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I think AIM rules require them to report by tomorrow latest

Oh grow up.. the fate if GLR has nothing to do with UK. GLR has great assets but it needs a management that can realise these before running into cash problems. This is the killer of most AIM companies. I hope the post reporting period statement in the half year report has more to say than vague optionality guff

It may 10 bag if you want to wait a few years and the co somehow manages to bring Luansobe to production without dilution. I know there are good liquid assets to draw on for maybe a year and cb said they had sufficient assets but then again he said Luansobe would be producing by sept. This line of exploring optionallity to optimise shareholder is fine but needs finalising soon.

That is misleading - first quantum paid a 40% premium on the sp at the time so this is definitely not an example of a takeover at 10x sp. The sp needs to be dialled up as you say by realisation of some assets. Luansobe is critical.

I did not say GLR needs to upfront..obviously this is the idea of a consortium but this is the point. The consortium will not be looking at blue sky deeps etc they will be smaller fry and it will take some effort to pull this together. Anyone out there that may consider the further potential and can afford the costs will know the pressure (mining Luansobe is far from GLR core skills and resources) hence the low ball

Very approx Luansobe open pit contains around 600 million worth of Cu. Cut off at 0.25% suggests cost of production is around 150 million. Averaging over a 10 year life this gives 15 million costs and 45 million profit. In reality we should expect more costs initially so for first year say 15 to 20 million up front. Someone with much bigger pockets than Junior miners needs to participate.. they know this hence the low ball offers. Failing this we need a complex arrangement with multiple smaller companies who have the resources for these up front costs. If we are lucky this might get sorted over the next year otherwise there will be a fire sale or find raise at an abysmal share price

..or sold?? You said the consortium proposal was all a ruse to attract a big buyer. It is more likely the Co has been forced into this because there is only low ball interest out there.

You’re welcome

Yeah...let's bring a 500 million asset into production without a detailed plan and timelines which changes every few months...go figure

Agreed about the but seriously doubt we will sell one for 300 million within the next year given many of them need further proving up and this is tortuously slow because of our need to prudently manage finances until at least Luansobe op materialises. If all CB can give in the half year update is waffle without material time lines for Luansobe it will reflect appallingly on the management.

We are also 2 years into a 4 year exploration licence on Ka..tu and have not put a drill in the ground?

We still await Kamativi exploration licence extension...Is it usual to take so long?

If it takes 3 months to get drill assay results how long will it take to assemble a conglomeration to mine Luansobe, now that we know an outright sale is likely wishful thinking? We have already lost a fair chunk of a year from a 10 year licence.

Fair enough Chri5p. I certainly hope you are correct but there have been some difficulties in the past e.g. Starzinc that have been wall papered over.

I do not follow your logic that "very difficult" was being asserted against the whole sector, in the same sentence as "successful" being asserted about the company. You think I am over interpreting and I think you are white washing the CB comment. Unless of course you attended the AGM and these difficulties were elaborated on, which is why I asked.

Whilst enduring this new vacuum, I had another read of the Annual report and was struck by CB's closing statement..

"I thank our shareholders for their patience, fellow directors and management for all their hard work in what has been a very difficult but successful year."

What strikes me is that throughout the year we heard many statements from CB extolling the success of the company but I don't recall anything about "very difficult" issues. What has CB been hiding from shareholders,,,did he elaborate on these difficulties at the AGM? I, for one, would prefer full transparency on the good and the bad so that expectations can be properly managed.

I think Santa read your note and had a little chuckle.

When the 2m was received for Glrnlover sale CB sai do this would accelerate exploration of other assets. I suspect at the time he was expecting a quick fair value realisation of Luansobe open pit. It sounds like this may take quite some time hence the emphasis now on frugality which may slow down the exploration program but this is preferable to dilution imo. With affirmat and sand fire shares plus remaining cash frugally spent we should be comfortable for at least next year? Of course unlocking Luandobe earlier and it is a big game changer. I am not overly surprised given the history of over optimism so I think along the same timescales as Levi. I would be very happy to be wrong but pessimists/realists are never disappointed!

Thanks to DC reports I am quite comfortable with the wait

DC..very interesting additional info on Shinganda and WF .. thanks

****off was meant to be the same as berate ..but the censor bot mustn't like it

dc made an interesting comment on china trying to hoover up with low ball/unacceptable offers. my question is have they made a low ball offer for luansobe op? if so it would be interesting to know what the level was ..1) indicates a low baseline 2) indicates there is some concrete interest in buying luansobe. failing any offer it seems we would be going the irh route and we should not **** off levi on this that it will drag out more than six months.