Member Info for Gallmat

Good updates. Ceo kinda let it slip this is upper to mid product in uk.

Good to see progress but real news is usa based today I feel

Dave. The benefit on Kalaka i think is way off. Best we can hope is the spin out in couple of months after the tests are complete. They would probably need to do drilling, more test, studies and build. long road in mining. Key point is that there might be a low cost (lower risk) way to do something with kalaka and that might get the deal over the line

New person here. Can you highlight the prices used in the study for songwe vs current prices?

This is from the editor note. There is a chance the new operator can quickly define resource and make a plant if the tests are good. Everything we are doing now will help them.

"

After Cascades, Kalaka (in Mali) and Gurara (in Nigeria) rank approximately joint second in terms of

corporate priority. DFR’s intention at Kalaka is to quickly delineate a resource and then to

investigate putting the project into production as a small heap leach operation with minimal

(c US$20m) capital expenditure "

There is research on DFR gold stating their strategy. Of course they do not have any share anymore, but new operator might follow same approach. Read research note on their website

:).

If you adjust the items held at cash to x2 moic. Last Nav was 107. Using x3 MOIC 124.

Basically the fair value at last report date is far more than now.

The company also said that the portfolio is in li e with expectations and NAV is CAGR at hopefully over 20%.

Why you sell before results?

Really is unbelievable that they say they have a critical issue. Someone has the solution and they still cannot hit the trigger. Fund us propertly with grants and let us get on with it, they worry about small money when we have huge deficits..not even going to scratch the surface of government finances

Have they given any guidendlce on margins for recycling?.

It does feel like the EU or US should pull the finger out and show a big grant. Otherwise sell it to the frigging chinese!.

They could give us just 3 or 4 million in good faith grant towards recycling. If we were in China they would have sorted it in 5 seconds.

I suppose that is why we have a REE crisis and they do not

The whole spin out is based on the met work I think. Unless we get some.crazy ass good results at bido, but how often does that happen? We drilled for yrs, maybe we finally get some.good luck

Makes sense. It might be a 0.5g bulk operation. However there are high grades circa 60m at 1g.

Understand these ( our latest drilling). Build a small plant and maybe if gold price is still high, target this bit and get the plant paid off quick. You then have something.to leverage off

The spin out has logically follows.

1. Kalaka has good met work. They are interested as this is advanced asset.

2. Kalaka has bad metwork maybe they are then not interested.

3. Bido is the marginal play. Always slim chance you hit something good.

All I really hope for is 1). The dfr gold research said they planned to do quick drilling and put a small and cheap $20m usd plant at kalaka. That might be what the new investor is interested in. Start small and let it fund the exploration while gold is high

Good description. Long term.

This is a snooze stock till year end, unless something left field comes from bido.

Love a snooze stock

It is a very interesting stock. One you buy and forget about :). Hold for gold

The resource definition does all the math for you. Just look at how many oz they define.

The 10moz+ potential quoted by management, stems from some targets not being fully drilled and the estimate being at a lower gold price.

Great if it happens but I never factor it in. Best to keep the long run mindset and get a random present.

Nothing much will happen now until claim comes out at end of year. Maybe a blip if we do spin out, probably not.

This stock is just about waiting for the claim size and trial to get closer

I expect this will be a low maintaince share which hopefully is boring and exciting exciting at the same time

All of this is covered in the vsa interview

Best scenario is someone who will develop it. This is exploration and luck is needed. We might end up with a great result that someone wants, or maybe the timeline to build mine coincides with our award.

Lots of unknown. Many exploration companies get nowhere. Big payoffs or nothing I think so for this reason I do not put much weight on exploration targets..nothing is certain in gold mining

I would also say the time to make a mine is long. You need to do alot of drilling ( there are no go wet seasons). Then making bankable studies, finding people who will finance you and then a build.

I asked before about the market for pre jorc licenses and the answer was rarely is alot of cash exchanged. The market works on earn ins. If you end up with a good project then maybe M and A gives you an out. I discussed this generally before with a few people