It is true that they have yet to find gold in commercial quantity.
But the price of spot gold and the Clogau premium mean that, at this share price level, the share could well shoot up on a commercial find, effectively locking out those not already invested.
That is for each investor to decide: buy in when they have still to find gold or stay out and risk being locked out.
"EIFO has also provided $36mn in the form of guarantees and loans to groups in the territory, including to London-listed GreenRoc Strategic Minerals, which is seeking to reopen an old graphite mine".
Thank you for your post, dg222, good to see GROC mentioned in the FT.