Member Info for Culpepper

Buy 5%

https://www.lse.co.uk/rns/WIX/holdings-in-company-imztucl25rlgzng.html

I have no reason to be negative long term. It is a question of timing. I may be more cautious than others, and just for me it appears on this board, and I suspect others resuming the decline and getting whatever happens around Newmont disposals are factors to get out of the way.

I’m not gung-ho, that much is true. I can afford to wait, and find how different people view it interesting.

Colossi.

I doubt it’ll come to blows between the colossae of the mining worlds.

However you look at it, any immediate challenge for Greatland, whatever might occur around Newmont divestment, is getting to mining, with the means to process the ore and get cash in to support mine development and exploration.

I wouldn’t worry about it. Greatland potentially are looking at fund raising, not spending in the foreseeable future on buybacks and dividends.

On price of gold, one might consider that the original bank prospective lenders, also subject to FS criteria, required some gold price hedging to protect repayments. I can easily imagine similar requirements for more cash from them. It should not prove onerous during full production.

It’s pretty apparent that a good result for acquisitions and up to 100% capex for more than the market cap for a company with no cash to speak of and no income, would be to get the cash and pay for it after commercial production occurs. It’s maybe a tall order.

The ‘heavyweight’ board has work to do.

Newmont are an example, mentioned in Q and A’s. Reduce debt by these divestments, and improve shareholders eps by 1bn. dollar buyback ( though I think that latter may still be under review )

Can’t see the fuss. Authorities renewed at AGMs. Won’t have anything to do with terms on which any funding is raised, though there for later use if appropriate. In passing, it’s about the only way shareholders can own a bigger slice of the company without buying more shares - something Mr. Day may have been alluding to at one of the town halls which I think caused minor confusion on here.

I’ve often thought in the event of a raise Convertible Loan Notes may be one of the ways to go, alongside others - borrowing the cash from Wyloo or somebody and paid off/converted to shares at a later time.

Actually, a tad earlier maybe. June.

“The Company expects to mine first gold in 2024 and plans to provide a progress update with timings for guidance for the project at an investor event in June 2024. First production guidance for 2025 will be provided towards the end of 2024.”

The price has gone rather stagnant here. I think that’s fair enough. As I said before, it went a bit fast. Some pundit remarked, a throwaway, I think on Sunday Roast, along the lines it should be a good year for Amaroq. It’s a miner, so you don’t know, but they have a clear roadmap to first production, and other stuff. We’ll hear more in second half.

“we can only hope they cannot get anymore into their deep pockets.”

Yes. One frequently wonders what the much-referred-to nefarious have achieved, or might yet seek to achieve in furtherance of their Ggp master plan.

I think the assets for sale figure is probably irrelevant, as indicated in the Q and A.

Price discovery across the assets ongoing, then zero in perhaps, negotiations around those figures on individual assets, knowing broadly the parameters.

Newmont have made it plain they don’t want the assets. Every buyer wants a bargain. Newmont as a seller, will decide how far to go.

The questioner read the accounts. Newmont has put a price, 5.7 billion, on the total assets destined for sale at this time in the accounts, as they are required to do, on the basis their decision to sell within 12months will take effect. It is, I understand, a combination of book/FMV, but they don’t know how it will pan out. Price discovery ongoing.

They look for 2 billion to achieve what they want. And would like more. I guess there’ll be an element of swings and roundabouts, getting the best bidders will offer whilst not accepting obviously low ball offers. They’re not pushed for cash/liquidity as far as operations are concerned.

I don’t know if inferences can be drawn from Lundin. If I understand it correctly, think the case is that Newmont has retained Newcrest’s equity interest in the company itself, whilst agreeing a price to dispose of Lundin’s debt arising from funding provided and arrangements to finance the Fruta Del Norte mine.

I am not sure what ‘good news’ in the shorter term amounts to, so far as posters here are concerned.

It won’t matter quite so much if you’ve prepared for possibilities. Buy more shares at the price available to offset the effect of any dilution and damage done to earnings per share.

25th April