Member Info for spike501

"If you see these boards as so beneath you, why do you continue to interact with them?"

There are small number of posters that have things worth listening to and there are naive and inexperienced investors that can benefit from some experience and insight.

These boards are in general a clown show. Multiple tick ups for a link to an FT article talking about highly speculative crypto regulation changes which have as much relevance on the near term price of BMV as an IEA forecast of future global oil consumption trends has on a junior oil explorer with no production.

Meanwhile B_T has utterly valid points which are clearly responsible for people losing confidence and the SP performance and the response is not to discuss, argue, disagree, but to stick your head in the sand and block. Utterly childish and pathetic.

Sure B_T, knock yourself out - unlike others on here I think your concerns are valid and a free for all message board. I also had similar concerns, emailed the company and from my perspective given this is anyway a punt am satisfied for now with the response but let's see what unfolds from here.

Its the same explanation "regarding banking and institutional-grade crypto custody arrangements".

As Tom says it's the banking arrangements that are still being processed as they are BVI registered - and presumably until banking arrangements are finalized the crypto custody arrangements cannot be completed as they will need the counterparty details which will be BMVs bank accounts.

Sure B_T - that's all part of the punt. I never claimed this is for widows or orphans.

Not sure this is a sell at this price though - worst case all the BTC stuff falls through and this goes back to have a decent share in a nice gold mine.

I won’t be buying as this for me is just a bit of a punt. However I remain satisfied that the conditions that led me to buy remain.

b_t - take it how you will. i was equally critical as you were, personally i’m satisfied that it is essentially ****up and not conspiracy.

Sure - I emailed Sath as one of the non-execs regarding why the loan drawdown had not been made, when the first announcement indicated it would be at execution.

Sath responded to say that the drawdown is subject to certain covenants regarding banking and institutional-grade crypto custody arrangements which are advanced but not yet finalised. From prior experience I have in this, I’m not too surprised this is taking time.

Most importantly Sath confirmed that once the covenants are satisfied his vehicle is obliged to lend the funds, it’s not an optional situation, he can’t just sit it out and not lend if other factors (i.e. the prospectus) don’t advance as planned.

Now whether any actual recourse exists if the drawdown doesn’t occur is a matter for debate, however overall I am satisfied that this is all standard procedure in closing out the facility and the explanation around the covenants needing to be satisfied make sense.

Personally I don’t feel that the non-immediate drawdown required RNS notification at the time of execution - covenants and post execution drawdown conditions are fairly customary, however I do think it’s getting to the point where an announcement should be made if the drawdown doesn’t occur not occur.

I have had correspondence with the company regarding the convertible loan and based upon the response I am satisfied with the situation.

Of course this is main market listed, not AIM so no Nomad

“ Well if that is the case he needs to RNS it.

Because if that is his intention, at the moment there is a false market in the shares.”

That would be a disgrace- at no point has it been stated that convert is conditional on the FCA Prospectus approval.

If that is the case then the NOMAD needs to be reviewing whether the conversion price for the convert is fair as it is a related party transaction.

That’s plenty of terrible stocks that spike for no good reason other than (usually faulty) private investor sentiment. Most PIs ramping the likes of SWC are most likely heavily down, those that managed a lucky trade most likely across all their positions are talking losses as that’s what most traders do.

It doesn’t change the fact that on fundamentals SWC is still completely overvalued.

A cynical man might think that Sath had jumped in at the end of the bitcoin in treasury bubble hoping to make a quick buck and now the bubble has burst is doing everything to delay sticking the convert in until there is certainty that the Prospectus will get approved and there is sufficient interest to subscribe at a premium so he isn’t the bigger fool.

Sure the ownership structure is not without risk - as I say I think both Altyn and Serabi should do well if they both execute, both trade on around 3-4 PE on forecast 2025 results.

"Its higher multiple is not justified in my opinion"

Altyn is most likely not trading on a higher multiple - half year financials will be released this month which I think will show that annual 2025 profit is comfortably on track for £70million+ which would put the PE at 3 on current price. The market is just pricing in the step change that has already occurred in 2025 versus 2024 due to increase in production and gold price.

Agree on the family shareholding being a concern, however it also has positives in that management are aligned with shareholders as they are the shareholders.

Both Serabi and Altyn should continue to do well if they continue executing on their plans.

“Man who hold share through death finance spiral very unwise”

Fortune cookie proverb

I think this can still run some - I think it would be difficult to argue that fair value is much below £300million if they can show Q2 performance was sustainable so they are effectively on a 65koz+ run rate and AISC is staying around $1000 per oz.

I didn't expect this re-rate so quickly, if you'd have asked me before this started when I might start to take some profit off the table I'd probably have said £5-6, however at the moment while this trend remains in place and there should be decent news flow to come I think £10+ could be possible before end of year.

Longer term I'd also like to see them start to lay out some plans to get to 100,000oz per year in the next 2-3 years as they should now have the financial firepower to do it.

Trump has confirmed no tariffs on gold.

1. No

2. See answer to 1.

"Management expects to report unaudited revenues of between c.£4.5m-£4.8m"

When does it expect to report unaudited revenues? Surely this trading statement is the reporting of unaudited revenues and the next report it produces will be audited revenues.

How almost 3 months after year end is there such a range still?