New GSA pricing confirms what we all expected - sales will land around $45-50m pa ($37m FY24) and Free Cash Flow of around $20-25m pa ($5m FY24). Incorporating cash balances this will gives us close to $50m in funding available for drilling and distributions over the next year - which demonstrates the value here for a $50m market cap.
IMO the key to share price appreciation will be delivery - both in terms of exploration and returning capital to shareholders. The former is earmarked for Q4 25 and Q1 26 and I'd imagine they're planning to leverage any success on this to announce dividends / buybacks at the AGM in 2026.
GLTAH
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