Member Info for Fr.Jack.Hackett

Mr Hawai,

" . . back in April. . ", and Liverpool was on the way to league title. Now look at the state of things.

The status of the company is visible by the lack of production figures being announced - maybe they even halted production - who knows - cause the COMPANY hasn't informed anyone here.

Mr Toffeeman,

". . .Selling well below true value. . .", maybe you like to inform the "silly people" what the true value actually is and what it is based on?

I would be very concern for a gold miner in times of such gold price to not inform the shareholders how good its doing - very alarming.

Reading through the RNS it appears the zim authorities treat gold miners in a similar light to how certain authorities treat banks.

The more they make - the more the justification to put more of the trotters in the trough. Be prepared for possible future additional increases if price increase further.

Assume the COMPANY requires funding of some sort and shareholder approval required - they have up to the 8th December to issue RNS for an EGM on the 31.

- I wonder if they can be bothered to update with production progress before that. It all makes a mockery of the statement from Emma P, " I look forward to updating shareholders over the coming weeks and months as we work to build further momentum through the remainder of 2025 ".

3 trades so far today. That is 50% more than the 2 trades on Friday.

I think the market knows where this company is heading - and the commanding in chief will probably only issue the RNS for meeting when there is no time left - so maybe shareholders could be voting on the 31 December at an EGM or whatever its called!! Not sure what they be voting for - but I probably know what the consequences shall be.

At least the commander keeps her salary until the 31 Dec.

Mr CyberMonkey,

" . . The amount of coordinated effort to bash this company, you would think someone might be being paid to keep the share price at bay. . ",

with 2 trades yesterday mounting to a grand total of 2334GBP, and similar for the last few weeks - yes, I see your logic - better get in quick when its low !!

Maybe it's not coordinated, maybe its individual reasoning.

Mr HarChris,

" Explain to me then what the point of her flat out lying in December about the 1000 ounce target ",

Suggest arrange following words in an order that gives a possible answer: way-out To a Devonport-Capital give

- and they took it as quick as possible.

Please note - no need to panic: wording taken from RNS dated 2-Sept-2025:

from Emma P herself,

" I look forward to updating shareholders over the coming weeks and months as we work to build further momentum through the remainder of 2025 ".

with that everyone can rest assured and sleep tight - as she actually looks forward to updating shareholders . . . . .!!

Mr Banjomick,

You are correct, the gold-loan has been renegotiated a few times and extended even without interest I believe - but these were times when the company would go bust with a non-functioning mine and AIMS would probably have a half developed mine which they would then have to invest in.

Now, after various fundraising and investment (15m$ in total I think - last fundraise 10 April 2024) and the pay-off to Davenport (28 Jan 2025 - and they could not sell those shares fast enough at whatever loss as many on here complained about the share price drop) the assets can be offloaded now as part of the gold-loan agreement to AIMS at least as a self funding mine.

Now is the time for AIMS to take their pound of flesh (for 2500 oz of gold)!!

- they get a working mine that is (probably now) self funding - and maybe even in profit.

If they wait another year - the mine may actually produce enough excess to pay-off the loan in bullion - so now is AIMS time before the company gets healthy.

Davenport knew the value of this company at the beginning of 2025 - and they took action.

That big one - was probably a sell, the others may well be buys.

Mr Toffee,

They can have 100 of them - unfortunately probably not make much difference.

Mr Patrick,

Could you expand on the misleading post - and what is so incorrect it needs reporting. I read everything here as an opinion - and some have opinion that capital is required, others have an opinion capital is not required. Why is post misleading.

As a public traded company, GRL is all but dried-up. The number of trades (both buy & sell) is an indication. Nobody wants to buy - and everyone who wants to sell probably have already.

As for the communications from management - probably nothing good or even reasonable to report (production figures probably sliding down) - so best not to report bad news if it can be avoided.

Wish GRL, Emma and the team luck for 31 December - but I think the party is at AIMs Rohas building (and they shall be there).

Wish could have a different opinion - but I would be misleading myself and others if I tried.

A PI sold maybe sold 0.5% of shares - and price dropped nearly 25% - frightening.

Spread well to big to trade

Mr Boldicus,

Suggest MCAP is a more transparent reference to use whilst comparing the various entities.

As for why they are higher - its normally based on speculation and optimism - with blind investors (normally PI) believing all the hype (from the companies, the research groups and hear-say).

For GRL - they have passed through all the above speculation and optimism in previous years (2020 - 2022) - now it's the reality - the 50kozpa not there - reality closer to 5kozpa. Costs (AISC) are not $650/oz - reality who knows $1500+. Using the reality figures - the Homase mine would never get approval at feasibility.

Debt not paid and big New-Years-Eve party already being planned in Healy Macs Irish bar across the road from Rohas building in Kuala Lumpur:

https://www.google.com/maps/place/AIMS+Asset+Management+Sdn.+Bhd./@3.1547585,101.7083595,20.67z/data=!3m1!5s0x31cc37d5b8f078e9:0x6030a162171352f6!4m15!1m8!3m7!1s0x3034d3975f6730af:0x745969328211cd8!2sMalaysia!3b1!8m2!3d4.210484!4d101.975766!16zL20vMDlwbWt2!3m5!1s0x31cc37d4efb958cf:0xdd7060199d90e0aa!8m2!3d3.1548982!4d101.7087729!16s%2Fg%2F11bymwpyyl?entry=ttu&g_ep=EgoyMDI1MTAxNC4wIKXMDSoASAFQAw%3D%3D

Mr HawaiifiveO,

you state ". . .areas of debate which are cloudy. . .", for many, one item that is not cloudy is the gold loan. GRL owe over 2000oz of gold (not dore) that comes due on the 31 December 2025. Collateral for this gold-loan is the Homase mine.

GRL have been stacking 48kt/month - stated in RNS on the 15 Jan. Suspect serious low grade is causing the 250oz Au month. GRL know the grade months before they stack it - they have known what production will be like back in January!

Suspect the Homas mine was never commercially viable - if include the CAPEX costs - maybe the plan was to fund the mine during build phase under public ownership and allow AIMS to take ownership as debt payment to gold loan when it becomes commercially viable.

- if correct - they need to act this year - as opportunity will be gone next year if production increases.

I do like Emma's words in the last RNS, "I feel tremendous pride when I look at what has been achieved in recent months at Homase"

I am sure shareholders feel nice to know the company is run by someone who takes tremendous pride in achieving 1/3 of what they said they would do. It was apparent by its absence in the RNS - any reference to the gold loan termination date.

Again - it's just history repeating itself (2022) but this time there is an actual end date - December 31 2025.

Mr Teletubby,

Good to see you have read some of RNS releases, it is apparent you not read all of them - a little knowledge can be dangerous!!

Suggested reading RNS dated 22 June 2020. Very interesting paragraph under Further Information:

"· The principal amount drawn under the Gold Loan will be repayable in such number of troy ounces as has been drawn under the Gold Loan or in cash, at the election of AIMS, 15 months from the date of the Loan Agreement (the "Maturity Date") (or earlier in the case of an event of default by the Company)."

Most important words: at the election of AIMS.

Mr Izzy,

". . .Emma needs to post a good update. . . ", it would be nice if it happens, more importantly for some - it would also be good to read if it is contained within a posting that is honest and correct.

On a lighter note - notice the change in price - but also big spread. I think Emma may have been observed coming out of QuickQuid recently with a smile on her face. At least she wont be paying the 292% interest rate !!

Mr Run, nice simple question "thoughts on how best to value this business", with luck I hope you get lots of responses - as it will be interesting to see.

For my input for today anyway - may change tomorrow! : 10-15 years annual production prediction, AISC, price of Au. Use discount free cash flow (lower discount, higher influence from future revenues). Maybe use 10 year for blanket - and don't forget only 64% owned - also put a 20% mining tax and 20% corp tax onto this.

For Blanket mine: 10x80koz, $1800, $3500, NPV(10%) ≈ £220m or about £12/share (Blanket only), if use 15 years operation ≈ £13.50.

For Bilboes mine (100% owned): a bit harder as lots of variables from feasibility studies. But to make a start: CAPEX suggest $20-40m/year for the next 5 or 6 years, production ramp from 2koz (year 1) - 32koz (y 5), then 64k (y6), 100k (y8), 140k (y11), 160k (y14) onwards to 180koz

For Bilboes mine: 10 year production, $1800, $3500, NPV(10%) ≈ £100m or about £5/share (Bilboes only), if 15 years operation ≈ £10, 20 years ≈ £13.50.

So company value ≈ £220m + £100m = £320m or £16/share based on NPV(10%) of future profits, if use NPV(3%) Blanket = £15, Bilboes £10 = £25/share - which is approx todays price.

Alternative - suggest do a simple calc based on say 3x to 5x annual profit (profit about $135m/year for Blanket), ≈ $405m - $675m for Blanket - depending on the risk/discount you want to apply (suggest operations in Zimbabwe would be towards the lower number, Australia would be towards the higher end).

I do think CAPEX for Bilboes will be higher - but also suggest AISC be lower than used - so I expect a partial balance when producing (otherwise 10 year NPV will not look good/realistic) - and I think CMCL are trying to minimising the initial CAPEX anyway.

Motapa exploration - not included at all - but I suspect CMCL recent price surge (10 - 15% in last week or 2) maybe caused by very positive results from drilling (easy to leak before its all compiled) or maybe some very low CAPEX route for Bilboes.

Like I said - tomorrow maybe decide different discount or higher Bilboes CAPEX - changing all the above.