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As far as I can see the value of Havieron has included processing the ore at Telfer so take Telfer out of the equation and put building a plant on site the time, permits, agreements and costs ,what is the 70% worth if an independent valuation is commissioned .
The sooner we agree a price for 70% the better before we discover more gold the 70% is a separate entity and has to be valued that way. Then and only then we look at Telfer and ask what are you going to pay us to take it over ,Telfer is like a bad headache for Newmont and GGP are 2 aspirin tablets and a glass of cool fresh water.
By DipSard » Wed Nov 22, 2023 9:00 am
Notes from AIM ON-AIR Q3 Update with Shaun Day - November 13th 2023
Liam
Okay, that’s great. Thank you. So majority of the news items from the previous quarter come from a flurry of RNSs between the 8th and the 20th of September. Some of these I’ll not cover as they’ve since been superseded, but we should touch on each part of them to bring everybody up to date to the end of October. First up is the RNS on the 8th of September titled Newmont Newcrest Takeover. Grant Samuel produced an independent assessment of the Havieron project using its own assumptions. You and the team have had more time to digest this information and understand its nuances. Do you continue to find it frustrating that the real story of Havieron is still clouded secrecy for want of a better word or are you just concentrating on the things that you can deliver?
Shaun
Yeah, thanks for the question Liam. We do just focus on what we can deliver and we’re really comfortable with the successes we’ve had over the last 18 months in particular. In terms of the AMC or the Independent Expert Report, look, we understand that. We’ve kind of gone through it in some detail, as you would imagine. I think people should understand that represents 70 % of Havieron plus 100 % of Telfer. It doesn’t delineate the two values, but I think it’s arguable that Telfer, including its rehab liability, is actually a negative in that equation. So I think it does perhaps start to suggest what Havieron can be, and people should also understand that independent experts are what you can prove, not what you know. So they are a subset of your expectation of the asset and typically have, you know, relatively conservative assumptions in them because again, it’s about a public facing technical review of an asset and obviously when technical teams of doing that, they’re really focused on not overestimating what can be achieved. So we actually thought it was a step in the right direction.
Divest Telfer that has to be a joke they could not give it away , Havieron is not part of Telfer and Telfer has to be valued as a end of life asset or in my view a negative asset they may need to pay GGP to take it off there hands .
14 Aug 2019
Salt Lake Potash appoints three executives to management team as Lake Way SOP development advances
Shaun Day joins the company in the role of chief financial officer.
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Salt Lake Potash Limited Announces Resignation of Shaun Day, CFO
December 18, 2020 .
Salt Lake Potash Limited announced that the Chief Financial Officer, Mr. Shaun Day, has tendered his resignation. Mr. Day has accepted a role as CEO of a resources company and, having completed the equity raising to enable initial draw down of the Company's debt financing, believes it is an appropriate time for the change.
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This entity was delisted from the Australian Securities Exchange on 31 July 2023. This entity was placed in administration on 20 October 2021.
12 SEP 2022
Wyloo will subscribe for 430,024,390 ordinary shares, priced at 8.2 pence per share, totalling A$60 million and approximately 8.6% of Greatland’s shares on issue.
Wyloo will also receive warrants to subscribe for an additional 352,620,000 ordinary shares at an exercise price of 10.0 pence per share which, if exercised in full, will realise gross proceeds of approximately A$60m (c.£35m).
If you look at the Upcoming floats and listings (ASX) almost all do a Capital to be Raise that's ok ,its when they discount the share price by around 20% at the last closeting price , which is usually a lower than the avenge price the shares have been trading at that boils my blood. GGP need to make a clear statement if there is going to be a raise so we do not have the same fiasco as the last time we intended to list.
Selling our 30% is the opposite of this statement.
Greatland has a proven track record of discovery and exploration success and is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. Greatland has a number of exploration projects across Western Australia and in parallel to the development of Havieron is focused on becoming a multi-commodity miner of significant scale.
FY23 Performance
Telfer’s lower gold production in FY23 was driven by lower mill throughput and
lower grade.
In November 2022, the Newcrest Board approved expenditure of A$214 million
(~US$150 million) for the West Dome Stage 8 (WDS8) cutback. The cutback
underpins the continuity of operations at Telfer, with the mine now expected to
continue operations into early FY25.
(3)
First ore production in WDS8 was achieved
during the December 2022 quarter with mining rates in the cutback performing
above expectations in FY23.
AISC of $1,633 per ounce was higher than FY22 primarily due to lower gold sales
volumes, a lower realised copper price, an increase in production stripping activity
relating to WDS8 and additional costs relating to inflationary pressures. This was
partially offset by higher copper sales volumes and favourable FX movements.
Free cash flow of $9 million was 91% lower than FY22. This reflects lower earnings
(EBITDA) and increased production stripping activity, partially offset by favourable
working capital movements. Excluding hedge losses of $76 million in FY23, Telfer’s
free cash flow would have been $85 million.
Would be good to get an update from Newmont on the Juri JV .Black hills .
Stage 1: Newcrest must spend A$3 million in relation to the Juri Tenements within 24 months of entering into the Juri Farm-In and Joint Venture Agreement to earn an additional 26% interest in the Juri Tenements (cumulative 51% interest); and
Stage 2: Newcrest must spend an additional A$17 million in relation to the Juri Tenements within 36 months of completing Stage 1 to earn an additional 24% interest in the Juri Tenements (cumulative 75% interest).
Following completion of Stage 1 on 20 August 2021, Newcrest exercised its right to increase its interest in the Juri Tenements to 51% (the remaining 49% to be held by Greatland) and elected to proceed to Stage 2 on 18 October 2021. Newcrest was appointed as the Juri JV Manager with effect from 1 July 2023.
It will take a little longer with the promised optimisation of the combined entity’s portfolio of operating assets and potential projects. Palmer has promised to generate $US2 billion in cash proceeds from this process, but he says there’s no rush to put assets on the sale block.
“We’ve got the time and space to do that in a thoughtful, considered way.”