It's an interesting interview, I'm glad they are on board.On...

It's an interesting interview, I'm glad they are on board.

On their criteria for a good investment and your comments:

1. Proven "Top Management" with experience. I'd say jury is out on this one for GBR. Excellent geologists, who seem pretty good at squeezing the most out of their funding. But is there the corporate/financing/dealmaking expertise? Perhaps that is coming soon....

2. Skin in the game. Would be good to see the board buying more shares on market, especially with AP implying that the company is significantly undervalued. It's not always easy to do this between drilling campaigns, but it would add credibility.

3. Jurisdiction and Location. Yes, GBR looks well positioned here. Would be good if there was a rival to WGX as an obvious suitor, but otherwise GBR looks primed for consolidation in the region. No one can seriously believe that we will build our own mill (unless there is a spectacular change in the pace, scale and grade of discovery), so it's going to come down to who bids for the ounces. But then see Points 1 and 2 - do we have the optimal leadership team to maximise shareholder returns in a context like this?

4. Risk of dilution - 12 to 18 months liquidity. I'm hoping that there won't be another capital raise until Q4 this year, at the earliest, so we just about pass on this final criteria. AP's interviews in last few weeks also seem to indicate a deliberate go-slower approach in 1H, as they wait for interest rate cuts and hopefully a subsequent increase in the gold price (I'm wondering if these cuts are already largely priced in to the gold price, though). If it is a more subdued approach over the next two quarters, it seems less likely that we will need to raise again before Xmas.

Overall, there's still a lot to like about GBR and its prospects – despite the share price underperformance. Just got to be patient here, hope for success in the next rounds of drilling, and that the macro tide lifts all boats over the remainder of 2024.