Member Info for JB73

The Buffetmeister?

He still thinks gold is a pet rock doesn't he?

Maybe Rick Rule? (link to Sprott) Rob McEwen? (link to Claude).

The next 18 months here will now be glorious IMO. Days like today are fun, but I'll be sitting on my averaged down holding waiting for 2moz, PFS and a $3,000 gold price.

What the share price will be by that stage I haven't made a guess as yet, but it won't be sub 10p that's for sure.

Can't wait to find out who the "two well renowned high net worth individuals, both highly experienced in investing in natural resource opportunities" are.

We've already got Sprott....any guesses as to who they might be? Hoping for more BIG names.

Tripped over another comparable project, WIA gold on the ASX.

Slightly bigger at 2moz but a 1g/ton open pit. In Namibia, which is not as good as Canada.

Market cap hit $145m AUD recently, £75 million pounds.

Gold road resources were apparently having a good look at landore back in 2022.

In late April gold road pulled out of a bidding process for the greenstone gold mine which is also in Ontario, just 60 miles away from junior lake. Equinox bought the remaining 40% of greenstone in the end.

It seems gold road really are shopping for something Canadian though, possibly even in Ontario.

Greenstone is bigger, with a slightly higher grade and is much more developed. But it's not a million miles apart by many characteristics.

Maybe gold road saw better value here and will be doing some kind of deal after all? Could equinox have an interest given how close greenstone is?

https://goldroad.com.au/wp-content/uploads/2024/04/20240423-Ceasing-participation-in-Sales-Process.pdf

It seems that post strategic review they were generally told '2 million ounces plus PFS, then we're interested'. Or perhaps that meant 'for the amount you're looking for, we'd want 2 million ounces and a PFS?'

Just a shame they didn't raise the few million back then when the strategic review was ending and the share price was around 18p. If they'd done that and just got on with it before the continued decline, they'd pretty much be there by now and would have easily been there by the end of 2024.

Cost of capital is the problem they have, not geology. An accountant might not be a bad person to solve that really.

I remember people saying how brilliant and competent Luke Cox of Green Technology Metals was a couple of years go because the share price had doubled since they launched.

Guessing we wouldn't find many fans of his left now.

I checked out Cabral Gold again, who I found out about as they were presenting at the same event in London that Claude was in November 2023. They have a very similar project.

It's in Brazil (not as good?) but they are drilling and working towards their PFS, just as Landore should be. When they both presented at that event late last year the market caps weren't all that far apart. Cabral have a £40 million market cap today, literally 10x Landore. Since November theirs tripled and Landore's went from 6p to 2p. 10x here simply puts Landore back sensibly in line with Cabral as one of their peers and as I said the other week, 10x is also what's required from this level to put Landore within a more sensible distance of a normal take out premium (20-100%, not 500-2000%?).

With another few million spent Landore could be at 2moz with that pre feasibility. Yet people don't seem to have the imagination to think that somebody might want to spend that, despite other similar projects doing that kind of work and being rewarded for it.

https://www.youtube.com/watch?v=cb_HyEYcG4c

Either that or it was an opportunity for long term sufferers to average down before a duff offer? Could explain the buying on Tuesday and the long tail.

Wasn't it you who bought in here originally because you'd spotted volume picking up and regular £10k buys Rate?

Buying drives buying, selling drives selling and very little of it has anything to do with the company and what it's up to it seems.

Based on the shenanigans a few weeks ago it seems that the price is set by David Burton and the like buying in based on the price moving up, then also selling for no apparent reason other than the fact that the share price has gone up.

It didn't have anything to do with anything.

And of course, there's been no PR whatsoever. Not so much as word said in six months.

Website is still the original from 2005. Loved by majors apparently, probably because it helps to keep the company on its knees and is not helping to attract new investors to buy shares on the open market. Low share price, negociating power for them.

If they're going to do a dreadfully dilutive placement that makes no sense at all.

Those of you who have followed the story for a few years may remember that Glenn was involved in the February 2021 placing that leaked.

When he spoke about it in 2022 he said something along the lines of "we were up to 40p or so, but word came out and we were forced to raise at 30p"

I think the idea that Glenn was letting people know in this weeks RNS that we're all about to be majorly bummed again is therefore unlikely.

Glenn knows the procedure. If you need to do a placement then get on and do it quietly when you think the share price is as good as it's going to be.

Check out Adyton Resources. Did 1,500% on essentially no news in the space of about six weeks.

If prices are that flexible without any change to prospects, why shouldn't this ten bag and then receive a sensible offer?

It's quite clear after the antics the other week that the share price is set by David Burton and colleagues dumping every time it goes up half a pence, which means that the market does not have a sensible mechanism for assessing what this is worth.

Took another look at the price sensitivity analysis.

$110 million goes on the NPV for every $180 on gold with just the existing project.

At $3,000 gold, NPV is over $1b.

I don't think $3,000 gold is at all unrealistic by the end of 2025.

If I was Glenn I'd be half inclined to do nothing for another 18 months if a decent option to fund work doesn't turn up.

After all these years I can not see him or LTH agreeing to a 'fire sale' of a $1b project with massive upside potential for the 10-15p ($20-$25m?) called for by some here. Bill may have wanted too much a year to 18 months ago, or maybe he just had the wisdom to see where things were heading.

Bought in six weeks ago during which time the company has done nothing other than run down their bank balance? +50%

Bought in years ago and held as the company grew from nothing to a 1.5moz deposit? -95%?

Questions?

Thanks for your input guys. I am drastically underwater here but still holding.

Next Storm payment due next week now too. I'm assuming that they're likely to be missing that again? I can't see that they've managed to raise anything or have a share price to do so.

Glenn will have to send in the bailiffs at some point surely?

I did have a quick google before I posted to see if I could turn up any examples of multibag takeover premiums. Might not have been searching the right thing of course but 100% was the biggest I found.

I hate to be a party pooper, but can anybody point to a single example of a company anywhere being taken over at a 300-500% premium?

10-15p would be paltry anyway, but as far as I'm aware that kind of premium literally never happens.

How do you know he doesn't do anything if he doesn't update the market?

As for the pump and dump, if there was anything that represented a pump I missed it.

You can't be pumping if you're not saying anything, surely?

If only they'd been productively drilling during the last two years this would have been 2moz and at PFS in time for these higher gold prices.