Member Info for CHRI5P

When EUA had an estimated $12 Billion inferred/indicated amounnt of precious metals in the ground with no international accepted JORC but they did have a mining license they were worth £1.2 billion at their peak. The deposit is in Russia. So FS your 10% nice is not so impossible as many on this board could imagine. The price of palladium which was the main metal as halved in price and value of EUA is still around £180 million. You couldn't make it up if you tried.

Back up to yesterday start

I couldn't disagree with you anymore MM64 - I managed to buy another million at under 0.8p yesterday. We have too many good assets to not worth a lot more than 2p IMO.

If SFR buy our 3 main Kalahari licenses it would not be a surprise that they increased their share holding in GLR. I have said before SFR might see GLR a way of increasing their footprint in Africa.

Owning an exploration license is expensive because you can lose them if you don't move on them. Small companies need to find a lot of money to develop or find a bigger partner. We could say to SFR spend £10 million on P253 over 3 years for 75% but it doesn't guarantee a payout in 3 years time. I like a cash payment upfront.

AFP received nothing for FQ to start drilling. Once FQ finish their work to get 51% they can put the asset on hold. AFP are havind to do a placing every year. CB knows we will need deal/cash or placings. Receiving cash upfront is important.

BS P253 is unlikely to give the SP a huge re-rate unless someone announces intensive drilling today. £6 million would give us funds to develop further. Shinganda and Luansobe are so far in the drilling campaign that they should give us a re-rate. The timescale for they licenses was to spend £4 million in 2 years which they've done but the £4 million we received paid for good licenses. BS I think you need to realise that if the bonus was more contractual then we would recieve a lot less upfront and more placings

SFR own 4% of GLR so what is stopping them increasing their position to 15%!

The £4 million + £2 million placing was spent on buying and developing Luansobe, Shinganda, Bulawayo and Kamativi (Bulawayo and Kamativi cost $1.5 million) in 2022. So not wasted.

The situation is completely different. We we spent $500k on buying 24 licenses and that included spending $100k on work. 2 licenses were not kept and eventually 8 sold to SFR for £4 million and SFR needed to spend $4 million on them. We have done a lot of work on the licences we have left. Hence, why selling P253 could raise $6 million + a bonus. The SFR deal considering the financial outlay of less than $200k was truly astonishing.

Yes BS Mr spot SP is disappointing. However, from the information we do seem to have some amazing licenses. A change in perception and some clear cut data or a deal could easily see a massive re-rate.

23 days before the Luansobe RNS we accepted a 51% stake on Shinganda if we spent over $500K on the licence!

The funny thing was when those RNS came in December 2021 I was so anoyed because I was hoping for news on the Kalahari licences.

I think the Shinganda deal will be the deal of a life time.

Below is what we paid for a 75% share of Luansobe:

The JV Agreement provides the Company the right to earn an initial 75% interest in a special purpose joint venture company (the "JV Company") by making an initial payment of US$200,000 and a second payment of US$200,000 in the initial period from the date of the JV Agreement by 20 February 2022 (the "Initial JV Period") and issuing 5,000,000 Galileo shares to the Vendor. The second payment has been completed and the shares will now be issued at a price of 1.125pence per share. The Company will now be issued 75% of the shares in a to be established Zambian joint venture company (the "JV Company") to own the Licence (subject to Ministerial Consent) and the Vendor will be issued 25% of the shares in the JV Company.

So we paid around £400K for 75% of Luansobe - what a deal Colin

Yes we have spent money on drilling and consultancy.

The full monetising of Luansobe won't happen this year but getting a huge price for it or looking at the best options to maybe monetise the OP is paramount. Why is everyone in such a rush. I remember a person on another board moaning about EUA always falling and not rising much and then the price doubled they then sold. 12 months later EUA was 25 times higher than what they sold out at and ever since they have still moaned about EUA being overvalued. The majority of LTH's will sell too early but still moan.

FS I disagree on last point. The 2 deeps are more important than the OP. That is why we are possibly doing more drilling. Why sell the OP or waste money starting it with an agreement with a contractor and forget about the deeps and how we monetise them. CB said around August last year getting the first part right is important. I do not think selling the OP is at issue it is just one piece of a larger puzzle. Selling P253 is the better option.

I don't think the original timescale of 18 months from the RNS is of importance and adhered to. In the results the NW had a value of $£516K which suggests the amount of capital spent on the licence so far and which falls short of $750K to be spent. Over the summer we will be spending more on drilling and testing to see if it shows at least a 500K ton of copper deposit. The licence is still in the mix but no JV or sale this year. The timescale was misleading. The positive is it is still a very good potential area for copper mining.

I would not be surprised that the next RNS is the sale of P253. No mention of it today, no planned drilling in the latest results and the neighbour's absolutely want it. The only issue is price. £6 million + a bonus?

Ana and Data when we sold the 8 licences to SFR in Botswana we spent less than £100,000 on research to get the $4,000,000 + the possible bonus. This time we are expecting a lot more and drilling will keep the license alive but should also add even more value to them.

This is definitely an OK RNS. For us to want to do a drilling campaign shows that there is some copper in the license and only drilling will tell us if it is commercially viable. The results from Shinganda is the RNS I am waiting for and could show a huge deposit for us to progress with drilling and infill for a possible JORC. Luansobe is also needing some more drills to prove up the deeper areas.

These are the 3 areas I believe will be targeted for drilling this year.

Hopefully, in the NW we will have shown enough copper to justify completing the 65% contract but this will be parked until we have a lot more cash or we negotiate a JV.

Nevada is also supposed to be on the menu but I don’t think it will be this year because 3 drilling campaigns in one year would be enough.

The Zimbabwe assets will be put on hold and we are waiting for the exploration licenses while Kash*tu might be the one we actually start to mine first!

From the information I have to hand I am happy with my investment and wouldn’t want to sell at less than 10p a share.

FQ will definitely be after our licence if it shows the potential of 500,000+!