Member Info for HarChris

Last comment from me as I'm going to bed.

A month or so ago I was extremely concerned. Management fell silent and it appeared there were at least one seller. It looked like doom and gloom and perhaps GRL was out of cash and a nasty placing was to land at 0.5p or who knows, even lower. As I said to you on here, I hadn't managed to derisk at a higher price so I was seeing it through now, for better or for worse.

Last week when we got that holding rns from AIMSL it soothed a lot of our worries. Today it looked like the accounts might be late with suspension beckoning but they've got them out time and they show, post period, what a stark improvement has occurred in 2025. Yes there's debt but they have beaten 2024s revenue by end of May this year and they could well go on to post $15m revenue which will allow them to either fully pay off the gold loan (less likely) or substantially reduce it and hopefully renegotiate with AIMSL or issue a modest amount of shares at a higher share price if the improvement is being seen.

You were baying for blood on here a month ago when things looked ugly and many of us were resigned that maybe the worst was to come. It hasn't, things look a lot more positive and there's more than a ray of light at the end of the tunnel. Up to you if you want to keep pushing on with your doom and gloom but the rest of us can see that this full year results release is a major positive and i'm sure the share price will respond positively tomorrow.

'Mr Borrow, GRL had 450m shares a 18months ago. Your 7p then is now 3p now for same MCAP.'

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There were almost exactly 500m shares in issue 18 months ago so that 7p is about 3.7p today. Also about my target price.

Here's the whole sentence that you chopped: 'will require additional funds and/or funding facilities in order to fully develop its

business'

As I stated in a previous post they will need funding to maximise growth here and reach the higher grades, ie 'fully develop its business' - we knew that already, I think Emma quoted $4m-$5m capex to reach the 6g+ grades but that would also mean a radical step change in scale.

So yes GRL are capable to self funding through 2025 and into 2026 and if all goes well they will be able to tap new funding facilities to fast track growth well beyond 1000 ounces per month.

Revenue for 2024 was $4.95m, the vast majority of that being 2156 troy ounces of gold @ ~$2280/oz.

The first five months of 2025 has produced 1847 troy ounces @ something like $3050/oz, giving revenue of ~$5.6m. That surpasses all of 2024.

We are now at $3300/oz gold and production is expected to incrementally increase. With a modest increase in production revenue could exceed $15m this year. A total transformation.

What this report shows is that despite not quiet achieving what we were hoping for through 2025 so far they have kept their head above water and are still one high gold pour away from looking like a different prospect altogether. And whilst many, like you Jack, were telling us that the major holders were rushing for the exit instead we find out that AIMSL has actually increased their holding and remain a very supportive financing partner.

Fr Jack, yours is a confusing post that responds to my claim that they achieved positive cash flow through 2025 by using 2024 figures to try and make your point.

GRL HAS achieved positive cash flow through this year, that is clear. They started with $96k and they have stayed afloat without raising a single penny. That is undeniable. They are generating cash.

There was the conversion of gold loan interest to AIMSL but that was already prearranged from 2024, the 42m (i think) shares issued. They received no cash for this.

It is also true that they may need to issue shares/raise at the end of the year to pay AIMSL, it's a material risk that needs addressing however there's also a reasonable chance GRL will generate enough to pay much of it off in 2025 and the rest hopefully will be renegotiated once again.

And yes I'm sure once all debt is paid off they will tap the debt markets once again to fast track expansion to reach the far superior grades and build that new circuit. Looking healthy and all to play for, still.

Well at the bottom of the report it says this: 'For the post period end, January 2025 to May 2025, the Group has produced approximately 1,847.19 troy

ounces, from the Homase Mine for an average of 370 troy ounces per month and the and the Board believes

production will increase incrementally over the coming months.'

You have to remember that they pour gold every four weeks or so. I imagine the last gold pour was some time before the last RNS in mid June, so they have calculated a five month period in which 1847 troy ounces were produced. It could be clearer by stating Jan to May in both instances but it is clear what they are referring to and is not a math error.

What we've learnt is that GRL have generated positive free cash flow throughout 2025 despite averaging 370 troy ounces a month where target is ~800 ounces (1000 dore ounces). With gold at $3300/oz still if they can get there through the rest of 2025 then this is one hell of a profitable business.

No 28jaczar, I don't think so. I think it refers to Jan to early June production (last gold pour) and hence they are not dividing by 6 to get the average per month but 5. 1847/5 = 370.

This is all signed off by auditors so will be free of errors like that.

What excellent news! Didn't like the idea of suspension after stating that they would be released today.

Quick scan through and very happy. I was right to think they were almost out of cash at the end of 2024, probably worse than I thought with just $96k. and yet here they are about to enter July without a raise... meaning that 1847 troy ounces / 370 ounces per month has delivered positive cash flow for the group, net of capex - 'and the board believes production will increase incrementally over the coming months'

Also positive commentary on AIMSL continuing to support the company.

Frustrating but here’s to a much better decade to come for ARCM!

Sure I get that but there was certainly a case for deals being possible even before P1b, so 4-5 months of additional data in a much more targeted subset of patients is well within deal making territory one would think, which is where we’ll soon be as we go through the summer.

It's quite obvious that the strategy had to change because the lithium price has fallen so hard and the tin price has performed so well. A few years back they were called Afritin and the change to Andrada reflected the focus that lithium was going to receive, taking the name from José Bonifácio de Andrada e Silva who first discovered petalite and spodumene ore. At that time lithium was to make up 60%+ of revenue with a much smaller percentage being tin and tantalum but a 25% rise in tin price whilst lithium fell 70% has made tin the most attractive metal right now.

Mistakes seem to have been made and with it extra costs to get this pre-concentration circuit commissioned but it does at least seem like we're close to seeing Andrada post consistent tin profits going forward, with vast assets to scale that production significantly over the years to come.

Perhaps we're closer to a major turnaround than many think.

Multiple patients dosed as of 17 weeks ago, already a major response as of two weeks ago. Not convinced we need at least another 3 months of data.

The point is that they are now well into 1b with plenty of data in hand and Zeus/Hughes involved so we have every reason to assume that they will find the best solution available to them at this stage, whatever that is.

Well my hope was always enough placed at a premium to cover a good few payments to Heights + slightly extend cash runway, so say a total of £15m-£20m. That’s still my hope given this news but whatever the solution is it has to be better than the recent status quo.

Premium placing at 40p to wipe out the CLN and buy more time for a deal to be struck alongside full p1b read out?! One can hope!

The share price would suggest that but the JV is still sound and there’s just two drill seasons, starting now, to sink approximately $21m into the ground.

The JV and company is far from dead.

I've resolutely highlighted that this inevitably goes to zero for ages but unlike you I take no pleasure in being right. This one seemed obvious but Argo did keep displaying cat-like qualities as they went through their fifth, sixth, seventh and eighth lives so was always possible they'd pull a rabbit out of the hat (to continue with the animal metaphors).

They don’t make it easy for us do they?!