I've been following Golden Rim since 2011, and a holder most of...

I've been following Golden Rim since 2011, and a holder most of the since 2013. What follows is my personal, subjective opinion formed without any authority or information other than what's publicly available.

In the time I've been following management has demonstrated that they can find good prospective ground, put together and execute an exploration plan, and deliver a defined JORC resource. They have also shown themselves to be very innovative at monetising assets and diligently preserving capital. The best example of this was the Balogo prospect, which was sold for a total of $US10million. This was later brought forward from a trailing 1% commission on eventual gold sales from the mine to an up-front payment.

The finds received from Balogo were used to exit Burkina Faso about three years ago at a time when the national government was under pressure form internal rebellion and Daesh insurgency across the border targeting foreign workers. Sovereign risk was considerable at that time. This was when we acquired the Zinc property in Chile. Further funds were applied to extending and infilling previous exploration with a view to completing the well-progressed feasibility study. Grades have been good and the exploration target is open to the south and east, and at depth. The Australian market collectively yawned over the exploration results.

With the lack of interest in the zinc property, and the sovereign situation in Burkina Faso restabilised, we made the decision to reopen exploration in Kouri.

Capital raisings have always been for very specific and targeted purposes with defined end points and clear intentions. This remains the case. However the dilution has been the cumulative result of things never quite eventuating as predicted/expected/hoped. I guess you have to be an optimist to be involved in exploration, and perhaps that's why we've always expected things to turn out just a bit better than they have done so far. A number of participants such as Hartleys and Ausdrill still see sufficient value in the company's prospects to provide services in return for equity or even options rather than cash.

The one thing that's missing from the picture is that the company has not been able to deliver even a completed feasibility study let alone develop a mine in the time I've been following. That doesn't mean they can't... it just means they haven't shown they can.

We appear to have a moderate grade, near-surface exploration target with potential to produce a 1Moz to 1.5Moz defined resource. Infill drilling in the unproven south-west is going to be important, with the potential to significantly increase the defined resource toward (possibly beyond) the high end of the range.

I have hopes that the ore-sorting technology recently tested on ore from Paguanta will produce similar improvements in the economics at Kouri.

Anyway I hope my meanderings are useful.