Member Info for Bazzaman

No surprise to see the Gold price recovering from its 3% drop as well, now the UK market is closed.

If MD hadn't been buying, the SP would be single figures by now and most punters would have left. Nobody has any confidence in Ashman, only in the product. Ashman is a lame duck, adds no value and needs to be replaced. Once he has gone we can look forward to a new era in 2026 with renewed optimism. Make your vote count, we don't need Ashman.

Greatland Resources (GGP) is a cross-listed Australia-based gold and copper producer. It operates the Telfer gold mine in Western Australia and is developing the nearby Havieron gold-copper project, both of which are 100 per cent owned, while exploring across a significant regional portfolio. It maintains full upside exposure to the yellow metal’s price, with downside hedging provided by gold put options at $3,905 per ounce (oz) through this year and $4,200 per oz in 2026.

It has been a year of change for Greatland: alongside its cross-listing process and the consequent ASX quotation in June, it also executed a capital consolidation, in effect creating a new business structure. The move was designed to expand research coverage, while boosting institutional ownership.

The pricing backdrop has clearly been favourable through much of 2025. And the company has been exploiting this trend in the first quarter of FY2026 via the production of 80,890 ounces of gold at an all-in sustaining cost of $2,155 per oz. That combination fed through to $284mn in operating cash flow and closing cash of $750mn. The miner also remains debt free, with an undrawn $75mn working capital facility for total available liquidity of $825mn.

The cash surge was achieved despite an $86.7mn outflow linked to development and capex allocations for Telfer and Havieron, with the latter’s feasibility study due for publication this December. The exploration and resource development drilling at Telfer has progressed according to plan and has yielded encouraging results.

Greatland’s operational progress through the quarter also provides encouragement. A gold recovery rate (the percentage of a mineral successfully extracted) of 88.6 per cent for the period represented Telfer’s highest quarterly gold recovery since 2010, while the 81.3 per cent recovery rate for copper places the company ahead of plan. Expectations in relation to its underground operations were exceeded both in terms of ore tonnage and head grades.

The leeway provided by Greatland’s production costs, coupled with unhedged sales at a time of soaring bullion prices, have resulted in an impressive cash margin of 55 per cent.

The miner trades at a one-third discount to its consensus target rate, with a forward PE multiple of 7.5 times, and a decent free cash flow yield of 4.6 per cent. There are always mining risks linked to execution and underlying commodity pricing, but Greatland’s prospects under its new structure currently look assured. Buy.

Of course the 500k purchase is an unknown, we can't have it affecting the SP can we MMs.........

In the meantime, no TR1's and no communication on anything from Ashman.

AS the MC is falling by the day (hour) whilst Ashman sleeps at the wheel. Can anyone imagine another year of Ashman leading this company? Zero communication, zero buying shares, inflated pay increase, no royalty news until December 2026!!! He is useless.

How low is the SP going to before Ashman finally resigns? Looks like investors had had enough of his porkies.

As I said, which ever way you look at it Ashman doesn't have an ounce of integrity and needs to resign. Total silence with zero interest in engaging with his shareholders, fireside chats with the lemmings has ended, overpaid and overrated. If he won't resign, he needs voting out.........

The SP on 4th Dec 2024 when the results came out was 17.75p and today it closed at 15.875. In 11 months he hasn't created any value for us shareholders and with the placing earlier in the year for Superdrug the dilution has made our value even worse. If he had an ounce of integrity Ashman would resign, an extremely poor performer full of hot air!

Conclusion: FY2024 has been a year of extraordinary highs in an extremely challenging economic environment for a small growth company with big ambitions requiring funding. The strategy to grow the business through acquisition at the same time as driving the underlying business has been a deliberate one in order to provide additional products and capabilities, and increasingly importantly, scale-up for negotiations with present partners as well as future ones. Dermatonics and in time, Bio-Tech solutions have completely changed the Group's shape and positioning, and have created additional products, operational and manufacturing infrastructure to complement the SkinBiotix platform. The ambition is to build a Group that is a leader in the skincare sector, creating significant value for its shareholders and is an exciting place to work for current and future employees.

I would suggest that he has probably failed on nearly every ambition and his words are just hot air. Be interesting to see what gets repeated this time. He hasn't generated any value for shareholders IMHO.

Worth re-reading the full year results released on 4th December 2024 to see how Ashman summarised what he was planning to achieve in 2025. The big question is 'how successful has he been'?

M&A strategy: · Dermatonics is an established topical dermatological player in the skincare and woundcare space. Its products range from heel balm to treatments for warts and verrucas, and dry skin relief. The products are sold through its sales platform and also via a commercial partnership with the Umesh Modi Group, into Africa, the Middle East and Asia.· Bio-Tech Solutions is the newest addition to the Group and brings specialist health, hygiene and personal care product manufacturing and packaging. This company also has potential as a future development platform for advanced topical creams.Into FY25, the Group will continue to drive both strategies together to build scale and value.

SkinBiotix (skincare/cosmetics): Under the terms of the agreement, all details about formulation, functionality and Croda's financial expectations remain completely confidential due to the competitiveness of the cosmetics market. Any royalty revenues arising from future sales will be reported to the market at the appropriate time, and the Directors will draw shareholders' attention to any relevant public announcements from the Croda team. Sales and distribution rights are for the cosmetic sector alone, leaving SkinBioTherapeutics to focus on further applications of its technology in other sectors.

Research & Development: SkinBioTherapeutics also has two other programmes ongoing with the University of Manchester in oral health and inflammation.

The first extended phase of developing a new lysate for the oral programme is complete and the Group is in discussions with the University to establish next steps, since it will require further funding. The inflammation study is looking at how the microbiome can influence and balance the body's response to inflammation specifically related to harmful UVR (sunlight) light. The programme will run until June 2025. In light of the recent acquisitions, the Board is planning to review its whole R&D portfolio to determine which programmes have the greatest potential for future commercialisation.

Dermatonics: Shortly after the acquisition, in March 2024, Dermatonics signed a manufacturing and distribution agreement with the Umesh Modi Group which focused on Dermatonics Once Heel Balm. The product is being sold by Umesh Modi's 1,200 salespeople across six countries in Asia, the Middle East and Africa. The total addressable market in these regions for dermatology and diabetes management is in excess of £5bn. Discussions are underway regarding other product opportunities, which underlines the benefits of bringing in inorganic acquisitions like Dermatonics to the Group.

contd

Ashman has to go, the worst CEO on AIM bar 1 (SOH).

If the selling continues at this pace even the big 5 mates might vote him out as well, every cloud has a silver lining.........

Looks like expectations on good results are starting to fall. Acquisitions performance are crap, Superdrug has flopped, No Croda information and the SP reflects reality. Down it goes............Vote Ashman out!!

Another day nearer the voting and Ashman is still fast asleep in his bunker, ignoring everything around him. No point replacing his COO as the next CEO will want his own team, it's coming........

IMHO they only brought the SP down so that their mates can add at the cheaper price. Wait until you see the after hours trade buys that they report as unknowns. Onwards and upwards here.

GLA

Hi Toyin, I'm not in any hurry, plenty of time for this to come good.

Agree Toyin but the clown will continue to hide behind the NDA until Croda let him off the lead. Still at least our resident buyer is still active, another 250k purchase this morning. Doesn't impact the SP though as they report it late and hide it as an unknown, keep it up MMs.

There you go net, the first trade today at 16.30p and the google price has changed.

Are you awake yet Ashman? No news, no trades, no TR1s. This farce continues, every day we are nearer to voting him out. Don't waste your vote!!

Net, I see you follow Sunshine today on ADVFN, did you know he was Dustbin on here?