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You don’t know they aren’t buying anymore but may well be right. However I think it would be a good use of their cash pile to do so. Note that UCAM who bought POW’s GMET shares for 40p have just increased their GMET holding to nearly 30% by buying shares at 60p. POW should follow UCAM’s lead as the returns if the latest analyst target valuation is even half right will be a better return than it gets on any of its other investments. Although I hope that the UCAM funded Uranium JV will give it a run for its money, but that does need POW’s cash at present.

2 RNS from GMET this morning summed up by this comment:

“ Oliver Friesen, CEO of Guardian Metal, commented:

"Securing approximately US$27.2 million in total funding - through a combination of a U.S. government award and new equity subscriptions - represents a major milestone for Guardian Metal Resources. This financing positions us to rapidly advance our co-flagship tungsten projects in Nevada, Pilot Mountain and Tempiute, and is a strong endorsement of our mission to establish a secure, Mined-in-America supply of Tungsten - a critically important defense metal.

"We are grateful for the continued support of our existing shareholders and are pleased to welcome a number of high-quality institutional investors to the register alongside the now approved DPA Title III award as we enter this next phase of growth and execution."

Unsurprisingly the GMET share price is rising rapidly this morning, which means POW’s largest investment has increased in value.

“ The Department of Defense announced today a $6.2 million award to Golden Metal Resources via Title III of the Defense Production Act (DPA). Golden Metal Resources is the wholly owned operating subsidiary of publicly-traded Guardian Metal Resources PLC. The award will enable Golden Metal Resources to deliver a pre-feasibility study for a tungsten mining site, Pilot Mountain, located southeast of Hawthorne, Nevada. This investment, which utilizes funds from the Additional Ukraine Supplemental Appropriations Act of 2022, supports the March 20, 2025, Executive Order 14241 on Immediate Measures to Increase American Mineral Production's goal to facilitate domestic mineral production.”

Well done Oliver and the GMET team. The Department of Defence supporting the project is a major endorsement and should attract considerable attention from US investors.

The presentation was also being show in the US at the start of their day showing how important they consider US investors. Obviously very sensible as US funds are the largest investors. Institutional Investors will take some time to consider the data before making an investment decision so we may have to wait to see a reaction in the share price in the next few days and weeks. As always with Scancell patience is required but there is a very definite sense that they are moving at pace and some deals are not far away. A very encouraging and positive presentation from what is clearly a very focused senior team.

As the volume rises above 13 million it is currently the 3rd highest volume in the last 12 months only exceeded by 24 million on 30th April and 24 million on the 1st May. We are very close to matching the rise in May 2024 when we held 2p+ for 5 days. Now we are actually on the road to production we should be able to establish a new floor above 2p.

That was an impressive close Up9.44% on volume of 345000. Perhaps news is imminent. It closed at the uncrossing trade price of 39.4 which was the highest of the day but there were 4 trades at 39p just before that. So probably a small pull back in the morning on opening unless of course there is news.

A 5.48% rise in Australia is a good start to the week. We have seen a 17% rise in the last month so the rise back to previous highs as the DFS approach’s looks to be underway. Currently Up 4.17% in the UK on decent volume of 228000.

It will not surprise any of you that OBD are currently Number 9 on the Leaderboard Up 14.29% at 0.6p.

Please liquidate the company and give us all our money back at NAV. We can then decide how we want to invest our money rather than have Jim Mellon decide for us.

TEK has created considerable value it is just very frustrating that is not reflected in the share price. TEK trades at a massive discount to its NAV as unfortunately do many companies that are invested in a number of companies. However it is possible to make money but you have to pick your moment. Remember in 2024 following the SALT IPO TEK’s share price reached 17p. I think Guidant is going to be bigger than SALT and will attract a lot more attention on the NASDAQ. So based on history and the massive discount to NAV it would be disappointing to me if TEK isn’t above 20p at some point following the Guidant listing. It should be higher than that but that’s just my view and is not investment advice.

We should see a holdings RNS from Meinhard Benn now all the shares have been admitted to trading. He held 15% following the sale of some of his shares in Satoshipay to BLU. It will be interesting to see to see if he like Slater added more shares in the placing. Interesting also to see if Danny Masters has a notifiable interest and if he picked up additional shares in the placing. Will there be other holdings RNS’s following the shares issued last week.

The next news from Satoshipay is now eagerly awaited to drive BLU’s share price to previous highs and beyond.

Https://x.com/guardianmetres/status/1945756798520041535?s=67&t=WuiMWVbilIu6rXpF1F9vrA

Maxim Group prepared the report.

US Analyst start Coverage with 12 month target of $3 per share.

“ Guardian Metal Resources PLC Buy

Developing a Tungsten Project in Nevada to Create

a New U.S. Defense & Industrial Supply Chain –

Initiating with a Buy, $3 PT

Summary

● We believe Guardian Metal’s projects in Nevada will create a new U.S. supply of

tungsten, a metal that defense and industrial companies use for strengthening

ammunition, armor and steel, among other uses.

● In addition to restarting tungsten production, Guardian Metal has stockpiles of

ore from historical production available for processing.

● We forecast cash at the end of FY25 (Jun) of $2.7M and no debt after a 6-month

cash burn of $0.8M. We anticipate Guardian next raises capital in the first half of

FY26 to develop tungsten projects in Nevada.

● Guardian is pre-revenue, and we forecast initial revenue in the first half of FY27.

● We derive our 12-month price target of $3.00 by employing a discounted cash flow

analysis with an average discount rate of 19.0%.”

The valuation relates only to Pilot Mountain and so no valuation of Tempuite is included in the price target. Today $3 converts to £2.24 so a 3 bagger by this time next year.

Presumably they will update that target when the PFS is issued and also when they have an initial valuation for Tempuite.

It is all looking very promising for POW’s largest and most valuable asset which could triple in value in the next 12 months. If it was only going to do 50% of that in the next 12 months it would be a very bad decision to sell any more of POW’s GMET shares in the next 12 months. This 12 month time frame could be accelerated because once the PFS is released there must be a strong possibility that offers are received for the Pilot Mountain project or the whole company.

“ Guardian Metal Resources PLC Buy

Developing a Tungsten Project in Nevada to Create

a New U.S. Defense & Industrial Supply Chain –

Initiating with a Buy, $3 PT

Summary

● We believe Guardian Metal’s projects in Nevada will create a new U.S. supply of

tungsten, a metal that defense and industrial companies use for strengthening

ammunition, armor and steel, among other uses.

● In addition to restarting tungsten production, Guardian Metal has stockpiles of

ore from historical production available for processing.

● We forecast cash at the end of FY25 (Jun) of $2.7M and no debt after a 6-month

cash burn of $0.8M. We anticipate Guardian next raises capital in the first half of

FY26 to develop tungsten projects in Nevada.

● Guardian is pre-revenue, and we forecast initial revenue in the first half of FY27.

● We derive our 12-month price target of $3.00 by employing a discounted cash flow

analysis with an average discount rate of 19.0%.”

The valuation relates only to Pilot Mountain and so no valuation of Tempuite is included in the price target. Today $3 converts to £2.24 so a 3 bagger by this time next year.

Presumably they will update that target when the PFS is issued and also when they have an initial valuation for Tempuite.

It is all looking very promising.

I had only read the RNS which was why I asked the question about the share price in the tender offer. Why was the key point that the buy back was at a pathetic 2.2p not in the RNS. This is exactly what I feared and Mr Mellon is acting true to form in his own best interests. I will not be voting in favour unless the buy back is 5p plus. I need a lot more than that to get my money back.

The important information we are lacking is what will they be offering in the tender offer per share. I think it should be at the NAV per share. As a long term shareholder I will still be making a significant loss if they buy them back at NAV per share but that would be better than any other option to minimise my loss and reduces the discount to zero.

Just take stock of what’s happening and don’t panic because it’s difficult to sell shares. Last week 2.4 million shares came onto the market for which people had paid 18p. On Friday a further 4.5 million shares for which people have paid 18p will come onto the market. I doubt the people who have paid 18p are expecting them to be trading at less than 18p. It is important to remember that these 18p shares are at a 2p discount to the shares at 20p issued to Benn and Masters for their Satochipay shares which gave BLU 50% of Satochipay. Benn and Masters know the value and potential better than anyone and I am certain that they expect their shares to be multiples of 20p going forward. The MM’s will be keen to keep the shares at this level prior to the new shares arriving. If you are an investor then you presumably believe that BLU is undervalued because Satochipay is undervalued and you are expecting a higher share price so why sell at 18p. I can only assume those wanting to sell are traders hoping to make a couple of pence a share on some short term volatility when the new shares arrive but that’s up to them.

6.5p sorry

6.tp is being paid as volume exceeds 2.2 million after just 1 hours trading.

6.375 has just been paid as volume close to 1.6million.

Https://6ix.com/event/pilot-north-tungsten-project-acquired-via-staking

This is on at 9pm UK time which is 4pm EST. Good to see Oliver promoting GMET to US investors on US channels.