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I really don’t think the market understands the significance of copper in terms of supercharging GGP’s revenues. Current prices make for some very interesting reading in terms of theoretical value.

Courtesy of Grok (really is a wonderful tool when it comes to number crunching)

From recent updates shared on X by Shaun Day, Managing Director of Greatland Gold, the inaugural Mineral Resource Estimate (MRE) for the Telfer gold mine is 117,000 tonnes (117 kt) of copper, and the combined MRE for Telfer and Havieron together is 387,000 tonnes (387 kt) of copper.

Telfer Copper: 117,000 tonnes

Total (Telfer + Havieron) Copper: 387,000 tonnes

Havieron Copper: 387,000 - 117,000 = 270,000 tonnes

These figures align with Greatland Gold’s reported resource estimates as of March 18, 2025, and are consistent with earlier data, such as Havieron’s December 2023 MRE of 275,000 tonnes, adjusted slightly by ongoing exploration and updates.

Now, we calculate the value of the copper in the ground at Telfer and Havieron based on these figures. Note that this is the gross value of the copper in the mineral resource, not the net value after extraction, processing, or other costs.

Telfer Copper Value:

117,000 tonnes × 11,508 USD/tonne = 1,346,436,000 USD

Value: ~1.35 billion USD

Havieron Copper Value:

270,000 tonnes × 11,508 USD/tonne = 3,107,160,000 USD

Value: ~3.11 billion USD

Total Copper Value (Telfer + Havieron):

387,000 tonnes × 11,508 USD/tonne = 4,453,596,000 USD

Value: ~4.45 billion USD

GLA

‘It's real results and hard currency going in the cash register and not sentiment that will be the driving force behind the SP from here on in.’

I agree with this BBloke, and I think it’s why we are in a transitionary window whereby value discovery is tricky. Make no bones about it, for the PI, this is THE buying opportunity of Greatland’s entire history IMO.

As a producer, one could make the argument that valuing based on P/Nav doesn’t seem entirely relevant. For argument’s sake ask grok to tell you the P/Nav of Greatland gold based on current prices. Even the most conservative calculations put it far north of where we are now…and it doesn’t even factor in the most recent resource extension at Telfer!

But equally, valuing greatland as a producer based on P/E is equally tricky as there isn’t a full year’s worth of results. Again, take the known data we have in terms of production, times by 10 (to be conservative, as opposed to 12) and again see what Grok has to say about the market cap of a miner producing that much gold…

So for me this is the buying opportunity of the century, we are in a weird transitional value gap, only magnified by the basket case market in which we operate in (it’s like a tailored suit company setting up shop in Luton as opposed to Savile Row) so the ASX, combined with Greatland’s emergence as a fully fledged producer with consistent results, are going to drive the SP into another league IMO.

I reckon there’s only 3-6 months before this window closes and a fairer value establishes itself. I know what I’ll be doing in the meanwhile!

Yep, it’s jumper to 121 million now haha

1500 trades and 104 million volume. Wow. Some serious momentum here. Let’s see what comes through on the old UT. Could be even higher volumes.

It’s taken me by surprise how slow 'the money' is in terms of its movement into mining stock. Producers have been enjoying bumper uplifts to their profits for at least the last 3 months and yet none of that seems to have equated into major capital inflows to the mining sector.

Big players looking pretty flat in terms of mcap growth. Some smaller explorers catching a bid here and there, but hardly a bonanza.

Gold has bounced hard off that $2900 support line and now seems set to test $3 before long. Could it take something like that $3k being breached to really start to see the sector motor upwards?

I’m not usually a MM conspiracy theorist but 90 million shares traded hands today, the majority of which after hours, and the SP action today was like a mill pond.

Something doesn’t stack up.

Even for GGP that’s a lot. 40 odd million after hours!!

Wow Antipa getting pretty desperate here with their obvious overtures to greatland via their broker notes. This is a dangerous game they’re playing because I don’t see many other suitable buyers/JV partners.

It’s scary to think that investors might make decisions to invest based on such one eyed ‘guidance’. Any half decent broker note would caution GGP has more than its hands full with its current core projects and that it’s likely that’s where the management’s efforts will be primarily, almost solely, focused.

I’m not ruling it out completely but it just seems so unlikely that we would even cast a glance in Antipa’s direction at the minute. We are barely at the startling line in terms of getting to grips with our telfer asset so to be hoovering up other projects at this delicate juncture doesn’t make sense to me.

Timing could be good for us, in 3+ years when we might be looking to expand our portfolio Antipa could be had for a song IMO.

24 million trades after hours gone through if I have that right?!?!

In the event of the US revaluing their gold assets, gold generally would re rate higher because:

1. Why would the US govt bother going to the trouble of revaluing gold if it was just a few lumps of yellow metal sitting in a vault? It would clearly signal to the world that gold is at the very least strategically significant as an asset.

2. Now let’s take that one step further, into the realm of the gold bugs. How does one really stake one’s claim to become the official reserve currency? You need some stability there. Gold can provide that. History shows that after each major monetary reset, gold has been involved. China has, in my view, orders of magnitude more gold than the US and, when the time is right, will make a play to become the world’s premier reserve currency. I believe the US is jittery about its gold reserves and the whole revaluation debate fits into this wider narrative.

For me I think the primary short and mid term drivers of the POG will be tariff induced inflationary pressures. If tariffs are the new normal, there is going to be a lot of money needed to be invested domestically to support the generation of internal supply lines and infrastructure. Many nations, dented to the hilt, will need to print money to do this. Not forgetting in the meanwhile prices just jumped 20% overnight.

All combined, there are plenty of drivers for a higher gold price.

It’s back on the March. Into the $2900s again.

Gold on the rip again.

4) Sole reliance on AIM (where valuations and share performance lag generally) finally gone

I think that AIM has sank much, much lower than simply lagging valuations. There are a whole host of companies that let’s just say have nefarious motives when it comes to ‘creating shareholder value’. Even to many PIs it’s a trader ridden cess pit that they won’t touch with a barge pole, let alone the funds and IIs. Combined with toothless regulation for bad actors, it’s really become a trader ridden casino where value discovery is nigh on impossible. Shaun has quickly twigged this is not the sort of company that he wants GGP to keep.

For the sake of balance I would say that AIM has absolutely served its purpose in terms of getting GGP to where it is now, but ASX listing is the right thing for this company and can’t come a moment too soon.

It’s an interesting discussion and the Hav plan/feasibility will be a major landmark in Shaun’s tenure as CEO. I’d rather they carry on cranking Telfer to the max and making sure that every I is dotted and t crossed prior to any Hav feasibility being released to market.

I trust Shaun to deliver a strong plan and whilst water management will be a potential cost factor, the idea that it precludes Hav being mined is baseless deramping.

Hi Hairy. Interesting monicker!

I would say that the obvious factor insulating us from a pull back is the fact that to me at least, the market isn’t actually valuing us as a producer just yet. Whilst I get the frustration at the stagnant SP in light of much stronger fundamentals, I suppose the counter argument is that the share still retains excellent upside potential as it begins a strong growth cycle. One could even take the view that the strongest players in an unloved sector still do well, and I think this will be the case here.

One final point is that we are hedged in the form of a put option and I think that Shaun is likely to de risk through further put options in the near future. My guess is this will be included in the quarterlies.

I think the spot price for gold would have to really crater for us to be worried, and does the current landscape really support that?

GGP at a really interesting intersection between surging gold price, a new producer on the block (and all the aggressive approach towards growth/agility that come with it) and now what looks like a mine that’ll sustain bumper production for around 10 years before the jewel in the crown comes online.

Combine this with share consolidation, ASX listing, Jorc updates and audited results, there are just too many catalysts to keep this good dog down for too much longer.

It’ll be fascinating to see where we are a year from now.

Amazing RNS, all against a back drop of a gold price that continues to rip and roar!

You’ve changed your tune Daz!

Just like you did with Nano.

#trader

Speedie I’ve been really intrigued by the behaviour of crypto. Notice how it’s moved almost inversely to the gold price.

That’ll have a few crypto zealots scratching their heads at the idea it’s a safe haven asset. For many reasons, it’s not.

I’ve always felt that gold could be supercharged from even a small exodus out of crypto and into PMs…we might be seeing the beginnings of that.

Hi Jerry

Simple back of the proverbial packet calculations on that 500k oz stockpile vs the gold price then and now reveal an arbitrage gap of about £50 million, going off the SP.

The more general point being that our SP isn’t using that 500k oz as a peg in terms of price action. So now we look (even more) undervalued.

Of course it’s not a pure arbitrage because there are numerous variables in play but the general point holds some water.