Member Info for Gallmat

When more is disclosed about the proceedings I will ask the ceo if he can explain abit about how the claim is made

1.are we using royalty/npv/market comparable

2. Is there a chance to reference gold price now.

I don't want to push now because it puts panthera in an awkward position.

Short answer you might want is in de grey sensitivity analysis, from memory

I think it was 6m oz at 1.5g with gold at 1800usd for 2bn usd. Using current prices the npv doubled. A 0.15g per ton in grade increased ORIGINAL npv by 20pct I think ( our 2g vs their 1.5g)

This is all guestimate as their resource is also to a higher level of certainty and we might be penalised by a haircut.

The main point is not the claim size for me, more important is a simple calc a lawyer gets that seems Conservative and based upon data that is more certain

As noted i hope gold stays at 2500 for another year. You the tell the lawyer. Look prices were high for 1.5yrs you saw this. Take even half the royalty rate agreed so 30pct and assume 0.75moz of production( circa 0.5moz a year). This will get us a good number. The lawyer understands he is ignoring 6.2moz of other gold or 3moz sitting in delware west.

A claim of 4bn usd sounds great but if the lawyers freak out and panic about future gold pricez and costs etc it is irrelevant.

If we are referencing the current gold price, I think it is massive because it is backing up a Conservative award number that is good for us and can actually be given

Pages 8 to 12 of 2018 investor presentation are useful. They show some details of our 1.7m oz and gsi mineralisation found. What you have to realise is that while gsi mineralisation is in a bigger area. Most of the reserve is very close to what we found ( you see that in prior doc). Just leads me to think the gold we found is well located

Sorry for a long post. Hopefully something is useful

Page 13

You can see the reserve by block.

The block is quite large but you see the area of mineralisation is not. They are also telling you gold is continously and in bands. Other diagrams somewhere show you they are close to each other

https://geonesis.in/admin/magazine_details/magazine_pdf/GEONESIS%20MAY%202024.pdf

The other way to think is say we know bhukia would have been developed. Ceo indicated our initial resource worked well at even old prices

If we assume even a 30pct royalty, gold stays at say 2500+ another year we probably argue we would have had 0.75m oz produced at royalty of 750usd an oz. Factor in the millions of other oz to come in and I think we get a good number.

Also think the calculation might include production before today, that money needs to be future valued ( have interest attached to get it to today's value).

I always say this is my hunch as I am not a technical mining expert or lawyer.

Mark explained you can slap the result in public software but it is not brilliant. This really is a specialist area.

The real reason I think the claim might be big is not so much on the deposit. This is me kinda guessing, but I think our claim might reference the current gold price as an ongoing operation.

At 2g per ton you would think an AISC of 1000 usd might be reasonable ( de grey was 800 i think).If you are creaming 1600 margin ( at todays gold price) you are making very good money.

The longer gold stays here, the more hard data we have to say we could have sold at very high prices and this you think would not be up for so much debate. Arguing what is the value of production in 2030 is more speculative, what are costs and sale price. However if the calc assumes we are already producing now, we have good estimates on cost and revenue so I think the uncertainty discount might be less... easier for a lawyer to agree

All mining projects are really very different. But I think our deposit might be close to degrey at high level metrics

This is basically due to the concentration of half our deposit near 4m oz, being in a relatively small area ( delware west I think is the name). Our grade is good ( by normal standards). Beyond this the mineralisation starts at surface and we seem to have lots of parallel zones so the gold sits close like a layer cake. This seems to indicate a good strip ratio and efficient pit design.

In my first chat with the ceo I think he said the pit design assumption was at 400 usd. ( Gold was sub 1000 then) however if you dropped the gold price to 200 usd we would not loose many oz. This indicated to me the deposit was very good.

Costs of have rocketed since our 1.7m oz discovery, but from what I can see/guess, most of delware west discovery is just drilling more around what we originally found. The oldest presentation on website shows our original discovery and the gsi mineralisation. You need to overlay the gsi block definitions.

To really analyse properly you need alot of skill, and expensive software.

https://degreymining.com.au/wp-content/uploads/2023/09/20230928-DEG-ASX-DFS-Announcement-Executive-Summary-Combined-lodgement.pdf

Trump is at it again, now telling Denmark he needs Greenland or else.

My god. If you are managing a supply chain how can you relax with this rhetoric.

https://www.politico.com/live-updates/2025/01/07/congress/very-serious-tariffs-00196878

Wow pk. I appreciate the conviction to have followed the story all the way and be in for the positive rerate.

Many people just get bitter, good job dude.

I have only been here 9 months but it has been really interesting learning little bits about how arbitration works

Agree w.o.s

No matter what trump says I think he will have to reduce the scope of tarrifs. When families get hit with high food prices/appliance prices they will get annoyed fast.

Yesterday's article about targeted tarriffs just seemed more reasonable and seeing critical minerals the narrowed list made me smile.

Just seems like a more credible scenario

I am going to put a portion of my money into short term ideas this year.

That way I continue to learn about more microcaps and can focus on items with short term catalysts.

Last year I was too narrow and missed execution on at least 3 stocks that went up 100pct. Need to capitalise on the research this year.

Not alot you can do because pat kept pushing back SOC

I have a small stake only in that, not sure there was any proof so took it with a pinch of salt.

My focus now is in critical minerals. I found a nice one where I can spread bet. If trump does his thing or they sell there asset it could multibag while giving equity I can access.

False dawns on aim are all too frequent, but I really think this time we have some really good catalysts. If any of them hit the this could be the floor.

Who knows, the world is all watching trumpy see how bonkers things might get.

With so many grants applied for saying you are gonna flog it to the Chinese would be the death of it. I am sure it is implied if we cannot get a deal from them we need to look elsewhere, which is effectively the same thing. The CMA knows what will happen as an alternative

I think this is a difference between uk vs North America. We tend to be reserved which is not great.

It does feel we are in semi hibernation, which is why I really hope we can get something done with the mine.

The guys at cotec do not mind spending because they use their cash and just take a bigger stake.

At somepoint we need to get cash in and just go for it. Commercialising new tech is a race to be first and get supply

If someone came along and did offer say 300m for the mine and the tech. We'll you could see someone saying yes. It is a huge gain for cotec to fund their portfolio and maybe even for management.

I think a more likely result would be selling the mine and then flogging a funded recycling business.

Honestly who knows, but all options are interesting

We might get an offer but it would be an Instant rejection

The current plan is to spin out only the upstream assets ( mine and separation plant). I think that could give the 60 to 100m alone.

Cotec have noted they see within 5 years a target operation 3x the size of the DFS. They have noted they would consider listing the business in few years, which is fair enough. If we have operations up and running, with good expansion prospects you might get a really good price. You would not sell it now because we need go create the operation and value first.

I think there are many options and many eyes are on trump. Any mention of tarrifs and this becomes a hot investment area, I cannot see us even selling the mine until we see his tarriff stance

My point was not to suggest lcm buy pat.l. they are not even mandated to hold equity ( I discussed on a call with their ceo).

The point was the lcm made an investment which only gave them 15pct of claim without mining assets.

For the same dollar investment (price) we could buy a share of 100pct of claim and mining assets.

So wr had a much better deal.than lcm. Sorry it was confusing

You make real value after you have built something, have the recycling proven in uk with America advanced.

No point selling before any milestone.

It was not a literal suggestion, just a way to think about the opportunity.

If they would invest the same as the market cap for 15pct l. When you buy you are getting a deal that is 100/15 better.

Just highlighting the funny valuation anomaly