Member Info for Fr.Jack.Hackett

Mr Sinitta, you ask "Why the drop ? Have I not read something correctly", you have read correctly - that is why the drop.

Mr LegalWolf, . . " overpromising and underdelivering. . .", read the RNSs from 2022 - you get the full picture.

More recently:

30-Sept-24:". . . Focus on delivering gold production target of 1,000 ounces of doré a month from January 2025.", 24-Oct-24:". . . The net proceeds of the Subscription . . . achieving . . target of 1,000oz per calendar month. . ", 11-Nov-24:". . Remain on schedule . . . target of 1,000 ounces gold production per month from January 2025. . .", 9-Dec-24:" . . and remains on target for expected production for the remainder of 2024 and going into 2025.. . ", 15-Jan-25:". . . and our near-term objective of delivering 1,000 ounces of gold per month is within grasp. . . ", 12-Feb-25:". . On 10 February 2025, . . achieved a record . . . gold doré . . 522 ounces of gold.. . ",

They finally achieved 1/2 of the target they set themselves (just a few weeks ago). It all feels like 2022 RNSs!!

and still - ". . Goldstone remains committed to working towards its target of 1,000 ounces of doré per month"

and also ". . . As such, mining operations will re-commence in Pit 1 within a month, where expected grades are 1-1.2 g/t, which with increased stacking and the continued improvement in blah blah blah blah. . .".

CEO stated, ". . . and believe the progress we've made in recent weeks demonstrates our ability to meet this goal. . . ", REALLY! Suggest it demonstrates !! Proves to demonstrate they not meet their goal - and demonstrates the gap (nearly 50%) - I therefore suggest many SH would disagree with the CEO on these statements.

Previously - I have suggested a year or two ago the CEO needs help, I not sure help is enough. I am certain the company will reach their goals - if no timeline is applied - but there appears little control/management on achieving their production.

OVERALL - I had them underperforming - at around 650oz for january, and looking at such a small SP drop - I think the market had them at a similar amount - suggest by summer they get their performance related credits (3 month x 650oz) - and maybe july/august onwards they achieve the 1000oz.

Mr GoldGeezer,

AISC at target USD1,500 = this is a Mickey Mouse target set by the GRL Board - and then when achieved - they can all open their pressies and see who got the biggest toy.

In reality - real AISC target (for any BofD worth their soap) should still be that stated on the 21-Dec-2021 : " GRL expects an AISC of

Mr Makeabundle,

Interesting post - and I have little to argue with, so I wont.

I will make reference to my previous post with respect to the WAI report - and the use of metal spot prices - and Cu & Ni remain approximately unchanged from the 2021 Competent Persons Report.

And you may be correct - I may be backward looking - as the forward looking use/demand for palladium is difficult to justify with so many ICE being removed from new sales.

Otherwise - you are speculating on future metal prices - but I also would agree that generally metal prices would increase - and I am sure Pd will find a home above what it is but well below any of the prices from 2021 for the next 5 years.

The CPI report for NKT has a lot of useful information - which can easily be manipulated to take into account changes since 2021. It was commissioned and presented by EUA - so I am sure many here would like its reading. Suggest it is a useful piece of historic documentation which can be applied with updated data.

One last item - with regards metals - demand tend to fix the price.

On another issue, ". . That is why he did not buy at ca.1.5P while I and others tripled our holdings in that famous three-month period. . ", may I ask where this information comes from?

Mr Makeabundle,

Would you think it is pragmatic to also consider the change in PGM prices since the " average of hundreds of investors’ guesses minus the outlandish" and the ACF report whilst making a suggested value ?

Please also note - the ACF report is a valuation report for the net worth of the asset to EUA only - and does not include any purchase price for any asset. If the asset is sold - then the sale price shall impact the value calculation as a capital upfront cost at year 0 on the Free Cash Flow calculation - which significantly impacts the ACF valuation to any purchaser. Put that in the model with latest PGM prices and include the most optimistic AISC - and see when you break even (if you ever break even)!! WAI NKT Competent Persons Report (December 2021) is a good example - re-evaluate with PGM prices and see the NPV dwindle - and feel free to reduce the Discount Rate all the way down to 0% and see if ever there is break even. All the information to do this is already in the report - and the data they used is also listed.

Hello Mr Stormpiper,

From the link - it appears GRL posted on the 28th the statement:

". . . Gold production is expected to reach our 1,000 doré ounces per month target in Q1 2025 . . "

I think many on hear would have liked the statement on the 28 or earlier (and RNS issued) starting ". . Gold production has exceeded . . . .".

So maybe they still touch'n'go for January - maybe Emma can drop some jewellery into the gold furnace - maybe help reach the goal.

Mr Boldicus,

keep in mind the no of shares floating around in 2021 - in them old days - half as much as today.

- in addition - the share price was also buoyant due to speculation (mainly from EUA and believed by PI) of 50koz future production and AISC of less than $700.

-on the plus side the POG has increased.

Overall - I suggest a year (or 2) of production figures in excess of the 1koz/month mickey-mouse targets they have set themselves before anyone (Institutions or PI) should believe any cac written on an RNS - (just words on an RNS) - especially when they are awarding themselves for AISC of $1500/oz and production at 650oz/month.

That all said - I do think there is upside towards a £30 - £35mMCAP - over the next few quarters - and I suspect the traders should be happy cashing in on the peaks and troughs the SP will probably have for the next 24 months.

I was hoping (expecting) GRL to make a statement the day 1000koz was reached (if reached) and also a formal declaration for 2025 production guidance including AISC. Maybe they can be bothered in February (but like I said - it's just words on an RNS).

I noticed some posted satellite images of the mine in the last month or 2 on here - that's the sort of effort and due-diligence PI need to do to monitor progress. Good effort.

Mr Postman,

I am sure when Pd reaches $2200oz - you will get the keys.

Mr GoldG,

I sort of agree that the price appears strange - considering all the promises the company have recently made - but also suggest lots of elephants around that remember the promises back in 2021/2022 !!

But a review of the MCAP: £10m with 750m shares.

Company have implied 2025 annual production of 12koz. Assume AISC $1600 ($1000/oz profit)

therefore use EDITA of £9m, of which 2/3 remain in company, 1/3 available for dividends = £0.004 assume SP = 10xdividends = 4p

Current sp = 1.4p, suggests value based on annual production = 4200 oz

I assume the confidence from potential investors reading the RNS statements is still as low as last year's production figures.

I give a crude example:

GRL: Production 12koz, sp = 1.3p, no of shares in issue = 750m: need to own 62k shares per oz gold - capital investment required = 0.013 x 62000 = £806 invested per oz.

CMCL: Production 80koz, sp = 800p, no of shares in issue = 20m: need to own 250 shares per oz gold - capital investment required = 800 x 250 = £2000 invested per oz.

Feel free to consider AISC etc and develop this further - and apply to others

Mr PaulJ,

In my post I presented the information provided by Mr GoldG interpreted with GRLs data - it may not be my opinion - just my application.

Am I optimistic - I will say out of all the gold and precious metals I have reviewed on AIM I suggest that GRL appears (based on data from RNS) to be the cheapest way of owning a quantity of gold. I have based this on the company MCAP/SP, expected production, AISC (guesstimate if not available) and GRL appears to present the cheapest way to own a unit of gold.

This excludes risk.

1 small point, "expected to reach our 1,000 ounces per month target in Q1 2025", unless target has moved - this should be 1,000 ounces per month for January.

As usual - missing relevant information on the AISC - I suspect they are over (maybe well over) $1500/oz compared to what they presented previously: 2-Dec-2021 = $600, 25-Mar-22 = $970. Suggest $1600 is a nice AISC for the optimistics (making an easy to use $1000/oz profit).

The issue with GRL RNSs can be summarised from THEIR production targets stated in announcements made in 2022 (25-March, 30-June, 30-September, 30-December). Can they prove this shall not happen for 2025?

On another item - Mr GoldGeezer stated earlier "48,000 tonnes pm at 1.1 g / t and 65% recovery rate is 1200 ounces". May I also add, RNS dated 25-March (for what it's worth) GRL stated recovery rates could reach 82%. Compare this with the average grade expected (1.77g/t) would make interested calculations: increasing Mr GoldGeezer recovery from 1200 to 2400 oz for same throughput.

Taking a simple approach - using 1/3 of EDITA as available for dividends - then 2400x12x1000x1/3=$10m so optimistic dividend of 1p.

Worth a consideration - if any real truth in them their RNSs.

Mr PaulJ,

If production figures are released for December in/around the values you listed - then I suggest they are on target for the full 1000oz for January - and not even Emma can feck that up.

The issue I have - is the performance rewards the BofD are awarding themselves for such lousy performance - they are still 2-3x times below their production target from 2022 and possibly nearly 3x off the AISC

And they have done all this whilst getting £10M into debt.

If GRL cannot achieve these extremely low targets - then maybe change can finally take place.

General thought,

Mr RaSKI , maybe you find a little tiresome to track all of the PGMs - I have found following them down the Streif Hahnenkamm SKI run very exhilarating.

I think they are all at the bottom now wondering to get the slow drag-lift, easy chair-lift or jump on the fast cable-car back to the top.

Alternatively - they may just join me for the foreseeable future having a little cold beer in the apres-ski bar at the bottom - as the weather still looks seriously uncertain - and they have ski-sports on in the bar - all this irrespective of who sits in oval offices or has views of the Moskva River.

Again - suggest little activity until Pd reaches $1600 to make any investment actually profitable (within a decade or 2 to fully pay the investment).

https://www.youtube.com/watch?v=_PC7HxfLs38

Check all this out this weekend.

Small observation, the PFC share price was at 80p when this thread first emerged.

My last post got trimmed :

Some missing info:

RNS dated 2-Dec-2021: When at full planned production of 2000oz pcm GRL expects an AISC of less-than USD600/oz at the Homase Mine.

RNS dated 25-Mar-22: 2022 production target of approximately 20,000 oz gold. Homase Mine is continuing to progress its capital efficient mine and expects to achieve a cash cost of around US$840 per oz for the remainder of 2022, with an all in sustaining cost of US$970 per ounce.

GRL gets performance bonus when AISC1500 is reached and another at 650oz/month.

It's a nice job to have: delivering a third of what is expected, 3 years late and at over twice the cost -- nice work if you can get it. Above is Emma's job description.

Also - would not be surprised if GRL are hoarding some of the October/November/December production to use as backfill on the magical January production figures. Reason for this view - is stated in the latest RNS: ". . . The production ramp up continues to advance in line with expectations. . . ", but they never even presented these "expectations".

Mr Boldicus,

Don't think there is much wrong with your calculation.

GRL have indicated they have AISC currently above $1500 , they never stated what it currently is - but they shall be awarding themselves silver badges when they keep AISC below $1500 (suggesting they are slightly higher currently) and gold badges when producing 650oz/month.

They must have all been on the funny juice whilst making these decisions - as they are so far outside their original plan:

RNS dated 2-Dec-2021: ". . . When at full planned production of 2000oz pcm GRL expects an AISC of

Thank you for the update Mr BullishAML.

If others have an opinion - it be nice to hear.

I ask because I look at the ski-slope black-run over the last few years - and suggest not for the weak.

However - maybe the only way (possible) is up ??

Suggest look at the current PGM prices - and you will find your answers.

Mr BullishAML,

You make a nice statement ". . . I want all investors to become profitable and make as much money as possible. . . ", a statement many (if not all) on here will agree.

I question if many here also believe that holding AML longer than they can a fart shall fulfil this?

For the record - to get closure on this thread - as nobody has provided any additional evidence of the validity of GRL's statement on their own website:

".. . . The mine was abandoned as the gold price fell to USD275/oz. . . "

That all generally agree this is an incorrect statement for the company to make.

- This would align with the kak they presented in the RNS back in 2020/2021/2022 of their predicted production.

It is such statements outlines above that I suggest is the reason this company has a mcap of £10m when they currently suggesting revenue in next 12 months of £25m.