When you look at the leadership team you will findthe old team...

When you look at the leadership team you will findthe old team left this lot with their (former people you are blaming in some cases) mess to clean up. I warned some time back that this company was in trouble. The new team is not responsible for the disastrous purchase of Allied Gold in 2012 that included Simberi (PNG) and Gold Ridge (Soloman Islands). They were not responsible for the Atlantic purchase in 2019 (Nova Scotia).

SBM got the Sons ofGwalia purchase right in 2008 as a distressed asset. They made that work. It is an old mine going back to J Edgar Hoover and hence the new name they have come up with. The Gwalia purchase included other assets being Southern Cross, South Laverton (both sold 12 months later) and Leonora. They picked up KOTH with the Gwalia purchase and used the UG operation from 2011 to add ore to the Gwalia feed. They sold KOTH to SAR in 2015 who sold that asset to RED5 in August 2017. KOTH was a hidden gem that SBM and SAR sold; but at least SAR were successful.

I am still assessing this for clients; part way through and was interested in shareholder views. It has been a good exercise. Posters above pointing out that GMD are yet to complete their DCN take over are spot on. Yet the big money is backing GMD (Raleigh) to get this done. He did a great job with SAR. We have to admit that. We are still waiting for S2R to gain traction despite their former success. The market does not always get things right. Stay alert and agile; that is my suggestion.

GLTAH CW