Ann: Corporate Presentation - Focused, page-6

To be honest, I am one of those holders who came across from SBM (lessons learned...). I did add some more sub $2 but not enough. My holding here is my smallest gold miner (EVN, RRL, NST, GOR being far larger) so I haven't paid as much attention to GMD as i possibly could have and its largely forgotten about in my portfolio, as I didn't want to add more gold exposure here, and also not to rotate out of my other holdings into it and incur tax drag and getting too 'smart' flipping around.

With GOR being all but redundant now and almost certainly to be delisted by October and getting a cash payment my total gold allocation will drop and will be faced with the decision if I want to maintain my gold exposure, where do I put my GOR funds? GMD being my smallest holding and having found a great appreciation for their work over the last 12 months are a contender, but also cautious given the run it has been on.

BGL is the value play I feel, but with that comes a lot of execution risk, although one would hope this is resolved going forward now. Have a few months to think about it, and I wouldn't really be against a sizeable 20% correction or more across the sector so I can get some in somewhere, as much as it will hurt the paper value of the portfolio. alternatively i can move away from the producers and into a handful of juniors, but that is a sector just fraught with shenanigans and risk unless you really know what you are doing in this space, of which Im not sure i qualify.

If GMD keeps up recent performance and executes well i could see it being quite a beast in a few years, remembering how (with some thanks to yourself for outlining history in some posts) NST and EVN got started and where they came from. What's a few % on the share price if GMD is going to be comparable to NST in a decade?