RE: Significantly Undervalued ‼️13 Jan 2026 10:16
If Dubhe proves to be a failure after opening it up and then running some additional intervention then I would agree with the 5p or even less. Unless as mentioned by BA there is some additional good news. however, they have enough cash for continuation with Dubhe until they decide its final outcome and there may still be enough to cover the next drill depending on what it is but it would be getting down to the wire . Additional cash would be something of a war chest to ensure the next well can be drilled, completed, stimulated and tested so a further raise is likely I would say. Maybe they are hoping for a rally during the opening up of Dubhe whereby they can get a raise through the system at better than 5p. If it were me, I would take that chance, ramp the hell out of it before continuing the testing and then raise, maybe £10m at 7 or 8. before the outcome of the extended test is known. If they are lucky :). Anyhow, who knows - and I might change my view well before then as things change. Good luck all.