Member Info for Gallmat

My guess. They know they will settle, but for now they do not need to do it. Keep their money in the bank and gain interest. Let the company develop the deposit while they wait.

Settling is so logical but this is india :)

No expert but focus on year end for SOC release.

And then the trial date

There will be lots of document tennis but I think these are key dates.

Next time I am selling at 120 and rebuying for results. It just seems to swing trade which is annoying

Dfr gold. Operator of cascades just raised 1m usd.

Annoyingly slow but maybe we get the rest of the drilling done!.

A fine example of how dilution kills investors.

The question came up but they could not provide feedback on the timeline. They did however say the delay means nothing with regard to the final result.

Yeah I laugh as well.

Without fair value we valued at 2x cash, exactly where we are.

Now we have a fair value that is Conservative without much explanation which makes me smile.

I just still look in cash terms and make up a MOIC

Guvvi

Do you think the Conservative valuation is good?. If the NAV is implicitly very Conservative the headline book value will go up slowly and so will the share price.

They still do not really explain why the fair value is undershooting the historical valuation so much.

Agree it seems a good business and I hate the dividend as well ( many complained).

I would like them to correct the win ratio. It might be 93pct win rate and they wrote 87pct by mistake.

If you loose 2 cases you loss rate cannot go from 7pct to 13pct on 270 cases.

Some mistake on the percentage of cases won

. Dropped from 93pct to 87pct.

Impossible as they only lost 2 cases in period which is less than 1pct of 270 cases.

This might be just lots of timing issues.

Recognising costs as they occur.

Portfolio is not moving through milestones.

The thing to worry about is cases deteriating e.g the probabilities of sucess going down or cashflows due to us decreasing.

In conclusion things are probably fine. But they need to explain what is going on in the NAV

I think they need to improve the commentary in presentation

1. We have 20p of nav at cost ( mainly in 3 cases they say). They should tell us how they feel about these cases and why cost is appropriate. I think one is queensland power class action!.

2. They could explain the nav abit.

1. Change from discounting

2. Change from milestone smoves

3 Change from risk parameters

4. Opex costs.

We could then clearly see if nav going slow is due to changes in parameters ( their view on success) or simply that they have not progressed alot.

I might be wrong here.

The discount rate is 12pct so I expect the fair value to grow at least by 12pct per year as cashflow gets closer but it did not.

I am now digging deeper. My additional assumption was that the assets should be moving through the court stages so we should have a big uplift in nav which I do not see

In the foot notes it seems like the cases have not moved through the milestones much so my assumption might have been wrong.

The low ler nav reflects recognising opex and the portfolio not progressing through court. In which case it is OK.

Hard to clearly see

Not the best not the worst.

Negatives.

We had a run of losses recently, which I expected.

Positives.

Commitments are increasing we will increase our debt facility unlocking the balance sheet.

Frustrations

If 20p of your NAV is held at historic for God's sake talk about it. Should we think this is worth 20p more so our NAV is more like 94+20= 114!

Lcm have an investor meet presentation. Why not ask a question to them?

No harm in trying

Deal probably cannot be done until kalaka met work, so some time yet. Need results back before you start mashing up the samples

Agree.

Also if we cannot spin out our assets at a record gold price then we never will :)

I am not sure we can afford it. Getting the message out there is expensive and many small cap companies complain it is very difficult.

If we could get covered by some news letters and have some momentum that might help

Thanks interesting

Is TW a fan?

Would he like to interview the ceo etc?

These are the things that interest me

These interviews are fluffy, but I suppose we can just do the best job possible.

I am going to raise the communication strategy around the release of statement of claim.

Will we engage a company to manage it I am not sure but there are things we could do. Have a press release, contact share tipping magazines to ask if they have interest in our stock and to meet them.

This all might be long shot stuff, but in reality it might be more important how we communicate the claim.