Member Info for MrEMC2

I bought into UFO for a gamble on silver. Whilst UFO was chasing a silver mining dream I had high hopes that I had made a good long term choice particularly when witnessing a share price rise 0.30p to 3p. Indeed I recall back then that UFO was given a slightly higher prospective rating than GGP.

With the Silver price about to shoot off to the stars in the next 12 or so months why oh why is UFO grounded at 0.12p by heavy iron chains! Not much of a binary choice for an investment for my grandchild worth a paltry £400 now! If it can survive it needs to get back to +3p within the next 9 years.

From Monitor report 15 March 2024

"5.1.2 Qualified Bids

1. To be a “Qualified Bid”, a bid must meet the requirements outlined in paragraph 7 of the

SISP, including, among other things, that it:

a) provide for aggregate consideration, payable in cash in full on closing, in an amount

equal to or greater than:

i. all outstanding obligations under the Senior Credit Agreement (anticipated to be

US$44.46 million), unless otherwise agreed to by the lenders thereunder;

ii. all outstanding obligations under the DIP Term Sheet (anticipated to be US$11

million) plus cash consideration of US$250,000;

iii. any obligations in priority to amounts owing under the DIP Term Sheet, including

any Charges (anticipated to be US$500,000 and $3.5 million); and

iv. an amount to satisfy the Bid Protections (anticipated to be US$500,000)

(the “Consideration Value”), which is estimated to be at least US$56.71 million and

$3.5 million in the aggregate; (more follows)

5.1.3 Auction

1. If no Qualified Bids are submitted by the Qualified Bid Deadline, the Stalking Horse

Purchaser will be the Successful Bidder (as defined in the SISP) under the SISP.

2. If one or more Qualified Bids are received by the Qualified Bid Deadline, the Companies

will proceed with an auction process (the “Auction”) in accordance with the SISP, including

as follows:

a) bidding at the Auction shall be conducted in rounds. The Qualified Bid that represents

the highest or otherwise best Qualified Bid as determined by the Applicants, in

consultation with the Monitor, shall constitute the “Initial Bid” for the first round, and

any bid made at the Auction by a Qualified Party (as defined in the SISP) subsequent

to the Applicants’ announcement of the Initial Bid (each, an “Overbid”), must be made

in minimum cash purchase price increments of US$250,000 above the Initial Bid; (more follows)

6.0 Cash Flow Forecast

1. A copy of the Cash Flow Forecast prepared by the Applicants, which was reviewed and

discussed with the Monitor, is attached as Appendix “C”. This is the same Cash Flow

Forecast that was appended to the Pre-Filing Report and covers the period from March 7

to June 1, 2024. The Cash Flow Forecast contemplates that the Applicants are able to fund

their businesses within the confines of the DIP Facility. (breakdown follows but not included here)

We now know that dewatering of the 3rd aquifer needs to get down to 20 litres per second (it's something like 9 and 16 lps at the higher two aquifers), however, with hindsight perhaps someone should have asked what was the pressure to begin with and what it is currently? BUT if Newcrest had not started the decline where would GGP be today?

Did not mention 'eye watering sum' . That's because, apparently, it would need to be a BIGGER amount than that!

I agree we should dampen expectation but on the plus side what about Callum Baxter's hint in his interview in August 2022 that the resource could increase [again] by 50%. Was he being too optimistic?

Oops

(ie 4.2 x 200% ; 6.5 x 135% ??)

July 2020 estimate 300,000 x 15 = 4.5m oz (share price range 12p - 14p)

Dec 2020 Maiden Est Res 4.2m oz (share price range 34p - 38p)

Mar 2022 MRE2 6.5m oz (share price range 13p - 14.5p)

Dec 2023 Est MRE3 8.4m - 8.7m oz ?? (ie 4.2 x 200% ; 6.5 x 35% ??) (est price range 10p - 12p ??)

Hi Bamps

Thanks for the information. The next time we see photos of core or rock samples I try to look for the sulphides.

https://www.youtube.com/watch?v=1D7-erOh2FI

@Doverman - oh no Clive had a huge grimace on his face because I was sitting a few feet from him and I f*rted - just adding to all the hot air! Actually, there was an attractive woman sitting next to me - enough said.

Hi Bamps

You might remember my shock at the first town hall meeting 21 March 2022 re expectations of a very low valuation for the 5% - of course in the end Shaun delivered a much better outcome and we have kept the whole 5%. I hope initial expectations are not similarly dashed with the MRE; can only hope Shaun saves the day again.

I realise that the best is yet to come but how far into the future?

My cup is literally half empty as I decided to sell GGP shares from my personal holding although rather unfortunate with the timing of the sales. However, I can still count myself as a long time shareholder and looking for that steep climb up the second wave of the Lassonde chart. Emc

"I’m not excited about this MRE at all" nor am I after the AGM and nor are the Board looking at their stoney faces during the question on the MRE. To me it seemed that the one time Directors seemed animated and smiled was when Mark Barnaba made his closing comments and the meeting ended!

Hi Bamps - thanks.

I doubt that you would have got a chance to speak to Clive - he was held up ahead of the meeting by transport disruption and after the meeting we were asked to leave the room pretty smartly.

With so many shareholders only watching the AGM on line and voting by proxy through the Chairman I am wondering if that could be the last AGM meeting room used in London. Could they switch to only digital in the UK with the 'hands up' part of proceedings in Perth?

I thought, at the town hall meeting, Shaun said they wanted to 'release the water pressure' at the lower aquifer for safety reasons so that they could continue with the decline.

Jet - thanks

Disappointing AGM from my perspective. It's not easy to get across questions speaking to people on a screen the other side of the world.

We are all in it to make money but focus to gain value for shareholders seems to be for people who can wait a lifetime, have cash to buy more shares at low prices and the institutions. Dilution and tough luck for those at high breakeven prices!

Big smile on Mark Barnaba's face - great opportunities for the future. Yes - share price below 10p again!

Jet thanks. I have in mind that GGP were looking for an income stream before Havieron but "clear path to development" would suggest not yet income producing. Off to the meeting travelling around the railway strike in my area. ATB Emc

Trippy , I can't remember the context he made that comment . It was after comments about Scallywag assays before Christmas and before takeover at low price is a concern and GGP still vunerable. I have a feeling it was something that could be done within the increased authorised limites to issue shares.

Hi Jet47 I see from my notes that you too attended the 2022 AGM in person .

Do you recall Shaun saying at that meeting "buy another asset with a clear path to production" ?

Thanks Emc

I have only one question - Today, the acceptable coffee drinking copper mugs are those lined with stainless steel material, nickel, or tin so why don't we get GOLD BLEND for refreshments at the AGM?

I am attending the AGM in person tomorrow. Anybody that knows me - is there a question you would like me to ask from the floor?

Probably one of many who watched the amazing 'wow' gold price movements last night/ early this morning:

Today's high was $2,198.54

However, it did not hold

Today's low (so far) $2,020.70

I hope it is not too long before we watch 'wow' GGP share price movements again.

ps Only £3.50p (£21bn market cap) will do for my family, so not in my lifetime!