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Freddie, be grateful someone well researched on GGP interviewed Don and was able to get some really good insight from him. Don listed almost all obvious red flags himself but also showed some big gaps in fundamental knowledge that Liam did a sterling job to cover but not easy when you'd don't have a producer helping out or someone who is more of a facts geek like a few of us here.

And Don's perception of the management team is fair as Shaun isn't a proven CEO but also plenty of operational skills across the business as Don's wasn't heavily clued up on the entire staffing set-up. Don covers 950 companies, he does not have a granular view of the company as was obvious during the interview.

BUT nor does he need to with his evaluation and investment formula's for a more broad based approach. More so a checklist that works I'd say as he's in GGP very cheap in a pre production play, did you look through the PPSS summary of Lobo Tiggre's annual report I made?

Some good information in there so I'd recommend reading the entire PPSS report, a PPSS entry is what Don's chosen to do with GGP but he does appear to have a 5-8 year timeframe, gave a very good rating for risk at medium as lowest he ever goes is Medium-low and perhaps a longer investment timeframe if GGP delivers on growth. I also recall Liam being honest about his and many biased shareholders shortfalls during the interview so a bit weak to criticise him, read the transcript. One thing Don and perhaps Liam missed pointing out too was pointing out buying in revenue from memory (I should read my own notes lol).

Don had plans to meet Shaun and no doubt will do so in future where he can evaluate him. A fair few of us with corporate experience and exposure to high profile c-suite clients/employers have met Shaun and most seem to have found him to have the right qualities and knowledge base to turn out to be a great CEO. His previous CFO role will cover many important areas of a company focused on growth and the entire team itself... decades of experience and skills of the highest calibre - so you mix that skillset and experience with teamwork - you'll have a great team capable of some huge things :-))

Hi Mh01 - I was looking through this too and also had a quick look through this document: that assists with mine closure guidance.

https://www.dmp.wa.gov.au/Documents/Environment/REC-EC-112D.pdf

Section 11, page 19;

11. Financial Provisioning for Closure

As per the Statutory Guidelines for Mine Closure Plans the mine closure plan must include the details of closure

costing methodology, including clearly documented assumptions and uncertainties.

The objective of financial provisioning for closure is to ensure that adequate funds are available at the time of closure

and that the community is not left with an unacceptable liability. To that end, it is essential that the cost of closure be

estimated as early as possible.

DMIRS recognises that providing verifiable closure cost estimates at the early stages of a mine’s life is subject to

many assumptions and unforeseen events. DMIRS expects assumptions to be summarised and ± cost variation to be

provided. This per cent variation should then be refined during operations and decommissioning.

The financial provisioning process and method(s) has to be transparent and verifiable, assumptions and uncertainties

have to be clearly documented, and they have to be based on reasonable, site-specific information and data

throughout the life of the project.

The closure cost estimates need to be regularly reviewed to reflect changing circumstances and levels of risk. This

will ensure that the accuracy of closure costs is refined and improved with time, and will assist with management and

mitigation of high-risk issues.

It should be noted that levies paid into the MRF required under the Mining Rehabilitation Fund Act 2012 and the Mining

Rehabilitation Fund Regulations 2013 are non-refundable and separate from the internal accounting provisions for

closure and rehabilitation and should not be used to offset the costs for rehabilitation. The mine closure plan must

contain a summary of the mine closure costing methodology, assumptions and financial processes to demonstrate

that the proponent has properly considered and fully understood the costs of meeting closure outcomes identified in

the mine closure plan, and made adequate provisions in corporate accounts for these costs.

The process and methodology for calculating the cost estimates must be transparent and verifiable.

Reference to the detailed closure costing methodology must be provided in the plan. Where necessary, DMIRS may

require a fully detailed closure costing report to be submitted for review, and/or an independent audit to be conducted

on the report to certify that the company has adequate provision to finance closure. Where appropriate, the costing

report should include a schedule for financial provision for closure over the life of the operation (ANZMEC/MCA 2000)

Info on MRF:

https://www.dmp.wa.gov.au/Environment/What-is-the-MRF-19522.aspx

https://www.dmp.wa.gov.au/Documents/Environment/ENV-MEB-381.pdf

I thought so too Panama, It is a fantastic article and I was involved in a twitter thread with Charles where a renowned (albeit rather less vocal character nowadays) known to frequent Town halls knows as 'Rhino' was trolling him about the 5% value :-)

I pointed them to the GGPChat post I created after the 5% outcome and Charles has actually referenced the JVA terms restricting the so called FMV in his article, literally the first writer who has that I recall vs assuming it was true FMV. Shame the likes of John 'Cornball' Cornford can't do the same level of research and Charles really has done a very good job of looking at the various scenarios that might play out in the Paterson now that Newmont have cleared the hurdles to proceed with closing the acquisition.

Newmont moved quickly to meet their stated goals after the GoldCorp deal and had met their synergy and divestment targets within 9 months of the 18 month timeline they had given as I covered last week in a post. They made the divestments in months 6 to 9 from memory. They obviously have a draft plan to be able to state a circa $2bn target BUT I would assume will be gaining the insight of key NCM staff and full access to data etc. as owners before confirming their plans and need to integrate the assets into their own corporate structure too from all aspects such as H&S to financially.

However the sunset clause for the DFS for next April might create some incentive to come to a quicker decision on their plans for Hav/Telfer too, but perhaps a counter argument that if selling both assets perhaps the cost of taking into production since so much of the work already completed might help raise the price tag as a seller.

There are a lot of scenarios and a lack of clarity which may be in place for another 5-6 months if they plan to update and act on Hav/Telfer for their Feb '24 timeline, might be before of course but it is also important to remember that nothing is fixed such as the plan for an MRE by year-end. new events may come to fruition at any time causing GGP's team to be agile and amend any plans. probably best to be open minded and agile too as investors for any who choose to weather this period :-)

Hi 5x5 - you definitely make a good point about thorough due diligence not being available to PI's bar public data released in results and studies. Some F2F is possible in some projects as the Town Halls in GGP in London every few months. I went to a couple to date and were great in getting more detail on headline information from the CEO directly and clearing up some areas for me, so if possible always a good idea to attend these events for those stocks where you have a good management team in charge.

My playbook as such that I am forming for this sector is that I do think discovery plays are worthwhile for those 10 baggers potential if you invest post discovery in the stronger projects where early indicative signs are good as drilling commences and against other factors such as jurisdiction vs geopolitical risks, financing environment, regional infrastructure which feeds into funding requirements and the management in the company and JV potential or existing partners also need to be researched - as it correlates to still cheap but relatively low risk entries to picking 20 explorers initially with no indication of a discovery.

Also to avoid the Orphan Periods for non producing juniors having experienced GGP and UFO for instance so invest back in during the PPSS seems ideal if you still favour the projects. And of course if they make another discovery you can always jump back in but ideally, take your money out after maiden MRE seems a good idea for most.

As for PPSS - I've been hoping to gain insight on production rerates so was very happy to come across this study , it seems that 90% plus of mines commenced are completed so I think at the stage a project gets to this level you've got a lot of data on the project from studies so a well researched investor could make some good decisions but for lesser gains probably for most projects - balanced against less risk of course. I think you have to also factor in the macro outlooks too and the summary shows it's still possible to lose money so apply common sense and do the homework to build your knowledge and make more informed decisiosn.

But ultimately- you can't escape risk in this sector to make potential high gains so if you're constantly struggling to do so, you may need to look more so at alternative and passive methods of investing in the sector vs individual plays.

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