agree... something isn't stacking up.why hasn't there...

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AyDee

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26/05/25

23:32

Post #: 79197132
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Originally posted by petesdream: ↑

RIO's new JV with Codelco for the Maricunga project is unfathomable. $1.4B commitment to the project for 50% in a JV

This is the same project LPI once owned (50%) and sold to Codelco back in September 2023

Just to give some GLN context:

LPI was taken over (their sole asset a 50% interest in the Maricunga project) for $385M
This represented a 119% premium to their ~ $175M market cap
GLN at the same time had a ~$240M market cap

Rough peer-to-peer valuation for us based on this sale would have been ~$530M

So 37% higher.

20 months later, we pump $120M into our project (HMW) and have a market cap of $95M.

20 months later Maricunga gets a 50% commitment for $1.4B

For equivalency purposes, this would equate to a $960M JV for us...right now

I could go on further to say we are also now fully permitted and have an export licence. Maricunga doesn't appear to have any work completed on it since the 2023/24 sale - it's currently unpermitted.

I must be missing something here? This seems absolutely bizarre.

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agree... something isn't stacking up.

why hasn't there been aggressive takeover offers etc..
just a vague Authium 'offtake' with no real clear information surrounding it
GLN Price at posting: 9.7¢ Sentiment: Hold Disclosure: Held
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Last 9.6¢		Change 0.002(2.13%)		Mkt cap ! $91.96M

Open	High	Low	Value	Volume
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Price($)	Vol.	No.
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No.	Vol.	Price($)
2	91362	0.093
5	197032	0.092
1	55914	0.091
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1	11235	0.089

Price($)	Vol.	No.
0.096	805	1
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agree... something isn't stacking up.why hasn't there...