Member Info for Rustyrat1970

Been watching the tape closely this morning, rather than just the price.

Total volume so far is approaching 2.5 million shares. On a stock that typically trades 200,000 to 400,000 shares a day that's 6 to 8 times normal daily volume before midday, that's not normal RNS day activity.

The sell side is heavier than the buy side today, around 1.35 million shares sold versus 1.13 million bought. The price has drifted from the 39-40p opening highs back toward 37-38p as a result. Understandably, some people are frustrated by that.

Putting it into context here EEE traded at 88p not long ago. Anyone who bought up there and has been sitting on a 55-60% loss for 18 months. Potentially they are looking at this morning's volume and seeing the first real opportunity to get something back, that's rational. That's not bearish, that's a register clearing itself of reluctant holders who have been waiting for exactly this kind of liquidity event.

Every one of those 1.35 million shares has moved from someone who wanted out into either a new buyer who sees the value at these prices or one of the institutional players we saw accumulating in 50,000 share blocks this morning.

When this selling exhausts itself the register is cleaner, the remaining holders are more committed and the path higher faces less resistance.

Today's volume at these prices against this morning's RNS is constructive not destructive, the market is digesting the news properly.

Cosgrove results still due this week. MRE upgrade Q3. Pilot plant Q3. ASX listing H2.

The story keeps getting bigger, at the moment we need to fund the 88p losses.

Completely agree with you, but what a great time for a top up

In the first five minutes after open we had two 50,000 share buys at 38.95p and 39.00p. That's £39,000 of buying in the first thirty seconds, then 40,000 at 39.66p and 32,000 at 39.616p right behind them.

Against that two 30,000 share sells and a 75,000 sell all hitting the bid around 39p. Call it £50,000 of profit taking from existing holders selling into the RNS pop.

The stock absorbed all of it and is still sitting above 39p.

When significant sellers get fully absorbed at the open and the price holds rather than falls back, someone is deliberately accumulating.

Look at the algo testers, tiny orders of 1, 3, 4 and 7 shares hitting 40.20p, 40.45p and 40.50p in quick succession. That's not retail. Institutional algorithms send probe orders at progressively higher prices to map the order book before committing larger size. They're testing whether EEE can be bought in volume above 40p without moving the market against themselves.

The fact they're probing above 40p while the stock is still trading at 39p tells you where someone thinks this is going.

The RNS backs it up. 51m at 8.79% TiO2 from surface, 6.25 square kilometres of confirmed high grade core. Highest grades ever reported at Pitfield and this is Thomas only.

Cosgrove results are due this week.

The market is waking up to this one !!

178 drill holes completed at the Thomas Prospect for 9,816 metres. The headline numbers are exceptional. 51m @ 8.79% TiO₂ from surface. 50m @ 8.29% from surface. 53m @ 7.74% from surface. These aren't narrow high-grade spikes, these are thick, continuous, near-surface intervals across the full drilled width.

The peak intercept is 2m @ 21.44% TiO₂, that's a grade that would turn heads in any titanium project anywhere in the world.

The scale of the high-grade central core now confirmed. 6.25 square kilometres, 625 hectares, averaging 47 metres depth, near surface. That's a substantial, accessible, continuous block of high-grade mineralisation. Low strip ratio, straightforward extraction. The economics of near-surface mineralisation at these grades are going to be very different to a deep hard rock mine.

Worth noting this covers Thomas only, Cosgrove results are due late June, exploration drilling results in July, Both feed into the MRE upgrade confirmed for Q3 2026.

So the sequence from here is Cosgrove results, exploration results, MRE upgrade, continuous pilot plant testwork, all in Q3 and Q4 2026. The flowsheet was confirmed on 11 June showing 98% titanium extraction efficiency and a high-grade alumina co-product. Now the drilling data confirms the scale and grade of what that flowsheet will be processing.

The market hasn't priced this sequence properly yet in my view, each step is additive, and each step is now backed by real data rather than projections.

Fair challenge 'thechancers' and a fair question.

I've averaged down along the way as part of my strategy, more than once, and no I didn't expect it to take this long when I first bought in. Each time I've rolled that decision dice again I made a conscious choice's to stick rather than walk away.

It is my single biggest loss across my whole portfolio, no getting around that, but it's also the position I went in knowing it carried the highest risk, and if it ever lands properly, the highest reward by a long way. That was the trade off from day one, I just didn't price in quite how long the wait would be or how much dilution would come with it.

Your point about the savings account is fair and for a lot of entry points over the years probably true in hard numbers. I'm not going to pretend otherwise, but I made my decision with my eyes open and I'll own the outcome either way, that's on me not anyone else.

Still in, still watching for the company to actually tell us something rather than going round in circles on theories.

That's where I'm at.

been reading through the various theories doing the rounds the last few days, nabi speculation, low risk high risk arguments, the lot.

genuinely think it's worth a step back. some posters are bag holders venting after years of disappointment. some might be shorts talking their book. some might be trying to deramp it cheap so they can buy back in. some are probably just bored and enjoy the fight. doesn't really matter which is which to be honest.

none of it is information from prd. it's all inference and speculation, however well argued some of it sounds. one example doing the rounds recently was a fairly confident claim about timelines based on assumed delays, which turned out not to match what the company had actually disclosed once someone checked it properly against the rns.

flicking between here and telegram trying to work out who's right and who's wrong isn't helping anyone. forums work on a mutual level of respect and honesty, and going back and forth like this, picking sides, isn't supporting the situation or the company we've all chosen to invest in.

we're here to invest. if anyone genuinely thinks this isn't worth investing in anymore, that's fine, move on, nobody's making you stay. but for those of us still in, we made that decision ourselves and we have to own it, good or bad.

we chose to be investors rather than stick our money in a bank for 2%. that choice comes with risk, that's the trade off, but it's hard enough making good decisions without also having to play **** house sheriff on every theory going round about what's good or bad. the silence is hard, i get why it creates scenarios in people's heads, but that's all they are, scenarios, until pg actually tells us the situation.

my belief is this comes good eventually. it's been a long wait already and i'm prepared to wait longer. when i look around at other opportunities out there and measure them against this one, my choice is still to keep holding. that's my choice though, not advice for anyone else.

i've held this since 2018. co2 injection hype, placings, missed timelines, all of it. the only thing that's ever actually moved my view is what the company itself discloses. everything else is noise, however entertaining or convincing it reads in the moment.

IC-2 RNS out this morning, decent result.

100ft net pay across three zones. 19.5ft C7, 6ft Gacheta, and the big one 74.5ft in the Ubaque. Thick interval that.

Producing 830 bopd gross restricted off the Ubaque on a 35/128 choke. Higher than IC-1's initial rate. 13.4 API, 1% water cut.

On time and under budget as well which is always good to see.

Programme moving fast too. IC-4HZ already spud 13 June targeting Ubaque again. Then IC-3 vertical after that testing all three zones. 5 more cellars going in at the pad so 7 wells planned in total at Icaco. Not just a one off well anymore this is a proper development now.

Abbott said strong netbacks and successful horizontal wells support payout in months. CEOs don't usually say that unless the numbers back it up.

Cash $26.7m as of 2 June, no debt. May realised price $97.48 a barrel which reflects the Brent premium from the ME situation. Corporate production around 5000 boepd now with this added in.

Tapir extension talks ongoing, company say constructive and confident it gets granted. Colombian election 21st worth watching as a side issue but tone from the company is upbeat.

Big RNS this morning and I think the market is underpricing what's just been confirmed.

The flowsheet is done, not theoretical, not modelled and not estimated. Bench-scale testwork completed across every key processing stage. 98% titanium extraction, 99.25% TiO₂ purity. Gangue rejection above 90% and all confirmed in the lab.

The part that thats exciting too is the alumina co-product. 98.7% Al₂O₃ already achieved in initial testwork. That's not a byproduct to manage, that's a second revenue stream that simultaneously reduces acid costs, reduces waste volumes and reduces residue storage costs. It comes out of the process naturally and the market price for high-grade ceramic alumina is above $700 per tonne.

The cost advantage over conventional ilmenite sulphate routes is also now confirmed with independent data showing conventional routes costing $1,300 to $3,300 per tonne. Pitfield's flowsheet sits below that range structurally, lower acid consumption, lower leach temperatures, smaller iron residue stream.

In addition there's the Murdoch University molten salt electrolysis programme targeting direct titanium metal production from Pitfield's TiO₂. Proof of concept by end of 2026. If that works Pitfield isn't just a pigment project !!

The global aerospace industry is dependent on Russian and Chinese titanium. Boeing, Airbus, jet engine manufacturers and that supply chain anxiety is real and getting worse. Pitfield has just confirmed it can produce the product those industries need from a stable Western jurisdiction at a competitive cost.

Pilot plant commences Q3. MRE update Q3. The next few months are going to be very interesting.

DYOR as always

Completely agree Keith. Two wells, two known accumulations, high commodity prices. The market is giving us all of that for 3.45p !!!!!

SC-3 targeting a reservoir that previously flowed 1,450 bopd on initial test in the adjacent Snowcap-1 well. MOU-6 only 600 metres from MOU-3 with the reservoir geology already established.

The geology is not the risk here.

Not long now.

Been watching the AXL tape closely today and something significant is happening.

Pre-market this morning a 419,500 share block changed hands at 24.85p. £104,000 before a single retail trade had been placed.

Then at the open an unconditional trade of 402,950 shares at 24.50p. £98,700.

Then at 11:00 a 300,000 share unconditional trade at 25.80p. £77,400. Above the ask price. Someone paid above the market to secure that stock.

Three institutional blocks today alone. Over £280,000. And this has been happening every single day for the past two weeks.

The reason isn't hard to find. IC-2 has reached total depth. The well was spud on 18 May as a significant step out to the north of IC-1. The company confirmed at the Investor Meet Company presentation last Thursday that IC-2 is expected on production shortly. The RNS confirming results is imminent.

IC-1 is already on production at 628 BOPD restricted from the C7 alone with two further formations still to test. The CEO called it a material discovery and said Icaco could become a major production platform.

Q1 results confirmed EBITDA of $14.1 million in a single quarter at $80 Brent. Current Brent is over $100. Cash balance was $24 million on 1 May and growing at approximately $10 million per month.

Market cap is £65 million.

Someone paying above the ask to secure 300,000 shares at 11am on a Monday has either done the maths or knows something. Probably both.

IC-2 results are coming. Watch the RNS feed.

DYOR as always.

Https://www.linkedin.com/posts/nj-ayuk-jd-mba-6658662_drillbabydrill-acf2026-africaceoforum-ugcPost-7461685900557791232-9xAJ?utm_source=share&utm_medium=member_ios&rcm=ACoAAAUu0usB6fFtxImVrPO0JqxW0POCrmo55iw

NJ Ayuk at Africa CEO Forum this morning on LinkedIn. Executive Chairman of the African Energy Chamber, the same man who opened IAE Forum Paris last month where Benkhadra presented Morocco.

“This is going to be an African Decade of Energy Additions. Let’s seize the Drill Baby Drill opportunity. Make us compete for the dollars to build AI Data Centers.”

Morocco Gas, Infrastructure adjacent to Europe. PRD sitting right in the middle of it.

DYOR as always.

Something worth considering this morning, before the knee jerk reaction to the placing sets in.

The RNS states these activities are "prudent activities to support the ongoing partner negotiations, whilst third party technical and legal due diligence is being completed."

Due diligence is being completed right now, by a third party on PRD's assets.

So the placing de-risks the asset package SC-3 starting, MOU-6 inventory ordered, Corrib South back in play, CNG planning underway whilst a partner completes their homework. Shareholders carry the de-risking cost, partner enters on better terms once the work is done.

Could be farmout, could be something bigger, the RNS doesn't say. However, due diligence being completed right now is not nothing.

April revenues 26% ahead of forecast. SC-3 site works commenced, Ireland back in play.

The placing stings, the direction of travel hasn't changed, this is getting exciting.

DYOR as always.

Rambo has done excellent work on the ONHYM transformation. Bill 56.24 converting ONHYM from a state office into a public limited company was approved by the Chamber of Advisors on 5th May. It now goes to the King for royal assent. As a public company ONHYM can enter commercial agreements and take equity stakes in ways a state bureaucracy cannot, the timing is not coincidental.

In addition as Gardie states tomorrow ONHYM's Petroleum Exploration Director is presenting at the Africa Energies Summit in London. Her presentation is specifically about investment opportunities and hydrocarbon exploration in Morocco, ONHYM at booth E29. Less than three weeks after Benkhadra was in Paris at IAE Forum.

ONHYM becoming a commercial entity and immediately appearing at two consecutive major international energy conferences pitching Morocco hydrocarbon investment, draw your own conclusions.

Rambo's 90 day MOU-6 equipment window is ticking., someone has already ordered it.

DYOR as always

Good point Bladey — existing II's positioning ahead of what could be a much larger ASX capital raise at a premium makes complete sense. They know the story better than anyone and they're topping up before new Australian money comes in.

TenBagTag — fair point on the 25% discount to the 40p raise, but context matters. The 40p raise was before the full Thomas assay results, before 17,000 samples at Intertek, before the high grade core above 7% was confirmed. The institutions averaging down at 30p now have more geological data to support their conviction than they did at 40p, that's not weakness............ that's calculated positioning.

30p with full knowledge of the Thomas results is arguably more conviction than 40p without them.

£8 million at 30p, from existing institutional shareholders ;-). Not new money from outsiders who've just discovered the story, the people who already know Pitfield inside out have chosen to put more money in and the institutions who placed at 40p, have just averaged down.

The proceeds fund what matters, pilot scale testwork, MRE updates, engineering studies, product development with TiO₂ pigment and titanium metal end users. In addition the ASX listing confirmed H2 2026.

Good post from AGEOS's on the mechanics. If the listing is timed with the MRE update in July and the ASIC Prospectus needs to be lodged before end of May, that RNS could land this week.

Australian investors understand large scale titanium in WA. They understand critical minerals, they understand what globally unprecedented grade actually means. The AIM market has been pricing this like a junior explorer, that conversation changes on ASX :-).

£14.5 million cash, fully funded, existing institutions adding not running and only 3.5% dilution.

I'll take that all day long.

DYOR as always

Manlord that Canaccord note is worth everyone reading properly, gulp.

62p target price initiated before today's RNS. That's before the high grade core at Thomas was confirmed above 7%. That's before 17,000 samples were delivered to Intertek and before the Q3 MRE update that will incorporate all of this data.

The 62p was based on a 0.5x NAV multiple applied to the unrisked resource. As you say what happens when the NAV multiple moves to 0.65 or 0.75 as the project de-risks further? What happens when the unrisked NAV itself increases because the grade profile across the resource is materially higher than the original 5.1% average?

As Kongolasse correctly points out the difference between 5% and 7% grade isn't incremental, it's multipliers of profit margin. The economics of mining don't scale linearly with grade, they scale exponentially because the revenue per tonne increases while the processing cost per tonne stays broadly the same.

The ASX dual listing adds another layer. Australian resource investors understand large scale titanium deposits in WA, they will apply different valuation frameworks to Pitfield than the AIM retail market currently does.

62p was the starting point before today. The Q3 MRE update and pilot plant results are what moves the conversation to the next level, so not long to go indeed.

DYOR as always.

Fantastic !!

Drilling campaign complete. 712 holes, 34,844 metres drilled. 67,846 metres total across the entire project. The largest campaign Empire has ever undertaken !!

But here's the thing, we only have assay results back from the first 88 holes at Thomas so far. 17,000 samples are sitting at Intertek Perth awaiting full geochemical analysis and those first 88 holes have already returned this.

54m at 7.08% from surface. 48m at 7.90% from surface. 47m at 7.77% from surface. Peak grade of 17.83% TiO2. All near surface. 36 of 88 holes returning average grades above 6%.

The original MRE average was 5.1%. The high grade core at Thomas is consistently coming in above that with individual intervals hitting 10-12% and a peak nearly three and a half times the resource average and we haven't seen the rest yet.

Cosgrove extends over 10km x 5km. The Q3 MRE update is going to be a very different document to the one the market is currently pricing.

Shaun Bunn used the words globally unprecedented and potential strategic significance, he doesn't overstate things.

The pilot plant results remain the commercial catalyst, but this RNS materially de-risks the geological foundation those results will be built on. At a time when Russia's titanium supply is effectively gone and China controls 66% of global sponge production Pitfield just got a lot more important.

Going to be an interesting morning ;-)

DYOR as always.

Great post and I think you've nailed it with the kitchen sink framing. Management clearing the decks, becoming financial operator of Tapir, documenting the worst case boilerplate from the low oil price era. All of that makes sense and the harvest phase argument is compelling.

What's interesting is someone else has clearly read the same playbook and they aren't waiting for the market to catch up.

Been watching the tape all week.

Monday — 220,000, 50,000 and 46,000 in closing institutional blocks.

Tuesday — 62,000 pre-market then 200,000, 250,000, 250,000 and 250,000 through the afternoon. Over £220,000 in institutional blocks in a single day.

Wednesday morning — 80,000 pre-market. Wednesday close — 150,000, 150,000 and 152,894 within 90 seconds of each other.

Thursday morning — 380,500 pre-market then two simultaneous 250,000 blocks at 09:13.

Four days. Nearly 2.8 million shares. Over £615,000 of systematic accumulation. All unknown or matched bargains. All at 21.50-22.50p. Same price range every day. Patient, methodical, never chasing.

Someone is building a serious position and they haven't finished.

The fundamentals explain why. 2P reserves NPV $245 million calculated at $67-77 Brent. Brent is $120 this morning. That NPV is out of date by about 75%. No debt. $13 million cash. Icaco spudding imminently with management saying they believe it will result in a material discovery.

Market cap £62 million.

The tape doesn't lie.

DYOR as always

A lot to digest but been through the full annual report rather than just the highlights. Something worth flagging as well.

p85 states, the Company has been able to continue negotiations under Confidentiality Agreements with two unnamed entities for reasons of commercial sensitivity to partner in a fully funded CNG and Micro-LNG pilot development.

That is competitive tension we need for our negotiating position to maximise value. PG is not dealing from weakness here.

The report also states separately that the Company has been approached by several companies regarding its gas assets in Morocco but has chosen to focus on a single entity capable of funding MOU-6, reimbursing past costs and purchasing processed gas.

DYOR as always.

Absolutely right Jasper, this is new language

“Results have been the catalyst to accelerate negotiations for a Gas Sales Agreement incorporating a third-party carry for a pre-development well MOU-6.”

Its not vague, that is a specific deal structure being described publicly for the first time. Someone else is paying for MOU-6 as part of a gas offtake agreement so the negotiations are accelerated,not ongoing.

PG’s own statement —

“In Morocco we stand on the cusp of the first potential CNG development in the country.”

Cusp !! Not approaching, not working toward, cusp.

SC-3 remains the absolute number one priority with long lead items ordered and the well described as forecast to deliver a material uplift in production by end of 2026.

Four years of waiting, some many more but PG uses the word cusp.

DYOR as always.