Member Info for AliAli

Unsure if it has been mentioned already, but an exceptionally candid interaction from the company post the 19th February placing (at a noticeable premium to the current share price, I might add) caught my eye.

“Good morning. The coltan market is on a tear reaching new highs and this is good for us. We have a steady supply (much, much better than previous years) of news flow forthcoming on both the trading and exploration side following a very positive trip to Cape Town for the Mining Indaba.

Fundamentally, the C Archer Substack piece was very accurate and this most recent raise was more about getting into larger premises and managing some CRAZY CASH FLOWS than about funding. If the market continues like this then we will have dramatically reduced dilution.

Please don't forget that I own about 8-9% of this company; it is not a lifestyle company by any stretch. Not sure if that answers your questions but once I make a couple more Northwestern tuition payments I'll get back to increasing my stake.”

“P.S.- Part of the reason we raised converts was to have the flexibility of buying those notes back from profits. We are restricted from buying shares back but not converts and warrants fyi.”

“I appreciate your communication, feedback, and shareholding. I look forward to updating you on trading and closing on a new JV asap.”

https://aterianplc.com/announcements/7381504

...to pacify the detractors (although certain criticism is entirely justified).

In addition, unsure if it has been mentioned already, but I’m increasingly confident - doesn’t mean my amateur sleuthing is necessarily correct though – NEO’s undisclosed strategic investor is in fact Gilini Holdings Ltd, part of the Gilini Group (similar to their investment in Critical Mineral Resources PLC CMRS initiated from March 2025 onwards).

...for an intra-day reversal.

Recent UK-based strategic investment group in at 0.9p.

... especially with the still resounding gold price - a literal gold mine money printing machine is Serabi.

...from weak to strong hands.

Long-term investors need not fret - mark my words!

Https://www.linkedin.com/posts/chris-connolly-b2a40016_building-a-mining-operation-in-this-market-activity-7435632805377851392-8Z6B

"Building a mining operation in this market isn't bravery. It's arithmetic.

I've seen the reaction when people hear that KryptoByte Limited is building a Bitcoin mining operation while the market is down 47% and most miners are pivoting to AI. They assume it's either conviction-driven or contrarian for its own sake.

It's neither. It's a spreadsheet decision.

Here are the numbers as they stand today. Bitcoin: approximately $66,000. Average industry production cost: approximately $87,000. That means the typical miner is losing roughly $21,000 on every coin produced. No amount of conviction fixes that arithmetic.

But change one variable — the energy cost — and the entire equation inverts.

At wellhead gas prices, the all-in electricity cost drops to a fraction of grid power. Our modelling, using conservative assumptions validated against 360 Energy's operational data, projects a production cost well below the current spot price. That means each Bitcoin mined represents a positive margin, not a loss.

This is why the timing actually works in our favour. Mining equipment is available at cycle-low prices — ASIC manufacturers have reported order cancellations and are offering discounts that would have been unthinkable twelve months ago. Gas producers with stranded assets are more motivated to negotiate. Service providers have available capacity. Every input cost is compressed.

In project finance, the ideal entry point for infrastructure investment is when asset prices are depressed but the underlying economics are sound. That's where wellhead mining sits today.

The companies that emerge strongest from downturns aren't the ones that were bravest. They're the ones whose arithmetic worked when everyone else's didn't."

Https://www.londonstockexchange.com/news-article/BCE/acquisition-fundraise-trading-recommencement/17491686

Https://www.linkedin.com/posts/stephen-williams-409136a8_i-spent-my-career-evaluating-energy-assets-activity-7434546076277374976-Um1I

"I spent my career evaluating energy assets. Here's what oil and gas veterans might see in Bitcoin mining that crypto analysts sometimes miss.

Crypto analysts look at hashprice, difficulty adjustments, and ETF flows. Energy analysts look at something much simpler: the cost of the input versus the value of the output.

The netback is the market price of your product minus the cost to extract, process, and transport it. If your netback is positive, you produce. If it's negative, you shut in and wait.

Bitcoin mining has an identical structure. The "netback" is the Bitcoin price minus the all-in cost to produce it. And just like in oil and gas, the operators with the lowest extraction cost — meaning the cheapest electricity — control the economics of the entire industry.

What makes stranded gas mining interesting from an energy perspective isn't Bitcoin. It's the gas.

Across the UK and Europe, there are proven gas reserves in fields that have no economic route to market. The gas is there, but the cost of building pipeline infrastructure exceeds the revenue the gas would generate. The field sits idle. The gas is worthless — not because it doesn't exist, but because it's stranded.

Adding a generator and mining rigs at the wellhead transforms that worthless gas into the cheapest electricity available to miners. No grid connection. No transmission costs. No exposure to wholesale energy price volatility.

And here's another important aspect: the gas doesn't disappear when Bitcoin's price drops. If mining becomes uneconomical, the gas could still be sold conventionally if and when the gas economics are favourable. You have optionality that grid-connected miners simply don't possess.

This is why I describe what we're building at KryptoByte as an energy infrastructure business. Bitcoin is the output. Energy is the moat."

Https://www.linkedin.com/posts/sachin-oza-0650711_the-bitcoin-mining-industry-is-splitting-activity-7434274773175730177-M24g

"The Bitcoin mining industry is splitting in two. Investors need to understand which side they're on.

Something structurally important happened in February that goes beyond Bitcoin's price action. The mining industry didn't just have a bad month — it began dividing into two fundamentally different businesses.

On one side: companies converting their mining infrastructure into AI data centres. Bitfarms rebranded entirely. Bitdeer liquidated every Bitcoin it owned. Roughly 70% of public miners are redirecting capacity toward high-performance computing. These companies have concluded that their power assets are worth more running AI workloads than mining Bitcoin.

On the other side: a smaller group of operators whose energy economics are so favourable that mining remains profitable even at $66,000 Bitcoin and $35/PH/s hashprice. These aren't companies clinging to a broken model — they're companies whose cost structure puts them in a different category entirely.

This split has massive implications for investors. The first group is becoming technology infrastructure — valued on contract revenue, capacity buildout, and GPU availability. The second group is becoming energy infrastructure — valued on production cost per Bitcoin, energy contract duration, and reserve optionality.

These are not the same investment thesis. They don't respond to the same catalysts. They don't have the same risk profiles.

The public market is still pricing most mining companies as a single category: "Bitcoin miner." That's a mispricing. The companies pivoting to AI are infrastructure plays with minimal Bitcoin correlation. The companies staying in mining are energy plays whose returns are determined by the spread between production cost and Bitcoin price.

Understanding which side of this split a company sits on is now the single most important question in mining analysis."

This small cap territory - can scarcely believe it's still sub £10 million - is all about attributing a higher risk/reward ratio... nothing guaranteed and all that, but the proposition looks more than reasonable from where I'm sitting (Rohan's involvement also sweetens the pot, so to speak).

AI can say it better than me.

"The Chance of Success (COS) for achieving consistent gas flow at these sites is historically high for the Italian asset and technically focused for the UK asset. Both are considered low-risk by Reabold Resources, as they are proven discoveries rather than exploratory "wildcat" wells.

Colle Santo (Italy)

The probability of achieving consistent flow is considered very high, as the gas presence and flow capability have already been demonstrated.

Geological COS: Estimated at near 100%. The field is "development-ready" with two existing wells already drilled and successfully tested for flow.

Primary Risk: The main hurdles are regulatory and infrastructure-related (obtaining the final production concession and building the Small-Scale LNG plant) rather than geological.

Economic Milestone: First gas is targeted for 2027, following the grant of the production concession expected in mid-2026.

West Newton (UK)

The COS for the upcoming recompletion is described as "low risk" due to the confirmed presence of a massive hydrocarbon column.

Technical COS: While a specific numerical percentage for the WNA-2 recompletion is not publicly disclosed in the latest updates, the operator, Rathlin Energy, classifies the work as a "low risk and low cost activity".

Focus of Success: The goal is to prove "proof-of-concept" for a single-well development that could produce up to 35.6 million standard cubic feet of gas per day.

Timeline: Consistent flow results are expected shortly after the 30 June 2026 recompletion deadline set by the North Sea Transition Authority."

TTF (typo)

Positive for RBD's NPV and will ultimately reflect in its share price going forward.

Right place, right time with the tailwind of a soaring gold price!

Https://www.linkedin.com/posts/chris-connolly-b2a40016_the-numbers-that-matter-when-the-market-doesnt-activity-7433083913973182464-aYTI

"The numbers that matter when the market doesn't

I've spent my career in finance — from EY to London-listed companies. One lesson has held true across every sector and every cycle:

The companies that survive downturns are the ones that can articulate three numbers with absolute precision: their unit cost of production, their breakeven threshold, and their cash runway.

The industry numbers tell you the state of the market: Hashprice at $35. Production cost at $87K. Bitcoin at $67K.

But the numbers that matter for any individual company are specific to their own operations. And those numbers require the same rigorous financial discipline that any infrastructure project demands: conservative assumptions, stress-tested models, and transparent reporting.

At KryptoByte, we model our mining operations, not with crypto optimism, but with financial discipline. What's the cost per kWh? What's the all-in cost per Bitcoin? What Bitcoin price breaks the model? What triggers the backstop?

During a week like this one, that kind of boring, institutional-grade financial rigour is the most valuable thing a mining company can have.

The crypto industry has a governance credibility gap. We intend to close it."

27-Feb-26 10:15:06 24.75 226,000 Unknown* 23.00 25.00 55.94k O

27-Feb-26 10:15:13 25.00 226,000 Unknown* 23.00 25.00 56.50k O

Https://www.linkedin.com/posts/sachin-oza-0650711_bitcoin-etfs-lost-4-billion-in-5-weeks-activity-7432803315492487168-wEzP

"Bitcoin ETFs lost $4 billion in 5 weeks. The smart money is going somewhere else.

In the five weeks since Bitcoin peaked in early January, US spot Bitcoin ETFs have haemorrhaged nearly $4 billion in outflows. CoinShares called it "a marked deterioration in investor sentiment towards the asset class."

But here's the nuance: the money leaving ETFs isn't leaving Bitcoin conviction. It's leaving passive price exposure.

The hedge fund basis trade — buy spot ETF, short futures, pocket the spread — collapsed from 17% annual return to under 5%. When the arbitrage stopped working, institutional capital unwound. That's not bearishness. It's math.

Meanwhile, Glassnode shows the accumulation trend score at 0.68 — the strongest broad-based reading since November. The 10–100 BTC cohort was the most aggressive dip buyer during the February crash.

What's happening is a rotation, not an exodus. Capital is moving from passive ETF exposure — where you pay market price for every Bitcoin and take full downside risk — toward production-side positioning, where the question becomes: can you manufacture Bitcoin at a structural discount to market?

I've seen this pattern in every commodity cycle. When spot prices drop below production cost, sophisticated capital doesn't buy the commodity at market. It invests in the lowest-cost producers.

Oil in 2016. Gold in 2015. Bitcoin in 2026.

The playbook doesn't change. Only the asset does."

February 24, 2026

https://www.cruxinvestor.com/posts/serabi-gold-brazils-best-kept-mining-secret-is-opening-up

Appears as a monthly resistance; an end-of-day close above could spur a rally adjacent any decent news.

For those interested, another couple of incisive posts from the Co-Ceos below. Seem unwavering in their conviction to be amongst the lowest-cost bitcoin miners.

https://www.linkedin.com/posts/stephen-williams-409136a8_miners-are-pivoting-to-ai-what-can-we-take-activity-7432320439244390402-w2wp

https://www.linkedin.com/posts/sachin-oza-0650711_the-difficulty-just-whipsawed-25-percentage-activity-7432073377521168385-piRL

Love you too itsawrap