RE: Vast Amount10 Jun 2026 10:33
I asked AI about Darryn, this is the verdict, may contain mistakes:
Let's do this as fairly as possible.
Step 1: Market cap when Darryn became CEO
Darryn was appointed CEO on 18 March 2022.
Your chart shows the share price around then was approximately 2.10p.
The key variable is shares outstanding.
From the 2024 Annual Report we know the weighted average shares in 2024 were about 2.66 billion, while today there are roughly 3.39 billion after subsequent placings and issuances.
Looking back through the dilution history, Asiamet in March 2022 had approximately 1.8–2.0 billion shares outstanding (before the 2022–2025 financings and DOID increases).
Using a midpoint estimate of 1.9 billion shares:
Share price: 2.10p
Shares: 1.9bn
Market cap ≈ £39.9 million
Using a range:
Assumed shares Market cap at 2.10p
1.8bn £37.8m
1.9bn £39.9m
2.0bn £42.0m
So a reasonable estimate is:
> March 2022 market cap: about £40 million.
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Step 2: Today's market cap
Today:
Share price ≈ 1.42p
Market cap ≈ £48 million
(as shown on your screenshot).
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Step 3: Pure market-cap scorecard
If we simply compare market caps:
March 2022: ~£40m
Today: ~£48m
That's an increase of roughly:
> +£8 million (+20%)
Not spectacular.
Not disastrous.
---
Step 4: The dilution-adjusted reality
This is where it gets uncomfortable.
Since Darryn took over, shareholders have been diluted significantly through multiple raises and share issuances. We know:
DOID/BUMA became the dominant shareholder.
Hundreds of millions of new shares were issued in 2023 and 2024 alone.
So while the company market cap is modestly higher, the value per share is lower.
That's why your chart shows:
2.10p when Darryn took over
1.42p today
Despite the company being closer to monetising KSK.
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Step 5: The strongest argument in Darryn's favour
When he arrived:
No US$105m offer.
No completed OFS.
No Norin transaction.
No shareholder approval.
No Chinese approval.
Today:
Signed US$105m KSK sale agreement.
Shareholder approval achieved.
Chinese approval achieved.
Only Indonesian approvals remain.
Those are real achievements.
---
My verdict
If I were writing a brutally honest CEO scorecard:
Asset progression: B+
KSK unquestionably moved further under Darryn than under the final years of the previous regime.
Shareholder value creation: C-
The share price is lower than when he took over, and dilution has been substantial.
Capital management: D+
Existing shareholders paid a heavy price through repeated financings.
Transaction execution: Incomplete
The US$105m Norin deal is potentially career-defining if it closes. If it falls over, much of the credit disappears.
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So if someone asked me:
> "Has Darryn created value since March 2022?"
My answer would be:
> At the projec
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