some thoughts about the buyback

Two weeks before the buyback period begins. Tossing around some ideas about how it might take place:

- GBE is fairly illiquid. I doubt GBE will end up buying back all the shares (up to 23 cents) that they have approval for. Invariably, not all the allocated funds can be spent. The share price will beat the buyback to 23 cents.

- There is probably plenty of off-screen sellers who wish to exit GBE. They will sell into any buying volumes. Removing this overhang will free up the price to move ahead.

- Whilst the buyback period is 12 months, I suspect much of the buying will be done in the next six months. Towards the end of the year, the pace of news will pick up on Kanyika - BFS, then securing finance from a Chinese financier/offtake partner, dual listing etc.

- I also suspect that GBE will want the share price on the ASX somewhat higher prior to the dual listing on the TSX. Otherwise, potential Canadian investors will be thinking, "why should be pay more to buy into the GBE float on the TSX. We may as well buy them on the ASX." There is no point floating GBE on the TSX (the Kanyika assets) if it doesn't realise a higher price than our current cash backing price. Either way, the dual listing should see an arbitrage occuring.

Just my thoughts. In the meantime, unless people are desperate for cash, I see no reason to sell in the next 2 weeks prior to the buyback, and many good reasons to buy.

Yaq