Member Info for Tray556

That last post should say "As for the number of shares currently in issue .... why is that a negative talking point?"

As for the number of shares currently in issue .... why is that a talking point? POW's business model is a simple maths game. Grow the net assets per share each year. If you need to dilute shareholders by raising £1mil, then you have to turn it into more than £1mil for the model to work. POW have pretty much always done this.

The net assets per share with the current number of shares in issue sit somewhere between 25-30p at the moment. The market is valuing it at 12p. The undervaluation is crystal clear, just AIM liquidity is scare. POW could double overnight and would still be undervalued.

POW are growing the balance sheet year on year. The auditors confirm that every year. At this rate in 2-3 years time they will have a £100mil+ balance sheet. Will they have a £13mil market cap then? Absolutely not!

POW is just a waiting game. Sean and the team are effectively using the working capital POW have each year. Those demanding Sean to let them know exactly where the GMET sale funds for example are going to be redirected are just impatient. Investors just need to let this play out over the coming years, so far the financials are in a great place so POW can grow at the same time as protect the business from any market crashes. The GMET sale was great prudent business in my view.

Sol001 - Why are you comparing POW to multi billion pound FTSE250 companies? It's a pointless comparison.

POW needed cash at the time Paul Johnson stepped down. Sean managed to source this from Rick Rule who took around £1mil worth in the May 2022 placing (total of £2.7mil was raised). It was done at 17p and no discount was give (just 40p warrants).

The £2.7mil raised in the May 2022 placing has been used as working capital to double the balance sheet over the past 24 months. It's as clear as day. £2.7mil in the bank in May 2022 from issuing stock .... now £7mil in the bank from the GMET sale which is totally non-dilutive due to solid business deals being made.

POW now have £7mil in the bank and are debt free, £10mil soon to be deployed in Canada all paid for by ACAM. No more shares will be issued for a long time. Anyone who wants to buy POW now has to buy on the market. This is what the money from Rick Rule has been used towards. A position where POW are now cashed up from working Rick Rule's funding and turning it into a whole lot more.

Just because the market (and most of POW's shareholders) do not understand this, doesn't mean the POW as a business are performing badly. The financials state for a fact that this company is performing much better than almost all of it's peers.

Cash (£7mil) + GMET stock (£10.6mil) + Uranium JV (£6mil) = £23.6mil alone

Market Cap £13.6mil .... the market is therefore applying a £10mil discount to the above three assets. We all know POW have no debt here either.

Today is easily the largest discount to NAV position that I've ever seen in POW.

Neredowell - See my three points on my post from 4th April.

POW operating very efficiently in an inefficient market. The growing balance sheet proves that and the company's auditors will soon agree when the Dec 24 accounts are published in due course. Not much more the company/CEO can do in my opinion. They are putting the right deals together with the right parties.

£10mil in the pot for exploring Athabasca this year (costs POW nothing), £7mil in the POW bank account today so they can weather a multiple year stock market storm if necessary, £10mil in GMET stock for future working capital requirements. Some really solid business deals these past 12 months.

POW's cash balance + GMET holding + Athabasca JV valuation comes to around a £23mil valuation today. Yet the market says its worth £14mil. This is where you make money.

Yes it's frustrating watching the SP illogically slide but if you haven't overleveraged yourself, it's a brilliant time to add.

Neredowell - See my three points on my post from 4th April.

POW operating very efficiently in an inefficient market. The growing balance sheet proves that and the company's auditors will soon agree when the Dec 24 accounts are published in due course. Not much more the company/CEO can do in my opinion. They are putting the right deals together with the right parties.

£10mil in the pot for exploring Athabasca this year (costs POW nothing), £7mil in the POW bank account today so they can weather a multiple year stock market storm if necessary, £10mil in GMET stock for future working capital requirements. Some really solid business deals these past 12 months.

POW's cash balance + GMET holding + Athabasca JV valuation comes to around a £23mil valuation today. Yet the market says its worth £14mil. This is where you make money.

Yes it's frustrating watching the SP illogically slide but if you haven't overleveraged yourself, it's a brilliant time to add.

So we want to remove the CEO who has achieved the following :

1) Cashed up POW with £7mil in the bank at a time when all POW's peers have no cash. POW also have £10mil+ in listed investments for future working capital purposes. That's easily 5 years+ of working capital requirements.

2) About to start deploying £10mil on a Uranium exploration programme backed by billionaires. POW's 30% stake in this JV will see one of the biggest Uranium exploration programmes you will see on the UK market this year. Drilling starting in a matter of weeks. All costs nothing for POW holders.

3) Has doubled the value of the balance sheet through minimal dilution (the main KPI of the POW business model) since taking over as POW CEO from his predecessor Paul Johnson.

There is absolutely no underperformance here. He is outperforming almost every AIM CEO in this sector according to the finances.

The POW share register is currently in the hands of some very uneducated "investors". Quite worrying really the dross that is holding POW stock at present.

Nike, despite all your tedious punctuation remarks, spelling corrections, time stamps etc. RRR is in a terrible place.

We can go through every comma, full stop, capital letter, time stamp etc. with a fine toothcomb, the bottom line is the following is extremely worrying financial data for all RRR stakeholders:

- £6,000 in the bank as at 31/12/2024

- Multi million pounds of debt which is growing. Some debt is also in default periods.

- Interest payments (at ridiculous rates of interest) + salaries in the latest 6 month period exceed £1mil alone.

- Exploration spending has been reduced and even salary expenses exceed exploration costs now in RRR.

- SP on 03/04/2025 (today) is at an all time low

RRR now needs over £2mil a year just to finance their debt and pay their staff . The market cap is about £1.75mil today. Who on earth is lending RRR any money here when the financials are so dire?

The credits started rolling a long time ago in RRR in my opinion.

Robins, further to your salary comment, for the six month period ended 31st December 2024:

Staff Costs = £297,000

Exploration Spend = £173,000

Spending more on staff costs that what they are committing to exploration. What sort of business model is this?!?! That's before we even discuss the almost £800,000 of finance costs in the six month period. How can anyone possible invest in this mess?

Credits about to roll here.

Finance costs for the 6 month period ended 31st December 2024 = £796,000

That's almost £133,000 per month or almost £1.6mil a year?!? That is some figure for a company with a £2mil market cap. It screams of the end of the road being very close for RRR.

To add to the above, ended the period with £6,000 in the bank and haven't raised anywhere near the levels of capital to keep the lights on since the 31st December 2024, never mind having the capital on hand to actually explore. Plus now in default to POW for £644,000 too.

Can only suspect someone is loaning the business even more funds here? On what terms?

A very very worrying report for all RRR stakeholders!

Good point Banbury.

Normally at the AGM you vote as standard to receive the report of the Directors and the audited financial statements. With no AGM called after the 2024 financial statements were drafted yet .... RRR have just filed them at Companies House with no vote anyways. In 2023 there was a vote, but the accounts were also filed before the vote.

RRR appear to be getting financed behind closed doors with "wonga loan" interest rates without giving details to shareholders, they refuse to pay creditors on time such as POW etc. etc.

RRR seem to be above the rules here and still no interim report which is due today at the latest .... something in the near future has got to give and it's almost certainly going to end in RRR losing their listing.

- Planned 8 hole drilling programme at the Drake Lake Silas property, totalling a planned total 2,400m currently scheduled to commence during June 2025.

- Planned to test high-priority Iron Oxide Copper Gold ("IOCG") deposit style target. IOCG deposits are major sources of the world's uranium, alongside copper and gold.

-The property appears to be within 1km from ATHA Energy Corp's "Moran Lake C-Zone" . ATHA Energy Corp are listed on the TSX and have a market cap of around £60mil. ATHA Energy also appear to be quite keen to expand their Uranium footprint and have done a number of deals of the past few years.

- Sean Wade - "Momentum is building now as we approach the start of the drill programme across our uranium portfolio"

- This is the first of multiple fully funded drilling campaigns this year (up to 5 high impact drill campaigns was mentioned a few months ago by POW)

- All currently priced in at £0!

Not sure what you mean there Sol001 by your comments. My opinions haven't changed on any POW related topics.

1) Uranium - Glad POW are spinning these out. The model is to hold nothing directly that costs POW a lot of cash. The Uranium assets now sit in a separate vehicle which POW hold 30% of. £10mil in the vehicle's bank account. Minimal risk to POW shareholders now and plenty of potential upside from drilling this summer. To reiterate, POW DOES NOT hold the Uranium projects directly. The Uranium spin out JV vehicle does. POW has a 30% interest in the separate vehicle. JV or IPO, its the same thing as far as the POW model is concerned .... take the cash spend risk away from POW. That's what the model states, that's what my opinion has been for multiple years as a POW holder.

2) GMET - Partial sale was superb prudent business. Ensured POW are financed for the next 2-3 years. What is not to like there? Been pushing for a GMET sale for months! I would be very happy to see Sean turn the remaining £11.5mil of GMET stock into cash right this second. At that point POW would have taken a £2mil initial GMET investment into £20mil in cash. X10 return and proves the POW model and POW move on to the next potential "GMET".

Sol001 - A completely clueless post in my opinion below and shows a total lack of knowledge of the POW spin out model. To me, you just seem like someone who is very emotional over a fallen SP.

1) "Luckily we have the Uranium project still under pow" .... Totally Incorrect, the Uranium projects no longer sit under POW. POW has an indirect 30% stake in a non-listed JV with ACAM. It's a separate entity. POW spent approx £1mil on those U licences, now POW have a 30% stake in a £20mil valued JV (worth £6mil to POW) with £10mil cash in the bank. This will be the largest Uranium exploration campaign any AIM company has exposure to this year (I cannot think of any others). How any one can complain at the move is nuts. A billionaire is backing it, if POW was backing it to the tune of £10mil, we would all be diluted to oblivion!

2) "RR wouldn't of invested in pow if the Uranium went a separate company" .... RR invested into POW for exactly the reasons that POW are currently pursuing. He'll be massively impressed with POW's growing balance sheet since he bought in. POW do cheap exploration, set the bottom and then create further value via proper business deals which costs POW no cash moving forward. RR is investing into an "incubator model" with POW and has even reiterated this again on the Sunday Roast interview this week. POW currently proving they can successfully operate an incubator model. POW is a long term lower risk investment in the junior exploration sector. Investing into a business with a £30mil balance sheet but just a £16mil market cap is where you make you money with these plays in my opinion. Not buying into a £25mil company when POW had nothing to show for it like the "Molopo days" under PJ.

3) "Sean might as well tell us to invest in another business on the ftse, because since gmet went live it hasn't helped pow sp one ounce" GMET going live hasn't helped the SP, but its helped the balance sheet value double under Sean. The balance sheet is the key KPI in the POW model. It's provided POW with a cash balance they have never seen before and now sits at £7mil+ with a further £11.5mil stake in GMET they can tap into. POW have turned a £2mil GMET initial investment into the best part of £20mil in value. How anyone can have a bad word to say about that is beyond any realms of logic. Of course some will just because the SP hasn't instantly reacted.

Who cares about the short/medium term POW SP movements other than to use it to buy the ridiculous discount that's on offer here, this is a multi year investment and with year on year balance sheet growth, plus £7mil+ in cash alone, it will almost certainly have it's day in the sun at some point in the future.

Gold .... All time high

RRR .... All time low (but all time high debt balance)

DYOR

Bit difficult to really value GMET as there is clearly a huge gap between the financials and the market cap. It's just a case of so much potential being priced into their assets, potential grant funding etc. I'm no geologist so cannot really comment if GMET is overvalued or not, but Oliver doing lots of things right over at GMET.

My main points regarding POW is that simply investment values + cash in the bank are adding back to millions less than the current POW market cap.

Fair value in POW is now over £30mil based on POW's net assets today. The POW auditors will shortly sign off the 2024 accounts confirming "this company is worth £25-£30mil" The market is valuing them at just £16.5mil at present.

Agree with Norbua, POW is becoming a tap in as a takeover target here. The discount to NAV is huge!

So GMET cost POW around £2mil to put together. POW's stake then moved up to around £4.4mil on the date the IPO went live.

So far the partial sale has brought in £9.2mil

Remaining stake today (mid price 49p) = £12.3mil

So profit on the GMET investment so far is around £19.5mil

I'm pretty much in the camp now where I would be happy to see POW sell the entire remaining £12.3mil, confirm the x11 return and move on to the "next GMET". A great example showing the POW model is working extremely effectively.

The partial sale last month was good prudent business from Sean in my view to secure POW's financial future for the next 2-3 years. I suspect the large buys since the disposal are ACAM buying more or some of ACAM's partners.

If ACAM now have 25%, if they buy another 5-10% of the stock here, and do a deal with POW for POW's remaining 20% down the line, they get 50%+ of GMET and a controlling stake in that business. Is that ACAM's game? Then finance Pilot Mountain into potential production once they acquire control?

POW pressing the sell button today (assuming ACAM want the rest) would secure the best part of £20mil in the POW bank account. Plus £10mil in the ACAM JV bank account for Uranium exploration this year. That is some serious working capital pot for a £16mil junior exploration co!

$2.5mil in cash as at 31/12/2024 so that's circa £2mil at today's US/GBP rates.

Circa £1.1mil raised after the period end per the post period events note. Less cash burn for three months .... probably puts the GMET bank balance around £2.5mil as at today.

- £7mil in the bank

- £11.3mil in listed investments today

- A 30% stake in a Uranium JV which has £10mil in the bank and in the next 9-10 weeks will commence on probably the biggest fully funded Uranium exploration campaign that you will see on AIM this year.

All the above for £16.5mil today and I've not mentioned all the other components of the POW portfolio. The POW balance sheet most likely sitting close to £30mil at present.

1.5% of the float was traded yesterday and a decent bit of buying volume this morning too. This is exactly what is needed to flush out the clueless POW holders who currently think this is the selling point when the company trades at a 50% discount to NAV.

Absolutely spot on Norbua!