Member Info for Sageman

Hi Martin, I get that. The bit that some may struggle with is that the options were at 11.9p and once the deal was announced the sp dropped back pretty much on a daily basis such that the buyback was at 11.87. The SP has risen every day thereafter. I am not accusing any one of anything but it has worked out very nicely for them. Assuming that everything was above board and that no improper manipulation has taken place they are extremely fortunate and I hope their good fortune runs off on us.

I have just taken another look at this again. So directors were holding options at 11.90. Black Scholes valued them at 18.54 so they were paid 6.64 p per option. By some miracle the directors bought back in with actual shares at 11.87. I am saying nothing!

Mash, Money market and cash risks are in practice at a similar level. Potential default/bankruptcy plus inflation. I suggest you see a decent IFA to do a proper Attitude to risk assessment (including capacity for loss) and cashflow modelling for your DC scheme. In practice the investment (assuming drawdown from the fund) is circa 8 years. I would not be surprised if the advice is to hold the 1st 2 years of drawings in cash and invest the rest at risk 4/5. Holding real assets is your best hedge against inflation.

SC in a vacuum you just drift. Moving forwards we expect to outperform the market on listing and news flow.

400 - actually the opposite is happening. We have large 1m + share sells often reported late etc that are clearly institutional. This is investment mandate driven. The buys in contrast are mainly PI's taking advantage of the dip. We have an investment vacuum where the ASX investors await the May 23rd prospectus and the June 24th listing. I have sold no shares, I have lost no money, I have acquired.

Correction - some AIM institutional investors are forced sellers…

Converting options at a price circa 18.5 and buying back sub 12 is good business in any one’s book but I am happy for them if we reap our rewards too. Now their price is secured we will hopefully see the news flow we crave ( self interest is not the same as manipulation). The prospectus is due 23/5 and hopefully we will see updated resource forecasts for both Telfer and HAV in the coming weeks /months. I still believe that some AIM companies are forced sellers creating an opportunity to build holdings prior to listing. The POG will always be a major driver of our SP but the additional driver is the unexpected ability of Telfer to not only fully fund HAV but to produce in tandem with Hav for perhaps 5 years or longer. If we are producing 500-600k oz of gold PA debt free our SP would be many multiples of todays price. This is not a ramp so for balance POG could tank (unlikely due to Basel 3 , ignoring Trump) and we could hit mining issues. However, I currently like these odds. GLA

Gold is $3237 . I am not sure what you are watching lets get poor! Do some research. Check out Basel 3. Then apologise and thereafter crawl under a rock!

In the words of our local vicar . For those of us who have topped up in the dip " for what you are about to receive may the lord may you truly grateful" lol

Speedy, all my investments are my own responsibility. If the end of the world truly is nigh then there would be anarchy and looting . Gold is heavy and who would guard your stash. Every asset class has an associated risk. What is required in such a scenario is not to be holding cash as it would be being devalued. You would need tangible physical assets or the right to physical assets. There are several such assets - property, gold, silver, commodities, art etc. Diversification is always key and GGP works well alongside my portfolio that is liquid and holds gold ETF’s as well as other assets. Personally I do not see the end of the world happening but we are witnessing a restructuring of trade and alliances and having an ability to hold different currencies is helpful. In the financial crisis I opened offshore bank accounts that I can transfer money into instantly if needed (not just in £’s).

Speedy, I have read your comments about the need to own actual gold as opposed to ETF’s and looked into it further. There is indeed a risk as you do not physically own the gold. However. If you deal with an ETF backed by physical gold that does not lend it etc the risk is substantially mitigated. The ETF is convenient and tradeable and can be held in an ISA and a pension. I will monitor the risks raised but for now your comments are extreme and amount to scaremongering. The end of the world is not nigh and if one diversifies and acts quickly the risks are mitigated further still.

Hi Rotherby, I just wondered if you could please stream any presentation over teams or record it for later broadcast. Thanks in anticipation.

Gold just under$3200 per oz. Higher than 1st quarter. Higher than budgeted for. I await the 23rd May prospectus and the arrival of the new Australian investors. The softening of the sp I believe is not due to PI’s selling it is institutional prior to the listing (investment mandates will be driving this). If you believe in GGP a good time to buy. Gold can’t tank from here . Being a Tier 1 asset from 1st July is a game changer. Central banks will keep buying. It will undoubtably fluctuate but $2500 is unlikely.

Culpepper, read the RNS for Quarterly production then use a calculator. They were banking in free cash flow (translation money to spend developing HAV) circa 1.3-1.5m pounds per day. Every single day the bank account builds. Every single day this project gets derisked. Circa 3/4 of that cash was never budgeted for. Put another way , and very approximately, we today have circa £135m more in the bank than ever expected on most optimistic forecasts. Borrowing is usually toxic our need to borrow/dilute reduces daily. Better than that Shaun gets it. He wants to optimise what we have and not get drawn down rabbit holes financing other projects. I have run a company for 30 years and really admire how Shaun thinks.

Thanks for sharing Redirons. The market will indeed dictate the price. 88e consolidated and the market is anticipating more dilution. Typical dog. Dilute down to a fraction of a penny. Consolidate, rinse repeat. In contrast the market does not expect GGP to dilute and with each day our balance sheet strengthens reducing any borrowing requirements for HAV. I anticipate that GGP will move forward on ASX especially if gold remains at historically elevated levels. The prospectus will be most interesting .

Napt, It makes no sense only if you have no understanding of how institutional investors are governed by their investment mandates!!! In a very short space of time this situation will be reversed. Those who have acquired in the dip should be well rewarded.

Every now and then a chat board gets infested with walking four letter words who try to twist figures to suit their shorting agenda. Sadly a number have appeared today. You are wasting your time as the SP is being driven by institutional mandates in the vacuum prior to listing as opposed to PI's. So please bore off!

The reason I have not sold and just used the dip to buy is that I don't know when the new herd of investors will arrive. Institutional investment mandates can be complex. The ASX institutions must buy but when? Not before May 12th because it needed shareholder approval. I suspect that it will be post the prospectus which is May 23rd but that ignores normal Australian investors who are not bound by investment mandates. For me this is the lull before the storm where we await new buyers and some UK institutions are forced sellers. I expect £4 not long after listing. I also do not expect gold to fall much due to its inclusion as a Tier 1 asset post July 1st.

My view remains that the current sp weakness is driven mainly by the limitations of institutional investment mandates and speculators. There are no new buyers as we await the ASX listing. and the 23rd May prospectus. Back in the real world with gold over $3000 per oz GGP is banking money beyond their wildest dreams a year ago. Every day this gets de-risked as the need for debt decreases as the bank account swells. I read some rot here about accelerating Hav and taking on debt. Thank god Shaun runs the company not you! That model can work but take a look at Tullow oil to see how it can go very wrong. A big debt, low profits due to the price of oil being low and creditors needing to be paid. Assets being sold etc. The analaysts still don't have any numbers to analyse for us in the form that they like (full year accounts, P/E ratio's etc). However, at these prices our revenue is circa $90m per month of which circa half of it is profit. I look forward to the next 6 months with anticipation.

Hi Bamps, I am over on the East coast so a long way for me too. Is it possible to join on Teams or for there to be a recording of any presentation please.