Nice to see performance rights that mirror the strategy that we...

Nice to see performance rights that mirror the strategy that we have been hearing now for 3 years, with consistent timeframe also. And my thoughts on reverse share split and more below.

A rights - might be considered a bit suspect given decisions to delay the SS earlier, but at the same time, the previous rights were also considered pretty weak (indicative Oz only), and those still not achieved just yet. These A rights at least indicate a minimum expectation that we would all celebrate, even if possible just a month or 2 after issue. A lot riding on the independence of the SS writers.

B rights - now this is where the excitement and focus ought to be. First gold pour commitment there in writing for all to see leaving no doubt as to the board and managements objective. No aim for a take over, aim is squarely for production. If you want to be cynical, they already know this will happen and are pre lining their pockets. All I can say is go for it, win-win is the sign of a good performance plan and alignment of shareholder and management interests.

C rights - these only strengthen the significance of the B rights. Won’t be getting the lion share of the C rights if B not achieved well in advance of C. So that says timeframe to production is 3-4 years and full steam toward that objective is most important and exciting to me.

Reverse split - only a red flag issue for companies on a long and sustained downward trajectory. We are a growth company and far more likely this is to ensure investment investment mandates for superfunds and corp investors can invest as many have rules for minimum share prices (to avoid risk associated with what are usually very high risk). In US, can’t stay listed if under $1 per share for more than a few months.

No one should ever buy a share based on share price, always market capitalisation, but then us accountants like to mess with minds and thus keep the upper hand. I’m here to tell you a low share price (cents) is not necessarily a sign of weakness or strength, but a price of $100 will surely keep the rabble away more easily because of a perception of human mindset. It is marketing, and just as $4.99 seems a much better deal the $5.00, is effective in the same way a few cents and ability to buy millions gives an incentive to the naive to have a go thinking it must be a bargain.

I don’t care if $1.50 per share and 10 times less, just makes my target price $8.00 in a few years and just as retired early. Although having a few million shares might look and feel good, a million $ looks and feels so much better and frankly is all that matters.

If i’m concerned about anything - it is the 25% limit on share issue, but fully expect the $300m market cap to be exceeded by time of vote and thus withdrawn. Want shares offered to holders first, not the click collect and wash brigade who didn’t ride the risk train these last 3-4 years and have benefitted handsomely by discount offers followed by the not completely unexpected good news.

GLTA, has been a fun ride to date and holding for the next 5 years will see many a dream come true I feel.