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We are not going round in circles you both do not want a dilution.
The point in question is that Shaun put a scenario in front of us what if NCM want to accelerate Havieron.
At the moment he is stuck with this 5% legacy which is preventing him borrowing with favourable terms.
You are both saying you wouldn’t accelerate with a dilution.
By accelerating he was inferring on putting more rigs on the licence.
You would be putting his position in a difficult position.

Anyway enough on this subject

Hi Blantyreboy & Zoros
I think you are missing the point about an exploration company.
A lot of money is spent on surveys to locate and identify potential drilling targets.
If a company hasn’t the money to proceed with a drilling campaign they have a few options:-
Sell it on
Joint venture
Borrow (unlikely if a small company)
Issue more shares

Doing nothing is not an option it still costs money to hold a licence.

If you are unable to sell or joint venture or unable to borrow then dilution is the obvious way forward.
If the shareholders say no then there is no growth in the asset or company it would stagnate and probably disappear.

They have to drill to gain knowledge what’s down there.
If it fails then you have to take it on the chin.
I think the ratio is for around every 30 drills maybe 1 will be successful.
Shareholders knowing the risk and not wanting to take the risk should not be invested.
Companies having a series of share issues need to be looked at very carefully.
As a tool for growth this is why companies use the AIM market to gain access to funds, blocking this path would see less companies using it

Normally I am dead against consolidation or dilution, a lot of AIM companies use them too much to ring investors out of their money with all ways a loser.
Ggp are a totally different beast it has a very large orebody , could be the biggest find in 2 generations.
Till we start bringing in revenues we as investors are stuck in a hard place. We all want and need drill results to further expand the company and share price but some don’t sound here to want to pay for it.
Shaun is not going to bring in too much debt when he knows the 5% will bring in some funds.
Production proceeds will be ploughed back in to Havieron initially.
Banks aren’t necessarily going to fund risky drilling explorations elsewhere.

Sprott came up with a figure of 4.8m shares the other day, they can see the need.
I don’t want a share issue but it can only help the company expand.
If you want dividends go and buy Rio I have, I would rather see growth.
Consolidation is a bad tool for a weak company to get out of trouble, if you want to see it work we’ll go to Croda where I’ve got my investment back in growth from consolidation.

Don’t put your head in the sand and restrict Shaun’s ambitions. This is going to be a multi billion $ company. 4 or 5 bn shares won’t make much difference in the scheme of things to come.

Hi Blantyreboy
Never restrict a CEO of an opportunity if dilution is the answer. That was the downfall of CERP, Leo Koots hands were tied and he lost interest.
This is a different beast but the opportunities for Greatland are boundless at the moment, another Havieron may be missed if he is restricted.
That’s why I asked him if all the private investors could participate if there is one. He was quite open and said he would like to offer the opportunity to everyone but London is not open to it it’s very difficult to achieve.
He said 4.2 bn shares is a tremendous amount and would preferably consolidate them.

Keep your mind open to a dilution don’t put up the shutters in my view.

Hi Goggles
I like Firetower but don’t think it will ever become enormous.
They are looking for major ore bodies, company makers in their own rights.
It doesn’t fit the bill

Hi Ben
He is extremely enthusiastic about Ernest Giles and very keen on starting drilling.
Approvals will not be received this year , expecting to drill early next.
I never heard him say much about Scallywag apart from when I said will the Decline come out into Scallywag which brought a big smile and got stumped, so I pointed the length of it would be 9.5km to get to the bottom. He said eventually the conveyor will be 45km taking 35m tons to Telfer and talked about solar panels to run it.
He did talk about the progression from using Telfers gas produced electricity and overtime converting it to all solar.

I hope people don’t get hung up on the dilution talk.
Shaun is not keen on it, he is more keen on consolidation, but he stated that if NCM want to accelerate the Decline , infrastructure or drilling he may have to look at it pre bank lending.
Big name banks are offering the full amount but need to see some collateral which they do have.
Shaun doesn’t want to take the full debt on at the moment.
I’m very confident with Shaun’s leadership, his enthusiasm comes over very well. He really enjoys engaging with all the shareholders, I think he gets taken aback by the amount we all know and all our enthusiasm.

Hi Strudel
I could see you were enjoying your geology lesson:))
Shaun was talking about making this a multi commodity company but won’t happen immediately and the lights were flashing to get us out. I asked about the nickel but someone asked a question at same time and mine didn’t get answered.
For now I would put it in back burner for now it’s the gold and copper for now. I don’t think NCM will go for nickel at the moment
It may come in time.
Let me know dates for Stirling meeting and see if I can come.

Hi Fred sorry you couldn’t make it, I missed you :))
Theme of tonight’s meeting seemed to be around how he’s growing the company.
Aiming to recruit some high grade talent to the Board.
Going on the offensive after the 5 % is resolved, I asked him whether he’s sees dilution like Sprott are suggesting and the likes of us PI will be able to join in.
His reaction was he finds raising funds in London from existing investors is a harder to achieve than in Australia.
He said more likely a consolidation is his preferred route he wants to get the number of shares down eventually.
He’s very keen on growing this company very fast.
He said Firetower and Warrentinna are too small for the companies aims.

On train home only just made it.
Great turnout in the Cheshire Cheese pub before the meet about 18, sorry I didn’t catch everyone’s names. A lot of readers that don’t post or not a lot.
Nice to meet Scottie, Strudel, Mf11, archways, Fido Magic, JerryS, Jayne, Michael, James, Jackie, Stuartw , Roger , MrEMC and a few more.
Very good confidence boosting meeting.
One quote from Shaun I remember “ super super Tier 1 asset, it’s only going to get bigger

It’s getting bigger :))
https://www.ggpchat.co.uk/viewtopic.php?p=1605#p1605

I have a lot of concerns about how Sprott have added in a 9m ton mining plan into their assessment with little explanation how it will be achieved.

I’ve taken their assessment and filed it :))

Just keep your mind on the First Ore Production

The Western Front zone 1 is where the first production will come from.
They are targeting a 70m deep zone split into 2 levels of about 30m.
The top 30m contains the first section of HAD005 one of our best holes.
There’s some phenomenal gold and copper grades
within it.
Gold grades above 10g/t
11.23
64.1
32
103
211
12

Copper grades over 4%
10.42%
5.4%
8.5%
4%
5.3%
4.1%

You can see the high % of copper suggesting Chalcopyrites and bornites are present.
Chalcopyrites have a specific gravity of c4.1
In the first stoping tunnel targeting this high grade ore it could be 100 metres long x 15m x 30m high in total .
Volume is roughly = 45,000 cubic metres
Multiplied by a normal sg of rock = 45k x 3 = 135,000 ton
Multiply with an sg of 4.1 = 184,500 ton

If we say an average of 5g/t x 135,000 = 675,000 •/•31.1 = 21,705 gold ounces

Or 5g/t x 184,500 = 922,500 •/• 31.1 = 29,662 ounces

Therefore there is an increase of 50,000ton of ore if there’s Chalcopyrites insitu for the same volume

There’s around 7,400 ton of copper using the 4.1 sg which is 2,000 ton more than a 3sg.

Revenues for 25% ownership :-
Gold $13.5m
Copper $16.6m

= c$30m revenue less costs

That’s $300,000 per metre in the first stope

2 new licence applications shown on their plan
https://www.ggpchat.co.uk/viewtopic.php?p=1566#p1566
One by Pascalle the other on the northern boundary of Blackhills

Hi kieffy
There are different Broker valuations due to them using different mining plans and price assumptions.
When NCM issue their new mining proposals then new Broker notes will be issued.
To be honest a conveyor decline will be no use at this stage , it needs to come from the SE Deeps which would be 1700m deep @ 1:5.5 gradient that’s nearly 9.5km an underground crusher needed.
A haulage shaft would be much better for the SLOS operation, it wouldn’t need to go so deep.

I would imagine a lot of scenarios have been considered but expect something different to what’s planned at the moment , and therefore new Brokers notes

Hi Dillon
While the resources are inferred it will always be high risk and that’s what they have stated, until the resources can be infill drilled and converted to a reserve institutions see this as high risk.
Each stage in progressing to a mine production will derisk to the next level.

Such a huge project where do they start?
Shaun said in March he was very keen to start drilling there but hadn’t yet received approvals.
Callum is still very keen on Ernest Giles especially the Meadows area in the SW.
This is where Newmont did some surveys with their Deep Sensing instrument especially identifying another 6km long target to the NW of Meadows.
Ggp have had a couple of drilling campaigns at Meadows where they’ve identified 2 x 5m oz targets.
There is also an area called Wishbone where an extensive MMI survey has identified gold targets.
Empress to the NE has also been explored.
Westwood on the east was the last one explored.

Oct 2017
Gervaise Heddle, Chief Executive Officer, commented:

"We believe these results further highlight the potential for the Ernest Giles gold project to be one of most significant gold districts to be identified globally within the last decade. These latest findings have significantly improved our understanding of the prospective geology of the Eastern block.

Multiple gold anomalies identified over 60 kilometres of strike at Ernest Giles East coincident with the prospective basement geology;

The Eastern blocks of the Ernest Giles project ("Ernest Giles East") cover approximately 600 square kilometres, including a large 80km long north-south trending sequence of rocks which represent an extension of the gold prospective Ernest Giles greenstone sequences. There has been virtually no modern exploration conducted at Ernest Giles East prior to this most recent campaign reported today.

There is Meadows to the SW
Wishbone in the NW
Empress in the NE
Westwood in the East

Then there is the new licence, I believe it’s called Maple in the West.

Meadows has to be the favourite, it’s a big target !

You can see some plans I’ve put up here
https://www.ggpchat.co.uk/viewtopic.php?t=209

Hi Ben
SD just wants to meet his friendly shareholders again, he really enjoyed it last time. :))
Donald said to me I’ve never seen so many shareholders around a CEO before.
I got my train tickets, aiming to just go to the evening event but a group of us are meeting in the Cheshire Cheese pub between Tower Hill and the venue, about 4pm

I’ve put some plans on the other site
https://www.ggpchat.co.uk/viewtopic.php?p=1516#p1516

Maiden exploration activities to commence at Rudall and Pascalle licences.

Comparing licence sizes
Scallywag
West to east c20km
North to south c12km
Rudall
West to east c24km
North to south c18km

The main target on Rudall is Ramses about twice the size of Havieron, a bullseye target c2km x 1.5km.

The main target on the Pascalle licence is Pascalle a very similar bullseye anomaly c1.5km x c1km.
Under about 50-100m cover
The licence is c20km long running NW-SE and at its widest c3km

I believe Ggp have applied for an adjoining licence on the NE side.
For those interested Wishbone plc have a tiny licence to the West not quite adjoining the Ggp boundary.

Geology wise the Wilki granites are bordering the NW end of the licence.
There are 8 targets on this licence that the last licence holder identified.
Callum and Shaun believe they hadn’t looked deep enough.

If you think 6 years is a long time in mining take a look at page 7 where it shows Telfers timeline
Started 1972, bulk caving started 2002.

Pages 5 and 6 Pascalle
NB the comparison between Pascalle target and Havieron.
Page 8 drilling comparisons with Winu

https://cf8c9456-7a00-4485-958e-b392977d7ffd.filesusr.com/ugd/0bbab3_008f968c6a0b4d3fa50b2bc773b18cdd.pdf