Member Info for TrekMadone

Housing…

“ Worker shortages range from roofers to surveyors, and construction cost inflation is running at about 40%. Some materials are also hard to get hold of: recent figures show UK cement production has slumped to a 75-year low.

“The existing workforce is ageing,” says Anthony Codling, head of European housing research at RBC Capital Markets. “We estimate the average age of a bricklayer to be 56. We have too few younger people being trained to replace them as they retire, and since Brexit there has been a significant drop in the number of skilled workers from Europe.”

Fletcher-Smith adds: “Even if you give us all the money in the world, we won’t have the people we need to be able to do what we have to do.” …”

https://www.theguardian.com/society/2025/oct/31/stalled-newbuilds-labour-social-housing-target-out-of-reach-uk

Hopefully Ai will eventually free up labour…

Trek

There’s a seller at AMRQ, JLE, selling down to provide funds for a services JV with AMRQ. They are setting up a mining support services group to provide everything on the island. So rigs, trucks, permitting, assay's etc etc

Opening up the island reduces costs for all and they just as well sell the shovels before someone else does it. AMRQ know their way around regs and geo so are providing a gateway to the numerous other expo companies that are gaining licences.

Very clever imo.

Now Icelandic Bank have been taking up additional stock.

Seems every time it gets to 90p JLE provides more liquidity. They don’t need to sell all but have gone from 6.62% in June to now below 3%.

That liquidity will dry up soon and the sp should get back on the chart quite rapidly thereafter back to +100p imo.

Well that’s I how see it and have bought more!

Also got assays due soon!

Usual caveats

Trek

Looks like as soon as the sp pops our seller steps in to provide more liquidity.

What an opportunity this potentially offers new money. The SP chart wise wants to go back above 100p but it can’t due to a holder realising some funds atm.

An orderly sell based on their necessity not AMRQ’s prospects.

Well that’s how I see it and have been grateful for the opportunity to pick up more below 100p.

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Trek

I also thought 8p off for a 3p divi didn’t make much sense. Looks like it may start to grab some back now.

Underpinned by growth a return to 100p looks on.

A buy back with this liquidity would indeed be very interesting to watch but perhaps now with the stock in demand there is no need.

Must say I would rather see the divi increased it was 2p 4 years ago and then been 3p for 3 years. Establishing an interim and final payment cycle would be a great sign that the company can indeed reliably return cash and capital growth.

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Trek

The value aspiration makes little difference to the sp atm.

The BoD are no doubt beavering away in secret. It appears that they have little energy or time left to engage with shareholders.

When the sp rallied to 4.75p in October - it’s high for the year. I thought just maybe they might just be able to underpin it with some news. But no.

Thankfully I sliced some profit and put it elsewhere .

I still hold here but with an amount now that is comfortably numb!

Mind you I could also be an accidental trader - buying em back and selling again over 4p which imo is bound to come around again! lol!

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Trek

Countries debt to gdp…

Japan wow! Greece what a turnaround!

https://www.visualcapitalist.com/mapped-government-debt-to-gdp-by-country-in-2025/

Trek

Still SEPL numbers are out…. Awesome!

Financial highlights

• Revenue $2,177 million up c.204% on prior year (9M 2024: $715 million).

• Unit production operating cost of $14.1/boe (9M 2024: $9.7/boe), within guidance of $14-$15/boe.

• Adjusted EBITDA of $1,112 million, up 190% on prior year (9M 2024: $383.0 million).

• Cash generated from operations of $1,395.4 million, up 239% on prior year (6M 2024: $423.3 million).

• Cash capital expenditure of $180.0 million (9M 2024: $102.4 million).

• Balance sheet remains strong, end-Sept cash at bank $579.8 million (9M 2024: $433.9 million), excluding $135.4 million restricted cash.

• Net Debt at end-Sept of $386 million down 43% on prior quarter (2Q 2025: $676 million). Pro-forma ND/EBITDA improves to 0.27x.

• Repaid and cancelled Westport junior facility and refinanced Westport senior reserve based loan ('RBL') facility at lower cost of debt.

• Repaid the outstanding $100 million on our RCF. At end September 2025, the $350 million RCF is undrawn and fully available.

Dividend

• Outlined new dividend policy at the CMD. Strong YTD cash generation supports additional distribution. 3Q 2025 declared dividend of 7.5 US cents per share, +63% QoQ and +108% YoY, consisting of 5.0 US cents per share base and 2.5 US cents per share special.

That’s the way to do it!

I sold half though - on over 100% up to double up in AMRQ…. I hope I called it right! Well one’s gotta act on your hunches and research!

Be interesting to see where each finish 2026 SEPL with its whopping yield of +12% for me and its growth with new pipeline & post acquisition or can AMRQ get printing all that money and adding more with a low AISC!

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Another special divi for November!

Trek

I don’t know how true this infographic is but it’s based on what is known and that is 3/4 of known gold has been mined. Rest is in ground resource.

https://www.visualcapitalist.com/visualizing-how-much-gold-is-left-to-mine-on-earth/

Should they prove up more of this acreage to JORC and given the option of sale or JV it’s more likely than not that the sp will climb substantially.

All investors have to do is switch off an hold imo!

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Trek

I don’t know how true this infographic is but it’s based on what is known and that is 3/4 of known gold has been mined. Rest is in ground resource.

https://www.visualcapitalist.com/visualizing-how-much-gold-is-left-to-mine-on-earth/

Puts a macro perspective on how the price is likely to go and how much of the 25% would be in a known new frontier like Greenland.

Even the worse case scenarios are imo very bullish for AMRQ as we already have cash, permits, expansion potential and are heading for nameplate production.

I have never seen an opportunity like this in decades of investing!

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Trek

Hi hg,

You are ndeed correct. The fees are shown on page 75 and are 4m ish . They actually did’t get any performance fee due to not achieving the hurdle.

That is at least some consolation for long term holders.

Perhaps if the said buy back materialises and the management address the decking NAV, stagnant divi and declining, albeit flat io late SP, then of course they can have their performance fee!

Like I said, I am happy to hold money here for now but would like to see more from the BoD.

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Trek

POLX - yep great tech but as always there’s more to just great tech esp in the biotech space. I have traded many very well including POLX…

But then there’s reality but the BB rampers will carry on pushing their agenda regardless….

“ After careful deliberation, the Board believes that, under certain circumstances, a transition to a private company structure could reduce operational expenses, provide greater strategic flexibility, and broaden access to capital on more favourable terms.…’

POLX …. On life support imo!

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Trek

Hi Swissy every now and then you find one that is genuinely worth hanging on to. But obviously that’s easier if you get in near or below the larger placing so you have some sp aircover for all the shenanigans that will follow.

Arv is the real deal, it comes down first and foremost to grades and geo. They have both. The BoD and finance are also key but if grades are that good there’s always the knowledge that the rest will follow or someone else will step in!

I am holding and may sell half on a double; which within the constraints of common sense I am confident of achieving.

Another sector play is AMRQ. I have gone in there big now (for me) like 7x ARV!

Never seen an opportunity like AMRQ in my decades of investing. Perhaps Ggp resource wise but they never had anywhere near the institutional investment early stage or the cash. And now it looks like even AMRQ’s resource will blow the doors off!

No indigenous issues, green politics or permitting- all managed exceptionally

State support from EU, US and UK. A whole new frontier in the making!

Pension funds and institutions actually offered AMRQ money to have a (greater) share even when at the time they didn’t need it!

Now they will be self funded from first mine when it reaches nameplate capacity v soon!

Obviously it’s remote and weather is an issue but modern technology is helping there.

I’m tucking mine away for a few years yet!

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Trek

Well I gave up on ii - didn’t answer their phones. Left my mobile on their reply within one hour service. Still no reply.

Ignore the clever ads - they are useless. Can’t even trade so many instruments now.

They also bggerd the CSN RI couldn’t trade the rights!

Perhaps PB has already moved on lol!

Trek

Excellent start just gotta figure out which way this ‘giant python’ coils now!

High grade quartz vein system is there!

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Trek

Running 47 positions atm 15 up 2 flat 30 are down.

I thought the ftse was gonna be down today! What a strange one!

Thankfully other than DEC/ARV and GGP the rest are just down a fraction!

Trek

Seems we still have our seller but someone or the market in general is picking up each dip.

Could do with some news to take up some volume

Trek

I am wondering if there is some accumulation going on. This is a tough sector and often the only way to grab premium loyal customers is to buy out the companies with the contracts!

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Trek

This is very much overdue - I think Yellow will be quickly adopted.

I have doubled up now.

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Trek

That is a well defined chart bonker!

I have decided to hold this one now for sometime - grades rule ok!

Trek