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That's fantastic news @Kevin, when GGP can get a viable sustainability report out then that should help to smooth the way for additional investment from institutional investors.
Looking forward to seeing what their vision for Havieron and for the company generally is.
ATB - Paddy
Well it's the last day of March and here's a quick compare between the start and end of the month on the Sentinel satellite system.
https://twitter.com/paddygall1/status/1509496697352855558?s=20&t=TpohdYW1ROEqJlqUcHEwGQ
It looks to me like there are 2/3 new drill pads that have been prepared to the south of the area where they have been drilling the blind bore vent shaft. These pads were not there on the 11th and were on the 21st - as the 16th was a cloudy day I can't say for sure but they appeared between those 2 dates.
Also they are making good progress on the evaporation pond - I'm hoping this means they are approaching the end of the sandy unconsolidated ground and are about to enter into the first section of aquifer which Bamps might be able to confirm is better tunnelling ground.
You can also see that the ground generally is starting to dry out nicely - hopefully the wet season is behind them now and it's "balls out" for the rest of the year in the run up to the feasibility study.
Loving it chaps - ATB Paddy
I'm pretty sure that I read somewhere that Shaun had confirmed that GGP would continue on releasing interim results between the quarterlies like they did the week before last.
The next NCM results are due on the 28th April so we should see them evening of the 27th which is 4 weeks from tomorrow.
GLA - Paddy
There is a paper which has been prepared on the subject which can be downloaded from the following link for anybody who is interested.
https://papers.acg.uwa.edu.au/p/2063_07_Paredes/
ATB - Paddy
Hi Malva,
Newcrest are also trialling a new system of block cave infrastructure at Cadia (which has been successful in trials up to now) which means there is one level less of underground development needed. They reckon this will save up to 30% in development costs and be up to 30% quicker to achieve.
I'm glad we have the world leader in block cave technology as our partner in what may well be the blueprint for future block-caves and mines, all in a Tier 1 jurisdiction with a hungry 25mtpa mill waiting to be fed.
GLA - Paddy
Hi Malva / Bamps
I agree that the production credits would include the reduction in AISC due to the copper credits but I don't see any problem whatsoever in pointing this out.
The other point to make is that the study is using prices of $1600/oz Au and $3.50/lb Cu so at spot prices the economics of the project becomes even more enticing.
ATB - Paddy
Thanks Bamps,
We also know that the Eastern Breccia contains a completely different chemical signature to the SE Crescent as conformed by SD personally last Monday and he also confirmed that the drilling there had intersected massive sulphides.
We know NCM only concentrate on reporting Gold & Copper as primarily that's what their business is built on but if/when other minerals get to the point where they make a material difference then they will have to report them.
ATB - Paddy
Cheers Bamps - Been ages since I looked at the HAD005 results - what a whopper - nice to see the results of the other metals in that drill-hole too.
Makes sense why GH kept banging on about a multi-commodity bulk mine back in the day.
"Other metals are present in the mineralised system including silver to 211g/t, zinc to 5.9% and lead to 12%"
What did Shaun say in the Sunday Roast podcast about Havieron providing base metal opportunities other than copper!!!!
ATB - Paddy
Even more interestingly he said that there might be the possibility to "fold" Scallywag into the JV and allow the renegotiation of the terms. This is provided that Scallywag turns up something of interest to NCM but the possibility of that occurring could be a massive game-changer going forward too.
As you say Canary - plenty of opportunities and leverage in play here.
I'm not sure that people quite get the significance of your post Bamps.
While GGP will need to demonstrate that they can raise their full allocation of the capex in reality we will never come close to utilising all of that loan. As the SLOS is a top-down operation then we will be producing income and profits as soon as there is ore produced from the very first Vertical Front - look at page 15 in the presentation - https://greatlandgold.com/wp-content/uploads/2022/03/GGP-Investor-Presentation-Mar-22-1.pdf
How much of the loan facility will need to be drawn on before the mine will start to self-fund the continued development? Also about $20m of GGP's share is allocated to a contingency fund which may also never need to be called upon - it's a very enticing prospect and it's easy to see why Shaun is super excited about the next 2-3 years, from a production perspective alone, never mind what more we will reveal will an aggressive drilling program.
It's a no-brainer IMO but please DYOR - Paddy
The brokers are working on an ultimate resource of 11-12Moz being delineated eventually - NCM will be working on the 4.4Moz from the PFS and GGP will be working on the 6.5Moz from the MRE2.
No wonder there is so much angst and confusion. Shaun has it in hand - let's just trust him to do the best job for the company and all shareholders.
ATB - Paddy
TBF - we don't know if that was the case. I think everybody would be shocked at $25m but not really surprised.
NCM were going to negotiate hard with the PFS calcs in hand and GGP has retorted with the MRE2 calcs in hand. Shaun did say that in a JV there should never be a "win / loss" situation so I think they will both negotiate hard but ultimately will come to a settled agreement and we will move on to the next stage.
ATB - Paddy
TBF - I specifically asked SD about the fact that NCM released a statement saying that they had not reviewed the GGP MRE. His comment was "what they didn't say was more important than what they did say"
They have obviously reviewed it over those 3 weeks and if they had found anything to question then they would be duty bound to make than public immediately - the MRE2 was independently reviewed by at least 3 peers and they passed it for publication - I think GGP will be more than able to defend it.
It will be interesting to see what NCM come up with for their MRE when they issue it with the Annual Report in August as it will include all drilling up to the 30th of June.
https://www.newcrest.com/sites/default/files/2022-03/220304_Greatland%20Gold%20releases%20separate%20Havieron%20Mineral%20Resource%20and%20Ore%20Reserve%20estimate%20-%20Market%20Release.pdf
ATB - Paddy
Also - I believe that up to the interim results we had only used roughly $27m of the $50m loan and if the 5% negotiations were to be wrapped up quickly then our share of capex would drop from 30% to 25%.
As the famous shopping advert says - "Every Little Helps"
Yes Canary - he certainly did mention that we would all be shocked at the first figure that NCM put forward but as many people said that was based on 12 month out of date drilling info and that's precisely the reason Shaun built the team he did - to enable him to be a good JV partner and to allow him to be able to position GGP in such a way that NCM wouldn't have it all their own way.
IMO - he could see the writing on the wall with the 5% a long time ago and was never going to be blindsided by NCM in the way that they wished. He inherited the position that we are in and I for one am very happy with the way he has handled himself and the situation.
I think he will have all the various scenarios and outcomes played out and one way or the other he will get the job done IMO.
In fairness Freddie - if he knew that then it wouldn't be a surprise. I'm sure that SD has lots of irons in the fire - I think he siad that part of him would love to get out from under the 5% as soon as possible and for the first time he would be in clear air as regards the pathway ahead BUT he won't do the deal at any old price and will fight to get the best possible deal for the company and it's shareholders.
Sounds to me like a proper upstanding CEO and shareholder.
ATB - Paddy