Member Info for MF11

@angusquinn - "With the track record, i wouldn't expect any to occur unfortunately."

KEEP UP - as highlighted by kevin0541, with reference to the the Directors/Employee surrender of options RNS (https://www.lse.co.uk/rns/GGP/surrender-of-director-and-employee-share-options-oeo8sganrt7ye7s.html), the "buys" will occur either at COB tonight or on Monday.

At a VWAP of 12p, this would be in the region of 90 Million shares.

I guess we will get an associated RNS one day next week. This type of RNS can often help push the SP forward.

@Bunky1981 - "..is an update on the feasiblity of a commemorative cold coin from Hav's first pour? "

If we're all still here, perhaps we could buy one with our dividends?

@Sageman - With regards to the ASX Tracker funds - You need to consider our date of entry onto the ASX.

If all goes as per planned schedule, Greatland Resources will be added to the ASX on 24th June 2025.

You need to note that generally the ASX Tracker funds rebalance on the 3rd Friday of the last month of each quarter, so these funds will have been rebalanced on the 20th June. Greatland will have missed this rebalance period and therefore will not be added to those indices until the September Q3 2025 rebalance.

This was discussed with Shaun last night, and on top of this Shaun pointed out that there are a number of companies that specialize in front running the buying of shares in companies that are to be added to the different ASX tracker funds. That being the case, it should mean that these funds should be able to buy these shares in an orderly manner, preventing a spike in the SP, which I am aware Shaun is keen to avoid.

@bluetoff - there isn't one

I believe they are hoping to air a Q & A at 16:00 tomorrow.

Update via GA GA on Telegram -

Town Hall. Donald just called. The in Person Town Hall is back on for tonight, The venue will be available as planned from 6pm. There should be tea & coffee's and probably drinks etc available as the refreshments will be done as best as possible in reverse but the detail with the catering has not been made. Donald has asked the venue to stay open until 10pm. Realistically Shaun may not arrive until about 20:30 The live Q&A is now provisionally going to happen Wednesday at 4pm but this is not confirmed.

And according to the Broker Ratings link above they only updated their target price to 20p yesterday.

Thanks @TimberTrader

I guess yesterday's note needed updating following the conference call this morning.

Must be nearly a record time to update a research note.

I note that while VavEck continue to increase the shortfall in their GDXJ holdings, a lot of II's are increasing the numbers of shares they hold.

Coopers +114 million

Ninety One + 26 million

https://www.morningstar.com/stocks/xlon/ggp/quote

@Redirons - To be honest your guess is as good as mine.

Personally, I can't see the complaint, with regards to VanEck, to the SEC going very far, but hopefully it has blotted their copybook, and potentially given them a lot of work to do.

So if nobody is going to hold them accountable, I guess the issue will remain for at least the short to medium term.

Perhaps VanEck will feel obliged to correct when we list on the ASX (good luck to them then as they would have to scramble for the shares alongside all of the Aussie ETF's and Fund Managers who will be required to buy when this listing takes place).

Perhaps they will wait until we make the Top 5 within the index, and the issue becomes apparent to everyone associated to the Fund. Not sure, but we are currently moving up the index chart quite quickly, now 32nd on the list.

Perhaps they will wait until GGP are added to the GDX, and they have purchased the shares for that index. They would get more shares for their buck for the GDX, all at the expense of GDXJ investors.

I suppose what I am saying, if one of their board members believes they are doing nothing wrong, then any option appears to be open to them.

One thing sure though, is that I would never invest in a VanEck fund, not would I recommend them to anybody else.

Just reconciled the numbers after the GDXJ rebalance on Friday.

Highlights from this show:

Not much of Friday's inflated volume was related to the GDXJ

VanEck (US Quote) - Offloaded another 4,736,022 shares from the Fund

The MVIS extract states our weighting should be 1.05% we are currently weighted at 0.51%

VanEck (US Quote) - Now hold 194,511,639 Greatland Gold Shares (approx. 210 Million less than they should).

Apologies, the schedule was changed in September, and the rebalance should now be the 3rd Friday March / September.

https://sprottetfs.com/media/jfvj1geq/sgdj-prospectus.pdf

What makes that extremely interesting is the fact that the reported End of Year position for the fund was 8,265,851 shares.

The prospectus states that the fund is only rebalanced bi-annually November and May each year.

@Spy - To be clear, they may have already acquired a large number of these through their Authorised Purchasers (AP's). We will find out later today/Monday exactly where they are with their holding.

The MVIS components extracts have been uploaded on the MVIS site prior to tonights rebalance.

The extracted files show that the opening weighting for Greatland Gold for Monday 24th March should be 1.08% (with more buying it will probably be higher). Indicating an increase from Thursday's (last nights) closing balance of 1.04%.

To attain this weighting the GDXJ would need to hold a total of approx 411.5 Million shares by COB tonight, which would be an increase of around 211.5 Million shares from VanEck's yesterdays announced holding.

If they are intending correcting the shortfall in their holding of GGP, I would suggest that VanEck still have quite a lot to buy, even if they have been using AP's to acquire shares on their behalf this week.

This is with making assumption that the increased Volume and Buying this week is definitely AP's buying on behalf of VanEck for the GDXJ. Although this is extremely likely, that it is not 100% guaranteed.

An interesting day ahead!

@Taverham - "Thanks MF11. I did'nt fully understand the 0.59 figure at the end"

No worries, my understanding of the way MVIS calculate their Free Float Factor is taken from the following statement MVIS Index Guide:

" 4.1 Free-Float The indexes are free- float adjusted-the number of shares outstanding is reduced to exclude closely held

shares (amount larger than 5% of the company’s full market capitalization) from the index calculation.

My understanding of this is that the Free Float is reduced from 1.00 (100%) by removing all TR1'd holdings, and those held by directors.

This excluding:

Newmont 0.204 (20.40% holding)

Wyloo 0.084 (8.44 % holding)

Tembo 0.061 (6.10% holding)

Firetrail 0.057 (5.66% holding)

Directors 0.004 (0.37% holding)

Total Holding 0.41 (41%)

Free Float = 100% - Total Holding 41% = 59% or 0.59

That said the point still stands that MVIS use a Free Float Factor of 0.80.

@ Taverham - "VanEck Europe does not lend securities from its ETFs - So how did they loan out the shares at Q3? Was it not a european ETF?"

VanEck have to different UICTS for the GDXJ one is European/UK the other is US. There are numerous different rules for all funds and prospectuses between the different UICTS.

VanEck US do lend out shares; please also note that the US Quote for the GDXJ is nearly 10 times the size as the European/UK Quote.

If only you could edit posts:

Should read -

"That said, I would guesstimate (looking at last nights numbers – using MVIS figures), that to track the MVIS weighting the GDXJ would need to hold 402 Million shares, and therefore they would need to purchase close to 202 Million to attain the correct weighting."

What does this mean to Greatland Gold in terms of the number of shares required.

In theory this should be a fairly straight forward metric, and in the case of the UK/European quote for the GDXJ it is.

I am expecting the UK/European quote to be somewhere in the region of 800k shares.

Now with the US Quote it is impossible to tell what the outcome of the rebalance is:

Because they have chosen to deliberately mis-track Greatland Gold within the index, it is impossible to know if they are planning to correct their shortfall during this rebalance, or indeed if they will offload more and exacerbate the issue.

However, to look at numbers:

An increase of 0.02% on their current holding would lead to an increase of around 8 Million shares.

That said, I would guesstimate (looking at last nights numbers – using MVIS figures), that to track the MVIS weighting the GDX would need to hold 402 Million shares, and therefore they would need to purchase close to 202 Million to attain the correct weighting.

N.B. As an aside, and this is total #speculation, but I noted yesterday that the GDX Fund had managed to build up a $50 Million cash war chest. I am not saying it will be used to add a new constituent to the index, and it may not be enough to meet any new constituents weighting, but it is a much higher amount of cash than usually held in the Fund.

The Q1 2025 rebalance result show that the Greatland Gold weighting has been updated, from a close of business yesterday of 0.92% to a rebalance weighting of 0.94%.

How did MVIS come to this figure?

Why 0.94%

If you look at my previous posts, I stated that we needed to know the following:

1. Total Holding of Top 5 in percentage terms at rebalance time.

2. The additions/deletions to the index during the rebalance

3. Any changes to the Free Float Factors for any of the constituents

The results were as follows

1. For this rebalance the Top % constituents held 32.49% of the index.

This needed to be reduced to 30% during the rebalance. Therefore 2.49% of invested funds in the index needed to be release and split across the other participants.

2. There were 6 additions made to the index during the rebalance, the additions totalled 3.61% of the index.

By looking at 1 and 2 above you should see that the percentage of the index allocated to the new additions was larger than that taken from the Top 5. This would generally mean that a minor sell-off would be required from all other constituents in the index (including Greatland Gold – would have changed from 0.92% to 0.88%). However, due to fact :

3. Changes to the Free Float Factor needs to be applied to the different constituents within the index, before the final weighting is determined.

During Q1 2025, MVIS calculated (somewhat unfathomably) that Greatland Golds Free Float Factor should increase from 0.75 to 0.80. Thus increasing the weighting to the 0.94% in the announcement.

Noting the Free Float Market Factor is the % of shares freely available to purchase on the Market, it excludes Locked In shares, Director Owned shares and TR1’d shares. My calculation shows it should exclude Newmont, Wyloo, Tembo, Firetrail and director shares and be 0.59.

The above all said, the position for Greatland has been greatly muddied by the fact that VanEck (US) have chosen to mis-track GGP within their holding, and as of yesterday only held 0.46% compared to 0.90% they should have held for that day. Noting that the 0.94% mentioned earlier was the closing figure for yesterday and post yesterdays Share Price increase.

So you should be able to see from the above how I can calculate the (fairly) exact number of shares each Quote should hold and what the shortfall in their holding is.

To finish off for now, you should also be able to note that, as the MVIS weighting is updated daily, to reflect the SP movements that occur on a daily basis, the current weighting prior to each rebalance should be fairly accurate, and that the only real changes to the weightings will be caused by:

1. The re-allocation of weightings to the TOP 5 constituents (noting they are currently allocated 32.66% of the index; should be reduced to around 30% at rebalance announcement)

2. New entries or deletions to/from the index.

3. Changes to the Free Float Factors for each constituents

So until we know the results of 2 and 3 above we CANNOT determine if it should be a Net Buy or Sell for GGP at each rebalance until the announcement has been made.