Yes, exactly mate. I'll admit I was surprised, however I have...

Yes, exactly mate.

I'll admit I was surprised, however I have said my peice now.

It could have been as simple as the new board and substantial shareholders having irreconcilable views.

Or there's the options below:

1. Reverse takeover/acquisition

A. If it is tech then it would need to be decent as I assume it's classed as a "significant change in nature" under new rules and may require a full prospectus. Fintech or blockchain/crypto would be nice.

B. Mining assets that are able to attract capital in current climate (Gold and cobalt in Africa etc)

2. A decision on current projects, Mt adrah with strong gold price, or Halls peak with very near term prospects but challenges. Either will require capital and work to develop.
Assays due soon on Mt Adrah.
It's my understanding that halls peak is ready to drill so will be interesting to see if it goes ahead.

In hindsight the shell play timing makes sense. MQR done and dusted, spill meeting resolution voted down, current assets now in a saleable state, consolidation complete, cash raised, corporate structure correct, shareholder spread correct, ~2c share price. Ev $2-3m. Non-exec directors.


To be fair GTT did a good job with the MQR IPO and have managed to attract quality directors to projects, but if the same was to happen with current assets you would expect a pro rata issue in the new vehicle.
The 4ce board of Darras and Stephens looked to be of quality and were getting on with the job but the share price was hardly agreeing.

Going to be a roller coaster ride for shareholders but GTT have plenty of exposure to this one so the end game may surprise.

All IMO