Member Info for ICB888

CEO’s comments on the DFS:

“ Managing Director and CEO Frank Eagar commented:

"The completion of this DFS marks a defining milestone for Kasiya and for the global titanium and graphite supply chains. To deliver a DFS of this quality, depth and confidence, rarely achieved by a pre-production company, reflects the calibre of partnerships that Sovereign has assembled around this project: Rio Tinto's technical expertise, alignment with IFC Performance Standards under our Collaboration Agreement, and offtake interest driven by U.S. and Japanese supply chain security priorities. The successful completion of large-scale field trials, combined with the expertise of our experienced owner's team and the technical support provided by Rio Tinto, reinforces Kasiya's potential to be a long-life, low-cost, and reliable source of two critical and globally strategic minerals. Kasiya is not simply a mining project - it is a globally strategic asset."

The DFS is absolutely outstanding:

KASIYA DEFINITIVE FEASIBILITY STUDY RESULTS

DFS Confirms Potential for Sovereign to Redefine Titanium Metal and Graphite Supply Chains

Rio Tinto Technical Expertise | Real-World Pilot Mining Validation

OUTSTANDING FINANCIAL RETURNS

4 Steady State annual EBITDA US$476M and Free Cash Flow (pre-tax, unlevered) US$452M

4 Total revenue of US$16.2Bn over 25-year initial mine life, with potential for mine life extensions

4 Pre-tax NPV₈ of US$2.2 billion

4 NPV/Capex ratio of 3.0x - capital expenditure to first production of US$727 million

4 Operating cost of just US$450/t product (FOB Nacala) - underpinning strong margin resilience across commodity cycles

GLOBAL LEADER ACROSS TWO CRITICAL MINERALS SUPPLY CHAINS

4 Positioned to become the world's largest producer of both natural rutile (222ktpa) and natural flake graphite (275ktpa)

4 Lowest-cost graphite producer globally at or beyond pre-feasibility stage - including China

4 Titanium and graphite both designated as Critical Minerals by the United States and the European Union, highlighting their strategic importance to Western supply chains

4 Free-dig orebody requiring no pre-strip, drilling or blasting with a simple low-energy processing flowsheet

4 Established export infrastructure: hydropower grid, heavy-haul rail, port at Nacala”

Today’s news has so far not inspired a single trade with just 1 hour until the close. I wonder if they are all recovered from the illness that caused them to cancel a presentation some weeks ago?

Text book Mellon funding one of his investments with funds from at least 2 other companies he controls. Just like the early days of FFWD and basically all his investments with cross holdings and funding. Meanwhile he has done nothing in several months to persue the Robitics and AI.

The 3 analysts offering 12 month price targets for Chariot Ltd have a median target of 7.43, with a high estimate of 31.94 and a low estimate of 4.46. The median estimate represents a 377.70% increase from the last price of 1.56.

High

1,954.1% 31.94

Med

377.7% 7.43

Low

186.6% 4.46

I would be very happy with the Cavendish 7.43p target and ecstatic with 31.94p!

Yesterday’s massive volume of 99.8 million gave CHAR a rise of 13.5% to 1.555p. This took the weekly rise to 22.06% . CHAR hasn’t had a week like this in a while and it will be appreciated by those who bought in the recent placing who can now see some profit. As a long term CHAR shareholder I am very encouraged by this securing of substantial cash flow which is a first for CHAR. I am becoming confident that the substantial loss I am sitting on, will be reversed and that I will see a profit again. The higher oil prices and the success that is occurring in Angola, are game changers for CHAR.

It probably worth recalling what Malcy wrote on 20th February when the Angolan deal was announced as it’s a good summary:

“ Well, this is a fascinating deal and Chariot deserves much credit for both finding it and arranging a smart way of financing it. By funding Etu Energias to acquire a Working Interest in blocks 14 and 14K offshore Angola, with production of circa 8,000 barrels of oil per day Chariot get a WI themselves equivalent to 4,000 b/d, in effect half the economics. Plus I understand that they also get the funding provided to Etu returned.

In turn Shell Trading provides acquisition funding of up to $170m in return for future offtake barrels, this gives ‘deal certainty’ and with it being dated January 1st 2025 allows a great deal of latitude so it probably only a portion will be drawn down.

There are a number of significant benefits that occur as a result of dong this deal, not least the optionality that it affords Chariot in terms of placing a footprint in the area and giving the opportunity to do follow-up deals. Apart from anything else it has partnered up with two major players in the area which may lead to other upstream plays for Chariot.

The company say that ‘this marks a new era for Chariot’s upstream business by introducing an economic exposure to a producing asset with strong cashflow into the portfolio’ I see them getting their cash back in good time and thus being able to reinvest in other projects.

It also means that the company, having done this deal, will be changing its priorities somewhat, the renewables business will now be sold and the proceeds will be used to fund further deals such as those mentioned above.

I understand that the placing went very well, institutions from both the US and the UK have subscribed and with it raising $20m at 1.4p, with a potential further $4m to come from the Open Offer Chariot is now in a strong financial position.

Readers know how positive I have been about Angola with recent deals having shown how good the opportunities in-country are and with plenty more on the horizon. This deal gives access to 4/- b/d in a great consortium and it funds material changes for Chariot, I am highly positive and think that shareholders will be most pleased, there looks to be substantial upside here for opportunities these as well as the other assets in the portfolio. ”

Rising sharply now as it pushes above 1.6p on volume of 68 million

Currently up 9.5% on volume which is about to exceed Tuesday’s 63 million . Both days this week are many multiples of the volumes seen in the last year. The market is realising after this weeks news and presentation that CHAR is massively undervalued with the Angolan investment alone worth more than double the current market cap. It will bring a very strong cash flow to the business. This is a new CHAR on a strong financial base and it should result in a major rerate.

Volume is now over 2 million but the share price is unchanged as most of the volume is bed and isa. Good to see shares being put in isa for the expected gains in the coming months as deals get announced.

GMET only diluted by 13% to raise $65 million with their recent NYSE IPO. The greatly increased liquidity on NYSE has taken the shares to new highs.

Ido hold BLU in an II sipp but currently it is a sell only investment . I buy in my Barclays ISA .

Outlook

The Company notes that SatoshiPay's quarter was affected by more volatile transaction volumes across its Vortex platform than seen in the previous quarter. However, demand for compliant, low-cost fiat-to-crypto settlement infrastructure remains strong, and with the necessary platform works completed and the continued development of its FX DEX infrastructure, SatoshiPay is confident it will see transaction volumes return to higher levels and that the company is well positioned to scale across both institutional payment flows and decentralised trading applications.

Blue Star Capital plc (AIM: BLU), the investing company with a focus on blockchain and payments provides the following updates related to its investee company SatoshiPay Ltd ("SatoshiPay").

Vortex Update

During Q1 2026, Vortex, SatoshiPay's fiat-to-crypto infrastructure platform, established a record monthly transaction volume, achieving US$10 million in January 2026. This compares with US$4.8 million recorded in December 2025, and represents a significant milestone with January's volume exceeding the platform's total cumulative transaction volumes since launch, which stood at US$9.9 million as at 31 December 2025.

In the following two months, Vortex achieved a further US$7.8 million in transaction volumes, comprising US$6 million in February 2026 and US$1.8 million in March 2026. These reduced transaction volumes were a consequence of temporary outages of the platform in order to complete necessary platform infrastructure upgrades, along with ongoing internal compliance reviews associated with onboarding and scaling institutional counterparties. In addition, a major institutional client of the platform and user of the Vortex Brazilian PIX-based settlement rails is in the process of changing its banking partner, which also resulted in a significant reduction in transaction volume.

SatoshiPay expects these factors to resolve in the near term, supporting a return to, and further growth of, established volume levels.

Expansion of FX DEX Technology

In March 2026, SatoshiPay expanded its decentralised foreign exchange ("FX DEX") technology, powered by Nabla Finance's ("Nabla") AMM technology and operated by Pendulum, through the deployment of a decentralised exchange for EURC-USDC trading (Euro-denominated stablecoin to US dollar-denominated stablecoin) onto the Base blockchain network. This follows the successful technical test completion in late March 2026 and the subsequent deployment of the relevant smart contracts.

Two additional DEX aggregators were cleared to integrate the DEX in March 2026, which is expected to bring both an increased number of users and volumes to the protocol.

This deployment represents the initial commercial testing of SatoshiPay's FX DEX infrastructure within a high-volume decentralised trading environment, with a focus on delivering low-fee, low-slippage FX trading to Base users, positioning Pendulum's FX operations as an efficient alternative to standard DEX competitors.

Retail Product Development

SatoshiPay is also progressing development of its Vortex widget aimed at retail users. The company is developing functionality to enable fiat-to-crypto conversions to be deployed directly into yield-generating decentralised finance ("DeFi") protocols. A proof-of-concept is currently in prototype phase, with further updates expected in due corse

CHAR is currently Up 5.8% on volume of 50 million which is the highest volume in the last 12 months by some margin. It should rise to reflect the new deal in Angola which analysts put a value of £100 million on the company against a current market cap of £38 million. This should move towards 2p and higher and there is also the higher price of oil which should add to the valuation.

It is interesting to see the Mastercard purchase because a few years ago Tony Fabrizi did say it was his view that the most likely endgame was SatoshiPay being taken out by a major financial company.

The steady march towards 9p continues with 9p currently being full ask with the sp at 8.85p on volume of 5.3 million. It is looking poised for a surge higher if these high volume days continue.

Up she goes now 8.8p on volume of 3.4 million so more than 50% of yesterday’s volume after 3 hours of trading.

Good to see this building on yesterday’s rise on strong volume of 6.6 million which was the highest volume since 6th February when volume of 10.1 million took the sp to 11p. 11p is the 52 week closing high with the intraday high at 12.5p.

Currently up 4.85% on volume of 2.45 million and looking to move higher.

The market is clearly not concerned that the slight administrative delay is a problem. So far buys exceed sells 5/1 on volume of 6.6 million. I think they are keen to get them out as soon as possible because the results are good.

I just saw the following post on the site of another Jim Mellon company which bodes well for SEED’s investment in Clean Foods Group:

“ Good promo piece from Clean Foods Group. They really have assembled a world class management and production team. Their IP means they can cheaply retrofit many redundant industrial facilities such as old breweries and transfer technology globally. Probably the most immediate environmental impact amongst the ANIC portfolio as a bio-equivalent to palm oil at scale, although they can produce any oil from the patented yeast strain.

hxxps://www.linkedin.com/posts/clean-food-group-ltd_oilsandfats-sustainability-foodtech-activity-7437059796039598080-gaxx?utm_source=share&utm_medium=member_ios&rcm=ACoAAEbmZ18B1DqPg111hbtsfVqEYMHzEvjreI4”