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Notes from GGP 2025 AGM - 13 Nov 2025

https://www.mediafire.com/file/18pwu6qzl3fp31z/Notes_from_Monday_Upbeat_Market_Interview__-_03_Nov_2025.pdf/file

notes from ggp 2025 agm - 13 nov 2025

********************mt783ak9

(ggpchat is currently down so will load up there over weekend once working again)

@John_Bull - when I have your attitude about any investment... I move to an exit plan strategy.

Time for you to do so from reading your posts as you don't trust the BOD and can't see any true upside.

The market doesn't care whatever anyone moans about or what they think they're owed, if not happy then adjust your position or exit surely.

GGP is not some unicorn that is invincible and immune to market games or forces - again - haven't the last few years taught some here any lessons?

The fundamental question is as after any acquisition - IF the team can get full value reflected to an investors individual timeframe and expectations.

For me this is now no longer than within the next 12 months now and as stated before - I am happy if we finish the year near the £4 range based on where we started from and my understanding of what we still need for the market to rerate us.

if my expectations are not met next year or some negative events transpire before, I'll just move on.

You see the above - its called a simple investing strategy where I have set a timeframe and have my own personal targets where I'll expect GGP to be performing well against peers by Q4 next year when a fuller picture of Telfer has formed and Hav development in full flow.

The fact you think we should currently be trading at £10 shows how little you know, its an absurd expectation frankly.

Remember my oft repeated analogy of White Knight to White Shark - just a reality of any potential shift from a cornerstone investor balanced by the opposing reality that we'd never have become a producer without a White Knight in the first place and have ended up being mugged off below 6p a share in most probability....

Hey Gimpy George - what rudeness could be upsetting someone referring to others as gimps?!

Nothing 'professional' about your illiterate butt.

Just a point to consider muppet - Callum isn't some infallible god, plenty of targets he has lead the team on defining while at GGP haven't struck gold in the Paterson yet.

Perhaps you should attend a meet and learn something about exploration you fool?

Don't forget your gimp suit and do enjoy the £10 profit you made on GGP and yet so bitter you're posting cr@p on here.

Good luck to all on GEO of course, always good to make those very large profits some of us already have here and not need to make up stories and desperately chase all and any nearology plays cross ramping on other boards...

Hi PJ - still holding - but not treating GGP the same way as a junior explorer stock any more albeit we DO have plenty of explorer upside as my esteemed colleague, friend and usually inebriated fellow investor @acechaser reminds us constantly :-)

I am thinking a fairly certain £5-6 pound range within the next 12 months which for me is a very decent return from TODAY's point - based on what is happening right now IF the market fully appreciates the updates due.

The market is never logical though so I'll maintain an agile approach - surely we can see that from the last few years invested here? I'll move that target up and down as events unfold - I like teasing Charles Archer about being a 'moving target' in his TG group - but very much my approach in this kind of scenario where growth is still a major factor in a less mature company where upside and downside is still more magnified :-))

My average is lower than that which the deal was made at - so overall even if I exit at 'just' a £5-6 range I'll consider GGP as worthwhile investment since Jan 2020. One I'll have been happy at - hopefully Shaun and co. show they can keep increasing the SP though beyond 2026 and I'll remain partly or fully invested. I assess quarter by quarter at this stage of an investment albeit believe it will be worth staying put until at least Telfer reserves updated and who knows what else might transpire?

GGP at this stage isn't your high risk/high gain stock but now more medium risk/medium gain IMO unless extraordinary events unfold - if I want the former I'll chuck some money into likes of GEO where of course I could well lose it all too!

Very little risk of that kind here of course but very unstable times geopolitically and fiscally so any investment in many longer term positions could entail longer timeframes whatever anyone thinks as when the markets crash - you can get a huge chunk wiped off your portfolio in seconds - even with automated sells set.

One reason I prefer spreading my wealth around - not just rely on the stock market to manage and grow my ill gotten gains :-))

It really is as simple as this - it is too early for GGP to be 'fully rerated' and if you can't understand why - you don't understand investing or minings stocks to any extent to be blunt :-)

If in a years time - if we're lagging relevant peers even with a better understanding of Telfer potential for the next 10 years plus backed by SUBSTANTIAL data and analysis (what we are missing currently) and a Hav DFS fully absorbed by market and with development in full swing - then it might be prudent to invest in another mining stock if the market favours ASX miners.

Certainly what I will be considering of so, as by then - no excuses are valid IMO. One important note however is that Havieron itself should rerate into the SP over it's development timeline so that is another consideration for those wanting quick paydays as the payoff as such will come as it gets nearer to commercial production and the financial (albeit we seem in very good shape here) and developmental hurdles (as with any mine build) are cleared.

We've had a decent rerate since the deal which was generally lauded by the industry from my recollection - which again for the billionth time has to be considered the new starting point for GGP Mark 2. Sadly, the market doesn't care about LTH averages or whether PI's think they 'saved the company'...

Nothing is ever certain with the markets and personally I always maintain a low average in such investments - it always saves your butt in the end in my experience. I still wouldn't advocate buying any shares today in GGP without at least 12-18 months outlook as very uncertain times and teh market is all over the place due to many factors.

Sure you could try trading the swings around a DFS for Hav etc. and many will I suspect. If not trading - like many other previously active posters it might just be time to switch off a bit from the boards than fret about minute by minute SP swings. The deal was done and the company swung over (as desired by the major shareholders and BOD) into a more insto controlled entity.

Mining stocks by their very nature are volatile and cyclical - I suggest some DYOR and look at the data out there for the sector - I for one will always have a very agile position in this or any other mining stock - far beyond a big proven over many decades dividend type stock as even the likes of Newmont seem to experience massive volatility.

The most important consideration IMO is this is a company in the hands of the big boys now, their game, their rules and very little of what we lowly PI's think matters or influences the company any more. Surely better things to do than argue about how the market is valuing GGP - form your strategy for this stock and let it play out - all we are now is passengers.

So find a way to enjoy the ride IMO :-)

Thanks TT, have sent II secure message via App to get the voting enabled in my account for AGM, completely slipped my mind as a busy week ;-)

Notes from Monday Upbeat Market Interview - 03 Nov 2025

https://www.ggpchat.co.uk/viewtopic.php?t=1208

Https://youtu.be/WaVRaKsEuoA

Pasted again - Charlie boys use of a swear word caused the filter to kick in removing caps :-)

https://thatstocksguy.substack.com/p/small-cap-mining-november-review?utm_source=share&utm_medium=android&r=2z023a&triedredirect=true

Greatland Resources started the month at 360p, rose to 428p, fell to 333p and finished October at 364p.

So, we’re up this month. YAY.

I’m not going to go into too much depth on this. The bottom line is that gold roared past $4,200, and then instead of rising even higher, fell a little to consolidate at $4,000.

Then all gold miners overreacted.

It’s funny because at $4,000 gold, GGP is PRINTING money. Actual money. Not fake AI-generated money that Nvidia relies on. And gold is going to go higher structurally, despite this volatility.

But even if it stays at or close to $4,000 for the next eight months, I remain of the view that we will be able to develop Havieron without debt. The feasibility study is coming in December, so we will soon know for sure.

FWIW, I’m of the view that Havieron FS is mostly priced in (we all think the numbers will look good and it will be hugely economic). But I do feel that not many really appreciate the advantages of developing it without debt.

This will come later.

But Greatland now has A$750 million in cash, and has enjoyed A$885 million cumulative cash flow from operations - more than the acquisition upfront consideration paid of ~ $541 million.

As I said at the time, it was a 'Beeping' (edited) steal.

GGP is also somehow delivering gold at an AISC of $2,155/oz (in Australia no less) and enjoys downside protection provided from gold put options at $3,905/oz (CY25) and $4,200/oz (CY26).

Add in the 240,000 metres of Telfer resource development drilling - and the new high grade zone at the West Dome Underground - and it’s still a winner.

Wait for the assay flood.

My only additional comment is that Shaun should be taking advantage of the company’s ownership of one of the best tungsten deposits in the world.

Make hay while the sun shines!

Bottom line though is that GGP remains undervalued compared to its peers - and this will become even more evident when Havieron’s FS is reported.

https://thatstocksguy.substack.com/p/small-cap-mining-november-review?utm_source=share&utm_medium=android&r=2z023a&triedredirect=true

excerpt:

greatland resources started the month at 360p, rose to 428p, fell to 333p and finished october at 364p.

so, we’re up this month. yay.

i’m not going to go into too much depth on this. the bottom line is that gold roared past $4,200, and then instead of rising even higher, fell a little to consolidate at $4,000.

then all gold miners overreacted.

it’s funny because at $4,000 gold, ggp is printing money. actual money. not fake ai-generated money that nvidia relies on. and gold is going to go higher structurally, despite this volatility.

but even if it stays at or close to $4,000 for the next eight months, i remain of the view that we will be able to develop havieron without debt. the feasibility study is coming in december, so we will soon know for sure.

fwiw, i’m of the view that havieron fs is mostly priced in (we all think the numbers will look good and it will be hugely economic). but i do feel that not many really appreciate the advantages of developing it without debt.

this will come later.

but greatland now has a$750 million in cash, and has enjoyed a$885 million cumulative cash flow from operations - more than the acquisition upfront consideration paid of ~ $541 million.

as i said at the time, it was a ******* steal.

ggp is also somehow delivering gold at an aisc of $2,155/oz (in australia no less) and enjoys downside protection provided from gold put options at $3,905/oz (cy25) and $4,200/oz (cy26).

add in the 240,000 metres of telfer resource development drilling - and the new high grade zone at the west dome underground - and it’s still a winner.

wait for the assay flood.

my only additional comment is that shaun should be taking advantage of the company’s ownership of one of the best tungsten deposits in the world.

make hay while the sun shines!

bottom line though is that ggp remains undervalued compared to its peers - and this will become even more evident when havieron’s fs is reported.

The SP at the moment seems correlated to POG in the worst way where we seem to rerate less and drop more than some of our peers and very much so IMO due to the lack of a Hav DFS and Telfer Reserve updates alongside being a new producer without an established record. I don't understand why this is so hard to comprehend :-)

Plenty of PR and marketing is going in in the background - just not targeted to London retail - I do feel some need to accept that it is unrealistic to see the same level of attention as before the deal and ASX listing. Shaun in particular as CEO is also now far far more busy running a mining company with a lot of growth and development to manage.

Gareth Solway was talking about a potential run back to £3500-3600 USD before new ATH's a while back and makes some good calls. IMO we'll no doubt be back up above 400 at some point when the bull run continues - hopefully with the Hav DFS and Telfer updates to take away any lingering doubts about the mid to long term.

My personal strategy is to await the 3 remaining key updates (alongside GDX inclusion) and then consider the macro environment and whether I see more growth in SP ahead - so while I still plan to consider my GGP position at year-end - it's increasingly evident to me that we need Telfer Resource & Reserve updates alongside the Hav DFS to have maximum firepower into what I still think will be a very positive environment for goldies.

The risk I carry is that the macro might not favour goldies at that time - but I expect that inflation rears it's head again and money printing etc. propels mining stocks in 2026. I might be wrong, I might be right - that's investing for you :-)

We've had a decent rerate since the deal - which like it or not was the point the race started again. . I've got an outlook and strategy that entails waiting about 6 months longer than I hoped before I might consider a slice or even exit if the macro suggests goodies are no longer a good place to invest - which is key to investing and trading - adapting as events unfold.

DYOR as always :-))

I don't think Shaun is struggling to communicate anything - bar the previous guidance change last time, the market updates have generally been upbeat and positive as a new producer.

I just think that GGP need to deliver a few more good quarters, alongside the Hav DFS and Telfer Resource and Reserve updates to help win the market over fully vs other ASX peers with more established records.

The above is also why we tend to rerate less on a good gold price but suffer more on drops IMO.

If the SP is still struggling to match peers in a years time, then this is more aligned to underperformance in my mind from the team.

No doubt plenty of marketing going on with instos through the business development team and the comms and channels being used nowadays are more aligned with where the company is positioning itself now as a leading Oz producer, less likely to be using Sunday Roast etc.

This is no longer a company focused on retail comms or London centric. Oz assets, Oz staff and Oz focus is important messaging for an ASX miner in their domestic market and the deal was very much structured to decrease retail and increase insto ownership too.

It's what we voted for but Shaun is still planning a Town Hall around the DFS which shows he individually at least still appreciates the support he had from London retail. The company is just growing up and the bigger it gets the more it will disengage from retail focused activities.

Freddo....

https://youtu.be/_sQGwDeambg?t=111

Well worth reading the exploration report fully vs just highlights :-))

https://app.sharelinktechnologies.com/announcement-preview/asx/8c32d17ff47162f34db951eeda8edfb5

The exploration results are confirming a stronger business case for a more 'disciplined and optimised approach for Havieron' which is how I would term it with my marketing head on - very much what we hoped to see.

Articulating this to the market may not be a priority as much as in past with a smaller retail base and more 'educated' investors and analysts covering the company - should make for interesting convo over on HotCopper with the nearology posters on the GGP board though :-))

As for the SP - we've overall seen a rise since the deal, I also consider that a portion of the rise into the ASX listing was due to the ASX listing itself. Hopefully as the data, quarterlies and reports keep coming out we rerate closer to our peers within the next year - as we'll have given the market the proof it needs as for any new producer.

Mining companies are a leveraged play so understandably any producer is going to react to the gold price acutely - moving forward this is the way we'll be, we best just get used to the swings during volatile times as they affect the likes of Newmont too. We should stop getting punished less as we mature on the ASX and fall into closer alignment to other more established companies on there.

I do think it is important to be a lot less emotional and a bit more clinical moving forward, portfolio first - not all this 'Greatlander for life' type mindset which was fun when we were just an AIM listed retail led company.

Playing with the Big Boys means we're going to be swept along without much say, so more about playing smart for us, whatever our timeframes are.

Sometimes life and the markets decide your timeframe and your strategy for you - I've certainly learnt more and more the older I get to be prepared for anything and everything and remain agile - especially in what are crazy times on so many different levels :-))

Morning Red, the 2nd wave of LC is fuelled by institutions as retail sell after Orphan Period and exactly what is playing out, think would have been no different if we had remained just on AIM.

Many have had enough or need the money back once back in blue as been so long and perhaps post COVID their financial situation not so secure.

Gutting where some are having to sell for not so positive reasons but the markets take no prisoners....

Markets are obviously creaking under the strain as the financial system is again tottering so suspecting some volatility ahead but the fallout akin to 2020 shoukd be great for miners again.

So plenty more upside as our further catalysts are delivered IMO but by now hope all LTH have learnt to follow their own strategy. We all have different needs and time frames and life can at times turn on you at the flip of a coin too.

Others that I know have done things such as help kids buy a house, pay off mortgages, buy that car they really wanted or secure like your good self in 2020 a much more comfortable retirement.

Makes me very happy seeing their goals being met. How much is enough is something I think often about whenever I visit India seeing some who have so little yet experience so much joy in their lives, something we have lost touch of over here in the West IMO.

It's a WIN WIN in my book, let nature as such takes it's course as those taking some rewards are all happy, while others will reap further rewards I am sure :-))

You haven't got a Driza-Bone to bet with Ace Rinehart, your spread betting butt lost it to me!

Diwali on Monday so can you get gold stitching and some Bollywood Razzle Dazzle customisation sorted over the weekend me old mucker 🎇🪔