Member Info for PaddyGall

Good weekend to all,
Only 3 trading days to the next instalment of Havieron drill results and decline progress. As Shaun said yesterday it will be another positive step and not long after that to the feasibility study.

The NCM AGM is two weeks later on Wednesday 9th November - Hmmmmm

ATB - Paddy

Hi TT,

It's difficult to put a WHEN on it as we don't know if they have been drip-feeding the cores to the labs or will wait until the drilling is complete and send the cores in a batch.

I know from the sat images that they appear to have finished at the targets in the Paterson Range East and are currently back at Black Hills on the pad that had the RC collar finished earlier this year. I think only one (maybe two) holes were planned at Black Hills so I expect them to finish here soon. This should be the end of the Juri JV drilling for this year. It would probably make sense to then ship all the Juri cores and assay them so we should see the results from Juri prior to or maybe just after Christmas.

Once the Black Hills hole(s) are complete then the diamond rig should move onto the 8 Scallywag pre-prepared RC collars. Depending on the depth they will drill to then there could easily be a couple of months worth of drilling there so I don't think we will see any Scallywag results before February / March IMO.

We have an EIS co-funded grant for drilling on Rudall that needs to be used before the end of May 2023 so I expect they will begin there once the weather picks up at the start of next year - that will be a deep hole as the cover is quite deep in that area.

Hopefully we will get an updated plan from GGP early next year with their plans for Pascale, Canning & the Panorama tenements which seems to have moved up the food chain considerably after listening to Shaun's comments yesterday. As Bamps pointed out - there is a lot of activity on the borders of Panorama from neighbouring companies so worth keeping an eye out for results as they come in.

ATB - Paddy

"A good update on the drilling and the progress on the decline out next week and that will be another step forward"

Sounds like we won't be disappointed next Wednesday night........

ATB - Paddy

So anyway Dip - are you expecting NCM to approve the "decision to mine" or not? :-)))))

Another passage from the Artemis note today:

"The current resource at Havieron, at 6.5Moz gold equivalent contained, is the first step
to defining a truly giant ore deposit, in our view. A box cut has been built and decline to
the orebody for underground investigation is under way; Havieron will be a mine, in our
opinion, and an important component of Newcrest’s mill throughput at Telfer. "

ATB - Paddy

What are Tier 1 deposits? There are many phrases bandied about for large, long-life mineral deposits, which are capable of producing strong returns for shareholders and which may become, in time, a significant proportion of global output. None of these phrases is really properly defined, in our view, and can be misused in the interests of marketing and spin. We prefer the term “Tier 1” to describe these sorts of deposits (as opposed to “world-class” or “globally significant”) and we would define Tier 1 assets as those that are:

• Company-making (for any junior that can keep some percentage ownership)
• Large deposits (resource is likely not be fully defined at the time of decision to build)
• Scalable (can be expanded, perhaps several times)
• Long-life (implies that the capital cost is immaterial to the returns)
• Low-operating-cost (although more-than-likely high capital cost to enjoy economies of scale)

It is these Tier 1 deposits that drive the interest of the majors. Tier 1 deposits should make a profit and return, even in cyclical price lows, and so form a premium part of a major’s portfolio. We would therefore classify the Greatland Gold/Newcrest discovery at Havieron as a Tier 1 deposit. Artemis is searching for such a deposit at Paterson Central in a similar geological setting, right next door to Havieron.

Here's where the assays that Bamps has alluded to are located in relation to the orebody.

https://www.ggpchat.co.uk/viewtopic.php?p=3254#p3254

ATB - Paddy

Agreed Dip - there are some quarters where it's 12 weeks between quarterlies, some 12 weeks and this one is 14 weeks. The interims have different time gaps depending on which quarterly we are expecting.

Expect drill results next Wednesday night for me.

ATB - Paddy

@Jamesp21

"There is quite clearly something at EG and Newmont Aus. were well aware of it and intended to progress with exploration. They might not get another chance if we go it alone. Excellent to see things are moving there."

I delighted to see we are moving back to EG. That brings my involvement full circle as I first invested in 2017 when Newmont were carrying out their DSG surveying on the Meadows target. They decided to walk in early 2018 but with the proviso -

"Newmont has informed the Company that its current corporate priorities are largely focused in other districts. Consequently, it has informed Greatland that it will not be proceeding with the project at this time. "

https://polaris.brighterir.com/public/greatland_gold/news/rns/story/xlp2y3r

There was a lot of discussion around this at the time and GH was visibly shaken by Newmont's decision - I think he was convinced by the reaction of the Newmont Aus people that they would continue with the JV but the decision to concentrate elsewhere in the world was taken at a higher level. Anyway GGP have hung onto these tenements and consolidated more licenses in the area over the past few years.

Both Callum & Shaun have great hopes for the area and getting another A$180,000 towards the drilling costs will be a very welcome boost - remember the cover here is roughly 100-200m so nowhere near the costs associated with drilling at Havieron.

GLA - Paddy

Placing shares from the 25th August

Good morning all,

Big day coming up today for the future of our small AIM minnow that Shaun has designs on being the next Aussie mid tier miner.

I'm reasonably confident that the resolutions will pass but it will be a great relief to see the RNS that confirms this. Most interesting will be whether we hear what the offensive plans Shaun has in mind once we can announce that we are fully funded.

Exciting times ahead, wouldn't want to be short here in the future, the newsflow could be thick and fast.

GLA Paddy

#FullyFundedFriday

Seems like a poor service from HL - My accounts are with AJ Bell and IG Markets and I had emails from both telling me there was a corporate action that needed to be addressed. You could vote online with AJ Bell if you wanted to vote either "all for" or "all against". If you wanted to split your votes you needed to send them a secure message.

Very simple to do and no reason to "not bother"

I've voted for all resolutions also. Shaun and the bod have my full confidence and backing.

ATB Paddy

Just to be clear Spades - you're saying that you're at least thinking of staying invested :-)))

ATB - Paddy

I'm not replying to your thread - it's the thread that Gold4U (aka Joe Bass) started.

Sorry for the confusion

Would that be Scallywag by any chance Joe?

You are shameless mate, but let's see what this year's drilling uncovers.

GLA - Paddy

Sorry - forgot that we need to repay the NCM loan out of the funds too so there won't be as much in the kitty as I thought in the post below. Not sure how much of that will be expended and the interest we owe on it but it still leaves us with a healthy bank balance until FCF.

Listen to Shaun's explanation again of the finance deal.

He stated that GGP's share of the capex from the PFS would be US$98m. He said there would be a slight increase for the FS upgrade to 3Mtpa but the capex costs like the decline, surface infrastructure, etc would remain the same. So if we allowed another US$30m for that.

We have raised US$230m between the Wyloo & Tribeca equity & the debt finance from the banks (which we don't make a repayment on until 12 months after first ore) so that leaves Shaun with a war chest of roughly US$100m.

If (when) Wyloo take up their warrants and the directors take up their options that will bring an additional AUD$60m and £21m into the company respectively.

I don't think we need to worry too much about equity raises in the near future and if Shaun felt one was necessary then I think there would be a very good reason why.

Happy with that performance - very professional & polished.

ATB - Paddy

It's available to watch now

https://www.goldforum.live/DGG/Greatland-Gold

GLA - Paddy

I can't see it happening - How is Sandeep going to push through an offer at that sort of level after refusing to take the 5% for $60m. That would have set a price discovery that they weren't happy with and said it didn't meet their internal ROI hurdles and then a few weeks later he's going to offer us + £1bn for lock, stock & barrel.

Let's see what happens in the next few weeks - Paddy