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Well done Dr P, a smart move imo with the prices so low.

This is a recovery. sustained rise. we will be back above $9500/t before feb

In my opinion we are going to have to wait with Luansobe.

I can't help but keep an eye on Jubilee Resources given Colins association with them.

JLP only managed to produce 3422 tons of copper last yr, next year they sew fc for 5500-7500 tons with a 3 year target of 25000, heavily reliant on modular concentrators they are developing with IRH (Mopani)

Mopani in 2023 (2024 results not out) produce just 72600 tons copper with a potential capacity of 200,000 tons.

Both the above plagued with power issues, inefficiency and old facilities. Both have spent 2024 investing heavily in upgrading and making more efficient for a strong 2025.

Konkola produced 270, 000 tons of copper in 2023..2024 dropping to 220,000 due to upgrades

The last 2 years lots of work being done in upgrading processing plants at the companies we are likely to do deals with. 2025 will be big for them. Once they have their processing capacity bottleneck removed, they will be wanting our ore.

Hence CBs statement at the AGM:

"IRH are ready to talk"

This takes the competitive advantage away from the Chinese who are rhe opposite wat around with lots of processing capacity but not enough ore

5% spread and news coming this month on shinganda providing an estimated mineral resource. Estimated mineral resource is a market recognised value adding report. We'll be back over a penny once it lands

No problem all. That's right CHRI5P, I remember also a decent rise about that time.

For me I think Luansobe will be the statement piece of GLR, it will prove us as being an asset maker and put us the map of majors. I intend to stay for that.

Hi Dave

I went to the 2023 and 2024 AGM

2023 AGM - it was said that jubilee offered $9 per ton of rock and this was turned down. Back then we had less information than we do now (only info on the small open pit) at 6mt.

We did our own calcs on the BB of $9 x 6mt = $54m

We have a 75% share so 0.75x54m =$40.5m

Obviously 6mt of rock can't be mined in one go so the payments will have been incremental. However over time, chat on the BB I think has adopted a $40m offer. So similar but not the same exactly

2024 AGM it was said that the Chinese are trying their luck with low offers.

We know alot more about the asset now, we have the JORC and the mining plan with the medium and deep bolted on

It doesn't take much estimation/dot joining to think the valuation must he around $30-40m now......altho this is my own opinion. Otherwise we would just knock on JLPs door and offer them a collaboration again. They are wanting ore now that ROAN and Sable are operational ($9t offer was prior to ROAN commissioning and them security alternative water and power supplies)

I think we are sitting well with Luansobe. I have a contact in Zambia who estimated it to be £20-£90m. Altho I don't expect anyone on here to use that information in their investing plans.....broad as it is and as un official as it is.

Half year report tomorrow also. I hope the directors put a little more in there on what next year will look like rather than looking back

Agreed CHRI5P. We head Into 2025 with some great assets on the edge of monetisation and/or JV.

World economic/politics need some time to settle down, we have the rainy season also. Probably the nationally accepted period for deal making

What you thinking Cardo? TIR with huge cash raise and diversifying into new markets.

This is interesting. When talking about monetisation at the AGM regarding, Luansobe, Colin made the statement "...and Shinganda..." mid conversation

Looks like the next set of Assays will give us an estimated mineral resource for part of the license and the paperwork is being positioned now to be able to segregate into smaller areas. Perhaps a mining license is next for part of the Shinganda fold

This interview is worth a listen, the first 25 mins is the context behind his tweet. It explains it better. It isn't using the market as an excuse.

https://audioboom.com/posts/8612780-sunday-roast-featuring-colin-bird-executive-chairman-of-bezant-resources-and-charles-archer-lon

The copper price will bounce back up again.

i share your thoughts iky in the sense that this does feel slow and our news is feat or famine and when it does come, we get flashes of hope, but to be batted back down by sellers or by market economics.

having been at the agm i could see first hand as to why and have it explained to me. i do agree with the reasoning and if lth coming online and creating market tension is the most productive deal making arena, we should waiy. i have personally settled on progress being made on the fronts we are expecting like luansobe next year. we need to make up a new saying llth (loyal long term holders) haha.

shinganda assays in zambia there taking longer than usual. kamativi going through license renewal. leaves us with the kcb, bulwayo and ka****u to play with while we wait.

let's hope for an early xmas present rns

Price action today is annoying. howeve this is the 3rd time this year we have dipped below 1p. Iv bought on all of them

only 5% spread too.

Hi Agent, so settle expectation at the AGM it was said early next year. for obvious reasons they couldn't say exactly when, but i got the feeling it would be January. measuring Assays has become an industry within itself in southern Africa with the ramp up in exploration. Zambia in particular has a longer waiting time than usual.

I get the feeling the next news in GLR is going to come all at once on all fronts ha

If you have a spare £4k, its hardly ground breaking to expect 25% or even 50%. Maybe he's expecting multiples, otherwise why bother.

Its all upward pressure. CB to my surprise actually quoted Joel's and Richard W's wage in at the AGM (which i wont repeat). £4k isnt a bad amount just before xmas and when living in london. Shows confidence in the business and by AIM rules they have to let us know

Great Summar Analytical, and bang on from what took away from the AGM. IRH "are ready to talk", Colins exact words. They are losing $3m a week at mopani. Once their comcentrator is running, or when they can predict their concentrator is running they will be after Ore and fast. We are only 7km away and it can be trucked in pretty much non stop. The know about Luansobe, it was always ever intended for Mopani. It's can't be far off before a deal is struck.

Hi FS, nothing in detail was mentioned on the sold licenses with Sandfire. There just wasn't time to go into detail on everything. The only thing that came up was that it isn't time bound for the £80m payout. This worked in our favour in the deal making.

As for as the retained licenses, 039 and 040 we are Geo phys this quarter and early next. 253, we are speaking with Cobre and also seeking a JV partner.

Not cheeky at all Castiron. I wanted to ask outright how much cash we have un our account, but there was limited questions between the room. I thought a more strategic question would be to ask about what the priorities were with our cash and how would we finance our many assets (this is because I knew even with a healthy bank balance we wouldn't have enough for every asset)

CBs reply was good, it was very similar to last year. The plan is to be frugal with our remaining money and continue with the priority of monetising Luansobe in some way, he even said Shinganda would be an option (no elaboration on that though). If cash was needed short term then Galileo's shares in Sandfire and Afrimat would be utilised before any sort of placing. Before the dreaded P word, it is the focus to further one asset to multiples of this MCap to pay for all the rest of the assets development. In the mean time the plan is to be frugle with cash

So apologies no specific number in the account was asked, but even if that number was $2m (made up number) it would run out eventually and in that case, see above.

Haha thanks HD

It's certainly possible CHRI5P, and I'd welcome it definitely. The many subsidiaries in GLR could easily be out under a GLR Zambia holding company and sold off.

Something CB said that I found interesting, is that when dealing with "the chinese" you aren't just dealing with companies, you are dealing with representatives of their government. They seem to be going round saying "I'll har that 1 and that 1 and that 1" pointing at the map and going to buy. They are commissioning concentrators for fun and then letting them sit their dormant. They certainly have a future plan that involves mass copper ore processing. It doesn't take much to put it together that they will be putting their offers up to feed the processors when everyone doesn't sell for the low and cheeky offers they put in.