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#Merger with St Barbara (SBM)
Added 2 months ago

12-Dec-2022: GMD-Merger-of-St-Barbara-and-Genesis-to-form-Hoover-House.PDF

Presentation: Creating a leading Australian gold house

Reporting-on-Dacian-Projects.PDF

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Not entirely unexpected. Both St Barbara and Genesis have confirmed they were in M&A discussions for a number of months, even prior to Genesis launching their bid to acquire Dacian Gold (DCN) which is almost complete now.

The merger is being done by SBM acquiring GMD and is obviously unanimously recommended by both company's boards. It will be interesting to see if any other bids emerge, and also how the SBM CR goes to fund the acquisition.

Disclosure: I hold SBM shares.

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#Management
stale
Last edited one year ago

Ex-Saracen and Northern Star MD Raleigh Finlayson to head ("cornerstone") a strategic development package with Genesis Minerals. 

I've got little understanding of GMD but I am sure we can all agree that big fish attract attention; that’s clearly evident here.

Very similar to Bill Beament moving across to VXR earlier this year.

Throw in ex FMG MD and CEO and you’ve got a management team that knows how to move and shake in the industry, and deliver at a large scale.

One to watch, you’d be fortunate to have a current position, and a speculator in the management team alone to jump in today.

No position, other than working in the industry. 

View Attachment

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#Resource Update
stale
Added 2 years ago

GMD reported an updated resource estimate, with total Ulysses Resource upgraded to 1.6 M oz, from 0.9 M oz, in Dec 2019.   

Assuming that 60% of the 1.6 M oz of gold is mineable, GMD is valued at around $140 per mineable ounce.  Seems fairly cheap for a late stage explorer.   

Next steps: 

1) Feasibility study to be issued by end of June 2021. 

2) Continued explorative drilling to expand resource

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#Drilling Results from Clark De
stale
Added 2 years ago

Encouraging results from Clarke, with shallow, high grade strikes in 19 of 27 RC holes drilled and essayed to date.  

Reults will be incorpated into updated Mineral Resource Estiatme to be released next month, which in turn will inform the mine feasibility study to be completed this year.  

Disc - Hold tiny position.     

 

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Valuation of $0.100
stale
Added 3 years ago
Following the acquisition of Kookynie site, GMD has a mineral resource of 1.38 MOz. Successful Gold Miner, Alkane, is a strategic shareholder, with 15.3% interest, and a board seat. The Ulysses Mine site, is GMD's main site, which includes a high grade resource of 695 kOz @ 4.5 g/t. GMD are planning to complete a feasibility study by the early next year, with a targeted production start in 2022. Assuming mining will commence via open pit, I have assumed an ASIC of $1250 / Oz, Capital costs for mine construction of $120 M, a gold price in 2023 of $2500 AUD / Oz, escalating at $50/ Oz onwards, production commencing in 2023. I have assumed only 800k Oz is mined over 10 years @ 80 kOz per annum. Given this is a high risk venture, I have discounted the cashflow by 20%, and come up with this valuation. Key Risks: Mine construction and operation. GMD appear a little light on in experience here, but they have a proven operator, in Alkane, backing them.
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