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After reading your reply to my post I now completely understand why others refer to you as an AI bot.

Hi PUTUP,

For GKP I did use net production as stated, i.e. after taking into account GKP's 80% working interest in the field.

Cash/revenues not really relevant to the comparison, I just put them in for a bit of extra information.

I did use enterprise value - what did you think EV meant? However it's not so relevant as the production and reserves comparison which reveals the largest discrepency.

I get the impression that many GKP shareholders look up to Shamaran as a superior company and something to aspire to, but having compared them they are actually an example that makes GKP look very mispriced:

SNM net bopd (most recent Q report): 18k, GKP 35k.

SNM revenue $29M cost of sales $20m, GKP revenue $42m operating costs $14m

SNM net debt $60m, GKP net cash $100m

SNM net reserves (2P) 24.3M bbls, GKP 354M bbls.

SNM EV £465m, GKP EV £314m

So in summary GKP has approx. 2x net production, vastly higher reserves, net cash vs net debt and a lower market cap.

One other key difference in the account is that SNM book the depreciation of their O&G assets under the balance sheet while GKP (in common with others inc. Genel) put it in the P&L as a cost, making SNM look like their making a lot more profit - but they are not.

In other words if you expect a holding to increase significantly in the future it's better to get it into your ISA earlier rather than later!

Face value.

Could also mean can it be separate from the other metals without affecting their recovery. Probably best to ask the company as they know what they're doing I would assume.

I presume it means economically recoverable - there has to be enough of it and it has to be consistent enough across the deposit to make it worthwhile adding whatever process(s) are required to extract it from the ore.

Also the results of several metallurgical studies which feed into the MRE, including importantly the silver recovery study which if shows recoverability will mean the silver component can be added to the MRE.

No there isn't. When a warrant is exercised it turns into a (new) share that can be sold like any other, but there's no obligation to.

These are the outstanding warrants as far as I'm aware:

40.24m @ 2.4p expiring 19/5/26

25.1m@2.4p expiring 19/5/26 [Issued to Foreign Dimensions]

100.65m@3p expiring 28/6/26

48.4m@2.5p expiring 11/11/26

49.82m@4.5p expiring 1/12/27

Sounds terrible. So why does anyone use them? Not aware of any other broker with such weird quirks

FYI I looked into the prices used and they were

Tin $22,000/t

Tungsten $330/mtu

Copper $3.18/lb

It also envisaged a mining rate of 600kt/annum, which gives some very interesting numbers when used with today's prices!

Big change in level 2 - 4 MMs have moved up onto the 1.4p bid with only 2 left on the 1.5p offer, so we may be finally ready to move on up soon.

Well done today's buyers.

Plenty of data on PEL-94 available e.g. here on the website https://geoexplorationlimited.com/our-projects/pel0094-namibia/

They raised £2.5m less than 2 months ago. I'd have thought that would last a bit longer than end of Jan, even with 3 rigs.

Does anyone have any thoughts or insight on this drop on the sp on selling over the last week or two? Quite consistent small sells going through. Is this just a normal swing down for this stock or has one of the tipsters switched to 'sell'?

No doubt it should be £11m but MC is only £7.5m at the moment.

More market makers is generally a good thing - it should increase liquidity and reduce spreads.

We have 7 of them now and when I initially invested in SML in September last year there were only 4 of them (if I recall correctly). I think more market makers coming onto a stock is a sign of an anticipated increase in trading volumes.

The spread is very tight this morning btw, 1.42-1.44 for 500k just now, so no complaints there.

Yes indeed the results of the silver recovery study (ref Dennis Rowland tweet 26/12) is just one of many items of newsflow we'll be seeing over the coming weeks prior to the MRE. It's going to be an exciting 10 weeks or so for shareholders.

From the 10th Dec RNS:

"Guidance for 2026 will be provided in an Operational & Corporate Update announcement in January 2026"