Member Info for BillyRayVal

Re Harris and Baxter, I think it'd be nice to hear directly from our new exploration manager at some point.

I realise Callum is a JV partner, not an employee, so he's had only limited direct dealings with shareholders so far (the only occasion being the trip with Brian to Juno).

But Thomas works directly for the company, so hopefully we'll get more regular updates and comms whilst he's on the ground progressing operations at Gorge over the coming weeks.

https://www.linkedin.com/in/thomasmerlinharris/

Just posted on X by COBR:

https://www.cruxinvestor.com/posts/cobra-resources-drilling-toward-the-wests-rare-earth-answer

I thought that too whilst listening to him. Seeing as he's an Aussie analyst, you'd think he'd be at least aware of COBR and its plan to use ISR.

But I think it just goes to show how under the radar we still currently are (hopefully not for much longer!).

Interesting general chat on the REE sector, worth a listen IMO:

https://youtu.be/bBfVSka8Kfg?si=YwyUM4lkA8RDcLQY

Https://www.cruxinvestor.com/posts/cobra-resources-reports-high-grade-copper-discovery-at-blue-rose-raises-ps4-5-million-to-accelerate-drilling

(cont...)

So we proved up what we wanted to prove up and the beauty of it is that the much-maligned NuTech logs is a technology I believe in because I proved it in Tendrara, I proved it offshore Ireland, so it’s a log interpretation that I know about and approve of. And, it was like the early precursor to the AI use of a variety of parameters to create logs that will give you a reading beyond formation damage. So when these logs were interpreted, the conventional logs, [it was said] they’re not showing any gas, not showing any of this, or they don’t do that. Well, they were all showing the formation damage. Everything in there was under-representing what was there. And along came the NuTech logs, nobody believed them because we had in some 80% gas saturations. Nobody believed it. Well, now, everybody believes it, or everybody who’s knowledgeable believes it. So they understand the importance of identifying the formation damage and how it’s transformed our understanding of what MOU-3 and MOU-1 recovered.

So we now have two separate fan systems that can be targetted in MOU-3 which we believe all are gas-bearing. We have not seen any water on the logs in these intervals. And the attractive thing for us is, yes, there’s the proven gas, the 2C gas, but there’s now an upside way beyond what our initial expectations were that we will address in the flexible divestment process. And we will update all that as part of that divestment process with an updated ITR/CPR designed for the incoming suitor that will effectively put together everything we’ve achieved over the last five years, which is drill four wells, drill a fifth well for salt, find helium, find gas, develop a huge 150km2 biogenic gas basin in an area that had never, ever been explored in over 50 years.

It’s a new basin so of course there are teething difficulties. We didn’t come into an existing gas discovery. There was nothing to compare. We thought it was going to be very much like the Rharb basin and it is, but the sand is slightly different in term of its composition, but that’s not a thing that we can’t address.

You’ve got to look at it from the positive. You start with nothing and you end up with something that you’re trying to sell and attract a huge investment in.

Morning all,

I've just been reviewing the IMC presentation from last October and, in light of the potential for near-term M&A and the recommencement of operations in Morocco, I think Paul's comments about Morocco (based on slide 4) are worth highlighting (from 46m10s):

https://youtu.be/-IP0sYvohmc?si=Ehl9lIhHeikwvn53

Morocco is at a stage where we’ve proven up the gas resources at 2C level, contingent level, that we wish to. Basically, the information that we’ve got from the MOU-3 testing programme in terms of what the potential reservoir was in an unconsolidated state gives us information on how to design the future testing, and also how to plan for the MOU-6 well for unconsolidated sands, and there are four different levels of gas in MOU-3 that are targetted.

Some have said we go for the deeper resources because the resources are bigger. Well, sorry, that is actually changing now. The shallow resources, particularly what we call the Ma/TGB-6 sand, well we now think that that’s potentially a stratigraphic play over 81km2, 16km2 of which have been proven up structurally in the MOU-3 and MOU-1 wells.

So what the testing programme on the A sands did for us was for the first time we could prove formation damage. Instead of saying the logs gave this, or it’s over-balanced drilling, we could prove it was formation damage. We can understand the fact that over-balanced drilling and the fact that we didn’t have an intermediary casing point, or second casing string, was detrimental to the fact that when we were drilling through this section the fine-grained sand and unconsolidated sand got washed out into the drilling mud and the drilling mud then re-precipitated the fine clays in the sand. Which are not a problem if you don’t drill them, they’re very porous, very permeable sands capable of doing at least 20-25mmcfgpd if they’ve got connected volume, which these have connected volume.

So we know what’s there but the challenge, which we’re overcoming, is to get the drilling programme right to address the situation. For example, on MOU-3 we can prove that 20-25 psi over-balanced drilling is enough to shut off the gas inflow into the well. And a lot of people seem to forget that whilst we were drilling, we were getting gas inflow into the well. We got gas samples in the well. We got a helium sample which is a very light gas, at the bottom of the well, which is quite remarkable given the over-balanced drilling.

(Cont...)

Just something I picked up whilst re-reading the RNS is this sentence regarding Juno:

'In addition, evaluation of these recent and historic drilling results indicates the potential for Abra style sedimentary hosted lead-silver-copper-gold deposits at the Juno project.'

As far as I can tell, this is the first mention of an Abra-style deposit at Juno by GEO, so presumably this must be based on new post-drill interpretation by Callum.

A quick search on Gemini gave this info re Abra, clearly a significant deposit:

The Abra Base Metals Mine, located in Western Australia's Gascoyne region, is a high-grade, sediment-hosted lead-silver deposit, often described as a "sediment-hosted replacement style" of mineralisation. It is widely considered one of Australia's largest and highest-grade primary lead-silver deposits, with production starting in 2023.

Abra Mineral Resource Estimates (2023–2026)

July 2023 Mineral Resource Estimate (MRE): 33.4 million tonnes at 7.1% lead and 17 g/t silver (at a 5% lead cut-off grade).

Feb 2026 Updated Estimate: Indicated an increase in total resources, with total M+I+I inventory reported at 31.1Mt.

Here's Tom's LinkedIn page - it appears he was still in gainful employment, but presumably thought the opportunity to work with CB at GEO was a good one:

https://www.linkedin.com/in/thomasmerlinharris/

A reminder from Omar this afternoon:

https://x.com/ValueAimTrader/status/2031388850568773687

Omar was very clear during the AGM in December that the Namibian licence had been renewed.

He said that the company would only have to disclose to the market if the licence had NOT been renewed. So the fact that such an announcement has not been made clearly indicates that PEL94 is still active.

Omar also stated that they obviously wouldn't be progressing work on the licence or conducting farm-out discussions if the licence wasn't active.

So, as you say, Tryyourbest, anyone who tries to suggest that GEO no longer has active control of the licence is simply spreading FUD, likely for their own selfish interests.

What interests me is that it's now pretty much two months since the last operational update from GEO, having previously released newsflow on a fairly regular basis. Regarding Namibia, this may suggest we're in a commercially-sensitive period - let's hope news of a farm-out is forthcoming. As for Australia, we were told that "additional drilling is scheduled for the earliest opportunity in 2026." I think WSBN is due to re-start its drilling operations in April after an operational pause to avoid the worst of the summer heat (and difficult surface conditions). If GEO is planning for the same, then I think we can reasonably expect an operational update for Juno (and Gorge) within the next week or two.

During the Q&A section of the IMC presentation in November, Rupert said that he had an ambitious target for a REE pilot study later in 2026, so hopefully we're still on schedule for that.

He also stated during the presentation that, with cerium suppression, the MREC could be worth well over $30/kg. Well, that figure has been blown out of the water ($65/kg), and he also said that there was a chance to improve payability to 80% depending on optimising impurity levels.

Interesting re-post on X by Omar, highlighting TotalEnergies involvement in offshore Namibia:

https://x.com/miningandenergy/status/2025853822631817680

Is Omar trying to tell us something, perhaps...??😉

Https://youtu.be/_w5cgTBWSv0?si=EvfmhvxEeEQCJ7lf

Sorry for the duplicate messages, my flippin' broadband keeps dropping out today and I couldn't tell if my posts had been sent or not!

▶ 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

PEL 94

Reiterated that the BOD is focused on getting the BEST deal for shareholders, not just any deal.

The BOD needs to be comfortable with every aspect of any deal before it can proceed.

The company cannot mention the specific names of interested parties in the data room. However, Omar did state that they include some very significant O&G companies (“household names”), which has been aided significantly by Chevron having recently announced its drilling plans for the Walvis basin. As such, bigger players are now moving towards the Walvis basin, highlighting the potential that the Walvis has to become a “new oil frontier”. [Omar suggested he’s probably said more than he should on this issue!]

Hamza confirmed the growing interest in the Walvis and that the drilling intent announced by Chevron was very important.

Regarding formal extension of the PEL94 licence [which I understand was due for renewal in September this year], Omar said that, as a listed company, GEO only has to disclose if the licence has NOT been renewed. As this disclosure has not been made, plus the fact that the company is progressing work and the farm-out discussions on PEL 94, Omar suggested that the current state of the licence is active (even if he wasn’t able to state is directly). [i.e. the licence has been renewed (IMO!)].

Expect further RNSs on PEL 94.

Regarding risks to the PEL 94 over the next 12 months, Omar highlighted that the POO turned negative during the pandemic, and such factors are outside the company’s control.

(End.)

(cont...)

... investor interest.

Omar then reiterated that the BOD strongly believes in all the company’s assets and again stated his goal to achieve a company valuation of £1Bn, if not higher. He made a comparison to Havieron when he said that it wasn’t until the second set of drill results that the market fully realised the significance of the discovery. And he said not to forget that Juno is huge!

Omar then re-stated that GEO’s assets are all very exciting and that just one asset alone could return significant shareholder value, and GEO has 3 such assets! Plus don’t forget that Callum is a truly world-class geologist.

Hamza stated that the company is always looking for additional opportunities and that they plan to continue building the asset base.

Azib reiterated that the main risks to the company were exogenous macro factors such as commodity prices. However, the BOD has been very focused on building a company that is resilient and disciplined, and this has been achieved by building a diversified portfolio with now 3 high-quality assets within 2 different geographical regions. He stated that the BOD will only add assets that are of very high quality i.e. it’s not just diversification for diversification sake.

GORGE:

Work has started on Gorge. Omar highlighted that Juno was progressed very quickly (within ~12 months) to a point of being drill-ready, and the company plans to implement the same strategy with Gorge i.e. plan would be to drill Gorge sometime next year (2026). Newsflow is expected from Gorge, so Omar suggested to stay tuned to the RNS feed for updates.

(Cont...)

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 investor inter

Hi all,

I've written up my notes from the AGM, which I hope may be of interest. My apologies for any errors or omissions.

As others have mentioned, I thought the meeting discussion was extremely positive and the BOD seemed very assured and confident in their approach to building a resilient and disciplined company with huge potential.

▶ AGM Notes:

Brian Chu as Chairman

Omar, Hamza and Azib in attendance.

All resolutions passed

▶ INTRODUCTION from Omar:

◉ JUNO:

Successfully intersected all the key geological units

Still expecting assay results this quarter.

◉ GORGE:

Historical work shows exceptionally high-grade results e.g. up to 233g/T Au in soil along 5km of strike length. “Very excited” by the potential for Gorge.

◉ PEL 94:

Farm-out ongoing

“Several” companies currently reviewing the data, with lots of new company interest. There has been an “influx” of NDAs being signed of late indicating that the momentum in the Walvis basin continues to grow.

◉ Corporate / General:

A focus on disciplined cost management.

(cont...)