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Hi Speedy

Must be a big difference in the sell value to asset valuation

Hi Speedy

Where did $700/ oz come from ?

Newmont have been selling way cheaper than that.

8.4moz at Havieron + 500oz at Telfer

Roughly 9m oz in ground for $425m gives $47/ oz in ground.

Some of their other sales were close to that figure.

This is Hasties image in their quarterly reports

https://api.investi.com.au/api/announcements/rcr/8de2145e-16a.pdf

Page 7

You can see the drilling is very sporadic over lots of targets, not likely to be a comprehensive MRE.

With Kriging estimating techniques 75m spacings between drills will give an inferred estimate only if the mineralisation is consistent.

With all those anomalies unlikely to be consistent.

Will be taken out as an open pit.

Hi Schliemel

I’m not saying Ggp shouldn’t go for it but I don’t want them spending valuable time at the moment on small beer, there are other more important items at this present time.

My thoughts this morning are concerning what happens when the West Dome pit ore currently being mined runs out.

As I’ve showed from the sat image we’re getting close to that.

The Stage 8 extension which is the obvious next phase still needs a mining plan.

Until this plan is approved the focus will turn to low grade stockpiles. Need to keep the focus on higher grade material and use the low grade as an infill.

Until the MRE and new mine plan are released we still have the risks.

I think the planned maintenance shutdown is related to the end of this ore to allow time for the new mine plan.

Still hugely excited by what’s going on.

I’ve studied Hasties, it’s not a big deposit they were hoping Hasties Deep would show mineralisation and it didn’t. This just leaves the top ore to prove up.

We should not be concerning ourselves with other peoples ores, let them spend their money on proving up their own ores. Without Telfer these small finds are unviable.

Ggp have enough to keep themselves busy for many years with their own outlying targets, like the SE area, the Camp Dome, Trotmans Dome and numerous others.

Ggp do not need to do anything with buying others ore yet, they need Telfer more than we need their ore.

One of the Bromus licences had expired anyway.

A$40,000 worth of Ordell shares

Increasing ore input also has an impact on the tailings dam. The latest satellite image is showing the dam filling very quickly it will soon need its third raise, if they haven’t already started but I can’t see any evidence of that yet.

The main risk event at the moment is can they keep producing from the West Dome pit with sustainable quantities. Stage 8 extension looks to be a big prospect around 65m deep about half the size of Havieron area, I think it has been approved but I’m not certain of that. Stage 7 has not been approved yet it’s 145m high and not that wide so will be slower to retrieve. The low grade stockpiles are needed while these 2 targets come on line. They are outside the mining plan.

The Saddle by Stage 7 hasn’t been drilled yet but if found to be economical will add a huge tonnage for processing.

Well I was thinking of the shifts 8 days on and 6 days off

In reality that’s not what’s happening.

Most of the ore coming out of the West Dome open pit in the mining plan is now nearing the end before they start to remove Stage 8 and then 7.

They will start sending low grade ore from the stock piles scattered about, the volumes will go up but the grades and recovery are much lower. Each train can take 11.5m ton per year but there is a planned maintenance shut down, could be over 6 days this will lower production rates over the quarter.

Shaun has already told us not to expect 33,000 oz like they achieved in December, he told us to lower our expectations. I’m hoping they can achieve around 30,000oz but it could be challenging.

Processing costs

Telfer A14.90/ ton

Havieron A19.40/ ton

Extra cost I would assume is due to the higher grades which involve additional grinding and acids

The recovery rates for Havieron are becoming confusing as can be seen in the latest presentation

https://greatlandgold.com/wp-content/uploads/2024/12/Greatland-Corporate-Presentation-Dec-24.pdf

Page 12 quotes a Base case of c81%

Page 26

Note 3 quotes reserves from 2022 MRE 88%au and 84% cu

Note 4 quotes resources from Dec 23 87% for both.

The base case is from figures nearly 3 years old, why they included the 81% recovery rate baffles me when it’s quite obvious to be in the high 80s.

Hi Doublehun

I had seen it and didn’t get much from it as it’s a complex subject. I remember asking Magictrades a question a few years ago and he said don’t go there that’s a PHD level.

If you’re referring to that presentation it’s veins that are hosting nickel iron deposits.

I wouldn’t get too worked up about it

Hi Doublehun

This is a very complicated subject , which is why they sponsored that PhD student to do the thesis. Very high level stuff.

West Dome open pit stage 8

The extension underneath the current area being mined has caught my interest.

Rough measurements are 1,000m x 300m x25m.

This gives a rough tonnage of 30mt

The grade estimates are 0.6 low and 0.9 g/t high so a mid range 0.75 gives 564koz less 78% recovery and roughly 20% allowance for benching is roughly 425koz gold only.

That’s as much as the existing mine plan.

30mt is another 15 months processing.

Happy days 🙂

Martin

The reserves are the only important figure to look at when it comes to mining grades, you need to forget inferred and resources , that 1.7g/t is an average that will not be mined.

The base case is the reserves this is the starter mine with probably 20 year mine life.

The whole ore body with estimated inferred quantities could go as low as 0.6g/t but that’s for future bulk mining without the high grade.

Shearclass

Shaun did not state they would be mixing Havieron ore with Telfer he’s referring to the use of the trains.

Havieron ore needs far more grinding than Telfer ore so it will only be right at the end when the copper concentrate is mixed to reduce the bismuth content prior to export.

Mixing weaker ore ie breccia with the high grade would certainly reduce the grades that would be daft, you want a consistent high grade going through.

1.7g/t was certainly someone on hotcopper not understanding the difference between Minyari and Havieron ores

Admission document

Pages 55 and 56 Inventory

Base case of the reserves 2.74g/t gold and 0.32% cu making 3.2g/t au equivalent.

(Some nutter on hotcopper has quoted us as having the same as Minyari of 1.7g/t, what a joke )

Hi Martin where are you getting 1.7g/t from?

The Wilki jv licences are at a stage when nearly 90% of the exploration blocks have been held for around 10 years. A lot of these are due for renewal between now and April, the government doesn’t want companies holding licences for that long without commitments. The rents rise per block and the cash spend per block rises.

Antipa have a large cash outflow to maintain these. Do Ggp really want to get involved.

Antipa have the same issue with their IGO jv.

Why are they picking up all the areas that Ggp surrendered recently with no economical prospects?

Their scoping study is suggesting a CIL plant for Minyari if they go down that route. This would mean the copper and cobalt is not going to be produced from that plant. Taking these out of their gold equivalent equation knocks a big hole in their resource estimates, cobalt won’t anyway they used a ridiculous price.

The only reason Ggp need Antipa is that the new bitumen road runs over Parklands, I can see a reroute coming.

There will be an issue when they propose a route through to Telfer , environmental issues through the sand dunes.