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The market doesn’t seem to like the results or perhaps doesn’t believe the business can replace the drop in royalties revenue from its current deal. But the drop of 8% on tiny volumes seems overdone.

Recent material director purchases indicate their confidence in growing the business and its value.

Some inevitable profit taking after the strategic review announcement but why on earth would anyone sell at this time? Whatever the outcome of the review we’ll have a much more accurate valuation of the property portfolio which will be represented on the balance sheet and in the book value of the business. We should see an appreciation of the sp whatever happens with a little patience.

That's quite a few notable new investments that have been made by BPM in recent weeks. Good to see.

Fair play to you IWontTell. I'm too cautious to take that level of risk. My holding in gold is relatively small but it is nevertheless still exciting to watch these developments and try to gauge a sensible time to sell. For now, the macro indicators suggest this run will be sustained for now, at least, provided the companies themselves continue to deliver and their prospects prove at least as fruitful as current forecasts would indicate.

The decline in the sp is a concern. There is no negative news flow that I’m aware of driving this. Need some

Positive developments in the forthcoming interims.

@JackHacket - many thanks for taking the time to share your thoughts on the valuation question.

One wider aspect is the devaluation of the dollar, which appears to be deliberate US policy under Trump. It’s already down approx 10%. As the dollar devalues some capital will flow to gold. If my memory serves me Goldman Sachs stated that a 1% outflow from US dollar denominated assets to gold would give a gold price of 5000 dollars. Gold futures all point to an uptrend in the gold price for the next 21 months.

Given the prospects for CMCl and other small miners (Serabi, Say), the geo political mess we have at present and the prospects of continued upward gold price I’m inclined to hold on for the ride.

Any thoughts on how best to value this business and what a realistic target price is? It has good prospects from its prospects in other mines but so much is dependent upon the gold price and geo politics. It’s hard to call when to take

Some profits.

Might be an interesting few days for the company holding the short position.

Note that one short has now gone, although there has been quite a bit of flux in poisons this month overall.

Chair has recently made further material purchase. Surely a strong indicator of the business making good progress on its agri strategy

Nice to see some of the love returning to this share - although there’s no obvious need to drive it. Let’s see if it can be sustained and in due course rerate on a strong end of year. I expect this could reach £8-10 per share over 2-3 years if it just keeps on delivering as it has done recently. It’s a strong business.

It’s tempting to do so, Dartron, but I’ve held throughout the downward trend and expect these will turn at some point - possibly quite quickly. I don’t want to miss that by trying to time it. Doing nothing is often the best course. There have been a number of broker recommendations of around 600-700p. I expect it will return to at least these levels.

This has retreated sharply since its recent highs. The results were strong and yet the market response was negative. They’ve continued to retreat since. Why?

I can’t see this bouncing back until we have clarity on tariffs (who can say when that will be) and the company’s response to these additional overheads. They’ve killed this stock for now.

OTB has been impacted several times this year following negative sentiment towards Jet2. Each time OTB has come back strongly. OTB is clearly not immune to consumer sentiment but all the company announcements have pointed to record bookings so I expect a strong set of results. Their statement on outlook will be critical to the share price movement. Any negative or downbeat sentiment is getting hammered.

The slump in share price continues on very small volumes and no news. Now c. 33% down from recent high. Needs some positive news flow.

The shares have drifted badly from their recent high of c. 170p on very little news. The shares need a lift with some positive news - especially on SAW.

I note that we now have 8 declared shorts with 7% of the company shorted. One has to assume that they envisage the MM move as detrimental

To the sp in the short term.

Bismark - investor chronicle published its Jim Slater screen on 15th July when Serabi had a share price of 190p. It stated at that time that Serabi has a forward

PE of 3. I’m not certain of the sources of this information but that was their number at the time.