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The DFS will possibly be required to conclude funding and useful for potential offtake partners to review to assure of project viability of a new suppier. It will confirm and build upon the project viability and economics displayed in the scoping study, which were very clear using new data and more recent costings etc. The timelines have slipped but some of us were questioning the original timelines anyway as perhaps being too optimistic last year.

I'm not sure Wyloo would have any level of input into the FS as a funding partner of GGP and would they be allowed to access drafts or only the public final doc? We have some level of review and feeding back with Newcrest with drafts from what I can tell from interviews since Shian brought the skills is, but I would also think by the time Newmont take over there will be a near final draft ready by year end for them to then consider and make some slight adjustments if needed but otherwise should be near complete.

I also think that as February 2024 seems to be the time around which Newmont intend to share more about plans for optimisation of new portfolio we should have a DFS published by then as they will have reviewed it fully by then and be ready to commit to DTM. Of course they may also decide to move quickly with other options...

I actually posted in the wrong excerpt Ace but yes a reminder on MRE strategy from Shaun :-)

Correct Excerpt 1!

Tom Palmer: Thanks, Karyn. Over the last two months since we announced the binding agreement to acquire Newcrest, my team and I have engaged with many of our important stakeholders, including employees, shareholders, local communities and government leaders. These conversations were aimed at listening to and answering questions, whilst also ensuring that the benefits of the transaction and Newmont’s strategic rationale were well understood. Over the next couple of months, we will continue to progress the various regulatory approvals ahead of closing the transaction, primarily in Australia and Papua New Guinea. And I’m pleased to advise we’ve already received clearance from the Canadian government. Earlier this month, I visited Papua New Guinea for the second time, meeting with various government officials including Prime Minister, James Marape; Deputy Prime Minister, John Russo; and Mining Minister, Sir Ano Pala.

As we continue this engagement, we remain excited for the opportunity to operate Lihir, and develop the world-class Waihi gold boom project. We are diligently working towards launching a scheme booklet and filing a proxy statement this quarter with shareholder votes expected in October. We then expect to close the transaction in November and begin the important work to safely integrate the Newcrest teams and operations into our portfolio. Then be in a position to provide 2024 guidance for the combined company in February of next year, along with our fourth quarter and 2023 results. With that, I’ll thank you for your time today and turn it over to the operator to open the line for questions.

Excerpt 2:

Greg Barnes: Great. That’s very helpful, Tom. And just a follow-on. In the presentation, you talked about the guidance you’re going to provide in February. I’m just wondering how detailed do you expect to be in February around Newcrest and your expectations for how that’s going to fold into the company in 2024?

Tom Palmer: We’re certainly working towards being in a position where we can give you a view of 2024 for the combined portfolio, which would include our view of the five Newcrest assets being folded into our operations. So if things continue to go to plan in terms of regulatory approvals, shareholder votes and close, integration planning busily being done. We’ll receive the keys to the car so to speak in early November, I would hope, and that gives us time to work through those mine plans, apply the Newmont lens on those mine plans and the assumptions we make for some of the key input assumptions and certainly working towards being in a position to provide the 2024 guidance for the combined portfolio in the February timeframe.

Greg Barnes: And what about the three to five-year guidance beyond that, will that wait?

Tom Palmer: We will monitor that. And see how those numbers come together. We’ll certainly be looking in the 2024 timeframe to provide as much information as we think appropriate, certainly for 2024 in that February timeframe and then — and look for a logical time for a Capital Markets Day to share some more information on the combined portfolio and maybe even look to try and include some sort of site visit with that. So, that’s still work in progress, Greg. But certainly, 2024 is in our side for the February timeframe.

Excerpt 1:

* Okay, here's a question that you must get asked a lot how confident are you that we'll see an MRE update next month and has anyone suggested to GGP yet where the feasibility study falls operationally into plans given how mute Newcrest were in their own quarterly update this week?

- yeah I guess there's two parts to that question

- look with respect to the MRE yeah I think I'm on record as always saying our preference is to is to undertake the MRE updates in partnership with our joint venture partner presently Newcrest

- we know work is going on around that and indeed you know we're involved and engaged in that work with our own resource geologists

- so yeah look we don't know the mind of Newcrest but we do have some insights which we think are positive in terms of the activity being done then

- I think they have a resource update coming out in August we'd like to think that you know in our preference would be that Havieron is part of that

- if it wasn't though I think I've been you know I've said before as we did in March 2022 if it wasn't updated we would look to provide our own update to the market or although again just like we did in 20 March 2022 we would be measured and thoughtful about how we did that and we would have our numbers independently reviewed and verified before sharing them with the market and we would share them with our joint venture partner before releasing them

- so but people should be confident that the MRE we think is a of importance to our shareholders so we the management here is just as keen as shareholders are to see that in the market when ready

- in terms of the feasibility study I think it's probably fair to say that that's expected post the Newmont transaction of course

- there's no certainty that the Newmont transaction will happen but it seems highly likely to be the case so with that we think it's needed and expected in that early 2024

- would be delighted if we're surprised and it's earlier than that but that remains our expectation and we encourage Newmont to be definitive with the market

- but equally I think it's hard for them to be definitive at a point in time where they are trying to speculate in as to activity post a change in their ownership

Meant to share these yesterday, I forgot tbh, some highlights in regards to NCM deal in blue and some in regards to inflationary topics in green 🙂

Thanks to JC on TG for finding me a source for the text!

NEWMONT: Q2 2023 Earnings Call Transcript - July 20th 2023

https://www.ggpchat.co.uk/viewtopic.php?t=758

@barna, that's a typo in the transcript I missed as rushed on Sunday over a busy weekend and spell checker didn't pick up on it or misspoken by Shaun as pretty sure that should be 'lodged'... as in GGP plan to submit the prospectus with ASIC and apply for the listing before end of September.

@CP - my post should have read 'proposed reorganisation FOR ASX listings pushed through'.

Busy so a few typo's in my rushed posts and not sure if a cross listing requires shareholder approval, but in this instance they have a specific company restructure in mind that will require SH approval.

So, I meant to communicate that I think they'll wait to get this voted through before lodging the applications to complete the listing process based on the info. we've had to date in RNS's or interviews.

@Freddie, based on Shaun's latest interview comments about not 100% sure but I think the plan might be to get the proposed reorganisation and ASX listing resolutions pushed through via a GM before end of September as the prospectus will reflect the desired organisational structure. He said he plans to have it 'lodged' by September quarter.

So if he gets the resolutions passed, they'll then lodge the prospectus with ASIC followed by the listing with ASX within the mandatory 7 days , giving about 6-8 weeks (dependent on whether a raise involved) for the process to all work through to perhaps take us into mid to late December for the listing to go live.

https://www.asx.com.au/content/dam/asx/images/infographics/the-listing-process.PNG

O answer any concerns about funding tolerances...excerpt 2 of 2

https://www.ggpchat.co.uk/viewtopic.php?t=592

Liam

I think you've just answered my next question there, but I think I'll ask it anyway. Should the feasibility study grow the resource and a new mine plan be published alongside it, which shows that more than 3 million tonnes per annum can be extracted with a second dedicated decline will GGP be able to meet the additional expenditure required.

Shaun

So, there's actually three parts to that question. So, to start with, we have a high degree of confidence that we would expect a meaningful increase in the resource. Again, just echoing back my earlier comments around the successful last 12… coming into 30 months of drilling.

Then the next part of that question is around the decline. Just to revisit that the PFS had 2 million tonnes per annum coming up a single decline, the expectation of the feasibility study is 3 million tonnes still coming up that single decline.

So there isn’t the additional CapEx of a whole new decline, for good order there will be overtaking bays, I think they'll actually be overtaking lanes so to speak just to make that single decline more productive to take up the efficiency of that from 2 to 3 million tonnes.

So that will come with some additional CapEx. But I think that that is a... what's lovely about that is actually it lowers the overall capital intensity. What should lower the overall capital intensity of the project, i.e., you'll be getting more ounces and more NPV (Net present value) per unit of capital.

And then finally, you kind of drifted in there to the funding element. Well, again, I think we've disclosed to the market, yeah, we had the 2 million tonne PFS, but we all knew it was looking at trying to create a 3 million tonne feasibility study. So, in our internal models, in terms of engagement with the bank, we really focused on that larger mine being the 3 million tonnes.

So and again we've kind of pre-baked that additional capital of debt and equity and you know, we're keen to finalise the study so we can say that with complete confidence, but we feel we're incredibly well positioned for it.

To answer any concerns about funding tolerances...an excerpt

https://www.ggpchat.co.uk/viewtopic.php?t=592

Liam

Absolutely. And the other news and probably the elephant in the room for most shareholders is that Newcrest announced they would like to delay the feasibility study. What's the reason for this and what are the benefits for GGP with it being delayed?

Shaun

Yeah, well, I think the benefits are around optimization. Just in the last question on the drilling, I mentioned that the resource had a cut off of November 2021. It really would have been extraordinary to come out with a study based on 13 months out of date data. And I think people have listened to comments I've made over the last year or so.

We felt the PFS had too big a gap between drilling cut off and publishing and this was actually going to be a longer gap. And I think your understanding of the ore body and the potential continues to evolve. And I think it's really important to capture that. I think it's important to capture the optimization work that's going on.

So, I see it as positive. I think the way I see it from a Greatland perspective is we're kind of comfortable either way. It would have been good to get that milestone out of the way. I think it would have been a little bit like the PFS where we would have been painting the picture like this is an interim step.

It's good but people should be confident it's going to continue to get better, even if we can now, you know complete a study that captures more of the optimization, that captures more of the drilling. And shows that increase from 2 million tonnes to 3 million tonnes (per annum), which is a 50% increase, albeit I think there should be an expectation that if you increase the size of a mine by 50% and there is clearly some inflationary pressure, I think there should also be some expectation that that will come at some cost.

But I'd like to highlight that we kind of planned for that. We went out there, we did the equity, we did the debt, we didn't fund the PFS, cost of CapEx, we funded our view on an enlarged Havieron and gave ourselves a really neat buffer. So, I think that in essence the benefit is seeing a better more realistic Havieron… is a better outcome for shareholders.

@SB - you say 'The market appears to have concluded that GGP may not have the funding required for anything beyond the 2Mtpa pathway and plans to address this through a placing alongside the heavily-trailed ASX listing?'

3mtpa is what Shaun has addressed is what the funding was arranged for in previous interviews with our funding partners and lenders , not on the PFS but the much signposted 3mtpa expected in the DFS, he's gone on public record to go as close to confirming this as legally able without using the phrase 'fully funded' as he can't confirm 100% until the DFS is published.

It seems more likely that the ASX listing is being presumed by those more fearful to 'get his insto mates in cheaply' etc. whilst the more positive are convinced 'any raise will indeed be around a very accretive opportunity' looking at both extremes, of course many are veering between the extremes.

Also for those trying to understand the ASX listing process, some of the stages cross-over so ensure you're looking at the diagram below to understand the process better:

https://www.asx.com.au/content/dam/asx/images/infographics/the-listing-process.PNG

ITS didn't make a mint by selling at 29p, so clear this guy is enjoying causing angst vs some desire to 'help' whatever the truth is about his trading history here.

38p is behind us if you didn't sell and/or averaged down, you need to decide what to do from this point forward based on your personal outlook for GGP. If you don't like Shaun and think the SP is going down in 2024 despite going into production then well... your strategy seems clear cut doesn't it? Shaun's not getting bumped off and I can't see how Gervaise had the requisite skills to deal with the hurdles we've had since.

He knows he didn't and left the company in case some have forgotten and appears was more than aware of the challenges ahead and took his money too. TBF he always said if the path of production was chosen a new team would be put in place. Shaun will be judged soon enough now so we'll see if he can use this platform for growth to deliver shareholder value.

All we've been told IMO is that optimisation studies are being implemented into the FS, no one's stated that the production profile is going to increase substantially from the expected circa 3mtpa from the initial SLOS mine that I recall? Not my area of expertise but I'm assuming a larger resource due to the delay and plenty of new drill data to feed into an update MRE should definitely increase LOM though and Shaun seems confident that the current funding agreement has the threshold to cover any additional costs and the resultant increase in production also provides additional revenue in future to fund growth... . you need to think about the effect of spending more actually correlates to earning more surely?

It seems that the complex nature of the ore body is also requiring some thought into future bulk mining strategy and as no doubt some of the initial groundwork will be undertaken as they develop and then extract ore from the initial SLOS mine - it perhaps makes sense that they are spending more time on this. All this suits NCM more than us but they are the majority partner.

Also with the NEM deal, I can see why the future majority owner would want to wait to be the one to green-light everything officially. As long as the development is going ahead and money being spent on Havieron, I think it's safe to assume we'll be going into production but up to everyone to decide for themselves. Newmont should be in charge by 2024 so we'll see if work continues, I expect it will :-)

A raise due to ASX listing hasn't been confirmed either, we'll see a proposal of the structure and get to vote so I don't understand any angst until you get to see and vote on 'it'... IMO find out what is planned and then make a judgement or if you're sure one way or another then surely you just act on it if so clear? I think the lack of news and uncertainty about some things is eating away at many, but you just need to decide a strategy and implement it so you feel in control - and hope you've picked the right one! :-))

And to build on RA's post:

Excerpts from last weeks interviews with Liam:

https://www.ggpchat.co.uk/viewtopic.php?t=757

* Absolutely turning our attention to the future now is there any word on the ASX cross listing?

- oh look it's yeah look we remain really confident about the September quarter but look it's… you're navigating two sets of regulatory environments in Australia and the UK you know just takes the time it needs

- but we still feel really positive about what the ASX does in terms of augmenting what we already have and appreciate in London

- so I again I think you know stay tuned but yeah we're in the September quarter and we continue to believe we can get this lodges during the September quarter

* That makes sense, thank you and thank you Shaun for being a guest on our show, that brings me to the end of our conversation today, have you any last words for your shareholders?

- oh look just really appreciate the support we're here super keen and I'm particularly super keen to get back up to London and explain how we're going with the ASX process but equally hopefully people understand that it's premature to do that until it's been agreed and put in place

- so I'm the only Australian who's avoided going to London or England during the Ashes Series so terribly unfortunate for me but you know work is the first duty

Perhaps the sept quarter deadline is a desired timeline to have pushed the resolutions through via a GM in order to be able to list and the actual listing will be post September... either intentionally or because there has been some extra regulatory work to be conducted or even they will will wait for an MRE and if not publish their own causing a slight delay.

And mine was meant in humour too Freddo :-)

Thanks everyone but the real work's put in by Liam with getting these interviews together so there is something to make notes or transcripts from in the first place... and on that note please please don't forget to subscribe to his channels, retweet and repost the interviews and also tag 'like' to ensure GGP see evidence of the benefit of having these with Liam :-)

Notes from AIM ON-AIR GGP July 23 Update - Parts 1 & 2 – 26 & 28 Jul 2023

https://www.ggpchat.co.uk/viewtopic.php?t=757

Seems a good deal to me Monty.

- Liam get's to build a portfolio and improve his craft

- Shaun gets an ability to communicate directly with shareholders whenever he wants

- All of US get informative interviews and quarterly reviews asked by someone who understands the company well and a chance to submit questions too when the format and subject matter allows

- Over time Liam and Shaun are building a trust and comfort that leads to Shaun being more open - within the restrictions he has to adhere to of course.

A Win/Win for all.

Well full commercial production is pegged at around mid 2024 so thinking once we start the rerate which IMO requires the DTM then we see a rise iall the way i to commercial production Ace :-)

The MRE is of more value in terms of feeding into DFS and marketing the ASX listing IMO then doing much for SP in short term but hope I am wrong on that of course, but it's what I feel with current malaise around markets and sector.