RE: Molefe20 Apr 2026 10:24
I’m broadly on the same page as most on this board on Molefe and the need for JLP to control their ore; third‑party dependence is exactly what they’re trying to move away from, and GLR being tied into that strategy is where a lot of the leverage sits.
On CB, I see him more as a classic deal‑maker whose style isn’t going to please everyone rather than “incompetent” - far from it. Some deals have been slow‑burn or disappointing, but he’s also managed to secure exposure to multiple copper opportunities (Molefe, Luansobe etc.) for relatively modest cash outlay, which is not nothing in this market.
On Luansobe I agree with you that:
1. The distressed value in a hurry – for example, to plug a short‑term funding gap and avoid a placing – could be far closer to £5m than £50m.
2. The strategic value to the right buyer with processing capacity and a district growth plan could be multiples of that. There’s still real blue‑sky potential in that licence if the bigger “prize” within the package can be properly defined and tied into a scalable development route.
To me, the key is not to anchor on a single point estimate (“it’s worth £X”), but to recognise there’s a wide range between forced‑sale value and what a major or mid‑tier might ultimately pay if they decide they want that optionality. I think CB is waiting for the mid-tier.
On placings, I agree they’re part and parcel of the game at this end of AIM – exploration and deal‑making take time and have to be funded somehow. The real question for us as shareholders is whether fresh equity is being used to advance things that can reasonably crystallise into value in shorter time-frames than seen to date. The Kalahari deal was excellent, and I would like to see the remaining three license that GLR own going the same way.
And that’s where I think we now need updates across several GLR assets – not just Molefe and Luansobe, but also the other copper and critical‑metal positions – to judge how likely each is to move from “story” to “value creation” over the next 12 months. Once the market sees progress, then belief in the rest will follow.
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