Member Info for Simms45

Gold between 2011-2023 barely moved so past frw years is just a correction. Regardless of gold price gold mining stocks are way undervalued and have a long way to catchup, Metals doubly so as we trade on PE of 1.7 and once La India and mine extension worked out in Phillipines even more undervalued.

Another £200k sold by our seller and share steadily rising. Imagine when that seller vacates we can finally catchup the market as we are incredibly undervalued against peers and barely a PE of 1.5?

Also just out drop from 25% to 15% was because Kefi did not want to puy up its $10m contribution. Now work out how much has been invested last 5 years! Harry also mentioned other development assets less interesting than GMCO are floating on Saudi exchange with valuations well in excess of $1bn so Harry is going to try and keep hold of Saudi assets unless he gets a knockout offer that is probably £40m+ (minimum) He knows that if TK launches as planned in next few months he can keep Saudi but if TK is delayed anymore he will sell it. Anyway news on AFC ratification could be days away and i suspect Harry knows exactly when and why he is ready to move in bulldozers by June/July.

Valuation of Saudi is being updated but you need to remember this is not any old stake, its 15% with Artar who are one of the most embedded families in Saudi. The buyer will pay a premium and Harry has said the same as the valuation is based only on the historical cost-based valuation. Once you factor in current gold at $3300 and the strategic value of the assets its way higher. Remember we also do not need to sell buy £35m-£50m is likely once you look at real value and that Kefi has conversations. Could be higher.

For me removing all our finance obligations that were considerable is a huge win. I was getting sick of seeing boatloads of cash spent on fees and refinancing and not on project execution. This hopefully reduces all those fees to a far lower level but hopefully results will help explain as DP has gone to ground rather than explain the deal in person.

Here is part of RNS that presumably was part of the deal to buy out our 50% by taking over the loan obligations. I believe Eqtec is still ultimately a joint guarantor but assuming loan is paid back once the JV is generating cash or more likely raised cash to pay down this secured Eqtec have removed this secured debt. Also it was pushed back so no one pays anything for another 2 years.

“The Company has been notified that CWTL has also finalised a commercial arrangement with the Secured Lenders which will result in the Secured Lenders transferring the rights and obligations of all Loan Agreements and debt in respect of the Company to CWTL by way of novation ("Novation"). Completion of the Novation will occur on the payment of agreed consideration by CWTL to the Secured Lenders on or before 30 June 2025. As part of the commercial arrangement all existing warrants issued to the Secured Lenders are to be cancelled on completion of the Novation and the Secured Lenders have agreed to a standstill period on any payment obligations and any conversion rights under all Loan Agreements until 30 June 2025.“

Big projects take time, always more expensive and takes longer than originally hoped. Key is projects are all moving forward so my predictions will come to fruition in time. Not saying i am happy at all about how slow things have progressed but more focused on the assets and the market opportunity as things are coming together. Compact GTL brings a lot to the table and if you re-read the RNS Eqtec secured loan has been novated to the joint venture that Compact GTL own 100% of so that is pretty clear we moved the debt off our books unless the JV has a loan agreement with Eqtec as well that is not disclosed but nothing is stated other than debt obligations transferred.

Wake me up when we get to 10p as this is where we should have been to keep pace with the wider market since Condor a aquisition but held down by ex condor investors selling out for 5-6p :( With mine life extension at Run Runo almost inevitable and La India bounding along at breakneck speed by 2026/2027 we could be looking at 200K+ ounces a year with net profits in the hundred of millions at todays gold price. Re-rate should be incoming if sellers have now moved on as bigger steps are ahead of us. Results due soon!

We need to also factor in Kefi getting a dual listing in Ethiopia. Locals might go all in in the first gold miner they can invest in. Saudi Arabia has bonkers valuations on gold miners so could all be a different set of valuation metrics. Could be 2p or 20p its just a matter of who are the shareholders ans what they value the company at. Once the nervous nellies are out price can grow substantially just as it did at GGP.

Possibly my last top-up but feels like it was time to average down as while Harry has been the grandmaster of can kicking he has kept the show on the road. What is key is that our 80-85% holding is made up of historical blood sweat and tears to the tune of over $100m so the payday of converting that sweat equity is going to be a sweet day. So many positives but just now need AFC ratification and should trigger all matters to fall into place. Hopefully we keep Saudi but otherwise happy to accept £30m+ for the stake given all the pain invested, possibly a lot more. This month lets hope ratification is announced.

Good to see another block of around £300k sold today at well below current price. They must be feeling pretty sick. Anyway can all the big sellers just exit all at once so we can push on. Maybe Darren should use some of bonus $24m additional revenue to buy back stock at these low levels.

With gold up nearly $300 in a week on 80k ounces today adds $24m of cash to bottom line. What will metals do with cash windfall? We are barely on a PE multiple these days lol! we should be of 8+ although i guess we would like to see a smooth Nic mine build.

We are slowly moving towards ticking the boxes for institutions to buy in, financial health, great management, and key is market cap that will need to tickle £250m but in UK market compared to the few gold stocks institutions do invest in we are massively undervalued on all metrics. With gold rising and big value disconnect investors spot the gap. Liquidity also moving in right direction. Not long now!

We are so far behind where we should be. Institutions will soon buy a bigger slice as we are getting into the sweet spot and 8p will fly by. Personally think we should have been 10p months ago but had huge churn from Condor shareholders, some selling as low at 5p. onwards to 10p soon!

So if CompactGTL have basically removed our £5m secured debt this will lighten the load considerably and puts Eqtec towards a debt free scenario? The financing fees and debt for equity was killing us and now its all been cleared. Will find out soon how our net assets will be as for me its a backstop but its multiples of todays market cap and apart from still bleeding some cash we have never been financially in a better place with as many projects close to close. Surely Northfork update is imminent?

It was clear from the last placing of £10m that it said "The expected net proceeds of the Capital Raise of approximately £10.1 million (the "Net Proceeds") will be applied to:

· completion of project financing and launch of the Company's Tulu Kapi gold project (the "Project"), including legal and professional fees of KEFI and its banks, preparation of the community, site and district security installation and administrative costs of satisfying the remaining conditions for the project finance package; !"

and that sum should easily take us 6-9 months so maybe if deal is not OTL around August then probably more likely something would need to happen. However if it got to that date with no progress Harry would have a lot of other problems to deal with. Feels to me from all research available that end of May this should be a long way from today. Bear in mind it is almost impossible for Kefi to organise a placing if the shareprice is all over the place but this will be above 2p by end of May if things come together. Saudi sale and all bets are off as this could easily send us way higher as that would take any problems for the forseeable future off the table.

With £60m invested to date and market cap £4m today and plenty of that invested into projects and building sales there is potential value here. I have heavily averaged down and backing my optimism and would hope those who think otherwise save themselves further humiliation and sell up. CompactGTL is highly positive for Eqtec who can say they have at least 1 strategic investor who is aligned to ensure Eqtec booms. CompactGTL could make a huge return from their investment. If we get some project equipment orders and refinance Northfork once live we should be firmly in a new chapter of Eqtec.

Chunky 3.5m sell cleared. starting to push on. We have not budged in months and gold is flying, results due soon and our mine kit is in process of being shipped. Only explanation is ex condor sellers desperately trying to not actually back a successful company and make some decent returns. I would like to see Metals do a buy back of shares to help clear the huge disconnect in value.

Someone sold £170k in one lot so hopefully that seller is gone. Things might start to get interesting if we dont get anymore nervous nellies who cant see where we are headed. I hope they dont look back in a few years when they might have netted £1m. Lets hope the brakes are removed!

Metals next results will smash it out of the park and forecasts on La India are mental. I totally agree with Darren $2bn market cap by 2028 is well on track. Just some stragglers from Condor to offload and we will push on at breakneck speed.