General Discussion Topics, page-2945

You mean the Shepparton mafia, perhaps?

I think the main problem for GBR is the same as for most junior explorers at the moment: retail interest in the sector is limited and capital is expensive, sometimes ridiculously so. To be fair to AP, he spends the dollars exploring, as we would want. But that sends us back to the brokers sooner than we'd like, which means the drill results have to be compelling to get the share price up before each new raise.

At the moment a decent story is starting to take shape but it has not been exciting enough to grab market attention. The other problem is that we are overly dependent on the potential interest of one suitor, who is unlikely to offer much neighbourly help if it means that a buyout costs him substantially more in 18 months time.

Somehow GBR needs to find a way of generating wider interest, perhaps with some creative partnering that creates a little more competitive tension in the region. Alternately, bite the bullet and take a strategic investment from a larger partner, although this will probably put a lid on the upside potential.

A few months ago there was talk of initial mining at Ironbark. Perhaps there could be some kind of deal there that brings in cash to fund further work at Mulga Bill. But we all know they are going to have to raise again relatively soon. I'd prefer they do it sooner, rather than wait until the last possible moment. And maybe raise enough to get them through full year 2024. It'd be more dilution, but it would give them more time to grow the company into the next chapter.