Galantas Gold Share Discussion Threads

[bageo] 24/10/2019 20:25

The Count,
Mostly agree I also hadn't bothered to reply earlier.

The ex employee Court Case made a very interesting read.

www.casemine.com/judgement/uk/5a8ff82860d03e7f57ebbf2c
We found all of them, particularly Mr Phelps, impressive, rational and consistent in their evidence. and where there was a conflict in their evidence with those of the claimant, we unhesitatingly preferred their accounts and explanations to his.

[the count] 24/10/2019 18:07

--->ALL

And just to emphasise the points made in my last post further, take as a further example, Pelgis previous muck raking post about a legal case dating back to 2013, where a previous employee takes the company to court.

I wonder if Pelgis had even read all the material in that link. If anything, it shows a company that acted (and presummably goes on acting) with very great probity.

In the recent case where another local NIMBY tried to block the approval of the company's underground mine aprroval, if anyone reads the detail of that too, they will be left with a clear impression of a company that takes its duties to the local environment, as well as its works practices very seriously. They passed on virtually every count.

This company is operating with great care and attention, being very careful to make sure everything it does is within the law and in line with its responsibilites.

Regards,

THE COUNT!

[swissbullion] 21/10/2019 12:59

not much of a mine tour by the anti mining trespassers. would have loved to see processing facility and U/G development.
anyone know if they posted a longer video anywhere on the web showing anything else?

[pelgis] 04/10/2019 09:09

hxxps://www.casemine.com/judgement/uk/5a8ff82860d03e7f57ebbf2c

[pelgis] 30/9/2019 08:52

interesting indeed....
hxxps://www.rpc.co.uk/perspectives/tax-take/omagh-minerals-tax-penalty-was-a-criminal-charge-for-the-purposes-of-article-6-of-the-echr/?fbclid=IwAR1Ggl7GjxPHfDPY2FUIQhgbhGFlSETIe6syyuIwrmVipGHz74cul2RkW7w

[panagos] 19/9/2019 17:16

But to be fair to Roland he is the last person on earth who wants to dilude GAL shareholders considenring the amount of shares he owns.

[redtrend] 19/9/2019 04:50

I'm not convinced there wont be at least a final placing, perhaps 2 depending on size. It was disappointing there was no update on at least an estimate for commencement of commercial production in the Q2 19 results released in August. I doubt this is still "late 2019" as was stated earlier this year, otherwise why the silence on this matter?

Cash at June 30, 2019 was $ 1,314,113
Accounts receivable at June 30, 2019 was $983,474
Placement $1.52m (after fees)
TOTAL CAD $3.82m

Cash burn roughly $675k per Q, with extra shifts and machinery, this no doubt increases, albeit increased development ore may offset any cost increases.

Current liabilities (due in less than 12 months) of $7m, of which $2.5m is Accounts Payables. So I think there very much was a need for a placing, it wasn't simply a "nice to have".

With current liabilities + cash burn I can't see how GAL don't require another placing or loan in 3-5 months time.

I'll admit I'm not too clear when GAL gets paid by Xstrata Glencore (refinery in New Brunswick Canada). Is it upon shipment from Belfast or is it upon the gold concentrates being refined (which would result in a 3-4 month delay compared to former after Commercial Production). This makes all the difference in terms of cashflow.

The Offtake wording in the PEA 2014 does mention advance payment provisions, but it is not 100% clear what or when this relates to.


19.1 OFF-TAKE AGREEMENT
Flotation concentrates are sold to Xstrata Glencore (Formerly Xstrata Corporation) under a life of mine contract. The contract is well known to the author who considers the terms at the positive end of industry norms. The contract includes a smelter payment based upon tonnage sold and pays 95% of metal values for gold, silver and lead (the latter above certain cut-off percentage). It includes a fixed price shipping charge and advance payment provisions.

[panagos] 18/9/2019 18:36

He might not exaclty get what does a black swan mean in finance linqo... he might just wanted to drop it in order to sound cool!!

[robertslj] 18/9/2019 18:10

My take on the last placing. I think that Roland said that there would be no *need* to raise additional funds to get the mine into economic production. Nevertheless, if I were an inside shareholder of such a promising project I would want the company to accelerate production if at all possible. So rather than continue on the remaining cash plus a small (but growing) contribution from selling concentrate, why not get the cash needed to press ahead more quickly? Of course the last placing would also give the insiders an increased share of the project at a bonkers SP! So I actually see the last placing as positive. But nevertheless whilst Roland's words may have been strictly quite correct they were a little unfortunate.

[panagos] 18/9/2019 15:57

In the last 2 PP?

[panagos] 18/9/2019 15:43

Why didnt Beaty participate ?

[swissbullion] 18/9/2019 14:58

It was disappointing the 7% dilution. Hopefully there will be no more, but mine builds have ups and downs. I think Roland is putting his head down and working hard to get to commercial production now. I tried to get in on the last placing, but didn't recieve a response only to learn that the shares were already spoken for by Melquart and Miton via the closing press release. It was fast. We need to get to positive cashflow asap to capitialize on this gold price. I'm certain there's more gold to be found within their mining areas. That was Ross Beaty's strategy for a good return on this one: Increase mine life, reserves and ultimately production.

[panagos] 18/9/2019 13:23

Totally agree Ashbox...its about Roland does something to get some credibility and share price action.500$ production is cheap!

[ashbox] 18/9/2019 11:08

He states that no further placings will be required unless there are any 'black swan' events (about 13.10 into video) which is a bit disappointing when a £1 million private placement occurs a few months later when no such event seems apparent. I appreciate that often the opportunity to raise money for an AIM company is sensible, particularly if there is a surge in share price (which there wasn't in this instance), but why bother to make the statement in the first place to private investors when this is obviously not the intention?

[swissbullion] 17/9/2019 21:46

This presentation by Roland needs more views.

[doobydave] 17/9/2019 12:17

Yes, Roland is a Director and I presume it was originally his dad's. Just Google G&F Phelps Ltd. You won't even need to click on the links.

[pelgis] 17/9/2019 12:07

During the second quarter, Galantas announced that its operating subsidiary, Flintridge Resources Ltd. had signed a concentrate pre-payment agreement and a loan facility agreement for US$1.6 mln with Ocean Partners UK Ltd., together with an increased, on-demand loan facility of £600,000 with G&F Phelps Ltd.

Is 'G&F Phelps' Roland's Company? Or is this just a coincidence?

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