Member Info for GloucesterR

The one question that I have is time from FID for the plant expansion and construction and first production. I can,t see any of that info on the companies website. But may have missed it.

I suspect legals are taking up some time hence the delay in appt Sir Mick as Chairman. That should be imminent as now 6 to 7 weeks post first tranche and share issuance ( RNS anticipated 3 weeks). That appointment should steady the ship and we then await Govt approval and 2nd tranche. In reality I suspect it will be post Summer for the BFS and when things really start to gain traction. I am just level and like a number here smiling over Helium 1. The deal with Vision Blue is pretty unique as it is a chicken and egg. VB will only make the major equity investment when the share price hits 78p. They must be pretty confident as the equity is needed to secure funding for stage 1 which will then give a Nav of circa £1.50p. Sir Mick hasn,t invested his money and particularly his time and reputation on a small project but can see FAR becoming a multi billion $ company over the next couple to 3 years and ride the wave of the Battery Revolution. It is an incredible project which has a negative cost of production v an average of $3.50 per lb within the market, I can easily see the BFS being the catalyst to an announcement to expedite to a hybrid stage 1 and 2. Comparisons with competitors to me is irrelevant. Sir Mick has chosen FAR and that speaks volumes. Just need the announcement of his chairmanship and a rocket can be put under the current BOD which has the technical expertiese but lack the urgency and connections that Sir Mick and his team will buy in.

Itis. That an Investor has bought in on the basis that the company will act upon a BFS and increase production by a significant multiple. But that investor has so much confidence that it has committed to the eqivalent of a placing at a premium many times greater than the price when the deal was struck (ie 9p). Combined with this is the guarantee of funding, commitment to an offtake at market value. I honestly have never seen this before. Sir Mick is no fool and drives an incredibly hard bargain, I remember the duel that he had with Ivan Glasenberg. I think that Sir M tried and failed to find any downside that he could use and realised that if he didn,t jump now. Someone larger would have bought out the entire operation. Quite Incredible!

Apologies for banging on about this but I believe that it will be Institutions that will eventually drive the valuation of FAR as opposed to PI's. The pedegree of Sir M Davis and the team that he will assemble has to be incredibly attractive to a range of Resource funds. Their internal protocols will require the legals to be completed which allows Pi's to get in cheaply.

One of the key parts of the deal is indeed the commitment to invest $20m at an agreed share price of 78p equating to a valuation of circa $500m. Why is it important? It is a statement f intent. That Vision Blue believe that at and around the time of the BFS being published the NA will be circa $1bn and the shareprice should be considerably higher than 78p. Just as the commitment to $10m at 25p. It is also important in that the $20m is an intregal part of the equity funding of the stage 1 production upgrade costing circa $100m. It is the first time that I have come across such a unique opportunity, where the road map is completely transparent. The former CEO of the largest Miner in the world has given us a head start as to where the company is going over the next 12 to 24 months. A certainty of funding, and access to the best brains and markets that money can buy. So yes patience required but this is a road map to many multiples and we PI's have been given a head start before the institutions come on board, which they will once the legals have been completed over the next couple of months or so.

I think the key will be the coming 3 to 4months leading upto the BFS and the appointment of a couple of NED's to add weight to the board. You can just see Commodity funds itching to take positions but their internal protocols will not all allow this until Sir Mick is appointed Chairman and the second tranche of funding is in place. It is rare for institutions to come on board and have to pay "on market" as opposed to sweetheart deals. That is when I see the real rerate taking place.

I have taken quite a large position here a month or so ago. So I am smiling!! I Think the catalyst for the stock will be the appointment of Sir M as Chairman. Listening to the interview he absolutely does not suffer fools and you get an idea of his steely determination to make this company absolutely huge. His connections and reputation will open doors both within the industry and the required expertise but also within the Institutions and fund managers that will want to get in on the ground floor. I think for unusually, us PI's have got a head start on the II,s and they will start to take positions once the legals have been completed hopefully this week. On a wider macro basis, It is really exciting to see so many articles now in Governments moves to build battery capacity and to ring fence supply chains for priority materials. I can easily see FAR reaching $5bn over the next 18 to 24 months.!

Hydrogen. completely agree. I have , in my own mind, ring fenced circa $20m for first MRE. However the inferred resource is simply a taster linked the SFR bigger picture of DFS. Only half assayed holes have been included. It is reasonable to assume that A4 will be at least as large as T3. So I have calculated a $50m NSR in circa 3 to 6 months time once fuller picture emerges. Add as you say A1 and the multiple other targets SFR are aware of and then others being identified vie AEM , the mind begins to boggle. I suspect that once the wider market realises the actual potential of the KCB land holding. SFR will be very vulnerable to a bigger player. On a left field KML could be the gamechanger too. Read across compelling. I suspect the higher grade results have just doubled overnight the value of Kit E and W. Cobre management must be smiling!

Looks like THR may be pheonixing out after so many false starts. MTR's holding will be worth circa £1.8m -£2m post placement etc.. There is talk of 2-3p in the next few months.

TF1 Completely agree. The beauty of the NSR ( which is now being recognised with the emergence of new Royalty companies) , is the income stream without commitment to fund. Also the flexibility it offers. MTR could capitalise on the NSR of one particular asset whilst continuing to recieve income from another. A4 NSR could be sold and allow , as you say , for MTR to recieve significant capital to take stakes in other projects. Whilst allowing other discoveries to develop and come on line. A virtuous circle. It will all start with the Maiden Resource and an initial indication of value.

I think this is genuinely the best interview I have heard from Michael McNeilly.

Key for share buyback is to sweep up as many shares as possible as cheaply as possible, IF as LTH ,s believe, the upside is going to be significant with the projects coming up. Repairing some of the damage caused by 2019 fund raises.

MTR are not aiming to go into production, they have learnt their painful lessons of eggs in one basket with MOD. MTR now refocusing itself as a highly specialist Prospect Generator with a core number of high upside projects with a stake of circa 20% and board representation. Goal of each project will be to prove up and sell or exit. I am really hoping that a comprehensive PR campaign will run alongside this pheonixing out . In the current cash starved climate I am sure MTR have other projects it is looking at, but in terms of the lowly share price, KML, Cobre or the NSR could be company makers. Add the removal of any fear of dillution and 20/20 could be a spectacular year.

Great news and nice early Christmas present! Will provide a floor from which the up coming IPO of Cobre can be judged in terms to true value enhancing. The recent analyst notes ( which are similar to my own sum of parts valuation) gives a realistic NAV of around 2.2p to 2.5p. The Market loves exploration. MTR now has bucket loads of it. Sandfire drilling out A4 and its impact upon MTR's NSR, KML with Kit barely 5km from T3 which , if we hit anything reasonable could be a company maker, Cobre extensive drilling programme post IPO, . Add in left field of Thailand and any other projects being D/D from MTR's significant warchest and we could see a real, long term re rate. I suspect Management being very clever, testing the market with the first £500k and then rebasing its internal NAV floor as the news flow hits in the first quarter. Add Cooper to the mix and we could see Sandfire share price back up and closer to the $7.00 mark. It has taken time but now really looking forward to the New Year!

Really clever financing deal. Win win. Just need closed period window to put a floor under the shareprice that fairly reflects the true asset value and then let the projects do the talking. 20/20 shaping up to be a great recovery year!

This board!!!

Actually cash I suspect one or two virgins on the board!

The drilling campaign at KML has been focused upon gaining knowledge of virgin ground with limited number of scout holes designed to test the accuracy of AEM etc... Not really expecting any blockbuster results just confirmation that cooper exists. The key for me is that the knowledge gained can now be applied to the Kit licences which are the real prize. Only 5 km from T3, (closer than A4) and if KML do hit the benchmark for commerciality is a pretty low bar. Hoping also this marks the end of the closed period and we can get on with the Share buyback and start to restore value and confidence.

Cashking. In some ways I have to agree with your cynicism. Although maybe not your true motives. MTR has been an atrocious investment for many private investors, Me included! Jam tomorrow promises etc... I also have been critical of management and past failings. The key for me has not been market cap or return on investments such as MOD, it is solely about the share price. I would rather have a far lower market cap and higher share price than the converse. However I really believe that MTR is now at a very different stage to the past couple of year that I have been invested. Management appear to have learnt from mistakes and will now only make substantial investment where there is board oversight. Rather than being a "one trick pony" MTR is pheonixing into a prospect generator with a stable of highly prospective assets , each of which could re rate the share price. The Buy back will enable the shares in issue to reduce at a deeply discounted price in anticipation of the re rate. The liquidity the MOD deal has provided will ensure that dillution is a thing of the past and with so many small projects being starved of cash it is a buyers market. Like Michael Mc Neilly I really believe 20/20 will be MTR's year. It has been a long and painful road but at last real investors can begin to see an alignement between management and shareholders goals . A "win, win".

Yes the First Equity Note gives a compelling summary and snapshot of where MTR is placed post Sandfire Deal. Huge protection on downside with Liquidity greater than current market cap and representing circa 75% of a project Sum of Parts valuation of 2.5p ( which is slightly higher than my own). The key is what Management will do with the funds avaliable. As others have said a "win win" could be to leverage the Sandfire shares and keep the upside. Particularly as exploration drilling in Botswana and a reconfigured Mine plan could see intial production at the higher end of the range (35ktpa +) and also a positive decision on Black Butte. SF could very easily return to $8 plus. No real value for the NSR (uncapped) conservatively I would estimate that at £4m on what we currently know about A4. KML and Cobre the dark horses. Huge upside potential over the next 6 months. Thailand could surprise, with a small amount of drilling and the Thai Govt behaving itself and encouraging Electric Car manufacture. Just need Management to get the revised Corporate identity out there post end of October. MTR currently trading at 40% of sum of parts . First step share Buyback .