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A lot more shares in issue since then. But if we look for 40p now what kind of assumptions on sales and sales multiple do we need?

240m shares in issue

@ 40p per share is £96m market cap

3x sales multiple

Is £32m of sales

More shares may well be issued and 3x sales might be too generous a multiple so this isn’t conservative.

£32m of sales is around 5x what SYM are currently doing so it’s a very big ask.

Saying that, they have a lot of products at or nearing end of testing. If we assume that 5 products can be commercialised globally it’s only £6m odd of annual sales per product line which seems very doable.

Market doesn’t believe it’s doable obviously so question is do any of us who have a holding and positive on the outlook have an informational advantage over the market individually or collectively? Michael Laurier and the other large shareholders clearly think they see that revenue pathway opening up as they have been buying fairly significantly over last year or so.

I’m hoping that the convertible is rolled again for another year. Hinted in last results statement that looking to partner with Quantum again in some capacity which could involve them providing a follow on convertible loan. We could do without further dilution!

Also interested by this RNS. Would like to see the scientific backing to the claim that Nbr and d2w act as a fertiliser. Unfortunately also no one in EU and UK believes that d2w results in zero microplastics in the open environment making this a harder story to sell globally. Even if they do get some interest it surely would need a year or two of trials and testing by farming communities first. No farmer would just plough this stuff into soils with potentially harmful outcomes without extensive testing first to my mind.

There are lots of other potential scaleable markets that are already good to sell into. ML needs to be updating us that these sales are scaling now and not next year or some other future timeframe. Reach RNSs aren’t going to get the share price moving only sales will. I’m still expecting SYM to come good just growing frustration at how they seem to do everything other than sell

Agreed. Loan with a decent interest rate with interest payments deferred and rolled into principle for maybe 2 years until repayment in full. Would save near term cash outflow for GDR, boost DNs investment value in the equity and net him a decent return on the loan.

No evidence on Short Tracker of any significant short selling of GDR shares.

Video on x looks to be from late July. Don’t think it’s apart of a fight back from SYM, maybe more of a told you so…which has now backfired.

They have so much going on beyond d2w in EU though they just need to focus on converting trials to sales with these, which I think is what they are doing albeit I do worry that they are too reliant on distributors who maybe have other products that will reward their time and efforts more.

I’m intrigued about statement that Sym are exploring further collaboration with Quantum. I wonder if it might be in relation to issuing new convertible debt arrangement on expiry of Indorama debt, thereby avoiding dilution at year end 2025. Just a thought

Agree. I’m quite happy with this statement. Several opportunities are now coming through or are very near term. Wouldn’t say job done just yet though. Wish we could but maybe in another 6 to 9 months we’ll be in a very different place.

Only bit I don’t really understand is when say about Qunatum ‘Their investment not only reflects confidence in our technology suite and potential growth trajectory but also establishes a benchmark that the Board will use to value larger blocks of shares.’

What does value larger blocks of shares mean?

Remember that SYM have already shifted guidance on timing of more transformative sales contracts giving themselves until end of calendar Q1 next year to land.

So it is correct to say that these results will not have anything significant in them. It would be nice if they have become profitable for the half year overall and can provide some small comfort in terms of how H2 has started. But I think we really need an investor meet company session to better understand what we can expect to land in the coming months and the levels of confidence in these happening (as well as why the company is confident).

I see. That’s clear thanks.

Sounds a little less positive than maybe previous RNSs have indicated?

Thanks Ziq. What is your view of what the apparent hope is based on?

Anyone prepared to hazard a guess on timing of confirmations for exploration licences on poly metallic acreage ?

Worth remembering that Genedrive estimate £160m per year of cost savings from national roll out of CYP2C19. Yes NHS needs to spend less and improve health outcomes. However, Genedrive can help achieve this as opposed to cost the NHS more.

Good enough for someone so close to insiders then good enough for me also.

Thanks Echo. I’m old git though and highly distrustful of platforms like Telegram so I’ll have to pass. Would be good to keep some insights and constructive discussion going on this board too though. Appreciate all posts and thoughts here to date.

Voting no to the reorg and permission to issue new shares just to land a punch on GDR management doesn’t make any sense to me. No shareholders thinking straight would do that. As a shareholder in GDR the only chance of getting any money back here (and I’ll admit it’s slim) is to vote yes and throw the company a lifeline of more time to commercialise what is a good product. Once the outlook is more secure I can then vote against reelection of management at future AGMs when their positions are up for re-election. That’s a way better way to land the punch. Pushing GdR into administration with a No vote now just leads to almost 100% chance of getting zero investment back. Hoping for something back through administration process for equity holders is very uncertain and hardly ever happens.

The mid price is still 10p by the looks of it. Not sure why the 9.05p currently showing on LSE is there. Can someone enlighten me?

Everyone has to make their own decisions Shatter on when the right time to sell or buy is. Sounds like you’re heading for the exit now when liquidity allows. For my part I’m going to wait for a while longer and see what progress SYM have managed to achieve when they announce interim results in the coming weeks.

Definitely there on HL yesterday as I voted for all resolutions.

It’s frustrating. But SYM indicated that the new timeline for getting transformative sales contracts in place is H2 this year and into beginning of next year. So potentially a 9 month window. We’re only 2 months into that now so they have already guided that they have another 7 months to land some stuff. We’ll get a results announcement before year end though!

Yes, it’s a good point on the diamond prospecting licence award so will assume more likely that financial thresholds dont hold the process up. Maybe possible that technical capabilities do as BOD have not historically focused on metals and minerals. It’s also a huge total acreage they are going after.

It’s been over 5 months since BOD announced that the applications had been accepted for polymetallic acreage. GPT suggests norm is for 60 day turnaround from application to prospecting licence decision. So if accurate then there is a reasonable delay.

Could be down to size of acreage maybe? Could be down to technical concerns without a JV partner in place? Or maybe still financial concerns given the scale of the application.

I’m wondering though that the delay may be that at least some kind of MOU for JV needs to be in place for applications to proceed and these JV negotiations are proving trickier to conclude.

Will probably be announced tomorrow so I’ll shut up now.

Here’s my thinking on BOD being awarded prospecting licences for poly metallic deposits.

While the exact minimum financial thresholds for prospecting licence applications in Botswana aren’t publicly defined in accessible sources, standard expectations generally include:

1. Demonstrated technical capacity — Botswana Diamonds has strong exploration credentials and AI-driven targeting.

2. Sufficient financial wherewithal to conduct work programs without delay or abandonment.

3. Funding options in place rather than having no funding.

Given their modest cash position and recurring operational losses, there’s a question over BODs capacity to fund meaningful exploration immediately,

Looking at financials of BOD, they are:

Financial Measure

Net Loss (2023–24)

£564k

Cash Available

£77k

Net Assets (Equity)

£5.14 million

Exploration Asset Value

£5.51 million (intangible)

Capital Raised (Recent)

£380k (Nov ’23), £250k (Aug ’24)

So currently BOD is just about Solvent and is asset-backed, with a credible exploration portfolio.

• But liquidity is tight, and they depend on continued fundraising for drilling and operations.

• They may not meet the formal financial requirements for a prospecting licence but may do if regulators primarily consider net asset base.

• However, sustaining operations will depend critically on future funding rounds or partner agreements.

So if we assume that the financial position as is would not be sufficiently strong to pass the financial health threshold for being awarded the prospecting licence, then one of two things need to happen first

1) Bod raises funds through an equity placing (I’m assuming that debt is not a viable option at this point)

2) BOD secures funding through JV or farm out structure with mining major such as BHP

Therefore, we would need to hear about either option 1 or 2 before any prospecting licence award can be made.

Alternatively the regulator sees BODs funding track record and asset backing as sufficient for now to award the licence and we hear afterwards whether it’s option 1 or 2 for funding the work.

Just thinking aloud really on what the next news flow actually is from BOD and chances to participate in a discounted equity issuance.