Member Info for mcmullank

I assume you still haven't purchased a single share then?

What was Emma doing 10 years ago? Her bio includes being a director at our former major shareholder Stratex (now Oriole). Can't see where she delivered value into Stratex shareholders.

1. When, I think you have me confused with somebody else.
2. The quality of the management here is an issue. If you were investing using that as a metric then you would have divested from here at some point in Q3/Q4 last year.
3. Jam tomorrow is fine if you have the ingredients and know how to use them. GRL have the ingredients but no cooks.
4. "Highly Likely" - based on what evidence?
5. The story has changed, multiple times.
6. We are still not at commercial viability so we are part of the 97%, not the 3%
7. I have posted on this multiple times, if you are too lazy to read back then that's on you.

Your eyes may remain open but they certainly have rose tints.

@Tansu
That's the issue with GRL. It doesn't matter who is where or doing what, the results speak for themselves. There is literally no point in extracting gold which is coating you money. Unless they know what is needed to improve the recovery rate and reading the RNS gives no idicTion that the do or have a timescale then this is just more Jam tomorrow. Unfortunately the costs, recovery, Comms are all below expectations. You cannot post about an individual's track record and ignore the track record of this company.

RNS confirms my earlier statement regarding yield. With oy 20% recovery rate then we can only beosong money. Our $600 AISC are, like the 50000 annual production, pie in the sky.
Never mind we have an experienced board that know what they are doing!
We will be into Sirs single digits shortly.
As for RNS, I would call a halving of expected production to be market sensitive and yet it was a footnote In an RNS. Corporate transparency and communications are pathetic.

Just to add that "conjecture on production is not acceptable in an RNS" is just nonsense given the contents of the RNS on the 13th May.

I never actually read below the actual content of the RNS but you are correct that states "Full planned Production of 2000ozs pcm".

If this is accurate then the board are truly incompetent. The about part of the RNS does not form a formal notification and yet the company have used this to half the production forecast.

The governance at this company needs an overhaul.

@jdt1990
What if the recently built plant is only 50%, 40%, 10% efficient in recovery then where does that leave us? I would hope that we haven't used all our stockpile or ore but even GRL released figures quoting 0.9g/t for one month which you would assume would be using well developed processes by that point. I certainly wouldn't rule out that we have exhausted our stock piles and the need to get double shifts going may be to cover the shortfall.

@jdt1990
It isn't really glass half empty though, the viability of a mine is totally dependant on the yield. GRL have previously published production schedules that they missed and then abandoned by way of a footnote. Originally the company planned 14k oz per year and then upped this to 50k. Bearing in mind that we should now be in Month 7 of production then I prefer to see my position as one of reality based on past performance. Yes, the company is now revenue generating but my economics lecturer always drilled in - Sanity not Vanity so let's get some sanity into the discussion. What are we going to produce, at what yield and what is our total cash costs per oz. Once these numbers are known AND the company show that they can meet their schedules then there can be a informed discussion on value.

@jdt1990 - The market appears to be unimpressed with the RNS. Make of that what you will but we need far more gold than was produced to cover our obligations. If we have burned through our mining to produce this small amount of gold then we are on a hiding to nothing. That is why it is important that we get production numbers that are not only sufficient but also achievable.

@ShadowsAndDust - What bigger boys?

It's certainly good news that we have started producing. Couple of things that surprised me were that we didn't have the export paperwork in progress and obtained already. More concerning is that we know the production number but no mention of yield which is just as important. As always with GRL information distribution needs improving.

I have waited a verrrrrry long time for this and may even see my investment turn blue.

Jdt1990

Bitter? Why would I be bitter? I made an investment decision, seen that fall by over 90% and now I am only just under water.
As a genuine long term holder here I have shown far more faith in the resources that this company has than many others. It is the governance and leadership that I take issue with.

Gazshot

I have posted previously about my average in here. I have been invested in GRL since 2009 with numerous transactions since then. I am not currently in profit thanks to the consolidation carried out in 2014.

Totally unsubstantiated? OK mate, I mean would you sell part of your house to pay your mortgage if you knew that you had multiple times your house value hitting your bank in two weeks?
It appears that only unsubstantiated positive posts are allowed here. Realistic ones...

What this RnS shows is that the company don't have anything like the production numbers that folks on here have been posting.

I doubt GRL have £200k sitting around to buy 5kg of gold.

DJR

I think you are full of it. You have in the space of a few posts claimed that you held 3m shares or thereabouts and then tell us that your entire exposure to gold is 70% in another company and 30% here which you have stated is £30k and then 25-30k.
I don't doubt that you have invested and sold here but I doubt you have invested 5 figures let alone £100s of £1000s.
It was only a couple of weeks ago that you told everyone you were removing yourself from message boards and yet here you are back posting.

I think if we were to add.up all the shares owned by posters on this board we would have to questions the company's official declarations of issued shares.

They don't have the risk when they are also the largest shareholder.

Typically of the board, they have used their normal obfuscation techniques and dropped their exiting production timetable. Using an interim report to do this is being done to obviously hope that the majority don't read the details.
For all these posters that have been telling us 30 p next week etc. Just when do you think we are going to be producing?
I think it is quite clear that we will struggle to get production of gold in October which is when we need to be able to deliver 5 kilos to prevent a default on our loan. The risk profile for this share has just increased massively with the production news.
Remember that those that hold the debt, hold the power.

How anyone cane take from that RNS that the pour will be before 19th September, I can only guess.

Read it again. The company have deferred interest until the original expiry date already. They are now GOING to continue discussions to make sure it can be paid from the gold pour. That might be September, October or 2026 for all we know.

In short this RNS does not provide any clarity on when we will actually have gold to sell. What it does indicate is that it won't be in the next two weeks.