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Well I just retweetd your tweet Paddy with a summary of the observations Shaun covered today (in long form below) when initially asked if Had104 is a new zone of mineralisation?

- Really significant intercept from 104 with 6g at over a 60m interval plus copper, especially of interest to GGP's Exploration & Geo teams.
- 200m south of E.Breccia (EB) so an opportunity to expand that part of ore body.
- 6g material is what we associate with SE Crescent but hundreds of metres away from it
- Does it mean EB blends into a High Grade (HG) zone or SE Crescent and its very HG material actually expands down in that S/SE direction or it is it’s own area and further drilling unlocks this?
- Creates a very large potential zonation within Hav that can carry this very HG, an exciting intercept, very significant.

@Barna - IMO he means if NCM have X value and mind and GGP have Y value in mind, a commercial agreement entails both compromising and being flexible.

Stage 1 - Both parties try and negotiate a mutually acceptable value by mid Feb (and can also agree anything that is mutually acceptable to both) - if not then:

Stage 2 - Both submit a valuation to each other, should the values be within 10% of each other then the mid-point is used as the 'price tag' for NCM to consider for 30 days - if a wider than 10% disparity then:

Stage 3 - FMV exercise goes into arbitration process in which a 3rd party will decided which of the two submitted valuations is closer to FMV using The Valmin Code as guidance. The chosen valuation becomes the price tag that Newcrest then have 30 days to consider paying within 30 days.

As per an earlier post, thx to BottleRocket finding some info., I think NCM may absolutely have to own 75% of Havieron to give them clear control of key strategical and operational decisions. if so, then I expect a transaction will take place and the 3rd stage ensures that a price is agreed irrespective of a collaborative approach or not. It's not a bad decision to be in when you know the other party definitely needs something you have and IMO sooner rather than later.
The Valmin Code does bring very wide ranges into play - so a 3rd Party could swing in either favour, safer to come to a commercial agreement IMO for both - seems to be what Shaun is saying too.

p.s Thx to Rational Assessor for pointing out this 3 stage approach more clearly on TG :-)

Great job z :-)

Having had a listen IMO I think Shaun's trying to set realistic expectations around the valuation and remind everyone to try and focus on the longer-term picture here down the years, and reiterate his vision is for GGP growing through Havieron not divestment, otherwise it's like a 'Greatest Hits' of the usual pro's of investing in GGP, understandable as once you get versed with pitching your company you pick and choose relevant 'tracks'.
Very political and non-committal on FMV as is appropriate when you're in negotiations otherwise but reiterating Commercial Agreement vs prolonged uncertainty via arbitration no good for either GGP/NCM.
75% control in a JV usually represents a vastly greater amount of strategical and operational control in JV's in Oz according to some information BottleRocket has found - of course we don't have the exact details of the Jv contract so just an assumption NOT a rock solid certainty.
But, IF this is indeed the case, I'm increasingly of the mind that the additional 5% is a 'must have' not a 'nice to have' for NCM. If so, then perhaps then perhaps NCM insisted on the 3rd party clause to help ensure they are able to have a sensible price to pay irrespective of what GGP do.

TBF to Alistair - he had some excellent insight into the geology during an investor presentation last year (or was it longer now!) since my time here from Jan 2020 I've only seen his and Callum's presentations andthen from a NCM perspective Fraser's (their General Exploration Mgr.) from Diggers and Dealers and the non-public prez that Hydro shared from NewGold conference by Benjamin (NCM Exploration mgr.)

@Panama - only watched it three times - I have to question your commitment :-)
And it it ever too early for a drink - after all - it's really for medicinal purposes, we have a lot to ponder and anticipate this month!

https://presentations.investormeetcompany.com/investor-meet-company/ALIEN-METALS-LIMITED-Investor-Presentation?bmid=a41b84a1fb1d

@GoGreen - we're at under 1p so plenty of upside IMO :-)
We've got a good route to monetisation with the DSO into 2023 - early to mid IMO as drill results and general issues in WA make me want to add some time to Bill's target for early 2023 - just the strategist/planner in me looking at resource availability, lab delays and issues with admin processing perhaps causing a few minor bumps - but otherwise a great action plan in place. And we have what appears to be a lot of growth potential in the other ridges and also Brockman.
EH looks very promising, but until Bill outlines a plan outside exploration and has had time assessing the mine and so forth, I am just happy it's looking very prospective and generating so much interest with those insane grades and we have the PGM aspect too and also across Munni Munni. The Radio Hill option nearby via Artmeis is interesting and will leave it to the experts such as Hydro to help guide us more on that area as things progress, it seems viable to an extent.
Interesting answer to concerns about issues in Mexico during the prez (in many ways as sounds as if Bill's had an exciting career) and certainly, I know the tenements have promise having read up. It was a shame Capstone pulled out of a JV, but they do appear to be looking for more Brownfield opportunities as Bill stated at the time. Nice to have these in the pocket though.
I was curious about Greenland and seems like the best way forward as read a bit into the area and also the at the time we became aware of the licenses.
Also good to see more focus on ESG - important in aiding attracting investment from the big boys.
I always like to understand company strategy across the portfolio of projects but do understand that Bill's giving us as much as he can, so it was enough for now, there is plenty of work ahead but also plenty of promise for monetisation into 2023/43 with the Oz projects - so am happy to continue on the journey as way ahead of 99% of explorers :-)

Good to see you here Gogreen :-)

*oops - Wed evening on 16 Feb in UK time :-)

Less posting and more research Mumpsy?
MRE2 expected along with NCM HY Results on 17 Feb when they usually release resource/reserve updates, so Wed 17 Feb UK time.

There were so many details in yesterday's interview - Shaun is very proficient at communicating detail as oppose to empty waffle in his interviews.
Worth rewatching and/or rereading my notes and the feedback from others here to aid in understanding the implications for average grades from the new results in terms of resource size , MRE2 and Feasibility Study etc.
DYOR as they say :-)

Presentation:
https://www.alienmetals.uk/wp-content/uploads/Alien-Metals-PPT_31012022_v6.pdf

We seem to have a product that IMO the potential CMRC is happy is technically proficient but I am expecting a few months still given progress to date (even the Summer TBH) before a deal is concluded.
More patience required but I am optimistic on a positive outcome here :-)

RNS out with details in regards to AGM, appears as if 75% and 72% for resolutions 4 & 5.

https://uk.advfn.com/stock-market/london/sunrise-resources-SRES/share-news/Sunrise-Resources-Plc-Voting-at-AGM/87139625?xref=newsalert

* And what about construction activities, how’s all that going?
- Constructions going well, multi-faceted in terms of getting the infrastructure at surface and in parallel with that, doing the Feasibility Study (FS) but there’s a lot of focus always on the decline
- Got about 277m as of the date of this report in change into the length of that decline
- Very positive, starting to see that accelerate, probably got about another 40-50m in this top area (softest ground and slowest part of the progress).
- As we get deeper there, the ground conditions get ‘harder’ (referring to the texture not the ability to dig into it) which actually accelerates progress because cuts can be bigger and less ground support required which allows you to accelerate, so done a lot of the hard worth there
- Pleasing the way it is progressing, albeit a little bit slow through that earlier area, continued to do a lot of geo-tech drilling and think we have the pathway or route that will accelerate this from here.

*Shaun, this option for Newcrest to buy an additional 5% of Havieron from Greatland, what’s the timetable around that?
- Newcrest started that process towards the very end of December 2021, potentially that can be resolved as early as February if we have commercial agreement between the two parties
- That is Greatland’s preference and think it’s always good with a JV partner to be able to come to agreement on these terms, so we’ll will continue to talk to them around that
- Alternatively, if that can’t be achieved within the timeframe, it goes into this more independent arbitration process, that’s a much longer process, so optimistic that we might be able to come to agreement with Newcrest in the short term
- As far as Greatland is concerned, have got to prepare for both scenarios equally, equally a more drawn out process which brings in a number of independent valuations.

* With 8 rigs operational at Havieron currently, what’s the vision, the focus for Greatland for the project this year?
- It’s a big year for us, the focus continues to be that exploration you spoke about, particularly that 50,000m growth drilling program together with a lot of infill drilling and you’ve seen some infill drilling again in this exploration update
- That all positions us really well for a bigger and better FS in the back half of this year
- I do like the quote from Newcrest CEO Sandeep “……the numbers only get better from here.”
- So, I think that’s really positive and in parallel with that Greatland is speaking to a number of banks, have got some really positive interest from the Banking market, so would like to be in a position where we’re effectively full funded
- We have the FS and then we’re going into 2023, which should see first production
- So, the countdown clock is ticking a little bit to first production and that’s a really exciting and potentially value creating process for our shareholders, so lots to do - but pleasingly so.

*** The End **

Interview: https://www.youtube.com/watch?v=3BxdtGT8imY
RNS link: - https://polaris.brighterir.com/public/greatland_gold/news/rns/story/w6dq2gx

*Exploration Update on Havieron reporting some of the most significant results of the project outside of the SE Crescent Zone?
- Think best result in there is intercept 104 which is a plus 6g intercept over 60m, location is most interesting as it’s 200m south of existing Eastern Breccia (EB), so that’s a huge potential expansion of that EB structure but also the grades more reminiscent of what we’re seeing in the SE Crescent and it sits kind of to the north of the SE Crescent.
- Opens up large avenues for new zonation’s that could be a continuation of that High Grade (HG) SE crescent which would be tremendous but equally a HG structure into that EB and coming a lot further to the south
- Really spoilt for choice there but a really interesting intercept, it’s part of 33 intercepts, 22 of them in significant HG mineralisation
- Havieron just keeps delivering, the more you drill - the more value you create and the more mineralisation you identify.

*You’re now drilling 250m below the Resource estimate, are you?
- Yes, so back into the SE Crescent proper, that’s the focus of the PFS, where we’re doing the Starter Mine and trying to mine out plus 5g material, which will generate strong free cash flow for us immediately as we move into production
- What’s nice about these intercepts is we’ve done some infill drilling which continues to firm up that area for initial mining and as we step down, we’re now 250m below that Resource continuing to get these 5-6g plus intercepts which really gives you a flavour that we’ll be able to continue to walk and move up the Resource and Reserve around that area over time with more drilling and more study
- So, that’s a tremendous intercept and that’s the backbone of this mine.

*What about some of these targets outside the Havieron system, Hav North and Zipa?
- Increasing our activity across the mining lease, so of course Havieron proper continues to be focus for drilling campaign but also identifying some of the other targets we have, both High Gravity and High Magnetic targets on that mining lease itself, no place better to look for Gold and Copper than where it’s already been found
- Also got this dolerite structure, we’re walking up there and seeing some really interesting mineralisation and ore structures along there, not initial focus but some of the initial hits we’ve had there suggest there’s this structural moving quite far out from Havieron, which again talks to the opportunity for additional discoveries or just a much bigger Havieron system, really pleased with how that initial drillings going.

*** continued ***

Watched earlier when Josh dropped into TG chat and 20min 43 secs in he mentions us:
*Okay excellent and are there any projects of note within your fund that you wanted to sort of highlight or speak about at all?
- Yeah well, we - you might be aware that we always, every year that we hand out a discovery award. Last year it was won by Greatland Gold, it has an amazing discovery in the Paterson region in Australia, 30-40 KM east of the Telfer Mine being operated by Newcrest and this is an amazing discovery. Stock went down from its peak by almost 50 percent. if you look at that valuation, there's still a great entry point because it's certain for 99 percent that the Greatland stake will be bought out by Newcrest or somebody else, so there's still a lot of value to be found and that's one of our core positions.

Regardless of the probability, he for sure with 99% certainty seems to want NCM to buy our entire stake of Hav, probably so he can move onto other discoveries IMO :-)

Hi Z - methodology from a valuation example I studied (conducted by SRK):

- Comparative Transaction(1) methodology to derive selected value range for stated Mineral Resources, Exploration Targets and the exploration tenure.
- Secondary support for derived values mostly carried out using Yardstick(2) and Peer Analysis(3) methods but Geo-scientific (4)Approach was also used for exploration targets that is Cost-based and allows for Exploration Targets..
- Most methods were Market-based Approaches from Valmin Code as oppose to Income or Cost . Market-based is the only approach that includes: Exploration, Pre-Development, Development and Production categorised projects.
- SRK chose to position its preferred value for exploration targets above mid-point in recognition of the fact that the exploration potential is associated with a granted mining licence, enabling rapid progression towards mining should appropriate technical studies prove positive.
- When only a Mineral Resource was outlined and its economic viability remaining to be established (i.e.no Ore Reserve), typically employed a’rule of thumb’ (5) approach to resource valuation.
- Exploration Targets may be valued similarly to defined Mineral Resources but typically include a substantial discount to reflect lower levels of confidence or lack of supporting data underpinning estimates.
- For poly-metallic projects containing more than one metal or commodity, common to adopt a MTR for valuation purposes.
- To value Mineral Resources/ Exploration Potential, SRK carried out a search for publicly available information on market transactions involving similar assets that have occurred in the period leading up to, or about, the Effective Date of the valuation.

1) Comparative Transaction: the transactions considered most comparable to the Project (two were used)
2) Usual Yardstick Ranges:
? Measured = 2% to 5% of Spot Price
? Indicated = 1% to 2% of Spot Price
? Inferred = 0.5% to 1% of Spot Price
? Target = 0.1% to 0.5% of Spot Price
3) `Peer Analysis: Reviewed the Enterprise Value of selected listed companies (ASX, AIM, OTC and TSX-V) with defined resources as reported by S&P Global Market intel.
4) Geo-scientific approach : As an order of magnitude check, SRK also valued the Project exploration tenure using this method. SRK noted that base acquisition cost for an average mining licence in region can be calculated using only rental costs + reasonable administration costs, as no minimum expenditure requirements.
5) Rule of Thumb : Allocating a dollar value to each resource tonne in the ground based on recent transaction data with secondary support as implied by standard industry yardsticks. Where appropriate, discounts are applied to the estimated contained mineralisation to reflect SRK’s opinion of the uncertainty in the estimates.

That sounds liek teh plan 5x5 based on Friday's interview :-)

Notes from ShareTalk in regards to Maiden EH drill results - 28 Jan 2022
Presentation: https://www.v*xmarkets.co.uk/articles/traders-cafe-with-zak-mir-bill-brodie-good-ceo-alien-metals-e82db0a/
RNS: https://www.rns-pdf.londonstockexchange.com/rns/8260Z_1-2022-1-27.pdf

*Bonanza Grades at EH?
- First set of results contain results such as 10m interval at over 8000g per tonne silver
- Cognisant a lot of native silver in these intercepts but very exciting that they’re not just 10 or 20cm here or there, it’s a 10m zone pretty much from surface, not 300m underground in the middle of nowhere
- Hopefully the start of much more to come with more excellent results to come from RC drilling in and around the ore body and extensions to the mineralised system

*So this Bonanza event, how does this fit into the whole Alien Metals picture as you’re not just a one-trick pony, you’ve got a sprawling company around you?
- Confirms that with the Elisabeth Hill project and acquisition of the Munni Munni project contiguous to the south that’s related to this larger geological feature (intrusion) we are continuing to add value and excitement to these significant projects
- Very fortunate as iron ore project is also going extremely well and we’re still drilling out there at the moment, news to come from there as well
- Working in Mexico, hoping to be out there soon and doing some work that has been frustratingly postponed
- Amazing results at EH, significance here is that we got some incredible silver results but also significant copper, nickel, lead, zinc & cobalt so there is this base metal halo integral to the mineralisation that wasn’t properly tested in the past for the initial EH silver deposit
- Have a sense and like to think that there is a much bigger beast out here that we are just getting to understand and snip at the edges of
- These sort of results are fantastic and better than even we expected

*Doesn’t it also validate the approach by Alien Metals that you identify targets successfully and get meaningful and significant material benefits from your projects?
- Cracking on with the work and acquiring these specific projects for the potential they hold
- EH we know was historically mined to a point, we saw the potential of not just the silver but the platinum because you have this J-reef within the mining lease, we added value by picking up surrounding ground and our target for this year is to work that up
- Hopefully validates we’re doing the right thing, still spending the money in the ground on the ground in these challenging times
- W.Australia have decided to keep borders closed so does impact us as we were planning to do a bigger program sooner, but hopefully we keep adding value to all of the project as we keep going.