Member Info for Culpepper

Personally I hope Newmont keep H/Telfer. No reason why not.

And if they sell, I don’t care who buys it, as long as it’s not Ggp and access to Telfer is retained, nomatter how accretive people will say it will become in x years time.

It’s unlikely to be a knock-down price ( subject to what happens with Telfer ) Ggp has already partially committed to a valuation.

Higher offer

In March 2022, Greatland submitted a non-binding offer to Newcrest to acquire a 5% stake in Havieron for a substantially higher value than determined as the option price. Greatland did so because it considered the value of Havieron to be well above the value implied by the option price and would, in the opinion of the directors, still have presented a financially compelling outcome to Greatland shareholders. Newcrest did not engage on this offer.

My last should have been in dollars? US maybe.

Having already said, that he would have been prepared to pay I think it was £85m for 5%.

Unusually ( I think )Mr. Day has already told those who follow these things that Ggp will be a bidder for Newmont’s 70% ( or part thereof ) should it come to market.

Anyone can make a bid for anything, anytime.

Who would want Telfer without Hav, widely regarded as what Telfer is waiting for? With perhaps a central processing hub in mind.

So separate sales, if it came to that, with side agreements, taking Ggp’s ‘rights’ into account.

I do not know if the ROLR is time-limited. I see no reason why either of the JV partners would have sought that. It would make sense for both. It disadvantages neither.

I sense from the wording that Ggp ore being processed at Telfer was a mutual intention, rather than a right, now referred to as a ‘may’.

It has been the press that originally sowed doubt around a Newmont intention to dispose. Other than perhaps by omission, Newmont has made no comment.

I think we shall remain in the dark on that, with none of us knowing what Newcrest/Ggp had to hand, how far anybody had got towards anything.

But actually, I think we’re waiting on announcements further down the road than the MRE, as far as H is concerned.

I think I remember Mr Day said informally it could amount to a 50% uplift at that time on resources? So 8- 9 on that basis then?

The MRE business has caused dissent. Amicability goes so far, and on this occasion went from Ggp to Newcrest. Mr Day chose to align, sensibly with Newcrest, on what he must have believed would happen Newcrest left him carrying the can. He is now extricating himself from the embarrassment.

Exercises nil cost options. Sells sufficient within buyback to cover costs.

https://www.lse.co.uk/rns/WIX/directorpdmr-shareholding-s89qjtftrjq85uj.html

There may be some shorters/conspirators up there, hiding away.

Wyloo walking away? On what basis is that floated to create discussion?

Can’t see any prospect of anything happening on the corporate front until Newmont has settled into their seats. And Feb is the last date they put on it.

Wyloo are supporting Ggp as is.

As you say, money talks. If somebody wants to pay for Hav or Ggp, they’ll come forward and it will have to be with sufficient for the board to put to shareholders, and failing that to go direct to shareholders as with Mincor.

All that was a nonsense really, with Mr. Day apparently not knowing what was going on and ‘surprised’ by no MRE. But it’s coming, and will be before listing.

Wyloo has £35m waiting to use their warrants and buy shares at 10p at time, once they’re in the money.

They can take part in any raise, but there’s nothing in share dilution for those warrants.

Freddie. The ‘umbrella’ company must have been deferred along with the listing.

As I see it. He wants to list on ASX. That would have been an ideal opportunity to raise. I think it was intended, but circumstances precluded that, so he and Wyloo sorted this out. There must be a reason for it. At this time, and with cash in the bank. I guess it’s to do with Hav, MRE/DFS.

He’s removed current uncertainty on a raise, and still retains the ability to raise on listing, should he wish, and pay any short term debt to Wyloo off.

Giocavazzi “Havieron is an outstanding orebody that we are keen to see developed to its full potential”

With MRE and DFS on the horizon, there just may be something in the word ‘full.’

He’s actually put himself into a holding pattern, and as I read it, can be put right, any future funding by debt/equity will require payment to Wyloo of a proportion of anything drawn down under the arrangement in accordance with normal practice.