Spot on @jcmleng - GNG are certainly in a sweet spot, especially right now, as their contract win announcements this year are going to prove. That O&G "stabilising cashflow" point is also a good one, because that division - GR Production Services (GRPS, formerly Upstream PS, acquired in 2013) offers integrated operations, maintenance, and asset management services to the energy sector, specializing in conventional gas, coal seam gas (CSG) to LNG, carbon sequestration, and green hydrogen projects across Australia, and they generally operate on multi-year annual recurring revenue (longer term ARR) contracts, and many people don't even realise that GNG have that division. It does pay to note however that it is substantially smaller than their main division, GRES, or G.R. Engineering Services, which is where the bulk of their revenue is generated, and that GRES revenue can be lumpy due to the one-off nature of what they do.

When you say GNG (GRES) stays involved for decades in processing plants, that's because they get involved at the earliest planning stages providing scoping studies (SS), pre-feasibility studies (PFS), definitive/bankable feasibility studies (DFS/BFS or sometimes just called FS), FEED (front-end engineering & design work), right through to the EPC (build contracts) with EPC meaning Engineering, Procurement and Construction. GNG specialise in fixed-cost or targeted cost EPC contracts which makes them especially attractive to smaller gold/copper/whatever project developers who need some certainty around costs to put together their funding packages, particularly if it is their company's first asset that will enable them to transition from an explorer / developer to becoming a producer (pre-revenue through to profitable revenue).

Beyond that, GNG fully commission those plants and assist with getting them up to nameplate capacity or above, and their track record is of ususally achieving that on-time and on-or-under budget. Beyond that they are often called in to expand existing processing plants or to to build additional components (such as paste plants) for existing mills. GNG are currently expanding VAU's KoTH mill (having recently compled stage 1 of that expansion and moved straight into stage 2) and also EVN's Mungari gold mill (EVN called it their Mungari Future Growth Project) to expand that processing plant's capacity from 1.5 Mtpa to 4.2 Mtpa. GNG have also recently announced (8 days ago) that they have won an additional smaller contract ($68m) with EVN for EVN's Northparkes Operations (in NSW) called the Northparkes Coarse Particle Flotation Project, to upgrade the existing plant to enhance copper recovery and improve energy efficiency.

So I say that to emphasise that GNG are involved in most of these projects from the very earliest stages and remain on call to go back in and expand these mills as required or add components or make improvements to allow even further efficiencies and annual production increases, and their recent flow of contract wins underlines that.

They do mill modifications also, as they will be for MRT (formerly HRZ) with their Black Swan Mill, to convert it from nickel to gold. There's a similar opportunity for MM8 at Forrestania that GNG should also win. And they work for the smallest gold juniors up to the largest Australian gold miners. GNG announced preferred contractor status for junior goldie Brightstar's (BTR's) Laverton gold mill (worth around $115m to GNG) earlier this year and then followed that up with their largest contract win so far this year, being preferred contractor by Genesis Minerals (GMD) for the EPC contract for the Tower Hill Gold Project at Leonora in WA. The scope of work comprises the design, procurement, construction, installation and commissioning of a ~4 Mtpa gold processing facility. GNG said the estimated contract value is $225 million. Approximately $20 million of critical path long lead items had already been ordered. GMD confirmed that GNG are locked in to do that EPC contract on page 1 of their (GMD's) 16th April (yesterday's) March 2026 Quarterly Activities Report: "GR Engineering Services (ASX: GNG) to build new Tower Hill mill at Leonora; 3.5-4.0Mtpa, capital cost A$250-280m, new plant will deliver substantial operating cost savings."

I have talked about other contracts that GNG are very likely to win because they have done all of the studies for those projects - and that newsflow will underline just how busy they are going to be over the next few years with all of these projects. Even gold projects that had been mothballed in prior years are being dusted off now with A$ gold staying over $6,000 per ounce (currently trading at around A$6,700/oz or US$4,800/ounce). The gold price is now back to being in the green over every time frame from 1 day to 20 years:

(Source: Goldprice.org just now: https://goldprice.org/)

As you rightly point out @jcmleng, GNG are diversified across commodities - they don't ONLY do gold mills, but gold mills are their bread and butter work and they have strong tailwinds right now.

So, yeah, you're absolutely on the right track with your deep dive into GNG so far.

P.S. I just read your attachment - I reckon you've got it all covered. Love your work!

Disclosure: GNG is my largest real money position (investment outside of my own home) and one of my two largest positions here on SM.