RE: AGM Summary Notes2 Dec 2025 12:27
▶ Q&A:
(Note: I’ve collated the discussion into GEO’s various projects, not the order in which the questions were actually asked during the meeting.)
◉ Juno (and some general points) :
The labs are very busy (there have been a number of consolidations between labs in the region recently, which may be affecting capacity / ability to process samples quickly). But, of note, several companies are experiencing delays in receiving the assays, it’s not just GEO.
Brian said that they hope to have assays in Q4, but it’s not within the company’s control.
However, Omar then stated that he’s spoken to Callum recently, and he’s “very confident” that the results will be out by the end of this quarter.
A question was asked as to why the assay results weren’t fast-tracked. Brian stated that both Callum and GEO decided that there was a cost-benefit balance to be sought and it was thought that fast-tracking the results would not add to shareholder value. He reiterated that the delay in getting assay results was affecting many companies, not just GEO.
Omar stated that the company’s firm intent is to make Juno a success. All the data to date led to the drilling campaign and the drills intersected exactly what Callum was expecting.
Note that Juno’s areal extent is pretty much the same as Paris, so it’s a pretty huge area to explore! Initial plan is to confirm mineralisation and then, in 2026, get into the “nitty-gritty” of the new drilling targets.
Brian then stated that, from what they saw when he and Callum were on site, they have “confidence” in the Juno project. Of note, he suggested that XRF was used on site but, as XRF cannot penetrate deep into the cores, such results are not always indicative of the formal lab assay results. He said that he “didn’t want to give false hopes” so it’s important to wait for the formal assay results. [Which suggested to me that the XRF data was positive! But this sounds, to me, like a very prudent and sensible approach.]
Regarding risks to the company over the next 12 months, Omar suggested that the company clearly cannot control exogenous macro factors, particularly commodity prices.
Omar noted that the POG is doing really well and that most analysts expect the price to continue to increase. But even if it stalls / drops, it’s worth noting that the AISC of most gold producers are currently less that 20-30% of the current POG. So the downside risk is very low as the profit margins will still be very good even if POG was to fall. This, Omar said, bodes well for exploration companies such as GEO.
However, and importantly, Omar stated that GEO has “strong access to capital” (unlike many other smaller exploration companies). He thanked the loyal investor base, and reiterated that access to capital is NOT an issue for GEO. This is aided in no small part by GEO’s JV with Callum, whose reputation as a world-class geologist is important for generating inve