Member Info for MH01

The main point for me is that we should be valued around the AUD$3bill to AUD$4bill range and not AUD$1.6bill.

The Google share price shows no PE ratio, that is all I reported.

A table showing how GGP compare today to ASX goldie peers. Look at those with no profits and in Africa. Valuations higher than GGP. Also notice the PE ratio in the double digits. Many are much higher than 10 that I used yesterday.

Top ASX goldies Mkt Cap per Google PE Ratio per Google If GGP's SP matched (at 13b shares)

Northern Star AUD$19.6b 31 £0.75

Evolution AUD$10.5b 24 £0.40

De Grey AUD$4.7b n/a no profits £0.18

Perseus AUD$3.7b 7 - Africa £0.14

Genesis AUD$3.1b 35 £0.12

Capricorn AUD$2.8b 30 £0.11

Westgold AUD$2.5b n/a no profits £0.10

Gold Road AUD$2.5b 24 £0.10

Ramelius AUD$2.5b 11 £0.10

Red5 (now Vault) AUD$2.4b n/a no profits £0.08

Regis AUD$2.1b n/a no profits £0.08

***GGP *** AUD$1.6b n/a no profits £0.0633

Bellevue AUD$1.4b 17 £0.05

Resolute AUD$852m 38 £0.03

Sort this list by "country" and Australia appears at the top (on right hand side of screen). Look at those ASX peer valuations compared to us, and that includes African based miners with single digit PE's. We deserve a double digit PE.

https://companiesmarketcap.com/gbp/gold-mining/largest-gold-mining-companies-by-market-cap/

GGP is AIM listed and operates in Australia, we all know GGP is valued significantly lower than ASX listed peers operating in safe jurisdictions. Even ASX peers operating in Africa are valued higher than GGP, reflects poorly on AIM. Bring on ASX.

Https://www.mining.com/web/mali-to-get-1-2-billion-from-miners-after-talks/

https://www.reuters.com/markets/commodities/mali-started-flying-gold-stocks-out-barrick-site-saturday-sources-say-2025-01-13/

Https://www.mining.com/web/mali-to-get-1-2-billion-from-miners-after-talks/

https://www.reuters.com/markets/commodities/mali-started-flying-gold-stocks-out-barrick-site-saturday-sources-say-2025-01-13/

Https://hotcopper.com.au/threads/upcoming-catalysts.8106473/page-1192?post_id=77403500

"I think there'll definitely be a higher premium put on gold mines in Australia. Today's news that in Africa, Mali government have seized 3 tonnes of gold from Barrick Gold, over a tax dispute. And there's also an arrest warrant issued to Barrick CEO Mark Bristow. Do the major banks in Australia really want to be involved in funding in such an unstable region?"

TRP now under the share price before it’s farm in announced which makes me ask why? If the farm in is good news which saw 60 % share price rise on day of announcement… why the change in sentiment?

Not wrong board as both companies have been compared to one another by posters if you read the last few weeks.

New release from today showing the impact of the current gold price. Be great for GGP to report the same on their next feasibility reports.

https://app.sharelinktechnologies.com/announcement/asx/d5649e4bfb593960b988e24060b21452

"The operating cost, including pre-strip, of the Brolga Stage 1 pit was estimated in the DFS to be approximately A$865/oz. This delivers free cashflow of approximately A$2,200M at the DFS gold price of A$2,700/oz and pays back the capital cost of the Project in under two years. At the current spot gold price of approximately A$4,140/oz, the payback period reduces to less than 12 months."

These guys did a range so hopefully it is acceptable on the ASX: https://antipaminerals.com.au/upload/documents/investors/asx-announcements/241024053547_24-10-24-AntipaMediaRelease-MDP-ScopingStudyUpdate.pdf

"• Pre-tax NPV7 of A$834M and 52% IRR, assuming US$2,100/oz gold and 0.70 A$/US$ (A$3,000/oz).

• Post-tax NPV7 of A$598M and 46% IRR, assuming US$2,100/oz gold and 0.70 A$/US$ (A$3,000/oz).

• Pre-tax NPV7 of A$1,696M and 91% IRR, assuming US$2,800/oz gold and 0.70 A$/US$ (A$4,000/oz).

• Post-tax NPV7 of A$1,205M and 79% IRR, assuming US$2,800/oz gold and 0.70 A$/US$ (A$4,000/oz)."

TRP down 11% today and now less than the SP before their farm-out RNS.

Let’s hope GGP doesn’t use “conservative” spot prices in their revised papers to be released this year. We want to know what the NPV is based on current prices. Sure they can do two calculations to show a conservative valuation, but also add in current prices for comparison.

It is a fair point. The SP is below the offer price so we saw only £50k of £250k taken up by PI's. Will II's be put off as well?

I am only asking. I don't know answers. In my experience raisings tend to happen quickly as they have been lined up before the RNS is released.

Https://youtu.be/ZT11prZTp18?si=qIqh0n5S_MGIsyKh

https://youtu.be/EV9f-m7aEyA?si=SczwbxxDhxOZiwst

https://youtu.be/ai_9ewVmm8I?si=1dP5pPhSnY_eDy_u

AGM Q&A https://youtu.be/TvhdnmTvciQ?si=cJGoMELZBccA3WUZ

... so has the raising hit hurdles?

Because they should have made an announcement today to confirm this below.

"Admission of and Dealings in the Placing Shares Application will be made to AIM for the Placing Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). Dealings are expected to commence on or around 13 January 2025 at 8.00 am."

https://www.lse.co.uk/rns/GBP/capital-raise-and-retail-offer-wgdxlgehva2u0er.html

Just checked the SP chart and insanely it is back to where it was before the farm-in's were announced on Friday, wow!

The SP rose 60% or so on Friday but all gains now lost. Crazy.

The past year and looking to the future

https://youtu.be/eZSwIEm8_A8?si=kHeAzdYZtWWrBbFR

Newcrest / Newmont has spent significant CAPEX on Havieron plus Telfer since 2019. I don’t know exactly the figure spent but from memory with things I’ve read I would tally up between AUD$500mill to AUD$1bill total spent. That’s on Havieron development to date plus Telfer life extensions, Telfer exploration, and fixing the pond wall issue. Also they upgraded machinery during the 2024 pond issue downtime.