Member Info for pernickety

Hi Hopefullygold

I agree the 8.6% owned in Antipa is not related to Telfer but when the deal with Newmont is complete to buy it ,we will inherit that 8.6%, or that is how I see it, and we would have top up rights.

On 28/02/20 Newcrest started farming in to Wilki with an initial A$6 million stake.

They then acquired a 9.9% interest in Antipa by buying a further A$3.9 million at 1.7 cents, and, at that time had the right to appoint a member to the board of directors if they did not let the stake fall below the 9.9%.

Newcrest did uphold that stake until late 2023, but then let it lapse as they did not participate in a fund raise at that time and did not top it back up to 9.9% within the stipulated 12 months.

Newcrest also had anti dilution rights if their stake in Antipa did not fall below 7.5%

This right was exercised by Newmont in July 2024 when they bought Antipa shares in a fund raise giving them a stake of 8.6% and this top up rights would still hold good in the future for Greatland.

Sounds expensive to me.

At our current share price the P/E ratio when the deal is complete with Newmont looks as though it would be nearer 4 or 5 times earnings.

As stated in the Aim Admission Document of 10th Sept, page 80 states that the Wilki JV needs consent from Antipa to continue.

If it does go ahead Greatland has A$5.4 million left to spend out of A$16 million, (A$10.6 spent as at 31/03/24 by Newmont) for 51% of the asset by 03/03/25, which may be extended by up to 2 years.

If there is a good find at Wilki, another A$44 million can be spent (optional) to get 75% of the asset, which does seem like a lot of money, but I suppose it would depend on the drill results, again extended by 2 years .

Deal to buy was rest of Havieron and Telfer was agreed around March 24 when gold was US$1850.

Newmont never changed that terms of that agreement when put in motion in September.

Gold is up about 50% since then.

Yes another 5.4 million brings the spend up to 16 million and 51% of the asset.

If they then make a worthwhile find during the drilling it may then be worth pursuing further, if not Greatland will spend its money elsewhere.

Thanks Bamps

Bamps

Do you think the JV with Antipa to farm into Wilki will continue where Newmont had to spend 16 million Australian dollars to acquire 51%.

They have already spent approx 10.6 million with another 5.4 million to spend by 03/03/25 which can be extended by up to 2 years

If wishing Newmont could then spend another another 44 million of JV expenditure to get 75% by 03/03/28, also extendable by up to 2 years.

Would Antipa agree to continue the JV or would they back out in your opinion now that it will be with Greatland.

I think Greatlands shares in Antipa (which is around 8.6%) and taking the current profit on their options is around 10 million Australian dollars from memory.

Sorry 500 thousand ounces.

I was getting a bit carried away amongst millions.

Since the deal to purchase Newmonts 70% of Havieron and 100% of Telfer (now both 100%), we are debt free other than the deferred contingent loan that is still outstanding to Newmont to be paid over 5 years capped at US 50 million in any one year.

The US 52.4 million outstanding JV loan is also repaid.

We now have US dollar 81.8 million of working capital which in Australian would be 121.392 million.

This stockpile at Telfer which Shaun said on the Sunday Roast was approx. 500 million ounces would be worth at todays gold prices, AISC US dollar 1454 per ounce, over US 500 million or 742 million Australian dollars. These are big figures.

With the debt facility of Australian dollars 775 million from the 3 large Australian banks and the rest of Havieron costing approx Australian dollar 650 million to complete there is a clear pathway to being debt free sooner than I thought if they stick to the plan which I am sure they will.

Hope my figures are OK.

News updates will probably start after Telfer has been officially handed over to GGP and Newmonts 20% + of shares has been issued to them.

This is expected to be early November from what I can gather.

I will have to look into this further but from memory the stake in Antipa did not have to fall below 7.5%.

I think when Newcrest farmed into Antipa with their JV and took a stake in the company they had the option of getting a member on the BOD. This never happened but it might be something worth revisiting in the future if it was under the same terms as before with Greatland now being the new owner.

Just a bit like Wyloo, they would not like to miss out on anything.

As Dip posted earlier London based Tembo Capital's relationship with Greatland is to have a London listing.

Looks like they will be part of Greatlands future investing US$ 50 million in the fundraising with rights to participate in future fundraising to maintain its pro rata holding.

We are London listed (AIM) but will be doing a cross listing on the ASX within the next 6 months so we will be listed on both London and in Australia.

I would choose a platform provider that deals in ASX listed stocks that can be held in an ISA as you never know what is further down the road with GGP.

The only thing London is the listing.

I think HL is in process of being taken over for £5.4 billion by a group of private equity investors called CVC capital partners.

A fresh eye on the company might make it better if you are having problems.

I think GGP may have been taken out by Newcrest if Wyloo had not stepped in with the financial support they provided when we needed it the most.

It was an opportunity for themselves as well and I am sure they will do very well out of it.

Andrew Forrest's Wyloo might have greater designs on Greatland in the future as he is mostly involved in iron ore with Fortescue and wish to diversify more into gold and copper.