Given were in COVID lockdown here I have some more analysis of...

Given were in COVID lockdown here I have some more analysis of the GNM mining call options:

Forget the GNMOAs as the 18.5mio expire this December at a strike price of 18c.
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The GNMOBs with a strike price of 2.2c and expire 1 July 2023, going by the last annual report (and there has been some of these issued since then in the last capital raising where their current capital raising broker from WA were given 20mio of them); Our largest shareholder had 32.9% of them and the top 20 option owners held 21% of them. So concentrated.

The GNMOFs with a strike price of 1c and expiring November 2022; our largest shareholder owned 25.8% of them and the top 20 options held 81% of them. Again, tightly held.

Finally, don't forget we have broker mining call options with an expiry date of November 2023, with the previous broker who last year conducted a capital raising. They will come into the money and provide additional drilling capital if the price rises towards or above 3c. Those broker ones are in 3 lots of 22,262,414 options at following strike prices: 2.4c, 2.9c and 3.3c. If they were all exercised 'IF' the share price were say above 3.5c would provide GNM another $1.914million in drilling capital.

In summary and again just my opinion, if the drilling results come out really good, they have the mining call options to keep funding drilling and not have to go for another capital raising to come up with an eventual sizable resource to attract one of the nearby big boys to take them out. That is what our current geologist achieved with Echo Resources being taken over by Northern Star Holdings (NTS) in late 2019 (go look it up because when they started the Echo drilling campaign at 3.5c they came up with a resource and the share price went to 13c. At 13c, NTS made the takeover bid of Echo at 33c. So he has done it before. Now lets look at a nearby big boy neighbour (neighbours can be a few 100kms away in outback North QLD), Evolution mining for example.

If you read the Evolution mining presentation report on the ASX that came out on Friday (go read it), they intend to spend up to $1bio on gold mining expansion on their existing and prospective leases. GNM is in the vicinity of several large mines like the old Kidston and the current Evolution Mining, Mt Carlton gold mine which is 150km from Townsville initially found a 3mio gold ore resource. Now the reserves are down to about 728k oz so they need to expand the reserves to keep the mine going. Now if our GNM team finds a decent sized resource and this is just guessing work by me, we could come up on their radar or another major producer to eventually take us out. I am just assuming this is a possible game plan by our current directors.



Some dated info on Mt Carlton which is not that far away from GNM, below I found on google:



In the meantime, one small step at a time towards the end game (just my footy analogy) objective.