Member Info for antigua18

Seems like a few of us had replies from GGP lately as I also got an email last night from them saying similar to Tig. How satisfying it is to get a full response from a company! Says a lot when they take the time to respond.

I’ve contacted GGP and asked the question about whether they can release their own or if they’re unable. Doubt they will be able to answer, but if they do I will let you know.

Hydro, I’ve always thought it very unlikely we will ever get to production. Too much money for little old Ggp to cream without a bigger fish swallowing us. Slight glimmer though, given recent criticism. All eyes on Sandeep, can he sweet talk his masters to splash the cash again.

Either way it’s a win for us.

Joe, I was referring to SB not SD. My view is Sandeep is stalling for some reason, whether it be hold things back or to buy time to convince his big shareholders to agree a move for Hav.

In regard to Shaun, I had my doubts at the start but he has shown himself to be a savvy professional and comes across as confident and no one’s fool. As I said this morning the recent cash raise seemed questionable, but now it seems it may have been reactionary to events behind the scenes.

Walkabout, it’s my hope SB pulls his finger out and does the right thing, that being fair market value as JV states. No reason to think at this point that it won’t happen, it could be posturing on NCM’s front. Many years of investing teaches us to expect the unexpected.
The MRE is central to any price negotiations as it’s definitive at a point in time and would give a base.
It all depends on whether they (Newcrest)think they would get a better price if they agree now or wait and risk independent value.
IMHO

Unless shown otherwise I can’t believe there would be anything saying we couldn’t produce our own MRE. It’s such a bazaar situation we’re in why would anyone think to put a clause in. It’s more in my opinion we require MRE update for the 5% as SD indicated and we almost certainly need an update for bank lending discussions.
It certainly wouldn’t help future relations with NCM however.

On a slightly different note, do we assume the 6 weekly drill results are an agreement within the JV? Or could NCM withhold if the relationship deteriorated?

That’s the big question non of us know, however if we released an update to our shareholders based on known results that fall within JORC compliance then surely we are just updating the market as we are required to do anyway, especially as it would be required for the 5% fair market value.
Would NCM really dispute anything if it were conservative, wouldn’t make them look very good.

All this assuming there isn’t any restrictions in the JV

Some sort of updated MRE would make everything so much easier for us at least and SD did say that that the two are linked as opposed to SB’s view that the two are not related. As I’ve said before, if NCM stubbornly refuse to do it before the FS then GGP should bring out their own.

It clear that our team know their stuff, so we should be relaxed about any potential nonsense coming from NCM, should they try it.
All in all, very strange behaviour from our partners. Has to be an explanation that we’re just not seeing.

Delaying and holding back the MRE update is damaging to our share price and potential 5% negotiations. How can anyone deny this!
SD was blindsided with its omission from NCM’s half year results.
SB seemed irritated by being asked about it and defiant/ dismissive of its urgency.
Are we to believe this is a harmonious relationship?
Why not release it if it helps your JV partner? Answer is they don’t want to help or don’t think they should. Bury your head in the sand if you like, but doesn’t mean it shouldn’t be said.

It’s a difficult one, we do still have the original MRE but in theory a bigger MRE should mean better terms, the elephant in the room would be proving there is no friction between the two companies.
Never the less it explains why Shaun felt the need to raise some funds as it buys us more time to get things in place.

Another question in regard to the belated MRE update, will it make a difference with the funding discussions that SD is having with the banks?

The only route I would suspect is a legal one. Not that anyone would necessarily want to go down that road. Don’t think it would be hard to prove in the scheme of things that NCM are not playing fair in respect of the 5%. Fair market value and not what NCM wants to pay.

Everybody should listen again to the last question SB answers from NCM’s update on the 17th.
He seems to imply that there won’t be an update until they have done enough growth drilling. At the very least considering all the drilling over the last year the indicated resource should have moved up, otherwise what exactly was all that drilling for if not to prove up what we have or increase the resource.

From memory I remember reading the infill drilling was completed before Xmas (can’t remember when this was but was announced). Since the infill will have been completed to JORC compliance presumably then there is no reason not to release now. Yet the other week SB said they haven’t finished, this seems strange as I believed the infill drilling was to prove up the south east crescent before moving to the growth drilling?

Two things trouble me about this whole situation, first being that the Rns stated ‘ seek to agree the option exercise price in the period to mid-February 2022’, yet now it seems to have rolled over to the end of the month. To my knowledge they haven’t really addressed why this is.
Second point being that Ncm are prepared to hold back information from their own shareholders, all this under increased scrutiny going on with the the running of the company.

SD said as much in his interview
Extract of Shaun’s interview, taken from Dipps transcript post

- So, from a GGP perspective I think we believe that the parties need to find that R&R in the shorter term and given the quality of drilling and the period of exploration at some 10-12 months that ultimately this is a material update that should ultimately be released to the market, so I think people should be confident that will happen.

Oops, Sorry, mindset

Interesting piece about Sandeep Biswas by The Australasian Institute of Mining and Metallurgy

https://www.ausimm.com/bulletin/bulletin-articles/sandeep-biswas-building-trust-and-respect-through-action/

Some interesting considerations on NCM’s delaying MRE update . Could it simply be that Hav being is much bigger than anyone thought and Newcrest won’t have the firepower to take full control. There has to be more to this than just getting it cheap. They have created the perfect sh-t storm for themselves.
Another point for me is that as they are in full control of drill reports then it could be questionable what they choose to disclose. All this bull about they have to release everything to market is not how the real world works. Most rules don’t have to be broken but can be sidestepped given the knowledge.

Mush, we can assume that SD did not come up with the expected upgrade timescales on his own. So on that premise common sense would say that both companies had discussed it otherwise Shaun wouldn’t have mentioned anything in interviews. The reasonable conclusion then is that NCM are acting in bad faith.