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Analysts from Canaccord Genuity believe billions of dollars of capital is waiting to be deployed into gold developers and explorers.

Canaccord head of mining research Reg Spencer told a webinar last week that the firm remained bullish on the gold price.

“And that means we have to be bullish gold equities – gold stocks provide the best leverage to rising gold prices,” he said.

The gold price is up by about 40% over the past 12 months but it’s only been recently that equities have started to really catch up, though Spencer suggested there was plenty of room left for stocks to run.

“We think valuations for gold producers and gold stocks in general are undemanding,” he said.

“If you have a look at average gold or ASX producer price to net asset value multiples, they’re currently sitting at about 0.7 times. Average P/NAV multiples have largely remained range bound for five years.

“This is in spite of the fact that Aussie dollar gold prices have more than doubled in that same period of time.

“In cycles past, gold stocks have traded at premiums to NPV … so despite this recent outperformance of equities, we think that this is still supportive for further upside in gold equities....."

https://stockhead.com.au/resources/canaccord-12-billion-ready-to-flow-into-gold-explorers-and-developers/

OK, they mention Greatland Gold too, but it's just more of their Antipa 'ramping', IMHO.

"....The US administration’s policies look to be inhibiting growth, straining international relations, complicating central bank monetary policy and undermining confidence in the President. How long these self-inflicted pressures can persist also remains uncertain as more pain may need to show in data in order to bring about an easing of the current hardline framework. Furthermore, the manner in which US policies have been implemented may have longer lasting effects, both on the speed and extent with which the new equilibrium is restored after this jolt. Of note, the shake out has prompted a reappraisal of risks and US treasuries are no longer seen as the “risk free” assets they were. In such an environment, central banks may continue adding gold to reserves and an allocation to “safe haven” assets remains preferred in the Company. Indeed, the gold price rose over 5% in April and the outlook for robust earnings continues to highlight attractive valuations of related equities. This environment contributed positively to the Company’s returns over the month, notably from Greatland Gold and Emerald Resources...."

https://ncim.co.uk/wp/wp-content/uploads/2025/05/CQS-New-City-CNR-04.25.pdf

Greatland Gold is the 5th largest holding in CQS Natural Resources Growth & Income Fund at 4.5% on MV.

They hold approx. 46 million GGP shares according to Morningstar.

I managed to have a closer look and it's actually American Black Walnut. The finish threw me off a bit, but a great piece, IMHO.

@ Culpepper Please don't misquote me. I never stated, nor even implied, anywhere, that the ASX market, in a cross listing, a company, "has to offer additional share".

I stated, quite clearly, if you bother to read my posts below, that the ASX has listing requirements for the likes of the number of shareholders, as well as a free float percentage. One possible route to that would be a placing. That has clearly yet to be decided by Shaun Day, which would also be based on whether, or not, a waiver is given to one, or more requirements.

I really don't want to waste my time any longer on it, nor others. so that's my last post on it.

Thanks LL! Hopefully Culpepper gets it now. As I said, there are requirements, which may require a small placing (max 2.5%), but that could possibly be waived.

...and based in Subiaco too.

PS. It's beautiful! I'm not an expert on Australian hardwoods, but it looks like Jarrah to me, but can't be 100% sure.

"Some pics of the recently completed boardroom table for Greatland Gold.

This table was a massive undertaking for a one-man shop; especially on a tight timeline. I spent 4-5 weeks working hours that made my annual Christmas rush look like a walk in the park. It seemed like a pretty daunting task at the outset, but now that it’s all delivered and assembled, I couldn’t be more proud of it.

Will have to go even bigger next time"

https://www.instagram.com/p/DJ3YYTryZXp/

@ lastgasp. Yes, you're correct, thanks, so apologies for confusion.

In the consolidation fractional shares will not be issued, and any entitlements to fractional shares will be rounded up or down to the nearest whole number. Specifically, entitlements of 0.5 or more GRL shares will be rounded up, while entitlements below 0.5 will be rounded down. This means that shareholders will receive one GRL share for every 20 GGP shares held, and any remaining fraction will be dealt with according to the rounding rules.

6. FRACTIONAL ENTITLEMENTS Fractions of GRL Shares will not be issued to Scheme Shareholders and any such entitlement to a fraction of a GRL Share under this Scheme: (a) of 0.5 or more will be rounded up to the nearest whole number of GRL Shares; and (b) of less than 0.5 will be rounded down to the nearest whole number of GRL Shares, and the resulting whole numbers of GRL Shares will be issued pursuant to the Scheme.

@ Multiplier7 I'm not quite sure who you're referring to, certainly not me, since I haven't mentioned the sp once. I've purely mentioned the rise in the AUD gold price today, and how it benefits us. Nothing to do with any correlation with the GGP sp whatsoever.

It's my understanding that the fractional entitlements are handled by rounding down. This means that any remaining shares after the consolidation will be paid out in cash, not rounded up. The most involved (for 19 'old' shares) would be around £2.28 at todays sp.

Oz gold now up 2.4% today @ AUD 5,115.

Shaun Day is probably pulling out another one of our doré bars for the market!

I forgot to add, in this regard, that there are normally ASX listing requirements for the likes of the number of shareholders, as well as a free float percentage.

The ASX has very clear listing requirements, so it's not up to Shaun Day. Nevertheless, he's made it quite clear that the company is considering the merits of a modest offering of new shares in Greatland Resources to assist in creating interest and a liquid market for its shares on ASX, but, in the event the company decides to undertake such an offering, it would be of no more than 2.5% of the issued share capital of Greatland Resources.

That said, and as also indicated by Shaun Day in the past, the ASX market will sometimes provide waivers from one/some of the listing requirements, under certain circumstances.

Yup, Oz gold price now up over 1% today to around AUD 5,050

It's not this time schlemiel, but, as you probably remember, they did do a couple of full pieces on Greatland in March this year, which were extremely positive.

The gold price in Oz Dollars is still holding up well, and up again today, at over AUD 5,000, which is still around 35% higher than it was when we concluded the Telfer/Havieron deal with Newmont, let alone the even lower level it was at when we started negotiations. What's not to like, with, just after Q1 alone, we had free cash of AUD 253 million for the quarter, and closing cash of AUD 398 million and NO debt!

Thanks to Stuart Hinds on 'X':

Coms with a Telfer worker. He has been there over ten years....

"Never never ever seen it this busy, new faces on plane. One out to Havieron so guessing gas is on."

https://x.com/hinds_stuart/status/1924426567561666562

ASX!

@ Bigw77 The shares in Greatland Resources will be 'fungible', which basically means that the shares traded on each exchange (AXS & AIM) are identical and interchangeable. This ensures that an investor can buy or sell shares on either exchange without any differences in ownership or rights. It's all done through 'Depository Interests', and in our case via Computershare.

There's a link here which explains how it works:

https://content-assets.computershare.com/eh96rkuu9740/73ac4985f7bc4fa6ab90689d6ef6e0d4/2d6ca9b6d1106cd348576f9c3787ae02/Guide-to-DIs.pdf