Member Info for jdt1990

The business being pre revenue is most likely how they have managed to get it for such a good price relative to the feedstock quantity alone….thats their negotiation power

Where do these numpties come from spouting “the issue is cash”?

They raised €14.5m and are spending only €5m of that up front. The rest will likely be from cash flow given the plant is already operational with a large stockpile.

Some simple maths for the ones at the back - That leaves circa €10m cash from the raise post the initial spend at closing. No cash needed here in the near term!

Agreed - consolidation to facilitate dilution to oblivion. They’ve got plans but no cash to execute with, just share issuance

I do find this quote in the RNS quite comical…..

“GoldStone will assist and advise on operations, equipment and project security”

Given Goldstone have barely been able to produce anything from Homase, have had operational issues and setback after setback and to top it off….had gold nicked from their own project!!!

WHAT A MESS

Goodnight Landore!

Raise at a premium is interesting but it does include a bunch of warrants…..so even if the SP does start to move up, us poor PIs will be diluted out of any material upside here that’s the issue!

Just look at these numbers from the PEA back in 2022 with base case gold price $1800…..now it’s approaching $5000 the numbers will be staggering if we assume an increased resource plus non gold assets:

I genuinely think LND has been overlooked after years of poor mgnt…..the time is now to strike while the iron is hot and sell it!

Parameter Units Base Case

Gold Price (Average LOM) USD/oz 1,800 / oz

Net Gold Revenue (Ex Site) USD M 1,464.66

Initial Capex USD M 85.45

Sustaining Capex and Mine Development costs USD M 2.24

AISC including Ontario Provincial Mining tax USD / oz 1,177 / oz

Project NPV (Pre-Tax) USD M 333.15

Project NPV (Post Tax) USD M 231.28

Project IRR (Pre-Tax) % 87.4%

Project IRR (Post Tax) % 66.7%

Project Break-Even Gold Price USD / oz 1,289 / oz

Breakeven Au Price at 30% IRR USD / oz 1,433 / oz

Project Payback Period from Construction Start Years 2.25 Yr(s)

What a mess!!

Classic diversion tactics of blaming Ghanaian regulation and heavy rain……you’d think they’d never set foot in Ghana from that update. Never mind been operating there for years!

I’m not sure how they got that production figure for the year? Sounds very suspicious to me on previous reporting.

As for this years guidance of 4000oz - pathetic. At least it’s realistic and we’re no longer being lied to that 1000oz per month is any where near achievable.

Dead duck here

It’s a good RNS in the sense that it keeps the company afloat and avoids it having to shut up shop.

It’s the usual cr*p from them that gives no update on operations and production which in an environment where gold is at $4300 they should be making some good cash flow to pay off debt and fund progress.

If they can’t do it now….they never will!

“ providing the Company's shareholders with potential upside” this potential upside wording says it all in the RNS really. They aren’t sure themselves if they can make it work!

Think this is the key. There is no value to calling in the gold loan when gold is at these levels. They want the ounces, which are there….the co has just been woeful at extracting it.

EP has to go, corporate reorganisation and produce some ounces. One curve ball is sell up to / JV with a larger entity now the project is more economically viable and let them show GRL how to actually mine gold!

Current Mcap values 1.5moz in the ground at ~$11/oz which is nuts. Close to surface, mining friendly jurisdiction etc. The Co previously said after the last “sale” effort that 2moz was the number that would peak interest. Let’s hope the MRE update has surpassed that and a previous suitor now has that box ticked to put an offer in, at a sensible price!

Hoping it’s a deal of some kind and I can see breakeven at 16p 😂.

I hope they do sell it and we as shareholders dont have to wait around for anything to go into production before we see any meaningful return. As I’ve been there before with junior exploration and it’s a long and painful ride!

It’s a great deposit and economically viable at way lower gold prices. In the past it was getting to 2moz that made it saleable. I think they hit that with the updated drilling. However, did Mota Engil invest and put Alexander Shaw in the CEO seat to sell? I’m not convinced and they may want to see this to production. It’s a different business proposition to the days of crusty old Bill sat waiting for an exit.

Which at this rate I might be as crusty as he is before I see a good return. Despite the time being now to strike with gold prices where they are!

Totally agree - and let's be very honest, if they had got this operation functioning properly and production as they had originally stated with anywhere near 1000oz/mth they would have no need for fund raising as they would be able to fund future operations and growth from the FCF generated under an incredibly beneficial gold price backdrop. Bu they haven't, they've yet again managed to underperform and missed a "golden" opportunity so now need to go cap in hand AGAIN for dilutive funding with their backs against the wall. It won't be pretty

Not sure how she has the cheek to reference positive trajectory! It’s been on nothing but downward for the year and still absolutely nowhere near 1000oz/mth. Would be good if they specified what period that gold was produced from too!

As always, we’re left to fill in all the gaps the coal y never fills. All smoke and mirrors.

It’s a huge shame to flying gold price is only helping GRL keep the lights on and somewhat plug the output gap. When they should really be capitalising on it and making hay while the sun shines.

Usual 💩 here of smoke and mirrors from Emma. I thought this might be one that actually turned itself around but looks like as they always say. You can’t polish a turd!

Agreed HarChris - this will be GRL seeking advice on how to distance themselves from the allegations and how to not have any reputational impact from an issue that fundamentally doesn’t impact the company.

The issue is with an associated person whilst acting in an unrelated capacity. Of course questions her integrity which is why GRL will want to avoid any contagion risk

Booboo that wording re questions is word for word what was in last years AGM. I wouldn’t look into it as anything signalling an out of the blue positive operational update. They have been somewhat obliged to be more open with shareholder engagement after prior shortcomings on that front which were made very clear to them under previous mgnt

Although you could say if anything to hide, they could make it a closed circle for the AGM.

I’d guess they’re banking on very few attendees and being able to cherry pick the questions posed in advance.

It will be BAU from them in all honesty. Progress but not at a good enough rate.

The main Q that needs answering is why they aren’t anywhere near that 1000oz/mth figure that’s been banded around for months now!

Current Mcap values 1.5moz of gold in the ground at $8 an ounce which is ludicrous given the jurisdiction, ease of mine and current gold price!

What we do need to know when they get to that 750-1000oz production level is the AISC as that is ultimately what drives true profitability.

Ghana was massively hit with inflation and costs soared previously, so need to see where that has levelled out.

Agreed panman. I’d much rather they take an extra month or two to get to a steady state 1000 oz per month rather than hitting it in Jan after a big push to meet stated targets to then only have it fall off afterwards.

Certainly the most positive I have been about this company in a long time. Moving in the right direction. Missing piece for me is what the AISC is at that 1000oz production volume

Another shambolic bit of management. How on earth do you let something like this get to a position where it potentially defaults your business when the redemption date is set from the outset!!!