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A very high volume of 11.4 million is amongst the highest volumes SCLP has had in its history. It is not uncommon for some resistance when a share reaches its 10 year high of 27p. It did push through touching 29.5p before pulling back. There is clearly a lot of interest from serious investors which should continue to gain pace with the expectation of news on several fronts. SCLP has been massively undervalued for years, so although it’s has had a good run it has a long way to go from here when you look at the multi billion valuations of competitors. As a very long term holder I will start to get excited as it pushes to new highs in the coming days on strong volume.

25.375p now being paid as the volume exceeds 7.22 million.

Volume accelerated as the afternoon pushes on. Now 6.4 million Up 7.69 at 24.5p and Number 14 on the Leaderboard.

It was Murray Head who sang One Night in Bangkok.

I have always closely followed the next door mine in Nicaragua as it has demonstrated how profitable La India is likely to be. I thought Calibre would buy Condor but because Calibre had bigger fish to fry with the Equinox merger it didn’t happen. I am an Equinox shareholder and continue to follow the progress of the Nicaraguan mine, which remains Equinox’s largest producing mine and the cash flow generated has funded the ramp up of the new flagship mines.

Look at these Equinox quarterly production figures:

“ Q1 2026 Highlights

Produced 197,628 ounces of gold, including 60,338 oz from Greenstone, 27,064 oz from Valentine, 13,174 oz from Mesquite, 81,280 oz from Nicaragua, 13,473 oz from Brazil and 2,299 oz from Castle Mountain

Resource expansion and discovery drilling continues across the portfolio”

Nicaragua is still the largest contributor as the North American mines continue to ramp up.

Equinox have just announced a$5 billion merger with Orla that will move it into a bigger league. I would speculate that as this merger completes Equinox will focus on its North American gold production and may seek to divest its Nicaraguan mine, which could be an opportunity for MTL to become the major player in Nicaragua combining to adjacent mines which would have obvious synergies.

I think MTL has a very bright future.

22p now being paid as volume reaches 614000. The rise continues and the 10 year high of 27p set at the start of 2023 is now firmly in sight.

Yesterday’s volume of 4.3 million was the highest volume seen in May and it will be interesting to see where we end the week if we get another high volume day.

SCLP continues to move north with its 7th tick up of today to 18.75p on volume of 2.94 million. 19p has been paid.

At the close there was a sell late reported from an hour before 195000 at 16.5p. It seems the seller has not gone but it was easily absorbed by the buying to close Up 6.35% at 16.75p.

169000 and 117000 Buys at 16.99 and 50000 at 17p are good to see as SCLP continues to move north to another new 52 week high. Buys exceeding sells 5/1 on volume of 1.76 million.

Nick Slater got his shares really cheap on the capital reorganisation 2p in fact. He is therefore making a very good profit from the shares he is selling and has probably got his original investment back. Good investment practice and nothing to worry about. I don’t think it indicates a loss of confidence in his investment and he retains a decent stake.

Today’s 7.62% rise takes SCLP further into 52 week high territory as Fridays volume of 2.45 million is exceeded. We can now look for the 2 year closing high of 19.5p set on 13th August 2024 as next target on the journey back above 20p, which we haven’t seen since 2023. This is starting to look very promising and it is about time the broker target which has sat around 32p for years is raised to reflect SCLP’s progress.

Interesting summary of POW in Charles Archer’s May Newsletter yesterday:

“Power Metal Resources - has been very active across its uranium joint venture.

At Perch River, supplementary drill core sampling has confirmed that the Rapids Fault Structure is geochemically and mineralogically fertile for unconformity-related uranium deposits, with pathfinder minerals including sudoite, hydrothermal tourmaline and dolomite identified, alongside highly anomalous radiogenic lead isotope ratios spread over at least 400m of strike and boron levels of 779ppm — a near-miss indicator typically associated with uranium mineralisation within 100 metres.

The technical team believes the 2025 drilling only clipped the upper, distal extent of the hydrothermal system, with the potentially mineralised core remaining untested at depth, making it the company's highest priority follow-up target.

At East Hawkrock, a nine-hole, 2,120-metre maiden drill programme confirmed favourable structural and hydrothermal conditions including hematite alteration, palaeoweathering profiles up to 53 metres deep and elevated background radioactivity, though no economic uranium was encountered; full lab results are expected late Q2/early Q3 2026.

At Badger Lake, four holes totalling 1,922 metres validated the geological model with encouraging hydrothermal alteration but again returned no elevated radioactivity, with assay results pending.

Meanwhile, at the Tati Gold Project in Botswana, the Environmental Management Plan has been approved and an access agreement signed, with optionee Tuscan Holdings set to commence RAB drilling at no cost to Power Metal, targeting small-scale gold mining.

Keep an eye on Perch River, this could the the company maker.

Most uranium exploration in the basin starts with near misses (I’ve heard this from the guy who found most of it) - drill a few holes nearby and we might just hit that jackpot.”

The final paragraph is particularly interesting and let’s not forget a serious investor has funded the Uranium exploration to the tune of £10 million.

Guardian Metal - Every single time Guardian has had a quiet moment and the share price has dipped, it’s come back with a piece of outrageously bullish news.

I’m not saying this will be the case once again, but pattern recognition matters.

Barclays have not paid in an ISA

II have not paid into SIPP yet

This is a legal technicality which now allows JLP to “ The Capital Reduction will create distributable reserves to support the Company's ability to make future payments of dividends to its shareholders and undertake potential share buybacks (in each case should circumstances mean it is appropriate or desirable to do so), as well as other corporate purposes of the Company.

This is good news for shareholders.

There is no doubt that Robotics and AI is a promising area for investment. Indeed the feature article in this weeks Investors Chronicle is on that very theme. What was not made at all clear in the presentation is what sort of investments SEED is going to make in the Robotics space.

Jim admitted that FFWD and SEED had not gone well for investors. He mentioned that when he started FFWD he had said investing in Google would be a good idea and did comment that if he had just put all FFWD’s cash into Google it would have had a much better result than what they did invest in.

If I might suggest some similar advice with regards to Robotics and AI just invest it all in TESLA or split it between Tesla and Google.

Nothing from Barclays

Good to see specialist energy investor taking a7.8% interest in CHAR. This is a very positive endorsement of the Directors plans for the company on the Oil and Gas side which will become the main focus. Charlestown’s interests in Namibia and the Orange basin are very encouraging. This institutional investment should give comfort to retail investors that the big boys are arriving on the share register which should help move the sp to a higher level.

Is anyone tuning in to meet the Directors. They cancelled a few weeks ago due to illness if you recall.