http://www.galahadgold.com/
http://www.northerndynastyminerals.com/ndm/Home.asp

Extracts From Chairmans statement in last finals of 10th FEB 04
---------------------------------------------------------------
The Group was formed on completion of a transaction in which the assets of
Shambhala Gold Limited and shares in Skaergaard Minerals Corporation were
acquired by Galahad Capital plc, a company quoted on the AIM market of the
London Stock Exchange. This transaction was announced on 29 October 2003 and
completed on 23 December 2003. The name was changed to Galahad Gold plc on
completion.

Galahad is now a sizeable mining and development company which has the potential
to benefit from opportunities in the precious metals resource sector. It remains
Galahad's aim to own properties with resources containing a total of at least
50m ounces of precious metals gold equivalent. To date Galahad has acquired two
mining projects:

•A 21.9% shareholding (33.25% on a fully diluted basis) in Northern
Dynasty Minerals Limited which has the right to acquire 100% of the Pebble
project in Alaska USA; and

•A 100% shareholding in Skaergaard Minerals Corporation, which owns the
Skaergaard project in Greenland.

Your board believes that the Skaergaard project provides a highly-leveraged
exposure to any increase in the price of gold, platinum and palladium and the
Pebble project provides similar exposure to any increase in the price of gold
and copper.

FINANCIAL YEAR HIGHLIGHTS

•The acquisition of Shambhala Gold Limited and shares in Skaergaard
Minerals Corporation was successfully completed.

•As part of this acquisition, Galahad Gold plc acquired a 21.9%
shareholding (33.25% fully diluted) in Northern Dynasty Minerals Limited, a
Canadian quoted company with an option over 100% of the Pebble project in
Alaska.

•Northern Dynasty Minerals Limited recently announced that the Pebble
project contained 26.5m ounces of gold and 16.5 billion pounds of copper,
making it the largest gold deposit in North America in terms of contained
gold and the second largest copper deposit in North America in terms of
contained copper.

•The successful 2003 development programme at the 100%-owned Skaergaard
deposit in Greenland.

http://www.galahadgold.com/ggp/projects/srk/SRKConsultingReport.pdf

Further highlights since 31 DEC 03 year end.

22 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-01-22/

29 Jan 04 GALAHAD GOLD PLC Skaergaard - results of 2003 drilling and plans for 2004

30 Jan 04 http://www.galahadgold.com/ggp/media/releases/2004-30-01/

09 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-18/

10 Feb 04 http://www.galahadgold.com/ggp/media/releases/2004-02-23/

11 Feb 04 GALAHAD GOLD PLC Placing by Northern Dynasty Minerals Limited

07 Apr 04 DYOR TODAY DIRECTORS BUY IN!!

Galahad Gold Plc
07 April 2004


Galahad Gold plc
('Galahad Gold' or the 'Company')

Director Shareholdings

The Company has been informed that certain Directors have acquired new ordinary
shares in the Company as part of the recent placing of new ordinary shares at
12p per share. Details of their placing participations and new shareholdings in
Galahad Gold are set out below:

Director No. of shares acquired in New Percentage of issued
the Placing shareholding share capital

Ian Watson 794,633 220,877,573 39.28%

Jim Slater 468,383 63,507,133 11.29%

Mark Slater 345,491 38,611,491 6.87%

Lord Wolfson
of Sunningdale 345,491 3,661,991 0.65%

http://www.axisto.com/bbcnbc/index.aspx?config=data/galahadgold/260204/config.xml

SOUL TRADER! FYI
AIM
20 April 2006


ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:

COMPANY NAME:
UraMin Inc.

COMPANY ADDRESS:
Walkers (BVI) Limited, Walkers Chambers, P.O. Box 92,Road Town, Tortola,
British Virgin Islands

COMPANY POSTCODE:
n/a

COUNTRY OF INCORPORATION:
British Virgin Islands

COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY TO BE DISCLOSED IN
ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) OF THE AIM RULES:
The exploration, development and acquisition of uranium properties throughout the world

DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to which it
seeks admission and the number and type to be held as treasury shares):
174,175,792 Ordinary shares of no par value at 68.5 pence

CAPITAL TO BE RAISED ON ADMISSION:
$60 million (34 million)

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:
Samuel Esson Jonah KBE, Non-executive Chairman
Stephen Roland Dattels, Executive deputy Chairman
John Stalker, Chief Executive Officer
Neil Lindsey Herbert, Finance Director
Francis Daniels, Non-executive Director
Graham Edward Mascall, Non-executive Director
James Mellon, Non-executive Director
Ian Watson, Non-executive Director

PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL
BEFORE AND AFTER ADMISSION:

Name Percentage of issued share Percentage of issued share
capital before Admission capital after Admission

Galahad Gold PLC* 16.32 11.64
Millenium Partners LLP 10.74 9.52
Fabrezan Investments Limited** 6.44 4.59
Adrian Lungan 6.04 4.31
Wellington Management Company Ltd - 4.31
Angstrom Capital Limited 5.64 4.02
Samuel Jonah KBE 4.83 3.44
Roytor & Co 8.05 3.43
Moon Capital 1.61 3.30


* Ian Watson (a director of the company) is beneficially interested in 31% of the issued share capital of Galahad
Gold PLC

** Fabrezan Investments Limited is owned by trusts, the beneficiaries of which include Stephen Dattels (a director
of the company) and members of his family


NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
Dr. Morris Viljoen, 1 Sunset Ridge, Stellenbosch Place, Northcliff Ext 1, 1709, Gauteng, South Africa
Dr. Richard Viljoen, 16 Crystal Court, Centre Road, Morningside, 2057, Gauteng, South Africa
Jean Usonis, 1441 Midvale Avenue, #108, Los Angeles, CA 90024, USA
Arnold & Porter LLP, 399 Park Avenue, New York, NY 10022-4690, USA
RSG Global, Block D, Somerset Office Estate, 604 Kudu Street, Allen's Nek 1737 Roodepoort, South Africa
Regent Advisors LLC, 1330 Main Street, Unit 4, Sarasota, FL 34236, USA
Regent Mercantile Bancorp Inc, 105 Adelaide Street W., Suite 904, Toronto, ON M5H 1P0 Canada
Hargreave Hale Limited, Accurist House, 44 Baker Street, London W1U 7AL, UK
LOM Capital Limited, The LOM Building, 27 Reid Street, Hamilton HM11, Bermuda

ANTICIPATED ACCOUNTING REFERENCE DATE:
31 December

EXPECTED ADMISSION DATE:
21 April 2006

NAME AND ADDRESS OF NOMINATED ADVISER:
Matrix Corporate Capital Limited, One Jermyn Street, London SW1Y 4UH

NAME AND ADDRESS OF BROKER:
Canaccord Adams Limited, 1st Floor, Brook House, 27 Upper Brook Street,
London, W1K 7QF

DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT
THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
The admission document, which will contain full details about UraMin Inc. and the admission of its securities will
be available, for at least one month from the date of admission, at the offices of Matrix Corporate Capital
Limited, One Jermyn Street, London SW1Y 4UH and also at the offices of Stringer Saul LLP, Fifth Floor, 17 Hanover
Square, London, W1S 1HU.

DATE OF NOTIFICATION:
20 April 2006

NEW/ UPDATE (see note):
Update




This information is provided by RNS
The company news service from the London Stock Exchange

Thanks for the info Jameel - we shall see regarding the SP. By my calculations UraMin will be capitalised at 120 million at the issue price of 68.5p. GLA's holding is therefore worth just under 14 million. Could be good for GLA's SP, but the prices of these new issues are notorious for dropping off after floatation, and in anycase a company's minority interests are not always fully valued in the holding company's SP.

The full value of GLA will be realised when they start producing from their various Nickel and Moly interests, etc, and this will take a while. I'm in it for the medium term at least, so that's fine with me.

rightly or wrongly, and time will tell, i have just taken my profits here and will now sit back and watch ..... while it is possible that sp will soar on Monday with the start of dealings in Uramin, I have my doubts ...... The Uramin news is already well broadcast, and therefore imo already discounted (and more?) in GLA's sp.

no one ever went broke realising a profit, and it would not surprise me in the least to see GLA falling on Monday as the T10/20 and similar traders get out ..... if they start getting out in any numbers, woe betide trying to cash in your own holdings, for MMs may well not want to know.

CYNIC!!! UraMin - Trading symbol -- UMN!!!!!!! Its trading have a look sp has risen by aa couple of %

If GLA drops, that's a buying opportunity for me. Sooner or later I'm hoping to redirect some profits from elsewhere, and GLA will be on my shopping list. Ten-bagger by end of 2008??

Jameel, UMN's SP is currently standing at an indicative spread of 70/75p, but according to FT.com no shares have moved yet. Maybe you'd like to buy some to get the ball rolling?? :o)

(120 mil for uranium prospects awaiting exploration seems expensive to me. DYOR.)

soultrader.....wat u mean about 2008....so u plan to hold gla!!!! Ten bagger is abit optimistic? I wonder what CYNIC has to say to that? But I guess if it happens I wont be complaining? UMN not yet... GLA is better bet - as u beenfit indirectly from UMN appreciation.. risk is diversified!

Yes Jameel, this is where I have to come out of the closet and admit that I buy to hold. The logic is simple - I buy co's that are sitting on shed-loads of natural resources and wait for them to start selling the stuff. The share-price goes multi-bagger and I slice profits here and there to invest in more companies with similar potential. Short-term trading, on the other hand, looks to me to be too much like taking a bet on which way the SP will move on a given day and I think that that leads to getting caught with one's pants down.

At least, that's my plan, and in the case of NOP and SBE it has served me well so far. JKX I unfortunately missed out on, but it is a good model of what I think GLA and others could do.

Good luck anyway to those who prefer the short-term view. I just prefer the near-certainty of an investment in a natural resources company with a well-diversified set of assets, which in the current commodities market ought to come good in the end.

UMN may have started trading today, but no trades reported at all.

GLA is (a) not an oil company and JKX is, and I afraid to say (b) is not rermotely in the same quality league as JKX.

As far as I can see reading the history, GLA has a lot of bridges to mend before the market will raise them from penny-stock levels

soul trader, which other ones are u in for long term? If you dont mind me asking. I was in SEY but left in March, for issues not related to the sp at all. Even thought I bought at 19p and saw it rise, rise, rise!

View welcomed

Jameel,

I am in oil co's NOP, VOG, BLR, and miners TMC and RDG. All hopefully have bright futures ahead of them, although I must stress that many would regard some of these as very risky plays. I don't have equal holdings in them, as with the miners in particular I am concerned that the timetable may be rather lengthy before they get into production and serious SP growth. I have therefore allocated less capital to these, the idea being that others of my holdings may race ahead a bit sooner and I will transfer profits from time to time as the slower companies begin to play catch-up. I also have three or four other holdings which are just for me to dip a toe in the water; you'll see my name on the threads. DYOR.

Not sure about SEY - seems solid but I have done no research on it to speak of. The discussion thread contains some useful info though.

soul trader, ,,,,,, have u seen UMN!!!! BOy GLA will increase next week for sure.. the incresae will higher proportionately then what we saw with UMT. i mean more than 30% in the short term!

Finally some movement - forgive my scepticism! Clearly FT.com didn't publish today's chart until at the close of play. Looks like some biggies went through right before the end too.

confess I am very happy to have taken a respectable profit out of GLA today after only a few days holding ..... If I was premature, so be it, but I was concerned/conscious that sp had not moved all day and therefore may indicate that T10/20 trades and similar are likely to sell shortly, taking the sp sharply lower

SOUL TRADER!!! INTERESTIN ARTILCE ON GLA DAMPENS THE HYPE>>>> BUT ENDS ON A POSITIVE NOTE!!! market seems to value GLA at 25ppppppp

What Price Befits Galahad Gold?

By Stephen Clayson
28 Apr 2005 at 10:23 PM EDT


LONDON (ResourceInvestor.com) -- Galahad Gold [AIM:GLA], has embarked upon something of a public relations offensive this week, contending that its stock is significantly undervalued by the market. But how well does this claim stand up to scrutiny?

The companys primary asset is its stake in Northern Dynasty Minerals [TSX-V: NDM, AMEX: NAK], which stands at 23.4% fully diluted. In turn, NDMs claim to prominence is its right to purchase 100% of the Pebble Project, a potentially very large copper-gold-molybdenum deposit in Alaska that is slated to reach the bankable feasibility stage this year.




In addition, Galahad holds 100% of the Skaergaard palladium and the Malmjberg molybdenum deposits in Greenland. Both the palladium and the molybdenum resources are thought to be sizable, and the deposits both contain quantities of other valuable metals. To boot, company is considering the acquisition of further resources in politically stable locations.

Galahads Chairman Ian Watson and its Finance Director Jim Slater profess to be puzzled as to Galahads current market capitalisation of 76m, but there are multifarious reasons to suggest that the market may have valued Galahad fairly.

First of all, the three current projects are still far from certain to reach production and realise any actual profit. NDMs Pebble is generally thought to offer the greatest likelihood, but even this is not definite in technical terms, and the project may face a number of obstacles to its development, including the objections of both environmentalists and indigenous Alaskans. Some of the latter are behind the project, but some, rather ominously, are not. In addition, the projects gargantuan capital cost and logistical challenges may ultimately prove stumbling blocks. The former and its portent of likely significant dilution may also be weighing on the shares that are presently traded.

The two projects in Greenland, while promising, are still relatively early stage, and Galahad is not being particularly expeditious in progressing them further, particularly with regard to Skaergaard. The management claims that it is in no rush to develop the projects, preferring instead to wait for the commodities super cycle, in which they are fervent believers, to proceed further and improve the margins on molybdenum and palladium.

The company designates part of the rationale for its formation as providing a way to play the Chinese growth story indirectly, and its management feel that the market is not according sufficient value to the extent of Galahads leverage to this trend.

But what they fail to justify is why Galahad is more leveraged to China than many other putative and current miners of industrial & precious metals, particularly given the conjectural nature of the properties in Greenland and to a lesser extent the one in Alaska.

The management assert that analysts and the market in general have failed to take account of the effect that the industrialisation China is and will continue to have on commodities markets, but while there may be isolated pockets of ignorance, this view generally seems rather implausible.

While the existence of a sustainable strong market in many commodities is probable given the likely demand growth that will be derived from the Chinese economy over the coming decades, it is doubtful that Galahads lack of developmental urgency, for which there is scant compelling rationale, will win the company many fans in the market. Even if the projects do eventually live up to their billing, the eschewal of a rapid asset development strategy leaves tempted investors able to wait and buy into the company once its potential becomes clearer, and to do so without significant penalty.

What generally gets investors most excited is the prospect of production and consequent tangible cash flow, more so than untested potential. Though companies with little more than untested potential to their name abound in todays market, those of them with more focus and alacrity about them might just make more attractive investments than Galahad.

While biding ones time developmentally can pay dividends, unless fully justified it merely injects uncertainty into a company, and can also be read as dissimulation. In addition, the size of the deposits in which Galahad is involved makes for a very long lead time, translating to a long period before profits are realised and within which things can go awry. The Malmjberg project is the most proximate to tangible output, slated at 2.5 years away under a preliminary proposed development plan. But there are other companies in the market today that offer better prospects of timely real cash flow.

Furthermore, Galahads management say that the company would prefer to involve a proven operator in any projects reaching that stage rather than managing them internally, and while this can be a sound idea in some cases it can also add extra complications.

Galahad is likely to spin off its International Molybdenum subsidiary, which holds the Malmjberg project and a second exploration licence in Greenland that is awaiting ratification, into a separate listed vehicle that would fund a bankable feasibility study on Malmjberg. The exact nature of the deal and the stake that Galahad will retain has yet to be finalised, but a dedicated management team might allow the molybdenum business to progress more rapidly, and the funds that would accrue to Galahad from the divestment could make it more likely to make progress with its other assets, though they will also reduce the exposure of the company to any upside in the molybdenum assets.

All that said, the three projects in which Galahad is currently involved may have the potential for practicable, truly large scale exploitation. In addition, influential mining fund managers RAB Capital have a substantial stake in the company, as do the Rothschild family, and Galahad boasts Dresdner Kleinwort Wasserstein as its house broker. But these endorsements are largely meaningless without the concurrence of a greater portion of the wider market, which Galahad believes it is lacking.

There may well be more Galahad bulls out there than merely the companys own management, aforementioned notable shareholders and its house broker, the latter of which rates Galahad as a buy at anything up to 25p. Given that the share is currently trading at only 10.75p, then now may be the time for the bulls to act on the basis of their optimism.

jameel, that article is a year old now. Since then the Greenland project has hit problems, there may still be opposition to Pebble but you now have Uramin.
Difficult to judge what market cap should be with various ups and downs.
On my watchlist though.

andysmith, my apologies,,,,, it was late night didnt realise it was 2005 article......... then my previous comments stand. GLA is expected an increase way above current sp, following UMN performance on Fri!"

Interesting article all the same, Jameel. One would hope that commodities prices have now risen sufficiently to persuade management to come out of its shell. otherwise they might miss the high tide altogether.

PS Interestingly, although the current "Shares" mag's review of miners confirms the long, drawn-out timetable, it also points out the huge size of GLA's resources compared with other miners out there. The potential is huge, IMO, but I wouldn't be prepared to bet the bank on this one just yet.

Which mag is that? Soultrader.;..... what you mean 'wouldnt be prepared to bet the bank....'

PS I should have taken your line of buying UMN....regretting a little!

and though commodity prices have rocketed, i find it very hard to belive that at best there will not be a sharp correction, though the timing is now impossible to judge .... certainly prices cannot continue to go up and up ...... remember the dotcom bubble?