Notes from Underground – Most read articles for the week ending September 20

The most read non-Tom article this week is The View From The Montana Log-Cabin As $4,400 Gives Way For Gold by Nigel Somerville at number 19, or number 26 with Bearcasts.

Most Read

1. Kefi Gold & Copper – further “Tulu Kapi Update”, still value: BUY
   

   Kefi Gold & Copper (KEFI) has issued a further “Tulu Kapi Update… following its announcement on 7 September 2026 regarding the serious security incident”. This includes that in Ethiopia “the Government has committed to do whatever it can to overcome this serious setback”.

2. Avacta: it’s a spoof says Evil Banksta add to shorts into the share price spike
   

   Shares in Avacta (AVCT)  spiked to 81.5p, a market cap of £385 million on the back of a ramptastic RNS. But they are now slipping back and trade at 79p. The smart money, aka Liverpool’s Greatest numbers man since Ken Dodd, Mr Evil Banksta, used the spike to increase his short and here’s why. There are three reasons.

3. BREAKING: Farewell Oak Securities hello Crest Corporate Brokers, oily Jerry Keen & team jump ship
   

   I spoke to Jerry Keen of Oak Securities earlier putting to him rumours of a career change which he scotched saying that there was a “rebranding” underway at Oak Securities the small cap broker he founded in 2024. Well up to a point “Oily”.

4. Blencowe Resources – why is CEO Mike Ralston not in jail and instead being rewarded for his crimes?
   

   This stinks to high heaven and is a major scandal yet nobody seems to care. Blencowe Resources is running on vapours and its three brokers ( Tavira, Cavendish and Oily Keen’s Oak) are clearly doing a placing for Blencowe (BRES). My cat can do the maths.

5. Question for Ms. Frankie Davies of Baker McKenzie re Paul Mathieson
   

   On Friday 4th September I received a laughably bad cease and desist letter from the firm of Quisumbing Torres, a Manilla based member of Baker McKenzie International which stated that if Paul Mathieson’s £10 billion claim went to the UK courts BM would be acting

6. TW does not understand the science and maths at Avacta so what do Evil Banksta and Jim Mellon say?
   

   I exposed my first biotech fraud back in 1992, sinking its IPO, when most Avacta (AVCT) shareholders were still in short trousers and I’ve been writing about the sector ever since. My first lawyers letter from a biotech fraud I exposed came in 1994 my second in 1996. Most of my bearish articles are not about frauds but valuation. The issue with Avacta is just one of valuation. But, apparently, I do not understand the maths or the science say the “experts.” Why not ask someone who does? So I started with Jim Mellon who has made hundreds of millions of pounds in this sector.

7. Amazing AI – Auditors Resignation letter in. Oh dear. What is being hidden?
   

   The resignation letter from auditors Pointon Young for Paul Mathieson’s Amazing AI, now known as XXXX Holdings Ltd is in and is pretty damning.

8. Good news travels fast but bad news….the case of Skinbiotherapeutics
   

   On 24 August 2026 as Skinbiotherapeutics (SBTX) appointed a new interim CFO to replace the hapless Emily Bertram it stated “The Company is in advanced discussions with potential NED candidates and looks forward to updating the market in due course, and is also intending to issue a business update by mid-September which will include further Board updates.”

9. Optibiotix Interims – get your cheque book ready Adam
   

   Any loss making company reporting interims which gives the period end cash number but not also an up to date cash number hoists an enormous red flag and that brings us to Optibiotix (OPTI) which, ceteris paribus, will be running on vapours by early 2027. Half calendar year numbers are out today.

10. Letter to the FCA: If you do not prosecute Mike Ralston of Blencowe, you admit you are useless
    

    Yesterday, Blencowe Resources (BRES) allowed its CEO Mike Ralston to resign but to stay on as a consultant on a similar financial screw as it emerged that he had dumped millions of shares, more than two thirds of his holding in 15 undeclared trades over the past year. One trade was almost certainly insider dealing. I have written to my contact at the FCA.

11. 
    

The most-listened-to Bearcasts this week were:

1. Tom Winnifrith Bearcast: a long chat with Harry Adams

   I had a long conversation last night. There were all the problems you associate with poor telecoms in a country with a crumbling infrastructure. But despite the problems I face being in Wales I managed to have a good chat with the Kefi Gold & Copper (KEFI) boss who is out in Ethiopia.

2. Tom Winnifrith Bearcast: Hang on for the PS in the podcast

   Today IU look at UK and US base rates, Optibiotix (OPTI), Probiotix (PBC), Skinbiotherapeutics (SBTX), Cirata (CRTA) and the Kelly scandals, Smarter web Company (SWC) and its new cunning plan I am too dumb to understand and, PS, Scancell (SCLP)

3. Tom Winnifrith bearcast: Crime pays

   I start with Kefi Gold & Copper (KEFI), and then move on via Union Jack Oil (UJO) to the insider dealing total scandal at Blencowe Resources (BRES).

4. Tom, Winnifrith Bearcast: hope and despair

   I start with two stories of despair then to one of hope with the news out of Greenland and what it means for Amaroq (AMRQ).

5. Tom Winnifrith Bearcast No 2: back to the 1970s

   I start with base rates, oil and gold. Then it is Ariana (AAU), First Development (FDC) another Fatty Cornish advised abomination, Blencowe (BRES) and a shareholder base of congenital idiots and Pantheon (PANR), an utterly compelling short.

6. Tom Winnifrith Bearcast: Craig Howie (the City chap) vs Richard Jennings (the oik)

   I compare and contrast the way they have behaved since ousting awful managers at Union Jack (UJO) and Kazera Global (KZG) respectively. There is some shocking news on both companies.

7. Tom Winnifrith Bearcast: Joshua turns 10, congenital idiots turn on me and a victory lap as Cirata crashes, the FCA should be all over this

   I discuss my son's birthday, Penblydd Hapus to him, Avacta (AVCT) and Blencowe Resources (BRES) and in detail why Cirata (CRTA) is such a dog's dinner and why I am going to the FCA about it tomorrow. I flag up that the AIM Awards shortlist is out HERE

8. Tom Winnifrith Bearcast: the Sydney Sweeney row with the Mrs and daughter 2

   I despair of the younger generation as I discuss the welcome to Wales row. I then look at 2 9/11 PR blunders before considering businesses that are doomed to fail with shareholders losing everything including Mothercare (MTC), Hamak (HMV) and Bluebird Mining (BMV)