Member Info for Dip666

It's a half marathon not a sprint now Z - that's my attitude - 10 months is a hell of a long time on AIM where things can change in a single moment, we should be in a completely different place heading into 2023 after the FS:-)

Look at the delay in seeing the blobs on Callum's screensaver from mid 2020-ish to finally the new targets being announced by NCM in Aug 2021 *(not 2020!) at Diggers and Dealers.

*Not 3 months but more like 15 months delay from us seeing the 'blobs' in Callum's background to Hav North, Zipa and Meco being announced.

'What it's worth' is a very hard question to answer without scientific proof and data - the kind that gets generated by resource estimates and studies etc. but the Valmin Code has a place for those kind of assumptions to be made fortunately.
That is why NCM doing this without the 2022 growth drilling program and FS completed is very smart and I feel a bit silly for not having seen them going for the option so early. So many assumptions will have to be made and then argued for with less corroborating data for some aspects of the value of Havieron and anything else on the mining lease and this is where we have our work cut out for us.
That's what the more analytical and conservative amongst us are trying to point out if some time is spent studying the code and valuation methodologies. It works BOTH way's though - NCM can't completely ignore the potential either and that does include early non-reported data for the likes of the E.Breccia and the drilling around Zipa/Hav North etc. and related modelling and assumptions made that must have fed the 2022 growth drilling program for instance and obviously been agreed by NCM.......that is my take on it anyway.
We really really do seen to be behind the curve of what we know as PI's so I do think there is a lot of non-public data that both NCM/GGP do have that helps build the case for a better valuation for us. Rational Assessors excellent post about POG is also a good example of this point. Look at the delay in seeing the blobs on Callum's screensaver from mid 2020-ish to finally the new targets being announced by NCM in Aug 2020 at Diggers and Dealers. Also reflect on the comments made by Shaun about the drilling around that area to date - I am of a mind that whatever is around there is meaningful in one way or another despite the lukewarm results so far from Hav North. Artemis certainly seem very confident too over the fence.
It's just very hard for any of us here to be making assumptions without experience of building valuations in accordance to the Valmin Code and working out from the ranges they can probably assume in terms of lower, medium, higher rages as to exactly where each part of the valuation would land. For instance perhaps Havieron main ore body falls under a medium range of valuation being most appropriate but the E.B more so between lower/medium somewhere?
I'm in the same camp as a few others here that if we can achieve $200m plus I'll be very very pleased from my humble understanding of this valuation process. I think NCM/GGP will try to avoid arbitration and try and sort this out before March - but if they are quite far apart I do think NCM will fire into stage 2 & 3 pretty sharpish - they want this 5% and they want it sorted quickly IMO.

@ClaireMartin - you're not actually that Aviator fella are you - very similar language and posting style and an obvious dislike for Rodster......
I understand Aviator has been banned from this site a few times but certainly been back under new accounts before and no issue myself with him/you but the sneaky posting under another assumed identity in 2020 to wind Rodster/Sam up was a tad bit childish.
I'm pretty sure you are Aviator :-))

@Adski - you want stability then come on chap, you should stay off AIM and probably with the way the world is right now - off the market altogether.
I make my best profits when the markets/world is unstable when it comes to investing by trying to be ahead of the curve, usually in more peaceful times I'm just collecting dividends or pursuing other ventures .......
I respect many peoples views here and have learnt a lot from some of our resident experts - but generally I'm mostly influenced by my own research and decision making - you really shouldn't be actively investing large amounts of your life savings if you're asking strangers for advice IMO.

My rule for investing serious money in any company is I should be able to do an impromptu 10-15 min pitch as if I was pitching to potential investors for two reasons:
1/ I have built enough knowledge of the company and it's activities to do so.
2/ I have enough positive information to hand from my research to convince someone to invest - including myself!

@POM and GGP will try and put in highest bid they can without going to arbitration - it's just business on both ends and we're invested in a hell of a company which just happens to being shorted but also in a very unloved sector since 2020 - sure there are a few explorer/developers on AIM and definitely on other exchanges that have fared well regardless, but unfortunately we haven't :-(
We'll either get bought out or go into production, on both counts I make a profit in my personal projections - so I'm staying invested but open minded and diligent to ensure this remains true.
Up to each of us to decide probabilities of either outcome, the implications for us from those outcomes and then decide our investment strategy - DYOR and GLA :-))

@pooroldman -if NCM purposefully want us weakened to try and takeover why did they agree to 3rd party arbitration in the process?
They could lose out very badly if they play silly buggers and undervalue us too much and vice versa if Shaun & Co overvalue - the process is there to keep BOTH parties professional and sensible. It's worth reading up on the Valmin Code and building an understanding of valuations to help inform your opinion when worried about something to determine potential outcomes.
It's a fair process IMO and although I have conservative expectations as it's very early to be able to substantially prove the true potential of Havieron - I have faith in our management to do the best they can in the circumstances.
I keep saying it - isn't some transactional value for 5% to take NCM to 75% better than going straight from 51 to 75% akin to the Juri JV if NCM meet their commitments...........
We're definitely going to clear the loan IMO and some/all of the development costs and if we need to secure some finance on top - it's going to be ridiculously easy compared to how it is even now where we seem to have plenty of interested potential lenders.
My only concern is if the 5% valuation is perceived as negative, that we'll we get a bad reaction on the SP and just hoping that if the 5% price tag is mutually agreed it is occurring around MRE 2, so this will help negate that to some extent :-)

Thx Sandgrounded, I do think the fact that NCM value our input as development ramps up with more input displays that Shaun has only grown the relationship that Gervaise and Callum helped foster.
Hopefully that mutual respect and teamwork helps (or perhaps already has and just the details being worked on) to achieve a 'price tag' on the 5% through mutual agreement.
Another positive sign is they let us retain management of the Juri JV - so none of these indicate a soured relationship since Shaun come onboard - quite the reverse IMO.

Thx Bamps - looking forward to finding out more as the results come in and of course your thoughts as we get them on how everything is shaping up - literally :-)

@Silevrhorse - Alistair seems to favour generating resource/reserves before agreeing JV/sales so a more extended journeys on their projects I'd say - the purpose I posted was for people to listen to the UFO related info - not cross ramp :-)

Thx Canary and Shaun obviously has an eye to the future too with the augmentation and additions to the team in regards to perhaps developing and running our own assets in future.
He's done very very well in pulling in the likes of Otto and Paul into the company as they are the kind of people Newcrest will happily welcome input from in regards to developing Havieron and seems so in that we've moved to monthly vs quarterly planning sessions .
It isn't just about Havieron - he is very much looking far beyond that in the years ahead :-)

UFO mentioned at 19 mins 30 secs in
https://audioboom.com/posts/8028906-midweek-takeaway-with-alastair-clayton-executive-director-of-artemis-resources-aim-arv

* Anything interesting happening in the other projects in the portfolio?
- Continue to drill in that Paterson area including on the Havieron mining lease itself, think that’s some really interesting ground as no better place to look for gold/copper than where it’s already been found
- So on the mining lease and our 100% owned Scallywag on a NW direction along the structure from Havieron, so will continue to see us drill through there
- And then moving further NW onto the JURI JV ground (also with Newcrest), it’s not drilling season right now (wet and hot) so we tend to do planning at this time of year unless supported by the full Havieron camp, but you’ll see those drill rigs spinning again as we run into the June quarter , which is excellent and it’s a tremendous place which has great option value in the portfolio
- Additionally, you’ll see us spend more time elsewhere in portfolio and one we’re really keen to get into is Ernest Giles, an Archean Greenstone belt that is under drilled and under explored and associated with a lot of the gold mineralisation discovered in W.Australia
- So really looking forward to that but that’s a First Nations issue, really think we’ll have that first access agreement sorted out this year and potentially be drilling there at the back end of 2022 and it’s a beautiful project to be involved in.

* So much going on, great you’ve built up the team and are able to run everything concurrently, anything else you’d like to share with investors?
- 2022 is a really busy and jam packed year, will continue both growth and infill exploration drilling which leads to improved resource/reserve statements which I think are a good catalyst for value
- On top of that, would like to be fully funded, there’s a debt piece which perhaps cornerstones that
- We have that 5% option out there with Newcrest, in some ways that’s part of this transition of getting onto an even keel so we’re spending a lot of time, energy and effort working through that to try to get a fair result for Greatland shareholders
- And then as we move into the back half of 2022, we have the Feasibility Study which is already flagged to be 50% bigger than the PFS
- And of course on the back of that you have the financial investment decision or the final investment decision and then we’re inside of 12 months to first production so yeah look good fun, lot’s to do but increasingly we’re comfortable that we have the team to deliver that and deliver it really well for the benefit of shareholders.

***The End***

* Had some amazing results from a section of the new zone of mineralisation at Havieron, what are some of the key takeaways?
- Every drill hole we hit in the last 12 months has mineralised intersects which is an extraordinary outcome, as you go through targeting that SE Crescent it’s an incredibly consistent and High Grade (HG) zonation
- And as we’ve drilled more, identified whole new areas such as the Eastern Breccia (EB) where we now have say half a dozen plus 200m intercepts running through it, Havieron doesn’t need to expand to be world class but amazing we have that EB
- If we look at the most recent set of results, you see that 70m intercept at plus 6 grammes (HAD104) into that EB which was traditionally running more along 1.5 to 2g, so seeing that kind of HG intercept is really interesting
- Firstly it’s about 200m to the south so that’s interesting in terms of what it does to the size of that EB, another way to look at it is we’re getting SE Crescent grades down in that area. So, does that lend itself to another HG area? Does the SE Crescent move down into that direction (S/SE)?
- Stunning intercept and when you get intercepts of that grade and width, you really do feel you’re onto something so really excited about that result but one in so many of those kind of results
- Havieron just continues to give and all part of delivering firstly the Starter Mine (as part of SE Crescent) which is tailor-made for our balance sheet, driving in and get into production, moving that HG ore through the mill and generating free cash flow to then reinvest into the broader Havieron opportunity, brilliant to work on an ore body like this.

Contd...

https://www.mediafire.com/file/uekntuibzi8z505/Notes_from_Investability_Interview_-_10_Feb_2022.pdf/file

* Thoughts on achievements and highlights after a year in the role as CEO?
- Yes, just over a year and a busy but fun last 12 months
- Major achievements such as around a team that's been built up from first principles in two ways: Firstly, we had a team scattered across two locations and now gathered in one location in Perth close to the asset, so we can get ‘boots on the ground’, even in this Covid period. Also built up team by adding/augmenting exploration skills with mining, engineering, finance and processing skills really allowing us to go from understanding part of the Havieron puzzle really well (the geology) to extending to these other disciplines. Gives us a more comprehensive capability enabling us to add more to the JV
- And that’s perhaps the other big change in the amount of engagement with Newcrest, it’s a building and strengthening partnership and we’ve switched to monthly meetings from the previous quarterly engagement
- This allows us more influence and to improve our understanding of the asset and be better owners of that 30% stake in Havieron, so it’s been a really busy year building us up from first principles, but I think successfully so.

* What is Greatland focused on in 2022, and what can investors expect?
- 2022 is a transitional period, would like to say that we would be in production in 2023 which would be a huge milestone and we continue to focus on exploration and growth in 2022 but also continuing to build our foundations
- Talked about people in the last answer and should have added about the BOD as well, we added Paul Hallam, a really respected person with considerable mining experience including at Newcrest and Fortescue. His addition to the Board has been tremendous and would like to continue to add/augment talent to the Board and that gives us more opportunity within the marketplace
- If we can surround the company with A Grade talent both within the Board and Management it gives a higher probability of success, so this will continue to be a core focus as will be punching into that ore body and building it up
- Remember that the PFS was really only on a fraction of the ore body in the SE Crescent. As drilling continues, we understand more and more about the broader opportunity at Havieron which we think is World Class and increasingly apparent.

Contd....

One of our Paterson neighbours:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02485321-6A1076557?access_token=83ff96335c2d45a094df02a206a39ff4

I get you Panama and I know not everyone has the luxury of longer timeframes plus some have had to postpone plans so fingers crossed we see a quick return to where we belong whatever anyone's plans are.
I'm super patient and resilient but even I've had my moments where I just can't believe we're down at these levels given what we have - crazy :-))

@Bagpu55 - I'm hoping (not assuming) we get at least enough to cover the loan balance and Starter Mine development - personally find this 5% exercise too random to predict as it's two teams negotiating something very hard to accurately price to it's full potential.

@Peter - yes we are obliged to sell if NCM decide to buy at either an agreed or 3rd party determined price - the exercise is to establish a price for them to consider for 30 business days.
My post on Feb 7th at 10:25am covers a breakdown.

No problem Panama - there is a lot to remember nowadays!
I'm on the same wavelength as our esteemed PaddyG and my mindset is - LOOK (as Shaun would say) - we're getting something for that 5% instead of just going from 51% to 75% as with other JV agreements as the smaller party - so to me - it's a win win on that basis.
From discover in 2019 to CY 2023-24 for potential production with ongoing exploration and optimisation studies increasing the resource and revenue projections for perhaps half a decade....... I can sit through some SP trauma into 2023.
It really is worthwhile looking through the Growth Update presentation from time to time to remind oursleves of the timelines and projections I find, we know to expect a good uplift in the numbers via MRE's and studies from this stage forward and Had104 just reminded us there is so much more ahead that is unknown.
My only 'concern' is that we'll be offered enough by Newcrest that shareholders decide to part with Havieron (less so than a takeover IMO) as I'd rather we had another quarter, half or full Havieron earmarked if that happens :-)

Hi Panama - about 3 mins 30secs in - starts around 2min 30secs in :-)

https://audioboom.com/posts/8023506-midweek-takeaway-with-shaun-day-ceo-of-greatland-gold-aim-ggp

* Potentially the largest SP catalyst for GGP currently is the 5% FMV exercise according to recent Broker updates and will lift NCM’s ownership to 75%, is it a good way to value GGP and Havieron?
- Shaun inherited process as a legacy, will try to execute process as best as he can
- GGP’s preference is for a Commercial Agreement (CA) by mid Feb, the nature of CA’s means if agreed, it will be acceptable to GGP but there has probably been some compromise in valuing that number
- In his experience a CA is usually agreed within JV’s vs through arbitration and likes to think NCM agree with this view
- The alternative is a very lengthy independent process via arbitration
- Only a 3 year old discovery, it’s a multi-decade asset requiring a minimum of 3 to 5 years to understand the extent of and a really challenging process to fair value an asset at this early stage of maturity
- Still plenty of unknowns around EB, SE Crescent expansion and intercepts etc. to consider.