Member Info for ICB888

The IC is released on line as always just after the UK close so tomorrow morning is the first opportunity for anyone to react to it. Usually there is a reasonable move up on the first day investors can buy Simon Thompson’s Bargain shares.

BLU 52 week high closing price is 25p on 30th June on volume of 1.56 million. The outlook is clearly a lot better now than then so 25p should be the initial target for this rerate.

An excellent update confirming that SatoshiPay is now growing at pace. We have projections of potential take out values in 2 to 3 years time. We are also reminded of the IPO or more likely the reverse takeover of BLU by SatoshiPay which is clearly being worked on. The current market cap of £4 million against future valuations above £150 million gives scope for a serious multibagger. As a long term holder of BLU this is the best RNS I have seen and gives me confidence that patience is about to pay off.

JLP just moved above 5p.

Just as background information the current Fair Value for JLP from Morningstar is 6.3014p. This means they believe JLP is trading at a 24% discount to its Fair Value.

The conversion is correct. A very impressive start to the week in the Uk up 8% on volume of 781000 followed by a larger rise of 16.5% in the US on volume of 1.4 million. News can’t be far away as the last operational news was on the 19th December when the sp rose from 109 to118. It has since continued to rise to 185p today in the UK and just short of £2 in the UK having been well above £2 in ear7trading in the US.

SVML having a good start to the week currently up 8.5% and sitting just below the 40p it achieved on the rare earths news last week. The news due this quarter should take this to a new all time high. It was clear from the interview yesterday that Sapan thinks Rio won’t move to take this over as Titanium is no longer a corporate priority. I don’t think they will want to take the project forward themselves and am therefore hopeful that we will see a bidding war once the DFS is released. In such circumstances a takeover price that is multiples of today’s price should be highly likely.

A new all time closing high of 167p(171p on other sites)is good to see on no news apart from the interview of Oliver & JT earlier in the week. The drive up of the share price is being led by the UK market with good volumes ahead of US volumes. I suppose this reinforces what Oliver says about the full US listing to get the US volumes up as many US investors won’t use the OTC.

The broker target last summer was $3 just for Pilot Mountain and broker targets are normally 12 month targets. I think we will beat that $3 target well before the summer of 2026 and the target will have been raised substantially as a value is put on Tempiute, Pilot North and some of our other assets. Once the valuations are released the likelihood of some big players knocking on the door becomes high. As Oliver said this week he is looking to take this all the way to production but if people come knocking he will listen and do what is best for shareholders. It’s very good for the share price to have that in the background as it could happen at anytime ( and pre PFS he would say he intends to build it because that’s how the game is played!)

I think another very successful year is underway and it will be an interesting and profitable year. My instinct tells me we will be bought out but if we are I would like to see the non tungsten assets retained in other company and for that company to have royalty over the tungsten. But perhaps that’s just being greedy!

This is what the article says about Scancell:

“ Scancell (SCLP), which is working on two

cancer-focused immunotherapy treatments,

passes both the modified value and the valida-

tion-by-proxy tests, with the top three equity

positions held by specialist biotech hedge fund

Redmile, Vulpes and insurer Axa’s two publicly

listed biotech funds. ”

So a very positive mention for Scancell which is clearly getting noticed in its sector.

Currently Up 22% in Australia following an RNS announcing a very promising rare earths find that is extracted from the waste material from the mining of the rutile and graphite.

STRATEGIC HEAVY RARE EARTHS RECOVERED AT KASIYA

• Sovereign recovers heavy rare earth monazite concentrate from Kasiya rutile tailings stream

• Preliminary analysis confirms Kasiya monazite to contain exceptionally elevated levels of heavy

rare earth elements Dysprosium - Terbium (DyTb) and Yttrium, materially exceeding those of the

five largest producers globally, which account for 70% of the world’s rare earth production

• DyTb and Yttrium are of paramount importance to nations seeking to secure and protect rare

earth supply chains

o DyTb: heavy magnet rare earths essential for high-temperature permanent magnets used

in advanced technology, including defence systems and precision weapons

▪ Q4 2025 prices in Europe: US$850,000/t for Dy and $3,600,000/t for Tb

o Yttrium: high-impact rare earth element critical for aerospace, thermal barrier coatings,

radar and laser systems, alloy strengthening and semiconductor manufacturing

▪ Q4 2025 price: $270,000/t; up 4,000% from Q1 2025, with the US importing 100% from

China

• Monazite by-product has potential to add third revenue stream to Kasiya for near-zero

incremental cost

o Basic monazite concentrate currently sells for over US$8,500/t delivered to China

• Kasiya’s growing strategic importance emphasised by recent US State Department visit to its

Malawi operations and China's recent restriction of heavy rare earth exports to Japan.

Yesterday the volume was 3.5 million. Today the volume is 2.8 million by noon, so another high volume day is well underway which should take SCLP above 14p by the close if today’s trend continues. This is so undervalued that as positive sentiment continues to improve a rapid rise to 20p like the one we saw in mid 2024 is not out of the question.

The volume is now 2.2 million and 14p is being paid.

Mining of all commodities is very hot at the moment with lots of money keen to invest in the sector. It is prudent to raise funds in such a climate even if you don’t immediately need it. A very good move.

We are all very frustrated by the share price performance of JLP in recent years but it seems with the completion of the South African sale and the sole focus now on copper the tide has finally turned. This is also helped by the recent rises in the copper price to all time highs. JLP has made gains virtually every day for the last month such that it is Up 34% on volume of 130 million. On that basis a long overdue rerate is underway and if the steady pace of the last month continues 5p and 6p should not be far away. This looks a lot better than it has for some time as the market starts to take an interest in copper.

Doc, I bought POW first and then realised that what I liked most about it was GMET so I started buying GMET as well. As GMET continued to rise it was the case that the value of POW’s holding in GMET was not being reflected in POW’s share price. I therefore considered as others did that by buying more POW I was buying GMET at a discount. This was correct and when POW sold its GMET shares it removed the discount by realising the full value of its GMET shares in cash. The problem which we still have is that the £ 20 million cash received has not been reflected in POW’s share price. So POW has realised a very successful investment making 11x its original investment but POW shareholders have seen not a penny of that gain reflected in the share price.

As to your second comment that you will be very happy to pay 50p for every £1 worth of assets. I think we can all agree with that but only if there is a way of actually getting your £ at some point. This is exactly my point above as I was happily essentially buying £1 for 50p but I can’t get hold of my £ because it is not reflected in POW’s share price. So based on what has happened your plan is unlikely to be successful.

Apart from my problem with the share price I do like POW as an investment. I very much like paying 50p for £1 but have a number of similar investments where the discount remains large year after year and it’s very frustrating for both the company and its shareholders. The only way I have seen this successfully addressed is paying a special dividend when realising a major investment or selling all the investments and winding the company up after returning all the cash to shareholders. Just remember the trouble a number of Investment Trusts are having with Saba because they can’t reduce their discounts to NAV.

From the recent RNS:

“ Ignacio Mehech, Chief Executive Officer of CleanTech Lithium, commented: "We believe we are the only applicant eligible to apply for the CEOL at Laguna Verde under the Ministry's streamlined process. We hold well over the 80% of the mining concessions in the CEOL polygon required by the Ministry, we have formed a consortium with a financially strong partner, and we bring extensive experience in the mining and lithium extraction industry, both in Chile and globally. Our application has been submitted a month before the deadline, and we can expect to the hear back from the Government in February 2026, if not before. This is a pivotal moment in CleanTech Lithium's pathway to developing a high-quality lithium project at Laguna Verde.

"By forming a consortium, ASL is supported in its CEOL application by the Partner which will enable CTL to comfortably meet the financial capability criteria set by the Ministry of Mining. We are very grateful for the support of the Partner under commercial arrangements agreeable to both parties.”

If you also listen to the Investor Meet presentation you will be in little doubt that the CEO is as certain as anyone can be that the CEOL is in the bag.

Number 14 on the Leaderboard Up 12.82% at 11p on volume of 2.2 million. A very promising start to the week. 20p in the run up to the CEOL licence next month would seem to be justifiable.

Now Sean is spending the GMET cash on buybacks rather than a special dividend I hope it works in achieving a sustained increase in the Share price. There is no guarantee that this buyback will work as has been demonstrated by other companies that have gone down this route. If it doesn’t provide a sustained increase he is just throwing our cash away. The only way to ensure long suffering shareholders benefit is a special dividend which I think he should implement instead of this buyback or in conjunction with it.

The only certain benefit of the buyback is that it will increase the NAV of the remaining shares because there will be fewer shares. We already trade at a 50% discount to NAV so if it doesn’t work in raising the share price it will just further increase the discount to NAV. That would just increase the frustration of shareholders as they can’t realise the true value of their investment. POW realised £20 million in cash from the sale of its GMET shares which has not resulted in any sustained increase in POW’s share price. As I have made no money on my POW shares in 2 years I would like my share of the GMET £20 million paid to me in cash via a special dividend. I bought POW for GMET and have had no benefit from that gain in the share price.

JLP now above 4p on volume of 6.5Million.

Up 4% on volume of 4.5 million continuing the rise. 4p has been paid several times already and it will be disappointing if we don’t close today above 4p with copper so strong. JLP should be producing large amounts of cash and whilst the ramp up has been slower than expected we are getting significantly more for the copper now than a few months ago.