Member Info for samval2403

Did 2.5x in 8 months from last PEA, helping towards the 30p placing that contributed to the 500k Oz MRE upgrade we just got.

Very different circumstances in the world now compared to then of course but I'm optimistic we see something good from the company this summer. I just keep going back to how weird the Nickel pivot would be if one or both if the other resources are not going to be finding a home soon.

If there isn't a corporate presentation within a week or two (as there was in 2020) of PEA that would be a good indicator for me that there will be no more significant drilling at BAM, and it'll be sold after PEA. PEA less than a month away (due early May according to last RNS).

Account wiped for him ODONNELL. Good riddance.

Each day is a day closer to a Leap liquidity event. Hope we can move on from 2003, Q and keep the good contributions coming here.

£1.5m NAV boost provided in the Eurox RNS 2 weeks ago and Seed is down to the same SP it was before that news. Waiting patiently.

Under 20p possible for sure if management take the wrong steps. Open goals don't always get taken advantage of, even in the Premier League.

Anyone plotted GDXJ Vs Landore for the last 12 months? They've followed similar paths, though LND beat down a bit more earlier, partly imo due to Huddleston selling. Summer was great results wise, they took on a superstar TR1 holder earlier in the year, for Landore SP should have been stickier imo.

Year to date however has been shocking. GDXJ has done very well since then while the fanfare here died down, after what really was an MRE that delivered beyond expectations.

If I had to put my hat on it we see 30p again before 20p (unless the board bring out the dreaded P word). Very much depends on what the board achieve in what; for the SP at least, is an important 3-4 months.

The assets are going nowhere though (well hopefully to new ownership).

Happy to give the chartists their dues, IMO the best approach would be a combination of that work and long (medium) term holding. For me they're playing a different game though.

For sure on the large holder thing Matt, Huddleston selling up at least helped set this down the path and these charts end up becoming self fulfilling prophecies sometimes imo. Especially with all the new retail traders since March 2020.

Saying that it creates opportunity here for the believers. Company has delivered since before and after the 30p placing with the drill bit, value will eventually be recognised.

Perhaps Matt, but the folk that listened to the charts probably didn't get stuck in here at 30p plus from the start of 2021.

I only first gave Landore any real attention after it bounced off 20p for the first time on huge volume. I do wish I'd researched it much more before that though.

Before Michu turns up with the bear case, yes there is a scenario nothing sells and they keep drilling, and in a few years there are 200m shares in issue and we're still sat between 20-25p with two resources we can't quite find a buyer for.

You're preaching to the converted here Matt. I've said all along I never understood the disconnect between the share price and what the company have just with the Gold resource.

But the market is a weird one and there's plenty of other companies out there that are undervalued by multiples too. Landore seems to be the most clear-cut of those that I've looked at in terms of obvious upside, and the downside being unlikely to come into play. T1 jurisdiction, 1.5moz Gold resource (with growth potential) that's either the high end of low grade or the low end of medium grade depending on how you want to look at it. Expecting an NPV around $450m in PEA. The more learned geo folks here might have a better idea than I do though. 76k tonnes of Nickel now economical. c£25m market cap.

c$22 an Oz Gold for us with the rest for free. Couldn't care less about the market on this one, I'll see the end game for at least one of the resources.

Think this is a similar story to yesterday, neutral-positive until we know what comes from the 2 main assets next.

Well said Barwick!

I'll add another positive voice here, its a great update. A factual c£1.5m NAV increase. For a £10m company that's a great day. Brighter days to come, even if there are working capital questions to come a few months down the road.

Dilutive impact of a cheap raise likely outweighs any benefit of the cheap shares that they manage to buy. Still in both their interests to raise as high as possible.

I do agree that the board aren't likely to buy open market Michu.

A lot of DD mads! The winning bid here will be over £60m for BAM, that I hope is universally agreed (I expect more of course it's just nice to set a bottom I hope no one will argue with). No one pulls that sort of cash out without their DD completed and thoroughly understood.

It's a good thing the company have a PEA due out next month and plans to do a PFS, that material will be invaluable to prospective buyers as 3rd party approved DD to help them value the asset.

Conversation goes something like this

Mr Buyer: Hi Bill, we've had some of our team look at your MRE and they're of the opinion this could well be worth around $X - Ym NPV given their projections. Normally on this basis we'd value the asset at $X - Ym to acquire.

How would that conversation go Bill?

Bill: That conversation wouldn't start Mr Buyer, maybe you could have another look at your calculations and we can talk again.

That's very basic but you get the jist I hope. Formal offers don't come quickly, they come when buyers feel they'd be accepted. A lowball formal offer has the very negative effect of waking the market and other potential buyers up.

You can make an offer without "making an offer" tbf Billy

" I also know that the company have had offers but they are too low"

If anyone had this info already the SP wouldn't be 21p

My attempts at Brancote research have been disastrous Catbert. Thanks for coming back, I was more curious than anything. PEA min requirement for an offer was my thinking, unless someone tries to get it done cheap, quickly and quietly, which doesn't seem to be happening. A lowball would be laughed off is how I'm reading it.

18 months is a long time, but the work done in that time was clearly worth it based on what they sold for.

Landore clearly won't stop drilling and it will be the best thing they can do if negotiations do go deep (or even if they struggle to get off the ground which is always on the table). Hit at Felix to start with would hopefully get prospective buyers in FOMO mode.

What stage were Brancote at when they sold Catbert? MRE, PEA, PFS, a bankable FS?

I'm hoping this is the last one mads! I also don't get too hung up now on Landore exceeding the timeframes they provide us.

7 weeks today since MRE. A lot could have happened in that time and I'm hoping it has. The real talks might not start until the PEA is done.

PEA will be of great interest to a buyer, in there they've got 3rd party calculated NPV, return on investment estimates. The figures that get people to put their hands in their pockets aside from hopes and expectations on the growth potential.

Plans are in the MRE Dave, next news will be PEA; hopefully by end of April, followed by Felix drilling which I'd hope we'll know the results of somewhere between end of May - start of July? More drilling after that. PFS seems like it could be out before end of year, if they start before Q3.

Below taken verbatim from MRE. It's all there. Yes corporate transactions are the desire for many here, but companies don't just pull 60, 70, 100 £m+ out of their back pockets on an MRE. Things take time, there's a lot of decision makers involved in an acquisition. Silence is golden.

BAM Gold Deposit: Pit optimisation work is currently being prepared by Cube for the January 2022 MRE with the full NI43-101 scheduled for publication by early Q2 of 2022.

Drilling will re-commence in early Q2 of 2022 on further delineation of the newly discovered western extension shoot together with commencement of drilling on the highly prospective Felix area along strike and to the west of the BAM Gold Deposit.



Landore is currently completing the planning and preparation requirements for the continued expansion of the BAM Gold Project, including deeper drilling on several potential underground mining targets, together with infill and extension drilling. Landore aims to commence this programme on the completion of drilling operations at the Felix area.

Landore is also planning to commence Pre-Feasibility studies in H2 2022 on the BAM Gold Project now that the Indicated portion of the resource has passed the one million ounce target

Last one here.

If this sells for more than £1 a share that would earn the CEO £5.4m min. That returns more than his annual salary just ploughed back into the FTSE.

63.7p for money back on CPI inflation, 68.5p on RPI inflation.

If we work it out for all shares (both share awards and placings bought) it's 49p on RPI inflation a share break even rate for 15+ years work.

Interests very much aligned with ours.

October 2021 interview said a corporate transaction was the target. When the silence stops if that's the news this shoots up. If not you'll probably still be able to get out at 20p. Risk Vs reward still fantastic imo.

65p is his break even rate on his buys if you take inflation into account.

No matter what you say about Bill regarding his attitude to shareholders, his biggest interest / gain in Landore is maximising the sale price. Each 2p on the SP is around his yearly salary after taxes. Selling imo is the value play for the CEO and us.

His interest aligns with ours, even if it isn't jam tomorrow.