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All Greek to me 😂

Thanks for the reports. Was Cedric asked, or did he give any indication of *when* the gallium chemistry would be confirmed? The RNS today just says it's being studied in Poland. 3 months, 6 months?

Thx.

Surely the number of shares in issue is irrelevant? AMG shareholders have been told that they will have 3% of the new company. So just look forward to what you think UPSC will be worth in 2-3 years time and multiply by 3%. Maybe 2.5% to allow for some dilution. If you think £1bn then 2.5% is £25M, or roughly a 7 bagger from today. And so on. Take your pick.

NAI

When is the prospectus due to be published? Will the share be suspended at the same moment?

Jungmana I think the usual way it works is that warrants holders sell their original shares, and then use the proceeds to exercise their warrants? Eg sell 1,000,000 shares bought at 1p >> £40,000. Exercise 1,000,000 warrants at 1.5p for £15,000. Still have 1M shares in the portfolio for future growth, and £25k in the bank...

Hopefully the volume is helping to flush out a few more warrants!

The MRE was great, and we have the metallurgical results from the fluorspar to look forward to before the end of June, so just 6 weeks probably...!

The great news on the fluorspar is that half of it is *measured*!!

I'm not worried about the economic viability of the gallium. The West's desperation for ex-China sources will make it economically viable!

Let's hope the MRE news will cause a volume spike and clear out most/all of the remaining warrants...

I do struggle to understand why they refuse to simply list how many warrants at each exercise price are still remaining, at the bottom of every warrants RNS? Are they not allowed to? Do they not know the numbers?

Yes I noticed the announcement about a breakthrough in sodium-ion EV batteries (which apparently don't need graphite anodes). Is there a risk that technology is moving so fast that in a few years' time the demand for graphite might start to drop rapidly? Or is there enough demand from all the other markets (smelters, high temp lubrication etc) that demand will continue to rise?

That massive sell has now appeared, 3M sold just after the open this morning it seems. Clearly another warrant sale? The warrants are definitely ticking down fast now!! Anyone got a running tally how many are left?

Yes, deleted, always annoying when someone has a 'fat finger'... But the 85k (£22k) buy is still welcome, at full offer price...

In 2 years' time they could easily be making $15-20m revs and an after-tax of £10-12m of high quality semi-recurring (and growing) profits, given that they have massive tax losses to use for a number of years. Surely they would be rated at p/e 20 in that situation and potentially have a market cap of £200m? Even with 1bn shares in issue that's 20p.

The other good point here is that there should be a significant news flow over the next couple of months, with both the Russell Hobbs and the MediaMarkt products launching, and then further news on the US big player's validation process (if all goes well, perhaps an actual confirmed contract by autumn?) and then news on the commercial machine rollouts.

If they do end up needing more money by the autumn, if revenues are starting to demonstrably accelerate then you would think they could do it at 3-4p at least? A final pre-breakeven 100m shares at 3p would be probably acceptable to most investors.

Well the prospect of tens of millions of income (he actually said "profits") is easy to see, *if* they can achieve significant penetration, particularly of the domestic washer market. The US mega player (which everyone can see is Whirlpool) produces 10 million WMs a year and the presentation said each one would give Xeros $25, presumably $2.50 p.a. over a 10-year life. So even if you conservatively assume a slow start and that from 2027 only 2M WMs are equipped, that's $5M revenues. Ramping up to 10M p.a. would give $25m p.a. Plus all the other income streams from Russell Hobbs and MediaMarkt, and from the other big domestic WM manufacturers they're working with. Plus all the commercial laundry income streams. It's a lot!

The main question which is still not clear is the phasing of their income. Will they reach break-even before running out of money again? Is there a risk that the external unit, which are still not required by law, might see low take-up in the current economic climate where some might see it as a luxury?

I agree that the market cap here seems farcical, on the face of it.

But there are two problems:

1. The UK market rarely values promising minnow pharmas properly, unlike the US, and there are loads of grossly undervalued UK listed minnow pharmas which struggle to ever reach fair value.

2. The underlying reason for 1. is that the City spivs know that there's always a placing coming along, they will get inside info and short it to make a rapid big gain.

My concern here is that the spivs know that the company will need several more million to run the Phase 2 trial. They didn't raise much last time, probably hoping that the SP would rise significantly before the next placing - but they have failed to understand how the shorting-spiv markets work in the UK. In summary, they may end up never being able to break above 20p because the spivs know they need money every 6-9 months. Perhaps only a strongly positive Phase 2 outcome will allow a proper breakout, but there could be 3-4x as many shares in issue by then.

Just trying to work out the downside risk here. Sub £10m for a medical process that does seem to successfully treat life-limiting diseases, is ridiculous... But...

I agree the company is finally closing in on meaningful revenue, after many years of promises, delays and the clock ticking down on their patents. But when is actual break-even/profitability going to happen? Despite reduction, they still have substantial costs to cover. If break-even doesn't come until 2027 then they're going to need yet another placing in the autumn, and in the current fundraising market it will be at a heavy discount IMO.

Sansavatar, you do know that there's been a lot of dilution since then?

Having said that, there's been a lot of mineral discovery since then too :-)

There appear to have been two 1M buys. I suspect the dip below 4p during the day today was to trigger stop losses to fill those two buys? Certainly the brakes seem to have been let off now, the SP has jumped back into the blue at 3pm! Encouraging for a Friday, touch wood.

GLA, have a nice weekend.

Interesting, another 1M delayed trade from this morning, looks like almost certainly another buy...