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Ella , whilst I too still have reservations regarding the SZ comms , all that is in the back of my mind . If the KCB deal delivers , which it should , I will quickly totally forget SZ and all its twists and turns .
Useful to know what MTR and Cobre are doing and very pertinent is the proximity of GLR 's licences to Kitlanya East where T3 and A4 domes sit and which are the crown jewels of SFR's holding in the KCB . Encouragingly , A4 became a surprise bonus discovery to SFR , after they started drilling T3 , which was seen as the most lucrative deposit . A4 will not be far behind it .
Are we due an update on the finality of our deal with SFR - confirmation of the conditional processes being satisfied ?
Right On , hope you are well ?
Any idea as to whether we are going to see a calendar of events related to the investment of the £16M fund raise ?
It will be interesting to see if any TR1's come our way .
Also are we due any information on what the appointment last year of EAS has achieved ? Could be they have been involved in the £2M finance / debt facility and / or this fund raise ? They were also there to raise our profile to investors , particularly in the US . Perhaps a combination of the PFS and a little more PR recently from the BOD has achieved that ? I It would still be nice to know whether we are actually using EAS or are going to use them .
Interviews on ShareTalk, ProactiveInvestor and Directors Talk could help . This time last year when Greatland Gold took off , the CEO gave numerous interviews which helped gain momentum ,for the SP uplift , with the retail investor .
Great if the answers to the above are , "all in hand and got it covered ".
Better day today and hopefully more next week .
Thanks guys , agree that the forward looking statement will be a key driver and in that respect it is in good hands with CF .
Some can take a pop at his bubbling enthusiasm , but I love it . Better that than a wet lettuce . Good day today , onwards and upwards .
Anyone any idea when we will get the normal prelim or interim trading results and audited statements ?
Looked on the company website but nothing - no history or future dates .
It’s great hearing about the contract wins but where is “ the bottom line “ to all that ?
Been invested some twelve months and a very positive and rewarding journey with one of the most dynamic CEOs on AIM.
Divestments will or won’t happen , so the profitability of the core business is key .
In my opinion those advising caution over the expectation of drill results shortly , are right to do so.
For the licences we sold to SFR , they will drive the drilling programme and I expect them to do that in a timely fashion as the more they can demonstrate that the KCB is world class , the more their share price will improve . At present sentiment weighs against it because of the dependancy on the DeGrussa mine in OZ. Also SFR have to spend $4M on drilling the licences they bought ,over a two year period . Whatever they do not spend , of that $4M , is paid in cash to GLR.
For our retained licences it seems to me CB will get on with it . We have the cash and surely he will want to be proved right about the KCB and his call on copper . Its a very good way of answering his critics , which includes me , so I will be delighted to see that he has made the right call as the SP will surely benefit considerably from its current level .
CB has effectively hedged the exploration of the KCB licences he bought for next to nothing by getting SFR to fund part of it under their own direct cost ( $4M ) and by securing more cash through the sale price and SFR's subscription in GLR shares.
Plus we have the value of the SFR shares , which can be kept , sold or used as collateral to raise more exploration funding .
Consequently , unlike other AIM companies , I cannot see GLR having to put itself through placings in the short to medium term. Add , the expected income stream from the SZ deal and we are well placed to exploit the KCB position and the copper boom . You could even discount the SZ position and we are still in a better situation than we were and the current SP will rise as the story unfolds . In the meantime , no different to the majority of AIM shares in this sector , there will be times when the SP will drift . I am a holder of GGP shares and am suffering like the rest but its fundamentals are good , like here , and it will recover to greater levels . It's just the waiting that can be difficult .
Sandfire are due to report their next quarterly drilling update on the 29 April 2021 when they should be close to getting a handle on the size of both the T3 dome and the A4 deposits . Good results should boost our profile .
Metal Tiger passed all their remaining KCB exploration licences ( having sold T3 and A4 to MOD , then Sandfire ) to newly listed ASX Cobre Limited who released their annual report on the 15 March 2021 - at the end of that report under Strategic Acquisition is a summary of their drilling results for another part of the KCB but still close to Sandfire. Slowly Sandfire have accumulated a sizeable chunk of the KCB .
MTR , GLR and now TIR have all secured cash , shares in SFR and retained some licences for exploration or future sale. However, GLR has also secured investment / cash by SFR in GLR .
So its the cake and the icing for GLR. Hopefully the market will soon wake up to the potential here .
All looks like their is a valid explanation to Sandfire's share listing application and apparently the currency difference . The TIR deal seems very much structured in the same way as ours and is good reinforcement of SFR's belief ( backed up by existing drilling results ) in the KCB.
Accordingly I owe an apology here and particularly to Percylleyn .
Right On , please have a look at my post on Wednesday at 17:29 to Sipptrader regarding whether we have a low cost of extraction / processing . Do you have a technical view ?
Thanks .
Percylleyn , I don't think my point is getting across to you . Its about the principle of communication and yes that has arisen with me because of the SZ affair . Commercially , as I have already posted , the deal was probably the right call and I have not had a problem with that . I really can't be bothered to retrace over my comments to pick up where I see things quite differently to you .Lets see how this episode pans out over the coming days / weeks and if I am wrong I will issue an apology .
I want / need GLR to succeed as my aim is to make money not teach GLR how to communicate with its shareholders and therefore I do not want to be right - another 30% hit in a few days would be painful and the sky would fall in. The only reason I invested here was because of the excellent deal on the KCB with SFR . The only reason I will remain invested is to move from losses , post SZ , to profits . Hence I am as anxious as most to see that the SFR deal all plays out as per the 26 Jan RNS .So lets see what happens but from here , I will just watch the SP and act accordingly . Best exercise my opinions that way.
HD , sorry you got hit by mistake .
These BB’s provide the ability to express views and share information for the benefit of those who have invested their hard earned cash and whether you own one share or a million you have a right to do that .
As I previously posted , the impact of all this could be less consideration than we expected and all of the 3M dollars in SFR shares rather than part in cash .The first part of the anomaly is not the end of the world ( personally I would have been surprised to have received US$’s ) and the second part could work to our benefit in that the SFR shares increase in value ( the cash may just sit in the bank account earning next to nothing ).
The deal COULD have changed and potentially to our benefit BUT WE DO NOT KNOW !
It is the responsibility of the Directors to keep shareholders informed in a timely and accurate manner . This is clearly not happening . The currency error should not happen , it is both embarrassing and impacts confidence and credibility , particularly after the SZ affair . Surely the Nomad or Broker should be checking these things . That’s how to ensure each piece of eagerly awaited PRICE SENSITIVE information on which we make investment decisions is correct and is not misleading or left to interpretation .
SFR have to submit a reason for their application to list just over 500,000 more shares and to give a reason for it . That reason is stated in the application . So if they have overstated the number of shares to use any excess for other reasons , they are misleading the ASX and their shareholders . I doubt , for all the reasons I have stated above , they would put themselves in that position . Why not just tell the full reasons , they have nothing to hide . Even if they have requested a listing of more shares because of their fluctuating share price , they are expecting one hell of a drop in the price of their stock .
This doesn’t need “ brushing out of the way “ , we should have an explanation and formal correction .
The positive - SFR have purchased their shares and have at least the minimum number of shares to give us by the 30 April .
Hi all . Picked up on your queries and looked at 26 Jan announcement and SFR announcements .
Firstly , there appears to be an embarrassing error with the currency . The only reference to AUD in GLR’s 26 Jan RNS is in respect of the SFR share price . You have to feel that US$’s cannot be correct as we are dealing with an ASX entity . However , for ease of reference I will use US$ ‘s below .
Secondly , the Sale of Licences comprises two parts: US$ 1.5M in cash for selling 9 licences and US$1.5M in value of SFR shares with a proposed number of shares equating to that value but determined exactly on the Settlement Date which could be 30 April or later depending upon when the conditions precedent are satisfied but no later than 30 July - the long stop date . The second 1.5M is for the Right of First Refusal over the retained licences .
Third - the Subscription Agreement which requires SFR to buy a given number of shares at a predetermined price and became effective upon the signing of the Subscription Agt - which was done when the RNS was released on 26 Jan . So whatever the outcome of the Sale of the 9 Licences , SFR were committed to buying
4.6% of GLR and that has been done .
Fourth - Why SFR are issuing over 500,000 plus shares to the value of AUD$3.0M is a mystery as our RNS is quite clear half of the US$ 3M is payable in cash on the Settlement Date ! Unless they have other deals lined up for the excess shares but their ASX announcement is quite specifically stating that the shares are being issued for the Sale of Licences ( 9 ) in Botswana so it cannot be anyone other than GLR .
This is all very odd - currency difference and apparent change of cash plus shares to all shares . Needs clarifying and as previously suggested , SFR are probably going to be the most responsive .
There is also the fact that SFR have never publicly mentioned either the Sale of Licences or the Subscription Agreement other than when they submitted the application for listing of the 500,000 plus shares (AUD$3M ). Worst case , we get less (AUD not USD ) and shares not cash for Sale of 9 Licences.
However , it should be cleared up by GLR in an announcement which will be embarrassing even if it is just to correct the currency .
Seems to be some confusion as to whether NCM will issue something later tonight .
If you refer to Paddy Gall's recent post he anticipates , following the normal cycle , news next Mon/ Tue , not this week .
He also asks that people do not freak out and panic if there is nothing this week .
That aside , have any of the knowledgable posters here ( Magic , Bamps etc ) worked out how much copper we may have , apart from the gold equivalent reported by NCM ? This could be relevant for not just the JV's but also what we own 100% if there is a pattern / read across ?
CHRI5P, Ella , thanks for the responses . I stand corrected , yes the shares have been issued to SFR . So more in our bank acct .
CHRI5P , good reminder about the issue price of the GLR shares and as you say takes out some of the risk attaching to the over done sell off . SFR must have felt happy with that level of investment and at that price as a route to keep a 4% interest in the retained licences, indicating their belief we have a lot of copper . Its like a TR1 landing from an II but better because SFR want the copper to be mined so have a longer term view .
Must not forget that our SFR shares cost AUD$ 5.227 and currently worth AUD$5.86 and has been over $6 .
I don't think SFR will hang about to start drilling , they have equipment and manpower there and the more they can beat the news drums with more copper being discovered the better for their share price . They are very keen to widen their income base to get away from dependancy on the cash cow that is DeGrussa in Australia. Also we get ,as cash, any part of the AUD$4M not spent over the two year time period .
In fairness ,this is where you cannot take it away from CB , a terrific deal .
Aside from the survey and drilling results on what we own , we need to see either confirmation ( preferred ) or an update on :
1. Approval by Govt of Botswana to the transfer of the sold licences to SFR .
2. Approval by the Competition Authority of Botswana to that transfer .
These are the catalyst for SFR paying us $1.5M , issuing SFR shares to us for the other $1.5M , the clock ticking on SFR's obligation to spend $4M on exploration / drilling of the sold licences and our issuing GLR shares , for cash , to SFR . It would be nice to get the SFR shares before they go ex-div .
With SFR's existing presence and relationships in the KCB I cannot see either 1 or 2 above as a problem and frankly if they were Sandfire would not have signed up to the sale agreement - bigger companies cannot afford such embarrassment .
Perhaps a note for all of us to see if and when CB keeps us informed ( this time ).
RO , don't beat yourself up on the equity raise . We are all grown ups and capable of making our own decisions .
I feel for you to the extent that you have put in a lot of well intentioned effort to benefit shareholders and this has come as a shock - to us all . I feel aggrieved , mostly from having watched the webinar and then witnessing some quite contrary actions .
That doesn't sit well with me but I will remain invested because I do not want to incur a loss . I will be gone though as soon as that is eliminated , which I am confident will happen , but not sure when . Whilst I might feel aggrieved , you must be feeling let down badly by the BOD who you have represented on here admirably . 2Damen is right on your excellent PR role and to an extent on his assessment of the ability of the company to avoid a substantial equity raise if the project/s are to move forward.
You have always presented an honest and balanced view for the benefit of participants on this board and I hope you will not be too discouraged by the actions of the BOD from continuing to do so .
So , live and learn , for all of us and my sympathy to you RO as I think you deserved better from the BOD .
My initial posts here were to praise the deal CB had done on the KCB . That was followed by CB's reassuring podcast which was then followed by the bombshell RNS . For me , the things to take from all that :
1. KCB is an excellent deal . Like Ella I had some doubts about delivery , following the SZ bombshell , was it going to turn out like SZ ??
I have re-read the SFR deal and CANNOT find any conditions which would put it into question . Agreements have been signed and the rest is process . So , the KCB deal in my view is still an excellent deal and the way forward for GLR.
If you want further reassurance on the value , look at SFR results and share price and see how much they are banking on T3 and A4 discoveries . Their DeGrussa mine in Australia will not last forever and they need an alternative , which is the KCB and they are so confident in what they have discovered to date that they wanted more - CB made sure they paid a good price for it .
If you track ( on the ASX ) Cobre Resources drilling progress for their licences in the KCB , which they acquired through Metal Tiger , you will find it a useful guide as to what we are likely to expect . What CB did with SFR is exactly what Metal Tiger did with them . Sell off some licences for capital / shares and future royalty and let them do the exploration and mining work and retain some licences. Lets hope CB doesn't waste it as Metal Tiger have .
2. What we need to see for GLR is a strategic picture . If it is to sell everything off , other than the retained KCB licences , and generate cash , investment holdings , royalties , what is going to happen to that cash / income ? Are we going after other investments or JV's for the KCB or new opportunities ? What does GLR become in the next year , three years ?
Otherwise it looks like it is being opportunistically cobbled together . If that 's the case , tell us . Not a problem but we can then decide whether we want to stay or go , for how long and when .
3. Lets have a statement of the current cash and potential capital and royalty streams so we can see the benefits of what is being done . Note , exclude the SFR Bonus from that - great if it arrives but it distorts the picture and is not guaranteed .
4. Get somebody dedicated on communications to improve and manage the news flow. That is the life blood on AIM .
5. Check out Mining.Com to read how Zambia is rated amongst the mining jurisdictions and where it sits amongst the growing number of African and Latin American mining countries likely to reclaim mines from foreign entities or raise taxes to uneconomic levels so as to recover from the economic damage caused by the pandemic. Even Canada gets a mention !
So CB's exit strategy may have been a good call . It is also possible pressure was already beginning to ramp up in Zambia - keep it in house - having left CB with no alternative .
I am sure we had the unexpected news last week at the wrong time and that the share price will recover .
Right On , congratulations on the webinar . Well worthwhile both in terms of information and getting the chance to assess the Chairman and CEO. My take on the information was "very helpful " and importantly , on the people ," very positive ".
I can appreciate the timelines more and see the quality and integrity of the people managing that programme . Getting someone from the mining town with a history of family involvement and feet on the ground was very shrewd .
So thank you for that and if anyone is yet to view it , it is well worth a watch.
Interesting responses . The KCB and SFR is what is keeping me invested here as I believe both will create a lot of increased shareholder value . Ela mentioned that we should have a healthy bank balance as the fund raise would not have been fully deployed to SZ . I am therefore interested to see from the company reporting of cash held , including the $1.5M from SFR , the value of the shareholding we now have in SFR , the amount of dividend attaching to that shareholding and the amount subscribed by SFR for their shareholding in GLR . This would/should give us comfort that we have a solid cash base from which to put our foot down on the exploration of the retained KCB licences .
That can then be supplemented with the balance of the SZ sale proceeds and a programme of expected and actual royalty receipts as and when received . Ok , the response to that is probably CB knows all that ! Ok , then just share it .
For me this would help put something solid to all the words and help repair some of the short term damage to the SP and confidence by what is probably seen as a strategic u turn .
I am not knocking the investment case as I am sure the KCB will prove to have been an exceptionally shrewd move and I do have high hopes for the company ( if not I should shut up and sell up ) but I do see the need to be realistic and look beyond the words - lets see some figures to evidence what we all feel , namely CB has played a blinder , even if he was the only one who knew what he was doing .
The markets reaction today has not been good , no one can dispute that , so keep the dialogue and news momentum going to explain the end game and how we are going to get there as the story unfolds . CB's big portfolio picture based upon a copper call makes sense and reassures me but at some point you have to have more to work with than , intuition , interpretation, speculation and blind faith.
My take on all this is positive, having re-read the announcement and listened to this mornings interview on ShareTalk . The KCB is obviously the way forward with the SFR deal helping to fund exploration of our own licences ( good to just refresh yourselves on what that deal gives us in total now and and the potential ). It seems to me CB was in a corner with SZ and has escaped as best he can . How he got himself in that position and how all the contrary rhetoric and history squares up is of concern.
Do I like how it has played out since the earlier ( pressured ) ShareTalk interview - No is the answer but then it is easier to play the game from the sidelines , so jury still out . Also , not much choice for me as I am new into the share and looking at a loss at present.
Saving grace is the KCB and SFR deal which I believe will eventually be transformational for GLR . Without that the SP would be looking somewhat worse than it is today . Lets hope the surveys and drilling deliver what we and CB expect and that the news flow starts soon and is regular . Any prolonged periods of quiet are likely to spark undue concern through speculation based upon " another SZ " , which CB needs to guard against for all our sakes . I think we can be confident that CB will be watching comments on this BB , having seen the diligence and awareness the likes of Ela and others displayed in picking up on the anomalies surrounding the SZ licence .
Those on here who have had a previous bad CB experience and now the bolt out of the blue RNS today, can rightly be feeling aggrieved and should be respected by us newcomers for the way they have not reacted in the often abusive and childish way I have seen on many other BB's. Fingers crossed this strategic repositioning pays off for all of us .
Thanks Castiron. My interest stems from also having a small holding in JLP - it used to be much bigger until I sold out at a decent profit and then bought back in on a dip. Looks like the zinc play will be good for both .
Pity CB seems to be spread so thin as I am sure if this was his only iron in the fire he would have had this information out sooner and probably by RNS , followed up by a presentation . Time must be a continual battle for him but something suddenly got his attention here ( large shareholder ? ).