Member Info for Gallmat

Commenting on this TOI number i dont think is ramping, infact it corrects investor expectations who could think something is wrong ( due to the delay). We also introduced it into our RNS.

I conveyed all the above. I think the company would like to say more but ultimately if they cannot it must be for a good reason driven by lawyers or another situation!

I have to finally say it is still confusing when some indication of a range, especially when there are broker estimates and TPI estimates out there is so bad.

Explaining we are finalising numbers when doing NOA and stating it is complex. But we can say scenarios covering 7m oz gold like the TOI based on at 1bn+ are within the set we look at.

That is just commenting on a number in public domain that might or might not be misleading to investors

I spoke to the CEO to convey this message.

While it does not fundamentally change anything, such things do not sit well with small cap stocks.

The reality os management of the case seems to be ( rightly) by co agreement. Lawyers ( fraskens, lit) and panthera.

Shareholders want a good short term, medium term and long term result. Most likely the lawyers will not be keen on actions to keep shareholders dancing in the short term if it impacts the case. And a sensible CEO ( ours) should follow advice.

I am hoping there is something nice on kalaka and maybe the reason for waiting might surface.

Reality is we are funded for 6m so waiting does not cost us much ( claim grows). Just annoying because we expected it earlier and we all have strategies for building wealth

Pk73, agree with the below.

The easiest way for the company to resolve the issue would be to discuss with brokers and have them adjust their range.

That way they are not saying anything but commenting on 3rd party expectations that hit the market.

I would have thought that brokers could revise.it based on GOI comments.

This is reasonable and actually the company has to respond to broker changes.

All non binding

Personally i do not expect the NOA to be a trigger.

The company included the reference to the TOI amount of 1 billion. There was no need to comment on that and they did so i take that as the best signal.

I think it is time to think more medium term here, the quantum might be quite a while away, but we have to trust this is done for a good reason

Yup thx prof.

To summarise we are in control and everything is happening for a reason.

Delays just imply more accrued interest so that balances dilution.

We have a interesting issue. One data set.

We want a strong case, we want near term info to support the price, we want good negotiations.

Hard for the CEO to achieve all 3 at same time. This just comes down to trusting the CEO, which i do.

Yup. Thx prof.

I basically just read this as everything is happening for a good reason.

At the end of the day this is about the requirements of different groups. We want a s

Listen to the interview. I dont really want to post it

True :)

I always look for blue sky stocks and then try and find the rain clouds.

Always looking at worst case scenario. I feel there has to be a reason for the delay, but these things positive things can always ( and often do) fail.

Good prof had a chat, and some comms should help alot

The silver lining here is that once the claim is released then it will just be a nice sit back and forget.

This is def the worst bit of holding the stock

The reasons you highlight is why i think auction is not that important.

A) it is asset with legal claim against it. Our valuation will assume.no issue with asset

B) only local companies, we can argue a major ( non indian ) company would like to bid

C) prices in bidding are based as of today, whereas we need to look at time of expropriation

Hopefully prof has more on this, but my view is the auction is not the golden goose and more a ready herring.

Professor.

Very much appreciated

Exactly.

All the CEO needed to do was raise some friggin working capital.

Be more professional so institutions would throw cash at him for a critical mineral.

But no he runs it like a family sweet shop.

Such a shame when all other CEOs can manage cash, engage professionally. Guy is just an idiot so nobody will deal with him.

Btw we will be 8pct of world supply!

I am not sure why we would comment on the auction when we are not in the inner circle. Anything other than a public result is chinese whispers and its not good to do that and get it wrong ( credibility)

I still think the auction focus is a bit misplaced, our asset was stolen in 2021, it might be interesting to monitor to see if it triggers some engagement. But if it drags on i expect we will not wait for ever.

We probably just waited to monitor it and sadly the elections made that drag on

No red flags for me just yet due to election.

However, if we are 2 months down the line i will have an issue if we are not at next stage.

We have taken the pain, now hold for the gain :)

The company is raising cash because lcm only cover legal costs.

The CEO knows clearly that dilution from exploring is bad. If he does spend it will be to get a JV

I do not expect that we can guess the reason for the delay but there will be one. In this process we will need to trust, which i think will be the challenge.

Realistically this cannot drag on with no MOA for 3 months, and the people who did put in cash clearly must have view something ok is going on

i am sure the ceo would rather be out exploring. this must be a complete pain in the ****!

managing legal firms, dealing with indian bureaucracy, explaining to your contacts who want to dig about legal arguments.

i have been here 3 months and already going a bit bonkers!. accepting we do not know the whole story is the hard bit here

Jmuk

Clearly the waiting ( not releasing value drivers) had more value than the dilution. For what reason who knows?

Anyway now we are funded we can continue to waiting for whatever was positive. The cost of the wait has now been paid?

Seriously with India it could be anything, that is why we are here!

No prob pk.

Time for me to mentally "move on" :). Attempt no 2!

Pk.

I think CEO never said no placing. Just that he understands the impact ( hence looking at strategic options).

I read your observation as he knows it is better to raise after MOA. So there must have been a very good reason foe not doing this.

Not sure therefore the placing is negative!