Member Info for pernickety

Newmont have sold Telfer but still still technically own 20.4% of it through their shareholding in Greatland Gold.

They must trust the excellent BOD and Executive Team Greatland have assembled to retain that percentage.

It also keeps them in the know for any future exploration finds within the large acreage of projects Greatland now has in Western Australia.

There has been no feedback from Antipa regarding Greatland continuing the Wilki farm in that was started in Feb 2020 by Newcrest and most recently Newmont.

These 36 Wilki tenements within 50 kilometers of Telfer covering 1428.1 square kilometers will be important to Greatland in the long term, as they were to Newcrest/Newmont for Telfer feed.

Although the deal has been done for Greatland to buy Telfer and 70% of Havieron from Newmont, Antipa is still in a legally binding contract with Newmont for the Wilki farm in. A$10.6 million has been spent by Newcrest/Newmont , with A$5.4 million outstanding (to make up the A$16 million agreement) to gain a JV with the share 51% partner/49% Antipa.

This A$5.4 million has to be spent by Newmont or Greatland (if allowed) by 5th March 25 extendable by 2 years.

The way I see it as things stand Antipa can do no work on the likes of Parklands or any other Wilki tenements unless Newmont gives it up, which I do not think they will, as they now own 20.4% of GGP and have to look after their own shareholder interests.

It is an interesting one shareholders thought Antipa was cashed up when they sold Citadel to RIO for A$17 million in October this year only to for them to raise another A$16 million on 19th December which was unexpected.

What would the extra A$16 million be for ?

It could be to fund the existing farm in or a new JV with Greatland for Wilki, as Antipas market cap. is quite small otherwise, or it could be something else but it we will just have to wait and see.

In saying that it might depend on which platform you are with.

Shares within an ISA cannot be lent out and mine are all within ISA's.

Hopefully it will be a big saving in capital gains tax and future dividends.

Merry Xmas

You can hold ASX listed shares within your UK ISA with the likes of Interactive Investor and AJ Bell, two who spring to mind, but there is FX fees involved on each trade as the shares would be held in Australian Dollars

Having a London listing eliminates these foreign exchange fees.

I think Tembo Capital Management (one of our larger shareholders) based in Jersey with offices in London were guaranteed that a London listing would remain and a cross listing would happen on the ASX.

It would be nice if it was a full listing and not AIM..

Solgold took a full London listing 2 or 3 years ago, moving out of AIM pretty much for the same reason as the stuff that is happening to us just now and lack of regulation.

I agree Jerry they do need to drill to create value.

If the farm in was allowed to continue and another A$5.4 million spent for the JV, they only talk about the JV partner spending another A$44 million (again free carry for them).

Newcrest/Newmont has already spent A$10.6 million on Wilki (free carry for Antipa) and Parklands (still to be proven) and anything in its its surrounds have not been found by Antipa, but the money spent by its farm in partner (most recently Newmont).

It clearly states on the original farm in and JV documentation that after A$16 million is spent and the JV secured there is another option, 51% JV partner and 49% Antipa with ongoing equal spend, but this is never mentioned.

Greatland will obviously be interested in the 36 Wilki tenements that surround Telfer, but with Antipas market cap at around A$120 million, if they do not do something with the drill bit, they will be gobbled up in a couple of years time as Greatland is a producer now.

I was reading a bit on Hot copper about the sand dunes that would be between Minyari Dome and Telfer.

Vehicles have to let their tyres down to negotiate the sandy dunes during the trip. Looks like a bit of serious spend to fix the road.

I think Antipa holds a weak hand here, and they are also a bit heavy on options which is fine to get a bit of money in, but will hold back their market cap. longer term.

Greatland might have something else in mind regarding Wilki as nothing of great consequence has been found to date.

We as a family bought 3 times yesterday and the 2 largest purchases showed as sells.

Definiately something going on here.

The 27.5 million unknown 6 purchases between 11am and 3pm shown after 4.30 are deliberate.

What will happen today

7.65p share price gets GGP to be worth a billion and it is hovering around that price now

Redirons

Ha ha

He will find out soon enough.

They are a long way away from production.

I sold the most of my Solgold shares for GGP some time ago.

IMO Greatland has superior management in one of the best jurisdictions you could get, with a clear path to production.

Leaving Antipa to fund their own is certainly an option.

They may struggle to keep up with any JV.

This was spoken about on Friday and I have been having a look at it.

At this moment in time Wilki is still 100% owned by Antipa and consent is needed for Greatland to continue the farm and secure a Joint Venture.

To date Newcrest/Newmont have spent A$10.6 million on Wilkie (free carry for Antipa) and another A$5.4 million has to be spent by 03/03/2025 which may be extended by up to 2 years by Newmont, (again free carry for Antipa), making it up to A$16 million, for a 51% stake and a Joint Venture with Antipa. (This is classed as the stage 1 earn in).

There is then 2 options after the 51% is secured.

First option is to spend another A$44 million for 75% (free carry for Antipa) only 24% more, but may have been a good enough option for Newcrest if they made a big find and would have to be drilled out anyhow.

Option 2 (as per Antipa RNS of 28/02/20) is to continue the JV 51% Newcrest/49% Antipa with each party liable to contribute pro-rata to the JV expenditure.

If granted this would give GGP access to another 36 tenements within a radius of 50 kilometers to Telfer (with an area of 1428 square kilometers) including Parklands, the most prospective, 10 kilometers north east of Telfer.

In a recent interview Roger Mason (Antipa managing director) did not rule out trucking ore from Minyari Dome as Telfer is running out of ore, and their best prospect Parklands (3kmx1.5km) open pit when drilled out, could be another option.

I personally think Telfer will not run out of ore for quite a number of years now, West Dome Deeps and Main Dome getting drilled out, before Havieron will come on stream 2027.

I do not think Antipa has a very strong hand here, but a good start would be to grant the JV and the A$5.4 million can be spent on drilling out Parklands.

Antipa has already had 10.6 million dollar free carry on Wilki.

Greatland need to spend 5.4 million dollars more for 51% and a J V.

If this JV is not granted, where will they process their Minyari Dome ore. Their market cap. Is not much over 100 million dollars and building a mine at Minyari would be very costly and years away if it was granted.

Telfer could be the processing hub for the Paterson area with spare capacity for all.

From Aim Admission Document 10/09/24 page 63/64

Bank debt letter of support for a A$775 million syndicated debt facility from ANZ, HSBC and ING (together the banks).

Banks are fully supportive and interested in the provision of a Term Debt Facility, a Revolving Credit Facility and a Contingent Instrument facility and associated hedging facilities (together the Havieron Banking Facilities).

Term Debt Facility A$650 million ending 31/12 2032

Revolving Credit facility A$100 million ending 31/12/2030

Contingent Instrument facility A$25 million ends 31/12/2030

Greatland has also executed a legally binding commitment letter on 10/09/2024 (page 72) with the syndicated banks ANZ, HSBC and ING in respect of a Working Capital Revolving Facility of A$75 million ending 30/09/25.

They also have A$123 million of working capital from the fund raise and retail offering.

There will also be a revenue stream starting from Telfer next month (December) with a large ore pile ready to process in the next 15 months (and ongoing) which will also help reduce dependency on debt.

All the above should be more than enough to get Havieron where Greatland wants it to be and into production in 2027.

There are more and more nutters arriving on this board daily.

I have at least 55 of them filtered.

They do not want small buys from personal investors, only sells. Keeping the shares for the big millions share orders from the big boys.

Newmont will be providing support for the first year after acquisition and the tailing facilities are guaranteed (post acquisition) for costs up to A$30 million in the first 9 months which is a comforting read.

Having 20.4% ownership in Greatland will also make a difference.

Hi Bamps

I do not think the Western World has much new supplies of tungsten and it seems to be a crucial but disappearing resource.

It is amongst the world's hardest metals, nice to have in a war. China and Russia have supplies.

I think you are right about extraction being expensive but at sometime in the future, if the price was right it may be worthwhile.

We should ask Shaun that one, I am sure he could shed some light on that Royalty at O'Callaghans.

From Aim Admission Doc. of 10/09 page 81

Under the acquisition agreement a 1.5% net smelter royalty will be payable by Greatland Exploration Pty to Newmont in respect of mineral products extracted from M45/203 (the mining lease on which the O'Callaghan deposit is located).

Looks like this large tungsten deposit could become valuable in the future.