Member Info for PaddyGall

Agreed CJ - up to now we have been valued on potential and the probability of selling our prize asset - when the PFS / FS is public and the market realises that the JV is going to run it's course and we will be generating income from a Tier 1 asset for the next 20/30/40 years then we will see a rapid re-rate IMO.

Add into that the possibility of a hit on one of our other prospects and it's easy to see why Shaun is on record as saying he wants to build GGP into a "multi-asset, multi-billion pound company" - Enjoy the ride.

GLA - Paddy

@MH01 - it's not just Willem, that is exactly the same investing mantra that Steve Todoruk uses. It's all about the discovery hole, even after the HAD001 / HAD005 holes people still had over 12 months to get into GGP at sub 2p prices.

The only reason that the WSBN people are here is to try and entice the LTH's here who are still sitting on multiples from sub 2p levels to cash in some profits in order to pump it into Wishbone in the hope that they also find another economic deposit.

I think most of the people that have been here that long know the situation and can read the RNS's and make up their own minds about where their capital would be best employed, personally with only 12 trading days until the next drilling update and the possibility of other news dropping on multiple fronts not one penny of my investment here will be moving for a long time yet.

ATB - Paddy

Havieron in production.
Red Chris block cave nearing production.
Wafi-Golpu project approved and in development.

So out of the 3 major projects that Newcrest are developing - only Havieron will be in production by 2025. Again this shows how vital it is going to be for Newcrest to bring those high grades ounces into Telfer asap. Havieron will be needed to contribute to the FCF to help fund the development of these other assets and any other new greenfield discoveries between now & then.

ATB - Paddy

Come on Jambo - We have the SE sulphide zone at depth, Northern Breccia, NW Closure, Eastern Breccia - none of which has been fully tested yet. I think all of this alone classifies as "significant" exploration upside and then look at the last 3 reports where NCM have stated that there are additional targets outside the Havieron zone but still within the 12 blocks of the JV.

I don't think there can be many projects worldwide with more "significant" upside potential - IMO of course.

ATB - Paddy

Actually Bamps their first note suggested an AISC of only $444/oz

"We model a 12-year, 2Mtpa operation, with mining commencing in H2 2022 and ore being treated the Telfer mill. Our annual steady state production estimate is 330kozpa Au and 9.3ktpa Cu at an AISC of US$444/oz on a co-product basis"

They were assuming a Au grade of 6.7g/t at that point though which is probably overstating it.

Look on the Newcrest website today under this page -

https://www.newcrest.com/about-newcrest/our-company

Scroll down towards the end of the page - there is a Heading called - NEWCREST BY 2025: OUR ASPIRATIONS

There is a section there with the following aspirations

We grow profitably measures:

Add to our portfolio of Tier 1 and Tier 2 orebodies 2 - 3 greenfield discoveries.
Havieron in production.
Red Chris block cave nearing production.
Wafi-Golpu project approved and in development.

So there it is in black & white on the Newcrest website - it is in their company aspirations to have Havieron in production and find another 2-3 greenfield Tier 1/Tier 2 orebodies.

Anyone who doubts that Havieron is not going to be a mine is living in cloud cuckooland IMO & hopefully we can help them with their other aspirations over the coming months & years also.

ATB - Paddy

@Redtrader - those values don't come from me - they come from Newcrest's own briefing book.

https://www.newcrest.com/sites/default/files/2021-05/210506_Macquarie%20Australia%20Conference%20Briefing%20Book.pdf

It's on page 59 of this publication that you can download from their website.

ATB - Paddy

@Sojourner - yes it's hurting me quite a bit at the moment also but I literally got into them as a punt on Havieron nearology so nothing has changed there at all. If either Apollo or Atlas have the goods then it will be great for both companies.

ATB - Paddy

Hydro mentioned yesterday about some activity being spotted on to the North on the last satellite update but I'm not sure if many people picked up on it.

Well quite an exciting development IMO. We spotted some activity about 800metres North of Havieron last June. We could clearly see a black feature in the desert that looked like either a drill-rig or some other sort of vehicle / sump pit. It didn't stay there too long and we heard nothing about it from NCM or GGP.

https://twitter.com/paddygall1/status/1396042179542339586?s=20

On the satellite image from Thursday you can clearly see that they have cleared a drill-pad in exactly the same spot where we saw that activity almost 12 months ago. This drill-pad is very close to what we assume was going to be the explosives magazine until that seemed to be relocated further West.

This is a very exciting development for me as the last 2/3 reports keep mentioning additional targets within the 12 blocks and Sandeep even referenced these in his presentation last week. No guarantee of course but Newcrest must have a reasonable confidence level to relocate the explosives magazine and start to prepare for drilling in this area.

Where will it stop - hopefully not until we are well into the Artemis ground.....

ATB - Paddy

Agreed WF and I'm sure the crews will be up for it and probably on bonuses to hit it in record time. This is being driven at an unrelenting pace and it's great to see.
9th June for the next interim results from Havieron IMO.

Just found this article - I hope that Byrnecut manage to get this team on the Havieron decline - 700 metres per month. Wow

https://www.miningmonthly.com/partners/partner-content/1372152/%E2%80%98aussies-the-best%E2%80%99-and-they-prove-it-again

ATB - Paddy

Also meant to say - I think Brynecut will smash 250 metres per month out of the park and the decline will be completed a lot quicker than 12-15 months.

ATB - Paddy

Newcrest are absolutely flying at Havieron as we all can see from the progress on an almost daily basis.

I was listening to Sandeep again last night and picked up the fact that he twice spoke about initially "spreading out" and using "open stoping" to mine the high grade area. Earlier this year he mentioned that they might look to put an Sub Level Cave in but that would take more time and it seems they are hell bent on getting that ore to Havieron asap. I looked back at the original Hannam note from the 14th May last year. They had slated production to start in H2 of 2022 using open stoping mining which would allow Newcrest to truck 2Mtpa to Telfer. This would allow them to blend the Havieron ore with the remaining lower grade ore from Telfer pits/underground to keep Telfer working efficiently.

"Commencement of production: We assume first production in late 2022,
with 150 kt of Havieron ore milled at Telfer. Newcrest stated their intention to
commence the decline by Q4 2020/Q1 2021. Given that the typical rate of
advance in West Australian hard rock mines is 250 metres per month, first ore
can be reached within 12-15 months of commencing the decline. We therefore
feel that our assumption, with respect to start of production, is realistic."

Whilst this operation is in place my feeling is that they will look to then develop the SLC infrastructure under the sulphide zone. This would probably include underground crushers, a conveyor decline, etc to allow them to increase the output from Havieron as the Telfer ore would probably have been completely exhausted by then.

Again while this operation continued they would then look to develop the block cave infrastructure under the whole of the Havieron breccias (or perhaps in sections as they go) - this will be the ultimate goal IMO.

Again Sandeep mentioned that they would need to employ multiple mining methods to extract all the valuable ore from Havieron over the coming years. This is just my guess at how they might tackle it - the PFS should fill in a lot of the gaps.

Happy to hold until then at the very least - GLA Paddy

Not sure Spy - I think with Scallywag, Rudall, the Canning applications and also Ernest Giles, Panorama, etc, etc that SD might want to keep that firepower in his back pocket for now.

Having said that of all the prospective ground in the Paterson now - Apollo & Atlas - only 2.5km to the north of Havieron have got to be right up there. We know that NCM are already sniffing about to the north of Havieron but still with the JV ground.

Interesting dilemma for AC to navigate now....

Hi Spy,
They will use the SP on the 31st May to calculate the rebalance - it will be announced on the 11th June and should be actioned a week later on the 18th June.
Next Havieron results should be late on Wednesday 9th June so should be another eventful couple of weeks. Never a dull moment in GGPland

ATB - Paddy

Easier to look at my Tweet to explain but look at the criteria that NCM use to determine a Tier 1. We need >300,000oz per year for a minimum of 15 years. That means we need a minimum of 5Moz to be in that category.

Our initial MRE is "only" 3.4Moz but remember that is only the top 400m of the SE sulphide zone and a few bits of the Northern breccia and the NW zone - this is shown inside the black lines in the second picture.

So we need to find another 1.6Moz to be considered Tier 1 - I think that should be doable by the PFS in September.

https://twitter.com/paddygall1/status/1394718197513957377?s=20

ATB - Paddy

The decline will be developed by a Contractor as a single heading in the Permian cover to a depth of
approximately 420 m as shown in Figure 7 and Figure 8, with a cross section shown in Figure 9. The
decline gradient is 1 in 7 down in consideration of mine development truck haulage and potentially
life of mine truck haulage for production. The following lateral development has been designed for
the section of decline to just below the base of the Permian cover:
• Decline - 2,773 m;
• Ancillary development – 921 m (consisting of stockpiles, passing bays, sumps and ventilation
drives); and
• Vertical development – 506 m (consisting of ventilation raises and an escapeway

Missed all the Q&A, stuck in a toolbox talk at work dooooh. Sounds like Sandeep was as excited as ever though and remember as always he's months ahead of us as regards drilling results.

ATB Paddy

Sandeep said they are investigating a "bunch" of other targets around the Havieron area.

What's the definition of a bunch??