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I think JL’s statement that PR is attrocious is fair and and is a well supported view. Expressing it is not brainless as the intention is to try and foster improvement.

Well I hope GLR follow your advice to avoid dilution..they have plenty of assets

Two years today since the Luansobe OP license was granted, and it was said that it could be mined within 3 months.

18 months or so later an RNS expressed hop for a deal by Feb 26.

Here we are. .. nothing has changed in this respect.

What has changed is the commitment to Molefe and Ferber which are very promising.

Nevertheless we have 9+ commitments, limited cash, a part time CEO…lack of focus and over extension can be a killer. Hope CB has something in the pipeline apart from dilution.

M

Then the question is whether the level offered far in excess of 5 million is preferable to a funding raise. I don’t know why this 3 to 5 million is being bandied around.

I don’t recall anyone suggestIng that an offer of 3 to 5m for Luansobe would be acceptable to them.

Likewise I would prefer them to mine Molefe and generate a steady income and financial security. I can’t see FCF in this respect until next year though, so we likely need a cash injection before then. Hopefully a sale or JV …plllllease no more dilution!

Damn right I complained about the unnecessary fund raising. These other companies don’t have 10 assets…if you are waiting for these to be appraised for full

monetary value at the rate we proceed we’ll good luck with that..life is too short. Still its in the past..as the year progresses I will become increasingly agitated about another fundraising unless CB does pull one out of the hat.

Molefe should indeed pan out well for GLR. Hopefully the forthcoming JLP update will bring some clarity on timescales and GLR will also issue some guidance on cash flow forecasts.

Well said JL on the need for IR to update us on Luansobe..hope they are taking note of these intended constructive comments.

Maybe MM is referring to Luansobe which has an Op license for nearly two years

Thanks JL ..appreciated, that is a really informative, detailed update

Ok thanks..my mistake - the statement I quoted in the recent RMS referred to the reporting period ending 31st December 2025. I should have delved deeper to the post period reporting. Certainly happy the drill results are closer.

Didn’t the 31st March RNS state phase 2 drilling is starting soon (rather already stated in Feb)?

Really good balanced posts and research, enables LTH and newbies to to take an informed decision nicely summarised by WWT:-

“That is the realistic landscape ... now does an investor stick it out for fear of missing a re-rate on a JV or sale in the coming months or do they think nothing will happen and a fund raise will be needed late in 2026 and get out now and look smug.

Pays your money take your choice.”

With supporting opinion/research from JL and DC.

I also agree strongly with Moneyman that a sub optimal sale of one to carry us over is just common sense arithmetic.

For the record I hold favouring the risk of missing out as things are coming together rather than trade a wide margin on the chance of dilution.

Further to WWT comment:-

“I see this as stage 1 in GLR's move towards monitisation and I anticipate Luansobe will be next.“

I can’t see Molefe generating income for GLR until 2027..do we have sufficient cash cash reserves to finance this years commitments if Luansobe does not deliver until after Molefe monetises for us?

Quality posts JL

“If you have any input please contribute over the weekend as I will have plenty of time on my hands travelling from Hiroshima“

Hmmm…

A couple of helpful posts (JL and WWT) with info directly addressing the question..can’t believe I am saying this 🙂..nice one!

..main unknown…what does near term mean.

I fail to understand why 3CB statement of fact extrapolates to a knowledge of his trading position?

Of course if it is profitable by then it is a moot point