Member Info for Fr.Jack.Hackett

Mr GoldGeezer,

I agree the third link indicates gold price below $500oz - but I do not see it anywhere near the $275 stated by GRL AFTER the mine was opened in 2003 - the nearest to that figure I see is 321 on the 9th April 2003 - for a day or 2 - NOT LONG TERM.

If anyone disagrees - please provide the date.

So - my question - why does GRL state "The mine was abandoned as the gold price fell to USD275/oz" ???

Mr Stretch20,

". . what exactly are we waiting for? . . "

Don't you think the drop in PGM (eq) price has an influence - especially now as it is realistically below the economical price to recover the resources.

If you review the Wardell Armstrong International Competent Person’s Report and apply latest PGM prices rather than Nov 2021 spot prices - you may then agree.

If you DONT review the Wardell Armstrong International Competent Person’s Report (and use latest PGM prices) - then you probably in a position to just say ". . . obviously the idiot Putin’s intervention. . . ".

Goldstone website states (associated with the Homasa mine) :

. . . It was brought into production in 2002/2003. The mine produced 52,500 ounce gold at 2.5 g/t. The mine was abandoned as the gold price fell to USD275/oz. GoldStone Resources invested in the property in 2010.. . .

Can any of the wise posters inform when the gold price dropped to USD275/oz after production started in 2002/2003?

For information - I cannot see any drop after the mine started producing.

https://www.goldstoneresources.com/homase-mine/

https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

https://goldprice.org/gold-price-history.html

Mr GoldGeezer,

You mention MCAP - I suggest the following production will be required to justify such MCAPs, others I am sure can provide their suggestions. Things to note, for the MCAP to be realistic - the production profiles needs to be for at least 10+ years, with no account taken for any CAPEX.

The issue is -- is there evidence from company data or elsewhere to suggest such production & LOM is possible (I currently don't see)!!!

MCAP GBP50M short term - Homase (Feb 2025) : 15-20koz pa

MCAP GBP100M medium term - Homase (end of 2025) : 30+ koz pa

MCAP GBP 500M long term - Akrokeri : 120+ koz pa

MCAP GBP600M - Homase & Akrokeri : 145+ koz pa

I have seen in RNS that 120700 oz (total LOM) based on data from RNS dated 12 Nov 2020!! This maybe the source of the 12koz pa for Homase. As for Akrokeri - I have not seen much predictions at all.

Mr GoldGeezer,

A little earlier today I noticed your suggestion that Amrokeri could be an MCAP of 500M mcap.

You also suggesting 100m GBP mcap.

Could you provide the two different theories for the different mcap - assume the differences are accommodated by best/worst case data for gold price/LOM/capital investment etc.

It will be interesting to see your suggested timeline of production figures/AISC capital etc which you use if available.

-I see little info from GRL yet on future potential - so its up to brokers and speculators to come up with this data.

For discussion, I would propose the following (and if could Amrokeri + Homase future production could reach these levels):

100m USD mcap = suggests 30+ koz pa

500m USD mcap = suggests 120+koz pa

Maybe a small eee missing.

Maybe Emma can navigate a way out of the pit the sp been in since 2021 - which I consider self induced due to their production predictions released in RNSs.

Possibly - Emma at last got the help she needs - as sp movement indicates improved info from the mine

Back on 7th Nov I indicated that the EUA sp is not really influenced by the US election - apart from the pi speculation (which is always short lived). I think recent share price justifies this - looks like the Matterhorn.

I shall repeat - only real influence is the long term price for PGMs (eq) price.

- yet few here are interested - all the barking is noticeably around US election/sanctions/war - but the biting is around the PGMs price.

PGM (eq) needs to be over $1400/oz long term before EUA bod can (and I quote) ". . . seek new options to generate value from our assets. . . ".

". . . as we continue to seek new options to generate value from our assets. . . "

- overall - not words normally associated from a company with a strategy, a plan and an objective.

Suggest nothing to report here until the price of PGM (eq) is over $1400.

Suggest even management buy-out would not be to interested (even for a peanut) - as there are Care & Maintenance costs in doing nothing - and probably no capital investment until economics show value and payback.

From previous RNS:

RNS 8-July: production to date of 1,350 troy ounces of gold following last gold pour on 18 June 2024. Calculate as 245oz/month (based on 5.5 months)

RNS 11-Nov: To date the Company has poured c.1,920 troy ounces gold in 2024

Amount of gold since previous RNS = 570oz.

Period of time since previous RNS = 4.5 months

Monthly production since last RNS = 126oz/month

Since June 18, the production has reduced by 119oz/month

- I think the numbers do the talking.

Mr GM402,

". . .Are the II who bought in at 26p still holding though? There's no way of us knowing. . . ",

there is, ask EUA at the AGM, and ask if they still holding the full allocation of 41,551,563 shares they invested. I understand EUA stated they are still in "dialogue" with them during the recent web-discussion. Dialogue is not the same as holding 41,551,563 shares.

I would suggest the word "dialogue" was well planned by CS.

Mr Mizman,

". . . They want a completely neutral Ukraine. . . "

I think the last 10 years have shown what a completely neutral Ukraine means for Ukraine.

Mr Smkr,

with reference to your link, I assume you aware it was dated in Dec 2021 when spot prices for Pd was $2200oz and the ACF report states

". We use significantly lower long run Ni price and Cu price and a 20% higher Pd price vs. spot."

Today we wake up to Pd at $1050oz.

Maybe the reasons for lack of asset sale - the assets maybe are not worth investing the billions in capital to develop - its cheaper to buy an established mine.

There's been considerable speculation on large increase in sp after the elephants win in america. There's also suggestions sp will rise when conflicts end. I suggest the influence on sp for various non-EUA controlled events are:

2% - outcome of USA election (mainly based on pi speculating)

8% - end of conflict

10% - end of relevant sanctions (and likely to continue for years after conflict finishes)

80% - current price of PGM (eq) = $1070oz

Many may disagree - if you disagree with the last item, then summarising a viable economic assessment covering purchase of assets, capital investment and expected revenue income would help understand - its alot easier to do if using $2000oz which some may still be using.

Suggest any major mine development requires PGMs to be above $1400 before anyone considers to commit to the investment.

Someone here guaranteed 8-10p sp by 2nd November - looks like they have been very misleading.

Mr GasBoard,

Your an optimist.

Mr Rigz,

Please remember there are a few others that receive the money before shareholders, Accountants, Solicitors, Legal teams, Russian Presidents, Investment Banks etc.

Mr Ibiza 98,

You stated, ". . . I am hoping for a £0.49 final SP. . . ", I take your wording literally, therefore assume it is hope rather than reason for a £0.49 final SP. If you have reason and feel like sharing please feel free to do so. A suggested reasoning for the investment case behind the £0.49 final SP below:

£0.49 indicates a MCAP of approx £1.4b = $1.8b. This would mean the price a company would have to pay just to buy the mining rights would be $1.8b. Add an upfront $1800m purchase cost into any model for a new mine and include a $800m development cost for the new (1000kozpa) mine - gives a payback period over 10 years.

Without the $1800m purchase price (ie EUA develope the mine) - this payback period drops to 7 years.

The above is based on metal prices of $1200/oz equiv, AISC $450/oz, 4-years before revenue, a 20% tax, 0% interest rates and a 0% on NPV returns.

If you like to use metal prices from 2020, say $2200/oz, payback periods become 6 years (if sold) or 5 years (if EUA mined).

I suspect not many investment companies want to part with $2.6b based on a 10-year payback on a NPV(0).

Mr Cat,

You stated " . . . Waiting patiently for US elections over to see what that brings. . . ", I wonder what impact you think this event has with EUA, and what you think the possible consequences can be assuming the outcome can only be a binary event (Elephants or Donkeys)?

Looking at todays SP drop - I suspect on-site mine progress is not all tickety-boo, may a little rain, maybe knock-on effect of that Angela person.

Whatever it is - eyes on the ground would be good.