Games Workshop (GAW) shares are on a meteoric rise that shows no signs of easing.

Up 140% in the last five years, the tabletop gaming giant breached the gates of the FTSE 100 last December. And it’s got 2025 off to a bang, up almost 9% in the year to date.

Games Workshop’s share price received an additional boost on Wednesday (5 March) after yet another strong trading update. It said that “trading in January and February has been ahead of expectations, with strong trading across both the core business and licensing“.

Consequently, it said pre-tax profit for the financial year to June 2025 “is estimated to be ahead of expectations“. This pushed its share price around 6% higher in mid-week business.

Overvalued?

Best known for its Warhammer gaming system, Games Workshop sets the standard in the rapidly growing world of fantasy war gaming. Its share price has rocketed, as sales of its miniatures have soared along with royalty revenues.

Core gaming sales rose 14.3% in the first half of the year. Licencing revenues from video games and other media, meanwhile, leapt 149%.

I’m confident of further stratospheric royalties growth, too, under Games Workshop’s recently signed film and TV deal with Amazon.

Can the Games Workshop price keep flying, though? In other words, is its huge growth potential now baked into its high valuation?

The company’s price boom means it now trades on a forward price-to-earnings (P/E) ratio of 29.2 times. This is more than double the FTSE 100’s forward average, and well above a multiple of around 22 a year ago.

And while the company’s flying, it still faces significant hazards that might dent its momentum. Sales are soaring, but new US trade tariffs could significantly compromise future growth (the business manufactures 100% of its product in Nottingham, England).

The business has also, in recent times, struggled to meet the pace of demand for its products. It warned in January that “we are still not meeting our stock availability KPIs and not all of our new product releases sold to our planned levels“.

A monster share to consider

No share is without risk, however. And on balance, I think Games Workshop’s share price should keep on surging.

As well as being a shareholder myself, I’m a huge fan of the company’s products (I’m currently building a mighty Soulblight Gravelords army, in case you’re wondering). So I like to think I know what I’m talking about!

Games Workshop has made topping forecasts a welcome habit. Fresh from beating brokers’ profit estimates for the last financial year, the company said in October it was on course to beat half-year forecasts for 2025, too, which it duly did.

Today’s update keeps the run going. I don’t think the story’s over, either, given the strong, broad-based momentum the business is enjoying, and the potentially massive contribution of the Amazon deal.

Analysts at Peel Hunt have hiked their Games Workshop price target to £15 per share from £14.40 following today’s market update. And they say that “the shares have performed well, but there continues to be clear momentum“. I expect further significant appreciation in the months and years ahead. Currently, I’m happy holding the shares I have as part of a diversified portfolio.

It’s been an incredible start to the year for BAE Systems (LSE: BA) shares. That’s good news for me, as I bought the FTSE 100 defence manufacturer last year and immediately found myself nursing a 15% loss.

That’s pretty hard to do with this stock. BAE Systems has been steadily rising for years, but sod’s law dictated it would slump the moment I took a position.

That’s fine. It’s all part of the ups and downs of equity investing. I stuck to my thesis that the stock would prove its worth as geopolitical tensions forced the West to rearm. It was only a matter of time. And that time appears to be now.

A wake-up call for NATO

US president Donald Trump’s public spat with Ukrainian President Volodymyr Zelenskyy was the catalyst. It sparked urgent discussions among European leaders over the weekend.

By Monday (3 March) morning, it was clear that Europe had woken up. Some leaders began calling for NATO members to spend 3% to 3.5% of GDP on defence, while others pushed for greater European military independence from the US.

BAE Systems shares rocketed more than 20% on the day and have continued climbing. As a result, an investor who put £10,000 into BAE Systems at the start of the year would now be sitting on a share price gain of exactly 40%, before trading charges. That would have turned their £10k into £14,000. A brilliant return. Personally, I’m now 22% to the good.

So much for recent history. The one thing every investor wants to know is: what happens next?

On the bullish side, the global defence industry is booming. European nations are ramping up military spending, and BAE Systems, as one of the world’s largest defence contractors, is well positioned to benefit.

Has it got more scope to grow?

However, there are risks. If we get a peace deal in Ukraine (which we all hope for), or even a ceasefire that merely stores up trouble for later, defence stocks could slump. Alternatively, investors who piled in recently might take profits, dragging the share price down.

Then there’s the political risk. If PM Keir Starmer blocks US takeovers of UK arms firms, as he suggested, Trump could retaliate. Or he might not. It’s the uncertainty that’s one of the problems. He might threaten to ban the US military from procuring weapons from British companies. Even if he doesn’t retaliate, this would punish the BAE Systems share price.

Also, the stock isn’t exactly cheap, trading at a price-to-earnings ratio of almost 23. That’s well above the FTSE 100 average of just over 15 times.

The 15 analysts offering one-year share price forecasts have produced a median target of 1,533p. If correct, that’s a drop of around 5% from today’s levels.

Those forecasts were almost certainly arrived at before this year’s leap, so don’t reflect current concerns. But this also suggests BAE may have used up its growth prospects for the year. The stock could easily idle from this point. Or be volatile.

Given heightened emotions and potential profit-taking, I’d suggest investors tread carefully around the defence sector in the days ahead.

That said, I still believe BAE Systems remains an unmissable long-term buy-and-hold and definitely worth considering. Just watch out for sod’s law.

Building a portfolio of UK stocks is a great way to generate a second income for retirement. That’s what I’m doing anyway.

Investing through a tax-free Stocks and Shares ISA means this income remains tax-free for life. However, accumulating enough for a comfortable retirement isn’t an overnight job. It takes years. Decades. Time is an investor’s greatest asset, making it especially beneficial for those in their 20s and 30s.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

Investing in FTSE 100 shares for income

The longer money is invested, the more time any share price growth and dividend income has to compound.

If someone invests a £10,000 lump sum at age 30 and achieves an average total return of 7% a year after charges. That’s roughly in line with the historic FTSE 100 average.

By age 65, their £10k would have grown to £106,766. It will have increased more than tenfold.

Now let’s say they invest exactly the same sum but at age 40. Their £10k would grow to just £54,274. That’s just half as much.

Their investment term is 25% shorter, but their total return is 50% lower. The compounding effect is greatly diminished. This demonstrates how important it is to get started early.

Few 30-year-olds have £10,000 to invest upfront, so let’s assume they invest £250 a month instead, from income. If their ISA contributions grows at 7% annually, they’d pay in £105,000 over 35 years.

Growth could add £338,740, bringing the total value of their retirement pot to £443,740.

That’s a substantial sum. The income should help deliver a comfortable retirement, especially when combined with the State Pension and, say, a company pension.

Company dividends are so valuable

However, inflation will erode its true value over time, making it wise to increase contributions annually. Raising the monthly investment by 5% once a year instead of keeping it static would result in £828,271 by age 65. As with all these figures, this assume 7% annual compound growth.

Many investors underestimate the importance of dividends, the regular payments companies make to shareholders. Most companies aim to increase them every year, but payouts aren’t guaranteed. They can be cut or axed at any time.

Tobacco maker Imperial Brands (LSE: IMB) is a hugely popular FTSE 100 dividend stock and worth considering. It currently has a trailing dividend yield of 5.55% a year.

The shares have also done brilliantly over the last year, soaring 68%. Common sense suggests they will slow from here. No stock rockets forever.

However, Imperial Brands has a terrific track record of delivering both dividend income and share price growth, albeit with ups and downs along the way.

There are risks. Smoking is in decline and regulators aren’t going to leave it alone. The suggest revenues should slide over time.

Imperial Brands is fighting back by boosting share in the declining market. It’s also moving into e-cigarettes and vaping, to replace traditional methods of nicotine delivery.

To mitigate risks, it’s wise to invest in a diversified portfolio of 15 to 20 dividend and growth stocks. Starting as early as possible and investing consistently maximises the benefits of compound growth. Patience and discipline are key. Stick with it, and the rewards should follow.

On 27 February, the Ocado Group (LSE:OCDO) share price tumbled 19% after the retailer/technology group announced its results for the 52 weeks ended 1 December (FY24).

Investors seemed unhappy that the group had recorded a bigger-than-expected loss of £374.3m. But despite this, the company remains one of the largest on the FTSE 250. Its shares currently (5 March) change hands for around 230p, giving Ocado a market-cap of just under £2bn.

However, there appears to be some uncertainty about the future direction of the company. Could its shares reach £10? Or is a drop to £1 more likely?

Let’s take a look.

If not quite £10, there’s scope for growth

Although the group has three operating divisions, the biggest growth is likely to come from its Technology Solutions business. Presently, this provides an IT platform to 13 retail partners across the globe.

The Ocado Smart Platform (OSP), which is described as an “end-to-end ecommerce, fulfilment and logistics solution”, uses clever robots and artificial intelligence (AI) to maximise operational efficiencies. As part of the service, the company operates 20 Customer Fulfilment Centres (CFCs) on behalf of its customers.

During FY24, revenue for the business unit was 18.1% higher than for FY23, at £496.5m. And its technology and support costs were 5% lower. Overall, the division’s contribution to overheads was 17.4% more. Also, the group has a pipeline of another 7 CFCs, which should be operational by FY27.

Clearly, things are moving in the right direction although a four-fold increase in the share price seems optimistic to me.

Why I think £1’s more likely

When reporting its numbers, Ocado likes to focus on adjusted EBITDA (earnings before interest, tax, depreciation and amortisation). Indeed, this was £153.3m in FY24, compared to £51.6m for FY23.

But the company has a lot of ‘D’ and ‘A’ (£460.3m in FY24) which means it usually ends up reporting a post-tax loss.

The directors are forecasting a drop in depreciation charges as capital expenditure is to be scaled back. And while this is a non-cash cost, the technology to which it relates will have to be replaced at some point, so it shouldn’t be ignored.

The group’s technology and CFCs are expensive. Net debt increased by 11.6% during the year. At 1 December 2024, it was £1.2bn.

It’s ironic that earnings for the ‘old-fashioned’ part of the group are doing the best. Ocado Retail, its joint venture with Marks & Spencer, is “the fastest-growing grocer in the market” and has 1.1m active shoppers.

Although the group has some innovative solutions, nobody really knows when it’s going to be profitable. The plan is to be cash flow positive in the second half of FY26. But it’s unclear when earnings will move into the black.

And this gives me a problem. Namely, how to value a loss-making company? Potential is all well and good, but what’s it worth?

If I had to choose, I’d predict that a £1 share price is more likely than a £10 one. Of course, nobody knows for sure but I suspect the take-up of OSPs is too slow to turn around the finances of the group before it requires additional funding.

For this reason, I don’t want to buy any of its shares.

Just when you think the Rolls-Royce (LSE:RR) party was ending, the stock jumps another 28% in a week. It’s an incredible rally (up 109% in the past year) that has just taken another move higher, currently just above £8.

Here are a few reasons why the Rolls-Royce share price could reach £10 by the end of 2025.

Strong earnings growth

One of the key reasons behind the short-term spike was financial results exceeding expectations. This has been a theme over the past couple of years, with dramatically improving profitability driven by CEO Tufan Erginbilgiç’s turnaround strategy.

The 2024 results showed an operating profit of £2.46bn, up significantly from the £1.59bn from the previous year. The profit margin ticked higher too, up from 10.3% to 13.8%. This healthy margin helped lift profit before tax to £2.29bn, higher than the £1.26bn recorded in 2023.

Given that the business provided an upbeat outlook for this year, continued earnings growth should support the share price heading higher. For example, to get to £10, we’d need to see a roughly 25% increase in the share price. Assuming the price-to-earnings ratio stays the same and earnings per share increase by 25%, £10’s a realistic target. For comparison, earnings per share just increased by 47%.

New markets expansion

Last month, I wrote about how nuclear energy usage is rapidly increasing. Artificial intelligence (AI) processors and models need an incredible amount of power, and clean energy sources are being targeted to fuel this. Given that I feel we’re still at the early stages of AI adoption, there’s huge potential here for companies involved.

Rolls-Royce is at the forefront of developing Small Modular Reactors (SMRs). These are an innovative and cost-effective solution for nuclear power generation. The public company owns Rolls-Royce SMR Limited and has the majority stake in it. It’s still operating at a loss, but the latest results indicated that this area has “a significant value creation opportunity”.

Should this materially take off this year, I think the share price could increase. For example, Constellation Energy stock is up over 400% in the past five years, as the energy stock positions for AI demand. If Rolls-Royce can take advantage of this area of growth as well, a 25% move higher seems very reasonable.

Tempering optimism

Before we get ahead of ourselves, a continued rally isn’t guaranteed. Some cite concern around the high valuation. The price-to-earnings ratio is now 38.76, well above the fair value benchmark figure of 10 that I use.

Another risk is that most of the transformation efficiencies of cost-cutting have now been achieved. So for further gains in profitability, it will need to come from higher demand. Put another way, the low-hanging fruit to improve finances could now be over.

Overall, there’s a strong case to be made for Rolls-Royce shares moving higher this year, so it’s a stock I feel investors might want to consider.

In early trading today (5 March), the Games Workshop Group (LSE:GAW) share price was up 8%. Investors appeared to like the company’s 49-word stock market update that said trading in January and February “has been ahead of expectations, with strong trading across both the core business and licensing”.

As a result, the group confidently said its profit before tax for the 12 months to 1 June (FY25) will also be better than expected.

Although brief, the press release certainly had an impact. As a result, the company’s market-cap increased by £336m to over £4.5bn. Or expressed another way, over £6m a word! Not since the Gettysburg Address has such a short statement made as big an impact.

I’m joking, of course. But the performance of the Games Workshop share price has been remarkable in recent years.

An impressive growth story

Since March 2020, the company’s market value has risen by close to 140%. And it’s come a long way since it listed in September 1994. It’s now a member of the FTSE 100 with annual revenue of £526m (FY24).

But its shares aren’t cheap. For FY24, it reported earnings per share (EPS) of 458.8p. This means the stock currently trades on a historical price-to-earnings ratio of over 32. If things go to plan, this will fall when the final results for FY25 are known, but not by very much.

Over the past five years, its annual average growth rate in EPS has been 17.7%, compared to a fall of 1.3% for its peer group.

The margin’s good too

The company’s recent earnings history tells me that it’s good at what it does. Because of this, it’s able to charge a premium price for its products. And the marginal cost of securing another licensing deal is close to zero. This explains why the group’s able to earn a huge gross profit margin — over 70%. And despite global supply chain inflation, this increased last year.

Also, there are some signs this growth will continue. Further store openings are planned and, in 2024, it granted exclusive film and television rights to Amazon for part of its Warhammer franchise.

But I suspect the pace of expansion will start to tail off. I also fear its products are too niche. For it to continue to grow, it’ll need to start developing new ones. I may be wrong, but I don’t see much evidence of this happening.  

If Games Workshop did enter the mainstream market, it would be unlikely to command such an impressive margin. And I can’t ignore the stock’s lofty valuation. It seems on the high side to me and I fear there could be a sharp market correction if earnings start to slow.

For these reasons, I’m going to look elsewhere.

The next Bank of England meeting is scheduled for later this month. To the end of the year, economists forecast between two and three interest rate cuts. Yet even at the current level of 4.5%, some dividend shares can offer an investor a significantly higher yield. Granted, there are risks involved. Here are two that I believe are worthy of consideration.

Transformation taking shape

The first one is aberdeen group (LSE:ABDN), or the just-renamed-abrdn. Over the past couple of years, I’ve been a lot more cautious around the company. It had struggled with investor outflows and underperformance versus the market at some of the funds it manages.

However, the stock is now up 14% over the past year, boasting a dividend yield of 9.21%. The change in the tide has come since the start of the year. Last month it announced that it had appointed Siobhan Boylan as the new CFO. She has over 30 years of experience in finance, with investors taking this as a positive sign for the company going forward.

The other factor was strong full-year results that came out earlier in March. The business flipped from making an IFR loss before tax of £6m in 2023 to a profit of £251m. This is a big bounce back for the firm, as part of a transformation effort to grow in the wealth management space.

I think this bodes well for the sustainability of the dividend going forward. The report said that “we understand the importance of the dividend to our shareholders.” The business is back in profit, making it easier to cover the income payments from earnings.

One risk is that this might be a flash-in-the-pan. I’ve seen it before where investors get excited about a transformation, only for things to fall apart again a year down the road. The management team must ensure that they stick to the strategy to ensure 2025 is profitable too.

An energy idea

A second stock to consider is Energean (LSE:ENOG). The natural gas exploration and production company has experienced a modest 5% fall in the stock price over the past year, with a current dividend yield of 9.39%.

Energean’s primary revenue stream comes from producing natural gas and selling it under long-term gas supply agreements with utilities, industrial customers, and power plants. The Karish gas field in Israel is its most significant asset, supplying gas to the domestic market. It also has sites in Egypt, Greece, and Italy,

What I like about the company is that it’s not at a super-early exploration stage. As a result, it already has sites generating revenue. It’s not just speculation about potential projects that dictates the stock price, which can be the case for other energy companies. In a January trading update, the CEO mentioned that “2024 marked another year of growth for Energean in both sales and profitability…up 26% and 25% year on year”.

This supports the dividend in a similar way to aberdeen’s. Making a profit and growing is a recipe for increasing dividend payments in the long term.

A concern some might have is that natural gas prices are very volatile. Should prices significantly fall, it would directly feed through to lower revenue for Energean.

I think both stocks are options to consider for an income investor looking for higher-risk, higher potential reward ideas.

Deciding how to allocate shares to a Stocks and Shares ISA is a pressing question for many UK investors. When the new tax year rolls around next month, many will be looking for advice on how to balance their portfolio.

With artificial intelligence (AI) dominating the conversation, I decided to find out its thoughts on the matter. Can a generative AI chatbot like ChatGPT really make informed decisions regarding risk and reward?

Let’s see what it had to say!

A diverse selection

Rather than focus purely on stocks, it provided a broad range of asset classes with varied allocation. First, it suggested a 30-40% allocation to a global equity tracker like Vanguard FTSE Global All Cap or an S&P 500 exchange-traded fund (ETF). These can provide broad market exposure with long-term growth potential.

Second, it allocate 20%-30% to high-yield FTSE 100 or FTSE 250 dividend stocks for passive income. Some examples it provided included Phoenix Group and Primary Health Properties.

Third, it chose a 15%-20% allocation to a mix of growth and income-focused investment trusts. Two examples provided were Scottish Mortgage for growth and City of London for income.

For some defensiveness, it suggested a few blue-chip consumer staples such as GSK or Unilever (LSE: ULVR). Finally, a 10%-15% allocation into bonds or alternative assets like a corporate bond ETF or infrastructure fund.

Overall, I admire its choices. It reveals a careful approach to risk reduction without completely sacrificing growth exposure. The stock that caught my eye was Unilever because it’s been in the headlines recently.

Let’s take a closer look.

A surprise decision

In late February, Unilever announced that CEO Hein Schumacher would step down this March after less than two years in the role. He was replaced by the company’s CFO, Fernando Fernandez, a company veteran of nearly 40 years.

The move, which led to a 3.4% price dip, was surprising – particularly considering the stock climbed 20% in 2024, its best year since Covid.

A sign of underlying issues?

The board believes Fernandez is better suited to accelerate a turnaround strategy, but leadership changes are seldom a good sign. Unilever’s been struggling with competition lately as consumers turn to more cost-effective brands. Additionally, economic conditions and supply chain problems have impacted recent earnings.

Both these issues remain key risks the company faces and were likely factors in the decision. Time will tell if the move pays off.

Well-positioned

On the plus side, the consumer goods giant remains a market leader with operations in 190 countries globally. It owns numerous well-established brands, such as Dove, Hellmann’s, and Ben & Jerry’s, providing a stable revenue stream.

If the new strategy recovers customers lost to high inflation, it could be on track to repeat its spectacular pre-Covid performance.

Financially, it looks well positioned. Revenues beat expectations the past five years, with earnings per share (EPS) slightly missing in 2023. EPS is expected to grow 20% in the next three years, with revenue at a moderate 10%.

Analyst forecasts vary wildly, with the most bearish predicting a 13.6% drop and the most bullish, a 21.8% gain.

Despite the management issues, I think it’s still a good defensive stock to consider for an ISA. I suspect it will continue growing steadily and deliver value through dividends.

Researching solid stocks to buy in uncertain times? Here’s a FTSE 100 share and an exchange-traded fund (ETF) to consider. I think they could thrive even as inflationary dangers and recessionary risks grow.

Going for gold

Fears of returning high inflation continue to power gold stocks higher. The iShares Gold Producers UCITS ETF (LSE:SPGP) has jumped 14.8% since the start of 2025 as investors have piled into precious metal stocks.

Gold’s hit a serious of record highs since the start of last year. And it’s showing no signs of slowing down, according to a growing number of analysts.

Last Thursday (27 February), Goldman Sachs researchers were the latest to hike their price forecasts. They think the yellow metal will end the calendar year at $3,100 per ounce, up from a previous target of $2,890.

An intensifying global trade war could push consumer price inflation (CPI) sharply higher. S&P Global thinks US tariffs on Canada and Mexico alone would boost CPI by 0.5% to 0.7% — assuming said taxes persisted through 2025 — which would in turn prompt the Federal Reserve to pause planned rate cuts.

But gold’s bull case isn’t just built around inflationary pressures. Other factors, from escalating geopolitical tensions to economic cooling in the US and China, are also helping bullion prices appreciate.

That’s enough about the gold price outlook. So what about the iShares Gold Producers ETF itself?

It’s important to say that investing in mining stocks as it does can be a risky business. A wide range of issues — from disappointing exploration results to power-related production outages — can spring up suddenly and cause severe damage to earnings forecasts. This in turn can pull share prices sharply lower.

But by investing in a range of shares (64 in total), this fund can help limit the impact of such problems on overall returns. Major holdings here include industry giants Agnico Eagle, Newmont and Barrick Gold.

Over the past year, this iShares fund has risen 44.3% in value.

Fizzing higher

Coca-Cola HBC (LSE:CCH) is another rock-solid stock worth considering in these turbulent times. This is demonstrated by its long record of unbroken annual dividend growth dating back to the early 2010s.

The business bottles and distributes some of the world’s most popular drinks labels including Coca-Cola itself, Fanta and Sprite. These five-star brands remain in high demand at all points of the economic cycle. Coca-Cola HBC can even hike prices on them without a significant dip in volumes, allowing it to overcome inflationary pressures.

Don’t just take my word for it though. Last year’s 13.8% organic sales rise demonstrates its ability to thrive even when consumer spending is under pressure.

Like any share, however, Coca-Cola HBC isn’t totally risk-free for investors. Adverse exchange rate movements have been problematic of late, reflecting trouble in its emerging markets.

But on balance, I’m expecting sales and profits to continue rising strongly over the near term. The business is tipping organic revenues and earnings to rise 6% to 8%, and 7% to 11% respectively, in 2025.

Coca-Cola HBC shares have risen 38.7% in the last year. I expect them to keep rising as investor demand for safe-haven shares increases.

The Eurasia Mining (LSE:EUA) share price has done well over the past month or so. Since 4 February, it’s up 85%. Understandably, such a significant move is attracting the attention of investors.

Let’s take a look.

What does it do?

The company sells precious metals — predominantly palladium — from its mines in Russia. More precisely, the group wants to sell the output from its mines. But due to sanctions imposed against the country, it’s currently unable to generate any revenue.

As well as owning some sites that are fully commercialised, it also plans to develop others. However, due to the uncertainty surrounding its operations, for the past couple of years its main focus has been trying to sell these assets. As yet, it hasn’t been able to find a buyer.

And until things change, the company looks likely to continue doing very little.

The company seeks to preserve its cash by keeping costs to a minimum. But in the absence of sales, it continues to draw down on its trade finance facility. The amounts lent are secured on the chairman’s shares.

Yet despite the lack of activity, it still has a stock market valuation of close to £200m.

Are things about to change?

The recent share price movement appears to suggest that investors are hopeful things will soon improve. And some of this could be explained by the re-election of President Trump and his moves linked to ending the war in Ukraine.

I think it’s fair to say that Trump is more open to doing business with Putin than his European counterparts. If a permanent ceasefire can be negotiated, I suspect Trump will be inclined to quickly remove Russian sanctions.

Euraisa Mining will then be in a position to sell its metals in America, even if other countries are more reluctant to take its products.

However, this is pure speculation. And this doesn’t feel to me like a sound basis on which to make a sensible investment decision. But the way in which its share price has moved in recent months, suggests there’s plenty of speculators out there.

What’s the company worth?

And that’s another problem. With such a volatile stock price, it’s hard to tell whether its assets are worth more than its current market-cap. At one point, the company was valued at over £1bn, so perhaps they are. However, to be honest, I’ve no idea.

I’m also puzzled as to why the company can’t find any Russian buyers for its metals. According to its accounts, at 27 August 2024, it had stockpiled 239kg of PGM (platinum group metals) concentrate with a value of “not less than” £5m. Apparently, this is being stored in a “secure facility” and discussions have been held with possible buyers. But I’m surprised nobody in the country has a use for them, even at a knock-down price.

Although I’m sure someone will do well if the company’s able to start selling again — or is able to dispose of its assets — at the moment, there are too many ‘unknowns’ for my liking. For this reason, I’m not going to invest.