Member Info for pj70

Where has this come from - titanium comment???

Thanks for the articles and also the one showing that a fund has bought in - that to me is a biggie and happy we now have a larger player with pockets that can see value in this and vindicates what many on here think about GMS.

Did you receive your dividend today? I am Hargreaves Lansdown and had nothing credited to my account. All other dividends have been received!

For newbies into this stock and wondering why the excitement we have a producing mine in Telfer for the next 2 years of circa 300k ozs a year with the below being most likely to extend this well beyond and work in conjunction with Haverion when that comes online:

Opportunities for further growth and extension of Telfer production substantially beyond FY27 include:

Further year of planned mining from West Dome Open Pit Stage 7 Extension

19Mt LG Stockpiles (Ore Reserves) remaining in July 2027

West Dome Open Pit: potential southern and central extensions; and

Main Dome Underground: lower mine extensions (LLU, B30, Kylo).

Main Dome underground:

Eastern stockwork corridor (ESC) extensions (near mine opportunity); and

Vertical stockwork corridor (VSC) (bulk, long life opportunity).

West Dome Underground Project:

New high grade, underground potential mine area below the West Dome Open Pit, accessible from current Main Dome Underground infrastructure.

Second phase underground drilling campaign planned to commence in June 2025 quarter targeting infill of existing mineralisation and continued extensions along strike and down dip, to support definition of an inaugural Mineral Resource estimate.

Development of a second development drive from Main Dome Underground to West Dome Underground commenced in March 2025 quarter.

Main Dome Open Pit:

East ramp cutback to be evaluated during 2025, along with further extension opportunities.

Then you have Haverion from FY28 that will produce similar to Telfer. The question will be the throughput in the December FS for Haverion including Telfer. My gut says we will be looking at 500k oz a year mining operation using the one processing facility but until then we have 300k oz a year for the next 2 years and beyond and the only thing we do not know is whether the gold price will hold above $3000 an oz for the longer term. The reality is that the longer it does stay above $3000 the more gold stocks including Great land will be rerated as they are just cash cows at the moment,

The other factor that is also in Greatlands favour is the many licenses they have to start further drilling in the Patterson area so as to expand operations over the mid to long term.

The consolidation of the capital and listing on the ASX are all needed but are administration work and should not detract from the real prize of 300k oz per year out of the ground and opportunity of further drilling success. The only major risk from an operational perspective is that once in a lifetime seasonal rains they get in parts of northern WA that will close things for several months. The gold will not go away but mining will cease for a period and with it the cashflow!

I would agree that deleveraging to under 100m and then think about a small token dividend but personally would prefer to see some of the free cashflow used in a share buyback and reduce the 1.2bn shares on issue when we are under 100m of debt.

Volume up 4 fold so far today against average and also yesterday suspected something up and something afoot that insiders obviously know. Hope the company releases an RNS on what it is soon

Increase in debt levels and decrease in cash is not sustainable for maintaining the dividend level.

Many thanks Lorenzo and will look at it in more detail.

DIP - well articulated response and is exactly where i am playing it at the moment. The Q1 results are there and the company is delivering. What they are not in control of is the gold price and what further drilling results will come out of Telfer and the potential longer term extension of that based on those results.

For me like yourself is that 2025 is the transformational or NOT year and so far the first few months of this have been positive and will wait and see what the next 7 months holds. I am quietly confident that upon consolidation we will see a reduction in penny stock traders and more investors will be on board and with further news flow that i expect to be positive especially the drilling results on Telfer extensions. Next 2-3 months we will have that information alongside, dual listing, consolidation, Qtr2 results and additional cash in bank and more information on definitive timing and financing on Haverion.

The other interesting thing for me is that very rarely does anyone discuss the other 75 licenses they have in and around Haverion and Telfer or the tie up with Rio Tinto Exploration in another part of the South Patterson with a geology that is similar to Haverion and Telfer. Alot of other exploration to be done while producing with these other licenses and several others down Kalgoorlie way. I do think listing in Australia is a sensible move as the market in oz differentiates the producer versus explorer pricing which the UK market does not seem to have factored in even with the stonking Q1 results.

Thank you Mark for posting that Cannacord note!

Mhaines - i am using a PE of circa 8 in my calculations and still get to a significantly SP than that of today with a gold price at 2500 USD and copper at 7000USD and exchange rates around where we are today. The key for me is the point you raise is whether Telfer can be continued at the same time as Haverion especially with current drilling to potentially true up further reserves and resource at Telfer. This then makes it a potential 500k+ oz a year mining operation and again depending on gold price a significantly higher price by 2027/2028 than just the one standalone mine. Is the Cannacord note freely available?

Hi where is the Cannacord broker note as would like to read it if it is freely available?

To Sageman - so from a consolidation base of say circa £2.20-£2.40 you think we will get to £4. Can you justify how you have come to this valuation?

Investors dont like uncertainty and for the communications advisors to use the term "modest" delay was poor. Markets like definitive answers and they would have been better stating 1 month, less than 3 months or 1 year! Interestingly i contacted the company with a couple of questions around Q1 trading and nothing sensitive and never had a response back. Has anyone else tried getting in touch with them and whether they got back to you?

Do you use Stockopedia Lorenzo and is the subscription worth it?

There has to be a catalyst for the re-rating of this stock as the current outturn of numbers on all metrics to current SP dont actually make sense but a good opportunity for someone wanting to put a few aside for the next 1-3 years. What that catalyst is i am not sure but lets hope that things continue as they are over the next 12-18 months on the debt reduction strategy and that we have a re-rating based on that.

Thanks for your comments Lorenzo and was not aware of the 16% minimum paydown but they are doing that in spades. I would agree i would prefer a share buyback as well than dividends but they have announced the call on dividends at 20-30% of adjusted net profit but not sure at what stage. I do think you will get more interest when dividends are paid though from a broader range of investors that will potentially see that the dividends should rise more with debt interest payments reducing through debt paydown. What is the FCF for 2024 as this number i would be interested in?

I do see your point for the short term SP Capt Nemo but for me the reality is that if they can maintain an order book like they have going forward, keep clearing debt at the rate they are which outside of many contracts being cancelled will continue and maybe pick up another contract along the way this year then we are looking at a significant re-rating of the SP due to the yield of the dividend which will then get some funds sniffing! I do agree though that a share buy back BUT of the 53m shares makes perfect sense for the circa £10m and do think that come later this year or early next they will be in a position to offer the dividend at the same time as debt reduction. The one question i am not aware the answer of and they have pointed out that the dividend at 20-30% of the adjusted net profit result is dependant on capital requirements which makes sense but also debt covenants. I am wondering what there gearing % requires to be then to allow dividends?

From the annual report - not sure what the issue is and the overhang of the final tranche of 23.5m shares all done by end of June!

The Directors were authorised at the Company’s last Annual General Meeting, held on 5 June 2024, to make market purchases of ordinary shares

representing up to 10% of its share capital at that time and to allot shares within certain limits permitted by shareholders and the Companies Act. The

Directors intend to renew this authority annually and will continue to exercise this power only when, in light of market conditions prevailing at the time,

they believe that the effect of such purchases will be to increase earnings per share and will likely promote the success of the Company for the benefit

of its members as a whole.

In accordance with the Group’s previous debt agreement, the Company issued warrants to its lenders on 2 January 2023, giving them the right to

137,075,773 million shares at a strike price of 5.75 pence per share. During the year, 34,218,700 warrants were exercised by the holders resulting

in issuance of 53,531,734 new ordinary shares. Since year-end, a further 38,353,361 warrants have been exercised by the holders resulting in the

issuance of 59,999,998 new ordinary shares. The outstanding warrants if fully exercised, would entitle the holders to subscribe for 23,544,041

ordinary shares of 2 pence each in the capital of the Company at an exercise price of 5.75 pence per share. The warrants are exercisable by the

holders at any time until 30 June 2025.

Substantial Shareholders

As at 31 December and as at the date of this report, the Company has been notified, in accordance with Chapter 5 of the Disclosure and

Transparency Rules, of voting rights of shareholders of the Company as shown below:

As at 31 December 2024

Number of Shares

As at 31 December 2024

% of Share Capital

As at 08 Apr 2025

Number of Shares

As at 08 Apr 2025

% of Share Capital

MZI Holding Limited 261,680,095 24.46% 261,680,095 23.16%

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