Member Info for Culpepper

So I think Newmont will be in expectation of Ggp coming forward with an acceptable plan around funding.

Arms length in the early stages. And in the end depends on who makes what offer and their ability to complete. Business. No ‘favours’ will be done.

And it seems to be Mcquarrie who will be filtering expressions of interest and advising Newmont on how best to proceed.

It’s in nobody’s interests to hold out for deals that don’t float. Mr. Day has been plain publicly on his intent, at one time offering more than independent valuation for 5% Hav, and the plan to bring it into FCF was to use Telfer. And Newmont want rid.

A deal will likely be done with somebody or somebodies including Ggp encompassing Telfer and Hav.

They start again at the table.

I remain unsure of the requirement around ROLR on other than a cash offer. I do not think, on what I have read, that Ggp’s access to Telfer is guaranteed by the Newcrest JV. Or that tolling fees are agreed. Just the context within which it was intended to negotiate them.

Plainly any partnership arrangement will see all ore going to Telfer.

I imagine they could have put that to Ggp and had done with it. Perhaps they have.

It occurs to me I don’t know what legalities exist around ROLR, ie what sort of deal, cash or otherwise, a mixture, whatever, Newmont could try holding out for.

It’ll all be aired during discussions, with the possibility of side deals and assurances to secure mutual advantages, on the state of play as it exists now.

I continue to think Newmont will prefer cash on the nail, to satisfy promulgated promises to their own shareholders.

You see some on here been talking of a new processing facility. I don’t see that as helpful just now.

It is, of course. But you have to get yer basic ducks in a row before moving on to performance. I have little doubt it will be done.

Hedging a proportion of production, as with original bank debt facility.

It would, I think, be a difficult balancing act to mine Telfer at a profit, without further capex, and dependent upon the price at which Ggp may be required to hedge it’s gold output from the mines, and in accordance with any lender requirement.

The JV, what we know of it, refers to intention to process at Telfer, and intention to negotiate tolling fees. As I see it, Ggp’s main priority must be to secure ongoing access at least to the facilities. I think that remains pretty much a certainty in the end. Without it, there will be no near-term benefit from Havieron for anybody at all.

Just considering the basics of Ggp continuing with its original solid plan as with Newcrest, is all, with which people were generally content before Newmont turned up.

He tells a good tale, no doubt about it.

He’s eventually coming around to realising that Ggp taking Telfer plus all of Hav is a big ask for a small company. It affects his posting at a point in time.

‘ This water management has indicated potential for greater volumes of water to be managed at surface than originally modelled’

In the absence of anything else, it seems to me that is where the challenge is currently perceived to be.

I think it’s quite simple. Punters agree with this board there’s a very real possibility of a fundraise coming, potentially in excess of the Ggp market cap, or more.

Whether they will be proved right or wrong to fear for the value of their shares pending FCF and accretion is another matter.

It’s a cautious view, awaiting clarification.

Aquifer apart, I think this older RNS pretty much summarises where they’re at, with ASX for opportunity and so on.

https://www.londonstockexchange.com/news-article/GGP/corporate-update/16123792

On funding, they have the general standby debt facility to add to the banks’ Havieron facility (subject to FS criteria )

“In September 2023, Greatland entered into a A$50 million (approx. £26 million) unsecured standby debt facility with cornerstone shareholder Wyloo Consolidated Investments Pty Ltd (Wyloo), providing additional flexibility for Greatland's funding requirements through 2024. Wyloo currently holds approximately 8.5% of Greatland shares.”

They will undoubtedly have looked ahead to balance the books, dependent upon whatever way the Newmont divestiture goes.

I think Newmont are more likely to be looking for cash inflows if they can, to keep their promises to their own shareholders.

I never been that keen on my shares going down. Each to his own, as they say.

Iceland closed today. Canada buying at 79p.

Reading the official releases, I don’t think the ASX is ‘on ice’ or delayed as such. It’s waiting for the ‘appropriate time’. With its further source of capital pools, you may consider an ‘appropriate time’ may be approaching, subject to any change that may be required to satisfy listing criteria.

Nothing against a bit of dirt. There’s brass in it.

And it’s good to be optimistic.