From the Hannah report.10 Dec 2020 08:41
Significant Resource Expansion Potential Remains
Outside of the current resource shell, mineralisation still remains open in multiple directions with four target regions identified: (1) Breccia Zone and South East Crescent, (2) Northern Breccia, (3) North West Breccia and (4) the Eastern Breccia. With a significant part of the mineralisation footprint still not covered by the maiden resource, we still see significant potential for the resource to grow upon completion of further planned drilling. The 2021 drill campaign at Havieron will focus on both infill and step out drilling and thus the resource is highly likely to grow significantly in our view.
Valuation under review
We are currently working on an updated DCF valuation for Havieron, reflecting both the published JORC Resource and the clear further upside potential, and looking at various scenarios with respect to potentially using a combination of sublevel stoping and caving mining methods. We will update our Havieron NPV and Greatland Gold target price in our next note once our valuation is
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Greatland Gold plc
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H&P Advisory Ltd is a Retained Advisor to Greatland Gold. The cost of producing this material has been covered by Greatland Gold as part of a contractual engagement with H&P; this report should therefore be considered an “acceptable minor non- monetary benefit” under the MiFID II Directive.
Roger Bell
Director of Mining Research T +44-207-907-8534
E rb@hannam.partners
Andrei Kroupnik
Research Analyst T +44-207-907-8534
E Andrei.Kroupnik@hannam.partners
Jay Ashfield
Director, Mining Sales T +44-207-907-2022
E ja@hannam.partners
H&P Advisory Ltd
2 Park Street, Mayfair London W1K 2HX
Greatland Gold | Equity Research 10 December 2020
complete. Havieron is a world class gold/copper orebody and we are confident that our valuation will reflect this.
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