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GAL top of the sector risers. Never thought I'd see the day. Let's hope they get funding and at reasonable cost.
Very good news.
The previous share price was around 4p (today's 40p equivalent after 10-1 split) before this stopped blasting in Oct 2019, which lead to to tougher times, stock issues and the ant-gal brigade posting on here and dancing around celebrating the loss of jobs.
The Market Cap. was I think around 14m to 21m before, so a return to mining activity and production could see a similar market value and SPs of 30p to 45p providing a base to springboard the company back to it's mining plan hugely interrupted at its beginning by this.
GGP rising again!
Sounds promising
ATB
At some point, the money they are bringing in for spending on the mine development must at some point show some progress.
...interest returning, maybe?
Looking at the recent activity on the price..... somethings happening.
notice a few high volume trades in just before the RNS too....
Sounds like 'someone' knew this was coming.... there are patterns evident with GAL, and you can almost predict when the statements are due...
Did you spot the 'sneaky' RNS slipped in there yesterday evening. You'd nearly think they didn't want you to know about the additional 11.5 million shares added to Galantas.....
https://www.londonstockexchange.com/news-article/GAL/galantas-announces-conversion-of-debenture/14801376?fbclid=IwAR3UaxGsQvc89VIGLoaXHUdmobT1M2BZUwIIcdS_POzCMnjdYear7qoX4hA
2/2
If the exploration comes good could get really exciting - Im constantly reminding myself of the size of the license and the number of targets/prospects within.
RP got lots a stake here, don't think chaps like RB forgotten about this and going to just let it slip/get frittered away. Just need to have a little faith like when you averaged down (good move).
The upside from the/any reduced costs (already low) from the increased predictability due to understanding vein dilatance and the prospective new areas within the existing mining permit not forgetting all the work they did on the new level (yet to be worked) is quite tantalising really. They done the hard work and are ready to go, just need covid gone and bit of money to get going, then dominoes tumble and sp appreciates.
Just my very optimistic and simplistic opinion.
Link towards may 6th tech report in English...
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00003744
Maybe a bit of newsflow soon after Wednesdays agm.
Not following particularly closely, not really analysing financial aspects, just taking a broad brush approach and hoping things can turn around over time and interest can progressively increase creating vol and feedback towards higher sp.
Not seen much increased selling since the 4 month hold period ended 18/11/20 & expect quite tightly held stakes generally. At 6m mcap for me its skewed towards upside RvRwise.
I think good chance this has already bottomed tbh.
Just like in rmm and iron - paper losses are not too painful 4me presently as I see the macro as a shortening influence to the situation. Avoiding anything terminal is the priority and assuming that's achieved I'm reasonably content that these types of Co will deliver an good return in the med to long term (currently a b/e would seem like that but even 20% is good cf to most other places and hope for much more here and the other 2, with time).
Corrections welcome - a small holding for me and only look in/at sporadically spending minimal time following.
AIMO ATB
1/2
Yes I'm satisfied by the accounting explanation, figured it was something like that.
The way I see whats gone on and how it may pan out...
They stopped underground ore production (entered 'care and maintanence') - oct 19 due to blasting psni issue (security), these issues were then sorted but some connected financial matters were outstanding.
Covid kicked off and staff furloughed so even low grade processing from stock was down & a return to underground mining a complete no go.
Things eased (May) and low grade processing brought back but revenue not shown due to nuance of accounting regime as they told you. We also been told the above financial matters with psni are now sorted, so good to go on that front when able (with invisible revenue used to fulfill some ongoing costs).
'Commercial production' seems to be awaiting appropriate 'financing' combined with being on covid related tenderhooks over and above the finance issue.
Once a covid end (sufficient easing) becomes visible - should allow movement on solidifing these 'discussions' they've been having re the finance for commercial re start.
I reckon a jv or partnership will suddenly materialise combined with a finance arrangement, then re start underground, get exploring (rns 26/10/20 - new drilling maybe included in the new updating tech report), get reporting the revenue (recent processing increase), complete the new tech report and 43101 resource update (from the 2014 one & incorporating 06/05/20 released study findings) by which time sp is up/ maybe multiples from here gold imo likely >2300usd and someone is/would be willing to pay a pretty penny - if sale still an immenant consideration.
The results from 2015 exploration (incl in rns 26/10/20) included the best ever intercepts obviously they aren't in the 2014 report so significant improvement - realistic expectation.
AIMO
International Financial Reporting Standards (IFRS) are being followed specifically 16 and 38
(Property, Plant and Equipment and Intangible Assets) meaning costs and revenues for the gold are capitalised (deducted from the capitalised costs of development) until the mine goes from development to commercial production. Despite the ore from previous mining being processed, this does not count as commercial production.
The mine is in 'care and maintenance' since 2019.
So until commercial production (which IMO is not likely anytime soon), all revenues are deducted from development costs and not shown as Revenues on the Income Statement.
The problem IMO is that unless they are going for a proper BFS and revised JORC, which they haven't stated, then are Galantas showing intention to start commercial mining, instead looking for a sale which they have stated, but are utilising all the ore previously mined to obtain well over a million dollars, which is not being shown in the accounting to pay normal costs.
I asked the company and got the above explained but this isn't quashing my personal angst about the million dollars in gold sales.
Anyone (someone invested rather than one of the anti-Galantas posters I have on filter) have comments or is satisfied with this ?
We should see where this money is being spent !!! Mmmmm let me hazard a guess paying Top salaries and expenses ,please correct me if I'm wrong !!
$978,000
What development ? There has been a virus stopping works.
Why is this money not stopping the losses ?
IMO We should see where this money is being spent to the last penny.
14. Revenues
Shipments of concentrate under the off-take arrangements commenced during the second quarter of 2019. Concentrate sales provisional revenues during the three and nine months ended September 30, 2020 totaled approximately US$690,000 and US$876,000, respectively (three and nine months ended September 30, 2019 - US$519,000 and US$978,000, respectively). However, until the mine reaches the commencement of commercial production, the net proceeds from concentrate sales will be offset against Development assets.
The proof is in the pudding. SP has been mute. 21 miles, 10 miles.. matters not.
Of course I'm right. Not exactly rocket science. We are days away from an RNS and we have to ask if this tragedy to some of the local salmon will be in the report... No. Obviously.
You have 5 Posts ,all on Galantas. A private investor looking to maximise his ISA or Pension.. ? No.
Sorry Englebert. It's obvious your agenda here. Straight onto the filter and I advise anyone reading this to do the same.
You posts will now appear like this.
"This message has been filtered, please adjust your filters to view"
Gavster... points of fact-
The area effected by the peat landslides is in one of the Galantas/Omagh minerals licenced prospecting area 'OM4/19'? YES or YES (clue the answer is 'YES')
This area is exactly 21 miles away from the Cavanacaw Galantas mine, not 10 as you state.
Irrelevant to the Galantas share price, investors, JORC or current business plan...? really... then why were their geologists sampling in the area recently, and why did they go to the expense and effort of securing a prospecting licence in 2019? Perhaps it is 'irrelevant', some would call it downright foolish and irresponsible for a mining company to keep all its 'eggs in one basket', and not have parallel exploration going on a lot earlier.. These areas should have been explored and aquired back in 2010, GAL would be in a much better state than they are in today I can state confidently- instead of flogging the dead horse of Cavanacaw. Lets face it, the good days are gone at Cavanacaw, the low hanging fruit are but distant memories, and so in fact are the fruit trees.
Also "Even if mining took place some long time in the future, it would probably be well below any rivers or ground that could cause landslides" - Are you even aware of the Galantas Cavanacaw site? Do yo work there or something? Its on hilltop, on a peat bog... there is a 'peat stockpile' that they had to remove to get at the Kearney vein!..... Surrounded by peat bog, the source of a tributary stream that feeds the main river that passes through Omagh....
Happy ramping! but no thanks
10 Miles away from the mining and the gold. Irrelevant to the Galantas, share price, investors, JORC or current business plan. Even if mining took place some long time in the future, it would probably be well below any rivers or ground that could cause landslides.
Recent events?
These peat landslides and subsequent pollution are in the OM4/19 prospecting zone held by Omagh Minerals (Galantas).... It seems the public and the various environment agencies are keeping a very tight eye on the region, on both sides of the border.
https://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-54994865
mmm.... really not so sure on your logic.. need to see some positives from the recent efforts, but seemingly the 'field' has changed a lot in recent days and this may have an impact on the exploration area
Good news certainly.
More than doubled my holding this morning, topping up to just over 0.1% of the company.
Was hoping for no rns (made my decision to buy more before seeing todays news), so happy to see 16.6p avaliable on open.
Aim to further dilate my holding around these levels if they last (or lower) and hope GAL get back to black returns very soon.
Don't be selling up now, imo. Significant findings are just ahead and a significantly more receptive audience awaits.
So much work/money/time/effort expended to get here, I say hang on to as much as possible just a little longer. Visibility of path to 20-30k oz/a once covid restrictions eased 4 shift workforce at it and numbers put to a few promising leads (already permitted too) and gold at >2300usd and 750k to 1m in ground? (~25% increase).
Then see what the offers are - I think <12 months.
Explo license is vast.
AIMO GLA
This increase in man hours roughly means producing gold at a rate of 2000 ounces a year, or in value terms is over 3.5m US$. This combined with an updated JORC, is good progress and the money to even turn that JORC into a BFS.
Not bad for a current market cap £6m. Share price could easily double when this beds in.
$1400 / ounce by end of 2020
Next step after could be a BFS, which would most certainly send a rocket up the SP and an large increase in Market Cap.
This is decent news. If they are serious about getting proper value in a takeover. An updated NI 43-101 is essential. They are again pulling in revenue, spending it properly on a certified resource, and have a billion dollars worth of gold in the ground.
Nobody really cares ,same old story !!!