Share Talk LTD

Zak Mir talks to Dr Kerim Sener, Managing Director, Ariana Resources

Zak Mir speaks with Dr Kerim Sener, Managing Director of Ariana Resources (AIM: AAU, ASX: AA2), following the company's announcement of a strategic investment term sheet with Hong Kong Xinhai Mining Services Ltd. The agreement will provide A$8 million in near-term funding [https://www.investegate.co.uk/announcement/rns/ariana-resources--aau/term-sheet-for-strategic-investment-in-dokwe-/9283787] and support a metallurgical sampling and testwork programme, as well as advance the Definitive Feasibility Study for the Dokwe Gold Project in Zimbabwe, which Ariana owns in full. Highlights*: ·     Xinhai to make an A$8 million equity investment to be completed in Ariana CDIs, inclusive of the payment of a A$500,000 signing fee, at a price of A$0.30 per CDIs (Issue Price). The signing fee is paid on signing of the term sheet. ·      Xinhai will provide technical services in relation to a Metallurgical Sampling and Testwork Programme for A$1 million and complete the Definitive Feasibility Study of Dokwe, under the management of Ariana, for up to A$2 million to be paid in CDIs at the Issue Price. ·     Xinhai to be granted up to 18,333,333 options over CDIs on a 1 option per 2 CDI basis to acquire CDIs at A$0.50 per CDI exercisable until 31 December 2027. ·       The Definitive Agreements are expected to be completed by 31 January 2026. ·    Xinhai to nominate one member to the Ariana board following the completion of the Definitive Agreements. ·      Up to a further A$2 million of equity may be raised through a follow-on placement conducted by Shaw and Partners Limited on the same terms. * Subject to and conditional on execution of Definitive Agreements and satisfaction of other conditions precedent. Dr. Kerim Sener, Managing Director, commented: "We are very excited to be entering into this funding term sheet with Xinhai at this pivotal time for our business. Xinhai has recognised the value of the Dokwe Gold Project and the exploration and development capabilities of Ariana. In turn, we recognise in Xinhai the opportunity to build a lasting partnership capable of unlocking the value of Dokwe through the acceleration of the feasibility study programme with a view to progressing Dokwe to production as swiftly as possible. Xinhai has demonstrated significant capacity to undertake large-scale projects, such as Dokwe, globally and has a substantial in-country presence in Zimbabwe, undertaking a number of projects. We look forward to developing our partnership with Xinhai in the years ahead and seeing Dokwe through to production." Mr. Yunlong Zhang, Chairman of Xinhai, commented: "We are pleased to build a long-term partnership with Ariana Resources through this strategic investment in the Dokwe Gold Project in Zimbabwe. This initiative represents a significant step in Xinhai's commitment to developing high-quality, long-life mineral assets in emerging resource regions. We believe the project holds strong geological potential and aligns with our vision of responsible, technology-driven growth. We look forward to combining Xinhai's integrated EPC+M+O strengths with Ariana's regional expertise to accelerate Dokwe toward development and long-term value creation. Importantly, we are confident this collaboration will create long-term value for all stakeholders and contribute positively to regional development."

Zak Mir talks to Ajax Resources CEO Ippolito Cattaneo

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, as the natural resources investment company announced that it has signed a Heads of Terms to acquire 100% of the issued share capital of Pereira Velho Exploração S.A. (“PVESA”), a Brazilian company that owns the Pereira Velho Gold Project in Alagoas State, Brazil. PVESA is wholly owned by entities affiliated with Appian Capital Advisory Limited. Appian holds approximately US$5 billion in assets under management, making it one of the world’s largest dedicated mining-focused private equity groups. Under the Heads of Terms, Appian has agreed to subscribe for the GBP equivalent of US$400,000 in new Ajax ordinary shares, as part of a £1m fundraise. Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented: "We are delighted that Appian, a leading global private equity investor with approximately US$5 billion in assets under management investing exclusively in metals, mining and related natural-resource companies, will become a significant shareholder in Ajax upon completion. This represents a transformational growth opportunity for the Company and an endorsement of our development strategy. The Proposed Acquisition of Pereira Velho is a compelling, scalable gold production opportunity fully aligned with our strategy of acquiring assets with significant unrealised potential on advantageous terms. It has near-surface mineralisation, a strong recent drilling dataset underpinned by approximately US$5 million in historical expenditure, and a prospective resource base, of which only a small portion has been developed, resulting in an Appian in-house mineral resource estimate of approximately 110,000 ounces across the Measured, Indicated and Inferred categories. Pereira Velho is in a proven mining district with strong geological prospectivity. The Project lies approximately 20km east of Appian's former Mineração Vale Verde Serrote operation, which Appian acquired for US$30 million in 2018 and sold for approximately US$420 million in April 2025. This illustrates the region's supportive operating environment and, equally importantly, demonstrates Appian's ability to acquire assets with significant unexploited potential on advantageous terms, coinciding fully with Ajax's core development strategy. With gold prices at or near record levels, we see a clear route for Pereira Velho to achieve its first milestone of 350,000 ounces, as set out in our agreed transaction structure, with the objective of progressing the Proposed Acquisition to a near-term open-pit gold operation with material resource scale growth potential. The new relationship with Appian is of key strategic importance as it will position Ajax to access future opportunities within their extended pipeline of large-scale, high-value projects that fall below their scale thresholds, benefitting from Appian's industry-leading geological, technical, legal and financial evaluation capabilities. The potential acquisition of Pereira Velho represents a significant foundation in Ajax's journey of high-impact growth as we embark on resource definition at the Eureka Project, with a maiden JORC-compliant Mineral Resource Estimate to be published in the first half of 2026, and advance several other acquisition opportunities, some of which have already been disclosed and others that will follow in 2026."

Gelion’s John Wood discusses latest developments with Zak Mir

Zak Mir speaks with John Wood, CEO of Gelion (AIM: GELN) [https://www.investegate.co.uk/announcement/rns/gelion--geln/gelion-achieves-key-industry-technical-milestone/9274797], following the release of the company’s audited results for the year ended 30 June 2025. Wood highlights that Gelion has generated its first commercial revenue, helping lift total income by 36% to £2.7 million. The performance is in line with expectations and marks a meaningful shift as the global energy-storage specialist moves firmly into its commercial revenue phase.  Technical Breakthrough: Gelion Achieves Target Areal Capacity Gelion Advanced Sulfur Cathodes Reach Key Industry Milestone in Coin Cells Key Highlights: ·      | 4Q Achieved in Coin Cells: Gelion has successfully reached its 4Q areal-capacity target in coin-cell testing, the industry-recognised standard for evaluating advanced battery materials. 4Q is widely recognised as a critical milestone for practical high-energy-density sulfur cathodes.  ·      | Clear Technical Progress Toward Pouch Cells: The coin-cell results provide strong evidence supporting the translation of Gelion's CAM into large-format pouch-cell electrodes capable of meeting 4Q performance targets.  ·      | Improved Electrode Quality and Consistency: Recent work demonstrates enhanced uniformity, improved adhesion, and reproducible slurry rheology, all compatible with scale-up for larger-format electrodes.  ·      | Enabling Future High Energy Density Targets: This milestone strengthens Gelion's roadmap toward high-energy-density, low-cost sulfur-based batteries suitable for e-aviation, electric mobility, stationary storage, and other commercial applications.   John Wood, CEO of Gelion, commented: "Achieving 4Q areal capacity in coin cells marks a major validation of our sulfur cathode platform and represents a key technical milestone for Gelion. In the battery industry, 4Q is widely recognised as an important benchmark for high-energy-density sulfur cathodes, and these results give us strong confidence that our sulfur CAM can progress toward delivering the same performance in pouch-cell formats. As we continue refining electrodes for larger format manufacturing, we are building the technical foundation required for prototype development and industry engagement."

Zak Mir spoke with Australian Gold and Copper Ltd (ASX:AGC) MD Glen Diemar on today’s Achilles results

Achilles Northern Zone Delivers Exceptional Grades AGC Managing Director, Glen Diemar, said, [https://app.sharelinktechnologies.com/announcement/asx/61edd60679841fcc1f431a1276b5432f] “These new results are truly exceptional and further enhance the value being delivered by consistent follow-up drilling. This intersection in A3RCD086 of 6m at 2,474g/t AgEq ranks as one of our best holes at Achilles to date. To receive these results at a time when the silver price is hitting new highs is serendipitous.” “Our aim this year was to keep the diamond drill rig in locations with potential for very high grades, and to enhance our knowledge of the geology and the structural complexity at Achilles. This strategy is paying off.” “The high-grade northern area is now shaping-up as a coherent zone that spans 150m in length and over 250m in depth. This zone remains open and assays are pending for another 11 holes within this area and we eagerly await those results.” Overview A new high-grade discovery at the Achilles Northern Zone is reshaping how we think about the district and the company exploring it. Over the past 18 months we've methodically expanded the footprint with targeted drilling and the results are delivering exceptionally high grades near surface and at depth. This is not just a single zone of interest; it is part of a long, polymetallic corridor with proven mining history and significant upside for growth. Systematic drilling has outlined a continuous panel of mineralisation roughly 7,800 metres long and currently tested to depths of 250 to 300 metres. Within that trend we have identified discrete, very high-grade pods that stand out from the background mineralisation and could materially add value if they continue to replicate along strike and at depth. > "We've discovered a panel of mineralization about 7,800 metres long, currently down to about 250 to 300 metres depth." High-grade intercepts Some of the standout assays include very strong near-surface and deep intercepts. One surface interval returned: > "Five metres at 19 grams gold and 50 grams silver right at surface." Deeper drilling has also hit a pronounced high-grade pocket. A recent hole (hole 86) returned a deeper multi-metre, very high-grade interval that, on a silver-equivalent basis, sits in the multiple-thousands of grams per tonne range. These concentrated pockets are exactly the kind of zones where ounces can be added quickly and economically. How this fits within the broader district The Achilles trend sits inside a long, established polymetallic district with roughly 150 years of mining history. The district runs for some 250 kilometres and is renowned for multi-commodity deposits. Being polymetallic means the project can be positioned to take advantage of whatever metal cycles are strongest—copper, silver or gold—without needing to change the fundamental geology of the asset. Recent drilling and the maiden resource Over the past six weeks a focused program of 14 holes concentrated on expanding the northern high-grade pod. While we will publish a maiden mineral resource before Christmas, several of these latest holes are likely to come in after the resource cut-off and represent upside for subsequent updates. Where this could take the company A small-cap company can transform quickly when it proves up high-grade, scalable mineralisation in a favourable district. The combination of near-surface high grades, a long mineralised corridor and a polymetallic mix supports a trajectory from smaller market capitalisation to a more substantial mid-tier exploration/development story—provided further drilling and resource definition continue to deliver. Next steps 1. Finalise and publish the maiden mineral resource before Christmas. 2. Continue infill and step-out drilling to convert high-grade pods into the resource and test along strike and to depth. 3. Assess metallurgical characteristics and potential preliminary economic pathways for a polymetallic operation. 4. Maintain district consolidation and allocate exploration capital to other nearby targets to build long-term longevity. Final note These results are encouraging and demonstrate how targeted exploration, focused on high-potential pods within a larger mineralised system, can create meaningful value. The polymetallic nature of the system provides strategic flexibility and potential leverage to different commodity cycles. Disclaimer: This article is for informational purposes only and is not investment advice. Conduct your own research and consult qualified professionals before making investment decisions.

Zak Mir talks to Alexander Selegenev, Executive Director, TMT Investments

Zak Mir talks to Alexander Selegenev [https://www.linkedin.com/in/selegenev/?originalSubdomain=uk], Executive Director, TMT Investments, after the venture capital company investing in high-growth technology companies, announced that it will today commence an on-market share buyback programme [https://www.investegate.co.uk/announcement/rns/tmt-investments--tmt/launch-of-share-buyback-programme/9242649] for an aggregate consideration of up to US$2,000,000. The Company’s board of directors believe that the current share price trades at a significant discount to the Company’s intrinsic value. The purpose of the Programme is therefore to seek to take advantage of this discount to enhance Net Asset Value (NAV) per share, reduce the Company’s share capital, and return value to its shareholders. Quick snapshot: who TMT is and what they own TMT is a listed investment company focused on technology, media and telecoms ventures. Founded nearly 15 years ago, the firm has backed more than 100 companies across the US, Western Europe, the UK and Estonia. Its portfolio includes several high-growth names that have achieved large multiples on real exits, and the group reports an IRR since inception of over 14%. Key portfolio highlights include a material holding in Bolt, several profitable growth companies such as Sandbird, and other scalable businesses that are already generating cash. TMT also holds liquid, publicly traded US stock totalling around US$12 million that can be sold if needed. Despite that mix, the market capitalisation for TMT has been trading well below the value of its assets, at roughly a 60% discount to NAV. Why the buyback matters The board’s stated purpose is straightforward: use the buyback to enhance NAV per share, reduce share capital, and return value to shareholders while taking advantage of the discount. Management has framed the decision as both a prudent capital allocation and a signal that they see the shares as undervalued relative to the company’s intrinsic holdings. Put simply, when a listed vehicle holds large stakes in businesses that are profitable or have credible exit paths, repurchasing shares at steep discounts can be an efficient way to convert latent value into realised shareholder benefit. Conservative valuation, transaction-first approach TMT emphasises a conservative, transparent approach to valuing its portfolio. Rather than relying heavily on convenient multiples, the company values most holdings using actual transactions where possible. As of the most recent reporting, only about 15% of the portfolio value was derived from multiples. The rest is grounded in verifiable cash exits or market-based evidence. This transaction-first method matters for two reasons. First, it reduces the subjectivity that often plagues private asset valuations. Second, it gives buyers and existing shareholders more confidence that the headline NAV is meaningful and not merely an academic number. Why the London market discounts investment companies There are several forces pushing listed VC-style investment companies to trade at discounts. A few of the main contributors are: * Market risk aversion. Volatility and macro uncertainty make investors prefer simple, liquid stories over diversified, private-rich portfolios. * Focus on the negatives. When you hold dozens of companies, the market tends to fixate on weaker performers instead of the winners. * Timing uncertainty for exits. Investors price in delays for IPOs or sales, which reduces near-term enthusiasm for NAV-based assets. * Capital outflows from small caps. Structural flows away from smaller listed companies can suppress demand further. Those factors help explain why an investment company can be priced well below the sum of its parts, even when its largest holdings are sizable and verifiable. Portfolio depth and track record TMT’s historical performance includes high-multiple exits and several successful growth stories. The team leverages decades of operating and investing experience to access deals, support scale-up, and realise value. For investors who cannot source and monitor multiple early-stage opportunities directly, a diversified vehicle like TMT offers scaled exposure with professional oversight. Examples mentioned by management include exits that delivered 50 times and 23 times the original investment, and a portfolio valuation that exceeds US$200 million. Those realised outcomes are a reminder that venture-style returns remain achievable, albeit uneven across companies. Why management is buying back shares now The buyback is both a practical move and a signal. Management believes the current market price significantly understates intrinsic value. Buying stock at a 60% discount can meaningfully increase NAV per remaining share, and it demonstrates the board’s confidence in the portfolio’s prospects. > "You're paying 40p for a pound." That shorthand captures the essence of the opportunity as the board sees it: purchasing a claim on a dollar of underlying value for substantially less than its stated worth. How to evaluate this kind of opportunity When considering an investment in a listed, venture-style vehicle, the following checklist helps frame the decision: * Valuation basis — Are portfolio values backed by cash exits or observable market prices, or are they largely multiples and estimates? * Concentration risk — How much of the NAV is tied to a single holding and how comfortably can that position be realised? * Liquidity profile — How easy would it be to monetise some holdings if capital was required? * Exit pipeline and timing — Are there credible catalysts, such as planned IPOs or trade sale processes? * Management track record — Does the team have a history of building companies, achieving exits and allocating capital well? * Discount to NAV — Is the discount justified by legitimate risks, or does it reflect short-term market sentiment? Risk and timeframe Investing through a vehicle like TMT is not a short-term trade. Venture outcomes are irregular and often require patience, typically measured in years rather than months. Catalysts such as IPO announcements can rapidly re-rate a stock, but those events are timing-dependent. The buyback reduces share count and can accelerate per-share NAV accretion, yet it does not remove execution risk across underlying companies. Final thought TMT’s share buyback is a clear, pragmatic response to a valuation gap. For investors comfortable with venture-style risk and a longer time horizon, buying into a diversified, transaction-valued portfolio at a substantial discount can be an attractive opportunity. As always, review the underlying holdings, assess the company’s valuation methodology, and consider how the investment fits within your broader portfolio objectives.