Ann: Change in substantial holding for GCY, page-22

I was buying just as you were posting I suspect Saragian, and I like the notion of that NRW tantric edge - falling towards mystery as the energies build

And your forward estimate in regards possibilities at GCY is eye popping.
I wish I was allowed to post there.

.... And Melbourne has three grades of twilight Saragian - astronomical, nautical and civil.
Tomorrow it starts at 4.51 am [ref]. The others are 5.25am and 5.58 am.....


And it was good to see Stuart McKinnon mentioning NRW in his story today about GCY’s ‘unlikely revival’ : )

cheers


https://thewest.com.au/business/min...sources-back-on-the-asx-boards-ng-b881699701z
$125m rescue puts Gascoyne Resources back on the ASX boards

Stuart McKinnonThe West Australian
Wed, 21 October 2020 12:02PM
Stuart McKinnon


NRW has emerged as the company’s biggest shareholder with nearly 15 per cent of stock owing to equity for debt arrangements. Credit: Unknown/NRW Holdings

Failed gold miner Gascoyne Resources has completed its rebirth by emerging from administration and relisting on the ASX.

The company’s unlikely revival follows a $125m recapitalisation that enabled it to repay creditors, provide working capital and fund exploration and evaluation activities.

Gascoyne now has a cash balance of more than $30 million with bank debt reduced to $40 million.

The relisting comes 14 months after the miner collapsed with $100m in debt after consistently missing production and cost targets since it delivered first gold in May last year.

Under administration, the fortunes of the company’s flagship Dalgaranga operation near Mt Magnet have improved owing to a revised mine plan, surging gold price and an unfavourable hedging arrangement being closed out.

A pivotal moment came earlier this year when administrators FTI Consulting decided to invest $10m in a cutback of the main pit which allowed contractors NRW Holdings to access higher-grade ore.

Since then, monthly production has consecutively exceeded 6000oz.

Gascoyne’s new managing director Richard Hay said the company had a platform that would enable it to pursue meaningful growth in a favourable gold price environment.

As part of its debt agreement with Investec, Gascoyne has been forced to hedge 40 per cent of its forecast production over the next 18 months (about 46,000oz) at a price of $2667/oz.

Former Northern Minerals boss George Bauk is the new non-executive chairman of Gascoyne and former Excelsior Gold managing director Rowan Johnston is non-executive director.

NRW has emerged as the company’s biggest shareholder with nearly 15 per cent of stock owing to equity for debt arrangements.

Gascoyne shares were trading at 55¢ at 11.20am, up from its 50¢ reissue price, giving the reborn entity a market capitalisation of $138m.