Ann: Results of Annual General Meeting, page-3

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Capped02

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31/01/22

17:50

Post #: 59252217
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Originally posted by bene449: ↑

The first positive was the second largest share holder did not vote against the remuneration report which I think is the first time for 5 or 6 years so the spill motion was not needed. Hopefully a sign of better cooperation.

The initial plan from memory was to process the best ore first to pay back the capital in 18 months, not now.

Power and roads are the big issues and they have been promised the power but dont know when it will all be available to run the full blown mine. The plan right now is to raise 15% of the capital and build a much smaller facility. The material produced will then be sold to prospective customers so they can evaluate fit for purpose for their products. Mine construction will then move forward in phases as facilities allow.

There will be a capital raising of some sort to take them through the next 6 months or so but not for a significant sum and the details are unknown but I asked Grant if he was confident of been able to trade through the foreseeable future and he was very positive.

No point discussing the DA and GBE have not met the new minister yet but all where confident.

Capital costs for the entire project are lower now , one main reason given was the original cost assumed SA companies and labor would be used.

At least 2 sh suggested Grant be used to sell the GBE story more. He is a good speaker and comes across very well and all agreed this would be positive.

Another point Grant made is that Malawi people read internet forums so critical comments are not productive. Common sense should tell people that.

They hope people will be relocated by around April 2023 but that depends on a number of factors including the weather. I know the wet season there runs from around November to April. it was stated that people should not expect boots on the ground the day after but they seemed ready too build the initial small project as fast as possible. Maybe they will use diesel generators for that, Tshipi mine in SA uses them, that's just a guess. Maybe there will be enough power for the initial small build.

The volume on the Microsoft teams meeting was not the best but I am confident in what I have written. If you have any doubts then contact the company or just ignore what I have written and think what you like.

On a personal level I think the sp will continue to come under pressure but I am much more confident that they have a good story to tell here

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Thanks Bene, it's good to have some SH at the meeting.

Interesting that GBE has chosen a phased mine start up, maybe they are looking at keeping the dilution to a minimum? I will read & digest the full report later tonight.

GBE Price at posting: 7.5¢ Sentiment: Buy Disclosure: Held
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Ann: Results of Annual General Meeting, page-3

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Ann: Results of Annual General Meeting, page-3

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