Open Letter to Andrew Paterson – Retail Shareholders’ Concerns and Expectations for GBR

Dear Andrew,

This is an open letter from GBR’s retail shareholders who’ve backed this company through thick and thin because we believe in its potential. We see the value in GBR’s projects, and we’re here to see this through, but the recent capital raise and handling of certain issues have left us with some serious concerns.

1. The Capital Raise and Its Timing

Let’s start with the capital raise. You mentioned in a recent webinar that you’d be mindful of “not blowing up the register,” yet this capital raise went ahead with a 22.2% discount, oversubscribed, raising $6.3 million instead of the initial $5 million. Many of us feel this move happened too quickly, right when voting sentiment was picking up around key resolutions.

This capital raise feels like a hit to retail holders, who’ve been supporting GBR all along. While it’s good to have interest from institutions, retail shareholders are effectively footing the bill through dilution, especially with shares now priced lower than they’ve been since 2021. We’d like to know how this decision benefits the long-term holders who’ve backed GBR’s progress so far.

2. Incentives and Accountability

Retail shareholders appreciate the importance of fair incentives, but lowering performance targets linked to share price doesn’t sit right, especially when it feels like the targets just got easier. If retail shareholders keep getting diluted, there should be more accountability tied to these incentives. We’d like to understand how future incentives will reflect actual value creation that benefits shareholders.

And on the corporate side, there’s a sense that GBR is prioritising short-term capital over long-term partnerships that could boost value without constant dilution. How is GBR ensuring it has the right experience at the board level to secure better outcomes and partnerships?

3. Clearer Path to Monetisation

We’re fully behind the goal of reaching 1.5 million oz, but it feels like we’re missing a clear pathway to monetisation. We want to know more about how GBR plans to lock in value as the resource grows. With gold prices where they are, this is the perfect time for GBR to set out a roadmap for staged production or monetisation that gives retail holders confidence. You mentioned some of this “background” work in interviews, but we’d appreciate more visibility on these plans, and when they might come to fruition.

4. Recognising Retail Shareholders’ Role

Lastly, retail shareholders play a big role in GBR’s journey, and many of us have held on for years because we see the potential. But there’s a growing sense that retail investors are being sidelined. We have faith in GBR, but we’re looking for evidence that our interests matter. If they don’t, retail shareholders will start banding together to advocate for a direction that puts us first.

In closing, we ask that you keep the lines open with retail shareholders and stay transparent around decisions that impact us. We want to support GBR’s vision for growth, and we’re asking for a bit more clarity and alignment to stay confident in the journey.

Looking forward to your thoughts on these points, and to a shared future that rewards all shareholders.