Member Info for Dip666

Download notes:
https://www.mediafire.com/file/7ryvpkd8pvtl5bg/Notes_from_Vox_interview_re._a_further_3km_of_new_high-grade_ridge_targets_at_Han****_-_31_Mar_2022.pdf/file

Interview: https://audioboom.com/posts/8057541-bill-brodie-good-of-alien-metals-discusses-a-further-3km-of-new-high-grade-ridge-targets-at-hanco

RNS: http://www.rns-pdf.londonstockexchange.com/rns/4673G_1-2022-3-29.pdf

* Summary of ongoing projects?
- 3 core projects:
1- Mexican projects: Two silver and one copper related, just returned from a couple of weeks out there and started drilling on all three (not concurrently as will action one at a time) so going really well
2 - Iron Ore Projects in Australia: Covering in more detail later but continuing to impress and bring in excellent results.
3 - Elisabeth Hill Silver Mine / Munni Munni North tenement surrounding it and completed acquisition of additional Munni Munni ground which is also incorporating historical PGE resource as well.
https://www.alienmetals.uk/projects/

* Update on Phase 3 Han**** drilling and recent rock chip sampling?
- With ongoing drilling always an opportunity for Geo’s to wander around and significantly from the start, this particular project was unexplored so when the team started working up Ridges C & E in particular for initial resource calculation (now completed), there were numerous other ridges to test
- The team took another 65 odd samples along some of these other unexplored ridges and as announced had some fantastic results
- When you’ve got an average of over 63% from 25-26 of the 60 plus samples taken, that’s significant but more significant is the continuity as these are not isolated where one sample is High Grade (HG) and the next is low and next is high etc.
- These are consistent HG trends on two of the main ridges tested (F & G) which gives us almost 3km more strike length of very strong positive material and targets to return and test properly with drilling.

* And across your projects, is that the next thing you’ll be doing?
- One of the things yes, looking forward to getting out there after Easter and the team lining up a rig to start Phase 4 of drilling early to mid-May and that will involve more infill on the 2 main resources for Ridges C & E we couldn’t get to as some holes last time (now got a more suitable rig) and then start testing some of thsee new targets and hopefully add resource potential to the project.

* Never quite sure with exploration what you might find, but is what you’re finding exceeding your initial expectations?
- Always an optimist so tends to think best of where we go but importantly these ridges are all part of a bigger system, all very similar and always felt from beginning that with the amount still remaining (10-20km if not more still unexplored) it’s making sense geologically that we’re getting consistently more HG material at the top of these ridges as already found, fantastic really as constantly adds value and potential to thi

And that's something to keep in mind despite the current sentiment within the sector and for GGP and our SP , that exploration will continue over many years at Havieron in tandem with production before the true scope of this amazing ore body is understood.
We're either going to follow this journey over decades if we choose to stay invested or NCM will have to cough up enough to prise it our of our hands and hopefully we'll be collectively astute enough to ensure we don't give it away too cheaply, if at all.

Focus on the data and the facts and remember some of the highlights from the last webinar:
- Exceptional amount of growth from just 10 months of drilling from Feb-Dec 2021 in the updated Resource & Reserves, just from the SE Crescent as the highest grade part of the mine, but considering the overall volume of the zonation, some 4/5’s is still ahead, together with additional growth in the SE Crescent.
- All of these ounces are in a 650m envelope where often you’ll see 2000-4000 ounces across a multi kilometre strike length vs a small envelope, hence the efficiency of the mining and infrastructure to extract these ounces for every vertical metre of development and decline put in is far greater than you usually get.
- 10,000 ounces per vertical metre is astounding, few mines globally match this - even less over such a small strike zone.
- Encouraging that joining of the Northern Breccia and NW Pod is creating a northern structure of relatively HG material, not as high as crescent but good grade and augmented by what is seen in the Eastern Breccia (EB) and have also intercepted a 6g area on the south of the EB. Have never hit that kind of grade outside of the SE crescent and especially over that drill width.
- Updated Mine plan now has 6 vertical fronts and significantly found that for a very moderate increase in CAPEX to open up another two vertical fronts, you effectively get a 50% increase of reserve from 2 Mtpa (million tonnes per annum) over 7 years to 3 Mtpa over 12 years, absolutely transformative.

As always DYOR and MYOD - #IfYouKnow.YouKnow.

Link to Highlights from webinar:
https://www.mediafire.com/file/yrg22yyqb97l7qm/HIGHLIGHTS_from_LSE_Webinar_-_21_Mar_2022.pdf/file

Link to Notes from Webinar:
https://www.mediafire.com/file/qt43x69tmt3aioq/Notes_from_LSE_Webinar__-_21_Mar_2022.pdf/file

@Freddie2 - extended would be a more precise description or rather that we're moving into stage 2 where a value is put forward by both parties and either the midpoint will be paid if valuations are <20% apart or arbitration begins.
Negotiations were running towards end of feb from comments Shaun made in the 17 Feb webinar and both parties are probably working on their figures for submission, perhaps for the end of the month (just a guess) or perhaps a longer period as Shaun did also say last week that he wouldn't set expectations as these processes tended to be opaque regarding timeframes.
As we've seen, things CAN change such as Sandeep calling Shaun to move from a 10% to 20% range, so we may still get some development we didn't expect.
If not then we'll find out at some stage that either the values were within 20% or we're in arbitration so a 3rd party decides which of the two values is to be chosen as a better representative of FMV and therefore the price tag that NCM will then have 30 days to consider.

LOL - I love Timber but he ruined a damn good attempt at getting the notes posted in a row on Monday LOL

Not sure I'll always have time but always quite useful combining/breaking down and grouping the more interesting information under various subject areas (such as DFS, Funding, FMV exercise etc.) into a Highlights format as oppose to how they get brought up in a disjointed manner during Q&A's etc.......
Will try in the future if time allows as makes a lot more sense this way but you need the notes beforehand to create them, so it is additional work, albeit these only took 30 mins so it's not too bad :-)

Have a good weekend all , hope you get to enjoy the weather!

* Update on the decline?
Most challenging part of the decline are the early parts when the rock is soft so widths of the cut are much shorter before you have to support the ground. Still in that early part and just about to move from Stage 1 with smallest cuts into Stage 2 with 2-2.5 times larger cuts. With depth, time and pressure the ground becomes more compacted and at some stage will get into the country rock and that’s beautiful mining conditions.
NCM did come out and say they’re a bit behind schedule and advised the market that completion of decline that was pegged for 1st half of the Australian Financial Year 2024 (01/07/23 to 31/12/23) is now more likely to be 2nd half of FY2024 (01/01/24 to 30/06/24). Not talking about a huge change at this stage and once we get into the better ground there’s a lot more that the team can do to apply acceleration.

* Bank funding
$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 (unusual for JV loans), the banks will probably make us deal with that as would be rare that you would have a secured lender sitting above the banks.
Shaun thinks there is an opportunity to bring in some debt and how impressive it is we can do this with a PFS because it’s a Tier 1 asset in a Tier 1 jurisdiction and our JV partner is a major. He thinks we’re going to achieve something rarely seen in the debt market, which is to fund a PFS.

* The DFS
Expected from 01 Oct to 31 Dec 2022, the PFS was released in October 2021 and rule of thumb would be a DFS around 12 months later and should continue to show the growth and progress of the asset. Shaun would like to see it continue to reflect the ongoing drilling and capture GGP’s broader R&R. NCM now have 9 months to optimise GGP’s R&R, which he feels is ample time and would like to think that the JV study team would really improve it and optimise the mining plan.

***THE END***

* Updated Mine plan
Now has 6 vertical fronts, the updated plan from GGP entailed a lot of work and has been double peer reviewed by Stuart Masters from the JORC committee, SRK Consulting and the mine plan by NTech and SRK again. Used same parameters of the PFS which is a conservative plan but in the long run can move the Sub-Level Open Stops (SLOS) from 50m vertical heights to 100m to increase cost and production efficiency.
Significantly, found that for a very moderate increase in CAPEX to open up another two vertical fronts, you effectively get a 50% increase of reserve from 2 Mtpa (million tonnes per annum) over 7 years to 3m Mtpa over 12 years, absolutely transformative.

* 5% Option exercise and negotiations
SD Inherited the JV agreement, disappointing to have to sell 5% of primary asset but we will receive financial compensation. Disappointing it is being based on PFS (not solely though) as just scratching the tip of the iceberg but we will see compounded average growth of the asset going forward as looking back in 2019 we sold 65% on a $100m valuation, then moving forward to the PFS in Oct 2021, a value of $250m which goes up to about $450m at current gold spot price and then the benefits of another 10 months of drilling.
FMV will not be assessed just on PFS, the valuation date is effectively 15/12/2021 and GGP’s updated Resource and Reserves (R&R) was dated for 05/12/2021.Reason for this is that this is the last date of assays GGP had prior to the 15th of December.
GGP’s preference wasn’t necessarily to announce the R&R update but always felt it was going to be a very material increase and proved to be the case with over a 50% increase in resource and over a 50% increase in reserve, hopefully giving a good understanding of the speed of growth at Havieron.
Processes like this tend to be opaque around timeframe so Shaun doesn’t want to set expectations in the market, people should have confidence that GGP will take the time needed to maximise and optimise value. He has a huge amount of confidence in the process the team has run around the updated R&R, understanding of the valuation and putting a team together who are well prepared to protect and understand our own value.

* Scallywag plans
Plan to drill there this year as the best way to unlock value in share price is by having exploration success at one of our 100% owned tenements. Potential to have a discussion with NCM about whether we bring this into the Hav JV or develop ourselves as thinks if we were to bring it into the JV then it would give an opportunity to revisit the JV from ‘First Principles’ to both GGP & NCM’s mutual benefit so it would be a tremendous opportunity.
Got some really high-quality targets there, will continue to drill and pleased with some of the intercepts we have but equally GGP don’t pattern drill as quite selective. Lots of reasons to feel buoyant about it but crucially it’s about translating optimism and opportunities into defined mineralisati

Just put together some Highlights from this weeks webinar to help keep focus on what we can expect in 2022 :-)

Download from link below:
https://www.mediafire.com/file/yrg22yyqb97l7qm/HIGHLIGHTS_from_LSE_Webinar_-_21_Mar_2022.pdf/file

* Updated Probable Ore Reserve
Have been able to bring in more reserves as exploration drilling continues, focusing on the HG (High Grade) aspects and have a 3g ore reserve with >0.4 copper, really HG and fits into GGP’s plan to drive into the HG SE Crescent, take that ore through the Telfer mill to generate cashflow to reinvest back into the asset to develop a much broader Havieron story.

* Resource to Reserve Conversion
Exceptional amount of growth from just 10 months of drilling from Feb-Dec 2021 with a gold equivalent of 3.7g across 2.9Moz and a conversion rate from resource to reserve of 86% that is really unique and talks to the quality of the asset, just the SE Crescent, much broader zonation of the ore body and growth down the SE Crescent ahead.

* Havieron Vertical Profile
Significant expansion across ore body and really significant growth at the top where more drilling has taken place. Really encouraging that where you had an 800m cut-off previously, as infill drilling has been conducted below it, this has all also come into the ounces.
All of these ounces are in a 650m envelope where often you’ll see 2000-4000 ounces across a multi kilometre strike length vs a small envelope, hence the efficiency of the mining and infrastructure to extract these ounces for every vertical metre of development and decline put in is far greater than you usually get.10,000 ounces per vertical metre is astounding, few mines globally match this - even less over such a small strike zone.

* Catalysts for Future Value
Everything discussed so far has been about the SE Crescent as the highest grade part of the mine, but considering the overall volume of the zonation, some 4/5’s is still ahead, together with additional growth in the SE Crescent.
Encouraging that joining of the Northern Breccia and NW Pod is creating a northern structure of relatively HG material, not as high as crescent but good grade and augmented by what is seen in the Eastern Breccia (EB) and have also intercepted a 6g area on the south of the EB. Have never hit that kind of grade outside of the SE crescent and especially over that drill width.
Speculation on whether it is an extension of the SE Crescent, does it enlarge and go down that way or does it have its own HG element? The EB alone adds to the likelihood of a bulk mine by bringing in a larger volume / profile of ounces but if it also has an HG element to it, then it will be a tremendous addition.

CONTD....

Thx all - mega busy at mo so posting/reading less but also fed up of the constant childish arguments :-)
We have a nice shiny new presentation and interview and plenty of info. kindly shared by our in-person attendees of the lunch that followed the webinar that we can mull over - THANK YOU very much to all of them again.
Potential SP manipulation, sector sentiment, general herd investors focused on other areas, risk off etc. - a 'confluence' as Shaun would say of factors have been against us since 2020 - but our time will come IMO when money returns to the sector, how many AIM explorer/developers offer what we have here with just Havieron?
I just can't see miners and PM's not ending up doing very very well in the years ahead given what has been transpiring for the last 2 decades and certainly of late with a pandemic and now Ukraine and the fiscal plans that governments are attempting - albeit - I'd rather none of the above had happened as all very tragic in so many ways.
Well, I'm spending far less time here and certainly recommend it given the constant silly arguments - waste of time reading them and easy enough to just watch the profiles of useful posters :-)
As always - DYOR and Make Your Own Decisions.

* 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.

* The DFS is expected around 4th quarter of 2022?
- December Quarter (01 Oct to 31 Dec 2022) is the planned release, from memory the PFS was released around October 2021, rule of thumb would be 12 months later and it should continue to show growth and progress of the asset.

* What can we expect in that Feasibility Study?
- It’s a JV document so have to be measured as it’s a joint process but would like to see it continue to reflect the ongoing drilling and some of that we’ve shared
- Like to think it largely captures this broader R&R, to some extent we’ve put that together in short order and again tremendous effort by the team to get that out in a timely manner but NCM now have 9 months to optimise that, which is an absolute eternity
- So, one would like to think that the JV study team would have a huge amount of time to take that and really improve it and optimise that mining plan.

~The End~

* Plans for Scallywag this year given its proximity to Telfer and Hav?
- Plan to drill there this year as best way to unlock value in SP is by having exploration success at one of our 100% owned tenements
- Then could have a discussion with NCM about well do we bring this into the Hav JV or do we develop this ourselves
- Thinks if we were to bring it into the JV then it would give an opportunity to revisit the JV from ‘First Principles’ to both GGP & NCM’s mutual benefit so it would be a tremendous opportunity for us to have.

* Have you found anything at Scally that indicates that you have something special there or still hoping?
- Got some really high-quality targets there, continue to drill and pleased with some of the intercepts we have there but equally we don’t go and pattern drill as we’re quite selective
- Lots of reasons to feel buoyant about it but at the end of the day it’s about translating that optimism and opportunities into defined mineralisation
- Also really like our Ernest Giles (EG) asset and we’ve broadened our footprint in the Paterson so we have more opportunities than we previously had.

* An update on the decline?
- Most challenging part of the decline is the early parts of it when the rock is soft and more mud and sandstone so the widths of the cut are much shorter before you go in and have to support the ground
- Right now, still in that early part and just about plan to move from Stage 1 with the smallest cuts into Stage 2 with 2-2.5 times larger cuts and then move into 4.5 (note: interference but assume larger cuts was mentioned again?)
- With depth and with time and pressure the ground becomes more compacted and at some stage we get into the country rock and that’s beautiful mining conditions
- So really just getting through this Permian stage, NCM did come out and say they’re a bit behind schedule on it (note: more interference so can’t listen to it again!)
- Having said that they also guided the market that completion of decline was pegged for 1st half of the Australian Financial Year 2024 (01/07/23 to 31/12/23) and now more likely to be 2nd half of FY2024 (01/01/24 to 30/06/24)
- But not talking about a huge change at this stage and think once we get into the better ground there’s a lot more that the team can do to apply acceleration so still quietly confident about it but still something we continue to watch and measure.

CONTD....

* When will the Pacific Trends Resources shares be issued? (GGP acquired the Havieron project from them and a 2nd and last tranche of 145,530,000 ordinary shares of 0.1 pence each will be made at some point).
- Just an issue of timing so either at DFS in December quarter of 2022 or perhaps earlier when NCM hit 75% ownership mark, already factored in by the market.

* Please be explicit, is the 5% FMV to be calculated exclusively on the PFS and JORC resources on which that was constructed?
- No, not exclusively on the PFS, the valuation date is effectively 15/12/2021 and we updated out R&R for 05/12/2021
- Reason for 5th of December is that was the date of last output of assays so effectively the last information we had prior to the 15th of December
- We want to recognise that additional value and again people should understand that the reason we took the energy, time and effort to create that R&R was to understand the value better
- Our preference wasn’t necessarily to announce it but always felt it was going to be a very material increase
- Proved to be the case with over 50% increase in resource plus over 50% increase in reserve and once you have material information, we have an obligation and a desire to share that with our SH
- Hopefully that gives a really good understanding of the speed of growth at Hav.

* Question related to if it will be galling to not be able to depend on the future because the future is going to be so rosy? (note: confusing question IMO)
- Reason to buy GGP is same now as two years ago in that continued drilling will continue to deliver the kind of intercepts we have to date
- Can get accustomed to 100m plus intercepts, these are world class and exceptional and we should all be delighted to be seeing that
- If he had one wish on that 5%, that it wasn’t being valued on December 2021 as originally it was post DFS and that would have given us an extra year of value but would have liked to push it out even more so it had to reflect the bulk mine
- That's not what the JV agreement did and it’s a transition process and what SH should understand is we’ve built a team to optimise that value, not a perfect point in the cycle of development but we can optimise that value in this point in time for SH.

CONTD..

* What has been included in those negotiations, are you using the PFS, the GGP MRE update from March? What gets included, presumably you want it to be as much forward looking as possible?
- Correct, our preference is always to update the R&R with NCM
- For a confluence of reasons that didn’t happen
- From some of the conversations had, it was very clear it would be updated with their annual update but ultimately for whatever confluence of reasons that didn’t transpire
- Where shareholders (SH) should see the positive is that we now have the organisational capacity in-house as we have invested in mine planning, processing and resource geology so actually able to put together our own R&R
- What we put together was actually deeply conservative but consistent with the approach in the PFS and think that was the right balance
- SH should take a great deal of confidence in the augmentation of the team and determination to advocate for the value of Hav
- Have a good relationship with NCM and a lot of the reasons we’re able to do that is the strength of the relationship with the geology, mining and processing teams
- Have good connectivity with Sandeep and the relationship is strong there but ultimately felt we needed to be advocates of our own value.

* Is there a timeframe for these negotiations?
- Mechanisms like this tend to be opaque around timeframe so doesn’t want to set expectations in the market
- People should have confidence that GGP will take the time needed to maximise and optimise value
- Having said that, Shaun would like to get this behind us, part of transition period and an important milestone so eager to complete it but will not accelerate anything but to do it as well and thoroughly as possible
- Has a huge amount of confidence in the process team has run around the updated R&R, understanding of the valuation and putting a team together to understand our own internal resources, well prepared to protect and understand our own value.

* Question related to having sight of all of the shared information from NCM and that everything is made available to the GGP team.
- Ultimately the JV agreement specifies information is provided to both teams and they do indeed have a shared and common perspective and understanding
- Changes since Shaun came onboard is that GGP’s augmented team now harvest all the information with our increased internal resources to understand and be a good owner of the asset and we are also so much more engaged with NCM in a respectful and collaborative way that hopefully creates the best opportunity for Hav to be successful over time, which is where we have beautiful alignment.

CONTD...

* Updated mine plan
- Now has 6 vertical fronts, the updated mine plan from GGP entailed a lot of work and has been double peer reviewed by Stuart Masters from JORC committee, SRK Consulting and around the mine plan with NTech and SRK again
- Used same parameters of the PFS which is a conservative plan but in the long run can move the Sub-Level Open Stops (SLOS) from 50m vertical heights to 100m to increase cost and production efficiency
- Significantly, found that for a very moderate increase in CAPEX to open up another 2 vertical fronts you effectively get a 50% increase of reserve from 2mtpa (million tonnes per annum) over 7 years to 3mtpa over 12 years, absolutely transformative.

Q&A: (Only useful questions/points covered)
* Highlights from Interims?
- Delivery and quality of documentation shows the increasing maturity and the enhanced capability of GGP’s organisation structure post PFS and this also shows in the update of an increased R&R.

* Why have you agreed to an increase in the range of valuations in the 5% Option exercise (formerly 10% and now 20% disparity will be allowed for a mid-point to be used VS going into arbitration now)?
- Inherited the JV agreement, disappointed to have to sell 5% of the primary asset but we do receive financial compensation
- Disappointing for us all it is being based on the PFS as just scratching the tip of the iceberg but what we will now see is the compounded average growth of the asset
- Go back to 2019 where we sold 65% on $100m valuation, then move forward to PFS in Oct 2021 of a value of $250m which goes up to about $450m at current gold spot price and then show the benefits of another 10 months of drilling
- People can see this continuous increase in value in the asset, shame that we’re not taking all of that through to maturity but it will show the trend of that compound average growth rate, won’t need a lot of imagination to say “what is another 2 years’ worth of drilling going to do here and the impact of bringing in that bulk mine”
- Think there will be a lot of interest in it and show a roadmap that will actually be very encouraging.

CONTD...

* Havieron Vertical Profile
- Ounces per vertical metres is a wonderful rule of thumb when evaluating an underground mine
- This new chart shows the significant expansion across the ore body
- Up the top where more drilling has taken place you have really significant growth
- Really encouraging is that where you had that cut-off previously at around 800m, as infill drilling has now taken place below that, all of that has also come into the ounces
- All of these ounces are in a 650m envelope, often you see 2000-4000 ounces across a multi kilometre strike length as oppose to a 650m envelope
- Meaning that the efficiency of the mining and infrastructure to take out these ounces for every vertical metre of development and decline put in is much much more than you usually get
- 10,000 ounces per vertical metre is absolutely eye watering, very few mines globally would have this and an even small number over such a small strike zone
- As we continue to drill away, we should continue to see this correlation with where we’ve drilled and where we have ounces continue to grow the ounces per vertical metre to add ounces to the mine plan - which is exceptional.

* Catalysts for Future Value
- Notes everything talked about so far has been about the SE Crescent which is the highest grade part of the mine but when you look at the overall volume of that zonation, some 4/5’s of this is still ahead of us together with the growth in the SE Crescent
- Really encouraged by this joining of the Northern Breccia and NW Pod creating this northern structure of relatively HG material, not as high as crescent but good grade material
- And then augmented by what we see in the Eastern Breccia (EB), exciting as down on the south of it have they intercepted a 6g area and have never hit that kind of grade before outside of the SE crescent and especially over that drill width, so that’s really interesting and going to attract the drill bit
- Is this an extension of the SE Crescent, does it enlarge and go down that way or does the EB have its own HG element which would be tremendous upside
- The EB on its own adds to the likelihood of a bulk mine by bringing in a larger volume / profile of ounces but if it also has this HG element to it, then it will be a tremendous addition
- (Closes by covering the listed catalysts on the slide).

CONTD.....

Finally some spare time to copy/ paste the notes out and correct a few typo's, to fellow PI's please focus on studying and appraising what your CEO is telling you vs some of the rubbish being posted here nowadays : - )

Download : https://www.mediafire.com/file/qt43x69tmt3aioq/Notes_from_LSE_Webinar__-_21_Mar_2022.pdf/file

***PRESENTATION***
Slides: https://static.lse.co.uk/files/220321-ggp-investor-presentation.pdf

* Updated Probable Ore Reserve
- Reminds PI’s to cast mind back to initial update that showed a tailing in of the ore body was not a function of the actual mineralisation, just where drilling had taken place
- As exploration drilling continues, they have been able to bring more reserves into the mine plan and update R&R (Resource & Reserves)
- Really a focus on the HG (High Grade) aspects so have a 3g ore reserve with plus 0.4 copper, really HG and fits into GGP’s plan to drive into the HG SE Crescent, take that ore through the Telfer mill to generate cashflow to reinvest back into the asset to develop a much broader Hav (Havieron) story
- Tailor made process for a mid-cap to do this in stages and focus on the HG material from the outset.

* Resource to Reserve Conversion
- Exceptional amount of growth from just 10 months of drilling from 5th Feb 2021 to 12th Dec 2021
- Firstly, a gold equivalent of 3.7g across 2.9Moz but perhaps most excitingly the conversion rate from resource to reserve of 86% tells you that this HG material sitting just off the decline we’re taking down the SE Crescent, that material comes straight into the mine plan
- That 86% conversion rate is really unique and talks to the quality of the asset and opportunity to continue to infill this ore body to continue the high ratio and bring more and more material into the mine plan which ultimately drives the FCF (free cash flow)
- This is just the SE Crescent, much broader zonation of the ore body ahead of us together with growth down the SE Crescent.

CONTD...

Other CRMC's will need to do their own detailed testing and DD so I am expecting a long delay in a potential deal and can't see the old CRMC coming back onboard and indeed if they did would mean a less than stellar deal after we walked away.

A pleasure MFU, hopefully will help avoid some of the arguments about what he actually said during the webinar and thank you to those feeding back from the lunch ;-))

Download from here: https://www.mediafire.com/file/qt43x69tmt3aioq/Notes_from_LSE_Webinar__-_21_Mar_2022.pdf/file

Yep a very positive development IMO as it perhaps indicates that both want to avoid arbitration, better to see a midpoint where each only loses around 10 percent of desired value rather than 20 percent, perhaps they both agreed on that gap as they were around that far apart in negotiations so a bit of tweaking from both could result in avoiding arbitration.

@Hydro, I definitely see the potential for a buyout becoming stronger and stronger given recent events but also still question how easy it will be for Sandeep with his personal hit on his leadership style/reputation and pressure from some major shareholders to deliver more short term shareholder returns VS focusing on growth. He does need their support in what seems to be a very critical moment for his own future at NCM IMO.
Hoping the above works in our favour so he will need a DFS in hand before he might be able to make a play as the more time elapses then we should see a higher initial bid I assume. Not going to lie mate, not convinced about logical decisions in regards to a bid from shareholders who in the main now seem fed up with the lack of impact from catalysts such as the updated MRE and SP performance feeding into their decision making process. I guess all we can do is try to continue our own PR through the GGP community that has formed.
Like yourself and many others, do think that PM's and miners will do very very well in the next decade so long term being invested in a developer of potentially the world's 2nd lowest cost gold mine won't be a bad thing if we get that far before NCM make a play, if not, then hoping shareholders don't vote for too low a bid as Shaun's own comments reflect the regret we might have seeing Havieron develop over the years. Of course we have other tenements - but as seen with Scally and Zipa etc, it isn't always as easy as Havieron :-)
Also, a more general point to everyone is that I have to be blunt and say that I'm probably not in teh minority in saying that the BB is almost unreadable these days and showing in the far lower number of posts from many who posted a lot of useful insight here previously , unfortunately the BB seems to have reverted to the usual humdrum questionable boards that proliferate this site and other share chat forums...... :-(