Member Info for Onbeyondzebra

Underlying value? This is by the book volatility for a company that lost all its value and likely to go into administration. Not to say don't trade it, by all means fill your boots and enjoy the ride. But if they can't pull a rabbit out of their hat and find some immediate revenue in the next couple days this is nothing but a dead cat bounce.

You don't, or at least not now. If you think the improved offer will go through (and the BOD won't all get sacked, go to jail and the deal falls through) hold and, eventually, money (30%+ more than the sp is now) will magically appear in your trading ccount. As you get closer to the completion date the SP will nudge closer to the agreed price of 10.44p. With the markets in turmoil, this is probably your safest investment at the moment, so just sit tight.

Patty: It’s not question of which AI but which model. Copilot and Grok are obviously crap, but between ChatGPT and Gemini it’s much of muchness. They are both excellent (if used right). For this sort of work you’ll need to ideally use either Thinking, Pro or Deep Research functions - which means paid versions - though I think Gemini gives some limited Thinking and Deep Research for free. In terms of prompts, I don’t exactly agree with dai2belts. I used to input everything in (e.g. give loads of context and links), but this is where meta-prompting comes in. Tell it what you are looking to achieve and ask it to make a prompt for you to get that desired result (e.g. critically review investment case with bear, base and bull predictions). It will then generate a big, chunky prompt (probably the side of A4) and you input that with your Thinking, Pro, Deep Research query and you’ll usually get some pretty good results. In its generated prompt it’ll specify evaluating recent RNS, analyst recommendations, insider buying etc, so you don’t need to. If I were you I’d start with ChatGPT+ for 20 quid a month. Then you can just keep Thinking on the whole time. But it’ll be the Deep Research that will blow your mind (better than Gemini’s imo); just remember you only have 20 a month. I once burned through 20 in a day :(

WA7 = W7L (still haven't had my coffee)

Djwall. I'm now working in the AI sphere, and have had good results so far with AI investment case analyses and scoping smaller companies ready to pop. You did a good job in keeping your prompt boring enough that it had nothing to latch onto, to appeal to its sychophantic tendancies. I find the best results however come through meta-prompting in flagship, and then moving to a stronger model to carry out the research (Thinking, Deep Research, Pro). I always ask for a Bull, Base and Bear case for a specific time-frame (you gave five months). It looks like your prompt led it to just synthesise the analyst (and likely message board) predictions, as opposed to using its own brain and giving a more critical analysis. My AI results last week pushed hard for sell at 1p (slightly higher than its last mcap spike) on Monday and then suggested a consolidation between .55-.80, until the next major catalyst. That all assumed that HE1 would follow the stanard AIM playbook, which I wasn't and am not convinced of, as it never has. I was particularly impressed in December that it brought my attention in Nov/Dec to CYAN (as a takeover target when it was around 6.0p) and WA7 (as oversold and an easy 1-2 bagger). These weren't at all on my radar and, honestly, would not normally fit my profile. Certainly levels the playing field a bit for retail investors.

Look, McNol’s clearly clocked something interesting with those 2m prints — the symmetry does scream algo accumulating rather than Barry and Dave from Croydon clicking buy at the same time. Not exactly convinced that £1–£1.3m in AIM world automatically equals Linde parking the tankers outside, or BlackRock getting involved. Certainly possible that 2% was accumulated in a day around at around .65 average, and think they’re hardly interested in a cheeky 5% flip. Might be carving out a stake in the company at this transformational period (and still low valuation) or, at very least, you’d imagine at least a 2p intended exit if it’s a deep pocketed trader. Whoever’s accumulated is likely responding to multiple catalysts: Colorado going live (e.g. leverage can replace dilution) and Rukwa (a world-class asset) looming. In short, there’s actually something to front-run rather than just some Mickey Mouse chatter from the test samples. I’ll be looking to see if volume stays high, and the dips get swallowed on Monday morning. That would suggest we’re in for quite a ride. One thing is undeniable, 6% of the company traded in a day and it will likely break through 52 week highs Monday morning.

I’ve been in for only 6 months or so with an average of 7p. I’m obviously not in the situation many of you are and have no right to whinge too much at a 30% profit if this gets accepted, but my research before entering led me to a target exit of around 20p (once it turned profitable in 2026), so can understand the frustration.

Wow… this thread didn’t age well!

Some good posts the last couple days. I’ve averaged down to the high 20s and am quite sanguine. I agree that things are slowly getting worked out - though the deal making has a bit to be desired. At the end of this we should have quite an agile cash-flow generating machine. I agree it will likely be a couple years but will multi-bag from here. If it drops back to last week’s levels, I’ll average down further. With such a frothy, overvalued market, I think you need a couple beaten down old mutts that are preening themselves up for another go at Crufts.

Objectively looking at things, the language seems to be setting thing up for a raise soon. While no one likes dilution, it also looks to me like that would be the right move tbh, assuming it was the size of the last ones. BOD don't tend to make the right decisions when money is this tight. Just not sure why they didn't pull the trigger when the sp was a bit higher.

Pubcrawl: I prefer yours ChatGPT responses to your rockets.

MCNol: you certainly seem to have drunk the koolaid. I think present and future investors should take a balanced view. For this BOD: some good moves, a lot of disastrous onces, and some in the middle (e.g. long-mothballed rig with high capex to get going but saves money in the long run). So far the BOD has proven to know a lot more about rocks than business. I still can't get over that 'twice' they notified the market that they were going to raise before having financing in place. In all my years of investing I've never seen such an amateur move: while following the letter of the law it is never done in practice and absolutely dessimated sharholder value. It's the main reason you have a huge number of investors stuck with averages between 5-15p. We'll see if they can make smarter moves now that they'll have some monthly revenue to potentially hire a competent CFO.

MCNol: Think your summary is more or less right (though RNSs on the start of testing depends on which AIM explorer). The reticence of the market is because HE1 has historically shown little regard for their LTHs, wiping out successive generations of them. Despite this, I do agree that a re-rerating is likely in the cards. Over the past few years HE1 was at the mercy of the financial markets because they had no income and they knew it. They effectively sold the house for a pittance on serveral occassions just to keep the lights on. I was wondering what they were doing taking their focus away from Rukwa immediately following a discovery, but clearly it was the right move as it gives them the freedom to make the right financial choices going forward. The big question still remains: how can they exploit the Rukwa asset while maintaining shareholder value. They've proven themselves to be anything but shrewd business men and women, but from now they'll at least be progressing from a position of relative strength.

They go into this a bit in some of the trade show videos. They do a lot of things but, effectively, they position themselves primarily as mixed-signal specialist. They may refer to it in terms like “solving real-world signal interaction problems” but at its core their niche is how to get the digital brains (e.g. controllers) to communicate with analogue devices that are interacting with the real world (e.g. sensors). Seeing it in those terms, it explains why they are so relevant to so many different sectors (satellites, modern cars, healthcare etc.). What’s more, there’s nothing generic - or off the shelf - about this work. There’s a clear need for teams that act simultaneously as both consultants and designers to provide bespoke products to solve these problems which is why they don’t seem to have any problem consistently getting contract wins. My wife works for quality assurance (e.g. tech design) at ESA and said that this is one of the main problem areas in both aerospace and any cutting edge technology sector.

Thanks for this; good read. What I think your bull case missed is the niche ENSI operates in. Bespoke digital-to-analogue interface ASICs sit in a technically difficult, underserved space that large silicon houses struggle to serve economically, and many independent players in this area have already been acquired at valuations in the hundreds of millions, to become in house specialists. If ENSI successfully scales even its existing contracted programmes into sustained supply, the current ~£35m market cap looks very small indeed relative to the economics of the business - and realistic future projections - even before factoring in the additional (4-5) contract wins per year management expects from 2026 onwards.

DB: I know you’ve tried to be in contact with them on a variety of topics. Have they engaged with your idea of OTC or a dual listing? All I remember is that last year Mark talked about the AIM listing process being time consuming and somewhat traumatic for all involved, which might explain why they aren't so keen to begin the process anew. I also noted in the last Q&A in November you submitted a question that wasn’t related to this, which made me think they've either previously given you a response or are actively ignoring this question for the time being.

DB: As always, I agree with a lot of it, especially around the growing awareness outside the UK and the importance of accessibility. I saw this first hand.

On the listing point, I agree, but when ENSI executes matters just as much as where it trades. Even with adjusted EBITDA now flat, which is in itself a real accomplishment, the business is still marginally loss-making and very much in the thick of scaling. That inevitably adds uncertainty and, in my view, still devalues the story somewhat. It’s not exactly the moment when a wider US audience is likely to fully latch on, particularly one that’s mostly retail rather than institutional, (which is what you get via OTC).

My instinct is that alternative listings work best as an amplifier of demand once it already exists, or should obviously exist, rather than something that creates demand in itself. When ENSI turns the corner, hopefully in 2026, the story becomes much easier to tell. At that point, broader access could make a big difference. A company moving towards £50m of revenue on a roughly £30m market cap doesn’t stay overlooked for long, and that’s when a re-rating starts to feel inevitable.

I’m no fan of AIM but, until then, it may actually be helping more than hindering. It gives management the space to focus on execution rather than constantly managing optics, and the investor base here tends to be more tolerant of the setbacks and a non-linear growth trajectory.

I’m with Double-Bubbler. After months of research (much of it while off work taking care of our new baby), I’ve identified ENSI as the best, and in my view safest, bet for a 10–15x bagger that would actually warrant that kind of re-rating.

What I think is being missed is that ENSI is now clearly in a controlled scaling phase, moving from a consultancy-style designer into a multi-producer. They are signing new high-profile contracts one after another across multiple sectors (defence, space and automotive), and now have a solid and growing pipeline. That lifecycle stacking, rather than any single contract or the current £250m pipeline on its own, is what changes the shape of the business imo.

I’ve also been discussing ENSI with serious investors in North America who can’t access AIM. When walked through the forward-looking 2026 picture and the three-year pipeline, their reaction was that this would already be a hundreds of million mcap company on Nasdaq, even allowing for how stretched US valuations are right now. Their view was buy, and keep buying at these prices.

I’ve concluded that if things go roughly to plan and ENSI stays on AIM, I think a £100m+ market cap over the next 18–24 months is very achievable. Only then does a cross-listing make sense. Doing it earlier would likely distract management and any delays to profitability, like this year, would be punished far more harshly. On this point I realise, DB and I have different views.

Like DB, however, I’ve used these months to build a significant position of around 10% of my portfolio. My only real concern is that it gets bought out somewhere around a 4–7x bagger, which would cap the upside before the public market ever has to properly re-price what they’re building. This post if for DB, btw; I’ve appreciated him sharing his thoughts and valuations here and on other platforms, and wanted him to know that you’re not alone with his very optimistic assessment. For me, this is as sure a bet I’ve seen with a small-cap, and warrants significant exposure.

I’ve been tracking GMET for 6 months and watched with interest. Yes, the news was decent, but I found the rise - on very little volume - strange to say the least. I didn’t think the mcap was (and still is) justified and now it’s reverting to the mean. I really don’t mean this as a personal insult to anyone, as I’m interested in tungsten exposure and am just interested in the views that see things differently.

It's all speculation. There are a couple solid trends that are emerging. CLN seller at this point seems to want to double their money and isn't letting it fall below .42-.44. I always said it would be bad for trading to tank the SP into the .30s (or even the .20s as some are speculating). I love HE1 whenever's it's flush with money (not so much when a placement is coming), and will top up on any dips. There's still a lot of investors on the sidelines and it's a pretty safe bet it'll bag from this point before Christmas.