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Until Ondo can provide better insight as to how it will sort out the cash burn issue I see it struggling to raise equity capital.

I think they need to publish some financial numbers to provide better clarity on the current financial position.

Strong results reflecting two profitable realisations and revaluation gains.

Nice profit for the year plus dividends equals 12.8% shareholder return which is a good performances

AJ Bell investor relations has accounts plus presentation

Tern directors should be trying to sell the company to a tech fund or larger tech investor and give investors a cash exit. The current approach of waiting for an exit from last big 3 investments is diluting shareholders due to endless cash calls to pay around 10% of net assets in administrative costs per annum.

Cowbridge

The £63 million share based payment isn’t a cash payment and there is a compensating credit in shareholders equity so there is no net cost to the financials.

It represents the notional value of the awards grant and takes into high value of shares at IPO. The actual value now shares have cratered will be much lower.

I still wouldn’t be buying WeCap shares at current price though

AZ can via Nuburu extend the loan repayment date beyond the end of June 2026 and kick the can down the road or if he exercise repayment request then Nuburu gets IP and assets of Supply and shareholders get nothing.

Nuburu might also change conversion price terms as they are above current trading price as are connected warrants.

Meanwhile Supply needs cash funding as simple maths shows that the Nuburu cash will have been used to pay down ongoing losses

A positive update with doubled financing facility at lower cost and included major major commodity group as a funder.

Amaroq keeps on making progress with many positive updates

Nuburu is controlled by AZ as is Supply @ Me Capital and Supply @ Me 3 is a related party of both Nuburu and Supply and Nuburu is trying to buy Tekne.

So the concept works on a small scale where all the parties are de facto related parties trying to prove a concept.

The initial advance is only €5.25 million on which Supply will earn revenue of at most 3% or €157,500 per annum before costs. Less than AZ’s £200,000 annual salary.

Harley green

Supply has 3 suspensions in its 6 year history. All were non voluntary.

A listed company can’t extend the UKLA filing deadlines for year end accounts of 4 months. It’s not like Companies House.

The older suspension for the failure to file 2nd interims due to a change of accounting year end also wasn’t voluntary. It was again required by the rules. Yes the FCA stated that the company requested the suspension but it’s like when Jarvis had a VREQ or Voluntary Requisition imposed on its ability to restrict its disposal of any assets - it says voluntary but in reality it isn’t, the FCA don’t want to be seen to be running the company and hence they use language that implies it’s the company choice but it isn’t.

Only the poorest quality main market companies get suspended for such failures. To be suspended 3 times in 6 years is quite some going.

Last year Supply was suspended for months awaiting receipt of Nuburu funding and didn’t publish 31 December 2024 accounts until mid Oct 2025.

I suspect Supply needs more cash again which is why accounts aren’t going to be signed off until it arrives.

Grim

Ondo already have a £6 million plus loan at 13% interest. So a CLM maybe but not conventional loan.

Mark has been the Chairman since IPO so if he was going to help access U.K. insurance market he would have done it by now.

The whole VGold Token makes no sense to me as described.

You can buy GOLD ETFs like SPDR Gold market cap $161 billion to get direct exposure to physical gold and the fund deals with Storage and insurance.

You get a well known fund with a clear link to physical gold and a share that is traded on a liquid exchange.

I haven’t seen any explanation of how V Gold generates a 10% to 15% yield. Physical gold generates no yield and holding gold cost money for storage and insurance I.e it has a negative yield so that is why no Gold ETF pays a 10% to 15% yield.

A token would you enable you to trade 24/7 assuming you can find a buyer and agree a price which might be tricky when you don’t know what assets are backing the VGold and VGold is relatively small and illiquid value token.

Why would any sensible investor buy the Gold Token for £1 million when they don’t know anything about the underlying gold mine or gold resources?

You could buy Kefi which is funded to start mining a proven resource at a big discount to forecast net assets or any other Gold Miner where you have accounts to evidence the mines existence and gold production, JORC estimates etc.

Given Ondo is loss making, technically insolvent as liabilities exceed assets, with existing loan notes outstanding and cash burning, I don’t think any conventional lender with touch them with the proverbial barge pole.

Yorkville might lend them via a CLN.

Plenty of small cap directors get well rewarded despite years of losses see UKOG, SYME, EDEN , the list is huge.

Ondo is supposed to be a technology business but by building a US plumbing infrastructure that starts off sub scale, loss making and cash consumptive completely changes the risk profile of the rollout. They are silent on actual cash burn experienced or amount of cash needed to fill the hole.

Management appear to have limited ability to manage the cash outflows because their previous placing at 25 pence was clearly inadequate and was itself following a poor trading update when it reported negative gross margins. I had been thinking of buying into Ondo but the negative margins put me off.

Assuming they can get a fund raise away it will likely be highly dilutive given current and falling market capitalisation, the likely amount of cash needed and I suspect a reluctance from many parties to fund a business with such poor cashflow visibility.

Grim for shareholders.

A token linked to the value of an unnamed gold resource audited by an unnamed accounting firm, no longer a Big 4 firm.

All the token does is split the asset into small pieces, a bit like a share but with a token it can be traded more rapidly, 24/7 without need for intermediaries. Tokenisation doesn’t eliminate gold price risk, mining risks or reduce the mining timelines.

Sounds as Kosher as a Pork Pie

The dilution at Tern is endless.

If they don’t raise sufficient cash their effective stake in Device Authority could be reduced.

PP1 anybody can write down a lot of great sounding words about their business and around governance on their website but the key point is there any substance around the words?

QGP has no named independent directors, no published financials signed by an auditor, no named auditor, unnamed mines with no photos of the mines.

What it does have is a demonstrated inability to pay $300,000 commitment which you try and excuse on bogus grounds like AML checks, renegotiation of deal etc even though Valereum doesn’t mention deal renegotiation.

Your grasping at straws.