GGPChat

This is BLOODY massive good news if correct... and totally validates GGPs investment thesis ... and everything we believe and have been saying about the quality of Havieron:

This News release today implies that Tembo Capital who just took $50m worth of Greatland gold - but here's the biggie!! - the cash appears to have come from selling their Spartan assets... to Osisko:

Osisko agreed to purchase royalties from Tembo Capital on Spartan’s Dalganranga, acquiring a 1.8% gross royalty, & an additional 1.35% royalty on exploration properties, for US$44m & US$6m respectively (OR.NY)

https://osiskogr.com/en/osisko-announce ... 3959c4df68

This is an absolutely fascinating move - because if the two transactions are linked (and it looks suspiciously like they are), THEN they see huge upside in Greatland. Selling a significant, guaranteed proven Royalty over a proven assets with a huge expansion case.. for {high risk} GGP equity ???

well I never ......

But the point is that SPARTAN has been ALSO considered by mining 'experts' to be possibly the finest exploration gold exposure in Australia to date … due to their capacity to develop the high grade NEVER NEVER AND PEPPER = pretty big projects - within the the mining lease of their own existing infrastructure the Dalgarang mill.

Just look at the Spartan Chart since they discovered Never never it up like 1300%




"The Dalgaranga mill is fully-permitted and approvals for future underground mining are in progress, providing a clear path to near-term production. The Project is on the verge of re-starting as one of Western Australia’s next significant high-grade gold mines with first production from underground likely re-commencing within the next 2 years"

This guys is really good news... I personally love it... Been hearing about how much the auzzies loved Spartan but these guys like Greatland even more.

Hold tight Greatlanders because IMO this move smacks bright white of total class for us...

And categorically speaks to the quality of Havieron.

About time these guys started waking up, every man and his dog will want a slice. Good job we realised early what the potential is.

Hydrogen, what have you got to stir the market up today. I look forward to reading your post however it’s like waiting for those red dots on LSE.
Any more info on Tembo Capital?

Great post yesterday Hydro and fully vindicated with the RNS today - thankyou.
You have done so much for GGPers over many years and I for one am very grateful as along with Bamps and Paddy your posts have kept me happily invested as it has backed my own research and thoughts 100% - good on you buddy!!

Thanks guys

Tembo Capital are super shrewd private equity investors... Theres a guy ion their team called Chris Tonkin - ring any bells..?

If you really want to know how good these guys are, JUST look at the returns they achieved on the Gasgoine (renamed) Spartan recapitalisation.:

In just 18 months they made 435% IRR or 12x their money on Spartan Equity (they cornerstoned the recap to the tune of $22m AUD)
And they just sold their Spartan royalty to Oiskio for $50m US again which they paid $6m AUD for in 2023 just 18 months ago for a 366% IRR or 11x

Thats just unbelievable returns:

Thats why these guys have take 7.6% of Greatland. They can see a bargain. They can see the opportunity. And they know what they doing.

Love to know what Master Inventor's Jerker Lurker5 makes off this investment,.. (even if he's out of a job)

This just smacks of a the absolutely massive opportunity ahead. These guys want 10x their money.

I also think its really healthy to have Wyloo at 8% and Tembo at 7.6% - it adds balance to the register to help protects PIs by preventing Wyloo controlling too much IMO

Hydro, you friend Master Investor just wrote a new article on GGP… as predicted, he isn’t a fan.

https://masterinvestor.co.uk/commoditie ... ld-update/

Don’t you find the timing of all these articles a little strange. They all come out at once doubting the future of GGP. The chunks of buys going through says otherwise. Very odd!

Tembo Capital runs at least 6* different funds for its clients. The Spartan royalty was sold by Tembo Capital Mining Fund III. Without some evidence to support the idea that the same fund that sold the Spartan royalty was the purchaser of the GGP stake it is surely too great a s-t-r-e-t-c-h to link the two transactions as you do here.

Do you know if Tembo Capital Mining Fund III is the buyer of the GGP shares? Or could it have been one of their other funds?


* https://www.gfsc.gg/search?search=Tembo ... er_page=10)

Wrong link. Here’s the right one: https://aum13f.com/firm/tembo-capital-management-ltd

Not really. They are a smallish boutique private equity fund. They have one investment director and no fund managers named on their website.

I don’t think it’s a stretch… but Francis why don’t you email them and ask them? Of course they will say the two decisions are independent of each other… and they may well be. But it still happened… and selling a gold royalty seems odd.. they can be hugely profitable long term.

TBF technically speaking it appears the GGP deal closed a day or so before the royalty announcement, but it’s impossible to know the sequence… Just conspicuous that the sector styles and the amounts were almost dare I say, identical?

But IMO the clincher has to be their AUM for each fund… only the mining fund III realistically has enough capacity to buy $50m worth of GGP otherwise GGP position would be about 30-50-100% or more of the fund:

Still it’s super high conviction from this stellar performing contrarian boutique mining investor.