RE: This is crazy14 Nov 2025 12:55
Some reminders of what we know:
We are drilling in an area which is known to be rich in gold
We hit a breccia pipe in late August and towards end September the samples were at the lab with results in “coming weeks” – that was 7 weeks ago. There are a variety of views on what the timeline should be, but one thing most seem to agree on is that the samples we have submitted are significant in size. It seems to be well accepted that 4 weeks is possible, with small size samples, others talk of 12 weeks.
We are acting on survey information from Expert Geophysics (MobileMT surveys), who have played this quite noisily on LinkedIn and as such risk their reputation if they are wrong.
MobileMT surveys are being undertaken elsewhere on the Red Setter site to identify further drill targets
Drilling is planned to continue throughout this year and into next, funding is in place for this. In the instance of poor weather helicopters will be used to move people to and from site.
Our MarketCap is less than £30,000,000, compare this to our next-door neighbour GGP at £50,000,000,000. GGP’s ¼ end free cashflow in June 25 was £222m. If they wanted longer term investment from Red Setter they could purchase us with a few weeks of cashflow!
It is fact to say that Red Setter has gold and copper, what we don’t know as fact yet is the extent and the commercial likelihood.
Our BOD don’t act in the way that a short term investor would want them to, should that be surprising? Of course not, they are in it for a longer period of time, and yes of course they will make money along the way.
There are 14 new tenement applications awaiting decision, at least 1 of which have been objected upon by GGP and Newcrest – a court hearing is due in February on this. Clearly GGP are rattled by this, we have seen an opportunity and they want it too! – you can check this here https://emits.dmp.wa.gov.au/emits/enquiry/home2.xhtml?tenementId=E+45%2f7169 (if you register etc)
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