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@Red... ' Shaun had no need to include passing bays or whatever other infrastructure in the length of the tunnel.'

You do understand why the DFS is being created and why it is integral in the entire process of being allowed to mine the deposit i.e add to the commercial value and viability of the project? Optimisation studies would have followed the DFS anyway even if it had been published last November but integrating the optimisations, 50% production profile increase to circa 3mtpa throughput with higher grades (which the passing bays will be required for to enable the decline to achieve) larger reserve and resource from an MRE using data newer than 2 years old expected to feature in the study to strengthen the case for the DTM and to alleviate other cost pressures since the original PFS outside additional CAPEX.

I'm not an engineer but surely having those passing bays also enables faster work on the decline in general if you think about it? As they have got a better understanding of the ground conditions over time they'll have integrated better methods of working and alleviating repetitive issues as you would find with any project along the cycle. Also perhaps some H&S concerns in ensuring certain aspects of the infrastructure are actioned as you proceed I assume. You'd do well to study the mining plan threads on GGPChat forum and plenty of YouTube videos on decline builds, SLOS mining to be able to better visualise what you think is happening underground.

LOL Ace, some of your Southend crew have actually seen me and SD in the same room at the Sept '22 Town Hall unless I was a hologram of course...!

Planning to make the next Town Hall with the NCM news, but will depend on when they announce it as have to free time up to travel down but hopefully will get a chance to say G'Day if you're going :-)

Hi Panama, definitely a lot of interesting information in that prez, perhaps due to the more private setting or Shaun deciding to be more 'offensive' with Newmont circling NCM?

Another key highlight in regards to production was the jump to 3mtpa providing a potential 400-450k Gold equivalent in the upcoming DFS. We were dissecting this big increase from the 2mtpa 160k profile in the 2021 PFS on TG earlier.

Two great points raised (JC & Nitram) were that firstly the data used in PFS is 2 YEARS OLD with a Feb 2021 cut-off and secondly even a 50% increase in grades takes you to 360k without considering the copper, so 400-450k seems very feasible given the increase in grades and amount of data that can be utilised in the last 2 years.

***Recap of some highlights from the presentation:
https://www.ggpchat.co.uk/viewtopic.php?t=662
- Decline progress is still accelerating and Shaun was careful but hinting it may be ahead of schedule if the pace they're at continues for a couple of months
- Ernest Giles focus is still very prominent outside Paterson
- Mentioned targeting 400-450 Gold Eq. ounces production rate at Havieron and from Shaun's comments part of the DFS optimisation is looking at narrowing down the timeframe between first ore and transition to FCF
- Mentioned already 15 years delineated already around the SE Crescent so hopefully reflected in DFS and pushes Hav into Tier 1 officially
- Flexible on options for Eastern and Northern breccia's still by looking at sub-level or block cave approaches or consider a more selective approach of taking out the high grade pods akin to Sunrise Dam mine so the drilling this year is instrumental to the longer term decisions on mining methodologies
- Current plan is SLOS down the SE Crescent (circa 3mtpa) with bulk mining follow-up to look to fill Telfer Train B's 10mtpa capacity
- Thoughts on Newmont's bid for Newcrest that GGP brings something to the table as a JV partner and the mine profile fits into a major's portfolio
- Unsure of outcome post attempted bid by Newmont but ideally happy with being a junior of a global major and have a great flow of FCF to be able to return to shareholders and potentially leverage into a larger vehicle
- ASX listing still a focus and more likely a compliance listing, working through a 'restructure' (which IMO is shaping the team structure to align with ASX requirements) and the new B&D team will be focused on that.

Hi L-A, not at all and I wish more people would use the notes as you do to help clarify things :-)

https://www.ggpchat.co.uk/viewtopic.php?t=662
Notes from GGP Presentation at Bell Potter Conference - 10 Feb 2023

And that's picked up on these next slides if we if we walk forward and this slide really just talks about it's important to understand that this is under development so we started that box Cut in February 2021 so we're over... when we expect to be at first ore in March 2024, so we're in advance of halfway, accelerates all the time, another quarterly record of advancement, with depth here we get into more and more competent ground getting through the Permian structure and then ultimately into a very competent country rock.

But it just continues to accelerate and if anything, right now we're starting to feel we could be guiding towards early... getting... finishing the decline early although that's still subject to a couple more months of great progress but everything we're seeing right now is very strong.

Next GGP interims are 08th March so we'll probably get an update then on decline, perhaps the RNS will make a distinction between full decline progress and additional length with passing bays as Shaun made the distinction clear in his interview with Liam.

Work is ongoing with the decline, as for NCM, they didn't give an update in HY results, just clarified the last update we had in very loose terms, so there is nothing to compare i.e specific numbers against two specific dates.

Well at least the sepolite deal has taught PC that the team lack the ability to generate interest and negotiate deals without assistance, you are suppose to reshape a company if changing focus from just exploration by bringing in the right skill sets... will mean giving away commission if successful but at least might prove successful.

Excerpt
We have also commissioned a number of industry insiders to assist in this process as this approach has worked very successfully for the Company in bringing world leading sepiolite producer, Tolsa. S.A. into the Company's Pioche Sepiolite Project.

Also noted that they are considering going it alone on CS and assessing feasibility by watching other projects and perhaps he is thinking in better sentiment for Juniors in time he will be able to finance this along with Tolsa royalties, but I think a sale might be more prudent if they remain unable to generate interest with the CS project eventually.

Fair enough Kevin, it would help, perhaps they'll buy once ASX listed as someone suggested earlier here or TG :-)

In general you guys need to understand business lifecycles and how until we have an asset in production that we have vastly different performance metrics than Tesco.

Then throw in the matter of being an exploration company and the Lassonde Cycle and we are a mixture of early speculators who didn't risk manage into the orphan period and those who entered before the 2nd leg but we have had delays to the expected schedule for DFS and DTM so unless an asx listing or new discovery gives us momentum, probably a quiet 6 months, although god knows what drama we could see with the Newmont situ...

We managed to do that also through a very unloved 2 years for the sector, it is what it is. Shaun has built the platform now, but we're dependent on that DFS to get going and he has very little say so on that, again, it is what it is.

Best time to judge him will be after DTM and see how much investor demand he drives into production measured fairly against macro tail or headwinds at time.

Havieron economics and inbuilt growth through SLOS to bulk mining should do the rest for us and hopefully the team can use the next few years to grow a bigger company, the skills are there and so will the funding capabilities be to explore tenements and look at m&a but as always the proof will be in the pudding.

1/ Newcrest 2022 Annual Report
- https://www.newcrest.com/sites/default/files/2022-10/Newcrest%20AR%202022_0.pdf
- Page 4 - footnote 7
- Newcrest defines Tier 1 assets as those having potential for >300kozpa Au at 15 years (preferred) and significant resource or exploration upside likely

So currently with findings in PFS using now very very outdated projections and data we're Tier 2.

2/ GGP Bell Potter Conference:
- https://www.ggpchat.co.uk/viewtopic.php?t=662
- But if we move across to the first slide after the disclaimer, we have the just an orientation around our strategy and there's really three pillars to our strategy which is deliver on an expanded Havieron, we continue to do that and the expectation is that will be moved from two million tons per annum in the pre-feasibility study to three million tons per annum which will take it to around a 400 or 450 000 ounce per annum asset.

* Thank you very much, you know you spoke a lot about what's happening at Havieron, you touched on you know potential first production in sort of March 24 I think, you know what does the production ramp up there look like and you know what are your thoughts on achieving commercial production and what.. could you remind us again of sort of the ultimate production rate that's contemplated there?
- yeah Brad, look so we we're looking at a 400 to 450,000 kind of gold equivalent ounce profile for up for 100% of Havieron, the... when we think about this it'd be first ore in kind of the March or around March 2024 and then we have the ramp up following that

* Okay thank you, you touched a little bit on the you know resource growth there and you know you made reference to Bulk Mining and perhaps that's a longer dated opportunity, could you explain that a bit further to us and what that might mean for a production rate for example?
- yeah look one of the really exciting things about developing a new mine is all of the best grade, all of the best years of Havieron is ahead of it and we will go straight into that SE Crescent which runs you know ballpark four grams, so 3.7 grams presently in that reserve and we think that walks up a little bit
- the so… when we think about and that and there's probably around you know 15 years of mining already delineated around that and that SE Crescent continues to grow but this can be a 2-3 plus decade mine life and when you do that you start tracking down into or broadening into those Eastern breccia and Northern breccia zones

3/ Other expectations
- reasonable to expect mine life to increase in the DFS from an updated resource & reserve update, given the CAGR shown to date, the chances of gaining a 15 year mine life from the Starter Mine seems very strong. So does Havieron look likely in the near future to be categorised as Tier 1... I'd argue it does.

Transcript from NCM HY Results - 16 Feb 2023

Spotted a lot of errors in Q&A text from ~Seeking Alpha's transcript so haev tied up and corrected for relevant questions for GGP PI's:

https://www.ggpchat.co.uk/viewtopic.php?p=3755#p3755

https://www.bloomberg.com/news/articles/2023-02-16/newcrest-ceo-says-ball-is-in-newmont-s-camp-in-takeover-talks?srnd=all&leadSource=uverify%20wall

Newcrest interim CEO Duhe talks about the decision by the Australian gold miner to reject an initial $17 billion takeover bid by Newmont.
Source: Bloomberg

Some of you are still confusing geological potential and techincal aspects with business, aspects. Bamps and others focus on the geological and technical side and he and others have been astonishingly correct at working out many things like the ore body shape, link zone and resources and plenty of help in helping to understand mining plan, PFS and resource estimates etc. Invaluable skills to invest in mining sector for those of us doing our own skill building from different backgrounds.

Now all the potential in the world in an organisations products or services doesn't protect it from either being managed badly or just pure bad luck or external forces such as in our case for asset prices, economic factors, market and sector sentiment, capex requirements, funding availability and so forth. A case in point is that Newcrest are very vulnerable despite a very decent portfolio of assets and growth potential due to poor leadership choices and other factors that have been difficult for all their peers too.

You have to assess both aspects in your investments and decide what to do, and the aspects Bamps tends to focus on have been amazing at Havieron, we're minor partners, we don't get to decide certain things and when NCM release to market etc. and we're not closely involved with daily work on studies etc.

Plenty of pros and cons to being in a JV and we now have a vulnerable JV partner which isn't great as change of partner this close to production not ideal IMO, instead of arguing on here and taking pops at those of us who try and break things down in our speciality areas and share them for you to make up your own minds you should contact the company or make the time and cost to go to meetings to vocie concerns, arguing with each other is a waste of time. Take some ownership and put some effort in to protect your own investments by doing more than posting on a chat board.

NCM webcast no live but a couple quick points guys;

Remember if we need to for any reason, we can release our own Jorc compliant MRE's to the market and our Valmin compliant submission kicked Newcrest's butt in the Option Exercise even with those JVA lock-ins around asset prices etc.

We're hardly your typical defenceless junior, look again at that Board and management team, those are some of mining industry's most skilled and knowledgeable people in various fields, it truly is 'world-class' top to bottom.

Liam says he's not going live tonight as looks like from the slides not much coverage on Havieron

This one has been rejected but they're opening up the books a bit so Newmont can consider making a batter one and also non exclusive, meaning they're open to approaches from other parties.

@CP - Shaun has stated numerous times that the current plan is a compliance listing i.e. no equity raise planned at this time (relative to when each interview was) but sensibly as you've noted yourself not completely ruled one out. The ASX listing is touted by mid-year so still leaves a few months within which there may be developments that make this a viable option so seems the most responsible way to approach the topic.

Perhaps when we get to a point of being a few weeks away he'll give a more definitive answer but the current position is nothing planned but not ruling out. Also the 'restructure' is IMO more so looking at meeting some of the regulatory requirements an ASX listing requires around the shaping of the team and perhaps other operational and legislative areas.

What can I say Ace, I got distracted by a sarnie... I'm a simple man who is but a slave to my appetites! Thanks all and especially to Paddy for tracking the prez down, some useful insights in there into the mine plan, ASX and thoughts on the Newmont bid :-)

Just some of my thoughts quickly:
- excuse my error in notes, pace fill = paste fill
- Decline progress is still accelerating and Shaun was careful but hinting it may be ahead of schedule if the pace they're at continues for a couple of months
- Ernest Giles focus is still very prominent outside Paterson
- Mentioned targeting 400-450 Gold Eq. ounces production rate at Havieron and from Shaun's comments part of the DFS optimisation is looking at narrowing down the timeframe between first ore and transition to FCF
- Mentioned already 15 years delineated already around the SE Crescent so hopefully reflected in DFS and pushes Hav into Tier 1 officially
- Flexible on options for Eastern and Northern breccia's still by looking at sub-level or block cave approaches or consider a more selective approach of taking out the high grade pods akin to Sunrise Dam mine so the drilling this year is instrumental to the longer term decisions on mining methodologies
- Current plan is SLOS down the SE Crescent (circa 3mtpa) with bulk mining follow-up to look to fill Telfer Train B's 10mtpa capacity
- Thoughts on Newmont's bid for Newcrest that GGP brings something to the table as a JV partner and the mine profile fits into a major's portfolio
- Unsure of outcome post attempted bid by Newmont but ideally happy with being a junior of a global major and have a great flow of FCF to be able to return to shareholders and potentially leverage into a larger vehicle
- ASX listing still a focus and more likely a compliance listing, working through a 'restructure' (which IMO is shaping the team structure to align with ASX requirements) and the new B&D team will be focused on that.

Notes from GGP Presentation at Bell Potter Conference - 10 Feb 2023

https://www.ggpchat.co.uk/viewtopic.php?t=662

Also created a PDF with slides you can download from the post.