Member Info for MH01

Read it again.... scroll down to the bottom and the details. Starvest shares are being swapped for GGP shares plus the other company. If holders want to hold they will, if they want to sell they will.

Frigger. ... you asked about a double Mikey. Mickey has posted £1.44 for years. So I assume a double Mickey is £2.88

This is the context "If we were to attain 100% of Havieron and increased processing to 7 mpta, Using a more realistic P/E of 18 (and all of your other numbers) we could attain an SP close to a double Mickey."

Great outcome as 80mill shares won't be hitting the market, happy days :-)

"Notwithstanding any other provision, Shareholders will receive a whole number of shares and no fractional shares of Greatland or Ariana will be issued. Shares of Greatland and Ariana that remain after allocating through this procedure will be allocated by assigning one additional share of Greatland or Ariana to individual Shareholders in an order determined by the Board, until all such shares are allocated."

Ah I didn't read the bottom part of the RNS, you have your answer here so unsure why it was asked:

"Based on the current holdings of Greatland Shares and Ariana Shares, the Company believes that Greatland Shares will be distributed in a ratio of approximately 1.33 Greatland Shares for every one share of the Company and approximately 0.199 Ariana Share for every one share of the Company. In the discretion of the Board and the Proposed Liquidators, some of the share portfolio will be retained as necessary to ensure that there is sufficient cash to pay creditors and meet professional fees. This may affect the number of Greatland Shares and Ariana Shares to be distributed."

I don’t hold Starvest shares. If I am wrong and GGP shares are transferred from Starvest to each shareholder separately, doesn’t impact me personally. As long as GGPs share price doesn’t tank I’m fine. I wish Starvest holders luck!

It states capital distribution … means cash to me

Yes I read this "capital distribution" by Starvest meaning they will liquidate (sell) their underlying investments and return the cash to shareholders. It is then up to shareholders on whether they keep the cash or buy the underlying investments that Starvest held.

Baco(n) the decline will reach the ore body next year. I assume since the FS isn’t being released until July to Sept 2024 that means it’ll be 2025 when first revenue appears.

Tymers ref 88p, that is the highest outcome on my calcs so it’s not the likeliest. Requires a gold price if $3000, $1000 AISC, 450,000 ounces pa with 30% to GGP, and a PE multiple of 20. That gives 88p.

On the other hand being conservative and taking above at 10 PE gives 44p. That is comforting. But can’t see the market ascribing that value until 2025 when a clear production profile is provided by GGP.

Shares go up and down. Only traders watch the share price like a hawk. Switch off and enjoy Friday. TGIF.

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IN SUMMARY.......

PE ratio of 10:

Gold AISC Profit PE multiple Price per share

$3,000 $1,000 $2,000 10 £0.44

$3,000 $1,000 $2,000 10 £0.39

$3,000 $1,000 $2,000 10 £0.34

$3,000 $1,000 $2,000 10 £0.29

If we change the PE Ratio below from 10 to 15:

Gold AISC Profit PE multiple Price per share

$3,000 $1,000 $2,000 15 £0.66

$3,000 $1,000 $2,000 15 £0.58

$3,000 $1,000 $2,000 15 £0.51

$3,000 $1,000 $2,000 15 £0.44

If we change the PE Ratio below from 10 to 15:

Gold AISC Profit PE multiple Price per share

$3,000 $1,000 $2,000 20 £0.88

$3,000 $1,000 $2,000 20 £0.78

$3,000 $1,000 $2,000 20 £0.68

$3,000 $1,000 $2,000 20 £0.58

Based on this profile and using FOREX rate of 1.21 USD to £1:

Gold AISC Profit Ounces pa (incl copper credits) 30% GGP ounces

$3,000 $1,000 $2,000 450,000 135,000

$3,000 $1,000 $2,000 400,000 120,000

$3,000 $1,000 $2,000 350,000 105,000

$3,000 $1,000 $2,000 300,000 90,000

Well I can agree that if gold was to exceed USD$3,000 an ounce it is game on. Quick rough calcs.

Ounces pa (incl copper credits) 30% GGP Price per share

450,000 135,000 £0.44

400,000 120,000 £0.39

350,000 105,000 £0.34

300,000 90,000 £0.29

Gold AISC Profit Ounces pa (incl copper credits) 30% GGP ounces pa

$3,000 $1,000 $2,000 450,000 135,000

$3,000 $1,000 $2,000 400,000 120,000

$3,000 $1,000 $2,000 350,000 105,000

$3,000 $1,000 $2,000 300,000 90,000

30% GGP FCF PE multiple Valuation USD GBP equiv @ 1.21 Shares on issue Price per share

135,000 $270,000,000 10 $2,700,000,000 £2,231,404,959 5,100,000,000 £0.44

120,000 $240,000,000 10 $2,400,000,000 £1,983,471,074 5,100,000,000 £0.39

105,000 $210,000,000 10 $2,100,000,000 £1,735,537,190 5,100,000,000 £0.34

90,000 $180,000,000 10 $1,800,000,000 £1,487,603,306 5,100,000,000 £0.29

50pence = £2+billion market cap. Sorry guys but given what we know that is just unrealistic.

De Grey Mining has a market cap of £1billion as a comparison. The market does not care what you want sadly.

Sisu you wrote a quote that mimics Joe Bass who would say "look beyond the trees", especially about Scally. Then disappeared when the drill results did not find another HAD005.

"Look and yee shall see, ffs."

Correct no one knows "if" an offer is coming and for how much. However, given many PIs are under water right now and what I posted below, any offer has to be high and that is why I doubt Newmont will stump up over 20pence when the SP is mid-7's.

"Wyloo bought at 8.2p and have warrants at 10.0p. Tribeca bought at 8.2p. Recent employee incentive options are mainly at 11.9p. So just my opinion that Wyloo, Tribeca and the employees are wanting double or triple those prices to make some very handsome money. So 20.0pence plus at least is my humble opinion, regardless of today's share price."

So 25.0pence then will be something that Wyloo, Tribeca and the staff would entertain I wonder..... the sum of which equals tasty profits for all of them 'after taxes'. Anyways, it is all 'what if' so who knows. We wait and see. Can't see Newmont offering very much for Havieron to be honest and therefore it will be stopped dead in its tracks before it begins.

Wyloo bought at 8.2p and have warrants at 10.0p. Tribeca bought at 8.2p. Recent employee incentive options are mainly at 11.9p. So just my opinion that Wyloo, Tribeca and the employees are wanting double or triple those prices to make some very handsome money. So 20.0pence plus at least is my humble opinion, regardless of today's share price.

Tom keyword search "exploration" https://s24.q4cdn.com/382246808/files/doc_presentations/2023/Oct/01/newmont-investor-presentation-october-2023_final2.pdf

"So I ask again - do Newmont bother to explore or are they reliant on others to find the ore and then they sweep in and sweep up?" -> look on the Newmont website