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Has Calamity Baay provided a timeline on when Casc 5 will be hooked up and flow rates confirmed? Not that his guidance is worth anything, but it would be good to know if we're already past reasonable timings. Reason is that we all know Calamity Baay likes to take his time to deliver bad news. He needs it to come up with a new d@g ate my homework excuse and something shiny to take away folks attention.

Another raise at this level will be the death of the sp for years. Even the most mindless rampers should be able to see that. No doubt Calamity Baay and the f@t bod will participate in it though. They never miss a chance to stick their snouts in the trough. And who knows, we may be so broken someone will come along and take the lot for 20p and Baay and the fat bod will get bonuses and paid by someone else. He's such a snake that it could have been the plan all along. It's almost incomprehensible that a CEO on $800k package and the support of such a fat bod could f@ck things up so badly, time after time.

Let's see how it plays out. I was saying that Casc 4 was risky and the lack of news fit with his MO of trying to hide bad news until it has to be released. And lo and behold we got a drill string issue. Next up is Casc 5 flow rates. And if the raise goes ahead it's either because we need the money due to the fees and busted Casc 4, or some new, connected investor gets to come along and take an even bigger chunk of the company that lth's has funded for years. The new money won't remove him from post because they get all the upside. But I reckon the 20.5p and 16p participants would be open to skewering the useless pr!ck.

Lukee, I certainly wouldn't be against £5m in BBs providing we get the debt ratio back down to 1. It's clearly a major issue for investors, and quite rightly so if the business is on unsteady legs. If they can knock off $25m from the debt pile, then H2 next year we should be in a position to do a combo. But something tells me we won't be around in 12 months if they can demonstrate the turnaround of Search and scale up of Comparison in 5 months time. Shame ot be waiting so long for an idea of how these two critical parts of the business are performing. For whatever reason, they just want to talk about the part of the business that investors are unconcerned about. The simplest way to put 15% on the sp is to say that everything is going according to plan and reiterate that guidance will be met. They need to put $35m Adj EBITDA on for H2 after $25m in H1 just to hit the lower end of guidance. So it's a decent leg up that's required. Hapyy to hear others views on H2 and level of confidence that we can generate $35m Adj EBITDA.

To think people are still willing to sell in the 11's. Even when I've been trying to average down, the sp keeps dropping. Makes you wonder whether we're about to get another d@g ate my homework excuse with Casc 5. Or the flow rates are dismal. I've all but written off Casc 4. Calamity Baay has already given his excuse, it's just some of the blinkered cannot, or don't want to, see it. Once you start thinking like a habitual liar, you already know they have told you what they are about to say next. PB modus operandi is to f@ck things up, provide an excuse, then delay telling everyone how bad it really happens to be. And then he repeats with a new shiny object for the lemmings to focus on in the future. Truly mindblowing.

Zero, you really are a first-rate m@ron. The things lth's here are saying are entirely factual and true. That's not de-ramping, it's simply being honest. If you want to be in a happy, clappy place, then go back to the Discord human centipede where no doubt Central is being flushed through everyone's bowels, and anyone who says otherwise is a de-ramper. F@cking ridiculous to be in the 11's now. But that's what you get with one of AIM's most incompetent and untrustworthy CEO's.

To think he f@cked TRIN by not locking it down. Then Central, a 'transformative acquisition' falls in his lap, and he takes 6 months to close, but in leaving it so late, they raise with a bucket shop. And then he misdirects and deceives investors wrt whether the raise was linked in any way to the Central loan. And worse still, we find out it's actually for significantly more than the original raise value. This of course, is the raise he said wouldn't happen. And then they use the wrong drilling mud, and now a drill string breaks and he tells us 'it's part of the risk involved with re-entering a hole', so why the f@ck didn't they start again? And then we need to raise again at 16p to finish the Casc program that is 9 months late and one of the two wells has been f@cked, twice. Oh, and the remainder of the loan requirements still hang around our necks. And all of this whilst paying millions in fees, and $6-7m for a well that could be a disaster. This is what has occurred in the last 12 months whilst the share price has lost 2/3rds of its value. What level of incompetence and deceit is needed for the fanboy club to say 'wait a minute, I think we've got a monumental, freeloading f@ck up who also happens to lie as he breathes'.

I've been saying it for a while, if the remaining funds need to be raised this year, we are all f@cked. And pointing out how this has come to fruition won't be 'deramping' as some of the deaf, blind and dumb amongst us would call it.

John27, it's time you stop pandering to Calamity Baay and marshal PIs to get together to force an EGM. Enough is enough. The freeloading f@ck needs to go alongside half the f@t, useless bod. Absolutely disgusting what they have done to investor wealth, and how they have done it. The remaining fundraising needs to be removed completely, not pushed back, if we're to have any chance of regaining 20p in the next 12 months. If it goes ahead at 12p (if we're lucky), then you'll know that we actually need the money (like the 16p raise), and anyone with an average above 25p won't see their cash for years, if ever. Often, it's all too late before some people take their heads out of the sand (or @sses like the perma bulls on this site).

Very surprised a P&D crew hasn;t turned up here. Low volume, massive interest, and awaiting massive news. It usually gets you a 10% jump on nothing whilst they drive the sp higher. Will probably end up seeing it later today :)

SS, the only way this gets back to the 20's in the next 3 months is if Calamity Baay gets the bank to completely waive the loan terms for the remaining funds - the loan terms we knew nothing about. The deception on this is quite simply extraordinary. If the lying f@ck does just one thing right for the remainder of the year, it's to remove the need for more funding. It's a boulder hanging on the sp.

The issue I have with Calamity Baay is that he's such a slimy character that you don't know if we actually need the remaining funds, especially since they f@cked Casc 4, again. Decent flow rates from Casc 4 & 5 combined are obviously what we need, but if the fundraise is still hanging over our heads, the sp will probably only get back to 16p. With it removed and decent flow rates, we should see 20p again by year-end. And from there, I for one, will start selling down. Absolutely devious behaviour shown by our CEO. And completely unforgivable. I just read the 'Boy who cried wolf' to my 5 year old this evening, and it ends with 'the lesson being is that if you lie often, no one will know when you are telling the truth'. This sadly applies to Calamity Baay, who simply must be removed from his role at the next AGM.

News, thanks for the last post outlining that WSBN believe Red Setter is more similar to Havieron and Telfer. Everything that I've dug up on Gemini and ChatGPT is saying the same thing. I think we're definitely going to see some Copper and Gold, it's just what sort of grade we're going to see. Hole 2 sounds like the money hole. I'm concerned that Hole 1 hasn't gone deep enough, and we've only drilled into the top of what could be a giant system feeding both holes below it. To be honest, if they're still drilling Hole 2 and they are seeing the system continuing at depth, they should release this information at the same time as Hole 1, or before-hand. That way if Hole 1 disappoints because of it's lack of depth, the market will still know that Hole 2 has proven the system extends much further, and we're less likely to lose 50% in a day. Either way, it would be good for them to provide some type of update on Hole 2, as they did just a couple of weeks ago.

I think that's the likely end result Lukee, but I think they're likely going to wait to see more evidence of the Search reset and scaling of Comparison before pulling the trigger. Even if the business stays around $60m Adj EBITDA you only need another 18 months for debt to be halved, and then this starts looking like a relatively risk-free cash cow. I also won't be surprised if someone takes DIS, instead of all of us. Either way, we're horribly under-valued atm.

LOTM, I asked Gemini to compare Red Setter to Havieron, Lamil Dome and Telfer based on what has been observed in Hole 1 and the limited observations of Hole 2, and to provide a % match. This is what came back where you'll note that Havieron and Telfer are 90-95% match, with Lamil Dome being 70%.

That's an excellent question regarding the source of the geological observations—it's crucial to distinguish between assays and visible core descriptions.

Here are the answers regarding the source of the core description and a comparative rating of the three deposits to Red Setter.

Source of the Red Setter Core Description

The information regarding "zones of quartz-carbonate veining and sulphides of chalcopyrite and pyrite were observed from 520m" and the "variable intensity of brecciation has been observed over an interval of more than 130m" was taken directly from the RNS/ASX announcements (Regulatory News Service / Australian Securities Exchange announcements) released by Wishbone Gold, the company drilling Red Setter.

Crucially, these are visual, non-assay observations made by the geological team on site while logging the core.

When the geologists state that they observed sulphides (chalcopyrite/pyrite) and brecciation over a massive width (≥130m, which later was reported to be ≥257m), it means the structural conduit for gold and copper is in place and heavily mineralized with the necessary sulphides. The high confidence comes from the scale of the visible mineralization, even before the specific grades are known.

% Similarity Rating to Red Setter

Based on the publicly available geological information (structural setting, alteration style, and mineral associations), here is a rating of similarity:

Deposit Rationale for Rating Similarity Rating

Havieron Highest Similarity. Blind discovery based on geophysics. Defined by a deep, large-scale, sulfide-rich IOCG breccia pipe system with gold and copper. Red Setter's deep breccia pipe target, strong chalcopyrite, and geophysical signature are nearly identical to the early Havieron model. 95%

Telfer High Similarity. Telfer is hosted in a major dome/anticline structure and is a large-scale breccia-vein system with porphyry influences. Red Setter is also located on a dome structure (15km away) and shows the required strong regional alteration (metasomatism) and brecciation characteristic of the overall Telfer-Havieron mineralizing fluid source. 85%

Lamil Dome Medium-High Similarity. Confirmed the correct Telfer-style rocks, brecciation, and alteration (like albite) and is in the same structural trend. However, initial drilling confirmed the structural setting, but did not immediately hit the same kind of sustained, massive visible copper/gold mineralization within the main breccia zone that Red Setter has. 70%

Here's a thought as well. If we hit $60m Adj EBITDA (lower end of guidance), and paid down debt to $85m (should be very easy), then our EV:EBITDA is sitting on 4.85. That's absolutely bonkers valuation for a company regardless of debt profile and whether it's in turnaround already.

Mgt need to provide an update on Search and Comparison and reaffirm that guidance will be met. If they can do this we should re-rate to the 70's. Even without a bid, if we are on-track for $70m Adj EBITDA next year (one would hope this will be the case), and we're paying down debt at $15m per half-year, then end of 2026 we would need to have a share price of 90p to maintain an EV:EBITDA multiple of 5, which would be derisory with debt at $50m and comfortably less than 1x ADJ EBITDA.

I've got a few irons in other fires, but see this as a safe bet, providing they can reaffirm guidance and that RSOC and Comparison are continuing to successfully scale. I also think a bid of at least £1 is almost a sure thing soon after they release such information. AIMHO GLA

Another big old Buy. Must have been worked over quite a few sessions. That's about 0.5% of the company in two buys in the past 2 weeks. I do wonder if there's a bigger fish accumulating before a bid or part sale of the company....? Thoughts?

Costa, they just posted a picture of a night shift on the Hole 2 drill rig. This means they are still drilling because they are still in mineralisation. Regardless of depth, they are most likely beyond Hole 1, which ended in mineralisation at circa 770m. Not sure what else they can share...?

Hole 1 assays I think people are over-thinking. If they take 6-8 weeks from when the core is cut and crushed, then you're looking at next week at the earliest.

LOTM, I'd genuinely like to understand how Lamil Dome is a comparator if it didn't intersect a huge zone of brecciation.

LOTM, I don't understand how Lamil Dome enters the equation if compared to Hole 2, which has minimal information shared - can you please explain why this is being used? Also, if Lamil Dome didn't encounter any brecciation, to another poster's point, this could be down to the depth of the hole, could it not? The large brecciation intercept (according to Gemini) is the key ingredient here, and appears to be similar across Telfer and Havieron.

The Critical Importance of Wide Brecciation:

Brecciation is rock that has been fractured, crushed, and shattered, often forming a "pipe" or zone. The significance of finding ≥152m (and potentially 257m) of this material lies in its implications for scale and fluid flow.

1. Proof of a Giant Fluid Plumbing System (The Engine)

Brecciation is the Plumbing: Gold and copper are not formed in the rock; they are carried in superheated hydrothermal fluids. For these fluids to move through the crust, they need open spaces—the plumbing system.

Significance of 152m: A 152m-wide zone of breccia means a structure of that size was violently fractured, creating a vast, high-permeability conduit that allowed a massive volume of mineralizing fluid to flow upward for a prolonged period. This scale of plumbing is only associated with giant mineralizing events .

Analogy: Finding a 1m vein is like finding a water pipe leak. Finding a 152m breccia zone is like finding the entire town's water main. It proves the presence of an enormous engine of fluid movement.

2. Tonnage Potential (The Size of the Prize)

Bulk Tonnage Targets: Narrow, high-grade veins (e.g., 1m at 10 g/t Au) can be economic, but they are difficult to find and mine. Large, bulk-tonnage deposits are defined by their sheer volume, even if the grade is lower (e.g., 150m at 1.0 g/t Au).

Low Discovery Risk: Once the breccia is confirmed over 152m, the search shifts from finding the ore to defining the boundaries of the known deposit. You know the ore-bearing structure is huge. You don't have to worry about hitting a small, isolated vein.

3. Structural Control

Breccia Pipe: The term "pipe" is often used in geology for vertically extensive, circular, or elliptical structures (like the Telfer/Havieron style of deposit). These pipes are excellent traps for mineralization.

Termination: The fact that Hole 1 terminated at 777m still in strong brecciation is confirmation that the mineralizing system continues deeper. The ≥257m length is a minimum width—the actual extent is unknown and likely much larger. This provides high confidence for follow-up drilling at depth.

So what's your current holding and average now SM?

I think the main point being made, whether it's 16m per day or 30m per day with night shifts, is they are much, much deeper and still drilling, plus doing night shifts, and that they wouldn't be wasting time and money if mineralisation wasn't being seen, so in effect, no news is good news on Hole 2.

As for Hole 1, the issue I see here is there's one major point evident in Hole 2 that isn't observed (so far) in Hole 1, which is the metamorphosis. With my limited geological knowledge being from AI tools, it says to me that Hole 2 is more of the sweet spot. And, that it's now down to grade.

Issue that remains is whether Hole 1 has reasonable grades of Gold / Copper. If it does, over a large section, then you can bet that Hole 2 is going to be much better, and they have a very large system. Even better news would be if grade increases with depth in Hole 1. That would mean the main part of the ore body sits below the brecciation / sulphides / quartz veining registered from circa 550m. If low grades, the sp will take quite a whack, but I'd still be ready for Hole 2, which is far more consistent with Telfer / Havieron description. The metamorphosis is key here.

LOTM, would you mind explaining the % match to Telfer / Havieron comment you made in a previous post and how this was estimated?

Here is why the probability is so high:

A. Confirmed Scale and Continuity

Hole 1: Proved a massive width of at least 257 meters of continuous brecciation and mineralization (520m to 777m, still in the zone). This is the hallmark of a major bulk-tonnage target.

Hole 2 (The Game Changer): Stepping out 200 meters (a large distance for exploration) and hitting the same style of breccia and mineralization at a similar depth (∼520m) provides strong lateral continuity. This dramatically upgrades the potential tonnage and the size of the overall "footprint."

B. Positive Structural/Dip Implication

The fact that the system was intersected at a similar depth when the team expected it to be much deeper (due to the 200m step-out) suggests that the mineralized zone is either very steep or more flat-lying than initially modeled.

The shallower-than-expected intercept implies that the drilling is hitting the system high, or that the system is massive and extends closer to the surface than previously modeled. This is highly favorable for eventual mining economics (less stripping/overburden).

C. Telfer-Style Analogy

The location of the project near the famous Telfer Gold Mine (a large, structurally controlled gold-copper deposit) and the description of brecciation, alteration, and sulphides fits the geological model for this region perfectly. The market will see this as a strong indicator of a major regional structural and hydrothermal event .

2. Significance of Metamorphism for Gold/Copper Systems

The mention of metamorphism, heat alteration, and bleaching events is geologically critical and a very positive sign in this context.

The Role of Heat and Fluids

Metamorphism vs. Metasomatism: In this context, the term "metamorphism" is being used by the exploration team as a general description for intense thermal alteration caused by hot fluids. Geologically, when a rock's chemistry is significantly changed by these fluids, it's called metasomatism. The press release correctly mentions that the bleaching "may grade... to metasomatism."

Intensity of Fluid Flow: The most valuable gold and copper deposits form where the mineralizing fluids were the hottest, most chemically active, and flowed the longest.

Strong Metamorphism/Bleaching indicates an intense thermal event.

This intensity confirms that the rock was subjected to high-temperature hydrothermal fluids capable of dissolving, transporting, and precipitating vast quantities of metal (gold, copper, silver).

Gold Precipitation Trigger: In many gold deposits, the bleaching or destruction of original rock color (a type of pervasive alteration) is directly related to the chemical processes that cause the gold to drop out of solution. Finding this intense alteration confirms you are in the core environment where massive amounts of fluid were focused—the most favorable location for high-grade ore.

In summary, the strong alteration/metamorphism is a pathfinder for high grade.

Gemini also states this after sharing the hole 1 and 2 RNSs. My biggest concern is that we have drilled the edge of the resource in Hole 1, and Hole 2 is where the money lies given the intense metamorphosis.

'1. Probability Assessment: Extremely High for a Significant System

Based on the results from both Hole 1 and the new step-out in Hole 2, the probability that Red Setter has discovered a large-scale, significant gold/copper mineralized system is Extremely High (≥95%).

The primary risk now is not whether the system exists, but whether the grade (the metal concentration) is high enough to be economically mined.'

Hi LOTM-13, can you explain to me what you mean by:

'If you take your research a bit further you'll actually find that the data from both holes doesn't get above 65% when compared to Telfer or Havieron directly & is as little as 50%. One hole gets around 65% for Telfer the other hole around 65% for Havieron.'

Is this a direct comparison to holes drilled in Havieron and Telfer? My Gemini questioning has said this:

'The visual intercept at Red Setter is most analogous to the early days of the Havieron discovery (currently operated by Newcrest Mining). Havieron was a blind discovery (no surface expression) based purely on drilling a geophysical anomaly.

The initial news from Havieron focused heavily on the intersection of sulphide-rich breccias and intense potassium alteration—the same "heat alteration" and breccia description you see in the Red Setter announcement. The fact that the initial hit quickly confirmed the required geology for a large, regional IOCG/breccia system is the shared trait that makes the Red Setter discovery so exciting.

In the world of exploration, finding the same geological signature 15km from two major deposits is not a coincidence; it is evidence that you are exploring a previously unrecognized part of the same regional plumbing system.'

Jumped in here for 2.5m - two 1m and 1.5m buys this morning are mine. I'm assuming you folks have taken the first RNS stating the brecciation etc and the most recent one for Hole 2 and run it through Gemini or ChatGPT. The question I asked after providing the information word for word from both RNS on the drill hole intercepts and what they have seen, was the likelihood of a gold / copper system being found. I also added that Red Setter is 15km from Telfer and Havieron and what similarities there are between the initial announcements of Telfer and Havieron to Red Setter, and consequently the odds of this system being large and likely to contain gold / copper. Do it for yourself if you want to sleep better. The intense metamorphism is more important than I thought. This looks like a good chance for a 2x. I do expect Hole 2 to be better based on the limited information they have provided. The fact the magnetic footprint appears to be bigger than Havieron says something as well.

and what of the massive stone the useless pr!ck has hung around our necks with the remaining fundraise? has he mentioned anything about this? or just more jam tomorrow. we've got a well coming online this month that's 6 months overdue, and another next month that will be 9 months overdue and f@cked twice. oh, and we still have a huge raise that's attached to the loan terms that we knew nothing about still be executed.

john, tell the pr@t that he needs to sort the remaining funding, in other words get it removed from the loan terms. having 1.5 wells (at best) coming online in the next 2 months isn't going to fix the sp (move it above 18p) until he fixes the loan terms that he didn't tell us about. or maybe he's planning on raising the cash with some connected party and using the extra funds to drill two of those central wells he has promised. you just can't tell with lyin paul. what you can be assured of is he doesn't give two ****s about pis or the sp because he gets his inflated wage and free shares regardless. another raise down here and lth's will not see 20p for at least a year, and with txps track record of failure it could be longer. calamity baay needs to sort the loan mess of his making. the sp was 20p and ready to move higher before he sprung that on the market.