Member Info for HarChris

And it's absolutely not the same situation as six months ago when I was investing heavily. Back then we were expecting 1000 ounces very near term which meant 7 or 8 months of significant profitability to either pay off the gold loan or at least meaningfully reduce it and make finding a new debt partner or renegotiation a lot simpler.

Instead they are two months from needing to recover the loan in full and at sky high gold prices meaning almost a $10m debt.

The risk is 10 times greater than when I was putting the investment case forward in Q1 and Q2.

Again, what an odd comment. Where am I bitter? I've stomached my loss like an adult and take responsibility for it. Of course I'd prefer to have made a profit here instead of a loss but i'm hardly scathing or coming across as incensed am I? I'm calmly and maturely sharing what I've learnt from the process and making sure those who come across GRL today are at least full aware of the looming debt situation and the risk that poses.

If this goes ti*s up soon (it might, it might not) I do expect a full apology. If Emma pulls off a successful renegotiation I will certainly be on here saying well done for keeping the faith against all odds.

@corrumpo, I took a big loss on this so it’s not like I got away with it.

I see no reason why the next cash raise can't be higher than the last 0.045p placing, which they pulled off in June without today's good news and with AIM on its ar*e.

Soo people were buying shares yesterday before this news at 0.045p and buying into the placing in June at 0.045p and yet shares are going now for barely 0.05p? That doesn’t seem right.

'Spin it all you like, but they have never delivered what they say they’re going to, ever. '

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This is why I sold out. Not only have they never come close to delivering what they said they are going to but they aren't even promising any increases in production near term anymore. So at best, if they do 'deliver' through the last quarter of 2025 they will produce ~350 dore a month and who knows, maybe they'll fall short of that too.

Can you imagine Emma reaching out to lenders right now. 'Sure we need $10m to cover a looming deadline and another $m or so for expansion but once all that's sorted we'll easily deliver 1000 dore ounces a month, you can trust me on that!'

Whatever people say on here we all know in all likelihood when SWC suddenly gains traction again (perhaps when bitcoin races towards $150k) this will suddenly move, whether that be to £2 or well beyond.

Full details of the new director's earnings are in the Remuneration Report, a separate document which doesn't appear to be publicly available?

We know Shishir took £320k a year base salary.

It's not looking great here, I'm unconvinced there's a turnaround to be seen. It's inauspicious news to see James step away from the CEO role so soon and it appears there's just problem after problem with the plant.

Perhaps what this shows is the importance of taking the well-established steps to build an operation - PEA, PFS, DFS, FiD rather than cutting as many corners as possible to get to production only to spend many years after troubleshooting.

One positive is that Mark and Christian/Optiva are putting their hands in their pockets to buy shares but how much are they actually paying themselves? John you seem to be aware of the wage situation?

Here’s the timeline:

Jan 15th, 416 dore produced, 1000 ounces to be achieved in Q1 (this quarter). Cell 6 & 7 being constructed.

Feb 12th, record gold pour of 522 dore ounces shortly to enter our 2, advancing on second lift of pads 3 & 4, cells 6 & 7 continue apace.

Mar 26th, another record pour of 599 dore ounces, re-commence in pit 1 ‘this month’, reiterated expansion re lifts and cells.

GRL goes a little quiet, we wait for that 1000 ounce production update…

June 18th, no update re recent pours but given an average to May 31st to bury the most recent lower pours.

Aug 12th, forced to reveal 213 ounce pour in July, troy, ie ~ 260 dore ounces. Worst for a year?

Sept 2nd, 355 dore ounces poured, slight improvement on last announcement but clearly H2 looking much worse than H1, now only aiming to ‘maintain the Company’s production profile through the remaining months or 2025’

No explanation as to why 1000 dore ounces is no longer achievable but shareholders expected to stomach the claim ‘steady progress’ being seen.

A TR1 release from a respected institution would really help momentum continue here.

The positive is that whilst we wait ATM are generating cash and funding day to day operations internally, even without the step up in production. It’s not enough to justify a higher share price but the $37k tin price does significantly derisk the short term whilst we wait for the jig plant news to land.

The main issue for GRL is that they aren’t wholly benefiting from the higher gold price. Of course higher is better but they have the problem of having to deal with a bigger and bigger debt, one that would be over $10m at $4k gold and needing resolving in just under three months.

News must truly be ‘imminent’ now.

Historically low valuation to NAV then. Just got to see attention and interest switch back to treasuries.

Isn’t it 2550 BTC @ £92k = £235m + recent raise vs £300m mcap?

Sure a tad below NAV but the closest SWC has ever been.

Bitcoin taken out a new all time high and this back at a much more modest £1 a share (vs £4 in July). Think I might join the party as expect interest and sentiment to suddenly return here.

Could this be another POW GMET situation? POW sold their position to a reputable investor and GMET quickly went on to double.

Richy/Robin, good post.

I think what's important to recognise is that with such potential blue sky upside if/when the lithium price recovers &/or if drilling results at Lithium Ridge lead to an SQM buyout + the potential value of Brandberg West (copper, tin, tungsten) I would expect the price to earnings multiple from the tin operation to be 20+ (high growth potential) - so if we see ~$15m tin profits we should see $300m+ market cap which is 12p a share. If closer to your $28m profit figure then a share price of more like 22p.

1m shares is barely £4k, there are a handful of trades like that today. That could be all different people, it’s only 4 or 5k, it’s not an institution loading up.

There’s no way an institution would build a stake in a company that can’t come close to meeting its very near term debt obligations.