Canaccord GCY update (March 3rd), page-7

Hey Dim,
fair point about the cherry picking, though as you say, the leftovers (so to speak), are still economical, just lower grade.

Regarding the huge rise back then, well.. in a nutshell. GCY went from minnow (very undervalued for a short time), to potential mid tier producer (if you included the 'imminent' inclusion of Glenburgh). Dalgaranga was bought for peanuts. GCY's management at the time, had done amazingly well with GIR back in 2007/2008 (approx), with many shareholders seeing a 20x bagger. So many chose to back management again (lots of broker coverage too). Tie in the large increase in the POG, sentiment was high, timing was right, large capital raisings done (which also induced heavy buying by Insto's), company was fully financed for production etc. Exploration was also going fairly well, with Sly Fox getting added into the mine plan. At least, that is how my memory of it goes.

Then of course, the issues.. started. Grades not reconciling... Golden Wings, more like a Golden lie.... high dilution, lack of infill drilling across Gilbey's shallows, and well..... things fell apart. Too much debt, somewhat unlucky hedging and well... Admin beckoned.

You make an excellent point about the register now. Its almost all institutions. Retail has been slaughtered and exited the building.
Cheers for the T/A. I sincerely hope they play out close to you expectations. I have chosen to be quite overweight in gold stocks, particularly, producers. A play on the upside (which comes with the clear and current risk of large reversals - i.e. August to today).

GCY is the smallest producer I own, inherently, has the greatest risk simply due to 1 mine operating. So hopefully, my eyes are still wide open to the risks. Whilst last year was one for the record books, I think 2021 may end up being just as unique, but for different reasons (i.e. financial events).

Looking forward to GCY providing a little more color on their drilling program!