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Notes from Underground – Most read articles for the week ending June 28

By Darren Atwater | Sunday 29 June 2025


 


The most read, non-Tom, article this week is The View From The Montana Log-Cabin As Trump Bombs Iran….What Will Gold Do? by Nigel Somerville at number one (or number one with Bearcasts).

  1. The View From The Montana Log-Cabin As Trump Bombs Iran….What Will Gold Do?
    Gold closed the week at $3,367 – a bit of a damp squib given last week’s mark of $3,430. But last night Donald Trump bombed Iran with “bunker-buster” missiles. It remains to be seen what happens next but it is clear to me that Mr Market’s apparently relaxed view of the current Iran/Israel conflict was way off the mark. So I expect a pretty strong reaction when the market reopens tonight.

  2. Aferian – argues “significantly improved financial performance”, but what does its swing in “adjusted EBITDA” actually mean for the bottom-line?… 
    B2B video streaming products and services company Aferian (AFRN) has announced “strong trading momentum… and the benefits of the cost restructuring implemented in the twelve months ended 30 November 2024… expect this level of profitability to continue into H2”. How “strong” though is the trading momentum relative to the shares currently more than 13% higher at 4.3p?
  1. Bluebird Mining Ventures – Philippines project agreement now “only subject to final reviews”, buy at 1.2p target 2p within 2 weeks
    Bluebird Mining Ventures (BMV) has announced that an agreement for its Philippines gold project is now “only subject to final reviews” and that it “expects the agreement to conclude imminently”. The noted “key terms” of the agreement suggest it would be very good news indeed from a current 1.20p share price, below £11 million market capitalisation, here.

  2. Distil plc – “pleased to announce” Ardgowan Distillery news, how ‘pleasing’?…
    Alcohol drinks brands company Distil plc (DIS) states that it “is pleased to announce” the formal opening of Ardgowan Distillery and its first casks having been filled, with the “partnership with Ardgowan remains of the upmost importance to the business”. What does it mean from a current 0.25p Distil share price, £3.6 million market cap?

  3. Sanderson Design Group – argues trading improvement… but this after it previously expecting an improved trading environment, it actually worsened!
    Interior design and furnishings group Sanderson Design (SDG) has issued an “AGM Statement” including that tariffs-related “pressure eased in May and that order intake has improved so far in June compared with the same time last year” and that “inventory has reduced as planned since the start of the financial year and consequently the net cash position is beginning to build”. However, what about currently a more than 12% higher share price response to above 50p and an approaching £37 million market cap?

  4. Nuburu Inc - yet another accounting blunder
    Yesterday Alessandro Zamboni’s insolvent US fraud Nuburu (US:BURU) had to fess up to yet another accounting blunder namely that it had got its accounting entries for the reclassification of its preference shares from mezzanine equity to debt materially wrong. 

  5. Steve O’Hara and smearing his critics at Optibiotix
    There is a very unpleasant pattern appearing here which shows Steve O’Hara, the boss of Optibiotix (OPTI), where I remain a loyal shareholder, in a very poor light. This was flagged up by Lemming Investor at the weekend. Lemming and I have both supported Optibiotix and O’Hara in the past but no more.

  6. Fancy 789% upside on a penny share?
    My pal P reckons that this is a winner a penny share not involved in bitcoin in treasury malarky that could rocket. P is far cleverer than I am but has served up a broker note from what he deems to be a respected analyst (surely an Oxymoron) to justify his enthusiasm. The note is below. Your call...

  7. RS Group – an income and recovery value Buy
    Operating in the Industrials sector, there is unsurprisingly a “challenging macro-economic backdrop” for RS Group (RS1). However, its recent results also emphasised “taking market share… delivering restructuring and integration benefits, improving efficiency and managing costs appropriately” and included an increased dividend whilst the shares in this FTSE 250 business are down from above 800p as recently as the start of October and not far off 700p early this year to a 559.5p offer price – where we consider they offer income and recovery value.

  8. Next 15 Group – “early-stage discussions regarding a potential sale of a selected number of its brands”… but how well can it sell in the current environment?
    ‘Tech and data-driven growth consultancy’ Next 15 Group (NFG) has responded to “press speculation” with that it “confirms it is in early-stage discussions regarding a potential sale of a selected number of its brands”. What about a current more than 15% higher share price to above 240p in response?

  9. BREAKING: Labour MP Liam Byrne, the short seller and the Russian Smear - a report to the Standards Commissioner is going in next week
    Short seller Fraser Perring is not universally loved. Like me he falls out with former allies but I would count him as a friend and on companies such as Home REIT and Wirecard he has done some exceptional work. This week, I can reveal, he will submit a formal complaint to the Parliamentary Standards Commissioner about senior Labour MP Liam Byrne which should be career ending for the socialist.

  10. Smarter Web Company shares falling…it’s the Jews! And a challenge for Peterhouse and Andrew Webley
    I am still humbled by the suggestion HERE that it is within my power to wipe a billion quid off the valuation of joke bitcoin in treasury companies in my role as co-ordinator of the global shorting conspiracy. Just when you thought that investors in Vinanz (BTC), off from 54p to 29.5p in just over 24 hours or The Smarter Web Company (SWC). Down from 500p to 295p over the past day, could not get any madder…

The most-listened-to Bearcasts this week were:

    1. Tom Winnifrith Bearcast No 2:the £400m hypocrite of the day and check out this online abuse!
      I start with Michael Eavis, the Lefty shithead behind Glastonbury, then it is the fraud Supply@ME Capital (SYME) and death spiral provider Yorkville before a crash crash in bitcoin in treasury stocks, £1.4 billion of madness at Tao Alpha (TAO) but also The Smarter Web Company (SWC), Coinsilium (COIN), Vinanz (BTC) and an outright fraud in the stable.

    2. Tom Winnifrith Bearcast No 1: starting to dream as I do the Batangas maths on BluebirdThere is an RNS today from Bluebird Mining Ventures (BMV). I do the maths and this looks incredible.

    3. Tom Winnifrith Bearcast No 1: As Andrew Webley hoists an enormous red flag doing the maths on the Smarter Web Company and Bluebird1 still trades at almost 9x fully diluted NAV, one could be trading at a discount to NAV within weeks

    4. Tom Winnifrith Bearcast: Expose Andrew Webley's past life pushing a penny dreadfulI consider events in Iran and bitcoin in treasury madness looking at Bluebird (BMV), Tao Alpha (TAO), Vinanz (BTC) and into removed internet postings and the murky penny dreadful past of Andrew Webley of Smarter Web Company (SWC)

    5. Tom Winnifrith Bearcast No 2: The admirable valuation prudence of Kerim Sener vs the reckless maths of Trougher Harry AdamsI compare how Kefi Gold & Copper (KEFI) promotes Tulu Kapi with how Ariana Resources (AAU) promotes Dokwe and look at whether either share is cheap

    6. Tom Winnifrith Bearcast No1: is there really switching from Greatland into Wishbone?I got an email today about my grandfather Sir John Winnifrith and I reflect on his spying activities. I then consider the idea that some folks might be switching some cash from Greatland (GGP) into Wishbone (WSBN) where I am getting greedy.

    7. Tom Winnifrith Bearcast: keep ramping Sath and is Andrew Webley man or mouse?I start with today's appointment with the Shipmans. Then Vinanz (BTC), Coinsilium (COIN),Truspine (TSP), Smarter Web Company (SWC) and a challenge for its CEO Andrew Webley, Bluebird (BMV),its hard numbers and the fantasies of new chairman Sath. Then having "crushed" via an RNS my analysis that it had to place within a year last September, guess what Zephyr Energy (ZPHR) has done? Finally is anyone friends with Richard Poulden? If so, get in touch, I will spare your shame. I discuss Wishbone Gold (WSBN) flagging up when I plan to bank dirty gains

    8. Tom Winnifrith Bearcast: The rain sodden heatwave, Liam Byrne MP, Donald Trump, Iran, gold, oil, shares and bitcoinThe podcast covers what it says on the tin

    9. Tom Winnifrith Bearcast No 2: Schadenfraude!I discuss the UK welfare numbers and how Gresham's Law can apply to people too. Then schadenfreude, The Smarter Web Company (SWC), Vinanz (BTC), Coinsilium (COIN), TAO Alpha (TAO) and Cel AI (CLAI) and the Bixby/Edwards gang.

    10. Tom Winnifrith Bearcast No 3: Will nobody admit to being Richard Poulden's friend?I start with Wishbone Gold (WSBN) then to Britain's ninth richest man leaving the sinking ship and the uselessness of Douglas Alexander MP in response. Then via Dom Frisby I go to Catenai (CTAI) and Haydale Graphene (HAYD)

    11. Tom Winnifrith Bearcast: post bubble valuations, I'd buy SWC at 25p, but sell Vinanz at any priceI start with an event 24 years ago tomorrow which drives my hatred of, mainly Labour, MPs. Then price targets for bitcoin in treasury stocks if the bubble has burst. Again I look back to 2001.
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