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I think it's more likely to do with the recent placing, which placing shares were admitted for trading today? To the extent that they were not forward sold - and certain posters on here have been insistent that they were not - then these shares will create the usual placing overhang at these levels. And it is also usual on AIM for the share price to retrace back to the placing price and undercut that price by a certain margin. That's why we are starting to see some 0.09s coming through in the trades (and I would not be surprised to see more of these trades until there is news to change the situation). All imo

KR - I believe the Rig RNS will give us a mobilisation date, which is likely to be very shortly thereafter. Even if they don't mobilise until middle of July, there is enough time to spud in August. And as I have said before, even an early September spud for He1, won't scupper NHE's plans to then drill its two wells before the rains in November. All imo

I'm no expert, but is it not uncommon to see the share price come down in this manner prior to a move up. I think previous moves up were preceded by similar price action (e.g. Feb 2021 and Dec 2021)?

Moreover, markets ARE manipulated. That's not simply retail conspiracy theory, but just how it is on AIM in particular. If sellers (inc MM) want to test the nerves of holders by, err selling, then that's fair game. If they want to collect more stock as they anticipate there will be high incoming demand for it soon, then that's what they will do. It can only really be done when there is a window of opportunity, which is what we have at the moment.

Alternatively, this could, equally, be the precursor price action to genuine negative news, as we have had in the past.

That's what makes this a difficult period to navigate for most. Because you are not acting on official information which you can reliably assess and base a decision on - as there isn't any from He1 - but instead on a combination of second hand information, your instinct, experience, common sense, emotions, etc. And still it can feel like hope or guesswork, rather than reasoned judgment.

No right or wrong answers really, only what your personally comfortable with in terms of your risk management. All imo and dyor

And the fact that He1 have not tweeted about the site preps to instil such confidence!

Skittish - problem there is that some are now even doubting the reliability of the images showing pad construction, road access and ground preps!

Most likely P&D action.

AG1989 - yes, but happy to accept your reading of the MOU. It would be good for all this to be confirmed by Naheed herself though, in particular:

1) Who has done what so far in relation to the MOUs signed already?

2) Is ORCP sorting out the financing, or is that work now being done by the MOU partners?

3) Who has introduced these parties that ORCP are about to "engage" with? (If Naheed was able to confirm that these have come through the MOU partners, this would be a really good endorsement of the MOU imo.)

LTHcine - I don't take these MOU/LOI seriously enough to invest here, and so far, I'm quite chilled about adopting that stance. But obviously, I do feel for investors like Spiceygoat and others. Not nice when you read such posts.

I do hope that things change for the better here and soonish, and I think that does need some clarity and confirmation from Naheed, about her anticipated timescales.

AG1989 - her comments about the MOU referred to the GH project, not the Solar project, and that's why I referred to the GH project. But on re-reading, it seems like an overall collaboration on both projects, but with maybe more influence on the GH project to start with? I've not suggested this MOU calls into question the CET one, it doesn't and has nothing to do with that MOU.

For me, the most important part of the MOU is Naheed's comment: "as we PREPARE to engage with POTENTIAL financiers and investors..." To me, this is clearly early stage language rather than advanced stage. We all know how long financing can take even when companies are looking to raise £50 million, and these projects are £1.5 billion. And, we still don't know if a full DFS will be needed before binding financing and offtake can be agreed (but hopefully that will be confirmed after the preliminary DFS is out).

Of course, it's for Naheed to clarify all this and hopefully she will do so at the next Q&A.

Another confusing one for me this. 5 year MOU to collaborate on financing and more generally? Let's hope it doesn't take anywhere near as long as that to get financing. Yet in the same RNS, refers to getting ready to engage with potential financiers and investors?

This implies (to me) that financing must be some way off still, if she is still signing non binding MOUs to collaborate over financing. And also, I thought the financing was going to come through the MOUs signed with the Chinese. It's all very confusing now, and I think Naheed needs to explain what the strategy is here in terms of who will be doing what re financing, what progress the partners have made since signing the MOUs, as it is all coming across as a bit random and scatter gun to me. Are there more MOUs to come to collaborate over financing or is this it, and when can shareholders expect to see any binding finance agreements coming from via these MOU partners, or more generally? What is her anticipated timescale for these milestones?

You can see the market tiring of this. Today's MOU has been met with sells and a muted response. I note the placing shares will be admitted tomorrow, and wonder whether a lot of them will be sold whilst its still possible to sell above 0.1p. Could be tin hat time again here. All imo and dyor

HappyDazes - that's not correct. They told us the very next day when the previous Rig fell through. I believe they are still proceeding with this Sofori Rig otherwise they would have been duty bound to tell the market - as the last RNS to the market was all about signing a Rig contract with Sofori.

Think people are losing their shares here, as well as their marbles!

The update will land, when it lands, and then everyone will be rushing to buy back in and chasing! All imo and dyor

A couple of points are worth factoring here:

1) Drilling with this Rig will be far quicker than the Rig used last time round.

2) Target depth for NHE's targets is only 850m.

3) Re-mobilising the Rig to NHE will be a matter of days.

4) I also don't get the sense that NHE will be massively concerned if they have to return in Q1 2024 to drill their SECOND target. In fact, they might even welcome the opportunity of a pause in between and to consider the results and implications of their first exploration well.

Therefore, I don't see it being a deal breaker even if He1 doesn't spud until September. All imo and dyor

We need to be careful here. NHE said that the "aim" or "timeline" was to get the Rig on a boat by month end. In the same sentence, they also said that they were working through the contract and other documentation. Therefore, unless we want to create more false hope, expectations and then anxiety, we shouldn't misinterpret what was an "aim" and turn it instead into a "deadline", which if missed, signals that there must be problems = more anxiety and panic.

When "aiming" to meet a timescale, much depends on whether all of the necessary steps are within your control, or whether you need to deal with third parties. With this Rig, it is inevitable that its not simply down to He1 and NHE to meet the timescale, but they will be dealing with various third parties and various processes. We also don't know how quickly things move in Tunisia when it comes to the necessary steps that remain to complete. And then you have the added complication of three different time zones at play (UK, Aus and Africa) through which all these various parties are operating on various aspects, all of which need to be completed before the Rig can move. And who knows, there might be other time zones at play as well, if parts need to be sourced for the Rig. Drillmec, for example, is based in Italy, and even then, we don't know if it manufactures Rigs and Rig parts abroad.

I'm not saying we won't get an RNS by month end, only that if we don't, it doesn't mean there must be problems. As I say, if there are problems, and they are insurmountable for a Q3 drilling, then both companies are duty bound to tell us, and I believe would tell us. What they wouldn't do, in the case of NHE, is keep on pitching that they will be drilling in Q3. All imo and dyor

Yes, these things can get delayed, as we both know from our Cora days. But I think Naheed has said recently that it was on track for Q2.

To be honest, the Athabasca Basin is very well known in the Uranium sector. I'm just surprised that if this is now such a hot and emerging sector, that POW can continue to stake significant new ground there for a pittance. Therefore, what is our USP here, as I imagine that plenty of other companies can secure ground there just as easily or readily as ourselves?

Maybe with the track record here, the market is thinking this is just another cheap gimmick collection of licences, and doubting whether POW is actually a serious player in the Uranium space? If so, the IPO might not be a bad idea.

Yes, I stopped listening to AG over a year ago. I will listen to his interviews, but never his podcasts and share advice. I didn't realise until recently that he was a consultant, and so his never ending supply of ECR enthusiasm now makes more sense.

If there was an award for ECR's most vocal and passionate supporters, the top nominations in this category would go to AG, CB (posthumous award), TS, Tamer, and AS. (Mentalmax - sorry you miss out based on your more recent performance.) And in the biggest critic category, no point even doing the nominations. That award has to go to Snip (or is it Melville?).

All in jest of course.

To be honest, AJ doesn't inspire any confidence as a geo at all. I wouldn't even trust him with leading a 'treasure hunt', (but would gladly challenge him to a game of hide and seek).

I just worry that we have this last throw of the dice with our cash, and it's in AJ's not very capable hands. I would be happier if AH provided the key geological input and decisions around where to drill. Because Hurricane is his baby, I hope AH is taking on a more hands on role here, and not leaving our fate in the hands of AJ.

Yes, it's re-assuring to know that NHE are good to sign the Rig contract from a financial perspective. It's really easy to get 'lost at sea' in the fog and mist that is created at times like this. Clearly, what has happened in recent weeks is that our patience and nerves have also fallen with the share price, and been replaced by mini panic and anxiety setting in, aided and abetted by rumours, speculation and whispers, deliberate and inadvertent on this BB.

We need to remember that NHE only issued these shares on 9 June 2023. That was ONLY two weeks ago, yet listening to all the noise on here, you would think it has been two months. So are folk right to be panicking so soon?

I reckon they are either sorting out the Rig itself (maybe it needs parts repairing or ordering), or sorting out its import/export paperwork (remember how this was an issue with one of the previous Rigs), and/or NHE finalising its plans for the Rig (which they can only finalise now that they know how much money they have), as the most likely explanation(s) for where the process is at.

If there was no chance of getting Sofori over the line, or drilling in Q3, both He1 and NHE would be duty bound to RNS that to the market. But no such noises are coming out of either camp, including the more noisier one.

I'm sure if not He1, then NHE will certainly issue comms again next week. They are on a real drive and have motivated management, who hold a huge amount of the stock. If our pilot isn't willing to update us (or is taking a long snooze), I don't mind the co-pilot giving us the flight updates instead, so long as they remain positive. The pilot will no doubt make the final announcement when the plane is ready to land. Let's hope its a nice landing to our promised sunny destination on Tanzania, and not a crash landing into the wilderness. GLA

Yes, some valid points AG, although the traders will always be there, and probably outnumber the LTH, until "that news" lands. I would imagine that many LTH will have bailed out already here. It's not easy to hold through periods like this and tests the best of us.

DFS still expected by month end here?

Many thanks. How's PJ doing, spoken to him recently? If so, can you ask him when we might expect a return on POW?