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Given mood of board.......from 2021 AGM re: takeover/bids:
*Answering questions related to share price decline despite the excellent news flow?
- Focus on factors we can control, to some extent not always the SP, but can control activity as a team and continue to put out good news into the market such as stunning exploration results at Hav, growth in SE Crescent etc.
- Deliver extraordinary outcomes that go to creating value for shareholders and plans to continue to engage and communicate the above across.
- But of course at some point, the hammer will fall and shareholders might receive a premium if we get taken over but thinks to sell at this point in the cycle before fully understanding the full value of Havieron is a decision or outcome we might regret at leisure over the many decades that is the potential of this development.
- That is the challenge for management and Shaun and they are acutely aware of and focus on delivering shareholder value and continue to put time, effort and energy into that.
- Is pleased to confirm he can come up to London in the March quarter, so hopefully getting in front of people as well is all part of that opportunity.
- Reminds people of the catalysts as detailed before and all of those should give people confidence that you have in place a team that can drive value and events that the market can recognise as delivering value.

*How confident are you that you could defend say a bid at 30 pence from Newcrest?
- Any takeover bid is something that the board would have to consider in terms of value. Benefits of building a team with mining and process skills is that we understand the value of the asset better and better.
- Some processes that they undertake internally, such as updated resource and reserve estimates are another factor in understanding the asset better. Thinks the value of Hav is considerably substantial, you go through your whole career in mining looking for world class ore bodies in tier 1 locations and the fact that we have the additional conflux of sitting by existing infrastructure, a global major operating and being the manager with GGP is further decreasing the risk with rooms full of mining engineers, indigenous engagement, environmental permitting people that they can deploy to this asset have extraordinary low risk, low capex pathway to free cash flow and potentially a multi decade mine.
- Value is extraordinary and over time the will continue to communicate and create that value.

*Can GGP be taken over without Private Investor approval?
- The answer is No.
- Fundamentally, if a takeover bid was received and the BOD thought it warranted being put to shareholders it would ultimately be in the hands of the shareholders. It would obviously have to be a compelling bid, this is a unique ore body with a low-risk pathway to free cash flow.
- Ultimately, it's the shareholders that determine bid outcomes but my gosh I think we’d want to extract a premium for an asset of this qualit

Silver - come on mate - you're always posting about UFO on GGP and vice versa - it winds many up who aren't in both.....
We know that arbitration is due to start soon, personal decision on whether you think GGP/NCM valuation will win out but Shaun seemed clear that he thinks NCM will buy the 5% regardless so give it all a few months to play out or who knows, Hydro makes a valid case for a bid to come in before arbitration plays out - so that would be good for the SP if you think about it.....
Back to UFO and the sector in general........we're either early or wrong - simple as that :-)
I think we're early and I've always made it a point to get in early at low low prices for any speculative investments to aid with the volatility and I also ensure the company has something worthwhile besides simple hope although do like the odd binary play for a bit of drama and fun - investing is also suppose to be fun otherwise I'd stick it all in managed vehicles ;-)
UFO have a good mix of opportunities at the different tenements in Oz and Mexico and we've had the odd setback such as Capstone pulling out of D2 but exploration rarely strikes on 1st run and corporate strategy took them away to look for more advanced opportunities too akin to Newmont walking away from Ernest Giles from GGP due to corporate focus shifting to another geo.
We've had sterling results with our iron ore and EH silver/PGM projects - DSO grade for the iron ore and look at the EH grades, we're setting up a niche iron ore operation for H1 in 2023 for Han**** and moving along with the reopening of EH mine so we can really define what we have there and further exploration inc. Munni Munni and Brockman this year.
Check out the latest interview and my notes for an update on the Mexican projects too, hopefully the lab results verify those Donovan 2 visuals with that 78m intersect but of course - we should wait for the results before getting excited but if those end up being good - then we can add yet another promising opportunity.
This is exploration - it's risky and volatile and time consuming as well as expensive - but look back at the last couple of years, we've been getting excellent results from our projects. How many other explorers can say that :-))

@Sheldrake, genuinely always feel for LTHers in any company that have suffered mate but we are only ever responsible for our own investment decisions and there have been plenty of opportunities to exit SRES before the point you sold out at. It wasn't great news but it wasn't fatal either as the team simply now pursue other opportunities as we all do in business when we fail to win a bid etc. I don't pay any mind to your outbursts any more than Aviators ever changing commentary depending on which side of the trade he is on.
There are people who are genuine and not playing each other and looking to collaborate and others who are playing a game on these boards. Sheldrake, you seem genuinely upset as other LTHers are here but you need to move on as it's become an obsession posting here despite not holding. You're looking to get back at SRES not help out anyone here if you're honest with yourself mate......
Are there concerns with SRES, of course as with any explorer/developer and I favour a sale or JV with an experienced partner as not keen on the lack of dynamism and business sense displayed by the SRES team. To have been in negotiations so long and not recognise that things were perhaps not going well to not having been further along with other potential sales channels is disappointing frankly. I keep an eye on their sister company although not invested and not impressed there either.
I'd like to see PC bring in a couple of new personnel with relevant experience if they are looking to pursue running an operation themselves and I mean relevant as in understanding how to set up and run a business operation from the ground up, it's common procedure for an explorer to do so if they transition from just exploration and divestment.
Again, I really do sense a lack of business planning, sales, marketing and project management skills alongside other deficits in the team which are skills that we now need - based on my own professional background and experience. So yes, some concerns - but also can't see how they or anyone could fundamentally manage to screw up an opportunity such as the CS Project as at the worst, it should be feasible to divest to an interested party in time.

- And the other one is the third pillar to our growth strategy, deliver Havieron, continue to try to unlock the option value in the exploration portfolio and also contemplate inorganic opportunities to grow, financially disciplined ways to add another leg to the stool
- And if we can diversify and grow, I think that’s also really important and again we’ve established a good reputation as explorers, also bring with us and have further enhanced reputations as people who are financially disciplined and good counter-parties to transact
- We have a tremendous platform, I see it and our shareholders see it, but other companies see it too, Hav is a bit special and we should celebrate that.

* How on earth is gold not increasing rapidly in this inflationary environment, partly because of the strength of the US dollar perhaps but very bizarre?
- As someone who did a little bit of economics when younger and certainly a bit rusty but gold is traditionally a good hedge against inflation so I think that’s positive but in the research I’ve read in the last couple of years there is an ongoing and stronger correlation with the US dollar so can have short term impacts where gold turns around
- When you look at gold in an Australian dollar set (and remember that is what will determine our margin), AUD gold price is still fantastic, still tremendous and we’ll be having a $!500 announced profit margins, that’s outrageously good
- One of the beauties of being an Ozzy AUD gold producer is often that currency is your friend; when the AUD appreciates typically the gold price offsets that and vice versa
- So you tend to have a slightly more protected margin given that the Ozzy currency is a bit of a commodity and risk on currency, so it is a lovely hit
- And the other element is we’re 20% copper, it’s a beautiful stablemate, the best gold mines have copper and I love the diversification, I love the copper story and the outlet to EV's and we continue to consider base metal opportunities within Havieron
- In due course we'd like to talk about perhaps other base mineral opportunities within Havieron
- So, I'm really attracted to diversification and I think Havieron brings that and in future metals which is a unique place to be
- To have a combination of gold and copper and maybe some other metals, you couldn't script a better platform.

END.

- And normally to think this was discovered in mid 2018 and we literally expect to be in production in about 18 months’ time from now is extraordinary, this is all testament to the quality of Hav and if NCM does exercise its 5%, and regrettably I really think they will because I’d love to hold more of it but regrettably let’s assume NCM are going to exercise their 5% it’s testament to the fact that Hav belongs in the portfolio of a major
- And what are major’s looking for, lowest CAPEX, multi decade large volume assets and I think that’s the opportunity at Hav and it’s becoming more and more apparent as we move through the cycle
- You know, it’s good fun when you get to sell a Havieron, you don’t get too many in your career, it’s a good fun asset to talk about.

* Whatever price this 5% settles at, what’s the right words….it’s going to be business changing for GGP so you can quibble over the amount but the reality is it’s going to change the face of the company in terms of being able to fund things, being able to do all the things required to bring Hav into production. So, it’s not a bad thing no matter what happens, so yes be nicer to keep 30% but pretty sure that’s not going to happen and I think you are as well. What timescale do you expect this will all be sorted at?
- No definitive timeframe in the JV agreement, having said that the relationship is good and strong and engaging between NCM and GGP
- When you have that kind of relationship, these kind of matters can be progressed quicker, doesn’t mean that GGP isn’t fighting very hard in its corner to get a great outcome and doesn’t mean NCM isn’t doing exactly the same to us
- We respect that and understand their obligations to their shareholders just as ours are to our own but I think that I’d like to finish this transition period and get past the distractions of the 5%, get the bank funding in, be past that distraction and have this platform where we just focus about the movement to free cash flow, the organic growth of the asset and the potential augmentation from exploration success on a Rudall, on a Scallywag and the big option value in the portfolio to try and tag another Havieron and we’re in the right postcode to do that
- Maybe the last thing I’d talk too, shareholders should have confidence that we continue to look at adding prospective tenements or exploration licenses in that postcode
- I think we’re seen as a technically strong team which means significant companies in that postcode are willing to talk to us about working with us which again is a credit to us and a lovely insight that within the sector our team has established its credentials as a capable and confident operator and technically strong

CONTD...

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