Notes from Proactive GGP ONLY MRE2 Interview - 03 Mar 20223 Mar 2022 11:52
Download link: https://www.mediafire.com/file/ag01vzsckg97qno/Notes_from_Proactive_GGP_ONLY_MRE2_Interview_-_03_Mar_2022.pdf/file
Video: https://www.youtube.com/watch?v=Dxh_hJX5pcY
* Significant update this morning, big boost to Havieron’s (Hav) resources and reserves you’ve put out, give us an overview?
- Really pleased, come out with a 50% increase in the Resource which is really substantial
- Takes it up to 6.5MoZ AuEq of resource at High Grade (HG) and reflects quality and continued growth of Hav
- Also really pleasing is the maiden resource in that Eastern Breccia (EB), only 6 to 8 holes in there but already have around 500,000 ounces in that area and that doesn’t include that really HG intercept to the south of the EB (HAD104), so really positive about the continued opportunity in that area together with the broader Hav zonation
- Also have the Reserve update, again a 50% increase to about 2.9 MoZ AuEq the actual goes from around 14 to 25 million tonnes (MT), which is a 84% increase and shows the broadness of the mining zone and ore body taking shape and perhaps most important of all is the 86% conversion rate, which is extraordinarily high
- That displays the grade and quality of Hav and what you saw in the PFS is that we put in place the infrastructure, the declines in place and we’re bringing more ore into that mine plan to take advantage of the infrastructure (surface and in-ground) and it also adds to the capital efficiency of Hav, it’s a beautiful set of numbers.
* So, this includes those additional drill results up to December 2021?
- Yes, effectively takes us up to Dec 05 2021 drill results and assays.
* Why was this update not included in NCM’s recent update - any insights?
- Definitely our preference to update the Resource & Reserves (R&R) together with NCM as the manager
- For whatever confluence of reasons, they determined not to progress with the Hav update in Feb, from our POV like to think that shareholders appreciate that we’ve built a team here at GGP and our philosophy is to understand and be good owners of Hav, so we’ve done our own work around that R&R
- It’s a material uplift so we really felt we’re in a position that we need to share that with our shareholders so they understood the growth of Hav and indeed my commentary to market had been around expectation that we would update that R&R
- So again, really wanted to deliver what we promised to our shareholders and update that R&R
- Also really useful in terms of a number of processes that are going on, talked about bank and valuation processes but just being a good operator of our asset means we want to understand that R&R and the mine plan around it.
contd....
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