@Strawman, could you please work your magic and see if we could meet with GNG management? Would be really good to get their perspective and compare against the recent LYL conversation.

Contracts Review

Continuing with notes from my GNG Deep Dive.

Similar to the approach taken for SXE, I compiled the attached list of GNG Contract Awards since 2023 from all formal ASX announcements. It is an impressive list, for sure.

GNG Contracts 2023-2026.pdf

I then sent this to my buddy Chat, and asked for the same insights as SXE. Through this process, I feel I now have very good clarity on the GNG business.

GNG Deep Dive Part 2.pdf

Summary

• GNG is not just winning contracts — it is embedding itself into mining operations over time. That is the difference between a long-term engineering partner and a “contractor”
• The stock behaves like a leveraged play on mining capital expenditure with high ROE, strong balance sheet, niche engineering expertise.
• GNG is transitioning from a cycle-driven EPC contractor → into a repeat-work, installed-base engineering business with cyclical upside
• That combination is why many investors view GNG as a high-quality cyclical.
• GNG is worth buying when contract wins are accelerating, not when earnings are peaking - contract wins → earnings (12–24 months later) and earnings → share price 

This exercise plus @Bear77's 2 posts have significantly increased my conviction on GNG - am absolutely in!

Next up is the financial trend charts, and a Valuation, to wrap up the Deep Dive.

Chart Review, Game Plan

I have been actively looking to add to my initial entry point at 3.96 but only got one more bite at 3.76 before the price took off and moved above the long-term green uptrend line to resume the uptrend. With the volatility around the Iran war appearing to taper off, am resigned to having to average up instead.

• The 200 SMA and uptrend line are pretty much in the same zone, so I expect the ~4.10-ish level to be very well supported.
• A correction after the recent runup appears likely in the next week.
• I am planning to top up around ~4.10. Anything below ~4.10 would be bonus.
• If it approaches ~3.71, I will be backing up the bus and loading up!

Discl: Held IRL 0.99%

Following the excellent lead and commentary from @Bear77, I opened a starter position in GNG in Mar 2026 when the fall in the price post the results announcement looked attractive. Have since deep-dived GNG, my notes are in the attached pdf.

Some context of what I am trying to achieve to put the notes in better perspective:

1. My portfolio objective was 3-fold (1) reduce exposure to tech, keeping only companies with durable and defendable moats (2) increase exposure to mining BUT via picks & shovel plays, not miners (3) minimise portfolio impact to any mining cycle.

2. While I have worked in mining and petrochemicals previously and hence have reasonable understanding of things work, I never focused on mining from an investment perspective as I do not like capital heavy companies. But SAASpocalypse showed up my over-dependence on tech and prompted a review and call to action to diversify my portfolio a bit more.

3. Hence the pivot to both SXE and GNG.

The GNG Deep Dive

The GNG deep dive is hence, a bit more wide ranging, than just GNG as a company. I needed to get a more basic understanding of the landscape which GNG operates in, the history, etc. This was a very insightful exercise, which has turned my initial very positive assessment of GNG to a high conviction one.

Taking the same approach as with SXE, I went did a detailed review of all GNG's contract wins since 2023 - this is always a very insightful exercise as it provides a fact based basis from which to draw conclusions. I then fed that to my buddy Chat, asked questions in different ways, then curating and summarising the outputs. They were pretty consistent.

@Bear77, would really appreciate your input as to whether the impression I am getting is how you see GNG!

Summary

• GNG is actually a diversified mining capex play, not a commodity bet
• GNG builds processing plants → stays involved for decades → compounds returns through repeat work
• GNG is strongest in (1) Gold processing plants (2) Mid-scale EPC ($50m–$300m) (3) Brownfield upgrades (4) Australian mid-tier miners - a very nice sweetspot as this is where mining capex is structurally
• The true competitive advantage of GR Engineering Services Ltd is its installed base of processing plants which is compounding
• GNG is NOT riding a single commodity cycle, instead it is exposed to:
• Gold → steady, repeatable base
• Copper → early-stage growth
• Energy metals → episodic upside
• O&G → stabilising cashflow

2026 04 17 GNG Deep Dive, Part 1 - Oveview, Positioning.pdf

More to follow!

Discl: Held IRL 0.94% and in SM

Updating the GNG chart from 2 weeks ago. 

With the volatility, the $3.96 level, which was my initial entry point, 2 weeks back, did not quite hold up. My next 2 top up points:

- $3.71 is the next level down - the price bounced from this level today, which is one data point around this level. I topped up a small parcel at 3.76, earlier in the week but my order at 3.71 today did not fill unfortunately - the price should bounce around this level in the coming week, I suspect

- If that breaks, the $3.29 to $3.40 is looking to be the next support level - this goes back to July 2025 and looks to have been tested as both resistance (Jul 2025) and support (Oct/Nov 2025), which increases the confidence of its relevance

Discl: Held IRL 0.61%

Pulled the trigger on a starter position with GNG, following @Bear77's summary 1-2 weeks back. Haven't done the full deep dive yet, as I normally do, but having opened the position, lit a self-directed rocket to get on with it ...

The price today fell to a very nice technical entry point at $3.96 - (1) it is at the 200 SMA long term trend, usually a decent support level, (2) which also happens to be the long-term uptrend line from Sep 2024 and (3) the price has retraced ~62% from the recent 19 Feb 2026 high.

As I intend to make this a 2.5% position, still have plenty of bites of GNG if the price drops further from here.