RE: Decent RNSs31 Dec 2025 13:13
It's not just risk / reward here, both are of course at the extreme ends of the scale of investing.
It's also difficulty of execution, they've took over a disused mine, then on a shoestring capex budget, got it into production, and actually have it operationally profitable with the debt leftover to get it there, that achievement puts GRL in the 1% of mine exploration developers, most fail miserably.
Yes, to do that and hold on to the majority of the mine, they've had to be economical with the truth, provide truth limited updates to the market to get bondholders exit liquidity early in 2025 for example and everything in between. It's tough to hear these things if you don't understand what you're investing in, but there we are.
As they move on to the next chapter of this story, as a producer upping the production numbers, that has to change as the investor profile changes.
Updates need to go quarterly, comms needs to improve, the website needs updated regularly, the CEO is done, neither her history here or her skills are survivable and I expect her gone in weeks and replaced.
The company needs a 're-write' and that is now obviously in train with the new NED Appointments and Gold Loan Deferment.