Here are a few posts from attendees of the presentation:
PMG did a good job at the presentation in Manchester - to be fair no info that I was not already aware of which is to be expected. However, it was good to see the reaction of those around me when PMG was delivering - a few lightbulbs turned on so to speak...
Headlines for me...
JORC upgrade in May is possibly optimistic - June is the safer bet...Expect June and be pleasantly surprised with May - in either case, not long to wait!
40%-50% upside once the project is under one entity - we know this but it is good to reiterate!
At $850 Au we can still wash our face with this project so it is flexible enough to see us through leaner times than the $1450 we are currently enjoying.
We could take the cut off to 0.4g and be looking at 3m Au right now...
Michael Short is the ace in the hole and his knowledge and experience will prove invaluable when we get to the building of the mine.
Management of GGG will shift to Oz over time - as in recruit - not as in they all move out there...
T/O
GGG and AZX share a shareholder base of circa 25%...Put another way, I guess you could say we have 25% of AZX's votes in the bag (there seems to be little concern that this will not happen in any event - in a word, Paul is confident)
conclusion of this episode would occur within the quarter...
Long one short, even a neutral party would have been left thinking "I should do a bit more digging on this one"...The more reckless (research averse) investor could be lining up buys for tomorrow morning! lol...Paul did make one comment that I think went down well "Buy AZX, or buy GGG, just buy into the project" - or something like that...I think that about sums up the situation we have at the mo...whichever way it is sliced. BullaB is a massive, low grade deposit that will eventually make those with interests in it rather more wealthy than they perhaps are today. - Carl79 from ADVFN BB
I came away very impressed by what Paul had to say and the confident/bullish manner in which he stated the case for buying in. I'll certainly be looking to buy before the end of April as the combination of JORC upgrade and takeover news over the next quarter should propel the share price in only one direction. - JStandMick
I have not had the time to post on here recently, however am still holding GGG and have regularly checked the BB. However I did make the time to attend the presentation, and agree with everything that has already been reported, and for what it's worth, I believe that Paul is a geniune sort of guy. A few extra points, he mentioned that there is still a few hundred thousand dollars to be repatriated from China, but Paul(who is an accountant) didn't seem unduly perterbed and was fully confident that it would arrive back. I did ask him if they intended to take a full Australian listing if the takeover should go through, his attitude was more a case of "It's not a case of should it go thro', it will happen". But as far as the full listing is concerned, that may be something for the future. So still not able to wrap them into a tax free ISA He did say that currently they are drilling a total of 1,000metres per week with two drills and it is GGG's intention to add more drills(even if it isn't Auzex's) and therefore prove up the maximum reserves as fast as possible. He also re-iterated what was said by the Auzex chairman, that the intention was to produce 150,000oz per year, up from the initial 100,000, then 120,000 and yet a further 25% increase. It just keeps on getting better and better. He compared it to the Edna May mine and although there are many similarities, the ground at Bullabulling is believed to be "easier" to break down which should make it easier to extract the gold and I would assume less ruthless with the machinery. I did ask him about the 25,000oz that are currently on the surface in the heaps and when they planned to process it. He didn't give the impression that they are in too much of a hurry to turn that into cash just yet, as they are sufficiently funded through to the feasibility study. Another point that struck me was that the capex has increased quite dramatically since the earlier days and the amount that Jeff mentioned around 9 months ago. However they do not envisage a problem raising the money once they have the reseves proved up. He mentioned that the brokers had advised him to be carefull of what he divulged because of the takeover situation. Under those constraints, I think he did an excellent job. The main impression that I came away with is that it is going to be a big, big mine and GGG have every intention to ensure that it happens sooner rather than later. - Rellim05
Attended the presentation at Manchester last night. Free beer and fish and chips which was a nice northern touch. Most points from GGG presentation already mentioned, but thought I would add some overall impressions which have helped me as to future investments.
Ascent as Caza also presented. A Slick presentation by Ascent which said we have a balanced portfolio of exploration, development and production and could son be self funding - worth a look I thought), an excellent presentation by Caza which convinced me that the sp drop has been over done after Arran failure: ?2M loss and ?30M off company price - so Directors hurting and really motivated to get next decisions right. John McGoldrick handled all the questions well.
But the highlight for me and most in the room I felt was the presentation by Paul 'the accountant' from GGG. Most of the points in the presentation have been captured in earlier posts. A few extra key messages:
1. After the presentations Paul was surrounded by mainly PIs asking questions and listening intently. Some were clearly not currently invested but had liked what they heard. As an earlier post said 'some light bulbs going on'. Paul was 'interviewed' for an hour or so, seemed comfortable with everything thrown at him and I got a good feeling from all the answers he gave. Loved the reference to Gordon Browne's gold sell off closing the mine and creating the opportunity for GGG to step in.
2. GGG feel they are being held back by Auzex. Some interesting comments by Paul which explained why that might be the case.
3. The take over is key to the immediate future and the longer term.
4. Paul seemed confident it was going to happen and was what the institutional investors really would be pushing for.
5. Value of company would increase immediately in investors eyes after take over.
6. This is already a big project with the infrastructure mostly in place and going to be a lot bigger in the near future. They are thinking to build at 5m te scale.
7. The evidence is the rock is quite brittle he said 0.7-0.8 (units?) compared to 1.2 at nearby mine (i think Edna) so easier to crush at higher rates and cheaper operating costs.
Most enthusiastic accountant I have ever come across. I know one investor topping up his morning as a result of that Q&A session. - Tandcs
Temu
AZX Price at posting:
68.1¢ Sentiment: None Disclosure: Not Held
