold & Copper (KEFI), after some prompting, is now also “pleased to report” that the Ethiopian Parliament has formally ratified ‘Ethiopian Country Membership’ for Africa Finance Corporation. This is significant for Kefi as Africa Finance Corporation is a prospective co-lender for its Tulu Kapi gold project and the membership was a critical condition precedent for its participation. So what does this latest mean for the Tulu Kapi project financing process?

  10. Xeros Technology – 2024 results from this Neil Woodford ‘revolutionising’ pick argue “clear progression”. Er, is there?…
    Noting its “innovative sustainable technologies that greatly reduce the impact of laundry on the eco-system”, Xeros Technology Group (XSG) has issued a “Full Year Results 2024 and Trading Update” announcement commencing that the results “show clear progression from development agreements to commercial agreements”. With the shares though currently responding approaching 4% lower at 1.3p, how “clear” really is that “progression”?

The most-listened-to Bearcasts this week were:

    1. Tom Winnifrith Bearcast: after Kefi should we all abandon AIM in disgust?
      I am angry but I try to be rational. I believe Kefi Gold & Copper (KEFI) has deceived us all and its blunders have seen us diluted in a way that was not needed. Its managers are greedy bastards but does this make me give up on AIM. I know some of you think that way. 

    2. Tom Winnifrith Bearcast No 2: Steve O'Hara is a liar, I am not selling Optibiotix but I cannot honestly advise you to hold
      If the Optibiotix (OPTI) boss or his wanker of a chairman wish to sue me go ahead, I have contemporaneous notes and will see you in Court bitchez! I will also be seeing you at the AGM where I will hold you to account.. I explain the three reasons why why I am not selling my shares after today's discounted placing and, I think, misleading press release. But I also explain why I cannot in all good conscience, advise you to hold any more. It must be your call from here.

    3. Tom Winnifrith Bearcast: capAI is a £30m disgrace, Peterhouse should be ashamed
      Its a strange and short day for me for reasons I explain. Then I discuss Optibiotix (OPTI), Georgina Energy (GEX) and the scandalous ramp, yes brown envelope man is on board, that is CapAI (CPAI)

    4. Tom Winnifrith Bearcast: More cobblers from Pennpetro and what about last year's fraud?
      In light of today's news from Kefi Gold & Copper my plan discussed in the podcast  of calling it a day, selling up and going to live in Greece just becomes more attractive. AIM is such a sewer. I now almost feel dirty writing about all the shits running PLCs. I discuss Amaroq (AMRQ), Technology Minerals (TM1) and a letter on its way to PKF Littlejohn, Pennpetro (PPP), Ocean Harvest (OHT), Shoe Zone (SHOE), capAI (CPAI), gold and Ariana (AAU) 

    5. Tom Winnifrith Bearcast: go woke, fire low paid workers with the Co-op, Steve O'Hara talks more cock and podcast alert
      The Co-op is severing al ties with Israel and I am not alone in saying that I will now not use its store. The village store in Holt is going to lose, I reckon £200 a month from me. Who will suffer? Then it is the latest text from wretched Steve O'Hara of Optibiotix (OPTI). Finally I flag up that I am doing a guest podcast elsewhere later this week with a bit of a celeb who is likely also to speak at Sharestock. Book your seats today HERE.

    6. Tom Winnifrith Bearcast No 2- a day of utter gloom but Frisby has a bright idea on the long tack
      I start with the reasons for gloom here, is it time for us all to pack up and go to Greece? Then Dominic Frisby's long idea and then Pantheon Resources (PANR) and Celadon (CEL) 

    7. Tom Winnifrith bearcast No1: Betrayal
      I start with the fishermen and then explore three routes forward for Optibiotix (OPTI) without Steve O'Hara. I'd rather not go down any of them but all are viable.

    8. Tom Winnifrith bearcast No 2: look at the bonds, Victoria to 0p?
      In this second podcast I consider Harry Adams vandalising AIM ref Ashtead (AT.), Skinbiotherapeutics (SBTX), more David Lenigas hogwash at Vinanz (BTC), Victoria (VCP), Avacta (AVCT) and Tiger Royalties (TIR)

    9. Tom Winnifrith Bearcast No 3: Failure, deception, madness, PLC costs and boardroom expenses and AI driven shorts
      I have recorded a podcast with Barry Downes about sectors/stocks to short because of AI and discuss it en passant, it should go live this weekend. Then it is Christopher Eggleton falling on his sword at Minoan (MIN) and questions I have, Optibiotix (OPTI) The Smarter Web Company (SWC) and Totally (TLY). Now to go dig up weeds to compost and think about AIM CEOs.

    10. Tom Winnifrith Bearcast No 1: discussing with a Lucian in mourning the Pantheon Resources conundrum
      Like many folks in York, Lucian Miers now has some unwanted train tickets to London. I discuss that, his thoughts on macro matters and then, in detail, Pantheon Resources (PANR) where we perma bears have again been vindicated. But at 22p should one stay short?

    11. Tom Winnifrith Bearcast No1, the £94m madness of The Smarter Web company, think back to Mark Slater's Internet Indirect
      I cast no blame on my friend Mark but look back 25 years ago to what happened then and to the latest utter madness at the Smarter Web Company (SWC) - - update, having said it wanted £3 million, smarter has raised £7 million so £13 million cash plays a £94 million market cap. This is madness..

    12. Tom Winnifrith Bearcast: CEO's who threaten shareholdersSpecifically I am discussing Optbiotix (OPTI) and Kefi Gold & Copper (KEFI).
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