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Are you one of Ayub's cronies? Maybe you are Ayub...

Nearer $15m-$20m judging by what Lisa has said. Makes fair value with all the assets 6-8

Craig Ransley. He was one of the founders of Doyles Creek Mining in Australia, the “training mine” scandal that saw a NSW corruption watchdog brand him and his partners corrupt and a minister jailed. Ransley fought the charges and was acquitted twice, so he’s legally in the clear. But his last big project ended with the licence cancelled and thousands of small shareholders wiped out. Now he’s fronting a gold story for retail punters in London. Make of that what you will.

Timmins Gold Camp (Ontario)

Mines such as Dome and Macassa contain gold in quartz-carbonate veins with sulphides including galena, pyrite and sphalerite. Timmins is one of Canada’s great gold districts and has produced more than 70 million ounces of gold.

Red Lake Gold District (Ontario)

Mines including Campbell-Red Lake and Cochenour host extremely high-grade gold in quartz veins within major shear zones. Sulphide minerals in these systems can include galena alongside pyrite and other sulphides. Red Lake has historically been one of the highest-grade gold camps in the world.

Hemlo Gold Camp (Ontario)

The Williams and David Bell mines occur within a large Archean gold system where mineralisation is associated with quartz veins and sulphide minerals. While pyrite dominates, galena and other sulphides can occur locally in the mineralised zones.

Beanland Mine (Temagami Greenstone Belt, Ontario)

Gold occurs in quartz-carbonate veins containing pyrite, galena, sphalerite and chalcopyrite within a deformation zone in the greenstone belt.

Kirkland Lake district - Kerr-Addison Mine

A historic major gold mine along the Larder Lake-Cadillac break where gold occurs in quartz vein and sulphide systems within a major structural fault zone. Sulphide assemblages can include galena alongside other minerals.

Interesting that galena present. It commonly forms in hydrothermal vein systems where metal-rich fluids move through fractures in the rock and deposit minerals such as quartz, gold, silver and lead sulphides. In a number of Canadian gold camps, gold associated with sulphides like galena can occur in structurally controlled veins and sometimes in higher-grade shoots within those systems. For example, sulphide-bearing quartz veins containing minerals like galena are seen in parts of the Timmins and Red Lake districts, where gold mineralisation occurs along major shear structures. Its presence does not guarantee economic grades, but it can suggest that the fluids responsible for mineralisation carried multiple metals and that the structure hosting the veins was capable of focusing mineralising fluids - which is why geologists tend to take note of it during early drilling.

It means they've got a buyer for Kerrs.

Basically it's no longer talk. It's execution

More interested in the new advisor and board tbh. The deal is proof of concept. And lest we forget the $200m...

Where have all the bears gone? :)

Anyone actually reading the RNS? VLRM at 20p is pricing in zero chance of the 200m dollar deal completing. The numbers don’t lie.

Post-admission we’ve got 257m shares. Current mcap about 52m. The financing is worth 157m pounds. Even if you haircut it to 25 percent until drawdown, fair value is mid-30s. If the market prices half, it’s around 50p. On completion you’re looking at 80p plus.

The gap between where it is and where it should be is insane. Market still sleeping.

Valereum are at TOKENIZE: LDN today at ExCeL, showing the tech in front of a load of fintech and tokenisation players. Worth noting because this is exactly the kind of crowd who’ll get what they’re trying to do with the Gibraltar exchange rebuild. If they land even one partnership or demo that sticks, the re-rate argument strengthens fast. One to keep an eye on through the day – these events usually leak whispers before the RNSs do.

The bottom line is WCAP is massively mispriced. The market is still treating it like a sleepy Aquis microcap, but it now has a direct line into a Nasdaq-listed social-commerce platform. The confirmed 7.47 percent WSHP stake alone dwarfs WeCap’s entire £10m market cap. If CSIL completes its in-specie distribution, that stake jumps to around 12 percent - and the numbers get even harder to ignore.

WSHP’s early Nasdaq volatility is exactly what bulls want. With a tiny float, the price action gives WeCap huge optionality. A small partial sale of WSHP shares would be enough to eliminate the £6.97m bond due in 2026. Clearing that liability could completely flip the WeCap narrative from “going concern risk” to “NASDAQ-leveraged vehicle with a clean balance sheet.”

Liquidity is tight. Only roughly a third of the stock is in public hands. That’s why the move from 0.8p to 2.95p happened so fast - and why the next leg could be even sharper if sentiment on WSHP firms up. WCAP is basically the only UK-listed way to ride WSHP’s price discovery, and the market hasn’t priced that in.

For anyone still panicking about Peel Hunt “aggressively selling”, the TR-1s make the picture clear.

Peel Hunt were never dumping an investment position. They’re the market maker. They briefly held up to 18.4 percent because they were providing liquidity, then unwound it over a few days as normal MM inventory. They’ve now crossed below 10 percent, so that whole overhang is done.

The real seller was Res Privata / Lenhold, who went from 13.58 percent to below 3 percent. That was the genuine block seller the market was absorbing. They’re now out of the way too.

So in the space of a week, WCAP has cleared:

• a full MM inventory unwind

• a 13.58 percent fund seller

Both are now gone.

Supply has collapsed.

With no structural sellers left, a clean book, and the WSHP NAV in the background, the setup from here is completely different to last week.

People keep asking why WCAP is still £12m when the WSHP holding alone values it at hundreds of millions (and billions at higher WSHP prices). The reason is simple: the market hasn’t priced it yet.

AQSE traders haven’t clocked the maths. WSHP is a US microfloat tech listing with violent price discovery, while WCAP is still being treated like a sleepy UK shell. Most UK retail don’t follow Nasdaq tickers, don’t read US filings, and don’t model USD/GBP NAV.

No analysts covering it, no funds arbitraging it, no one modelling the look-through valuation. If this were on Nasdaq, the discount wouldn’t last an hour. On AQSE it can sit there until the story goes mainstream.

Bottom line: WCAP is priced like a dead microcap, but it actually holds a hyper-volatile Nasdaq asset with a tiny float and huge upside.

Https://schwabnetwork.com/video/weshop-wshop-ceo-on-shareback-vs-cash-back-shopping

1. WCAP is still massively mispriced relative to its NAV.

Even at WSHP $100 the NAV is £103m vs £12m market cap.

2. WSHP volatility doesn’t change the core WCAP maths.

These 30–70 percent swings are standard for a low-float US IPO.

It changes noise, not value.

3. Peel Hunt selling is mechanical.

AQSE market maker managing inventory, not expressing a view.

They always sell into liquidity.

4. WCAP trades as a geared WSHP proxy.

Think of it as a listed warrant on WSHP.

As long as WSHP’s floor is above $100, WCAP is miles off fair value.

5. Yes, it can still multibag.

Even a basic re-rate to £30–40m mkt cap is a 3x,

and a NAV-aligned valuation is many multiples higher.

WCAP NAV at Different WSHP Prices

WSHP @ $100

Value = 1.295m × $100 = $129.5m

In GBP = £103.6m

Implied WCAP share price (vs £12m mkt cap): ≈ 8.6x

WSHP @ $150

Value = $194.25m

GBP = £155.4m

Implied uplift: ≈ 13x

WSHP @ $300

Value = $388.5m

GBP = £310.8m

Implied uplift: ≈ 26x

WSHP @ $500

Value = $647.5m

GBP = £518m

Implied uplift: ≈ 43x

WSHP @ $1000

Value = $1.295 billion

GBP = £1.036 billion

Implied uplift: ≈ 86x

WSHP @ $2000

Value = $2.59bn

GBP = £2.07bn

Implied uplift: ≈ 170x

(And yes, that’s where the “WCAP at £6+” conversation comes from.)

IG

Remember HKD?

It went from roughly $13 to $2,500 in an insane low-float squeeze. People still call that “HKD-mode”.

Not saying WSHP does the same… but the float dynamics look eerily familiar right now.

WeShop’s Nasdaq debut shows there’s proper appetite for the model. A 50.9 percent first day gain isn’t the story – the story is the platform already proved it works in the UK with $140m sales and big retailers on board. The ShareBack system gives it a clear point of difference in a crowded market, and the US roll-out puts it in front of a much bigger audience where cashback and referral habits are already part of daily life. If it scales the way the UK pilot did, the network effects could be strong, and the listing gives it the cash and visibility to push on. High-growth, early-stage, but the model is built on real user behaviour, not theory.