Member Info for Major4legs

Looks like swapping “mine builder” Non Exec for “operational scaler” Non Exec in preparation for next stage to mid tier multi jurisdiction miner. Positive move.

I very much doubt anyone is listening to our ramblings- volumes were a very anaemic- 3m (0.1%) - GDXJ rose 4.7% today - my other gold holdings all rose.

Of course the negatives are outweighed by the positives! Why can’t people accept a nuanced argument? It’s not binary. Understanding risk doesn’t mean you don’t invest. Of course I want you to be successful Lee, you can crow all you like cos I will also be successful when MTL delivers! What you won’t know is how much more money I made investing the profits of my 3m shares elsewhere!

If we weren’t optimistic we wouldn’t be here. Some also prefer to be realistic, MTL remains a great opportunity. If it wasn’t for the dominance of hyperbole and ramping we wouldn’t need the counterbalance of this thread. Good to hear that Lee now accepts risks are real and significant as many previous posts claimed anyone daring to state such obvious investment principles was an idiot.

I would add

1. Opportunity cost - MTL has declined 30% since its peak in July 2025 - sector (GDXJ ) is up 50%/FTSE up 15%. Timing investment is very difficult but MTL hasn’t been a great short term investment over the last 9-12 months. Other less risky shares exist with big upside and paying dividends.

2.Liquidity- getting large investment out quickly would be difficult

3. FX risk - not unique to MTL

The Philippines economic strategy isn’t aligned to mining- big mistake of MTL LTHs and classic example of echo chamber thinking. CNR holders are bursting that bubble but some remain defensive and in denial

Lee I think all LTHs here will have made money and doubt anyone begrudges you making some as well despite your poor attitude to fellow shareholders. It’s not a zero sum game but I for one will continue to call you out when I disagree with you. Sorry if having your views challenged upsets you but that is the point of this platform isnt it?

We are all backing the same horse here - just some have put the farm on it, think it’s a one horse race and can’t see any fences - while others can see the fences and the other runners and riders! Odds are the same either way but your perspective might influence the size of your wager.

What makes you say that Sakura? - GDXJ is 2% down on my feed - volumes look low. Like most we are in the doldrums waiting for news.

Hope so

So is it accelerating ahead of schedule or on track? Can’t be both !

I thought it was originally sign posted as Q4 but more recently specifically December which admittedly is still Q4 - on reflection I agree no evidence it’s running late - just overreacting to the ramping of others and wild claims of “they’re smashing it!”

I sold more than 3 million Lee! But still hold a big number here. Happy with my decision but always reviewing it as unlike you I do make mistakes. So far it’s worked well for me - similar share movement but with dividends, less risk and bigger upside. No doubting MTLs potential but if you could get out of your bubble you might see other opportunities. Faith is for religious cults not investors.

Very few humans are stupid! I am sure you are not one of them Weasel. Many are ignorant and we are all to a greater or lesser degree driven by our emotions and unconscious biases. The outcome does not always justify the means. As EL said you can be lucky or unlucky neither validates or invalidates your method. What ever course we take there is an opportunity cost to it. Every £ you invest in MTL is a £ you can’t invest somewhere else or spend to give you reward.

Runruno is running dry, La India is as far as we know slightly delayed with first pour schedule for December. Not a disaster by any means but hardly “smashing it”. We are all investors, we all see the opportunity but the relentless ramping and hyperbole does come across as slightly unhinged! I Suppose if I had all my eggs in this basket and had as many millions as Lee and others riding on such a risky proposition I would be a bit emotional as well. I genuinely admire your courage but question your judgement. Not sure I would enjoy the ride if I had as much resting on it as some appear to have.

Love the way the “believers” think silence is a positive and means something is about to happen. While more sceptical investors think silence is indicative of …. a lack of noise!

“ I notice we get 30 posts on a red day, and about 5 posts on a blue day, it’s true about the old saying, “people love to moan”…….really? Isnt the exact opposite the truth? So much emotion and hyperbole on this board. Gold is up 3%, MTL up %, GDXJ up 5%

Al the indicators are pointing to a rising gold price but I think the big rerate will happen in the autumn when the 24 month trailing average should pass $4k. This is what analysts use to calculate valuations.

Yields are very high but don’t think there is any sign that auctions are failing or that spreads are widening. Yet!

Don’t think the oil producers have sold - but most of their gold is in unreported sovereign funds. Biggest seller was Turkey - they had an FX crisis due to the oil supply shock so sold to fund supporting their Lira. Poland continued to buy big - the main driver of the price drop was emerging market banks slowing their purchases rather than selling to fund higher oil prices. THX is victim to risk off sentiment rather than fear of gold price collapse- if we get positive news flows on mine extensions etc to change perceptions and derisk - - it will recover. By the Autumn the 24 month training average gold price should exceed $4k - that’s the number analysts use for calculating valuations and will also help us.