Member Info for JuniorLassonde

P.S To be clear, you don’t have to be mining to get to that point of 'measured'. You don’t need an operating pit for example; but you do you need enough high‑quality drilling, sampling and engineering work that a Competent Person is comfortable classifying the resource as Measured/Indicated and then converting part of it into a Reserve. Production may follow, but it isn’t a prerequisite for the Reserve declaration itself.

On Molefe, there is not even a JORC (later this year)... just goes to show :-) But for the purposes of PL039/PL040 it has to be clear for obvious reasons - the amount of ££ at stake as a bonus.

Lucky, on the JORC side it’s worth noting that the RNS talks about a “first qualifying JORC ore reserve” of at least 400kt Cu, not just a resource. Under the JORC Code an Ore Reserve must be derived from Measured and/or Indicated resources and supported by a mine plan and modifying factors – you can’t declare a JORC Ore Reserve purely off Inferred tonnes. So for the success payment to trigger, Sandfire would need to convert enough Measured/Indicated resource on those licences into a stated JORC Ore Reserve above the 400kt Cu threshold; an Inferred‑only statement wouldn’t meet that bar.

Https://www.africaintelligence.com/southern-africa-and-islands/2026/04/07/mining-giant-bhp-prepares-for-return-to-southern-africa,110698839-art

Interesting to know.

Vale previously owned Shinganda before leaving Zambia way back and drilling was preformed by this Top Tier Global Miner. Things are changing rapidly.

Also worth noting that the majors and mid‑tiers in Zambia are increasingly behaving like they’re building hub‑and‑spoke systems, even if they don’t call them that. Big capex is going into a handful of processing hubs and smelters, while juniors and smaller operators are proving up satellite tonnes within trucking distance. The model is simple: concentrate capital in the hubs, then pull in feed – via JVs, tolling or ore‑supply deals – from a ring of spokes owned by juniors. In that world, a “good but not world‑scale” deposit doesn’t need to carry a full plant capex on its back; it just needs to be clean, truckable and big enough to matter to the nearest hub operator. Multiple spokes combined can acts like a Tier 1 deposit.

Also worth noting is a World Bank “Energy Transition Minerals Roadmap for Zambia” which frames the government strategy around a few anchor operations and processing centres (e.g. expanded Lumwana, Mopani, Konkola) with surrounding deposits and juniors contributing feed into these nodes, explicitly as part of tripling production to 3 Mtpa

From here the obvious end‑game is consolidation of the “gap” once Sandfire to the south or Cobre/BHP to the north have firmed up real scale on their own ground. In a world where BHP will spend up to US$25m to earn 75% of Kitlanya and Sandfire has already agreed US$3m plus a chunky US$20–80m success payment on the southern pair, it isn’t a stretch to see PL253 being pulled into a larger district package on terms that reflect its role as the bridge between Ngami and Kitlanya West. GLR doesn’t need to build a mine in the Kalahari – it just has to keep PL253 technically alive, protect the tenure out to 2027 and let the neighbours’ drill metres and their balance sheets do the heavy lifting until owning the middle piece matters more to them than haggling over price.

Funky, it will have been a trade off. CB has learned from the drilling either side of the license, and below the license. This will have informed where the drill bit was placed. We also had part of the PL253 license flown 'for free' in an aeromagnetic survey. The additional $ required to drill out would not have been insubstantial. Just look at the $$ committment for PL039 and PL040 by SFR as an example. CB made the right choice on this IMO. We now have Luansobe further along, Molefe, etc because CBs choice to protect cash etc, and someone about to do the heacy lifting on PL253 while we push on Luansobe and Molefe I reckon.

There’s an important nuance in the latest Kalahari deal that the market may be missing.

GLR is selling PL039/2018 and PL040/2018 into Sandfire’s camp for US$3m cash up front, plus a very material success payment of US$20–80m if a qualifying 400kt+ Cu reserve is eventually declared, with Sandfire also funding the drilling and assaying. That crystallises value on the southern ground while pushing the exploration risk and spend onto a bigger balance sheet.

The real kicker, though, is what Galileo has kept. PL253/2018, where copper mineralisation has already been intersected and the licence renewed out to 2027, is the one that literally sits between Cobre’s Ngami and Kitlanya West projects along the same D’Kar/Ngwako Pan contact. Galileo’s early 2024 work defined three copper targets with more than 6 km of combined strike in the southern part of PL253, explicitly described as bisecting and tying into Cobre’s soil anomalies and structures on either side. It also sits on top of a SFR license that we sold them which also has a bonus potential upside.

So you now have Sandfire building out to the south, Cobre/BHP spending serious money on Kitlanya and Ngami, and Galileo effectively in the middle holding the “bridge” licence that ties those trends together, with copper already in the drill core and multiple untested targets.

To me, that doesn’t look like a company that couldn’t sell PL253 – it looks like a company that’s quite happy being the gatekeeper in the middle of everyone else’s plan.

It looks like the new investor is buying in at the right time and ring-fencing money and no doubt governance for a great asset. I am fine with that. It’s easy to hit the sell button.

The question is whether a successful investor with a potential $11.5m for Molefe is a serious investor. Given his success with capstone I suggest that he is, and would not be interested in a ‘lifestyle company’. You believe otherwise Sumo. My bet is on the professional investor. Pays your money, take your choice and all that.

With a HNW successful industry investor, who will have done due diligence, investing up to $11.5m into Molefe and the district. Not sure how you got to that conclusion Sumo.

Large one

17-Jun-26 16:38:31 0.88 4,000,000 Unknown* 0.80 0.90 35.20k

So MMS never tree shake. Got it.

MMS applying a shake, but also small £ to go over the ask. Games :-)

When you consider the number of trades below mid price - and their size - which would usually drive down the SP, this is not happening. Looks orderly to me - slow for sure - but getting there. I think we are in that ballpark you mention which could mean 2-3 days to go. All good.

I think you arein the right ballpark Seisnav. Should be soon.

It feels odd, but it’s actually pretty normal. Why a particular holder is selling now – big or small – is something we’ll likely never know; it could be cash needs elsewhere, de‑risking after a run, mandate constraints, or just tired money handing the last leg to someone else. What is clear is that those blocks aren’t falling into a void – there are buyers on the other side who do want to be around for the monetisation events coming (Molefe, Luansobe, Sandfire success payment, etc.). Big prints at these levels simply mean stock is rotating from people who don’t want to ride the next phase into hands that fully intend to participate in it. :-) We shall see...

Worth flagging what the tape and live quote are telling you today. There’s been a string of 500k–2m blocks going through in recent sessions, which is big size for GLR. That’s consistent with a broker quietly matching a seller into one or a handful of buyers, rather than random retail flailing around. Right now you can buy roughly £75k of stock just under the quoted ask, and just under mid price for £50k, which is unusually deep on the offer for GLR. To me that says two things: (1) the overhang is being worked in size, and (2) the market is prepared to facilitate sizeable prints at these levels rather than gapping the price lower. In other words, stock is changing hands from weak to stronger holders, and you don’t normally get that kind of liquidity in GLR unless someone on the other side is building a meaningful position. All good.

Several more days of churning the seller out I reckon. Relax or take advantage IMO :-)

MM, I am sure most will see a huge difference between a house exchange, and the potential upside bonus on a copper asset in Botswana and what is required to get there. One is more certain than the other. No comparison imo. Anyway we march onwards, the future is bright.

There’s nothing wrong with wanting clarity, but forcing an arbitrary deadline on Sandfire to size a resource would almost certainly push them towards a conservative, early number just to “stop the clock”. For GLR shareholders that’s the worst of both worlds: you cap the resource payment off a rushed, de‑risked figure and lose exposure to what might be a much larger system if they keep drilling. Much better that the trigger is tied to proper technical milestones and reserve/resource definitions, not a date in someone’s diary. In practice, Sandfire have every incentive to move at pace anyway – their capital is already committed and their upside comes from proving as much high‑quality copper as possible. A rigid timeline might feel like “common sense”, but it risks locking GLR into a smaller cheque than the geology could ultimately justify.

Anyway, the deal is done. We move forward - which is the direction I prefer to go in.