Member Info for HarryTheCat

Their note mentioned this at the end

"At spot gold prices of US$5,200/oz, our valuation would roughly double to US$2,422m, ⅘GBp64/share."

This is for base case 1.4mtpa La India alone and doesn't include the expansion to 1.8mtpa, already underway

DB has probably put it on the back burner, as some have said, maybe after the below, as looks like no drilling again.

https://www.rappler.com/environment/barricade-dupax-del-norte-symbol-love/

"So what happens now? On Tuesday, a day after the seven detained were cleared of charges, Daynos said the barricade was set up again. There were many people, including religious leaders and people from the human rights community, he said."

Last Hegde was settled at the beginning of Q4, as per Q3 update RNS 13/10, so realized Au price for Q4 will be slightly impacted.

"The final historic 1,300oz US$2,234 per oz gold hedge was filled in early October 2025. "

Sheriff coming this Friday to destroy the Barricades, so then hopefully access to start drilling after 3+ months.

AMRQ.L SP has done very well since Trump set his sights on Greenland

AISC also goes up when PoG goes up, as Mining taxes and royalties increase, which are part of AISC, also increase as they are normally set as a percentage.

"the right to mine was not addressed to the local communities"

They are not mining, but exploring. An exploration license only requires community consultation, not approval. This consultation was done, which the company have proof of as they video'd them. Getting a later Mining license may require more.

It's also politically motivated, from opposition parties no longer ruling. Articles written are always biased, like in the West, so comments should not always be taken as fact. The only facts I read was that Woggle won in Court and the block is going to be removed, allowing Woggle access.

I'm not close to any action, just always read up on everything going on whenever I'm invested. E.g https://nordis.net/2026/01/09/article/news/concerns-mount-as-court-orders-end-to-nueva-vizcaya-barricade/

Plenty of stuff on social media, although some of it is laughable.

Not sure how drilling is in full swing when the Barricades are still up and manned 24x7. Barricades have been up since September. Apparently by Monday the authorities are coming to enforce the injunction and Woggle will hopefully have access.

DB was hoping for a resource statement by EOY 2025, so it is frustrating that any potential repurpose of Runruno will be pushed back. Out of the companies control though and the delay isn't necessarily because it's a dud.

As mentioned recently; the is delay is likely not with what they've found during drilling, but being able to drill. The barricade remains maned 24x7 by the anti miners, stopping access on a private road.

Just need them to be able to finish the drill program, without the anti miners coming up with new ways of blocking the roads(road going through private land) and new ways of trying to stop the exploration(sound disturbance, against existing law).

From 16mins

https://www.youtube.com/watch?v=0YOInLGI0Yk&t=59s

Pj

" is as good at surface as below"

It's a hill, so ground level where they have tested is in effect also below surface.

Appeared again at 15:08

"Valuation

Our DCF-based SOTP valuation is GBp34/share, based on 1x NAV for Runruno and 0.75x for La India. Our previous valuation was GBp25/share with the difference due to our updated gold price assumptions."

2026

Au price used : $3,000 -> $3,500

FCF : $141.53m -> $223.82m

Was there earlier on my LSEG Workspace, but has disappeared now so cannot post(maybe they recalled?). Anyway, H&P have upgraded their Gold prices they use in their valuations, which has resulting in their SP target for MTL going from 24p to 35p(or it could have been 34p, as was in a rush earlier).

Other miners(e.g THX) also had their SP upgraded(think that was c$1.61)

Maybe they're revising upwards again, so have recalled?!

The Governments mandate is to increase responsible Minibg, as they've been very vocal about recently.

Timothy Cayton isn't the only member in Congress!

Very true, none of the land in the EL is classified as protected ancestral land.

Last part from Sundays comment from the company, in response to false allegations. Seems they're still confident on Dupax.

"As we have consistently reiterated in all our consultations, Woggle Corporation is committed to fulfilling our legal obligations and advancing the shared initiative mandated by the government to responsibly and sustainably develop the economic potential of Dupax. We believe this endeavor holds the potential of transforming the livelihood and well-being of citizens and indigenous peoples of the host communities, the people of Nueva Vizcaya, and the Philippine government – while strictly adhering to regulations that ensure the responsible stewardship of the environment.

We remain unwavering in our pursuit of this vision of hope and prosperity, confident that it can be realized through sincere dialogue, openness, and a genuine effort to understand and resolve all issues in the developmental spirit of this endeavor. By fostering trust and cooperation with all stakeholders, we aim to build a future where opportunity and prosperity are shared by all."

Anyroot,

The Indigenous people were consulted under the NCIP process, which is a prerequisite to the DENR issuing the Exploration license. Consultation is required, but consent isn't. Some did claim that they weren't, but the company took videos of the various meetings as proof and listed those that attended.

It has been said that the anti mining mob were shipped in by the previous administration no longer in power, so politics maybe at play. Their actions appear to be hypocritical in terms of protecting the environment, as the recent road block was created by cutting down trees. That was another mis info spread a month ago about Woggle cutting down a tree, which actually was done by a land owner, so I've read.