Ann: New Yandan Geology Model Defines Compelling Targets, page-8

Agree that share price would not be where it is now if capital markets weren't decimated.

I would however say that most gold junior investors/speculators would welcome a banking crisis. Its great for gold juniors and majors (see below). It is however destructive for indebted juniors with inaccessibility to capital (i.e. GBZ). Next CR will be brutal. The chart is horrible. And the side projects are a liability. Without some predatory options and a reset of the capital structure at below something like 20cents i am not really sure who would be keen to issue capital. Why issue capital to pay off some one's debt?

There is real risk of GBZ going into administration imo.

Keep in mind that Newcrest will have first right of refusal. This is a deterrent for any take overs from other miners. The pool for new capital is reduced. The work required to buy a junior is no different to buying out a positive cash flow producing mine. So why put in the work?



I wouldn't say my loss is bad luck. Its more of a miscalibration of the probabilities relating to:

1. ease of off loading distracting assets
2. ability of management walking away from liabilities (i.e. shutting down WD)
3. bear flag vs basing pattern