Member Info for pj70

I understand your comments on compare to PE it looks like we are undervalued especially being in a Tier 1 jurisdiction but in the balance of fairness and the risk i know we are taking. We are a one trick pony currently with Telfer and anything happens with that area eg floods, earthquake etc and we are a little screwed for production output and also the market awaits how many more years in Telfer next year. Then we have the risk of delivering a new mine with all the challenges that will go with that. Not meaning to sound pessimistic on GGP future but the risk profile and PE being lower than other multiple mine companies in Australia with a history of output is maybe why we are a lower PE. Thats great though as we know the potential for capital appreciation is there in due course.

Just my opinion and why i am happy to hold and see the outcome over the next 2-3 years

Mgmt of GGP will make the right decision on the funding as they have with the purchase of Telfer/Haverion and we are where we are today otherwise why be invested if you do not trust there decision making!

Thank you for that thorough response pernickety

Thanks TT so if it ever come to that then i would transfer over from HL to II or a provider that did allow well in advance.

GGP - can tell you now that HL does not allow you to buy oz stock as have just checked again but dont allow unless there is some special form to be filled out like US trading

After April 2026 you need to have held the shares for 2 years and you get half relief for IHT on AIM shares. So basically if you have used your nil rate band you pay 20% on the capital value rather than 40%. Another change of recent times to get you!!

TT but most of the large players in UK do not allow holding of oz shares eg Hargreaves Lansdown etc

100% agree we will not be on AIM down the track which is an issue depending on what provider you use in the UK as many do not trade or allow you to hold Oz stocks eg HL

As far as utilisation of debt to fund Haverion. It is a strange discussion to have as you dont build a cashpile just to have it sit there earning interest at a lower rate than the potential future borrowing rate! So until the DFS is out and the total amount of capex required to get it up and running is known (someone knowledgeable on here gave a 400-500m from previous announcement - i may have dreamt that).we will wait and see. My personal thoughts is that this will be fully funded by the time we start spending capex on haverion to get it to production especially with gold at over 6000aud an oz and sub 2500aud AISC. Even if we spend another 300m on capex in the next 12 months on Telfer we will have a cashpile approaching 1.5bn aud this time next year!

Unfortunately they may be running the company well operationally but they do not seem the types to be able to build the picture to the instos/funds that will get this fairly valued!

They can keep it low but reality is only stays that price if people sell!!

Mine life extension announcement on Telfer next year is a huge one and lets hope we get some drill results on Telfer later this month

No there is no good options outside the worst one for politicians in raising taxes and cutting spending and to significant levels which no politician wants to do!

I personally think we need to be on the main market and out of AIM. Look today Hochschild 1.6%, Endeavour 2.1% and GGP 0.9% - even Fresnillo at 1.22%

Offmessage the only thing that will halt it is if the US govt decides to cut spending, lift taxes and take there debt situation seriously! The next incoming govt in the US may start that process but until then we have a western govt spiralling debt problem that is not going to go away until we have the situation where interest rates on govt bonds become unaffordable and and just need one govt to suffer and we will have contagion. I genuinely hope this does not happen as then we will see some serious unrest globally and would prefer a gold price at 3000 an oz than the ultimate consequences of that!

Vic why not make each paper currency crypto - whats the difference? Bitcoin mines to create more vs USD just prints more!

Jonnieboy we are not even valued currently with gold at $3000 an oz so to be honest everything above that is a bonus! Think 2000AISCaud and 3000USD an oz which is circa 4500aud and 2500 margin and 300k oz per year and you get a FCF of 750m. Use a multiplier of 8 and oz exchange rate of 2.04 and you still get a market cap around 2.9bn GBP vs todays at 2.68bn gbp!

Element basically transferring stock between UK AIM and the ASX is what has been happening for weeks.

Mattyboy wish you all the best and hope the SP does go to £10 over the next 2-3 years for you and your family!

Agree James - i know that a couple of investors that have taken some profits today as i am sure many people have and would suggest that at this level the larger boys will pick up quite a few shares. I think with quite a bit of potentially positive news in the next 6 weeks eg drilling results of Telfer and Haverion DFS the SP could go further in the short term especially if gold hits and stays above the 4000usd an oz which it is pushing towards currently at 3970!

I do wonder if he will give guidance for Q2 at the lower end of production target with the 3 weeks of shut down this quarter. That will then be counteracted by the lower end AISC cost (actual given), amount of capex spent and a drilling results update for Telfer . Then within 4 weeks after this we get Haverion DFS and if that is a 10m oz resource and the plans to extract then we have another catalyst until mid january for the Q2 results! Alongside that we hope gold remains at these levels or above.

Alot to like about the future and i got asked by my son would i buy more at these levels and my answer was yes due to the fact that in the next 2 years we will go from 300k ozs a year to 500k ozs per year with the higher grades that Telfer will produce and Haverion hopefully coming online.