Member Info for the_shareminator

Why are you spamming the board with your views if you're not invested and clearly have no intention of buying? Sounds to me like someone missed the boat and has nothing better to do than downplay Serabi and shareholders are enjoying. There is no evidence you can provide to back up your claim the trial license is unlikely to be renewed again. That is conjectural nonsense and repeating it here day after day suggests quite obviously you have an ulterior motive.

@masplin - Under law and regulation applicable in the UK, the Company would be obliged to publish a prospectus in the event that the total value of Ordinary Shares to be issued pursuant to the Subscription Rights exceeds EUR 8 million (the “UK Prospectus Exemption Threshold”. Given the high cost of a prospectus relative to the size of the issue, the Articles provide that the Subscription Rights exercised by Ordinary Shareholders (and by the Subscription Trustee) may be scaled back so that the issue does not exceed EUR 8 million. As at 30 October 2025 (the Latest Practicable Date), if the Subscription Rights were exercised in full, 18.6 million new Ordinary Shares would be issued, raising £9.0 million (equivalent to Euro 10.4 million) and exceeding the UK Prospectus Exemption Threshold.

As communicated in the proposals for the introduction of an annual Subscription Right, dated 4 November 2022, whilst the Board may determine in its sole discretion how such scale back should operate in the best interests all Shareholders at each Subscription Date, it is the Board’s current intention that it would scale back all Subscription Rights pro rata to their Subscription Rights on the Record Date, whether or not Shareholders have sought to exercise

such Subscription Rights.

https://www.rns-pdf.londonstockexchange.com/rns/5949F_1-2025-10-30.pdf

And for the folks who are not yet aware, the law is changing next year with the cap being removed entirely.

"Current/Transitional Regime (until January 19, 2026): The threshold was set at €8 million for the total consideration of offers of securities to the public over a 12-month period in the UK. Offers below this amount could be made without a full, FCA-approved prospectus, provided other exemptions were not triggered.

New Regime (effective January 19, 2026): The Public Offers and Admissions to Trading Regulations 2024 have introduced a new framework and the €8 million threshold no longer applies in the same way.

For companies whose securities are already traded on a market (like the Main Market or AIM), this exemption threshold is generally no longer relevant for retail offers as the rules encourage greater retail participation without requiring an automatic prospectus for certain secondary issuances."

https://www.lw.com/en/insights/the-new-uk-prospectus-regime#:~:text=Comment:%20Under%20the%20new%20regime,investors%20in%20these%20capital%20raisings.

I had also missed the 8 million Euro cap in the initial details. I suppose we should be thankful so many forgot / chose not to take up their rights. However that being said the company have completed their objective, rewarding shareholders and securing additional funds including today's placing of those new shares with which to invest and grow the NAV quicker.

The timing of payables and receivables is behind the fluctuating cash position quarter to quarter with Q4 being explained in the relevant RNS update: "due to turnaround of high inventory levels in Ghana at the end of FY 2024 and the timing of payments of large creditors which took place in the first week of July 2025".

Since then there was an improvement in production during Q1 "with the addition of material from South America" and "a one-off project with a local supplier" which implies a sizeable upfront capital investment. From experience with other tailings and treatment specialists like Sylvania Platinum payments booked in one quarter tends to actually be received in the following quarter on receipt of delivery.

Overall the headline figures are moving in the right direction over a six month and twelves month period, thanks in part to the increasing gold price.

Combined operating profit for the quarter

Q325: £694,000

Q425: £1,670,000

Q125: £2,086,000

Good stuff! $1,492 to $1,704 in the past 7 days, similar trajectory with the silver price rising 15% in the same period.

The precious metal squeeze is gaining momentum

Bullish for the platinum price or at least supportive at current prices.

The recent analysis of WPIC's latest update has been fairly muted in comparison to earlier quarters as they reduced the size of the 2025 forecast deficit and predict a small surplus in 2026. This is based on the flimsy assumption markets will calm and inflows to the US will return to norms, something I doubt given increased Chinese interest as noted and also the fact both the US and NATO allies have, separately, added Platinum to their critical minerals and metals list this year.

https://www.ipmi.org/news/balanced-platinum-market-2026-wont-fix-fundamental-long-term-issues-wpic

https://investingnews.com/wpic-platinum-market-forecast

https://goldinvest.de/en/platinum-price-soaring-why-the-wpic-sees-little-relief

https://tradingeconomics.com/commodity/platinum/news/505460

They are due to be allocated in the next week or two (10th December mentioned). As long as you had funds in the account and allocated to exercise your rights then there's nothing else you need to do.

And the added bonus of the share price moving back above 90p with 20% more shares held.

Best to contact your platform provider for clarity. My allocated holdings are the equivalent of 20% of my current stock holding.

Https://www.investing.com/news/commodities-news/ubs-raises-its-midyear-2026-gold-prices-forecast-4369679

Presume you have sufficient cash in your account to fund the purchase of the rights?

Grezzz - I'm not sure I follow, what is the reduction you're referring to? You can subscribe for 1 right for every 5 shares you hold, for example my 24,000 shares grant 4,800 subscription rights and I've subscribed in full, awaiting completion which is by 10th December. These will only be credited at that time, not before and I think the official deadline is around the 24th-25th so not long now.

HL are the more expensive option unless she's trading frequently and with sizeable amounts. The low cost options would be Barclays, AJ Bell or II as they tend to charge a relatively small annual fee and around £5 per trade. With T212 they tend to make up some of their margin by using a marginally wider spread on their platform, as mentioned below they can take a while to fill trades which again doesn't provide much agency in terms of price paid even if it is only slightly more. Depending on the amounts being traded that can soon add up

It may be worth your daughter opening an account with a major investment platform that provides access to the full LSE offering. As well as being recognised household name stockbrokers there is the added benefit of being able to hold GPM shares.

Any one of the following should fall into that category:

Hargreaves Lansdown

Interactive Investor

AJ Bell

Barclays

Fidelity

The 32p mentioned is once for every 5 shares held or in other words 6.5p which in dividend terms is equivalent to an 8% yield. The share price already trades at a significant discount, today the NAV per share is 98.81p undiluted or accounting for the subscription 91.98p (best estimate).

As mentioned the Subscription Exercise Price: 48p per share with the Subscription Date dated 1 December 2025.

All Shareholders have the right to take up their subscription rights on 1 December in each year (the "Record Date") and those who do take them up in full don't have their percentage holding in the Company diluted.

The Board is currently anticipating that the majority of the Company's Shareholders will exercise their Subscription Rights in full, given the Company's share price is trading significantly higher than the Subscription Exercise Price. As a full exercise will generate proceeds in excess of EUR 8 million at the current 1.15 GBP:EUR exchange rate, the Board is expecting to scale back all Shareholders pro rata to their Subscription Rights pursuant to the Proposals in the circular dated 4 November 2022. The scale back would be effected in order to limit the issuance to EUR 8 million, being the maximum level the Company would not be required to issue a prospectus, which the Board believes would be unduly expensive compared to the total new money raised.

Shareholders have the right to subscribe for one new Ordinary Share for every five Ordinary Shares held in the Company on the Record Date, as outlined in the circular published on 4 November 2022. The exercise price is equal to the undiluted NAV per share on 30 November one year prior.

The gold price rising to current levels will have boosted sentiment for precious metals like platinum of course however gold has been steadily rising since 2023 while the PGM basket moved lower during the same period. It was only in late 2024 when deliveries of physical platinum began to heat up and the metal prices stir.

Both platinum and rhodium have performed better than gold this year for reasons that include tightening physical supply, multi-year deficits and a major shift in US trade policy. The US election result had far reaching consequences for PGM demand in terms of incoming economic policies, global trade and tariffs etc as well as foreign policy (invasion of Ukraine) requiring European NATO member states to take steps to boost defence spending.

Last December Nato included platinum on a list of 12 critical raw materials essential for advanced defence systems. In June of this year 'The Hague Summit Declaration' was issue with the NATO Heads of State and Government committing to spending 5% of GDP annually on defence requirements by 2035, a sizeable shift that was telegraphed to markets but a clear indication of intent which will put additional pressure on the PGM supply side in the coming years.

PGM demand for national defence purposes will be heightened in the coming years according to recent reports by Argus and WPIC. Johnson Matthey has highlighted the potential for additional PGM demand due to higher defence spending. The early movers likely began increasing stockpiles at the beginning of the year in anticipation of what is coming down the line.

Publicly available data for global defence consumption of PGMs isn't available but we know since the end of 2024 there has been increased protectionism and strategic investment in the rare earth metals space over national defence requirements.

PGMs are strategically important due to certain qualities (heat resistance, reliability) for which substitution is difficult and it affects all aspects of defence including aircraft engines, missile systems, electronics, fuel cells: (submarines, drones etc) etc. In South Korea, Hyundai Rotem (Hyundai Motor Company) is developing the world’s first military tank powered by hydrogen fuel cells.

And just to point out as of a May 2025 global above-ground rhodium stocks were projected to be just four months of demand - Metals Focus report. These inventory levels were forecast to reach a 40-year low in 2025. Rhodium supply cannot be easily replenished, there are no primary rhodium mines.

https://www.argusmedia.com/en/news-and-insights/latest-market-news/2691767-eu-defence-spending-to-support-pgm-demand

https://platinuminvestment.com/about/60-seconds-in-platinum/2025/08/20/in-defence

Excessive profit taking in the precious metals sector, the best performing sector of this year has Sylvania down 12% on the month despite the average basket price of metals being higher now than it was the beginning of the month. The more I read on this the stronger the conviction this has been repeated across the mining space so nothing company specific but it is interesting to note these stocks are in oversold territory given the stampede to exit positions / take profits at record year highs. Gold still sits 3% up on the month despite the pullback.

A little pick up in sentiment across the pgm commodities / miners on the eve of what will be our best quarter update of this calendar year and the strongest first quarter for many years could kickstart the bounce here ahead of the rest of the PM producers.

We could go round and round in circles arguing points of law all day and this is part of the problem. The legal system is being misused right across the West at the expense of the tax payer with definitions stretched to include all and sundry. Endless appeals and delays pushed by 'human rights' lawyers and those who make a very well paid living out of representing illegal immigrants and even after committing serious crimes, which many of them have. The checks and balances you mentioned are in place, that's why they aren't just deporting every person who has Mexican or South American heritage.

The alternative, which is what the left are fighting for and what we saw under Biden and Harris is a relaxed approach that enabled record numbers of illegal immigrants to cross unchecked into the US. Mainstream media suggests it was around 10-12 million, these outlets are very much left leaning and tend to downplay immigration issues. More recent estimates are as high as 17 million. Biden reversed Trump border policies upon their inauguration in 2021 including the requirement to detain illegal immigrants while awaiting asylum hearings. Common sense out the window..

No idea why it's blanked out that word and removed capitals from the post.

"sunak and starmer are at least sensible enough to know that you have to seek something within the centre rather than risk chaos by moving to either of the other ends of the political spectrum"

well the media brainwashing did it's trick with you pokerchips. what exactly constitutes 'centre' politics today? labelling 40%+ of the british population 'far right', '******', 'fascist' the usual rhetoric from the greens, lib dems and labour.

reform mirror some of what the tories represented 15+ years ago and what new labour promoted in the early years under blair. the political spectrum across europe and indeed the west has shifted far, far to the left. to the point now where we have so called 'liberals' who genuinely believe the republican party is the embodiment of the third reich. a government that actually protects it's borders, deports those who are there illegally and clamps down on criminality is somehow seen as regressive and undesirable.

that isn't to say reform have all the answers. no party has and nor is there any politically correct solutions either. if you want to fix the illegal immigration problem then you'll need a government that actually puts it's people first. the west sorely needs a reality check and when it does come it will be a harsh one, because unlike previous crashes such as 2007 and 2020 when governments could bailout the banks or prop up the economy this time the situation is much worse. gold is rising for a reason!

the liberal mainstream media refuses to acknowledge the increasingly divided and dangerous state of society all across europe as a result of mass immigration, weak justice for violent offenders, downplaying islamist terror threats whilst targeting social media users for raising their concerns.

Morgan Stanley expects natural gas prices to hit $5 in 2026

Natural gas prices could surge to $5 per million British thermal units in 2026 as demand rises and supply remains constrained, Morgan Stanley said in a new report assessing winter market scenarios.

The bank forecast that U.S. gas storage levels will exit October at around 3.97 trillion cubic feet, roughly 5% above normal, but expects inventories to tighten sharply in the coming quarters.

“With LNG demand growth progressing well and supply-side activity still subdued, we continue to forecast a tightening market in the quarters ahead,” the analysts wrote.

Under normal weather conditions, Morgan Stanley expects “a storage deficit re-emerging this winter and growing over the course of next year, ultimately pushing prices >$5/mmbtu in 2026.”

The firm added that “heating needs and winter weather will be a key swing factor in the months ahead.”

Production trends are said to suggest lower supply. Morgan Stanley explained that October output has averaged about 1 billion cubic feet per day lower than September, with the Haynesville shale posting the largest declines, according to pipeline flow data cited by the bank.

Although gas rig counts have edged up by four over the past month, overall activity remains far short of what is needed to meet growing LNG export demand, according to the bank.