Member Info for Guvvi

They owned 150m from the first placing approx ( from 450m to 600m ).

Plus 177m from todays i think. so 327m / 777m x 100. Gives you 42%/43%.

I'm happy to be corrected but i think this is roughly right.

He has let them take the reins... They're called CIG and they now own 43% of the company lol.

Bonkers here is what i know... 2022 was terrible every quarter there was no rns that year that presented us with a big fat reward and ' job done '.

2023 started with us saying ' rns soon for sure, dugbe worth loads of money this year sold by christmas for sure '. Kouroussa almost up and running by summer! yay!

Early 2023 equity raise dilution by about 30%...

Summer comes and goes and Kouroussa hasnt quite got up to speed but getting it up to speed has sapped us of all cash and debt is sky high.

End of 2023 is here and Dugbe won't be sold for some time but now actually needs another few millions squids spent on it to make it more attractive ( but it's worth almost 1bn dollars now i hear you cry !!! )

Well then wooohooo lets sell 43% of the company for 45m dollars !!!

" Its ok this is one for the boys and an rns full of 9 bob notes " - ok well that totally clears it up for me thanks.

Lol.

Effectively yesterday's 20p is now 26p. or thereabouts. If another raise your 20p will be 30p or higher? This is the only maths that matters, forget the discounts to yesterday's price they're issued at.

If there are 4 more raises at 12p even and we end up with 1.5bn shares in issue it won't matter 1 bit that they were not issued at a discount. The end of year profit in 2024 or 2025 won't be worth much at all to anyone who paid up in prior years hoping for 20p in 2023 !

Plumber just consider though that 43% of the business is now owned by someone who paid $45m for it before you get carried away ( i've made the same mistake ).

Every 1m of profit prior to this is now worth around 600k to a shareholder pre-raise. So every penny of after tax after debt repayment profit is worth that much less. And that assumes no more raises, debt, a strong gold price.

This year my stake has been diluted twice.

43% of the business has been sold now for a total of $45m dollars.

I have been here for years interested in a real growth plan that could be profitable for shareholders but my patience is wearing thin and i can't see how a company that on this board is spouted as being so valuable ( DB says the same in interviews is in actual fact being sold off for so little ).

Totally agree with Bushy on the gold prices for us and others. Who cares about 2200 gold forecasts!

I've had a reply from HL saying there is nothing they can do and that i need to talk to the foreign tax office ( i presume Australian tax office )...

I've just emailed IR today at LCM to see what they have to say about it. I hold a good chunk in ISAs and SIPPs so this is not fun.

Anyone smarter than me know why we haven't received 100% of the dividend today? Is it some sort of witholding tax or is it coming in more than 1 lump?

He even mentioned the dividend option and numbers in the call and showed just how easy it might be in 12 months compared to now.

I’m also going to say ( whisper ) that I much prefer the new Dan Betts. More cautious, more transparent and well aware of previous issues openly.

I can’t believe I just said that.

You don’t think they will do 20k in the last quarter with 9k from kouroussa ?

At the end of the day they will probably exceed guidance slightly and have a full commercial year in 2024.

Good enough for me.

What I mean is that we will probably get told next year should be good but we need them to execute on most things very well over the next 15 months. I want to believe but I’ve been here so long now and they’ve not executed in the way they will need to for that long time!

Personally optimistic about most of the content given DB recent interview.

But I’m wary they don’t have much room for error with execution so all in all I’m not sure how I’m going to feel !

At this point anything that isn't pretty sure of 200k ounces for next year at an acceptable aisc and i'll start selling down. There is too much debt here for mistakes in my view. They've had all the time in the world and the good fortune of very good gold prices this year. Running a business isn't black and white but the risks associated with them not starting to really deliver are very real.

I just have this horrible feeling they are not going to deliver as we expect and I’m trying to prepare myself. They’ve done well at Yan so far this year operationally but it all hinges on Kouroussa being sort now and if not they can’t go on raising debt or equity forever and me being happy with it.

Fingers crossed!

As a very long standing shareholder here now I’m wondering what I should reasonably expect in the end of October operational update? They’re still guiding for 80k/90k from Yan. As they say they’ve delivered Kouroussa on time and on budget… As we’ve all observed given the debt mountain Kouroussa and Yan kinda need to be bother doing good thing from Jan 1st 2024 and we need 2 years without big hiccups…

I’ve been disappointed by the capital raise and extra debt we’ve got so I’ve now been diluted once by 27% and somehow dealt with a now very large debt pile.

But what are peoples views on what they cannot afford to report wrongly at this stage ? It’s getting pretty close to the point where they need to be right on ball and the interims contained precious little to tell us they were on top of things.

I disagree. The NAV is the result of values of things you need to take a view on yourself. It's perfectly possible to work out what the company is probably worth now compared to 4 years ago.

If you don't want to buy that and the ' growth ' ( difference between to 2 ) at whatever price is available then you can do the same calculation anywhere else and buy something different.

The parts of MAFL ( NAV ) have a worth i'm quite happy with. If you think JV cannot invest well over time that's different but he has proven otherwise in my view.

As Barry says despite his selling down a little there is huge upside here but it's very illiquid and has a rather limited range of things it is going to tell the market anyway. So you may not hear much news if that's what you're after. And the price may drop or rise significantly on relatively small buying/selling.

Or we might get an interesting RNS about our option and/or ascendant getting funding or the mine or EDM and the other 15% tomorrow....

Most interesting thing for me was the mention a few times of the reducing competition in this space too. What a wonderful place to be operating in if this is the case with a model like ours in demand!