Member Info for HarChris

It does suggest they are hitting the ground running at Brandberg West so every reason to start expecting updates from perhaps April onwards.

I guess the main valuation challenge GHOST is that this is a very different model, far lower risk what with being alluvial and debt-free but will be a while til we know for sure what the true upside is because assets will be worked up as they go rather than in advance of production.

Ultimate value will depend on what can be generated year on year at peak (Lolworth in 5+ years?), if it ends up being £10m+ then this could easily be a £150m market cap company.

Perhaps a Thai model with a deep baritone voice?

The accounts are to Sept 30th, they acquired Raglan post-end.

Nothing troubling, great to see over £1.5m in the bank at end of Jan considering placing was ~£1.3 net in early Jan. Ample funds for all activities in 2026 and beyond with blue sky upside if Raglan exceeds expectations.

Happy.

You can like it all you want you’re not going to get it - will get a formal update soon though.

It’s very simple for me - Raglan still remains a bit of an unknown but let’s fast forward 12 months… worst case Raglan hasn’t contributed all that much and we’re back to where we were before but with Blue Mountian progressed and hopefully Lolworth too. Best case it’s generated far more cash than the conservative target accounts for and ECR has become a self funded gold producer moving full steam ahead to BM.

I still don’t see much downside from here , would take a crash in gold price alongside the worst case Raglan scenario whereas the best case could realistically mean £2 a share.

Well I think we can be in no doubt that another major target (Q1 start for 6103 trial) is about to be met - Christina is making a habit of this.

Whilst the world’s going to ruin which will likely cause a hefty sell off for any small cap on the riskiest end of the spectrum can that really be said of a fully cashed up lowest-cost alluvial gold producer operating out of Australia???

I’m not sure it can.

It does feel like cam kicking but there is a very credible excuse in this instance, the Limpopo floods.

After this month there is nowhere to hide so either these deals come through and happy days or they won’t and the company will sink - place your bets, my money is with Ironveld.

'However, I do understand why you would initially 'under promise'....'

It's the first time ever that ECR won't be leveraging any share price appreciation to opportunistically raise, it's the first time where there's no urgency as to when the share price rises next.

For that reason it's very feasible that this does turn out to be a underpromise - overdeliver situation.

Read the room, you’re the only one that is majorly worked up by this.

More can kicking one could say but for me there's still some highly encouraging parts:

Confirmation of phase 1 design now at 15ktpa DMS grade magnetite is very promising and a step up from any figure previously given i believe? Also pleasing to see all current trials continuing as expected even if delayed slightly by a slower than hoped restart after the floods. And again no metnion of any placing or even small subscription so got to hope Daemaneng can continue to suck up these delays their end.

If no more updates before relist we probably can't expect an immediately rally but as long as the expected news flow follows all will be well from Q2 onwards.

It might not seem like a big deal to some but getting accounts out three weeks early for a tiny AIM small cap is rare, they usually make you sweat til the 31st of the month.

No idea which way decision goes but at $56k tin it’s quite clearly not priced into the market cap! Not a penny.

Could it be due to fear of wider market crash, a falling tide sinks all ships kinda thing?

Knowing that any sell off could be immediately bought up is a strong position for POW to be in.

There's a decent argument to be had that that's why the investor Q&A with Christina in December felt uncharacteristically flat... that she was expecting to have announced the FDA cumulative limit removal by then and so could really dive deep into what this means for the maturing of data going forward and into the registrational trial.

The share price lost momentum after that but has picked up since as we've had the 6103 IND cleared, the dose limit later lifted and that very feisty update on the PreCISION benefits over ADCs. In other words unfortunate timing but full steam ahead now...

Vanilla, it's fair to say that for AVA6000/fariDox in SGC, a very challenging disease to treat and one where Dox is chemo-refractive, clear efficacy hasn't been proven. It's also true that the bar is very low and now with the Dox cumulative limit lifted we are going to see a far higher objective rate response.

As a reminder AVA6000 is blowing the progression-free survival metric out of the park , the disease control rate is very high (90%) and we know it's a much kinder therapy with far fewer side effects but the icing on the cake and where it can make a far bigger difference is if the efficacy is right up there too. In this setting the best that's out there sees an ORR of around 20% so if continuing on treatment means many in the stable disease category end up seeing continued tumour shrinkage then SGC wins out in every regard.

The lifting of the limit is huge in a setting where chemo responses are generally modest, short-lived and toxic.

Is there another gold company out there sub £10m market cap potentially capable of self funding a project like Lolworth? If there is i'd love to be shown them... Lolworth exploration this year will be a major catalyst alongside production at Raglan and progress with Blue Mountain.

From a pure price earnings ratio there are plenty of small caps cheap or cheaper even but ATM has always been about the potential growth across its three projects, after all it has regularly exceeded $100m market cap whilst haemorrhaging cash and unable to fund lithium ridge or Brandberg West.

Now that potential at each asset is capable of being realised AND they are generating cash that can be solely directed at growth at Uis, elsewhere is already spoken for.

So they’ve flipped from desperate for cash just to keep things ticking over to generating cash and therefore having all three projects funded.

Really is a lovely set up here for 2026.