Member Info for Moneyman64

We should get the audited results over the next few days.

No doubt a lot of waffle about how great the deal with RAM is and how great the Board have been in proposing losing 87.5% of a project with a NPV of in excess of $10 billion for the sum of $150 million .

We need a “rabbit to be pulled out of the hat” to stop the “Ram Raid”.

What a surprise that no one involved has the courtesy to reply to e-mails

Would you be happy to sell a house -exchange on the sale and had no idea when it would complete?

Nothing negative about having a defined timeline for Sandfire to establish the size of the resource to determine the size of the “resource payment”

Just common sense to ensure GLR shareholders don’t have to wait years and years for the uplift payment to be determined.

3cardbrag-that is why any deal with a provisional payment based on the amount of resource should have a defined deadline for the license acquirer to determine the amount of resource otherwise the licence should revert to GLR at no cost

You are a 100% correct to point out that nothing has happened on the previous licenses sold to Sandfire a number of years ago.

Seems good news - let’s hope that there will be a strict timetable for the purchaser to prove up the resource.

This was not the case when licences were previously to Sandfire a few years ago with no definite timetable to determine the size of the resource -we are still waiting in respect of this and there seems no time limit for Sandfire to do this.

Perhaps the payment conditional on the amount of resource should be subject to indexation to take account of inflation in the period between the sale and the resource size being determined

How many times has Bird said production within a year and within the year there has been no production.?

Anything Bird says here has to be taken with a large pinch of salt - time will tell -hopefully he will actually deliver something here after all the previous false dawns

Thought after all this time Bird had actually had something exiting to tell us to enhance the shareprice when I saw the RNS notification come up.

Luansobe sale/production commenced,sale pf a non core asset perhaps ?

But no -just 1 minute spent filing in a form to change the address of the Registerd office .

Unfortunately another decade of scoping studies with discounted placings to pay for them.

Shareholders deserve better and a fulltime dedicated CEO

According to the BZT board Bird was doing a city presentation on that company also mentioning Ken and AFP but no reference to GLR apparently .

Think this once again illustrates once again the apparent lack of focus on GLR and hence the rock bottom shareprice and no progress on many fronts

Big companies coming in on the cheap when there is a very valuable asset does not always work out well for the current shareholders-it can often lead to a buyout/joint venture with a low shareprice starting point that leave current shareholders with a deal that bares no relationship whatsoever to the value of the asset-just look at the day light robbery happening at Zanaga Iron Ore.

Chrisp -where have I ever mentioned a fire sale.

A fulltime focused CEO would be working full out to sell maybe one asset at full market value -there would then never be a need to dilute shareholders more at the current very low share price.

Future revenues are much more beneficial for shareholders if there were say 1.5 billion shares in issue and not 3 billion as a result of more bargain basement placings with confetti options

Chrisp you are 100% correct that the number of shares in issue at BZT together with further warrants seriously limits any potential share rise -yet you are perfectly happy for Bird to needlessly issue more shares and warrants here instead of using GLR assets to provide funds-in fact you censor anyone who point this out

Unfortunately Olddrongo there is often a huge gap between what Bird tells us and what actually happens in reality

Most disappointing that the question regarding the further material dilution of shareholders interests was totally ignored when we were told no further dilution was needed following the sale of the South African operation..

Dilution started at 15p now it will occur around 3p -not much of an achievement

Thanks JL-already registered and have submitted question

Agree BS-the very part time approach to running GLR together with no apparent progress on many of the company’s projects is just not good enough and frankly is insulting to longterm shareholders.

Two bucket price placings just magnify to slapdash way GLR is run.

Meanwhile Bird was on the Sunday Roast spouting on how well he is doing with his other companies which just illustrates the lack of time spent here which is costing shareholders vasts amounts of money.

OK we have Molefe on the go but like most things that Bird is involved in it may not turn out as well for shareholders as anticipated.

I have asked the question for tomorrow’s meeting -why is there yet more share dilution when we were told no more dilution would be necessary following the sale of the SA operation?”

Don’t know if this question will be ignored but I guess the more the question is asked the more likely it is to be addressed

“Totally ignores GLR” -sums up the position here in a nutsell

Surely if the RAM raid is deemed not above board by the authorities the break fee will not be payable.

That’s another reason why it is so one sided because RAM do not pay a fee if they walk away

Your comments are insulting to say the least Millerston to people who have invested their hard earned money.

Time after time investors were told that the Zanaga deposit was one of the best high grade iron ore deposits in the World and recent calculations show a net present value of over $10 billion -now a series of transactions have been engineered to give 87.5% of the project away for $150 million.

The NPV calculations should allow for inflation,incur a risk factor adjustment and take account of all financing costs

It is more a case of transfer of a prime asset at a total undervalue than shareholders paying a couple of pence more for their shares than you deem what they should have .

The Board kept pumping out the narrative that the asset was World class and there were a number of interested projects-now apparantly you are happy to accept the transfer to a related party at a small fraction of net present value.