Member Info for HarChris

As the days go by the investment does become ever more binary but the upside remains significant all the whilst GRL continue operating without a cash call.

As Jack points out debt is currently equal to the market cap. At the current 370 troy ounces per month revenue is over $1.2m pm /$14.8m per year, easily generating cash to pay down some of that debt. And a modest rise to say 500 ounces would quickly take big chunks out of the debt and transform the outlook here instantly. And to the downside one terrible upcoming pour could sink GRL.

We will find out soon enough but all the whilst they are operating at a small profit they are still one better pour away from a turnaround.

Your inability to distinguish between the likes of ODX, 4D & Avacta is the reason you should stay away from small cap pharma. Invest in something you understand like a tracker.

The sell off yesterday will have been because of Tom's scaremongering article.

I'm not particularly worried about this but I think Angela needs to be kicked off the board or step down herself.

I’d hate it if the board was full of pumper type directors like you see with some small caps but I don’t mind having one person like Richard putting himself out there like this, showing us he understands the markets etc

The rest of the board can be left to focus on delivering the science in the professional manner they always do.

Perhaps that's who the seller is and for good reason with her exit from the board to be announced soon? As far as I'm aware this isn't a new accusation but has been on going for some time...

The share price is dismal but if they are continuing to operate it means they are continuing to at least self fund operations through 2025, that in itself is a positive. Expecting an update next week though or we can assume the July pour has come and gone and they aren't rushing to release that news.

I also notice lots of new accounts signing up on numerous platforms saying the same thing, exclusively negative about GRL. Co-ordinated or just the same nutcase perhaps?

Christina was honest and transparent enough to state last year that future deals and funding come alongside 1b data. She clearly thinks the 1b data can significantly strengthen financing negotiations and as they have cash into Q1 2026 they are not going to rush to finance the next stage of growth if it's not an optimal time.

You may think that history simply repeats but with Coris sale, further positive data releases (1b patient responses), ODD approval & with Heights downward pressure removed there is every chance the share price flies way past the level you're assuming before financing is sorted later this year.

I think you'll be caught out waiting on the sidelines (I know you'll say you've lost nothing but you dedicate a lot of attention and energy to this company so missing gains is a form of loss) but that's what makes a market, the differing of opinions.

We are in an objectively better position now than two months ago, that’s hard to argue against. I agree the next six months absolutely has to deliver for future funding to be seamlessly secured but we’ve at least removed one of the biggest drags and barriers to share price appreciation in Heights’ selling.

It’s not about today, the (theoretical) removal of quarterly share issuance and hence a three monthly liquidity event is behind us. Now when we get news there is every reason to expect share price appreciation without a wall of selling to prevent us catching momentum. Alongside this we are now almost six months through 1b with a readout for SGC in barely more than a quarter’s time. That will create some fomo as we move through summer into Sept/Oct etc and if other news such as ODD approval, doubling of PFS, more partial responses etc land then buyers will keep coming and there won’t be a perpetual seller there to put those buyers off.

It’s theory until that news lands but the success of this recent share issuance away from Heights won’t be evidenced today but instead in the weeks and months ahead.

We now have all of H2 to see the progress we’re hoping for come to fruition without Heights putting a stop to any momentum.

In a way it’s arguably admirable that management aren’t trying to claim an enormous turnaround of late just because they are now standing on their own two feet and continuing operations through internal cash generation - the fact is they would be in a right pickle if the gold price hadn’t appreciated and held up at such record highs. And the all time low share price proves the market isn’t giving them any credit right now for the more than doubling of revenues through h1 this year because… well… they should be absolutely making hay right now not just ticking along.

Show us that your 1000 dore/815 troy monthly target isn’t pie in the sky, that it’s close and eminently achievable and then you’ll have some right to champion an operational turnaround.

We are there now (imo). There are a number of RNS’ that could help this momentum kick on without the Heights handbrake being applied. Announcement of the SGC pfs having more than doubled, further responses (especially TNBC), a deal (even if modest upfront cash it’s third party validation).

In addition markets are turning far more positive for small caps and we have the best person in change of arranging financing that we could ask for - absolutely no reason to assume such a steep discount at this stage if the news into the lead up is positive enough.

Our views aren’t far apart now, let’s see how it plays out over the next month or two.

As long as there’s sufficient confidence that Hughes will find buyers at whatever the market price is on October 21st then there will be nothing stopping any rise building and building now, especially as we’re very much in ‘deal could land at any point’ territory.

ID, that’s the point. If they get the production level to where they desire soon the communication tap will flow once again and interest will return, with growth plans and updates continual and forthcoming. The tap is off at the moment as they aren’t where they want to be and sharing the disappointments won’t have much of an effect.

We need strong operational performance, not communication of neutral - bad news.

'But conversely if they do buy this summer, would that mean there were no deals in the pipeline? What would the implications of that likely do to the share price?'

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There's the rub, whatever they do it can be interpreted as a negative. But personally I'd say if they purchase shares all it means is that there is no imminent deal with terms agreed or they aren't holding on to any data that's about to be released and shift the share price.

Well they haven't lowered it since at least September of last year... that at least gives me a smidgen of comfort but it won't mean anything unless we see a step up in production at least by the end of summer.

You’re wrong on this Fr Jack. For example in the 30th September Half Year Report it says: ‘Focus on delivering target of 1000 ounces of dore a month from January 2025’.

It also states it on the 12th February Homase mine update: ‘Goldstone remains committed to working towards its target of 1000 ounces of doré per month’.

We don't know how advanced talks are for a deal behind the scenes so I think it's fair to say if there's no director purchases and no deals by the time summer is out then it's been their decision not to buy and that's disappointing. But we'll only be able to judge that with hindsight.

I think it's also worth remembering that Coughlin has 3.6m options exercisable at 72p, a good 100% higher than current market price.

It's also worth noting that Richard was only brought in as a NED six weeks ago and Zeus as a joint broker just 17 days ago.

They needed a short term fix to sort this quarterly payment and they achieved it in lightning speed. Who knows where we'll be in another three months but at least investors can be confident that there is proper attention and dynamism behind the funding drive now.

Great, thanks. Lots of blue sky to be seen here if the pending catalysts land as we hope over the coming months. Interesting times ahead.

Through the price you were quoting Wyn so what levels should we be looking at next?