Member Info for chris1979

Thank you for posting this. A great watch, an in depth interview with clear answers from Alex and gives me increased confidence in what is going on and the timelines he is working to. Lets hope the drilling about to commence is successful and that he has JV partners knocking on his door!

I would probably join you at £1 IF someone offered that, a very nice % return on my average SP but in the meantime I'm confident in the dividend being paid at 7p for the year and will be very interested to understand how they want to use the tax credits being sold by the company either for growth or to try and narrow the discount to NAV. One thing I do think is it shows that the discounts to NAV are just crazy.

That's interesting news and is a good guide for valuation as it is much closer to the NAV for HEIT. In my opinion NAV has to be the guide for valuation so room for GSF to grow / recover share price yet. The next dividend and the rebate of tax funds from the US should give us the support needed to reduce the discount to NAV or one can hope a premium to NAV!

That's even better then. Thanks for letting me know.

For what it is worth I personally think Cora Gold will be worth multiple times what it currently is - just taking the info from the DFS (which is old) the AISC is $997/oz so call it $1,100 today and the gold price is over $3,000 but lets call it $2,750 in the future, the contribution on 1,000,000 oz is $1.65 Billion over the life of the mine. Mali is entitled to (assume the max) 35% under the new mining code which leaves shareholders with $1.072 Billion. Minus debt costs to build, corporate costs etc. etc. but that's a hell a lot of money for a company with a market cap of about £25m today!

If the above takes 1, 2 or 3 years to get a licence, build, I believe it is only going one way and that is up and investing is about taking reasonable risks over the long term. Trading is worrying about the next week or month. I'm happy with my investment and will not be selling until the SP is considerably higher, hopefully starting with £1.00 which would still only give us a market cap of £452m with other possible targets in the ground to investigate as well.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.coragold.com/wp-content/uploads/20250311-Cora-Presentation-March-2025.pdf

All sold at spot prices with a hedge as a base price but they do not need to sell at the hedge price if they don't want to. So riding the gold price up.

Great to see the dividend is the same and net cash covered as well which is always a positive, although maybe it would have been nice to have a little bit of an update on how trading has been going to support the SP and start to reduce that NAV discount.

I found this part interesting as well "If the share price doesn't react soon we would imagine management contemplating taking the company private." Is this the first time this has been mentioned as a possible option?

"The unaudited NAV at 31 January 2025 was £209.83 million, or 92.38 pence per Ordinary Share, an increase of 3.86 pence per Ordinary Share (+4.36%) compared to 31 October 2024."

Although not a confirmed price for the asset sale which is ongoing, one would have to ask the BoD that IF you believe the NAV process and the assumptions made, why would shareholders accept an offer lower than this amount?

Per the 2nd Dec RNS "With the focus now on completion and optimisation of the feasibility study, the process plant operations will be conducted only when suitably profitable raw materials are available. Ongoing operating costs are being reduced to enable the facilities to be operated principally as an expanded R&D centre. Consequently, quarterly production figures will not be published going forwards." I would assume that revenue would be low given we are doing R&D and not mining.

Looking for a positive from this - hopefully it means that Amapa will now get its licence and the SP will take off? Of course the BoD will be well rewarded for that having ensured these options are in place.

Gov't is issuing licences under the new code with a 35% stake taken. I guess 65% of something is better than 100% of nothing? Just need our ML, wonder when it will be our turn in the queue.

https://www.mining.com/web/allied-gold-gets-malis-go-ahead-for-new-project-near-sadiola/#:~:text=Mali%20signed%20an%20agreement%20with,Keita%20told%20public%20broadcaster%20ORTM.

Interesting article just arrived in my inbox from the Oak Bloke. Gives a different view (a bit more positive) on the events of yesterday and is food for thought. Have a read it may help - https://theoakbloke.substack.com/p/im-not-at-all-amapa-at-kdnc

According to the CEO the rail licence was submitted in April? So why now are they asking for "Amapá project obtain standard clearances from federal, state, and municipal authorities for the railway license." Sounds like someone forgot to push submit on the licence application in April or he just "misspoke"

The timing of this is just crazy, why give such a large amount of the company away now when Amapa is worth tens of millions once it has licences etc. Fine do something to expand the scope of the company but once Amapa is secure, focus on the big prize first!!!! It will pay for everything else.

From the RNS today - Luciano Vasques, Chief Executive Officer, "the Group is ideally positioned to create value both in the UK and through international diversification." I wonder if any M&A is coming?

Https://auroraer.com/insight-type/commentary/comment-ds3-system-service-tariff-review/

According to the article above it will lead to lower revenues but it is a balanced approach to get spending back towards the top of the cap and still encourage investment with a healthy IRR. Along this it calls for a review of market access issues still remaining for battery storage in the I-SEM space. I still think that GSF will be just fine long term producing more than enough cash to cover the dividend on an annual basis. Just my view of course.

Just need that mining licence so they can start building out the mine to dig the stuff up. ML will be a game changer for the SP.

Maybe I'm missing something and please correct my understanding ...

lets assume that company revenue just stayed at the level reported in March 24 which was low due to issues in the UK "company achieved an average revenue per MW/hr of £15.1" from the March 24 factsheet.

£15.1 Mw/Hr * 24hrs * 365 days * 421.4 (energised capacity Sept 24 factsheet) gives us total estimated revenue of £55.7 million. Once all assets are built and earning using the same calculation above but changing to 1250 MW energised capacity an estimated revenue of £165.34 million. That compares to £41.4m for the year ending March 24 with an operational EBITDA of £28.4m or 68%. Again lets take the assumption that EBITDA % will remain the same so £165.34m @ 68% gives £112m.

Shares in issue approx. 505 million at 7p means dividend cost is approx £36m. Now EBITDA of £112m must surely cover £36m! Again that is once all assets are operating and earning and at the low average revenue of £15.1 MW/hr which I think has improved. Excludes all rebates for tax credits from the US. Limited debt on the books.

Given all of the above and unless I'm missing the something once all operational this will be a cash generating machine, so I will hold for the long term and keep buying at these prices.

https://www.gsenergystoragefund.com/content/investors/faqs/faqs---portfolio-and-investment I found the FAQ very helpful in working out the potential revenue.

I still don't understand why the monthly factsheets that they issue are so delayed. Last one was August, so September should be out within a few days of the end of the previous month in my opinion. It keeps the information flowing on progress with the build out of assets and other company matters that are of interest to the market without a formal RNS. I hold a reasonable amount and feel this is a great share with a decent dividend and have been buying more but the drop in SP is of concern short term. Hold for the long term and collect those dividend payments.

Yes I'm on HL and have all the extra shares. Have sold down some to rebalance my account (little profit) and make sure I don't lose any in the share consolidation on Friday.