Number crunchers -TmT13 Jan 2021 08:44
Looking at the numbers Newcrest is committing (~US$112 million) and Greatland (~US$ 50 million) to the box cut and decline and associated infrastructure.
The Newcrest press release states
This Loan Agreement will be used to fund Greatland Gold’s share of early works and "GROWTH DRILLING ACTIVITIES" up to the completion of a Pre-Feasibility Study and, thereafter, its joint venture expenditure requirements towards the completion of a Feasibility Study.
Newcrest announced on 30 November 2020 that it has met the Stage 3 expenditure requirement (US$45 million) and is entitled to earn an additional 20% joint venture interest, resulting in an overall joint venture interest of 60% (Greatland Gold 40%).
So the remaining US$20 million that Newcrest have will not cover the outstanding drilling required and pre feasibility study.
Just how big is Havieron? Will this affect the percentage ratio now that we are funding an extended drilling program?