Member Info for Gallmat

A judgement is digital or binary. Win or loose.

Think about why you might want to be in this. I think clarity of rational is important

If you invest. Consider carefully why. What event are you looking for?

1. Digital at end.

2. Stock to move in medium term.

3. To wait for settlement.

Some require long term investment horizons and have different risk tollerances.

Decide for yourself and also how you use this.

Having spoken to Mark (CEO) I can say how delighted i am.

The zaks interviews does not give justice to his skill set. He clearly understands investors views and his experience interms of dispute resolution is excellent.

I gently asked about an update as one was implied in the last rns. But i did not push for answers as that might be sensitive

I think the selling is drying up. We can still buy back 3m shares. At 30k a day for 3 to 4 months

It will scoop all this selling and we will revert

I think initial attempt to sell might be scheduled for 5th april.

Basically we are waiting to see if we have any comms from goi or launch arbitration. At that time we understand our claim. Broker indicating 500 to 1billion usd, which is probably spoon fed from.company..

Indian press had people quoting worth over $1 billion, but i expecr it to.be closer to broker range

Https://timesofindia.indiatimes.com/city/jaipur/auction-of-2-gold-mines-in-bhukia-jagpura-area-of-banswara/articleshow/107706812.cms

Hi

It seemed like a quiet period with just 3 realisations.

They still have around 50m gbp of cases over 36m, so you would think we have bumper cashflows coming in short to medium term.

Btw. The same day i have a call with ceo and cfo of lcm.

I want to feedback on their recent presentation and hopefully understand more about the mining dispute space.

If governments have incentives to take assets, then this might create a nice pipeline of cases that legally might not be that strong. Which can lead to systematic mispricings.

My next project might be to write a python script to find these situations ( but i need to learn python first ) :)

Thx. I read that comment as well. It is quite important so i want a reconfirmation.

If something matters to me i always reach out to the company for reconfirmation.

Noted.

I want to clarify if when they said next step is end of q1 is calendar or their fiscal year q1

The rest of questions will be light and asking more about how they manage dilution.

Having a chat on thursday with Mark. Not sure i will learn much but it is good to touch base.

Reality is investors like the share price supported. In low liquidity people drive the price down. If company are supporting price they move onto another stock and f*#^ with that.

So benefits are huge even when they are not buying much

I am trying to talk to them to share my ideas.

Seeing cases by maturity ( return proxy)

Process in timeline ( risk proxy)

Would be useful. If i know alot of deals have positive judgement already then i anticipate cash inflow and chill on debt repayment. Even though they said they could do it no issue

My point is. If they define the returns clearly into 2 sets. Then investors see it more clearly without them.having to state so much.

I would have said well 100m aud over 36m our normal realisation time. That is flagging huge gains, but hidden in appendix.

I did like that debt refinancing can be done. That is huge. Having 70m aud hanging around makes no sense. We can use that to fast track more of it.

They need to overcome in simple words why fair value is still conservative. Stating % of nav at cash invested was a good step.

It was solid. The company i thinks need to sell itself a bit clearer.

1. Lcm before funds. Roi

2. Lcm with co investment. Roi

They keep referencing historical returns. Given performance fees can double our return does it make sense.

Nav is 2x invested capital. But historically we made 2.8x. In funds x4.

This also ignores benefit of debt for leverage and continous reinvestment.

They need to make the presentation a bit more punchy.

Observation. The last 3 rns's could have been released as 1 item with 3 sections. Clearly they are trying to generate some positive reaction.

Normally when you want a higher price for a reason e.g a

Aim is very illiquid. If you see a weak orderbook and you have size. Very easy to tank the market.

Short selling in a liquid market is fine.

Not sure it is big issue here, we need to focus on the asset in hand

I think there is enough detail. Containers are normally 40ft. They are standardised ( need to go on lorries). Look at blackrock for pricing.

But key thing this is just a couple of containers.

We need alot of working capital. Or alot of time for working capital to build.

If they announced $xm in bank debt or strategic offtaker it would be huge. This is just some customers testing a bit of product and they even note these things have long lead times.

If they wanted to really get you excited. State current monthly production, how far from ebita positive. That is telling

A standard 40ft container can contain max 30ton. You can google. So it you make say 300 more a ton. You are celebrating 9k usd in revenue.

This is positive but it will not move the dial. You qlso probably cannot high grade and just produce this product.

3 rns, each with nothing critical sounds like getting ready for a raise of some sort. I dont want to upset people so i will not post for a while.

But really look at the facts. This does not solve cashflow issue

No real meat to them. When i see a flurry of positive sounding RNS but no actual facts on production and cashflow i do not.get excited