And so we wait for an answer from the court while the shares go down. Surely the officials can make a decision faster than this. If it was a pay review for themselves I am sure it would have been resolved immediately.
Oh dear. Very bad news indeed. Sadly I suspect there is a political and personal agenda in play here linked to the individual behind the judicial review. If you believe the RNS then it reads very much like a discriminatory decision. I feel sorry for the individuals affected. The whole set up here just doesn't feel transparent.
I know it's mind bending isn't it. Just think how Galantas must feel?
They had 3 months to make the decision and looks like they'll use all 3 months available, they are an absolute joke.
Still great progress made by Galantas, they have amazing knowledge of the site and all the expertise of former employees to tap in to. They just need a break from the authorities for a change. Seem to be doing everything they can to stop them mining gold and boosting their local economy!
Now the courts are holding everything till February next year. You would think that in the present climate for Ireland they would want to see production as soon as possible but now the courts haven't got the time for this hearing.
Boards are very quiet which is a good sign. This one is very much under the radar. That should change this week - hopefully. This company has the potential for a 30 - 40k oz low cost mine with a LOM of as much as 20 years IMO.
Much of the infrastructure is already in place and the capex is comparatively small. Should be a very interesting quarter for this company.
I don't expect it to be long before we hear news of the financing deal too.
Anyone still here? Quiet board is sometimes an indicator of good value.
Looks like we're finally into the most important month of this company's life. Should be the start of a transformational period as we go from explorer to producer once the decision goes the right way end of this month. I imagine the financing will be wrapped up pretty quickly with gold flying around £1,000/oz, well above the £750/oz in their economic study. Hopefully mainly through debt rather than equity.
Great news out today, Could significantly reduce the debt pile should the area identified be viable.
2016 The Great Irish Share Valuation Project (Part II):
Company: Galantas Gold Corp (GAL:LN)
Last TGISVP Post: Here
Market Cap: GBP 7.2 M (assuming the latest Placing/Debt Exchange)
Price: GBP 5.25p
[NB: Most shareholders will be happy with the London listing, but I should highlight GAL:CN may actually offer better liquidity.]
Dont let the prices from my last GAL write-up fool you the company did a 5-for-1 consolidation shortly thereafter, so todays share price is actually lower. But not by much, which is rather surprising, as nothings really changed here granted, final planning approval was given last year for the underground gold mine well, it was meant to be final, but an individual managed to spike it, so its dragged out til Sep-2016 when its before the court again. [Presumably, the same indefatigable individual whos been a thorn in their side all along surely they could have hired some unemployed ex-paramilitary for next to nothing, and sorted the problem once & for all?!]
However, they did manage a resource upgrade, so that helps Im still comfortable with my long-term $150 per proved oz in-the-ground gold valuation, so in this instance Ill apply a 50% discount to their 32 K of measured oz & a 75% discount to their 148 K of identified oz (ignoring inferred resources, at this point). The company has CAD 0.6 million of cash on hand, CAD 0.8 million of net payables, CAD 3.8 million of related party debt (which, of course, presents a potentially serious risk for minority shareholders), CAD 2.4 million gross from the new placing/debt exchange (presuming it goes ahead), plus we also need to adjust for a CAD 1.7 million annual cash burn:
((32 K Measured * 50% + 148 K Indicated * 25%) * $150 per oz * 1.3026 USD/CAD + CAD 0.6 M Cash 0.8 M Net Payables 3.8 M Related Party Liab + 2.4 M Placing * 95% 1.7 M Annual Cash Burn) / 1.9048 GBP/CAD / 138 M Shares = GBP 2.6p
Galantas remains substantially over-valued. God knows how many more years it takes here before an underground mine actually goes live, if ever which means the resource component (i.e. the major component!) of my valuation could be academic at best!? Not to mention how the development of the mine would actually be funded
Price Target: GBP 2.6p
For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
There is definitely gold in commercial quantities (subject to current POG etc). I hope common sense prevails again with the resulting outcome of the judicial challenge by one individual to the planning consent granted last year for an underground mine. Outcome by end of Sep 16.
This petition was stalled in parliament since 12th Aug 15; finally green lit on 12th feb 2016.
The FCA don't even reply on the matter, now is your chance to have your say.
If you hate seeing buys reported as sells etc!!!!!!
Has already been sent to Martin Lewis, Daily Mail, Moneyweek & Watchdog.
My local MP supported this petition by writing to the petitions committee to help un-stall it.
Theres 650 MPs in Westminster, So have you written to your MP? 649 to go!
If this petition doesnt reach 10,000; then imo we might as well have not bothered as it will almost certainly be filed B1N; @ 10,000 the government should respond. We are currently getting approx. 100 new signatures a week, but need 3x that amount to reach the target with only 15 weeks to go.
At 5000 I will send this to the PM & the chancellor as well as my MP again.
So If you havent yet signed or indeed have but havent passed it on to others, then nows the time to do so. If each person who has signed can get just one other person to sign then we will double the total immediately. I have posted to all aim listed gas n oilies, currently doing the footsy 100. But I can only do so much to push this. Really need you guys & gals to help. Thanks to all who have signed so far.
We really need a social / media savvy individual to help generate more interest in this.
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