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I'd further comment that GF addressed all of my questions without preperadedness (from the chat). Many about the MOtzfeld, he couldnt yet answer, which I took to understand as the project being about 2 to 3 years behind where Amistoq stands today, so 6 years until revenue generating (unless sold on prior).

Id point out that should the Lechfriath target prove to be viable, then CStD could be revenue generating (not necessarily at full scale) at this moment in time. Which would have been confidence inspiring. over 80% of you disagreed with me it seems, so 80% of you, perhaps the silent majority must be delighted with the direction.

I suspect they will work 5 days and achieve two blasts per week

so an advance of 2.5m a week, 10 weeks for the level. The rises shouldnt take very long .. two weeks or so

Bottleneck will be processing. Its disappointing that the feedstock to date has not been completely processed, although there may be good reasons

Let's not forget the 5p accelerator clause on some more recent warrants. They sometimes define a resistance unless thoroughly smashed through

I agree, current pricing more reflective of the value assuming a mega placing in 2027 to pay for mine construction. The smaller financing requirements prior to that are also important, but more so weighted on sentiment at the time.

Won't low-cost or no-cost funding reduce the discount rate in calculating the net present value of GROC's projects, it will certainly re-risk them in a big way?

No, because that rate represents what that cash would do if it was not deployed in that project, in a relatively low risk environment. A , but if I had it NOW factor if you like

The blasting is to extend level 5 to the west south west. Then two rises will be driven 20 to 25m apart.

The bulk sample ensuing will need to be processed (Hopefully a process as blasted, though naturally a bottleneck)

Once it is all processed into a concentrate then it will be sent to the assay / refinery. The resulting gold will form an internal economic assessment. All quite pivotal. From memory GF said to expect an advance of about 1.75m each blasting day, and I guess one day in three will be a blasting day, so it will take over a month to drive the level and another couple of weeks to form the rises. It may be three months from now until the ensuing ore is processed (end October) and a further 6 weeks (my guestimate) for the refinery to process and the results to be known. So I would expect that pivotal news just prior to Christmas, and that assumes that there will be continuous work and that funds are available for that.

Well its not in the company's control. Its the warrant holders that have exercised their warrants so now have shares resulting from the exercise, admitted on tuesday. From the pattern of behaviour i suspect the same entity as the revalent recent seller . Not ALBA , possibly kadpul, but an existing shareholder nonetheless that participated in past placings (hence the 2p warrants)

Im quite surprised that the shares from the exercise of the warrants have not yet made an appearance. If the warrant holders wanted to hold on to the intrinsic value of those same warrants then they need not have committed the captial to exercise them. So I cant see any good reason to exercise those warrants unless the intention is to sell those shares. ... still .... no appearance. Has anyone any thoughts on this ?

For webinar 22 July 25

With respect to Motzfeld, and the current known mineralisation :

Are the minerals all in the same ore body ?

could you describe the processing required to produce concentrate ?

What processing plant would be required on site ?

I understand that most of the desktop work will be done by consultants, what is the budgeted cost and timeline on this below?

What progress has been made on Environmental Impact Assessment, Social Impact Assessment and Navigational Safety Study to date ?

What is the soonest credible possible date you expect the exploitation licence to be applied for ?

What is the latest credible date you expect the exploitation licence to be applied for ?

Same as above but for mining permit ?

What would you envisage the capex required form start of mine construction to start of mine production ?

When would you envisage start of mine construction and start of mine production, best case , worst case ?

What do you envisage as annual production ?

What do you envisage as life of mine on the above ?

What income stream do you envisage per annum from sales of the concentrate ?

What political, environmental, social and technological risks do you foresee affecting the operation during life of mine ?

What is the route to market for the product (commercial and logistical) ?

Are you considering some sort of downstream processing plant ?

Not until we are producing graphite

Mine construction 2027 to 2029 i think will be the most capital intensive

Full scale active anode material processing plant will be the second most, however, there is a possibility that that could be ready before the mines production

Brisk trading this morning in the sub £5 sector

however a chunky 25,000,000 buy

My guesstimate is a fund raise of £600k at a 25% discount to the recent market price and possibly a share restructure bundled in the same action.

I'd further point out that those shareholders who attended the AGM were all opposed to unbridled placings, though acknowledging the need for capital raises. Given that my proposed amendments to the proposed resolutions were deemed as inadmissible, I can only presume that less than 5% of us supported my amendments. So it is all well and good bemoaning dilution on anonymous chat boards but your effective voice is at shareholders meetings.

They already did agree overwhelmingly by votes cast at the agm to authorise the bod to issue as many shares as they see fit , non preemptively by a margin of over 80%. However there is the issue of not being able to issue new shares at under the par value, so perhaps there will be the restructuring of the shares (effectively one new one for every ten old ones, though technically the issue of 9 deferred shares and one share for every 10 shares held).

The blasting needs to be paid for and hopefully will start in the next few weeks. My guess is that the bod is holding on for anticipated GROC news on the nature of the financing of the active anode material pilot plant, in the hope that anything other than a straight placing will result in an appreciation of GROC and thus an appreciation of ALBA. If the placing is done ahead of that news then its a bit of a big middle finger to long term holders, as is paves the way for easy money for the placing institution to the detriment of existing shareholders.

All this said , annoyed as I am at the delay in this blasting programme, the results of the bulk samples retrieved from it should be pivotal as it forms the basis of the internal economic assessment, which will determine whether or not the reopening of the Clogau St David's mine will be pursued. If CStD is not pursued then, I see little point in furthering the wider Dolgellau Gold Belt.

@stringer and @Ezhik .... patience .... I dont think the next RNS will be about the exploitation licence as the white book needs to be compiled and submitted with the revised project description. If all goes well, and so far, the RNS shows everything going to plan then the exploitation licence should be granted late this year.

I believe the next RNS will be about ordering the machinery that comprises the active anode material pilot plant. Significantly, I speculate that the finance of that will comprise elements of finance that would only have been available to us as a strategic project and as such be a practical demonstration of the true value of having that status. If the AAMPP is paid for by significant amounts other than funds raised by equity issue, then it bodes very well for the future as it is an indication that the future investment required to bring the mine into production (mine construction planned to commence 2027 and the investment required to build the commercial scale Active Anode Material Plant (AAMP) will require a lesser proportion of equity raised finance. I would hope that, that would drive a significant rerate.

It must be a busy time at GROC and I would imagine that Stefan is engaged in negotiations with potential financiers for the above. Sources of finance may well influence the siting of the AAMP, particularly if the Danish pension funds are receptive to providing funding.

The news of the procurement of the active anode material PILOT plant, I would expect before the end of August

@Michty

Re "Why’s it taking so long to collect 15 to 20 tons of ore are they using a tea spoon

Also the processing is taking to long, it’s like Alba being run at snail pace"

The samples are from the lowest levels of the mine. I dont believe there is a permanent winching system as yet,

August , which is when the samples are being delivered for testing is next month.

Stefan's clear timelines, parallel activities, clear end goal are quite different from ALBA.

Is there an estimate to commencement of commercial mining operations ?

@Reserved Stefan presented a planned workflow at the Q and A session a few weeks ago

The environmental and social impact baseline studies (already well underway) feed into the Preliminary Feasibility Study, which he hopes to have concluded by the end of the year. The Definitive Feasibility Study has some prerequisites :

Environmental Impact Assessment

Social Impact Assessment

Navigational Safety Investigation

Formerly the Social Impact Assessment and Environmental Impact Assessments had to be complete prior to the applying of an Exploitation Licence, however the law was changed in ?Jan 2024? which allows it to be appiled for prior to the conclusion of the SIA and EIA. Id point out that the exploitation licence is the "legal" part of the permissions required. The technical regulatory approval comes from the mining permit. The granting of that, opens the way to the start of mine construction which is pencilled in for 2027. Naturally, the finance package would be in place as a prerequisite to the start of mine construcion.

The UK domestic analogy would be "exploitation licence planning permission!", "mining permit building control approval"

Remember we have two projects, linked, but not completely intertwined

The active anode material processing plant (AAMPP) will need to go through an almost parallel process which includes its own DFS

@Tonto-ai is this for the drilling that Stefan mentioned in his webinar ?