Member Info for Dip666

They were at 65.73m on 30th May and now down to 59.42m so 6.31m reduction in last two days, around 9.6% :-))

Bill has his critics but putting in place an experienced and knowledgable team dedicated to progressing a niche operation at Han**** was a great idea and if we can get into production in Q1 2023, that will have been a tremendous achievement given the challenges in place due to the pandemic.
Personally, was hoping he'd pull back on adding to the portfolio after the Munni Munni consolidation as we have so much going on now, but find the Vivash Gorge Project a very well thought out acquisition indeed and wholeheartedly behind it.
We have a lot of exciting potential at Elisabeth Hill too of course for Silver and PGM's etc., Brockman progress coming and very much looking forward to those initial Mexican results especially in regards to more on Donovan 2 and the 78m sulphide bearing zone.
Looking forward to the next 6-12 months in much anticipation despite some difficult times :-))

Shaun knows what numbers NCM are coming in at and of course GGP's own valuations so gives a basis for the discussions with shortlisted lenders on each scenario playing out creating a clear range for discussion.
Hopefully won't be too much of a delay on funding once the 5% exercise concludes as funding our share of any potential funds still required after the 5% playing out on a PFS would be a great catalyst for GGP. Add the DFS/DTM into the equation and as production nears my personal expectations are that we'll be in a far happier place than present.
We know we can expect further results from the JURI JV this year now, I expect the team will release details of exploration plans for our 100% owned tenements too so we'll have plenty going on besides Havieron related matters moving into 2023.
In the short term we have the GGP interim report to look forward to next Thursday morning to remind us of what we are invested in with regards to Havieron, I remember the last one being pretty impressive :-))
DYOR and MYOD as always.

@wakeyinvestor - Shaun explained the last placing here very clearly in terms of a big driver being that much like many other scenarios that having a larger cash balance will help secure funding for development costs for the Starter Mine and it appears as it's served the purpose well given further comments in regards to term sheets.
He also noted reasons such as assisting with existing costs associated with Havieron exploration and development and company costs and of course many of us now think it may aid us in the event of any less than friendly threats to the company from NCM or otherwise. I think the general consensus in hindsight is that the last placing was a good idea, although some were unhappy also at the format and ability to participate.

From previous AGM:
*In the 18th November fundraise, the RNS states that net proceeds are earmarked to fast-track development of Havieron, explore the wider breccia system, accelerate exploration on wholly owned tenements and pay costs associated with working capital and general corporate purposes, can you provide detail on these areas please?
- Breaking down how GGP is funded, we have the $50m USD facility through Newcrest which gives runway for the course of CY 2022 on development of Havieron (nothing unrelated).
- The additional funds from the equity raise raised the previously low $3m cash balance for a company of GGP’s size and gives an opportunity to pursue non Havieron activity, unlocking the full value within the exploration portfolio.
- The working capital aspects: to build a team to help understand review and scrutinise Newcrest information in a peer sense and invest in team to optimise it for GGP shareholders.

Also an interview that focuses on the placing.
Proactive Interview re. 18 Nov $16m USD Fundraise - Nov 22 2021
Presentation: https://www.youtube.com/watch?v=lMH_XPc2DzE&list=WL&index=1
Download Notes:
https://www.mediafire.com/file/e73480cfyuso1r5/Notes_from_Proactive_Interview_regarding_18_Nov_%252416m_Fundraise_-_Nov_22_2021.pdf/file

He has said that these kind of processes are rarely opaque and not easy to set shareholder expectations in regards to timeframes in the past, so we should trust our excellent team to get on with things IMO
Just consider this as a difficult but essential part of that 'transition period' Shaun refers too, that is now my mindset.
We'll get it out of the way no matter how the 'market' perceives the outcome and I am sure Shaun will then rapidly close funding knowing exactly what capital requirements we have and we can focus on less uncertainty and more excitement as decline progress increases through official reporting and we start to see production growing nearer.
Sometimes a project having some difficulties in the earlier stages brings a sense of urgency and clarity that helps keep the project teams very focused throughout latter stages resulting in better performance as I have seen evidenced in my own professional experience :-))

*Less conservative metrics I meant not data i.e looser drilling density and smaller cut off grades etc. and also in regards to POG assumptions etc. as NCM are as befits a corporation very very conservative for corporate reporting reasons but will need to move a bit on this I think for this exercise.
Small changes can bring very decent increases in all aspects so akin to Hydro I've been feeling more optimistic of late since seeing the GGP MRE, but Shaun is correct in trying to ensure expectations are measured amongst shareholders. CAGR is a phrase Shaun now uses increasingly in reference to how much growth Havieron has shown in such a small amount of time, and this narrative is surely being put into their forward assumptions.
Another narrative I am noting is the positive growth to be experienced in future without a massive increase in CAPEX in certain aspects, it's all there when you look closely at the words used in the interviews such as with Liam this week - worth reading my notes and watching Part 1 at the same time to really let certain details sink in :-)
As an example.....when you consider a business of any type for a complete acquisition or partial investment for instance, one aspect is that you consider forward assumptions such as potential revenue growth year on year in helping to calculate much an asking price is 'fair'.
Shaun is very much maximising that business case through forward assumptions in resource size growth but also the existing and soon to be developed infrastructure helping to keep financial requirements in future pretty reasonable abd efficient to achieve greater production etc.

Also Sandgrounded - we want rid of that loan too as Shaun has stated in a previous interview as having a preferential lender isn't beneficial for us when discussing funding. So I do expect that to be paid off and hopefully we'll have much more to cover some/all of the starter mine development costs :-)
Like Zero (ha, just kidding Zoros!) I am veering towards a conservative number but do think forward assumptions WILL be factored in by both parties as NCM need to ensure their valuation passes muster in arbitration - but theses numbers I expect to vary greatly as these are the more theoretical parts of a valuation.
I do think both teams have enough expertise to understand how to best apply the code on the aspects of the valuation that utilise drilling data etc. and other areas for example peer comparisons which seem to have industry norm, so less of a gap here but if we go to arbitration obviously more than 20% apart.
Hydro's made some excellent posts (now sadly deleted on this platform) on how using less conservative data brings vast changes to resource size whilst still remaining JORC compliant so that has made me feel optimistic that we have a better chance for a decent valuation figure than some might be worried about.......or in certain cases........hoping for :-))

@Sandgrounded - Interestingly I've posted before that were I Shaun and the GGP valuation wins in arbitration I might take the opportunity to renegotiate the JV and move the number down a bit in what NCM needs to pay for the 5% in order to tweak some things in the JV for GGP's benefit.
But at the same time also allow NCM some tweaks as a few million less $ now and better terms over a hypothetical few decades as partners might be a really good idea both financially and because it negates the win/loss scenario this exercise has inadvertently created and helps that lovey dovey structural alignment to hopefully return.
I'm sure by now NCM are aware that GGP fully intend to go into production or hold out for a very decent bid, so they need to account for that in their own approach with GGP if not planning to make an offer in the short term :-)

@Chisler - do some research bud.......hopefully Part 2 of LIam's interview with Shaun will give us further clarity, but this is how we understand it currently:-

Again for reference, this is the FMV process in bulleted list form and I have had it confirmed by GGP Investor relations as being a correct understanding and also updated as we've had more info. The SP has nothing to do with the FMV valuation, once a FMV price for the 5% is established under the process below, NCM have 30 days to decide whether to go ahead or not. It won't be something we can refuse, both NCM/GGP are tied to this process. Rational Assessor made a good point that the process contains three stages to ensure we get an agreed what I like to term ‘price tag’.

Stage 1 - Mutual Agreement?
1) Newcrest wanted to agree the option exercise price by mid-feb 2022
(lapsed now but from what we know we're not in arbitration yet though so could still be negotiating or some way through Stage 2 perhaps as of May 2022)

Stage 2 - Agree within 20%?
(Was originally 10% but NCM CEO put forward an offer to increase to 20% which our MD Shaun Day accepted).
2) If Newcrest/GGP do not mutually agree on a Fair Market Value by this date then both parties put forward their own valuations
3) If both of these valuations are within 20% of each other, then the average will be considered the valuation for Newcrest to exercise their 5% option.

Stage 3 - Proceed to Arbitration?
4) If there is a greater than 20% disparity (updated from the original 10% by mutual agreement), an independent expert is brought in to choose which one of the estimates is fair market value, so I assume that is the price that needs to be paid by Newcrest
(This is the 3rd and final process to ensure a price tag is established to ensure the process is concluded)

Once a price is agreed during Stages 1, 2 or 3
5) Newcrest then has 30 business days to exercise its option to acquire the additional 5% on the determined price tag
6) Should they choose to go ahead, then proceeds from the exercise will firstly be used to repay the outstanding balance of the existing loan we have from Newcrest.

Link to original RNS:
https://www.lse.co.uk/rns/GGP/update-re-havieron-joint-venture-rsd7s9fzp0lvtzi.html

Link to FMV Info. I have collated:
https://www.mediafire.com/folder/uv8jaum5kycrr/-+FMV+Valuation

They probably didn't realise quite how many people were let's be honest abusing their free use policy to entice membership with VPN's and private/incognito mode to keep on using the service freely and probably the real issue is that many have been sharing screenshots and info. on a wide basis here, twitter and TG until LSE staff pointed it out.
Highly doubtful it was just GGP investors either as many of us probably used the workaround for other holdings and shared those too - so it is perfectly reasonable to assume this is what has occurred.

Rare_Groove may eventually post something useful and insightful - might be a lifetime or two though.........let's hope reincarnation is real for his sake ;-))

Looking like Ortex making you create an account and now blurs out the data, probably to get around using VPN and free use limits......

Well we know what you know about pretty much anything don't we Mumbo :-)
Also........still waiting for those calcs from your learned projections on the 5% outcome, guess we shouldn't hold our breath!
@Mods - thanks guys, we'll just read posts like this obvious disruptors from now on - good job!!!

LSE Webinar in March:
* Bank funding, previously told us you weren’t keen on equity, going to be bank funding and you had some term sheets from the banks, wonder what the latest is on your conversation with the banks?
- $123m required, have $50m loan from NCM so leaves a gap of $73m USD although most likely given the JV provided security to NCM on that loan which is a lit bit unusual for JV loans, the banks will probably make us deal with that
- It would be rare that you would have a secured lender sitting above the banks so we work through that
- I think there is an opportunity to bring in some debt and again why can we do this at a PFS which is not normally when you can ‘bank’ these in the cycle?
- Because it’s a Tier 1 asset in a Tier 1 jurisdiction and our JV partner is a major
- All of those confluences in the same way that this is an excellent equity opportunity actually apply to banks, so I think we’re going to achieve something rarely seen in the debt market, which is to fund a PFS which again is a credit to the quality of the asset and the team we have.

Proactive Interview - April
* Update on financing options to develop Havieron?
- Again, part of what we want to do and it kind of dovetails into post PFS and around this 5% option, we want to be fully funded for the project
- It’s great that we get to leverage all this existing infrastructure and that manages down the CAPEX spend for a project of this scale, in reality it’s a very modest amount of CAPEX but it still needs to be funded
- Spoken with a number of banks, fair to say we have a group of preferred banks that we’re talking to now but we had comfortably over half a dozen main street banks we’d engaged with
- This asset has some hugely strong characteristics and qualities and it’s a nice asset to bank when you’ve got….. is it 1,2,3 or is it 4 decades of cash flow coming out of an asset and growth potential too, it lends itself to funding
- It’s a busy time for us, a busy process, but we’d like to get that announced and when we do I think we can be fully funded and again that’s a huge milestone towards the process
- And from there the timeframe to first cash flow or first production is relatively short
- So all part of getting through this transition period; having certainty of ownership, certainty of funding and a platform just to grow value from
- We’re doing some hard yards now to get all this in place but I have confidence we’ll get it all resolved shortly which will be good for us and then get back to focusing just on the asset too, which will be good fun.

It's not just the shorting IMO - market/sector sentiment and many other factors such as GH selling out, fiscal pressures many of us are under nowadays have really not helped matters either.
The shorter's see a chance to make money from what they assume for the fortunes ahead for GGP and seem to be going to all lengths to help that along from everything I can see...... unless of course as some think, NCM is behind some of it and the real intent is a low bid/hostile takeover attempt.
We know the BOD are prepared for all such moves and won't recommend an offer for the entirety of Havieron that doesn't reflect some level of the value years down the line for us in the current time and also outlined plans in the event of such a transaction being successful in returning some of the proceeds to shareholders. A hostile takeover may be harder than some seem to assume perhaps but DYOR and MYOD based on the rules and regs for such an event.

In the meantime the interview yesterday discusses our MD's POV on the SP and other matters and hopefully we can watch the follow-up part 2 discussing the 5% option exercise by the weekend :-)

Interview:
https://www.youtube.com/watch?v=Ja7ERAlsxQg

Highlight notes:
https://www.mediafire.com/file/6orqbvuidfwv5e2/HIGHLIGHTS_from_GGPHelp_Interview_with_Liam_-_Part_1_-_25_May_2022.pdf/file

Detailed notes:
https://www.mediafire.com/file/nkw1bxzcbxj61gf/Notes_from_GGPHelp_Interview_with_Liam_-_Part_1_-_25_May_2022.pdf/file

If everyone here has time then please do Bottle a favour and engage on the Twitter and YouTube posts with a like and perhaps a comment and retweet if you have time.
The more engagement that GGP and Shaun see, the more likely Shaun will be in having more interviews with Bottle and we'll all benefit from great interviews like today :-)

Thanks Redirons and others and to anyone reading the notes or highlights, DYOR of course, just hoping to pick up relevant content in the presentations/interviews but very much up to each individually to interpret and act on as you see fit ;-)

@ SilverHorse, your reply made me chuckle but surely a waste of good ice cream (and rude) ........ I mean that wouldn't be very conscious of avoiding excess wastage in an industry that is so keyed into improving its reputation, we can't be having that and just imagine the additional carbon footprint generated by the dry cleaning - very irresponsible mate!

Some Key Takeaways CONTD:

- The relationship with Newcrest outside the scope of the 5% Option Exercise is still excellent, plenty of regular collaboration and full of mutual respect
- There is plenty of structural alignment with Newcrest on the vision for Havieron including reinvesting into bulk mining and sustainability with options towards achieving a zero carbon footprint
- Perhaps an overland conveyor system is under consideration?
- Liam and Bamps can stop worrying about Night Parrots so much!
- Havieron could well be renamed in the future to a name more in line with the heritage of the Martu people
- Shaun needs to be more adventurous in his ice-cream consumption…….?!
- Corporate governance is taken very seriously, GGP is not your typical AIM company in that respect
- Shaun understands the frustration around the share price decline but the team is very much focused on trying to build medium to long term value to enable the best outcome for shareholders in the long run
- And talking of running, keep up the exercise Shaun, we want you nice and healthy to look after our own interests!!!

Some Key Takeaways:
- Liam took his opportunity on the big stage and kicked the ball right through the net and outta the stadium, well done chap!
- Last 10 months of drilling delivered a 50% increase in both reserves and resource
- The Eastern Breccia is hugely significant in various ways and every interview and drill result is reinforcing this and the ‘gap zone’ may well give us more positive surprises
- Base metals are definitely a topic of increasing interest in and around the massive sulphide zones sitting around the Eastern Breccia
- There are some highly experienced and qualified staff being attracted to GGP through Havieron in a market that favours employees due to supply shortages for employers industry wide
- Shaun considers Havieron as a multi decade Tier 1 asset with the potential to be a Top 5 Australian Gold/Copper mine
- As those of us either proficient or learning about the geo side of things know, there is more to finding other discoveries than grav/mag anomalies such as with the Eastern Breccia
- Shaun reiterated Havieron is a very sizeable system that could still hold many surprises and bodes well for peripheral bodies along the structure both within the Havieron mining lease and at our 100% Scallywag owned tenement
- CAGR potential through Havieron is a key attractor for those invested in or planning to invest in GGP in many areas such as future growth in resource and reserves and life of mine
- Shaun and the team are prepared for any takeover or control threat and ultimate aim is to ensure that one way or another that maximum value is delivered for shareholders in the medium to long term
- Shaun is very focused on becoming fully funded once the ‘transition period’ is over including conclusion of the 5% option exercise with Newcrest and focusing attention on the path to Free Cash Flow and bulk mining
- Intention is to utilise Havieron to become a multi asset, multi billion dollar company but in the event of a sale they would want to return some of the profits to shareholders
- There is a multi faceted team in place now to cover all aspects of the mining and exploration business holding us in good stead for the future with or without Havieron

CONTD.....

Notes from GGPHelp Interview with Liam - Part 1 - 25 May 2022

An absolute and long awaited pleasure to be able to say ..... here are my notes for Liams first of many I am sure interviews with GGP's MD Shaun Day, congratulations and well done for an amazing interview Liam and looking forward to part 2 in much anticipation!

Download Link:
https://www.mediafire.com/file/nkw1bxzcbxj61gf/Notes_from_GGPHelp_Interview_with_Liam_-_Part_1_-_25_May_2022.pdf/file

Interview Link:
https://www.youtube.com/watch?v=Ja7ERAlsxQg