Member Info for Cebo-456

Just bobbing along just now. Remember though that Assay resukts from 600 samples taken at Darlot are due this Month (so anytime) according to the RNS. Positive Assays will see this double in a day.

News should land tomorrow or Monday. The question is - how will the market react ???

MM's struggling a bit here by the looks of things (17% Spread) but should see this gather pace this afternoon and over the next couple of days.

Yes, I can see the comparison to GGP about 7 years ago - and I think WSBN (who I invested in a while back) will do similar or better than GGP. But CDL (only recently taken a position here) look like they could easily surpass both of those in terms of percentage gains.

Those grades are absolutely gamechanging - 3g per t over a 1 km strike and a shallow mining play is fantastic. And with gold @ over 4000USD per oz the numbers are huge.

This looks like an amazing deal - and may or may nit be recognised as such - but when the market wakes up then we will be due a decent rerate.

When a company like Greatland appoints an additional or “joint” broker, some possible motivations include:

👉Raising capital (to fund new acquisitions, JV participation, or exploration). GGP already are cash rich and any Red setter acquisition coukd involve a Cash and GGP shares type deal)

👉Increasing exposure to potential partners or acquisition targets.

👉Market signaling: they might want to show they’re serious about growth, acquisitions, or consolidation, to alert the market and potential sellers or collaborators.

👉Due diligence and financial structuring: having more broker / advisory capacity can help evaluate deals.

So, if Greatland is considering a JV or buying Red Setter, appointing a joint broker could be part of getting ready for that: preparing financing, doing outreach, assessing value, etc.

What argues against a definite inference

There may be another reason, but IMO it is very plausible that Greatland’s appointment of a joint broker is intended to give it greater flexibility — possibly to facilitate a deal like a JV or acquisition of Red Setter or similar projects. The combination of interest in the region, similarity of geological setting, recent positive signals from Red Setter, and Greatland’s own strategy in the Paterson region, makes the hypothesis reasonable.

Yep, as tou rightky say, GGP have appointed a Joint broker this morning (RNS) - now there are usually only a couple of reasons for doing this, although for a fairly established company like GGP it is not that common.

Reasons include;

👉Improving liquidity and trading activity - not sure that is an issue at GGP

👉Broadens investors reach- again no problems there IMO.

👉 Prepare for future fund raises and M&A activity - now then I wonder if they have their eye on something close to Telfer 😉.

👉 Enhance market profile and coverage - again very interesting if indeed M&A is on the cards.

Possibly to improve investor relations or more likely some positive M & A activity in the coming weeks or months.

Not annoyed or angry - in fact very very appy about the way this is turning out.

Drill planning and execution is an extremely dynamic process which will change as new surveys and results indicate better CoS in other areas - which happened here.

I also cannot get excited about the short term SP or whether the drill bit it drilling 16 or 20m a day. Those matter only for traders, not medium or longer term investors. And it is the longer term investors that make money on those plays.

News, I do wish you would put the words in the right order every now and again. 🥴🥴

But I think you may be benchmarking against GGPs drilling of Haveiron.

GGP drilled 4 holes before they encountered similar in hole 5 similar to what Wishbone are seeing in Hole 001.

From memory, GGP drilled another 4 holes on their own before the JV partner took over all the drilling, planning and costs - and it cost GGP 70% of Haveiron.

So effectively they only drilled another 4 holes after they found comercial grades.

I think with the price of gold now over USD4k oz. Wishbone could and should be looking at monetising Redsetter to the tune of 200-300US$ per Oz for what's in the ground once this drill campaign is finished, and if they have the grades and volume of metals (Au & Cu).

No skippy you can't. 20k limit max 2025/26.

The following is what any suitor may pay at different stages of exploration at Red Setter - this is based of Last years Gold prices and M&A - so obviously more given the price of gold has topped US4000 Oz - so arguably double it.

Very early-stage / high-risk exploration — buyer pays $50/oz (we will be at this stage if Assays come back positive from Hole 1).

10,000,000 oz × $50/oz = $500,000,000.

Typical junior explorer/“resource” stage (cheap EV/oz market) — $100–$200/oz

At $100/oz: 10,000,000 × 100 = $1,000,000,000 (1.0 bn)

At $200/oz: 10,000,000 × 200 = $2,000,000,000 (2.0 bn)

(This range fits many explorer takeovers where resource is still largely inferred/early-stage). Probaly need Hole 2 assays and another couple of deep drills or Infill holes to be here.

Mid case — proven/indicated resource with decent metallurgy & economics — $300–$500/oz - guessing WSBN would need about 10 holes in total and I believe we will be taken out well before we get to this stage.

At $300/oz: 10,000,000 × 300 = $3,000,000,000

At $436/oz (S&P historical M&A average example): 10,000,000 × 436 = $4,360,000,000. S&P Global

So in summary table in USD for a 19m oz discovery at various stages is as follows;

Low exploration bid (~$50/oz): $0.5B

Typical explorer takeover ($100–$200/oz): $1.0B – $2.0B

Mid / resource-stage ($300–$500/oz): $3.0B – $5.0B

This is just based on previous info and obviously grade, depth, road infrastructure, power availability and how close the assett is to a production facilty (Telfer 😉) all impact the AISC so influence what any suitor would pay.

Strategic fit — a suitor with nearby operations may pay a premium for synergy (consolidating assets) - but could Greatland afford it if it genuinely is a huge discovery.

Drill baby drill

GGG, most do not give a toss about a 10% intra day rise based on a few P&D traders who ultimately lose money overall chasing rainbows.

The people that make money are those that get in before results (now) do their reserch and hold through the noise and nonsense.

I personally am hoping that all the signs are pointing to a 10m oz Au discovery with 3% Cu.

So looking for 20p minimum to sell once/if resourses are and the geological model prove up. Maybe a lot more.

A lot of drilling will slow down or be deferred Oct -- Feb. Mainly because of the wet season that effects road access etc. But road access to Red setter won't be an issue as Telfer operates all year round and we are just a few clicks from Telfer and crews can also FIFO year round. The fact that the are mobilising the second rig would suggest that they are planning to drill into the wet season.

Hole 2 Assays by mid December unless they have been sent in batches to the lab - in which case the fist lot could already be getting worked on.

"Drilling is a delicate procedure" 🤣🤣🤣

Senior Warzy. How do you Bed and Isa more than 20k, pray tell.

Debating if is is 16m or 20m a day is pretty pointless as every hole is different. There was talk on one of the Aussie forums that 002 was slower as it included a fishing trip early on - but not sure what was involved.

What is more interesting is that if they are still in mineralisation at 750m or 800m (from 530 or whatever it was) then that indicates the potential size of this play- hopefully we get an update on the drill soon, if not then it bodes well that they are still in the pay zone. ✨️✨️✨️✨️

Now we know that the UDR crew are on Double shift (at least from today) but possibly a while ago - I am guessing that we are looking at TD possibly later this week if not before - We also know that the second rig isn't drilling till next week (if that's the third (calender) week in October) So it will take a week to set up and drill RC to 500m on hole 3 if that's the plan. I have the feeling that we see RUC-200 going back to hole one for a week to take her past 1000m, before taking over 003 @ 500m later this month.

Interesting stuff.

Great to now have confirmation that both drills are working double shifts or will be when the second one starts drilling- and obviously the RC drilling is about 10 times quicker than the Diamond drilling. So things are now moving at speed. And with the POG hitting all time highs daily, so they should be.

150-200m a day on RC compared to about 35-45m on diamond if working double shifs.

Let not be too hard on the drill crew and give them christmas morning off or at least double time and extra smoko's 😉 🤣🤣🤣🎄🎄🎄

Fill-to-spill.

Yep, RC drilling will still produce rockchippings that will be sent for assaying 100%. It won't obviously take whole cores so no veining, alteration or directional info. Great for expediting the drilling and doing the dirty work in a fraction of the time it takes UDR to drill to 500m on the Diamond bit.

Could be finished hole 2 and 3 by this time next month, hole 4 by mid Dec and be on the 5th hole by christmas.

Plus possibly a couple of water bores holes and a 500m Infill or 2.

The new Schramm can spud and RC drill to 500m followed by the UDR on the Diamond drill bit to 1000 on Double shifts.

sageman - i would personally be ****ed off if they sold tomorrow at 5p as you suggest.

if there is 5m au of gold (i am hoping for a lot more) then that's less than 1% of the non discounted value of the metal in the ground. industry will pay between 3 and 7%.