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This was sent in an email from mark today. It is an article written by luc English and the journal is free to download on the website. It is being promoted in China and copies have been sent to Chinese gold producers.

Let's hope for all of us it isn't a crash landing! Happy new year all. This could finally be our last year as shareholders.

Sorry to hear that Surrey. Condolences to their friends and family.

Come on, own up, who bought 0 shares in that delayed trade at 26.5p. Was it you JT?

Connect, fingers crossed for you. From that recent M&A example, it could be a real possibility.

Looking at that recent M&A. Their PEA number at 5%NPV at $1700 gold was just over $500m. They sold for $215m, so a 42% discount of their PEA at $1700 gold price. Simple transfer would mean that 42% of $418m equals £137m. Divide by 200m shares gives around 68p. There are other factors to take into consideration. Even with an extra 30m shares in issue for warrants/options, that would equate to just under 60p. I'm not saying it will go to 68p but definitely upside from the current sp. I'd be happy with anything in the 40s.

Https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1109-tsx/dpm/153051-dundee-precious-metals-announces-acquisition-of-osino.html

Rider, swen was suggesting a share price of £1.50 back in 2021. Look where we are now.

I would strongly say the trigger is linked to undervalued shares. Swen knows MC well.

Yes, I know that. I guess you would expect them to be buying over there as well.

Why aren't there more buyers on the German exchange today? Only 20,000 shares traded over there. Nearly 400,000 traded on the tsx which is probably the highest ever over there.

It's good to see high volumes already. Just need to hope it continues.

Let's hope that's the last dilution apart from the current available warrants and options.

Simms, pretty sure the NPV number of circa $600m at $2000 gold was based on the larger resource/PEA. Either way, we've got a bit of catching up to do with the disconnect.

Why the need for another small raise on par with Jim of you can buy on the open market for roughly the same price? Just buy on the open market and help yourself out.

El, Mako have been in production for around 3 years now. They just released an updated resource and only have 250,00 M&I ounces! Yet they managed to get into production, producing circa 40-50,000 ounces per year. They currently have a market cap of £100m.

Mako are a good company for comparison for obvious reasons. We had a PEA before our FS so the board had a rough idea on capex. We should have brought someone on board with mining experience and should have had finance in the bag ready to be signed and sealed ASAP once the FS was out. Even around that time, with a 60/40 split of $120m, we would have needed circa $50m equity. Let's say that could have been negotiated at around 25p per share, we could have added 160m. By adding that to the 190m we have now, we would of had around 350m in issue (probably less as we wouldn't have had all those shares issued at 15p!).

Even with the same market cap of mako who would be producing 50% less than we would be producing and with our resource being 10x bigger, the share price would be around 28p. Double that and we would be doubling mako's annual production and the sp would be late 50s. Then we would have kept the project, kept the potential. The board needs to sell this at a decent price and finally reward their shareholders.

El, obviously there is a massive difference in capex numbers between cnr and hzm and I'm sure you know this. Their capex was $537m USD and they need an extra 35%.

Our capex was much lower and an easier build. Our capex numbers were also based when inflation was at it's highest and with a contingency and working capital, we would have only needed circa $125m USD.

Ben, those shares were part of his bonus from last year that were approved by the board, you can clearly see that in the rns around that time.

As far as we are aware, MC hasn't sold any shares. With us being in a sales process, the board wouldn't be able to buy or sell in the open market anyway. So why would they crash the market? Particularly why would MC crash the market?

Quite a stupid comment if you think about it.

If MC wanted this to fail like a lot of you are implying, why has he got 4.5m shares in the company?

Now don't get me wrong, I personally would have liked the company to have pushed onto production a lot earlier and the delays have destroyed us. Poor decisions have been made over the years when you look back and hindsight is a wonderful thing.

Mako managed to fund production with no FS and a tiny resource. Rio2 managed to agree a 85/15 debt to equity for roughly $100m and they didn't even have any bloody permit (which have now not been granted). MC should have done better with his background in finance etc.

DDD, unless we see a massive tide towards gold miners and then juniors, I'm starting to accept we are going to be taken out for lower than I was anticipating. I am thinking somewhere between 32-40p.