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End of the month and I suspect an update could be coming, as many have mentioned the rise in the gold price could not have come at a better time - without Ruffer dumping shares (not many left surely) this would probably be 1.5p+ on expectation of a debt deal and higher revenues.

Interesting times ahead.

Everything has moved in MTL's favour given the rise in the gold price - news is imminent - a deal has to be agreed on debt restructure - production at current levels would give annual revenues of around $95m verses $70m at the start of the year - that is significant and based on gold at $1500 oz

The shares will become hard to buy, if a debt deal is completed then the re-rate will take this far far higher.

There are many investors on AIM that like to take on high risk high reward investments.

Clearly at MTL there is risk but, as has been pointed out many times here, no-one gains by putting the company into administration - the banks could have done this when the gold price was $1100 oz and the company was only producing 40,000 oz annually.

We now have a scenario where the gold price is $1500 oz and the company looks like producing 60,000 oz this year. I do wonder if the delay is simply because the situation is changing (because of the gold price rise) by the month.

Not withstanding the banks MTL's major shareholders have very deep pockets and rumours were they were trying to buy off the bank debt at a discount.

The matter need to be concluded, shareholders have waited long enough, if a decent deal can be struck the share price will move up very fast - 5p+ is not beyond the realms of possibility.

The point I tried to make is that usually indebted companies usually benefit most by way of share price appreciation when the underlying commodity rises fast - such is the case with gold.

Hopefully the wait will not be too much longer, we enter September next week.

Anyone who attended the presentation in March would know how upbeat JB was concerning the project, he had many plans to deliver value without the need for permits - this included near surface oil and gas not needing stimulation.

He was exceptionally upbeat on the seismic data also he said he was spending loads of time working on the best prospects both in Slovenia and Croatia - he also alluded to it (the seismic) being price sensitive and potentially of value to others.

The question is what are the plans ahead, is he seeking a partner or financier to fund the entry into Croatia, could AST be merged into another company for example.

I am sure the next news will be material, is some deal being cooked in Slovenia, maybe a compromise for example, it is very much cloak and dagger but, as we all know, the share price moves very very fast with demand should the right news come into the market.

Every other gold producer has seen very strong gains, some are up 3 fold, yes MTL, on target to produce circa 60,000 ounces a year, generating, at current gold prices circa $100m sits dormant.

In my view this debt restructure delay is costing everyone dearly, that includes the banks who have a far better chance of getting their money back by agreeing a deal allowing MTL to re-rate to fair value, that would give them new options to raise funding if required.

I am staggered this has not moved up given what a higher gold price usually does to indebted companies.

You can be sure the market in ZEN is quite thin right now - very hard to buy any size and equally hard to sell in bulk - market makers are aware news is on the horizon - in circumstances like this if good news comes and it is heavily bought the share price could rise disproportionally - very hard to believe this is only circa £10m m/cap, clear down to historic events BUT this could change quickly upon operational success.

It does seem ZEN are being exceptionally careful and prudent this time around - my view is there is a high chance of success - we will find out in due course !

I have to say the effort some entities are putting in to subtlety de-ramp here, no doubt in the hope of building a cheap position, is amazing.

Both last month and yesterday via podcasts Colin Bird clearly stated that GLR would incur minimal costs, in fact he said the most expensive cost to the company, or words to that effect, would a porta cabin. GLR's G&A costs are one of the lowest in the sector, worth noting !!

Bird also suggested that 1st revenues could be as early as October - Bird is on the BOD at Jubilee, he would not make those statements if there was going to a major difference in those projected timelines.

Efforts are also being made to try to discredit the CLEAR statement made in this weeks RNS - namely expected revenue of $15m with $2m costs - what is there not to like based given that GLR is a sub £3m valued company.

Often when a company is miss priced by the market, due to being under radar, entities try to cast doubt, the purpose being THEY are trying to get as many shares at the lowest price as possible, the wise know their game and ignore them !!

DYOR etc

It is clear by the time taken they are being very cautious but at last the drill bit is turning - nothing is in the share price for success but the chances of success are pretty high given the proven oil zones.

Clearly the placings have hindered share price upside but those cash raises will pail into insignificance if commercial hydrocarbons are declared.

Colin Bird mentions JLP here .........

https://audioboom.com/posts/7348903-predator-oil-gas-galileo-resources-and-chris-bailey-on-3-stocks

https://audioboom.com/posts/7348903-predator-oil-gas-galileo-resources-and-chris-bailey-on-3-stocks

Worth noting that the suggested income/cost statement in yesterday's RNS ($15m minus $2m) would have had to be approved by the Nomad - if there was a modicum of doubt it would not have been allowed.

Bird has excellent contacts in Zambia and it will be to Galileo shareholders benefit in due course - the drop is almost certainly down to traders exiting but, as we all know, they will return - some might suggest the current share price is an excellent re-entry point.

All being well, with continued news updates and progress I really can see a share price far far higher than current levels - as mentioned at 5p GLR would only be valued at £20m - only 2 times possible annual earnings !

Despite the drop from .75p mid nothing has changed - we have a company valued at sub £3m with annual income of £10m that could kick in as early as October according to the last podcast.

Very few shares are available to be bought currently - always a good sign !

AIM is a fickle place, best buy when it is quiet and wait for the herd to arrive again, it is only a matter of time.

Simply traders exiting after news - it will be moving back up soon enough - the market makers taking on stock at higher levels will want to sell it on .70p+

Toll mining deal with Jubilee Metals RNS shortly I would suggest.

The low free float will soon come into play here - only 404m issued shares and many tightly held - possibly some short term trader flippers around currently but once cleared I can see a strong re-rate, more news is expected as well.

Apart from the upcoming toll mining news in Zambia it is interesting that the Rare Earth project has been mentioned by Colin Bird and featured by Proactive recently. This is another very under the radar project for Galileo that could have significant value ahead.

All things considered, as re-iterated by others, the current £3m market value is an anomaly that will not last, the time to buy or add (IMO) is now, assuming you can get any stock that is !!

It is getting harder to buy in size as every day passes, news is imminent, some speculation on the JLP bulletin board that Galileo will benefit from the expected toll mining deal that is imminent.

Make no mistake this looks like being a very rare opportunity to make serious money on AIM - a company still valued at under £3m but with expected annual income of circa £10m in the horizon over a 6 year period.

The last podcast stated that revenues could start to kick in as early as October - no wonder the shares are hard to buy in size this will continue due to the low float - only 404m currently issued.

Target prices are always hard to nominate but even at 5p GLR would only be valued at £20m right now!

JB has not been visible in any capacity since the March investor event where, quite clearly, he was pumping the company strongly that evening.

I cannot understand his complete radio silence since that event, many attendees left feeling extremely bullish about Ascent's forwards prospects based on what JB said but since then the share price has collapsed.

Shareholders expect regular news-flow, more-so given the precarious position Ascent is in, come on JB step forward and deliver something meaningful aligned to what you promoted in March !!

I believe someone is accumulating here, all the loose stock is being taken - the market is bidding strongly and this is really positive in the current climate.

It does seem the market has miss priced Galileo and it can only be a matter of time before this moves strongly for the reasons already posted on this thread.

I noted on Twitter this guy has had a lot of success spotting undervalued opportunities early within the junior mining sector, he is now actively promoting Galileo.

https://twitter.com/Oilplayer2009/status/1163730695421927426

Hard to believe this hit 42p in early 2014 and was 14p last year - they have not issued many shares since either.

I am really surprised this has not attracted a takeover approach - Conroy seems to be an expert in self preservation - he has fought off TWO fairly recent attempts to remove him and his entourage from the BOD of both CNGR and KDR - a new management team could rejuvenate both companies.

Ascent seems to be like a rudderless ghost ship currently bobbing about on the ocean directionless - a few years ago this company was attracting huge trading volume & massive investor interest - CEO was talking about the spreadsheet showing a NPV £200m - shareholders were looking at a share price of over 3p - media was all over the company - takeover chatter etc.

The Slovenians have made sure they have all but destroyed the company by their actions - the concerted attacks by bulletin board trolls all part of the process.

No doubt as soon as Ascent move away from Slovenia the project will be acquired by some Russian outfit and, by magic, all environmental 'issues' will vanish.

There is a growing trend both in O&G and the Mining Sector of host countries trying to destroy overseas companies once they have spent £ millions to bring a project on-line - corruption & political instability is the norm it seems.

Goodness knows where this is going now, as an attendee of the very upbeat March investor event by JB - based on AST delivering value beyond permits - I am very disappointed by the lack of obvious action by the company ever since.

There is a strong need for a significant no holds barred strategy update - in fact another investor event should be arranged IMO.