I attended the AGM also and have to say that I agree with most...

I attended the AGM also and have to say that I agree with most of what Red-Frog raised as concerns.

There was one or two questions asked that I personally would not have asked and I have my reasons for that.

The biggest issue I see at the moment is definately this Cabe takeover and its effect on GPN. If it doesnt add value to GPN it will cripple it in my view. The reasons for concern include:

-No method of valuation was detailed except for what the "neighbours" are doing, which raises the next point

-valuations based on what the neighbours have, show that we are without doubt paying too much for Cabe based on the information chosen to be released by the company

-they couldnt/wouldnt answer how they valued Cabe other than they "think" its prospective but cant say why they come to that conclusion

-those who bring the deals to the table end up with most of the assests brought to the company as well as those already held by the company (big concern, same people)

-through the results of the recent drilling program at Peak Hill, one could now argue they have a history of aquiring so called "prospective" land (purely based on what the "neighbours" were doing) to effectively aquire a greater % of KNOWN JORC resources, yet yield no positive results for the company - in other words get it for next to nothing. Admittedly, there is still plenty of ground left to be explored, however, at a cost.

-it appears as though no value can immediately unlocked form the Uranium tenements yet Gabanintha is in a position to yield immediately.

-they dont raise any money from these deals. They aquire more land that appears to be more of a burden that a help as it will cost $$ to explore.

From my own research I do believe that the tenements that Cabe possess are prospective for Uranium just as the tenements that Apogei have are also prospective. However they are definately paying too much based on the information released so far. It is my opinion that the only way these deals can be justified is if ultimately most of the gains made by the company is through those aquisitions. We are probably talking 5 times as much value ultimately from these deals than from the pre-existing JORC resources at Gabanintha/Nowthanna and Riverina Royalties.

On the positive side the board believe that they are now in a position to take the Gabanintha to next level through a third party, likely overseas company, by way of some some buyout/royalty arrangement or possibly offtake agreement or similar.

The board have also said (at the YRR AGM), that the Cabe deal also represented the LAST of the major aquisition type deals. Thank god for that. One could easily come to that conclusion though for various reasons.

On another note, I also belive that the 3 companies are now in a position where they can, should they chose to, aquire many more Uranium tenements through out the northern territory without the attached dilutionary effects, through the companies they have recently aquired. They would be in a position to this immediately. Again, this is only if they chose to. I am hoping it pans out that way. It is worth noting here that if they do, it is much more likely that these deals will prove their worth in the long run.

I can see the game plan these guys have, and it is as much a plan for tomorrow as it is for immediate growth. It is a plan that I would be happy to wait for if
A) It didnt cost me any gains from the assets GPN originally had, being Gabanintha, Nowthanna, and Riverina royalties
B) It doesnt come at the cost of TIME which makes my substantial option holding worthless (which I bought purely because I thought progress on Gabanitha would be faster)

I can see a potential plan but the price is being paid in advance regardless of if it comes to fruition or not. These guys are also not being very clear in their actions and they are leaving it to the average investor to try and draw their own conclusions. A bit more transparancy wouldnt go astray. That way people wouldnt have to go digging.

If we can secure an offtake agreement or similar to secure some immediate cash flow, then at least my oppies may be safe and the company can survive. It will just be a shame if these deals have destoyed what "could have been" with this company.

I can see the potential, but judging by what I see on the surface, it becomes very very very very hard to believe. I hold in hope.

Enough said.

Although i hope we dont need it, Good Luck people.