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I'd rather Peel Hunt waited until the Ops update is out which I believe is first week of July.

Then issue a broker note a few days after that.

Problem with them issuing a note pre July update, is that it's likely 3 months behind etc.

The mm's will have this up near 480's in a flash based on confirmed FCF in H1 imho. Peel Hunt will need a target set at higher than 550p to make it make sense against that landscape.

Confirmed at the AGM that it was an american buyer using BoA Merrils to do transaction. Based on the book prior to their £3m purchase at 394p, there were clear signs of buying in open market.

Management have made a request to find out who the buyer is but as it's under 1% there are no automatic threshold declarations required.

Mm's happy to take some pi's stock at under 394p as I imagine they already have their buyer order in at 394p or even above.

1 million shares + not easy to acquire in this market, so imagine they are delighted to see some pi's handing over stock in the 380's. Nutters!!

They will be hedging against their silver trades so not unusual to see shorts appear when silver going through an end of H1 tidy up.

News today that Van Eck fund added over 1.5%.

As they say.... when the pi's panic sell, the ii's mop 'em up.

Forecast is still strong for Silver based on tech AI demand but PM's always come under pressure when rate rises start becoming a possibility. FWIIW, I think the Fed will hold off and keep rates as they are .... but only on basis of Iran US war being resolved. The inflation spike issue is entirely down to that so a rate rise will be wasted trying to counter a legacy problem that is no longer there.

Silver should get back to mid 60's and consolidate before moving back into the 70's and 80's later in year. Just my opinion!

I bought more at 126p.

Happy to get that price after their last bullish update. Market giving some nice discounts out there.

July update will be bullish and due in early July I believe.

Strong newsflow over next 4 months. What's not to like at these low prices?

Markets had sell off silver if they like, but they also need to sell off the tech AI bubble too. So if selling silver down hard means they are ready to pull plug on AI bubble... sobeit. But you can't have both. AI bubble and Nasdaq is priced based on Silver demand being through the roof. You can't meet AI demand with silver at $60oz. Silver needs to be $100oz to make the AI bubble look remotely possible. Same for copper. These are the metals that will make the AI boom a reality. Without them, there is no AI expansion and therefore US nasdaq needs to fall like a stone if silver price is to be believed.

Looks like H1 rebalance and suspect silver will be flavour of the month again come Aug/Sept/October.

It also streamlines the business and I suspect was a requirement prior to ASX listing as will make the latter easier.

It also makes JV deals easier as prospective partners now know that Empire won't be splashing out exploration costs on non core assets.

It might feel like slow progress (last 6 months share price wise) but there's been alot going on and management are certainly earning their crust.

They also know how to get their ducks in order and how best to spin it too!

Solid momentum in the share price now. Great to see after a period of consolidation. Not many stocks in the blue today after a broad market sell off driven by over heated Tech stocks.

The news flow due over the next few months and into 2027 is exactly what is required if you want to climb up that lassonde curve. And there's a decent climb ahead. 40p levels look like the first rung. A foot has been placed on that one today.

Great man. Great innings. Alan Greenspan exits the world at 100.

He'll be happy hitting that target!

May he rest in peace.

Certainly worth the wait. Great set of assays there. Better than I as expecting. The quality of the asset keeps improving.

More news due over next 9 days to 30 days which should keep the order book volume nice and strong. The sp looks like it's ready to make a proper move this time after consolidation ahead of the news wave which is now under way.

Exploration under way and ambitious plan to assess the options for copper heap leach processing and move away from copper concentrate.

Even more profitable!

From the acquisition RNS

"As part of the deal structure, CAML has secured a 9.9% Call Option over a specific block of shares held by Ocean Partners. This allows CAML to forcibly acquire that stake if a superior, rival bid for Cygnus emerges, acting as a safeguard for their proposed takeover" END.

That effectively takes your single largest shareholder out of the equation. Management are supportive and have recommended the deal. That's already 40%+ votes in the bag.

Voting down deals that have been recommended by management rarely ends well for small pi's like you for obvious reasons. They'll dilute you in future if you vote it down. And who do you think they'll gift cheap shares to?? Yep... your new largest shareholder CAML.

Anyway... good luck with it!

Not sure I would agree on that. AAZ was trading nicely at 310p+ prior to the Iran/US war kicking off. It dropped to 180p level on heavy nervy selling due to some drones hitting the azeri airport amongst other middle east countries. Other miners in regions far from Iran did not fall by the same amount. Some did ok but as you many did suffer from risk off mood.

When things cooled and improved on US / Iran the relief rally was kind to many miners. But AAZ still lagged a lot. So now that Iran / US war appears to be done and dusted, I am not surprised to see heavy buying in AAZ as that valuation gap no longer needed.

If they hit the numbers they are telling the market they will hit, then I agree with you on valuation. £750m looks more than fair.

I took advantage of the ARB boys action and added another wedge at 131p. They really shouldn't be mucking about with sp around those multi year lows. Far smarter to get the 'gap' trade done when CAML in the early 140's which is what I thought they were doing when the price returned there last week.

CY5 sp not easy to fudge due to the rounded ASX pricing. As you highlight, currency also a major play here too.

I'm expecting the shorts to have increased over the last couple of days as clearly driven the price down from 140p levels.

Happy to take advantage of it all at the moment.

That's a very big UT and at a significant premium.

I did say there was something going on 'off-book' today.

BERENBERG RAISES CENTRAL ASIA METALS TO 'BUY' (HOLD) - PRICE TARGET 190 PENCE

I suspect that will give the ARB boys something to tinker with their on shorts

The only reason it's down here in the low 130's is ARB trading ahead of acquisition...but that's my opinion only.

Presenting compelling entry points on CAML.

Might get exploration update too? And chatter about Baku dual listing?? The latter could be very good indeed especially with liquidity.

After the little Iran US wobble and consolidation from near terms highs, you'd half expect the market makers to have gained a bit more stock.

Price action today either suggests there is zero stock around or someone has agreed to pay a higher price to acquire a larger amount off book. If the latter, it will get printed in true 'delayed' form.

If the reddit gangs got stuck into this one, I think you see £10+ lol!

The brokers might have to tap up the insiders again to get more stock released.

Exploration news might be the one thing that surprises when it arrives as the production numbers look pretty nailed on for H1.

Nice volume and some keen buying.

Investors starting to come back to this story now they can see the momentum building and news events on horizon. Bit predictable, but that's the markets for you... often slow to react and create opportunities for the brave early birds.

Been a while since it has popped through the 40's. With a return to 'risk on' mood in markets 50's could be achieved sooner than many think... even in a summer period.

3 x average volume on CY5 yesterday on ASX. 8m traded. Price up 8%.

Hedge/arbitrage players are starting to plant their seeds. One to keep an eye on. Timetable below but you can likely add on a decent 8 weeks+ for TSX listing post completion in my opinion.

An indicative timetable for the Scheme is set out below.*

Lodge draft Scheme Booklet with ASIC for review - Late July

First Court Date - Mid August

Dispatch Scheme Booklet to Cygnus Shareholders - Mid August

Dispatch Meeting Materials to CAML Shareholders - Mid August

CAML Shareholder Meeting - Mid September

Scheme Meeting - Mid September

Second Court Date - September

Effective Date - September

Record Date - Two Business Days after the Effective Date

Implementation Date - Five Business Days after Record Date

*Note this is an indicative timetable only and is subject to change, necessary approvals and Court availability.

Some punters get squeezed when on margins/cfd's etc and some get nervy and are easily distracted from the bigger picture. AAZ goes up fast and it can let off steam fast. Meanwhile, absolutely nothing at all has changed on the operational front. Ore is being crushed regardless of what Trumpy boy is doing. AAZ on track to announce their best Q2 'ever' I believe.

And there's the 'exploration' that the team have been doing and not making too much of a fuss about.

I'd rather shake out weak hands at 300p than 400p. Means the move to 400p will be more sustainable and solid as flaky nervy investors got cleared out... or Trumped.

Exciting times here. Copper incredibly solid against global tail winds caused by Trump nonsense.