Member Info for Gallmat

I just chatted to MB.

Due to legal case all wording is reviewed very carefully. Probably why it just come out so factual.

Not the best RNS.

Summary at top. How about

Title. Sale of contested asset

Summary. The recent sale has based on respurces of x implied y billion of revenue to GOI. Through our litigation we are entitled (if we win) to fair value of asset. We believe the sale of the asset underpins the huge value of our asset relative to our 15m usd market cap...

...lots of detail

Prof.

Hope you are right. It is hard to think of a valuation scenario that we could not.have anticipated. You would hope we were waiting just to put in some values into a an existing model.

Probably convey to CEO the level of uncertainty we feel. Having said that he said updates in next couple of weeks to prof, so maybe time to watch the EUROs and chill a bit

Might not be illogical to wait. When is the auction process really complete. When they have winning bid. They pay the initial deposit ( up to 77m usd), they issue final license.

The bidder has not yet fulfilled any confractual terms.

Is it ideal for us they did this stage, the license is formally issued.

Enough for me to think an instant RNS is not due.

We also need to discuss each step with lawyers so it would not be automatic.

My guess, they digest this a little and maybe we get info in next update. There is nothing from MB comments to indicate the auction drives our valuation, and even if it did we would only comment when the court requires it.

We are probably being impatient

I asked them to see if they can comment.

Not sure if they will as we were not directly involved in process. But i asked.

I will share anything i hear

I will try and drop a message to company to ask if it is reasonable to cover this event in future presentation/ interview.

Lack of uncertainty on what is happening is the key thing here!.

My only theory is there is a side bet.

That GOI will reduce royalty if the company gets rid of our case and something is going in parallel.

But if that is true then bidders could scream foul play.

Sadly the best result. Big company reasonable royalty did not come out. So now we are in the Indian Mess :).

Come on mark, hit the interviews

That is what i found but it fails the logic test. 60pct at 2200 leaves approx 900usd rev for company.

Most companies AISC is > 1200 usd. They would need an AISC around 500 to make.cash i guess, which is just too low.

So i cannot believe this or someone messed up auction

I am going to look for documents on the process, but no matter what i find i still wait for the CEO.

For all we know there is some special clause in the terms of the auction.

All we know is 60pct sounds high

Discussion it was noted royalties are normally around circa 20 pct. So i am surprised at 60pct.

Honestly so not know.

This is now public info so at some point the company could now comment.

The fact i had was in a past di

Agreed. Waiting for the presentation and associated interviews.

So much going on within India that we will never understand the real situation

If we understand someone just offered a royalty of over 1000usd an oz.

This seems incredible so we need some commentary to understand what it implies.

Regardless this is positive.

The case is due to multiple parties in India acting in self interest without actually worrying about the big picture.

If it was centralised messing about our case would be less strong

The only thing i can conclude is that this is good for the case.

What i hope for is some commentary from company now this is in the public domain

The most interesting question, what exactly are we waiting for before giving MOA.

Prof. Is if worth reaching out to MB?

Prof, wo

I think india is like a leaky ship.

Pretty sure if they went to 63% it is because thry knew others must at least have been at 40%.

And if one of the other bidders ( all big companies) bid 40% still a cracking result.

I am guessing this company might have to pay upto 77m usd to start process. They must have some plan!.

Anyway a good step. Sure pat and lawyers are happy it is done

The only think that sorts this is cash

Who knows.

I hope they get loads of revenue. Then settling later is just so much easier and logical