Member Info for Datacheck

Not yet Ella, the ministry of mines FB page is good at updates so keeping an eye out on there for extension or business as usual comms

If anyone wants the link to the cadestre where you can check the status of liscences, here it is

https://portals.landfolio.com/zambia/

Make sure you tick the "Applications" in the map key

You're looking for this license

https://twitter.com/Sharedata12/status/1466723124104384517?t=_QLXfbBCEkFk69Q0l4R-BQ&s=19

It's over according to the timescale on the application process

Morning all

Zambia suspended issuing mining liscences for 30 days last month to flush out corruption. The suspension ended Wednesday this week (23rd march)

https://www.vanguardngr.com/2022/02/zambia-suspends-issuance-of-mining-licences/

I've kept an eye out both days since for the liscence to tick to "approved" on SZ. This imo is the last known blocker for full scale operations on the site and the 6000-16000 toms of rock to be removed and pur royalty. The current and lesser values of $86k and $300k ish in the pipe line CB has spoken about imo is because they have an Artisanal mining liscence. So hopefully any day now its lift off for our royalties of $500k to $1.1m a month.

Ka****u exploration liscence has been granted (you can see on the cadastre)

So things are moving in the background :-), just waiting on the formal notice from GLR via RNS.

Ka****u I like the sound of. An asset we have had for several years and rarely got mentioned, and laid dormant. All of a sudden late last year CB starts to mention it in his interviews, a few months later we receive an exploration liscence and recently (thankyou Ella), we get notice that JLP Sable (next door and CB ex CEO of) is opening up its zinc circuit........ all things are coming together, just sat here waiting patiently watching it unfold

*15 June this year for the payment

Agreed MM, the JORC for SZ quotes 45%+ in the original pit and a cut off (at a zinc price back then of $2700) 16% for being lucrative, estimating around 500k tons in total
500K tons.

Afrimat are also recruiting at Glenover......they won't be doing this for no reason. So that $4.78m should be heading our way

https://twitter.com/Butana_N/status/1492201029387132931?t=ady9Osc6H4QZaGzgzwVBgA&s=19

From oiltap post on twitter

If everything goes to plan, I get more than that. One of the biggest reasons I stuck with GLR is for this royalty coming through (before the furthering and purchase of other assets we have now). It will be a game changer imo

taken From 4th March 21 RNS

Assume average 25% zinc content
Zinc price $4090 ton.....meaning 9% royalty (max 10%)

4090x0.25x0.09 = $92 ton

400k tons in SZ = value of $36m

6000 tons a month initially $552k
16000 tons a month top production $1.47m

As Ella says MM some payments due imminent as per RNS. The area has an Artisanal mining liscence under Siege's name.

I expect info of steady flow to come once the small.scale mining liscence is granted by the ministry, as seen in the Cadastre below. I expect this to tick over imminently

https://twitter.com/Sharedata12/status/1466723124104384517?t=3eqDcK_oLIMWAsg9FHka5g&s=19

Congratulations both!!

Some hype for you VB

Small scale exploration laicence has been granted for Ka****u ans the Zambian mining cadastre updated

https://twitter.com/Sharedata12/status/1504182371037368331?t=c_G4Dmhab-z6p8w-90AsIQ&s=19

Not sure about that MM, great story though

There are worse things to have to deal with in here

I'm really not sure MM. Hard to bite your tongue sometimes i guess. Maybe removing the option of posting helps

Westlad, drop @ChandraGosavi a message on twitter. He is the admin and can add you. Iv asked and he's ok with his twitter being posted on here

Or it could be he's pulling back from social media and such like, reducing unwanted noise in his life.

I have never read a post from you VB where you have made it clear that you have considered the other person's point of view and you don't respond well to criticism either it seems.

The twitter group have been having reasonable success with reply from GLR recently. (all emails still available there) I personally haven't had a reply from CB, but have had replies from Joel and also Ed. A while back there was some noise about update of TR1 info which seemed to have had an affect as the info was update promptly, the most recent is comms and info on the website. This could be why the replies are coming in more often from various members of GLR.

Agreed Iky, after the last RNS of drills are turning in PL039 and about to be on the others named PLs etc you'd think ordinarylily 4 months later there would be something mentioned. Contractor acquired, drilling complete, data sent for analysis etc etc. .......Fingers crossed this blatant purposeful silence on the progress of the retained liscences if for a good reason. African Pioneer have made a deal with Sandfire in the last few months where SFR aquired some PLs off them and 15% and a place on the board, I think CB will have tabled our retained PLs also in the same meetings. Hopefully this is part of an ongoing discussion, hence the silence.

The SFR first right of refusal is written into the contract for when they bought the first few liscences off us in January last year, along with the other bits about being able to purchase more shares in us and at 15% they have the right to put someone on the board

Flipping things on their head, I believe there's evidence enough for the retained liscences in the KCB to still be a major project with plenty of legs yet, which is comforting in the un nerving time of waiting for further updates.

I think those seem to be linked Iky. I can see why people may see the lack of information about the KCB retained liscences as a worry. My personal view is (luke you say) Sandfire are in the background on it. My thinking is this..... In interviews and correspondence CB has avoided giving updates or even talking about it. My theory is some form of Data protection or a relation to SFR having first right of refusal to the retained liscences and/or a deal already going through. The latter I think it most likely. It took us 6 months to arrange 5000m of drilling on the liscences we have done so far. It's been about 4 since that last update. I don't believe that the last info on a proportion of that 5000m on our retained liscences where we found the correct geology for copper deposits to prove the whole project a write off. Likewise I don't believe we have had enough time since to have done further "secret" drilling yo have found sufficient information to find.the project a write off. CB did comment that rhe project is now running itself. Which is about as much as we know. We have employed a full time project manager in the KCB (hasn't been comms out for some reason, but you can find him on linkedin). The above makes me believe something is brewing in the background. Another 2 months and we will have matched out initial month time frame for the first round of drilling......hopefully before or around then we will receive further update. Agreed tho, without the inside knowledge it does look like a lack of update which without a deep dive can be frustrating

Iv seen the outbound email from Oiltap and the reply, i can assure you that its genuine. The email sent to the GLR team is a very well written one. CB has replied a few times to Oiltap, and having seen the emails I can understand why. They seem to have a good rapport

Oiltap has closed his LSE account HD (still in the Twitter group though) . Maybe its to do with that......not sure about yours haha.

BFG333, it is. From CB intervies and the JORC for SZ, the concentrations reach 40%+. The plan was originally to prepare on site to an average of 20-25% to JLP.

There's lots of detail. 500k tons At an average of 16.5% can be used.

Sz has a cut off of about 8% in which case the pit can ezltend to 900k tons.

But from.the ordinal business plan iv used the Conservative 400k tons for pit size and 25% average concentration.

Hi Bfgg, that's the maths. Data taken From 4th March 21 RNS

Assume average 25% zinc content
Zinc price $4090 ton.....meaning 9% royalty (max 10%)

4090x0.25x0.09 = $92 ton

400k tons in SZ = value of $36m

6000 tons a month initially $552k
16000 tons a month top production $1.47m

Fingers crossed Billy.....hopefully you get that wedding you both want...........and I get my boat ;-)

We get 10% royalty on the zinc from SZ now. Meaning total royalty of €36m when all 400k of rock is sold. There's a few bags there once solid news comes of it. Just the liscence to tick over.

Looking great this year on alot of fronts

Good shout Ella. It would make sense to make the best of all the assets and utilise any down time at other companies