Member Info for TakingMyTime

@Bamps "Only 3 holes reported and they've not gone deep enough to find what the IP responses are"

Thanks for that, Bamps. I noted that, too, earlier in my response to magic. There's something down deeper and we don't yet know what it is. Either we're not deep enough or we just missed the target with these holes. More drilling needed.

Anyone who was buying on Scal was gambling, not investing. You're investing on Hav, we just got a free gamble thrown in on other tenements / targets.

I'm not at all convinced Scal is a duster (see my question for magictrades earlier today). But the investment value here is Hav.

We've had institutions buying in on Hav, not on Scal. Few IIs are going to gamble on something like Scal. They've made their investment decisions based on their understanding of the value of Hav. They've bought in the upper 20s, and lower 30s, because they believe Hav is worth that.

There's still, IMO, a significant chance of Scal giving us an economical-to-mine resource. If so, we'll fly. There's still, IMO, a reason that the Juri JV was for PRE and not Scal, and still, IMO, a reason why both companies referenced Scallywag in their RNS on Juri.

But if Scal is a complete duster, Hav is still headed for at least 12 moz and probably much more, and that means this sell-off is way overdone. I didn't buy here for Scal, I didn't top up for Scal, and top up again, even in the mid-30s. I bought for Hav. That's what IIs have been doing, too.

Yes, there's been some over-ramping. And today, there's some overselling.

I'm clearing some funds today, if the price is still at these levels tomorrow I'll be buying more. This is silly stuff.

@magic, a question for you.

"Sulphide concentrations in the hole are not considered sufficient to generate the IP response." They said that about the hole at London, something similar at Blackbeard.

I could be wrong, but doesn't that suggest that there's an IP response there that they don't understand yet? That it's possible there's a significant hit to be found there, but this hole simply didn't hit it?

Am I reading that right? Obviously, this is not at all my area of expertise....

Dear Panama, it's ok to hurt and to grieve, don't let anything make you feel guilty for that. Remember your good times, and laugh at the funny times.

Nobody here can really say anything that makes it better, of course, even if we try, but know that there are people who care. Hopefully remembering that does help you through it.

Your friends here will be friends whether you reply or not. Don't feel like you have to reply but you know we'll be glad to hear from you if you do.

Jerry, thank you for being a friend to Panama and letting us know.

Ok, here's what we've got so far.

1. Held back because NCM asked them to.
2. Held back due to JV negotiations.
3. Held back so Shaun can start with a bang.
4. Held back because a lab tech stole the samples for the gold they contain.
5. Held back so institutions can buy shares at mates' rates.
6. Held back because GH is mad he got fired and stole the lab report.
7. Held back because the results were unbelievable and needed double checking and a peer review.
8. Dog ate the report.
8 again. Held back because GH wants to give us a fabulous parting gift.
10) Sorry the report went in the washing machine.
11) Koala stole report
(too good to need a number) A dingo stole my baby! (assay reports)
12. They’ve been emailed to the chap in wales who binned his laptop 5 years ago containing bitcoins now worth a million pounds.
I'll add lucky #13:
13. We're waiting until Paddy can read them in the satellite image.

LOL. We should have a list.

1. Held back because NCM asked them to.
2. Held back due to JV negotiations.
3. Held back so Shaun can start with a bang.
4. Held back because a lab tech stole the samples for the gold they contain.
5. Held back so institutions can buy shares at mates' rates.
6. Held back because GH is mad he got fired and stole the lab report.

I'm sure there are others I'm forgetting, help me out here.

I think you'd have to look at the actual terms of the agreement to answer this. I'd suggest it doesn't make much difference. At worst, GGP would need a short term bridging loan to cover those costs because by then revenue will be incoming within weeks. And by that point any bank would be willing to finance that.

Once revenue starts, our share of the costs will be lower than our share of the revenue, so we'll be fine.

Also remember that NCM has the right to buy an additional 5% from GGP at fair market value, and Sandeep has made reference to that often enough that I think it highly likely that they'll exercise that option. If they do, we'll have plenty of cash for this kind of thing.

Just to say, I've seen the Bloomberg terminal screenshot that Hydro has seen but also confirmed it directly on a BBG terminal myself (just in case the guy who was supplying it to Hydro was playing games -- he's not).

(And no, I'm NOT paying that much a month for it myself, but have occasional access.)

Here's the fun thing -- Bloomberg isn't always entirely up to date. And there may be people / instos "hiding in plain sight" -- the report, as with nominee accounts, may show the legal owner but not the beneficial owner of the shares.

So I wouldn't assume that Hydro is telling you the complete picture -- there may be more institutional or corporate shareholders than we know about. There often are.

Hi, Tom, I don't think this board drives the SP very much anymore. Too many institutional investors involved now, and by now most people here know to ignore negativity.

More likely, it's a little bit of profit-taking by people who are happy with the price and want to lock in some profits. They are likely missing out on much better profits soon, but good luck to them anyway.

Thanks, DM, I'm pretty well familiar with the arguments. But I'm also not spending a lot of time advocating buying physical gold, and those who do really ought to be aware of the counterarguments, because someone is going to bring them sometime.

Thanks, speedy. In the interests of balance, there are some pretty smart people who think gold, while expected to remain valuable, could actually drop in price rather than increase. Have you researched any thorough discussions and careful refutations of those arguments?

Hi, speedy, yes technically, capital appreciation as a result of market inefficiency is a better description of what you are talking about.

It's not that the gold is going to become more intrinsically valuable, it's that the price at the moment doesn't reflect the true value. That's simply because of market problems (manipulation and other inefficiencies).

It's partly an academic point, of course. But clarity on exactly what we are describing can help us (or others) avoid making investment mistakes.

Let's talk about copper, for example. On copper, you have two factors you have to consider. 1) Is the market valuation today accurate or not, with what we know today? 2) Are societal changes (green revolution) or other factors likely to trigger significant changes in the demand for Cu?

The answer to the second question may cause us to value Cu more highly than we would based on today's valuation, and so make us want to buy it even if we think the price accurately reflect today's valuation. So the second question might drive us to buy even if the first doesn't.

Those two questions apply to gold as well, but not at all in the same way as copper (gold is not a "green" thing). And our view on either of those questions might shift without significantly impacting the other. So we want to be able to think about them clearly in isolation from each other to understand how we should react as things shift, especially since commodity prices can move very quickly.

ATB

"TMT - I sincerely hope you’re right!"

Apparently the mods weren't hoping so -- they deleted it! Had to be the most innocuous comment I've ever had deleted!

(Unlikely yesterday's, which of course deserved to be deleted, LOL. But I know what I said and so does the person I was answering, I'm sure!)

I'm sure she did hear you, Panama. If you read up on it, the medical professionals are sure that in these situations, the patient can hear and usually understand, even if they can't respond. They advise not saying things that will be distressing to the patient, and talking to them even if they can't understand.

Your brother being there is a gift and I'm glad you were able to speak to her. You will be thankful for that opportunity later even if it hurts too bad right now to feel thankful.

You will find friends in many places at times like this, and it does help.

So sorry to hear it, Panama. Can you ask to see her on compassionate grounds? I was thankfully allowed that, but covid wasn't involved.

I wish you and your family all the very best of comfort and peace.

Usually when something like this is leaked, if there is truth to it, the company will be pretty much forced to make an announcement within a couple of days. Otherwise, when they do make an announcement, they can be accused of leaking without official announcements, etc.

"In response to reports in the press," etc.

If the reports are false they can safely be ignored.

If NM is on his way out, the leak will have probably forced the company to confirm it very soon, perhaps sooner than they wanted to.

Interesting that there's no significant SP move, though.

Nige was very active on this board for a time, but has been very ill in hospital recently, and has passed away. This was just posted on the GGP board. If any participants here want to communicate with Nige's family, you could respond there. In thread view, the thread title is Bamps21.
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Hi Bamps, TomE, TMT and all those who said those kind words about my brother, Nige_W (Nigel Wright).

He died yesterday in his sleep. He was with his partner he loved completely and the nurses said it was very peaceful.

He loved the commentary on the shares and it was of great interest to him so thank you all very much.

I will now sign off on this subject but finish with a message to you all; one that Nige always finished with

Best of Luck (BoL) to you all

Ralph Wright

Ralph, I am very sorry for your loss. I would have liked to know Nigel in person, in a sense I did know him, though, and it was a privilege.

It was very kind of you to let us know, but I know that's what Nige would have wanted. Please convey my respect and appreciation to anyone in the family who you think would like to know how he was appreciated here, and also my confidence that I'm speaking for many in saying that.

@speedy
" I say gold will be a wealth maker when the manipulation comes to an end."

Technically, that doesn't mean gold is a wealth maker. It means that you believe that the gold market is currently inefficient (the price does not truly reflect its value), and that there is a temporary opportunity to take advantage of that inefficiency to make a trading profit.

For gold to be a wealth maker it would either have to have substantive increases in real value (rather than relative value to fiat), or be a generator of income, or some combination of the two, such that its ROI (based on initial real value) outstrips the rate of inflation.

Because of manipulation and many other market inefficiencies, gold has never been an efficient market and probably never will be. That means there will probably always be arbitrage opportunities when, at times, the current market price is well below the real value, and savvy buyers can take advantage. The difficulty is assessing what the real value is and how long you are willing to wait to achieve real value, since no one knows how long inefficiencies will last.

@triumph
Yes, of course I know NM has antagonised the big boys. My whole question was predicated on the assumption that the report is accurate and he is on his way out.

The AGM vote sealed his fate, IMO. Once you've lost the confidence of 45% of the shareholders....

So I'm assuming he's going, and is likely to be replaced by someone willing to do a JV. And I think the big players would be willing in that case.

I think there will indeed by PIs who will sell tomorrow and so the SP may drop, perhaps considerably. That's not going to make the gold disappear, though. And since NM's departure makes it more likely that it will come out of the ground in the foreseeable, it seems like an opportunity to me. Perhaps others will see it that way and will snaffle up the shares some PIs sell, and the price will go up instead. We shall see.