Member Info for Gallmat

The link

https://globalarbitrationreview.com/article/congo-settles-mega-case-australian-miner#:~:text=Australia's%20Sundance%20Resources%20has%20agreed,the%20revocation%20of%20mining%20licences.

https://www.mining.com/web/congo-republic-signs-deal-on-revoked-iron-ore-licenses-with-sangha-mining/

A big DYOR. Reality is no litigation funders however there is a cheap option to hold until say April once court case is heard.

You might get settlement or some buzz on it.

Worst case company is backed by actual cash so probably limited downside.

Very illiquid!

They are not backed by a litigation funders but use clifford chance lawyers ( magic circle).

If they are to settle it will happen before trial in next 4 months.

Early settlement often comes before the trial, especially.

Congo made an agreement with sundance resources ( but yet to pay up!).

Interestingly the congo screwed 3 companies taking licenses and giving them to chinese firms.

They settled with sundance however equatorial resources who use the same legal company have not yet settled.

Claiming 400 to 1 billion usd. 15m aud market cap. 13m aud in cash and no debt.

Trial set for March 2025

Thanks. I will check the investment required for both to normalise the numbers.

Cheers

My optimism on the delay!

We get one chance to announce our initial claim and make a big news event. If my super perfect scenario comes we might be using a record gold price, what could be better!

True that valuation amount may be modified over time? But that might happen much later as the proceeding develops.

We all want a good claim number and the delay from q1 ( gold at 2200) to now ( gold at 2600) might give us what we really want in long term

Yes it is annoying :)

I recently tried to highlight some documents on damages in cases of legal and illegal expropriation.

As I am not a lawyer I cannot say what we face or if my docs are the latest view.

Depending upon your take, the delay interms of actions recorded and record commodity prices could be good for us. The delay is not necessarily all bad

I believe MB is trying to set out his best estimates to satisfy us, but we must cognisant that he is not 100pct in control here.

Being a legal matter he is subject to the timeline of this process, what our lawyers want, how india acts.

I see only two solutions. He comments less, which is not great for us. We as investors just realise timeliness can move for other reasons.

I am now just focusing on this as a long run play.

Once we get a commitee and timeline we have an official goalpost.

I looked at 3 other investments. Their investor relations just ignored all questions.

The situation of delays is not perfect but we all signed up for a long term play

Do you have some details for this as it is interesting?

Normally the profit from say refining something or upgrading is not huge. I am new to the stock and what you wrote is interesting

Not sure if I read the blocks corectly

Page 21, table 3.1

Seems to show the length and width of the blocks. The ones that seem to go through the western block mentioned can be up to 3k long and 10 to 150m wide

Beyond me, but we seem to have lots of layers of gold which is flattish and shallow slopes. This is probably good I guess. A bit like mining the cream out of the layers of a cake. The the gold was in structures that are verticle, you might have to dig out alot of extra useless ore.

Happy to share.

Not sure how useful it is because I am not an expert. A little bit of knowledge is a dangerous thing :)

Clearly understanding the bhukia deposit in detail is beyond us ( especially given GSI have not summarised the holes well. The snippets on the legal side were the most interesting for me

Gary

Leave it alone.

If u call sharing documents from international lawyers, India own geological service. Tuition videos from head's of the geology service ramping

Yeah I ramp.

Should know better than to look here

Sorry. Every 10pct increase in grade and/or share price increases their NPV 20pct.

Our grade is 30pct higher. Gold price also 30pct higher.

Big DYOR as I have no mining or legal experience.

After another 6hrs of searching

My guess is we are looking at an npv claim that will be bigger than de grey's 2.9m aud claim.

De grey us

Grade 1.5g 1.96g ( plus by products)

Gold 6moz 7.2m oz

Gold price. 1900usd dreaming of spot.

Type open pit open pit.

From the random intercepts I could find online i saw very concentrated gold reserves in one block, with high grade and close to surface.

Sounds crazy but I think we could be looking at even as high as 3bn usd +.

De grey npv increases for each 10pct increase in grade from 1.5g and for 10pct in gold price.

Here is to dreaming!

The summary report is the best I found.

The GSI in their infinite inefficiency do not seem to have made a summary table stating drill hole name, block drilled in, date and reference to results.

I might be loosing it after looking at 10 docs as I could not find a unique identifier for a hole.

Anways. That is it for today

Agree Greatland is not a comparator. 400m below surface to hit mineralisation, with underground mining.

I looked into bhukia study from gsi.

If you goto gsi website, translate and search for bhukia. You can find docs this is one " bhukia gold prospect"

https://employee.gsi.gov.in/cs/groups/public/documents/document/b3zp/mtc3/~edisp/dcport1gsigovi177904.pdf

No expert but it looks a crazy deposit.

They hit gold nearly everywhere they drill

Page 62. 128 of 155 holes intersected gold.

The gold is not dispersed. 50pct of the gsi number is in a small.area (P75)Delwara west.

And within declaration west (p77) Gold is mainly in 3 blocks (mz 4 to 6), Grades are 1.85/2/2.48g. And strikes under 1000m

Gold is test for recovery up to 90pct. Too specific this bit for me but I think it's fine.

Layman's summary. Probably 30pct of gold resources is in 3 blocks in a small area delwara west block with grade of 2g+. Looks great

OK, final one as I broke my Wednesday rule.

Ipmd 005. has 12m at 8.5g close to surface. CEO noted at kalaka 25usd costs and 70usd of revenue at 0.8g. So here we get 700usd a ton.

Going to look for actual drill results for bhukia now to see if they how they look

Sorry for all the docs today and trying to share. My goal.

1. To give a deeper overview on what impacts award type

2. Find some good dfs study for World class deposit ( not yet developed) with lower grade

3. Give some colour on if kalaka results were good. As CEO suggested it was economic, said 100pct return. We made some top 10 table for month.

4. Showing some of our bhukia drill intercepts, which show interval ( grade x width). The ones I have give Intervals around or better than kalaka. Some have very high grade at surface. Lots of meters at over 7g per ton. Will be super cheap to process

It may be low grade in kalaka. But the sheer volume of it makes us appear on an exploration table. You could argue we are in the top 10 results of month ( as materially the same)

https://www.linkedin.com/feed/update/activity:7261982890484281344

Final one.

I cannot see all drill results. But this shows some gross sections. Really extensive mineralisation, very close to surface. Looks like a great starter pit, which would have great economics and an easy argument we would always have been able to develop the project

https://www.google.com/imgres?imgurl=https%3A%2F%2Fars.els-cdn.com%2Fcontent%2Fimage%2F1-s2.0-S002449371930386X-gr2.jpg&tbnid=dF8VB6Zevn54eM&vet=1&imgrefurl=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS002449371930386X&docid=hsCeMQHU5A_8KM&w=713&h=769&source=sh%2Fx%2Fim%2Fm4%2F2&kgs=8557a8a7deee5b65&shem=abme%2Ctrie#vhid=dF8VB6Zevn54eM&vssid=_aAc7Z9-8BaSP9u8Pw7DBqAk_62

I probably am wasting my time but this is a world class DFA foe a 6moz mine at 1.5g. It includes sensitivity analysis. 10pct increase in grade/gold price seem to have 20pct increase in NPV.

It is really hard to know the value of bhukia but what we do know is we have significantly higher grade and resource. Mineralisation is supposed to be at surface and pretty continous so maybe this is a good proxy? Hard to know without seeing a diagram of drill results, which I cannot find yet

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