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Not sure you'll be calling them scumbags if they get the same outcome as GreenX did (£252m award).

£60k is material, and looking back I can't see any director buys since March 2023 (and that was only Marren). Suggests significant newsflow over the next few months IMO.

The Zenith case should be very helpful for PAT given the recent shareholder gains made over there, however when you dig into Zenith it becomes clear how complex the company financials are / how simple PAT is in comparison.

Have just bought back the shares sold a week ago - a delayed 125k at 7.5p should pop up in an hour or two.

Exited first thing at 208p, delighted with the timing but a bid disappointing as I think this could be worth a lot more in a few years! It does seem a fair deal though given where shares have traded in it's listed life. Proceeds rolled into BKS & ELCO

Looks like we timed that very nicely. Bullish breakout from a wedge formation, if they are ahead of expectations I think we can test the top of the range by mid Jan, if not sooner. That would equate to ~175p

Shame about the timing there, markets are woeful today. Longer term I agree this should be a big winner from here.

There is a great interview with the CEO on Spotify (in the company of mavericks) which you may have already listened to. His goal is to be a rule of 40 company in the near term (growth + EBITDA) at that level the average global valuation is 8-10x ARR. "If I can get there, everybody will be happy". He believes they have a shot.

Full year trading update should arrive early in the new year, based on their 35% growth rate continuing they should be comfortably ahead of current market expectations of $36.2m. Let's see.

Churn isn't good when the seller has 11.3m shares though is it. L2 order book flipped yesterday morning and I took profit as a result, this morning the sellside is stacked. Interesting to see where things sit post half year results which has to land before 31/12. I think shares will be back below 7p as the lack of cash will cause consternation.

First thing the market makers were walking the ask down and you could get a quote for 123.2, they had to raise it after those two buys but clearly they have a supply line at the moment otherwise this would have been up significantly today.

It's just a volume game right now to clear out stale IPO holders, once they are gone I think this can easily double next year.

Auction buying continues - another 170k eaten up at 8.9p

The MAREX market maker must have gone to the toilet - blocking all trading with the offer at 7.8p and no shares available...

I mean they slashed US growth guidance by 2.5% & delivered a 5% decline in EPS for H1. If this was US listed I don't see why it would be trading on 17x PER with those figures. I expect the fall to continue and look for £45 as support, only then would I consider entering.

Gallmat. On the day PAT confirmed their funding from LCM was unconditional (25th August 2023) shares opened at 8p and closed at 8.85p. The following day they hit 10p and stayed at this level for weeks. Nearly 18 months on and much progress has been made, but shares are only just re-entering that range.

That tells me that even though the statement of claim has been well signposted in VSA videos etc, the market is mostly oblivious to the pending news. If the claim is ~$1b+ then shares are pricing in a 2% chance of success at the current price.

Given LCM's previous successes for Indiana & Greenx, plus what we know about the Bhukia deposit, I believe PAT should trade at a minimum of 5% of the SOC value, so £39m cap / 20p per share.

It's cheap & the re-rate should continue IMO.

I've been happily watching PAT tick over and have been particularly interested by the increase in auction buying via UT trades since the end of September.

UT Trade volume by month;

July 168k

August 242k

September 45k

October 656k

November 1.9m

December to date 515k

An uncrossing trade is matching a buyer and a seller, so since the beginning of October there have been just under 3.1m PAT shares bought from sellers (almost certainly placing participants).

Today's move higher suggests that supply might be starting to run dry. Should such buying continue I wouldn't be surprised to see a TR1 at some point.

Profit taking & the market makers setting false advertised spreads so that buys show as sells / unknown. This is the unique AIM trick that allows them to misrepresent share trading activity so that they benefit from inexperienced traders selling shares to them on the cheap.

What it tells me is that they don't have sufficient shares to satisfy buying demand so have to mess with the spread to generate liquidity.

I.e. right now it's 6.63p to buy and 6.645p to sell

September 6th 2022 was when they released Pep-001 drill results of 150m at 3g/t. Shares hit 19p valuing the company at around £36m. Today, with the gold price significantly higher & confidence building, the company is valued at just £15m. Plenty of room to run higher.

That's one of the best drill results I've seen, with grades like that from the surface they could rapidly delineate a multi million oz open pit mine. Wouldn't be surprised if this does 100% today.

Lamps56, you are making the mistake of assuming that all the potential buyers of this stock have read the RNS - I'd bet that the actual figure is only 30%, maybe less. I suspect it'll rise over the next few days, likely back to 18-20p as more read the news. Many will have this in the bottom drawer & won't be checking their shares every morning, especially given the share price performance.

I also think the market will start to anticipate order flow, you cannot buy IES in size when an RNS lands & it also gaps up significantly. Selling and hoping it drifts back is a dangerous game.

The buyback is the most significant element here, it'll sweep up loose sellers and send shares much higher. It'll also increase EPS by 10%, so 17.7p forecast becomes just under 20p. The medium term targets are spectacular though and warrant a re-rate in their own right. This reminds me of Funding Circle at the start of the year, it's completely mispriced down here.

"Our strategy and positive booking trends, underpinned by our track record of delivery, gives us every confidence in delivering on our medium-term ambition to double TTV to £2.5 billion, achieve EBITDA of £100 million and Adjusted PBT of £85m."

EV of £200m, £25m buyback and a medium term PBT target of £85m

Only on the LSE...

Rob, I'm just not sure why they would be drilling outside the strike length so early? Logic would imply that they should be testing ground either side of PEP001, not south of it. If big money wants in, they aren't going to get far buying on the market. The only way is via a placing, but maybe I'm just being too cynical - wouldn't be the first time.