Member Info for Bamps21

How do you placate some people, with difficulty on here I feel?

The government is holding up the sale agreement. There are licences at Telfer that need to be approved, these extensions have been applied for ages ago. Ggp can’t proceed with Telfer if some of the licences are not approved.

Do you want them to buy it without approval and then have to close Telfer down?

Be patient or sell up and go away is the only advice one can give.

These issues will be sorted but no one knows when.

Hi Jerry

I have in that geologist presentation. Damien Stevens about Havieron.

Hi Jerry

“Tungsten concentrates are typically composed of scheelite and/or wolframite and contain 65-70% tungsten trioxide (WO3) and vendors of concentrate tend to receive c. 70%-80% of the value of the tungsten in the concentrate based on the prevailing APT price.

Tungsten concentrates are purchased by secondary processors that convert them into predominantly Amonium Paratungstate (APT). APT is then converted to various powders, which are used in downstream metals and alloys by tertiary manufacturers.”

Firstly the tungsten metal content quoted is not necessarily the amount Ggp will obtain revenue from. The sale will be tungsten concentrate and as stated above could receive 70-80% of $350 for the 65-70% tungsten trioxide within that concentrate.

The same happens with copper concentrate but the producers get back credits or debits from the producers, I’m not sure if they get anything back from tungsten concentrate.

When they are quoting tungsten metal content I am presuming they are talking about tungsten trioxide and not processed metal

Hi Jerry the prices you are suggesting is a long way down the processing procedure.

The least we could expect Telfer to produce is a Tungsten trioxide powder and is today worth around the $350/ton.

The costs involved to produce high quality tungsten are extensive.

I’ve no information about credits from producers who buy the powder

Hi Pernickety

I wouldn’t be too concerned about Royalties to Newmont, a lot of licences have Royalties.

There’s a Newmont exploration licence to the south of the Telfer mine with a big Royalty payment I can’t remember how much but it’s bigger than at O’Callaghans.

The government also take a huge Royalty on any copper at 5% this is huge, gold is a lot lower.

Tungsten at $340 /ton is not worth going for without the copper. The price is not high enough to warrant digging down 200m to 300m to retrieve it. The copper though is a different story.

Tungsten $340 x 189kt

Copper $10,000 x 156kt

Lead $2035 x 159kt

Zinc $3085 x 335kt

You can see out of the 4 in the estimate tungsten is the least viable mineral to extract.

Hi Spud

Copper oxides are formed by copper minerals being exposed to oxygen. Oxygen doesn’t exist in a pure form it sticks to anything. The normal ground concentrations of copper are around 75 parts per billion so weathering by water will take all this copper downwards to a trap concentrating the copper fluid . Over an anomaly this will be a lot more mineralised.

At Camp Dome they’re saying a blanket area which suggests these concentrations are trapped 75m undercover to form a supergene by the sound of it.

If there’s an anomaly coming up it’s molten fluids would not be able to pass the trap and form layers of a mineralised zone under the trap this is called a hypergene.

This situation is what is at Winu which also has a 0.4% concentration of copper. Camp Dome has 0.37%.

The fluid pathways deeper could indeed contain gold but only drilling will tell us that one and how big this could be.

Financially copper/ gold deposits aren’t as good as gold/ copper deposits.

“ Gold pays for everything and the copper is the profit “

Hi pernickety

Tungsten prices are very low in relation to the expense of processing it.

I’m not sure if it will come out of the copper concentrate or the other way round.

In my mind I see more value in the copper but it’s over twice the depth than Camp Dome so that may take priority out of the 2.

Tungsten and copper need different reagents in the flotation sequence where as air is used to float the copper I’ve read that ultrasound is better for tungsten, it then goes to the autoclave where the tungsten is leached at high temperatures.

The flotation process is about the bubbles apparently, the metals adhere to the surface of the bubble when they rise to the top and burst the metals form a film on the surface and are skimmed off in the froth. Ultrasound has a better effect for tungsten.

No doubt someone will come back on this with more info.

Hi MH I’ve seen references to MolyB at Telfer but it’s not like at Cadia where they built a new plant to retrieve it from the copper concentrate.

An early exploration target sat on the end of a NW trend to the SE is Paterson 8, Chicken Ranch, Pajero and Parklands.

This is a copper only target the Newcrest MRE included 52,000 ton multiply that by $10,000/ ton 🙂

“The Camp Dome prospect is a satellite copper-only oxide deposit located approximately 20 km north of the Telfer mine. Mineralisation occurs within quartz sulphide veins hosted within folded sedimentary units of the Malu Formation. Mineralisation occurs as a sub-horizontal blanket with drill intercepts up to 65 m thick over an area approximately 1,000 m × 400 m in size and from 70 m depth. The deposit remains open at depth below the oxide weathering horizon.”

14mt in the MRE is a tiny proportion of what’s there it needs diamond drilling to confirm the estimate but it’s a huge area and still open at depth.

The oxides look like a supergene but there could be a hypergene underneath, very early days.

O’Callaghan anomaly is reported in the Newmont MRE

Those 3 Australians in their podcast said it was the largest tungsten find in Oz. I don’t know about that but I’m more interested in the copper there much more valuable.

It’s under about 200+m of cover a lot is the drilling was rotary and aircore so not really deep enough but there has been around 20k metres of diamond drilling giving this MRE

Contains around 180kt of tungsten and 150kt of copper, if you times 150,000 x $10,000/t you can see what I mean.

How much will we be paying for Telfer area?

Cheap or what 🙂

From the SRK consultants report

“A Mineral Resource estimate covering the three deposits was completed by Newmont in 2016 and re-reported in 2023 (Newcrest’s 30 June 2023 Mineral Resource and Ore Reserves statement) and is summarised in Table 5-4. SRK reviewed the Mineral Resource estimate from 2016 and considered it had been prepared using accepted industry practice and classified and reported in accordance with the JORC Code (2012).”

This is the figures left out of Newmonts MRE.

This area is still early exploration activities.

The 3 main targets are Big Tree, Dolphy and Ironclad, there are others around but those have been drilled. Only one diamond drill at Big Tree, this is on a different geological trend to the other 2 which have had a few more DDs 46 at around 500m each.

These are gold only projects.

Combined MRE is 4.84m ton at 1.26g/t for 200,000 oz

Not a lot but early stages.

Thing to note Pascalle target is very close to Ironclad.

Other targets in the SE hub I can only see air core drilling , this means shallow drilling no deeper than 100m if they hit anything hard they have to stop.

These include Erebus west, Inca roads, Trotmans Stockwork, Trotmans Gossan, Peaches, Coltrane and ocarina. All probably gold targets.

Indeed Rockfall there is a certain uplift in the resources estimate due in March.

When Newmont took over they removed target areas from the last MRE in Dec 23 that Newcrest had included like the VSC, Camp Dome, Backdoor, Dolphy and Ironclad. These can be re added to a new Jorc compliant estimate.

The SRK report puts the potential targets at Main dome to be somewhere between 1.1 and 2.4moz low and high estimates

Hi Nomlas

I found what you were referring to:-

https://www.newcrest.com/sites/default/files/2021-10/211012_Havieron%20PFS%20Stage%201%20%E2%80%93%20Market%20release%20.pdf

There’s 2 things here on Page 3 is the milestone dates

First Ore H1 FY2024

Production H2 FY2024

Page 7 refers to the ore production 0.5mt for FY24

These are Newcrest dates not Greatland’s.

Also they refer you to note 5

5 Subject to market and operating conditions, all necessary approvals, regulatory requirements and no unforeseen delays (including any delays due to COVID-19). Newcrest Mining Limited – Level 8, 600 St Kilda Road, Melbourne – www.newcrest.com

Now Stage 2 of the Mining application is still not approved and could be holding up the Acquisition.

The revisions include Telfer/Havieron operations as a whole but also a wide range of environmental issues still not resolved.

Table 4-8 in the SRK consultants report lists these specifically.

Some may have been resolved since then but I don’t think they have.

The issue of delays is not specifically Greatland’s it’s more down to Newcrest taking their eye of the prize and then Newmont coming in and putting it right. Also slow approval system.

Thanks I had written them off 🙂

Nomlas where have you got first Ore 2023, that time frame has not been the case.

The first production estimate was H2 FY2024

and only half a million ton.

There has been 2 years of political manoeuvring with Ggp not being able to do anything about it. Without that 2 years we would be close on schedule.

H2 2026 for first Ore is still reasonable time scale considering what’s happened.

https://stg.greatlandgold.com/wp-content/uploads/2021/10/211012-GGP-Announcement-Havieron-Maiden-Pre_Feasibility-Study-final-with-images.pdf

Page 8

Newmont are not likely to hold on to Telfer, they will close it down if not sold.

The writing was on the wall when they produced that bubble chart of all the combined assets they would hold. Cadia in the centre with Lihir and Telfer was on the periphery with the other 5 to be sold.

The capex costs for the 10 tier ones they were keeping were onerous and Telfer / Havieron would have struggled to compete for funds.

The sale will continue, it’s only approvals and legal stuff holding it up.

Https://greatlandgold.com/wp-content/uploads/2024/10/Transformational_Acquisition_of_Havieron_Telfer_Investor_Presentation.pdf

Page 23

Hi StinkyPete

I think the venue is now full I dare not take anymore I don’t want to let anyone down who turns up .

I need to confirm with the Manager on how many we can have in the meeting room.

Thanks for your interest , I will keep you informed if people drop out.

Hi Mal hopefully might be able to do another one nearer Derby or somewhere up there, need to see how this one goes.

Hi mal

I doubt that will happen, I’m not keen on that idea.