GMR Massively undervalued per Oz of Gold, page-322

***We have endeavoured to keep our exploration work programs going rather than to stand still. This has meant a number of capital raisings have taken place over the past 12 months. While our work has been rewarded, we are also mindful of necessary dilutive effect these capital raisings may have (to the extent shareholders have not participated). The Board and management continue to endeavour to do what we believe is in the best interest of the Company and to place it in a position to advance toward our vision of becoming a producer.Our primary focus remains the Balogo and Korongou projects in Burkina Faso. These projects differ in nature, are at different stages and both provide considerable potential.****

same as above continuing 2020 and no shareholder value added, only raise more and almost 2 billion shares on issue