Member Info for Gallmat

Politeness costs nothing but it is priceless

Never had more than a 3x, so we'll done.

If the boars gets nuts we can also setup a telegram group. In some ways it is better because you can pin posts etc so new people can see the key arguments.

Not to add fire to the flames but I have asked about jurisdiction and have been told there are no free passes. Lawyers have performed extensive due diligence but there is always an outside chance. Actually understanding the casius issue better this am really put my mind at rest. It is the one listed case I know about that really tanked

The style of the questions was not great, the seat of the arbitration has been on my mind. The CEO messaged me this AM and it does seem confusing.

Bit of a waste of time but good to clear that one up.

When people write such things it is normally best to revert with facts, they realise deramping will not work and move on.

This is such a constructive board I would love it to stay that way until the inevitable deteriation

Mark responded casius is misunderstood, it is not a bit claim.

It's about a clause on the license and they are using arbitration to resolve

If anyone did want to ask questions on cassius. This was the contact answering my questions.

Nicholas Worrall

Client Advisor

nworrall@708capital.com.au

T: 02 9112 2552

This is tyring. But on the settlement issue I may as well address for completeness.

1. The fact india engaged is positive, if they thought it was BS they would ignore like many other governments do.

2. We are dealing with india and politicians. Would you voluntarily hand out 400m usd without even a court case ( big nuts if you do). Or would you start to talk, wait for a huge claim say 1bn usd and settle it for less, blaming the prior guy, looking like a hero for averting a crisis while pointing to the fact you already have 120m in prepayments so basically it cost you F&&&* all to remove the issue.

If the negotiation happened, that explains why NOA was delayed. The CEO is not an idiot, there must have been something of interest or he would not have spent 2 mins on it

Rider75

Yes I took couple of non serious k on equatorial. They are looking at 500m to 1.5bn usd.

The gov made an agreement with sundance but did not deliver so the court case was heard ( showed they are worried).

Equatorial and sundance were caught up in same BS of giving away permits. I think even have similar council.

Personally I did not like the debt on zenith so I ignored. Purchased and sold loosing 3pct. I decided to put into into a rare earth company instead, so it helped me diversify!

Regular members.

FYI I have done a call with cassius in same way I speak to our CEO. The guy tried to play even the news of it being locally heard as no big deal, I would not trust that company an inch or any cases they backed.

Regarding greenx. You can also see quotes from the polish pm saying challenging if futile ( in their rns). You can also check the annulment stats maybe a couple of percent chance.

Happy to have posters here, but we do like things to be factual. I am happy to share analysis and I speak to the CEO around once a month if I have questions on any RNS.

One other comment. Gabriel had lots of challenges on if bit should apply and they came through it. Lots about if a bit is valid when doing work within Europe.

It does seem that while statistics day the chance is low of it being in india, the posts indicate it is high which is clearly at odds with public reports I showed.

I think it is important is to focus on a few things here. Yes there is always a risk but some comments.

1. Cassius did not have litigation funding. I actually attended a video call for PIs organised by them, when I pushed the CEO he bluffed. Funny enough, still no funding and they said they engaged many.

2. The management of cassius were also dubious.

https://www.smh.com.au/world/africa/the-colourful-past-of-cassius-inside-the-australian-miner-now-in-a-395-million-battle-20220826-p5bd5k.html .

Mentions of investors in prison etc!

3. The claim was wierd. Their claim was being secretly mined by a Chinese firm. So the damage was not done by the gov. They sue the gov for lack of protection.

4. I do agree there is a chance this can go the wrong way but I showed actual stats from icsid, so we should not overinflate the risk.

5. I have also discussed with CEO for 30min and it is something that has been analysed extensively as we would expect

I also have some minor worries, but i do feel our claim is more similar to greenx, gabriel and indiana, sundance and equatorial.

Here permits were not granted or rights were given away. These all progressed without issue.

Rider not sure I like zenith. Quite a bit of opex and also debt on the balance sheet.

Might be worth a small punt

Is there any comment on past negotiations

I am starting to think there is no better argument than royalty. The key to getting paid is to make an argument that is Conservative and hits a good number

We could say we would have been able to get a 30pct royalty. At 2000 usd that is 600 usd or maybe 450m an oz after tax.

If you argue we could get 1m oz from our super 4m concentrated deposit in delware west we are due 450m.

This sort of super Conservative argument, based on royalty rate and extraction amount could really underpin the award.

The size of claim is one thing. An argument as to what is really Conservative we can get is golden

Hi rider. Nice to see you here from the pat.l

I would also like some background if you could help. Someone mentioned settlement discussions in the past and it would be helpful to know the source.

Our pat.l board has some.big investors who might want to join in here. We know arbitration quite well

It is an interesting punt. On a ratio basis. 5m gbp mc with claim of 600m usd, looks similar to what I expect on pat.

If they win the next one for 110m usd then people might anticipate alot more for the 500m claim.

Side punt?

I already have one more In aus, just due to the case being in March 2025 and them being fully backed by cash.

Most likely they will start a new buy back programme and we will be back in 110s on no time

50pct or 110 tonnes of gold, Nearly 4moz is contained in delwara west. This block is only 1000m by 600m with a grade of 2pct ( I translated block coordinates to meters using chat gpt).

It is easy to see why the deposit will be economic. I am sure they are modelling it up now with gold at 2600 an oz!. Our gold is not scattered around, most of it is in one small area.

They have cash and the credit facility. They just need to keep increasing commitments and run the business.

Aim is full of so many small caps which react to a big news RNS that I think it is hard for them to keep investors attention. Few people seem to be interested even medium term.

This is a very well run business that can deliver great returns for many years