Member Info for Dip666

hi cj, your post is showing a lack of respect for those to whom the land truly belongs, can't change history and australia is what it is now. money rules the world and plenty of greed and corruption and power plays amongst some of those who control the land too of course i imagine, human nature is ugly.

as for issues at ufo, not all are related to progress or lack thereof with the projects as permitting issues, funding challenges in general are bau - but the manner of how the company and projects have been run - this won't automatically go away with a mining lease. the roi will likely be less than it could have been when han**** hopefully gets into production.

the company in it's current form is not advisable as a long term investment play imo, they certainly need to consider jv's ceding majority control over other options to develop and operate assets as likely based on the last few years, they would be incapable of leading exploration, development and production.

while i easily tolerate sp volatility in aim juniors and in general even losses in speculative investments as it is a numbers game- i have a very low tolerance to poor management by so called professionals - and we've seen plenty here. upside still worthwhile if we see proper focus and negotiation skills, but you'll need to see milestones start being met to attract real attention again.

re-rates are not universal and guaranteed to be of some specific percentage or to match the presumed intrinsic value inherent in any project - rather they are contingent on many different factors.

As Shaun might say it's multifactorial IMO guys:

- sector sentiment for AIM juniors

- general market sentiment

- shorting whether targeted for some ulterior reason by a party or perhaps IMO less specific sector/GDXJ constituent focused with the stock meeting certain parameters as a good target

- company specific around uncertainty until Havieron/Telfer scenario plays out followed finally by catalysts that bring the stock out of Orphan Period into a pre-production play

Everything was aligned in 2020 inc. a rapid exploration program for Havieron towards a maiden MRE, market/sector bubble and GDXJ inclusion and since early 2021 - complete opposite including the Orphan Period many of just need to admit we were wrong in thinking could be ignored due to Telfer infrastructure and perhaps a new discovery.

I agree MarkJ - we'll see if Shaun can back up his rhetoric at the TH on a relationship orientated deal, he's got what he wanted which is a chance to own both assets. Now is the time to start delivering as the chessboard has been laid out, time for the team to seal the deal and put forward an accretive business case for all shareholders.

Hi Barna - there are the formal announcements and transactions but also as we are in this period right now - the time taken in negotiations behind the scenes to get to that point. Hoping we see GGP manage to conclude negotiations before Q3 but who knows how long it might take, as a formal process hadn't been declared at the time of the TH.

NEM have confirmed they're continuing on the DFS and in the correspondence I had with their IR dept. would only state they would honour the terms of the JVA when I asked about plans to continue development after LCA dealt with and included a linked to initial market release by NCM.

However, Shaun was confident that they would at the TH as the costs are minimal to an organisation their size and much like the DFS, a project that is being continued vs in care and maintenance has more attraction and value in the market. They certainly seem to be positioning both assets to their shareholders looking at the Newmont Annual Report as very very non-core so teh intent is there IMO for a quick and mutually beneficial deal.

Chris2 - your posting history is there for all to see - the nature and intent since you took a loss here has never been anything but hopeful in the company failing so you can gain some childish measure of revenge on the likes of Max whom you obviously deem responsible for your investing mistakes.

As far as I can see - I'm not blaming anyone for anything and just appraising the current situation and my read of it - unlike your posting history where you're constantly trolling certain individuals in an obsessive manner for a number of years now clogging up this board - at least some of max's posts are useful info i can analyse myself in a somewhat mopre balanced manner.

I only ever hold myself responsible for my investing decisions like any sane adult and indeed shaky ground here now if they don't hit the right notes as such. The nature of speculative investing is you only need 2 or 3 to hit from 10 investments so I go in with a high risk attitude and ensure I'm not over exposed.

Sadly, you are not unique Christopher and sum up the lesser virtues of humanity very much abundant in these times.

Chris2 won't win, he already booked a loss so just wants to ensure everyone else does too sadly, hardly the best approach in life.

Seems as if things turned out as I thought at the time from personal interpretation of Alwyn's interview where he was clearly talking about more drilling and we 'd had a development study published instead of the expected DFS - which was a clue to me on things not progressing as expected,

I was after that interview and still am of the mind they'll need to prove more of the resource to try and secure a JV or sale which might be due to the scale of the project being too small at the minute to close a deal - and as we knew they were getting low on funds. You always know these kind of investments are high risk, but very frustrating they can't seem to commercialise or develop such excellent Oz assets albeit the sector sentiment tanked in 2021, so timing did not favour UFO.

I'm putting in some expectation for production moving back a bit more unless we see progress with DFS, mining plan etc. into Q3, alongside of course critically some real progress on getting a deal secured, more so a JV as baby brother now I imagine or a sale of the project.

Thanks Ace - just had time to look into Wyloo's stake in Regis Resources and seems Twiggy attempted to up his 4.9% stake via Wyloo to 19.9% using a fill or kill order in mid 2022 - so had be been successful he'd have held a stake at just under the 20% takeover limit in Oz.

As you say - interesting :-)

I'm sure once the macro favours UFO there will be better conditions available to finance exploration and development so I agree with Max in that regard - but as somebody said, Hanc*ck is a small and not particularly complex project in a Tier 1 mining jurisdiction... they've made this look very very hard :-)

Bill certainly took advantage last time the macro favoured Juniors to access capital to drill where he could as did many juniors and in a way it was good to assess the other projects in that environment and now be able to focus on Oz which were my main focus for an entry.

However, UFO need a stable, professional and proven team in place to grow the company and really develop the other assets and run mining operations as a priority. So, hopefully we'll see this as Alwyn is a p/time non-exec here and 3 other companies. I'd like to see them firm up the team by Q2 and make progress on previous stated goals to get to a point that both funding and production timelines at Hanc*ck are firmly established.

It would make sense, especially given the shareholder structure still being retail heavy, they've definitely done a lot of the prep work looking at the expense to date - so if everything in place to lodge prospectus in quick order after a deal, would only take 6-8 weeks from what I recall of the listing process from that point.

Hi Jerry - I didn't hear that personally at the TH - but easily might have missed something in the informal part of the TH while chatting elsewhere?

Have a look through this thread on GGPChat and will help understand both cross and dual listing, pro's and con's etc. and includes info. below :-)

https://www.ggpchat.co.uk/viewtopic.php?t=434

Explains the difference between cross and dual listings

https://investinganswers.com/dictionary/d/dual-listing

Excerpt:

Cross-listing is often confused with dual listing. Both terms refer to a company listing their equity shares on a domestic and foreign exchange. However, cross-listing refers to one company listing the same stock across multiple exchanges. Dual listing occurs when two companies (functioning as one) list their individual stocks on different exchanges.

What Is Cross-Listing?

https://www.investopedia.com/terms/c/cross-listing.asp

Excerpt:

Cross-listing is when a company in one country becomes listed on more than one exchange or an exchange in another country. A business would typically want to become cross-listed if it needed access to more capital than is available on one exchange or if the move was part of its strategic growth plan. This tactic has several advantages and disadvantages.

To be approved for cross-listing, the company in question must meet the same requirements as any other listed member of the exchange with regard to accounting policies. These requirements include the initial filing and ongoing filings with regulators, a minimum number of shareholders, and minimum capitalization.

https://en.wikipedia.org/wiki/Cross_listing

Excerpt:

Cross-listing (or multi-listing, or interlisting) of shares is when a firm lists its equity shares on one or more foreign stock exchange in addition to its domestic exchange.

To be cross-listed, a company must thus comply with the requirements of all the stock exchanges in which it is listed, such as filing.

Cross-listing should not be confused with other methods that allow a company's stock to be traded in two different exchanges, such as:

- Dual listed companies, where two distinct companies (with separate stocks listed on different exchanges) function as one company.

- Depositary receipts, which are only a representation of the stock, issued by a third-party bank rather than by the company itself. However, in practice the two terms are often used interchangeably.

- Admitted for trading, where a foreign share is accessible in a different market through an exchange convention and not actually registered within that different market.

Lol Ace, got to fill the time somehow while we wait for the deal and no I wasn't aware of that link so thanks mate ;-)

I mean what's not to love, we had romance, betrayal, unrequited love, arson, Neighbours, Kylie, Night Parrots, homicidal androids in Westworld style and Oscar winning man love Hollywood movies... maybe I should have added Jedi's!

I think Shaun has that backwards about sequencing if divestment too Ben as I've seen correspondence from Newmont IR that Telfer and Aykem processes started sooner and while they can't comment on potential outcomes they'd expect that due to size these would complete before N.American deals ;-)

That's my understanding Ben but so many ways to structure funding that it's really hard to predict what may happen IMO mate, importantly I think in general that Wyloo and the banking syndicate with another bank or two added perhaps as Shaun intimated at TH will be capable partners to ensure GGP can close a deal ;-)

Might be they can gain enough via debt funding and only need to raise equity via ASX IPO with insto's as someone was suggesting on TG due to a large amount of interest, or NEM take a stake in GGP as JerryS was suggesting earlier...

Hi Ben, well I just closed a deal with Netflix for my new series with Ace and Fredoo so I'll let you off paying for my London trip lol

As you say, probably just a case of appearing to be doing everything by the book for appearances sake - but you know who you're going to go with and the LROR muddies the waters big time for any competition :-)

Shaun seemed to be suggesting months not weeks at the TH and that no formal process had been outlined by NEM yet, sounds about right as these things are not simple whether you approach from a relationship approach or not. perhaps NEM need to wait a certain period to see if any interest comes in from other parties to ensure they are acting in their shareholders best interests to gain maximum value as per their messaging.

I'd contacted NEM IR again as the Telfer mention under properties in their Annual Report was ridiculously concise and no specific references to Hav or Coffee projects up for divestment besides where needed under areas such as Reserves & Resources. Teh response stated as expected that Hav is being grouped with Telfer and also confirmed that as per press release is still being categorised as held on sale and expected to be divested within 12 months from the release/earnings call.

I think you have to look at how NEM are presenting these assets for divestment in Annual Report as a narrative/comms strategy and as I posted on TG, the approach all bodes well for GGP. You can't fully discount there was some noise in press about Regis Resources and Gold Road Resources were both names as potential bidders too vs Endeavour and NSR who seem to have ruled themselves out of any near term M&A but if true then the LROR card with Havieron can be played to gain advantage.

Just had a convo with H about the article and his point was more so:

'...that Newmont accepting any counter bid runs the risk of Newmont being essentially lumped with Telfer after the right is exercised ( as the Right could only be over Havieron alone). That itself is the real key here ...'

Just a quick note, that is definitely an interesting article but it deals with a Right of First refusal not Right of Last Refusal but does show how a Junior company and partner can utilise these kinds of rights.

In GGP's case it is ROLR so can match any counter bids IF any emerge, a ROFR in this instance was set on pre-agreed terms to have first dibs as such ;-)

Admittedly very loose timelines but what seems to be being suggested is that GGP expect to continue dewatering/depressurisation until H2 and then recommence the decline.

H2 is also when the expectations is to have the DFS published which he said will include the final development schedule.

* Okay that was a comprehensive answer Shaun, the same people ask and here's here a couple of big ones when will the feasibility study be released, you’re you said in the half yearly report that you're working on it, when can we expect first ore, so there's two questions for you feasibility study to be released and when do we expect first ore?

- yeah look I think we think about the feasibility study coming out in in the second half of the year obviously

- we do that in you know conjunction and together with our joint venture partner Newmont obviously a big part of this piece has been around you there's potentially some movement there how does that impact it does it accelerate does it slow it down or just you know right now our view that remains on track we think with the updated resource

- there's an opportunity to increase the reserve potentially with the updated feasibility study which we think is another really positive for our shareholders but also for Newmont in terms of their understanding of the asset

- and so I think it just continues to you know to progress and you I and I think that feasibility study ultimately dictates the final development timetable for Havieron

- but again I think it's all pretty consistent with you know with how we've seen it today

* If those, if you're back into the second half of the year and hearing I'm seeing the questions coming flying in live does that actually delay first ore?

- well I think what we've talked about is dewatering to the second half of the year and then the sequence being then recommencing the decline and getting down to the top of the ore body

- there I think I've explained to people before you know being in line with the top of the ore body you still need to decline down, you put in your drives

- there is a time frame with that but also the country rock so the rock below that Permian level is beautiful ground conditions

- so once you're in that you'll see really efficient mining processes, you'll be able to accelerate that and get that set up really smartly and first ore presumably will actually be a development ore which is basically those drives going in, setting up the stopes to then bring down the stopes above them

- but that development ore is typically your first ore

@Freddie, we were told in TH webinar that decline work is recommencing in H2:

https://www.ggpchat.co.uk/viewtopic.php?t=896

* Okay that's a very interesting answer and slightly different from the one that you gave to it previously so I'm intrigued by that, okay Shaun let's turn to some more operational questions and here we go this is this is today's favourite question by a mile and it's not the Newmont question actually, it's the aquifer (Lower Contained Aquifer).

Alan, Dip, Wendy, Alan, Philip, Steve all ask about the aquifer, I mean basically they're saying has the lower aquifer been dewatered yet, I think you indicated it was still work in progress and if so when will drilling restart, will drilling restart and will the water cause any long-term problems? So I've sort of bundled all those questions into one really.

- no look it's good to unpack and I did try to talk this a little bit on the slide but let me augment that

- so the dewatering continues there's no change and the depressurization from memory there's six bore holes into it which is extracting that water

- look this has always expected to take us into the second half of the year when we first articulated it, there's no change as we sit here today I don't think I've received any information which suggests it would take longer or that the flow rates are higher

- at the margin I think you know we've received at least anecdotally pretty you know positive indications of where that's headed

- I think importantly though you know, we in parallel with that depressurization and dewatering process we gather data we gather flow rates, we get an understanding and then that needs to be effectively reassessed in a model to re-calibrate for the actual flow rates we're seeing from those bore holes as opposed to like the initial test bore holes

- so we think you know that's you know a positive to have more information, we think once we have that information we can recalibrate and give more definitive guidance but right now I don't see there being any changes to where we spoke you know when we first talked to the market about this I'll just say in the December quarter of 2023 where we see the dewatering and depressurization just continuing into that second half of the year and I don't see this being particularly different to how we tackled the upper contained aquifer or the middle contained aquifer

- the approach to the lower contained aquifer is exactly the same it's punch into it put some bore holes in depressurize, dewater, get flow rates down to their sustainable level set up the pumping infrastructure and then drive through it as you do with any mine that generates water which is most mines in Australia because aquifers are just a part of the landscape

- but you know the flow rates at this mine are not particularly high so I think you know timing is always something people have a focus on but I think from a technical risk this is a pretty understood feature in the Australian underg