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I do agree E1 is a far better situation to have than not in terms of the current processing capabilities already in place with essentially just having to create an additional circuit.

One can only imagine the head aches this would cause a standalone development if there were more ‘fluent’ multi mineralisation patterns throughout the resource.

The spread is widened by mm’s to make more profit on what little volume there is that they have maybe created in the first place by moving the spread previosly to ‘create’ a market.

Is very doubtful the spread is determined by a human anyway at our levels of volume. So I think if we need a higher price we have to earn it through quality news flow.

Finding multi minerals is not to be immediately jumped on as a good thing, it can go the other way. There are a number of factors that could see those as penalty elements and not just wether they will be economic to extract or not.

Could see a quality based penalty imposed de to grade dilution, if not there may become a processing interference penalty, as Multi-type components cause extra handling, reagent consumption, or longer processing time, effectively penalizing by increased cost or lower throughput rather than directly reducing target mineral yield, being primarily the gold.

These the just the relatively more easily understood factors as balance for discussion.

Not me! Wonder if our old friend Johnathon Swann has come back since he exited in the early BR days. Not one to pass up an opportunity to make money, different proposition now.

One word Abso, ‘diversification’

Increases the company’s exposure to critical metals across the exploration asset portfolio which reduces the company and shareholders exposure to the higher risks involved in failure if the company were to pin all hope and reliance on 1 particular project.

This company can afford to take that approach.

There must be a point where supplementing Havieron ore is no longer desired for both the economic and sustainability condiderations Shaun has repeatedly now implied as the preferred processing solution being with the full augmentation of the higher grade UG at Telfer with Havieron ore, plus any high grade toll opportunities to utilise full capacity of just one single processor.

This solution will have a clearer roadmap toward that end in the DFS, but it leaves a big question after that as to when the open pittable material will continue to be processed and start to be stockpiled as inventory. This gives an operational buffer against major UG shut downs and as inventory on the balance sheet will increase in value as gold and copper prices rise going into the next commodity super cycle. Speedy has demonstrated the potential to see how gold will reach and stay at those dizzy heights with Copper essentially going into the next Industrial Revolution with the demands that will be imposed in it for electrification globally for a generation potentially.

Fundamentally no different than retaining unsold gold as inventory on the books to take advantage of future price fluctuations.

Having that optionality that Hav and Telfer UG will bring is exceptional. I can see it being inevitable and Shaun seems to be heavily hinting the way forward.

Did like the analogy to “push out that bow wave of mine life back out in front of the mine.” That was slick!

Here’s my interpret.

This very extensive and progressive drill programme through the year has a cut off date for end of December to put as much drill data in as possible to be sent off for independent review by the resource estimation specialist consultants to allow enough time for the resource statement to be delivered in the March quarter of FY26 as was in FY25, and subsequent reserve statement soon after.

So by then we would have had 4 quarters of revenues, a validated final feasibility study with costs and a schedule with timelines, a decision to mine and a solid mine life extending Telfer to further beyond FY28 to ‘hopefully’, even see the mining schedule exploiting the Telfer UG high grades in synch to augment 1st ores production from Havieron toward the most efficient, ultimate, mining and processing operation through one 10Mtpa processor at capacity ‘once again’ mentioned by Shaun at the Americas.

Maximum metal units going through the plant, maximum beneficiation efficiency, maximum output with highest yield!

All the loose ends will be finally tied up and where major institutional investors are concerned, the last of the tick boxes checked and any sustainability uncertainties of a shortfall fully de risked bar the engineering and development to the WDU and Havieron infrastructure to access both ore bodies.

With these being very predictable tried and trusted well established engineering works and techniques, so barring the odd technical difficulty, accident or incident, Greatland are almost on the last slog to a ‘proven’ fully sustainable low cost, high output mining operation was about the sum of it I think.

…a return from the dung heap at some stage in the next 5 years...

That’s about the sum of it, why start an operation to process it now, even if it is economically or metallurgical viable yet at current pricing, when we can make significantly more at higher copper price.

Colin mentioned potential returns of circa 1 million per annum from processing the ore dumps, a good assumption of that being in GBP as was in reference to being enough to cover ‘company’ operating costs. So they clearly have a target copper price in mind to see those kind of returns!

Again it comes down to having the safety net of the remaining Moz mine income to cover ongoing company operating costs until fy27/28. So plenty of time to wait it out if that is the case.

Sorry Fosters my best pal is called Fozzie

Sorry jez won’t use that term anymore

They were the Oxides not ‘processed ‘ as historically only the higher grade sulphides were put through plants.

Btw Jubilee have a business model based on toll processing of outsourced ore before we get the doom crew

“Did we get any money from the Slag heap we purchased?” - Fozzie

Not yet, but we purchased 261000 tonnes of ore stock piles for USD300k @ $1.15 per tonne. Colin said they are the oxides not mined with grades between .6 and 1%cu For simplicity assume there is 1% copper, that's 2,600 tonnes of copper at USD 9,500 per tonne at time of that purchase gives an ‘inventory’ valued of USD24.7m. Apply todays rounded down price of USD 9,900 gives just over an extra million dollars increase in value. By the time copper is sustaining USD 11,000 per tonne, the inventory which has already been mined, would be valued closer to USD29m

Minus haulage and toll fees for processing,

So another project due an update now we are starting to see prices on the rise!

On the flip side Bob, would rather be on this side of the fence, with income and a potential pathway to supplement that income from an RNS that doesn’t include up to 36.% dilution whilst we are within these lowly market cap ranges.

I’m sure we will at some point need the help from the capital market but we have a safety net of two or three years to establish other revenue streams before then.

What could go wrong

Hi 99treble

This is an early stage exploration project, that has to follow a certain and predictable path, whoever takes it forward. Current gold price is of no relevance whatsoever until the project reaches the first milestone with a JORC compliant estimate so the data can be sent to third party consultancy for a conceptual mine plan with a low level economic assessment. At ‘that’ point the economic performance will undergo evaluation from a range of gold price scenarios, that are generally a lot lower than current spot price, taking into account the capital and operating costs with ore feed at varying economic cut off grades toward the sweet spot of economic performance. So yes, higher gold price and any supplementary metals such as copper, the price will benefit the economics significantly but it does not change or effect the project evolution in any way from discovery until up to the point of its first low level economic model.

So if the ore body is in fact mineralised with potential economic grades shown by the first drill phase, all data will be fed into the resource model and a second ‘delineation’ phase will follow once funding is secured, to find the extremities of the ore body and depending on budget the resource model may see start of very wide spaced infill drilling programme. If not then a 3rd drill phase will follow once funding is secured again. How this is done whether, by JV or other is not guaranteed so cannot be compared to Havieron discovery as News states.

So before any gold price can even be considered, we are looking at circa 50~60k metres of drilling and much desktop work over next 18 months to two years to reach just the first milestone

dependant on early positive results and then a funding solution of course!

Just adding to GGPT post, it is a very long road ahead with ample opportunity to make money on a discovery. If it is a mineralised ore body it is not essentially just about the grades, although important, but whether or not it can be eventually shown through later studies that it can be economically extracted. But remember, one hole does not makes a deposit. Even if the first recon hole is unmineralised or is low grade. It’s also safe to say that Red Setter needs economy of scale and be of high grade for the economics to overcome its biggest penalty in its depth. But if early signs from these recon holes warranted a delineation phase then folk can really start to get behind it.

But, all projects have to follow a recognised 5 stage exploration model which comply to Western Oz gov. tenement licensing conditions for exploration. So just to warn inexperienced investors what the company need to do on their way to attracting a partner with deeper pockets to stump up the bulk of the cost to at least get it to pre feasibility depending on results of course, before GGP would consider any M&A.

1-Reconnaissance-Desktop studies, mapping, sampling, airborne geophysics, ground geophysics, reconnaissance drilling

2-Environmental management plan, rehabilitation of all drill sites and community consultation.

3-Target definition. Extension and close spaced drilling.

4-Prospect testing

5-Project Development Studies, typically through conceptual mine planning or scoping study, pre feasibility then onto final or definitive feasibility. Each stage being a major milestone in project development toward economic feasibility to de risk with recommendations in the preceding study to understand what needs to be done next in terms of the target resource required through major exploration as project matures.

Typical costs for diamond core for instance ‘per metre,’ range from A$100 - A$300 depending on core size and environment. which doesn’t include the geo team analysis, assays, modelling environmental reinstatement etc, just drilling. So looking at average of over £100,000 or A$200,000+ for just ‘one’ deeper hole. As Red Setter ore body is deeper than Hav, it will need to be drilled first down to the top of the ore body by RC drilling, then holes collared before the DD rigs are bought in.

This is not a negative post it’s very real, as some of the tosh on here is pure fantasy.

I am invested with a smallish stake presently!

This may start to catch some sentiment.

Extracts taken from Archers TG group today.

BREAKING NEWS THE UNITED STATES IS IN TALKS TO SET UP A $5 BILLION FUND TO INVEST IN MINING

It begins...

The $5 billion mining fund refers to a proposed investment vehicle being discussed by the Trump administration to finance large-scale mining projects for critical minerals, such as copper, cobalt, and rare earth elements. The goal is to secure domestic and allied supplies of these materials, countering China's dominance in global processing and acquisition of mining assets amid projected shortages from underinvestment.

Focus is on major mining deals in regions like Ukraine, Greenland, and the Democratic Republic of Congo, prioritizing projects that enhance U.S. supply chain resilience.

_____________________________

Greenland's biggest miner Amaroq Minerals Ltd is in talks with several state-backed agencies as Donald Trump's political spotlight translates into concrete investor interest, the company's chief executive officer said.

The US and Europe are racing to secure critical minerals and reduce reliance on China, which currently dominates global supply chains for materials used in electric vehicles, wind turbines and defense technologies. Once dismissed as remote and inaccessible, Greenland is gaining strategic relevance as melting ice improves access to its mineral-rich terrain.

Amaroq, which operates a newly opened gold mine and holds the largest portfolio of mineral exploration licenses in Greenland, is in talks with a number of government-backed lenders and institutions in the US and the European Union about state loans, offtake agreements and direct investments, CEO Eldur Olafsson said in an interview. He declined to provide specific names.

"They are looking for ways to either back businesses, back mining projects, back energy projects," Olafsson said. "They're looking for ways to secure supply of certain minerals to the US, for example. And we see the same thing on the Danish side and the European side."

I’m all ears too CP 👍

Just browsing what appears to be an updated version of the website, certainly updated within the last 6months as has the Moroccan venture included.

Within the projects section under Kakuyu it states this.

> In order to understand further the deposit morphology and mineralisation potential at Kakuyu Xtract plans an exploration programme of ground geophysics with follow up drilling on identified targets. <

This could be a very positive indication that the VTEM survey equiptment purchased by Xtract that went off site from SilverKing to ‘another’ xtract property has been utilised at Kakuyu which is the first (potential) indication in writing, for some time that work is still progressing at kakuyu.

As the VTEM equiptment is not going to be returned back to Silverking until after the planned 2nd drill phase and the return of assays, it may well be that it could also be used within the Western Foreland licences given the time frame allowed.

This could go some way in explaining why there has been no news as such from Kakuyu and maybe WF too.

Is that about to change soon?

Even to try and read between the lines in the RNS to find clues, there is not a hint of having to rely on any drilling to establish an estimated resource and establish the mine.

Signs are positive, then one would assume that any small scale operation would pay toward any larger operation ongoing, which appears to be the intent of the Wildstone JV. But if that means for the foreseeable future capital is not going to be required from the market for the Morocco venture then that will still be value accretive for us shareholders.

Ian, don’t you be going all pessimistic on us. Isn’t the company share price currently more linked to the exploitation of the gold itself throughout the transition and growth period from aquisition as a producer up toward a nailed on sustainable large scale operator, rather than the market cap seeing more direct correlation to gold price typically seen by established majors.

Billy you clearly didn’t see the lack of any volume, it was just another exercise by the MM’s of moving the spread around to try create a market. Give it a rest

I find that most of the disrupters posts on the board are actually factual, to the point and also very informative.

I just don’t understand why the green font!