At the current price of 6.75p, shares in Global Resources Investment Trust offer a rare opportunity to purchase large stakes in one of the largest Bauxite reserves in the world and a highly prospective Russian gold miner for, in effect, negative value. As the stakes in Anglo African Minerals (AAM) and Siberian Goldfields move towards anticipated liquidity events during 2017 we expect a sharp re-rating in the market’s current discount to NAV.

• A resumption in risk appetite to fund attractive mining prospects

  With the investor sentiment cycle in commodity stocks moving resolutely into the bull market phase during 2016, viable and highly prospective mining projects are again attracting capital and JV structures. GRIT holds large stakes in two such prospects – AAM & Siberian Goldfields.

• Current quoted portfolio value alone (net of liabilities) in excess of the present stock price

  The residual portfolio (ex. AAM & Siberian Goldfields) of GRIT holdings plus net cash and minus the repayment of the entire remaining CULS is in itself in excess of the current stock price of 6.75p - being equivalent to 8.4p alone..

• Siberian Goldfields and Anglo African Minerals stakes “in for free”

  With a large minority stake in AAM and preferred capital structure positioning in Siberian Goldfields with the option to convert into equity in this case on a listing, the stock price offers to investors the opportunity to position for liquidity events in these two companies for free.

• DISCLAIMER

  GRIT is a research client of Align Research. Align Research holds an interest in the shares of GRIT. A Director of Align Research holds an interest in GRIT. For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.

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