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Marshall, it might be that GGP are sitting tight with ASX guidelines. Our 200 inclusion, while prestigious, may not be deemed “material” under AIM Rule 26 unless it affects governance, liquidity, or shareholder structure. We could argue, and quite rightly so, that inclusion boosts visibility among institutional investors, triggers passive fund buying (ETF's tracking the 200) and to some extent validates our liquidity.

So, rule 26 mentions affects of liquidity - I certainly think it affects liquidity - albeit in a positive way - but rule 26 doesn't mention positive or negative - I think they leave it to the reader to assume negative.

Just my view, as ever happy to be corrected.

You're right Rotherby, but I don't see it as a waste of money. Its the same strategy Shaun used at NS - although the board would only settle for puts with forwards. Shaun is forging ahead with puts here, no collars.

Ricardo, the last lot would, I suggest, have cost approx A$500,000 for the quarter.

Mr Ace, celebratory song indeed.

Behold the ass, majestic, slow— A plodding beast with nowhere to go.

And the song wasn't that bad either!

For me, at least, the clues were there all along.

Macquarie was a trigger for me - back in Sept '22, I was sat in the same position as I am now. I was holding a rather large position with Pilbara Minerals; and Macquarie who regularly handle index flows for ASX200 rebalances, put out a statement warning of short-term over valuation due to high levels of passive inflows. I went back through my spreadsheets with a fine-toothed comb and just couldn't find a balance between what they were claiming and what I was calculating. 

I checked UBS's and Morgan's commentary, they were somewhat contradictory to Macquarie's, but I have a long-held mistrust in anything Morgan says, but regardless, I chipped out @ 0.2% profit. Pilbara jumped 18%!

The late-reported trades from 3 September, disclosed today, were highly unusual in volume and timing, and almost certainly tied to our anticipated inclusion in the ASX 200. The characteristics—bulk size, timestamp clustering, and proximity to the index announcement—strongly suggests to me they were executed by a single broker (or coordinated desk) likely on behalf of index-tracking funds or custodians.

I've seen this before, this is pre-positioning - right before the rebalance. If you take a close look at the volume spike and spread compression between AIM and ASX you'll see that the arbitrage desks and passive flows are already active.

What I'm saying is, today's late disclosures are not random - they're a signal. 100% we will be on tomorrow's list.

Quandary for me is... I know the SP pattern following announcement and eventual inclusion of previous ASX200 Co's. As I mentioned before my intention was to bail 2 days after inclusion, I'm rethinking that now.

If it's of interest, here are some of Macquarie's other negative statements prior to ASX200 listings:

Liontown Resources Mar 2023 - Flagged index-driven froth and potential reversion - shares surged.

Sayona Mining Jun 2023 - Highlighted liquidity mismatch and passive distortion risks - shares climbed ~25% over 6 weeks.

Chalice Mining Dec 2021 - Cautioned on speculative flows post-index entry - shares climbed ~30% in 3 months.

Question is, who benefited?

5 bob on the nose - we're in!

GGP's 2025 AGM is set for November 13th, with director nominations closing September 9th. For those that follow the "inner detail" that's unusually early positioning considering previous AGM's. It could be claimed they may be preparing for a board reshuffle or expansion, possibly to support new JV structures or M&A? It might suggest capital moves or tenement deals? This timing could be a setup for Paterson South farm-in acceleration or a new asset reveal—especially given recent geological chatter around Scallywag and O’Callaghans. (for those that follow the geologists).

Historically, GGP has held its AGMs in early to mid-December, with nomination deadlines typically falling in late October or early November. In contrast, 2025’s AGM is set for 13 November, with director nominations closing on 9 September a full two months earlier than their usual cadence. Why does that matter? Is it a pre-AGM strategic move: early nomination deadline could suggest the board may want flexibility to announce new directors. Or perhaps it gives a bit of room; giving them a window to release material updates (JV expansions, tenement deals etc.) before shareholders take a vote (potentially influencing sentiment). The savvy amongst you will of course jump in with the suggestion that GGP are simply aligning with ASX reporting cycles, which favour earlier AGM's. Yes, alignment with ASX reporting cycles is a plausible factor behind GGP's timing. To be fair GGP's move to a 13 November AGM fits squarely within this window, and you could assume it's not unusual by ASX standards.

What’s interesting is that they’ve gone even earlier than necessary—13 November with a 9 September nomination cut-off—suggesting they may be building in time for pre-AGM strategic announcements or regulatory clearance windows.

So, in a nutshell, GGP has: A longer pre-AGM runway: They could release strategic updates in late September to October, well before proxy materials are finalized. More time for market digestion: Any JV amendments, board reshuffles, or tenement deals announced in that window would have time to influence investor positioning. ASX governance alignment: As I mentioned, this timing matches ASX norms, but also gives them flexibility to manage UK shareholder expectations.

Think of it like a chess player repositioning pieces before making a decisive move. The board may look quiet, but the intent is building.

In GGP's case, these signals aren’t loud—they’re procedural, structural, and easily overlooked. But when you track patterns over time, these kinds of shifts tend to correlate with announcements that reshape investor expectations: new partnerships, asset moves, capital strategy, or leadership changes.

So while what I have said cannot be 100% confirmed, the groundwork being laid is deliberate. It’s not proof of news—it’s the kind of setup that usually precedes it.

Good luck all.

I liked that HG - water!

Let's see what happens my friend!

As of the Q1 2025 13F filing, Arrowstreet Capital disclosed their long holding in Newmont - approximately 4,276,000 shares (I've rounded that figure).

13F filings are released anywhere up to 45 days after each quarter ends, so this is the most recent figure I can work with. As you're no doubt aware Newmont has been a long hold for Arrowstreet for a long while Q1 2024 they held 3.5m shares.

I don't include options, puts, or other derivatives - I have a good idea, but I'm unable to confirm.

If you take a look at Arrow's track record, they have a history of shorting LSE mining companies, which often complement their longs on whatever market.

Here's a tiny sample of the shorts from this year alone, and they're not just gold and copper, you'll know who they stood long with:

Yellow Cake - Uranium - 1.19% July/Aug 2025

Pan African Resources - 0.90% Aug 2025

Adriatic Metals - 0.81% Aug 2025

Ferrexpo - 0.70% Mar 2025

And of course Greatland.

Here's who I think they have been hedged against:

Newmont, Barrick, Taseko, BHP and Rio.

As known to those on here who do their research, Arrow hold comfortable longs in stable, large-cap producers with global operations; they short speculative or early days ops - that's the simple hedge.

Their "quant" has flagged Greatland as the next reliable hedge, and that may or may not be so.

Massive focus is on Friday's news. 

Calculate the % and £ drop from the 28 - 29 July and ask yourself the question "are the suggested buy-in levels going to take Greatland back to 28 July levels?"  

I will say it as I see it - not a chance. Be lucky to raise £200m about a quarter of the £800m lost in July.

For those that feel compelled to counter my opinion, it would be a good idea to provide facts and figures, otherwise you will be showing emptiness in your understanding. I mean that sincerely. There's no need for embarrassment.

As I said before I followed Arrow for a while then covered. I'll take my profit on the long - Tuesday 9th.

Good luck to all.

Firstmodern, tell everyone why I am a troll. Everything I post regarding GGP is fact.

What I post about other posters is opinion.

Yahoo Finance

Not a chance!

Cheekyboy, I sense your level of intellect, as I'm sure others do.

A quick gander at your posting history tells me you have never ever brought anything to the party. You are the guy who turns up to the BBQ empty handed, eats and drinks what everyone else has had the courtesy to bring along. Aimlessly guffawing into other peoples conversations.

Take a look at your last post - what on earth was the point of it?

"use your brain"

Get busy, do some proper research, form an opinion, grow some character and post something worth reading!

I'm going to refer to you as H. My fingers are tired.

What you have posted is nothing, can you not see that H?

Quick recap:

Exact water volumes from LCA drilling?

Flow rate data or aquifer transmissivity metrics?

Detailed hydrogeological maps or cross-sections?

Thank you MH01, I've been following you for sometime. Someone who can actually see the wood from the trees.

Not trying to big you up.

But I do respect anyone who gives honest opinion and not fall into the trough of...

hopefullygold - "9 i think the embarrassment is all on your part. you didn’t even know what sterilisation drilling was. i recall that after you said you were sailing on some luxury cruise from greece to gibraltar you were not interested in long term investments and as such you said goodbye to this board. you seen the reports i’ve posted before. you’re not worth the effort. i hope your employer pays yo well for working after 6pm! morgan stanley by chance 🤣"

no embarrassment here sunshine.

what is steri, sterati, stelupi, stela****y drilling? you tell me.

i haven't seen the reports you posted before, because as you said, i left this board. i'm sure they were enjoyed by all though.

i take my cap off to you, your recollection is second to none, or perhaps you did a quick run through of my posting history in an attempt to find anything that might discredit me?

yawn

Cheeky and firstmodern - just like the two rabbits in my back garden, one has ADHD and the other Tourette's

Nice to meet again Hopefullygold.

It's somewhat late so I shall run with what you say, without seeking verification.

Being granted a license to pump 1.9 million tonnes or water per year at TELFER sounds nice, but what is the relation to Havieron?

You say that Havieron's LCA is so miniscule in comparison - what figures are you basing that claim on?

Speak up fella...

Talk some sense...

Or do I need to cause you embarrassment?

Again!

Trippy, I appreciate your recommendation. Sometimes people just want the fuller picture - the truth.

On Greatland's investor page you'll find quarterly and half-yearly reports that include: 

Depressurisation Drilling Progress: Updates on the number of holes drilled into the LCA, with commentary on water pressure reduction and ground condition improvements.

Surface Infrastructure Milestones: Confirmation of staged construction of three evaporation ponds, including fast-tracked approvals and engineering timelines.

Decline Development Pause: Strategic decision to temporarily halt underground advance just before intersecting the LCA, allowing full water management systems to be implemented.

In the 28 August 2025 Preliminary FY25 Final Report Greatland highlights ongoing hydrological evaluation of the LCA, with updated modelling to inform feasibility and cost planning. Integration of water handling infrastructure into FY2026 operational plans.

While these reports confirm strategic actions and infrastructure milestones, they do not include any mention whatsoever of the detail serious investors want to know, especially the Aussies:

Exact water volumes from LCA drilling?

Flow rate data or aquifer transmissivity metrics?

Detailed hydrogeological maps or cross-sections?

The absence of specific aquifer data is, by some, considered a red flag. 

No doubt someone on here will try to buffer this with claims such as hydrogeological modelling is iterative: Flow rates, transmissivity, and water volumes from the LCA are likely still being refined through ongoing drilling and depressurisation. Or claim - premature disclosure of incomplete or unverified data could mislead investors or trigger unnecessary market reactions. Or even - releasing raw technical data without framing could invite speculation or misinterpretation, especially from retail investors or short sellers.

 To my mind, detailed aquifer metrics could expose cost implications, timeline risks, or engineering challenges. 

Greatland is transitioning from AIM-style reporting (which tends to be high-level) to ASX norms (which demand more technical depth). It's possible that Greatland may be staging its disclosures to align with ASX expectations, starting with broader strategic updates before releasing granular aquifer data. 

Rest assured, the granular data will appear in the December 2025 Feasibility Study, which will consolidate all technical data into a JORC compliant framework. The ASX will accept nothing less, certainly not after the last debacle. If Greatland try to duck and dive again, well...

Hello Mr Ace, long time no chatter.

A long while back I took the word of someone who I considered very reliable - in relation to that LCA.

Not anymore.

Macquarie’s A$7.10 target is based on current operations and excludes Havieron’s full potential. They’re waiting for the feasibility study in Q4 2025 before revising upward.

Canaccord’s A$12.19 target bakes in future growth, assuming Havieron hits full throughput and aquifer issues are resolved without major delays / cost overruns.

Argonaut's A$10.10 target models a staged ramp-up for Havieron. No doubt they lifted their target 1% due to recent spot gold price moves - which suggests they are using a dynamic pricing model.

To keep it short - Macquarie = cautious optimism. Canaccord = bold conviction. Argonaut = realistic with a pinch of optimism regarding execution. 

Hi Ben, long time no hear, hope all is good with you, all is good here.

"without touching the crown jewel!"

Nice... but the question is, will we ever touch the "crown jewel"

💧 Above the Gold: A Havieron Ode

In depths where copper veins entwine, And golden seams in silence shine,

The drills descend through ancient stone, To chase a prize the earth has grown.

But water waits in shadowed halls, A restless tide behind the walls.

The LCA, a hidden stream, Could flood the path or fuel the dream.

Transmissive veins, a silent test, Flow rates surge from east to west.

Will pumps prevail, will ponds suffice, Or will delay demand a price?

Each cubic metre, each day’s flow, Shapes the fate of what lies below.

A six-month pause, a year-long strain, Could tilt the charts or stretch the gain.

Yet gold holds firm at twenty-two, And copper hums in bullish hue.

The breakeven line, still far beneath, Gives room to breathe, to plan, to sheath.

So Greatland waits with measured grace, To map the depths, to pace the race.

For in the rock and water’s song, The future hums — resilient, strong.