Member Info for Gallmat

When will they do some communications. Beyond F&&## ridiculous.

Usa is considering 3x expansion

95pct reduction in co2

20pct tarriffs

Trump saying support

For F&^^s sake, most companies do comms with 1/80th of this.

For God's sake if you might ever need cash at least make sure the market understands what is going on

Soon our ipo story could be

Operation in uk and Europe.

Usa coming

Japan in discussion

If we listed the entire business including usa, we could just also announce plans for usa to be fed by mexico and Canada. Very credible.

Basically job done. Production plans in 5 countries and whole of EU.

Simply a great IPO story for the yanks.

Honestly, I think this is not now about the usa business operation.

This is probably just an IPO setup. If the sector gets hots, we will just show production in uk.

Make some big paper expansion plans so it looks great.

Ipo the business.

We also have the crma strategic projects coming on Tuesday ( 25th).

If america is getting super aggressive on their supplies, EU and UK will have to match them.

Trump will drive all western policy! If you don't develop a deposit...they will

I find myself confused.

On one hand I can buy greatland gold that is loving the gold price with people saying it is worth billions.

On the other hand I have a stock with maybe a better deposit than them stuck at 30m usd :).

Such is life. So what is valuable 🤔

For retail clients i think there is negative balance protection.

The provider is short a gap risk put. If you do not meet the margin call and the stock gaps down they take a hit. They hold x as margin but if stock falls more than x, they might get hit if you did not place variation margin

And your right there is no harm in looking at the very high scenarios as well.

My guess is that the lawyers might want to pitch something more middle of the road, so they do not make a negative impression with the panel.

When SOC comes I will ask if any methodology details can be shared. A headline number is fine but understanding how we get there helps investors make their own scenarios. Seems like something relevant given we are listed.

Not at all.

Honestly, I can see a massive range of claim values. Could be 1bn could xbn, all comes down to methodology.

When I discussed valuation high level,I was gently reminded that stage is important, so I just wanted to share that.

I think no matter what we submit, the Conservative case ( which is what we might get) is looking super good!

Like a reader says 500m gbp is 20x ( before tax, lcm share etc).

No matter the calc we are in a good place.

Not saying I am right.

What I can say is se grey had 1.8bn in dfs.

If you adjust for grade and gold price to 3000. You might hit 4bn ( public info).

But there is a curve and inferred resources do not go above 70pct ( Probably a bit less).

Again. I would say if we had a working mine assumption and everyone accepted gold would stay at 3000usd we could have a super claim.

Keeping expectations in check. Our deposit has not been drilled to being a reserve so I don't think you can hit starting with 4s. If there is some uncertainty you get discounts ( in all transactions), also it is easy for India to say 3000 usd assumption for the future is uncertain, they will argue a lower number.

Probably lawyers will also not want to expose themselves with best case assumptions. My key point is that as we stay at 3000, all the days we hit this level cannot be argued with, and the hedging argument for 1 to 2yrs is robust. These prices are observable ( past) or are future prices ( hedged) that can be made certain

I think we are in a good place and each day we stay where we are is great, each day adds value.

I would also say that looking for nice big billions in the claim is great. What really matters is can we even get 500m usd award. If you can prove that very conservative calc that is huge. It would be a 10x

Nelson.

With a 65pct royalty you get 1000usd. Aisc are likely to be 800usd.

You would not build an operation on those metrics to get 50pct of the gold.

If the gold price dropped you could get killed and people would not lend you the debt.

At 2500 usd you would only get circa 850usd and barely cover costs.

I think you would be better to look at lower royalty rates but seriously the calc is still big

Don't read too much into ig Index long limit.

With a leveraged position they have exposure. If the stock fell and you did not post margin they can take a hit.

If they have too many longs vs liquidity, probably their risk management team says no more longs.

I would say it implies they have enough people long ( which is good) but it is more a neutral risk management rule.

Seems like a pretty new account with no followers

The value here is still hidden!

The panel may decide to award using a Conservative, easy to understand calculation. You may not want to do something controversial!, but a super conservative calc as below still gives 600m usd pre tax:

1m oz of production ( from 8m oz)

3000 oz gold ( assume hedged for 2 yrs)

20 pct royalty ( 65 in auction).

Of course our claim will be far higher!.

IMHO GOI is in elon musk mode! Infact they are making him look like sensible CEO of the year.

How have india helped us?

1. Make an agreement to give us the permit, then present it in court! for good measure break it stating weak arguments ( mmmh)

2. Have you own tribunal look at issues on permit awarded (and then they agree we should get it)

3. Use your own money to increase the resource from 1.7m oz to 7.3m oz (thank you for the cost saving). Oh also endorse the deposit size as you use your results as basis for your auction!

4. Find people willing to develop it for us (auction bidders who india qualifies as competant)

5. Help us value It, they pay up to 65pct royalty( auction result)

6. Remove issues on availability of permit ( comes with auction bid, thank you)

7. Show gov support for it ( talking up project and value in times of india)

Well elon musk I think someone might be actually worse than you!

Rant ends

The 1 yr delay in SOC I think has been fantastic.

We were looking at valuing this at 2000 usd an oz. Gold is now 3000+. Effectively doubling margins for most producers.

Our claim will probably assume our mine is built and working today. Each day we lock in production with pretax margin of maybe 2000usd+. Big mines produce 500k oz a year!.

An under appreciated thing is that we can also probably assume we lock in 1 to 2yr production by hedging our exposure with the futures market goes out to 3yrs.

The rise to 3000 usd an oz does not just impact a few k oz. Maybe we can assume we lock in 0.5 to 1m oz at this level.

The longer gold stays high, the more scary this gets for India.

Given the trial response date is out of their control I think there is no restriction.

They also cannot even know for certain when the verdict is coming.

Fair play to him. Nomatter the reason for the placing he continues to put his money up.

Best case scenario. Things are going well and they want to capture the assets for future.

Ceo decided to be cheeky and sort his mates out.

Waiting for an interview but want to see the issue directly addressed. If that happens I might buy more.