So Netolitzky finally resigns.

Who could demand that the minority shareholder interest controlling the company resign and then hand it over to someone else?

Someone is demanding a major changeover. Note that plans haven't changed, so I assume all of the changes that are being made are necessary that a financing presumably take place. Plus Netolitzky must be very anxious to efface the apparent conflict of interest.

What is intended is to eventually operate the Komis mine once under full production, while earnings are depreciated through depletion ~6X greater than actually being processed at the mill, and this for two years running while the newer mill is being built.(this means massive stockpiling) That means a loss where gold prices are at now. Ore will be stockpiled as before, but in much greater quantity from the Komis deposit than can be processed at the mill for the first full two years of operation once the financing is in place.

They have overwhelmingly enough gold to operate for decades with the mill in operation now, and provide for a competitive dividend to the shareholders, but GBN.V is a shell company of no value, where the real project envisioned is much larger than the scope of present operations.

So you might imagine it could be any of the cast of characters that have been in the front running in the past, Black Rock, Sprott, or Waterton, (or perhaps Clarus) that might demand that certain contingencies are in place. (because the changes are so ruthless, I am assuming that BlackRock is behind it, but it could be Netolitzky.)

The board is formed as it is because the need for control is utmost while keeping secrets from their shareholders. For example, no economic analysis is being presented for any expansion, nor do the technical reports present deposits capable of supporting an expansion.

Any and all subsequent ore discoveries, such as more gold being found underneath presently abandoned Jolu Mine, or particulars about the partially-mined Decade mine,(presumably one of the highest grade gold mines in Canada) or results of SGH surveying in the Dog Creek area, or the expansion of the Komis mine itself(where grade and tonnage have doubled since the days of Placer Dome), or a revised technical report of the Roy Lloyd mine, none of this information is available to the shareholders, even though it has been known since 2011 at the latest.

The expanded mill being contemplated is to operate much in the same fashion as the present mill, only provided with more ore sources and higher daily tonnage. The project total tonnage per day would be in the 3000tpd range with the addition of a new mill.

All that is needed is project finance willing to lend where the mine is operating at a loss for two years. Thus the difficulty in obtaining financing without usurious interest rates. Who in their right mind would finance a company that intends to operate at a loss for two years?

A higher gold price is called for.

-F6