Member Info for Jerryspaniel

Nice to see quite a few deals in what might be termed the mid cap segment of the gold mining sector. Need more to get the instos excited but good start.

Hi mog. I hadn’t appreciated that pfs can only include indicated, but do remember that NM said that a lot of the drilling was to move tons from inferred to indicated. Now I know why! Many thanks.

I stand corrected Mog. Apologies.
What I do know is that these drill results have to be translated into a rare amazonian dialect that only one person speaks, and its very very imminent that we will be told that its only a few years away from publication..........
MRE = Mather Refuses (to publish) Everything.

Antigua. I did make that point to GH. He doesnt want to issue shares at these prices. When I said that NC paid a huge premium to take an initial stake in Solgold, so couldnt he offer them some shares at (say) 3p, he just said, well in that case they will just buy in the market.
So I think its been considered, and maybe still is, but didnt get the impression it was likely.
Caveman, are you a journalist? I didnt say and I dont think anyone else said that he doesnt think the company will last much longer..........!
Firstly he said that he would be surprised if we are around long enough to pay a dividend, and my guess is that that would be 10 years away. Secondly it was my takeaway that the company might be bought in 1-2 years. Not his.
Not impressed!

UR, I know we are getting ahead of ourselves here, but maybe GH can liquidate/monetise the hot stuff in the Paterson and leave him a pot of money and to play with Tassie/EG and Bromus. Not sure I will be around for that part mind you.
130 million times 10p, maybe he wont either!

Well thats quite interesting that others see things differently.
I thought there was a thread running through the whole presentation. We wont be around when we can pay divs. NC would like all of Hav. NC are very interested in Scallywag. Our no 1 priority is monetising Hav and sh value. We need to prioritise drilling that will make a difference. etc etc.
I cant see how they will ever be a mining company. They dont have the staff and I didnt think thats whats interested him. GH has about 50myn shares and 80myn options. He is all about creating value, not building a dynasty.
I know he did say that he wanted to build a 1 billion dollar/pound whatever company, but I though that was just a nice number with a nice sp.
Now I dont know, and he didnt give any clues to me, whether that is 10p, 15p or more, but I know it wasnt 2p!!!

I think it is somewhere around the 200k, maybe a bit more.....

Yes I thought Alistair was very good.
The extra payment that GH mentioned is I think 145myn shares, which I now factor into my fully diluted calculation.
I got cut off at the end of my write up, but would add that my takeaway from the meeting is that GH is convinced this company has a limited shelf life. It will probably be swallowed up by NC and my guess would be in the next 1-2 years. So in that time, if GGP can drill the highest priority targets that may have the biggest potential they could be putting a few cherries on the icing on the cake. Fiddling around with Tasmania, Bromus, EG is unlikely to be worth doing as against Hav they are just pimples on the backside of an elephant (my words not GHs!).
As I tried to add before, all IMHO/DYOR yadda yadda.

Hi Stumpy. Thanks for the clarification. Didnt make sense to me. So it wasnt Jonathan Guy then. Interesting.

SP. All options are on the table. Share consolidation, dual listing or anything else anyone can suggest.
Someone suggested a share consolidation to coincide with MRE.
Dual listing is expensive at £300k initially and at least £50k pa thereafter. To have an ASX listing you would attract Aussie retail and some Instos, but GH was involved with Thor and they did it but it didnt work as no liquidity in the ASX quote.
GH 'Industry understands Hav but certain UK investors dont'.
Conversation with Tier 1 (whatever that means) mining analyst. A company valued at £55myn with 30% of a block cave mine, doesnt add up.
Doesnt think that NC will go hostile, but the goal is to maximise s/h return so there could be an agreed deal.
GH is meeting with many instos and analysts (Jonathan Guy 'very good man') tomorrow. He is also in discussions (email/phone) with other Instos in Oz, Canada, US and HK. These are 'serious conversations'.
A published inferred resource might get instos excited or the promise of the resource publication.
Oz companies (ie those with assets in Oz) trade at substantial premium to ROW. 2 1/2 times NAV.
Someone asked about divs which I thought very odd. GH reply was that he would be surprised if we were still an independent company by then. (Divs really bug me. If you want a 5% div, just sell 5% of your holding. Its so simple).
NC could stop drilling now and could probably produce an MRE/inferred resource. GH would prefer if they continued to find the limits of mineralisation n/s/e/w before doing an MRE. Depth might be less of an issue, just stop at 1km of mineralisation (ie 1400m vertical).
Cant publish Numis note as would fall foul of US law and open to being sued. But Proactive can talk about the note.
Funding is good for all next years agreed budget, but GH is conservative so may well look to raise money mid year, though not at these prices. Already talking to various funding providers including debt, streaming, royalty companies. Mentioned that NC could provide debt which would be recovered through the toll processing. Also mentioned that NC could take a stake (but to be honest I think that was more my suggestion that he went along with, than his).
Will consider putting a 3D diagram of the drilling on the website, thus doing Paddy out of one of his 'jobs'.
Blackhills could be drilled in 2020, but Scallywag high priority targets and Goliath in PRE take precedence. Goliath 'could be huge or could be granite'.
Sandeep Biswas has been talking up Hav, not necessarily with the full approval of their technical team...but they are now on notice to keep to SBs timelines.
Two amusing snippets.
Started with a comment about how we can now all see the satellite images and the drill pads. Didn't name check you Paddy but we all know who to thank.
Ended my discussion with GH with GH saying that he had run out of increasing superlatives to use in the RNSs so next it would have to be 'its effing huge'!!
Apologies if I missed anyth

Its quite possible that I have said much of this through the day, but for anyone joining late I will do a full recap from my notes.
AB/GH/CB/CL and Gemma the geologist, were those in attendance that I spoke with.

NC could walk away but 'almost inconceivable' at this stage. 8 yrs to build a block cave mine, but there are things that you can do that will give you production and cash flow earlier. 1km of mine depth would give you 2 block caves (500m each) mined at different stages. No point in going deeper than that, although its likely there will be more Au at depth, but that is for another generation. (not sure I understood the logic of this, but it generally got nods around the room).
Telfer has higher grade ores in the deep deposits but they are running out of high grade.
If one was to build Telfer now it would cost at least $2byn (I think US$). (my take on this is that it makes our 30% more valuable so maybe more than US$200 per oz, in the ground?).
The Hav camp has already had three upgrades to kitchen and dining. Now 70 people at Hav and scaling up again. GH wouldnt be surprised if NC didnt ramp up the operation in next 3-6 months.
NC will very quickly work through stage 2, certainly max 6 months at this rate.
Market doesnt appreciate the scale of this deposit basis the drill results.
18 holes currently drilling or awaiting results.
System appears to extend to NW.
GH - 'No 1 priority is to monetise the opportunity'.
CB - Scallywag. One target is just 5km to the west of Hav. Strong Cu signature, not so strong Au. Looking forward to testing this March/April next year with RC drilling. Av 70m of cover.
PRE. Looking forward to getting the MMI signatures back. Drill testing next year. 50-200m of cover.
GGP have access to the Hav camp facilities for food and water. GGP have 7-10 people in the field at one time with a couple of caravans. Heli support from Telfer if needed, otherwise utes and quads.
Telfer has 2 flights a day from Perth.
Firetower. Apologies for the delay. Drilling slow and assay results still pending. Core goes to Adelaide and (I think) results are then analysed in Perth. Two holes in Warrentina are done.
Data packs being established, but market are more difficult.
To be continued......

I would say about 30. Took 5 pages of notes. Will summarise on my return.

I am here too, Italian. Third row, gold tie!!

One of my questions tomorrow!!

Are you coming to the AGM tmw?

Thats not at all true. You do not need to issue more shares to get another listing, especially if they are fungible.

Ok, who will be attending tomorrow?
I will be there and as per Timid's first question, we already have the answer re Summer Drilling. NC are and GGP arent.
Any more questions for me/others to pose?
I am happy to ask whether GH is going to get GGP another listing (maybe ASX) to complement the AIM listing, to improve visibility, liquidity and valuation?
Will also ask about other drilling results for FT and BH and what the long term plan is for the Tasmanian assets.

Well if you think. BUY SOME!

Its a dangerous game recommending brokers but in general I wouldnt trust the small fry. The big boys have a big reputation to defend. Maybe not the cheapest, but you should be able to sleep at night.

No you are not. $65myn gives them 70% and after that we will have to contribute to the construction of any mine. And if you think that is a bad deal, then go and do some maths.