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

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?

Jameel, Shares magazine is the mag produced by the people who own this website. Or do you mean which issue - it's the one dated 20-26th April.

By "not betting the bank" I mean not putting a large proportion of my wealth into the one stock.

I haven't bought UMN as I am concerned that it is too expensive right now and will do what most resources companies' shares do after IPO, which is to drop, drop and then drop some more. I may buy if it looks cheap enough one day (because part of my strategy involves trying to pick companies that look to be clearly undervalued), but I tend to think that pure uranium plays are limited because the deposits typically aren't big enough to create billion-pound companies and the ten- or twenty-baggers that I'd like to be investing in. Thus UMN would have to drop significantly to attract my attention. I may be wrong - any disagreements are welcome to be posted on the UMN thread I created yesterday.

soul trader. I looked at the companies u are in. It seems most of them have had their good times....other than BLR? I mean they sp's seemed to have appreciated over last 12 months

I wonder howmuch is already on the share price after the floatation of UraMIN where GLA had (17%) before the flotation,
a good rise on the 1st day of trading last Friday ...........

Daily Telegraph -- Market report - 22 Apr'06
By Yvette Essen

First day dealings began in UraMin, a mining company based in Namibia which has Sir Sam Jonah
as non-executive chairman. Sir Jonah is also executive chairman of oil and gas explorer Equator Exploration.
Shares were placed at 68p and closed at 92p.

The other stock with a good % holder NMD had a few good days lately with a rise of 6.9% last Friday and most likely looking for new highs soon by the way metal prices are going

Northern Dynasty Minerals Ltd -- TSX:NDM

--------- Intraday chart ----------------------------------- 2 month -------------------------------1 Year

Master

I made another post on the advfn forum (whodaman), in your fantasy portfolio for 2006, regarding GLA

Master RSI - thanks for the info, especially press..... You have a valid point re. UMN already in GLA's sp. But probably it was....but since umn has done really well at close, maybe there will be more in the tank for gla. see what happens this week! I am a holder of gla! so lets see

FWIW, Nickel news from today's FT.com:

Nickel rose 3.5 per cent to a record $20,000 a tonne as traders said that hedge funds were betting on disruptions to output from Incos Sudbury facility in Canada, where wage negotiations are ongoing and the current labour contract runs out in mid-May. Inco has also forecast a 10,000 tonne global nickel deficit this year compared to an 11,000 tonne surplus in 2005.

Just did a bit of a switch as I think that this is going to take a while to mature - sold half my holding at a modest profit and bought another chunk of RDG, whose price rise over the last few months has been fairly impressive.