ShareSurfer

Trader extraordinaire

[BBN @BigBiteNow]

My take on where #ECR is after listening to Nick's interview.

Firstly, cash levels.

ECR had £340k as of 30th Sept 2025. They raised £750k (likely £700k after costs) in October to acquire Raglan, which, after adjustments to the assets included, shouldn't have cost more than £500k.

Add in £1.45m (post-costs) raises in January 2026 and we are at c. £2m minus whatever running costs they had in Q4. Based on last year's expenses, this shouldn't be more than £200k

= £1.8m

Cash burn in 2025 was £960k, but I think this is too high for 2026, but we also need to account for the small Raglan team that commenced work at the end of January. So let's say it remains stable.

Having now better understood the financing of the Paleogold transaction, I see that ECR has commitments of £700k in 2026, but the £100k to be spent on Saltbush could be pushed back.

= £1.66m

Remaining YE26 cash therefore c. £150k.

Anything gold production achieved at Raglan eats back into that estimate of £1.66m.

We are told Raglan is producing gold; ECR are very pleased with how it is working, and it is expected to produce enough gold to give them a stepping stone to the next project, but investors cannot calculate what the effect has been in H1 2026. I don't like that, but it won't be zero.

Furthermore, it is expected to grow its contribution in H2 2026, but again this cannot be measured at this time.

Even with the secrecy, it looks clear to me that Raglan can do enough this year to push their working capital position up and remove it as a risk in 2026.

All available funds are being applied to Raglan, Maddens and Blue Mountain this year. This was good to hear and further supports my working capital argument.

What that all says to me is that existing funds will cover the company until at least YE and likely beyond.

Maddens is expected to enter production in the next 2-3 months. So by the end of August.

ECR has an A$2m (£1m) payment to make on Maddens by 18th November 2026.

That gives them 2-3 months of production to accumulate that cash.

Maddens is expected to produce 2,500 oz in the next phase. How long this phase is, we don't know.

Its 50,000 tpa plant can process 1,000 tons per week
2,500 oz @ 31.1 grams per troy oz = 77,750 grams.

That's 1,555 grams per week when working 50 weeks per annum.

At 1,000 tons per week processed, they need 1.55 grams per ton or 1,550 grams per week.

But the asset has historically produced at 25g/t. If similar grades continue to be achieved, then production should run much quicker than 2,500 oz per annum.

As a guide 2,500 oz @ $4,000/oz = A$14.3m

3 months' production using my base case figures above indicates c. A$3.5m at US$4,000/oz. I assume ECR receives half because they don't mention recovering their A$1m in investment costs.

It is also worth noting this,

"The structure of the Deferred Consideration and the CLN are designed to match future cash flow from expected production at the Paleogold Projects, especially from Lucky Strike."

I would expect the plan to be structured against expected cash flows, with contingencies included. This indicates a more accelerated production level than A$3.5m in 3 months.

So in theory, there is a pending pressure point in November which is reliant on Maddens hitting the ground running.

However, once Maddens commences production, then the cash flow taps should open and run many months/years beyond any deferred payment date. So it is a one-off issue.

It is also not in the vendors' interest to make this payment a problem. So I would expect a deal can be reached, and even a 3-month further deferral, perhaps with a small warrant bonus, could easily be agreed.

It certainly isn't a showstopper if Maddens indeed performs anywhere near what it did historically.

Once that is behind them, investors should be able to look forward to ongoing significant positive cash flows, which should allow Blue Mountain, Maddens and Saltbush to expand production further. That, in turn, opens up exploration in 2027 of those assets, which were delayed this year.

The next 3 months are important, and gold prices need to behave themselves (although a further drop shouldn't undermine anything I have said above), but the potential remains, and if they get it right, then the investment starts (finally) to get interesting.

My figures are only a guide based on my assessment of the breakdown in the accounts and what we have been told Raglan costs to run at full speed (which we haven't seen yet). Others may have a different opinion.

[ShareSurfer @ShareSurfer_]

@MBdaytrading Sure seems like the NASDAQ listing will be a big catalyst for it

[ShareSurfer @ShareSurfer_]

#MKA

[Bull Theory @BullTheoryio]

🚨 PRECIOUS METALS ARE CRASHING

$1.48 TRILLION has been wiped out from precious metals in the last 12 HOURS.

Gold is down -4.1%, wiping out $1.22 trillion from its market cap.

Silver is down -7%, wiping out $260 billion from its market cap.

[ShareSurfer @ShareSurfer_]

@MBdaytrading They in similar sectors with rare earth's so just thought it would be of interest. Some shenanigans going on right now

[Charles Archer @that_stocks_guy]

Morgan Stanley needs a NOMAD, stat

[ShareSurfer @ShareSurfer_]

@TedPillows 0

[MB @MBdaytrading]

update $gold $xausud -so price lost 30wma ( purple) and 1 year avwap. next support zone 4300-4260.

levels below are 4100. 5 year avwap is around 3350!

important to note RSI does more often than not get a bounce at weekly RSI of 40

[smudgedan @Smudgedann]

#VULT how on earth have the managed to write down their entire $ETH position? Highly leveraged and stopped out? Staked and rugged? Some other dodgy shit. Needs explaining.

[Bel 🅱️7️⃣8️⃣ @Belcourtoi]

Someone got the heads up in #VULT and been selling all week from 1p to 0.7

[Justin Waite @SharePickers]

Bitcoin $BTC hitting lows last seen in February. There's a lot of leverage in crypto and it could get ugly.

Strategy (MSTR) has shattered its multi-year "never sell" narrative.

According to their SEC 8-K filing submitted on June 1, 2026, the company disclosed that it sold 32 Bitcoin between May 26 and May 31, generating $2.5 million in proceeds at an average price of $77,135 per coin.

The filing states the reason for the sale: to fund distributions on its preferred stock (including the high-yield STRC).

Strategy's new perpetual preferred stock (STRC) offers a high yield (of around 11.5%)

Whilst 32 Bitcoin is not a huge sale the signal it sends to the market is immense. The loudest preacher of the HODL strategy, just contradicted their own tenet.

Paying a high yield is ok when the price of Bitcoin is rising but when it falls, it could be the start of a death spiral.

Strategy is not the only Bitcoin treasury company that pays a yield, many of them do it with debt. They will all struggle if Bitcoin drops.

They will be forced to sell more bitcoin to cover debts, this results in a further drop in the price of Bitcoin, reducing the company's collateral value, forcing more sales.

[ShareSurfer @ShareSurfer_]

@MBdaytrading SpaceX IPO affecting #CML & #FTC plus others?

[ShareSurfer @ShareSurfer_]

38 million warrants at 1.5p

#BSFA trading above 2p. Seems obvious what comes next.

Just how much T-Rex is in that handbag anyway, 0.001% and remainder of DNA reconstructed by AI.

Seems fishy to me. Avoid

[BSF Enterprise @BSF_Enterprise]

𝗕𝗦𝗙 𝗘𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲 𝗣𝗟𝗖 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝘀 𝗰𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 £𝟱𝟬𝟬,𝟬𝟬𝟬 𝗳𝘂𝗿𝘁𝗵𝗲𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁
BSF Enterprise PLC has announced a conditional placing to raise £500,000 before expenses, reinforcing the Company’s strategic business and growth plans as it continues to commercialise its tissue-engineered technologies.

The proceeds are intended to support BSF’s growth strategy during a potentially significant year for the Group, across lab-grown leather, cell culture media additives and corneal repair.

Through its subsidiaries, BSF is developing high-performance tissue-engineered solutions for global markets where provenance, ethics and performance are becoming increasingly important.

The placing remains conditional on shareholder authority being granted at the forthcoming General Meeting, with admission of the placing shares expected on or around 12 June 2026.

𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗰𝗮𝗻 𝗿𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁 𝘃𝗶𝗮: https://t.co/muTPPeLQbu

#BSFA #BSFAF #BSFEnterprise #TissueEngineering #LabGrownLeather #CultivatedMeat #Biotechnology #InvestorNews

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Bitcoin’s selloff accelerates, dropping below $63,000 for the first time since February 24th.

Over $1.1 billion worth of levered crypto positions have been liquidated over the past 24 hours.

[Barchart @Barchart]

JUST IN 🚨: Bitcoin $BTC falls below $70,000 📉📉

[MB @MBdaytrading]

Oh dear! Been warning and warning ,
SATH IS A JOKE
Rampers gone quiet ……

#BMV Bluebird Mining Ventures
Just handed over their South Korean gold assets (Gubong & Kochang) for nominal consideration
→ No JORC resource
→ No production approvals
• Transferred to a brand new shell company in
BC, Canada
Kept a 2.5% NSR royalty... on assets that could take a DECADE to permit & develop
Shareholders watching years of spend walk out the door dressed up as "strategic simplification"

[Northstar @NorthstarCharts]

Gold 👇

[ShareSurfer @ShareSurfer_]

Glad to see a positive reaction from the 50dma for #AVCT as was considering cutting this.

Now a close above 81.2p (200wma) would set up perfectly for the next wave up 🤔

There is a news event imminent that could drive it there 🚘

[ShareSurfer @ShareSurfer_]

Interestingly 92p is the 200*month* moving average for #AVCT which is where price found resistance recently.

If the 200wma is 5x more powerful and indicative of a trend change than the 200dma, then a break of the 200mma is.... ?

We'll see 🎆 here if that breaks IMO

[Northstar @NorthstarCharts]

Silver - Not good at all shorter term. Very good on multi-year timeframe. Stop with the 'moonshot' calls, observe the evidence and let the chart speak 👇

[WF @WhaleFUD]

The more Bitcoin Michael Saylor accumulates, the less attractive the asset becomes to other investors.

[Robin Mayes @Robin25461631]

#AXL $AXL.V This is the fifth oil field @corp_arrow Have discovered and put on production in the Tapir block. From the RNS it looks like they will be drilling here all summer. There are 5 cellars on this pad, next well a big step out. Suspect the third well will be a horizontal. Producing over 5000 bopd and growing the cash pile. https://t.co/F84VUQIxYP