Member Info for Gallmat

Clearly I am not a lawyer, but I think our broker is not as well :)

IMO taking into account the average valuation of some random sample of companies is not where we would have been. You need to look at our asset taken which is great. I think better than greatland gold maybe even de grey

No 2.

This seems to add weight to my thoughts as the counter argument seem logically invalid I.e if you stop an entity progressing you stop thier future income.

https://www.landmarkchambers.co.uk/wp-content/uploads/2018/08/Chorzow-Factory-and-Beyond.pdf

Guys

This takes a while to read but it is the best summary of why I am do bullish. I am sure the broker did not bother to read this :)

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.debevoise.com/-/media/files/insights/publications/2018/11/damages_principles_in_investment_arbitration.pdf%3Frev%3Dcd146b1fcccb4488b9be87a7f7c9d3b5%26hash%3D405470DA69376F85624D823816FF0D7A&ved=2ahUKEwjvvvaQtuWJAxVB8LsIHTwRL8wQFnoECCYQAQ&usg=AOvVaw1_ujRg9xvc7_O55HaEPBhR

Gary.

Not post on the this board. People actually followed me from pat.l here due to my analysis being objective.

It seems like you want to have a tear up, so pls just do it with someone else. Ta

One thing I would say is that chatting to the CEO was the key for me. Just in terms of being able to ask about how arbitration works in general was huge.

Stocks are run by people at the end of the day. I have maybe met 5 to 10 CEOs and there is a wide distribution in ability

The other interesting observation is people say I do not have enough information and just pass.

Law is complex, they do not have enough experience to understand so no thanks. If you then ask them how would you validate it :).

Get top lawyers to review it because I cannot ( faskens and lcm!).

But you have to trust the lawyers what if they are wrong! ( Well they are also betting on it).

An interesting stock for psychology.

Fingers crossed we are not the suckers ( but if we are so are the lawyers who get paid 1000gbp a day)

I was kind of lucky.

I worked in valuations and derivatives. Because of that we use implied probabilities every day.

Whever you see something trading at 2pct implied probability you check it for an error. Most things in the world are not 2pct, even things with virtually no chance trade at 2pct as someone always believes!

It really struck me retail investors look interms of win and loose at first reaction. Many do not project the future and think in terms of absolutes. Many asked me what if you looset he cass, so I changed the question would you buy if the court hearing had happened. 90pct said yes because it was validated and the event was near.

This was interesting as I think even the company talks about the wrong probability as so the brokers.

To make money it is what is the probability of a court case happening ( not winning). If that happens it will rerate alot and you can derisk the decision

You might argue the chance of winning is 50/50 ( i think higher). But the chance of getting to court. Most cases even if just semi reasonable will get to court.

Anyway, nice my day job finally was useful!

After a few days I realised how many questions I had. How does arbitration work, results of other similar stocks, how does valuation work etc.

I reflected it looks good to me and that many people would not put in the leg work and that is when I became interested as I see good value in this market segment.

I should emphasise I am not a guru and say always DYOR. Last thing I want is people following me ( happened on another stock).

My huch is driven by Reading up on types of awards under arbitration and I think we might have a really good setup here which is just fortunate.

BTW I also spent a week on lcm, did a call with CEO and Mary and asked them lots of questions. Their CEO is super switched on!

1 year. My approach initially was to basically ask questions to the CEO who was helpful. After that I have watched and read every piece of media. DFS, all RNS and videos by company and Indian size.

I have now had multiple calls with CEO and read up on arbitration as I go. Probably spend 3 weeks full time on it.

Normally when I research stocks I get red flags along the way. This has been pretty smooth as there is just one thing that bothered me.

After a

Nobody knows if spin out will happen or its form

I am just going back to the core idea:

1. Soc q1. Having read about how claims work I think 1.5bn+ is very possible. I have read lots of public articles types of compensation and think I am right ( even though I am a finance prof and not a lawyer). Someone noted NPV calcs used under our UNCITRAL rules a week or so ago.

2. Given the claim is huge I am not worrying about a few more shares I think the upside surprise will.compensate.

The story did become a bit muddled for me.

1. The election. requiring longer consultation

2. The auction. I think this was positive for so many reasons.

3 the distraction of the spin out. At the start of year I just assumed kalaka and bido were worthless ( but maybe not)

The process starting is the key item. Sooner we start sooner the trial.

SOC I would like earlier but really if it does not impact trial date then it is my investor desire only

Agree deck. It has been a painful wait for us, but probably the delay is for the best.

I think the best way now is to just chill.

Kalaka looks profitable and it is just if they want it still.

It looks like chairman selection is within some " procedure" so that is good both parties are moving forward.

SOC is not ideal from an investor point, but now I think it is a retail investor issue. We simply do not know enough about the mechanics and strategy of these cases.

I am sure number is ready, CEO would love to release it as it makes it easier for him. Conclusion is he follows the lawyers advice and this is his 4th arbitration.

Back to Wed check ins.

On SOC i think we need to accept it is just the way it is.

One reflection from poker. Why reveal info before you need 2!

Your claim amount is linked to an argument. Why reveal anything?

Take a week off from this topic.

If I see potentially wierd price action coming up I always post it. Last thing I want is someone caught out on a spike, feeling bad on a retrenchment and selling for a loss.

The Original note was to give a heads up.

BB. You are a solid guy. Fair, open and have good analysis. You are trying to be objective.

CEO is really honest. No trying to ramp bido, results were OK. Clear on kalaka.

Most aim CEO's would be glossing etc.

We have to wait a bit longer but I think we all anticipated that.

Good summary pk.

One thing I can add is I researched on appointing chairman.

As this needs mutual appointment they agree some rules. Then both sides list potential candidates and using the agreed rules the selection is done.

I still think an investor meet would help for more questions.

Wish you all the best. I will retain my stock and thoughts and not post here again.

BB.

Sorry for even bringing up X. Inapologise.

I think you know I am on board with the core message and estimates you put out. My argument on the valuation I think is valid e.g 50 to 75m gbp. But no more from me as I feel it is too difficult to post here

the ramp trade worked as normal. fair play to those who did it.

there has been no new information for me to change my mind. the only indicator you have is web traffic and that looks fine. lines stocked seemed to be constant.

the investment here is to wait for q4 numbers.

the recent chat of this doing 2x sales next year and 2x valuatio multiple on sales imo should be ignored. one common sense reason being the company used for valuation was the one that left the uk and we purchased their stock. as normal i get ****ged off for pointing out actual facts.

i think big bite is right. good reasoned sales targets, and also the long term view if the concept takes off it can compound which makes it a really good buy and hold.

they are right on the importance of the higher grades. you go hard and pay off the mine.

main issue is mali being ****g&^&##, if not for that all good.