No @tomsmithidg - no change - however in my case I'm not providing a high conviction valuation, more of a price target that I think they can get to, and once gold starts running again and GG8 keep finding more gold at both Mulwarrie and Comet Vale they could easily double their market cap from here, which would be around that mark - 75 to 77 cps.

If Ora Banda has a sniff because they want to get Mulwarrie's ore for their Davyhurst Mill, then GG8 could easily go higher than my 77 cent PT. There's more than one way to win with GG8 - through M&A or else if they go it alone and either build a mill or get their ore toll treated at a nearby mill. And of course there's also multiple ways to lose, but that's the risk at the smaller end - much higher risk, but these companies can multi-bag in a short amount of time also - just look at Forrestania (FRS) - who were trading at below one cent in January and early Feb this year and are now 28 cents/share. They've risen +3400% (gone 34 x) from their year low of $0.008.

And I like GG8 better than FRS, but that's for a variety of reasons including that FRS have already had that massive run and GG8 haven't, yet. I also know GG8 a lot better and I like their management, especially their technical director Simon Lawson and their CEO, Charles Hughes. The big difference is that FRS have just bought an old gold mill from HRZ (the Lake Johnston mill, as announced on 18th November) and they (FRS) have been quite active with other M&A as well, and the market likes their momentum. They are also cashed up after their very recent CR to raise another $35m. FRS are building something decent out of next to nothing in virtually no time at all, and the market likes those sort of stories. It's how Raleigh Finlayson used to operate in the Saracen days, lots of wheeling and dealing, and providing excellent shareholder returns without paying dividends, and Ral's been doing it all again with Genesis (GMD, which I also hold). FRS are very, very tiny compared to GMD, but people are always trying to pick the next growth story.

I like GG8 because I like their land (tenements), the grades of gold they are discovering, and their projects' proximity to operating mills owned by other much larger companies. And I like their management. And I also like their regular shareholder communications. They don't keep us in the dark - they keep everybody informed about what they are doing, and what they are doing is mostly drilling, and they are regularly sharing those assay results from all of that drilling, and it continues to be good news.

Today was an important step because it confirmed what most people had already assumed which was that their Mulwarrie gold is easy to extract from the ore and doesn't require a more expensive mill. Mulwarrie only requires a conventional mill with a Gravity Circuit and a Carbon-In-Leach (CIL) circuit without any pre-treatment circuits like ultra-fine grinding, pressure oxidation, roasting, or biooxidation to liberate gold from locked or carbonaceous minerals. That sort of stuff is often needed for refractory ore, and Mulwarrie and Comet Vale don't seem to have much of that, which is a good thing!

A sample from the Lakeview prospect at Comet Vale showed a high total recovery of 97.5% with a significant portion recovered within a short time frame, indicating the gold is not strongly locked within refractory minerals. While the specific refractory content for the broader Comet Vale or Mulwarrie deposits is not detailed, the initial results point toward a very favorable metallurgy for processing that ore.

So, yeah, nah, no change to my investment thesis @tomsmithidg - GG8 is still travelling along nicely. No land-mines yet.

Additional: And on the timeline, no, they don't really have a timeline in place yet because they're still early stage, not yet at the study stage (SS, PFS, FS) however it's just good to see stuff like Met Work that needs to be done, getting done, and crossed off the list. Both Comet Vale and Mulwarrie are at the Mineral Resource Estimate (MRE) update stage, where GG8 are drilling around their known mineralisation wherever their deposits are still open, to find more gold and grow the projects' respective MREs, and they will announce a series of new larger MREs for each project as they grow those MREs significantly.

At some point they'll have found enough gold to announce a scoping or pre-feasibility study (SS / PFS) and once we get to the PFS stage we will usually have some sort of indicative timeline through to production. Realistically, if they were to build their own mill, I wouldn't expect gold production from GG8 before 2028 or 2029, so that's what I mean about early stage. However, you don't have to stick with them all the way through to gold production to make a really good return out of them. They can go through a number of positive re-rates by the market between now and then - including the phases described by the Lassonde Curve. (see here: https://miningexplained.com/the-lassonde-curve/). ...which also describes periods in which a project developer that is transitioning towards becoming a producer may often have a falling share price - often during the study phases, then they garner more interest again once the mill is in the build phase, commissioning, ramp-up, operational improvements, etc. Once in full production the share price may then reflect the movements in the underlying commodity unless the company continues to find more good grades of fresh (new) metal (gold in this case).

Point being if they get things right and find plenty more gold there can be significant upside irrespective of how long it takes them to get into production.

I have shared here previously that I personally view GG8 as an explorer who loves the hunt and the drilling, and I personally think they'd be quite happy to prove up these deposits and then sell them off to an established gold producer who wants to increase their own reserves, and then keep doing that and moving on to their next project. Rinse and Repeat. The natural owner of Mulwarrie is probably Ora Banda just because of where Mulwarrie is in relation to Ora Banda's Davyhurst mill, and Comet Vale could become an attractive M&A opportunity for a number of producers once the full extent of the gold mineralisation there becomes clearer. So with GG8, M&A wouldn't surprise me at all, however I'm holding them on the basis that I believe they can take one or both of these two projects through to production themselves if nobody acquires them. But that doesn't mean that I will necessarily hold them all the way through to gold production. It depends on what happens between now and then.

Thanks @Bear77 , awesome detail as always.