Only GMD can turn a massive reduction in reserves into a...

Only GMD can turn a massive reduction in reserves into a positive.
I tip my hat to the team, they truly can walk on water.
Let alone the 1m ounces of reserves at Tower that won't be mined until FY2028 (4 years away).



Looks like they are going to have to throw an awful lot of non-sustaining capex at the two projects.



GMD is actually very lucky that POG is flying, otherwise for the next 2 years they would have been at best marginally profitable.

Can GMD actually state this in an ASX release?


Implied.... sheesh I could imply that if I made $100 in 15m, then logically, my yearly income is $490,560.

As for Tower Hill.... I struggle to see how a strip ratio of 9:1 is great, when you first have to spend $120m in pre-stripping.



Interesting that they are looking to take on debt.
With GMD script priced for perfection, surely it would make more sense to print some more shares (like RF has been doing since he took the helm, though... respect where it is due, at ever higher prices).



If nothing else, GMD is bloody good at making presentation material.
Hard to find a gold miner that sells itself better.
Still seems obvious to me that they will make a move on RED. Then feed tower into it. Then sell DCN mill and the old SBM assets (BDC).



In the end though, well done to GMD holders. The returns being made are impressive.