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Where has the $800m come from as that was not the capex that was discussed at all in the presentation although there were questions from one of the analysts that tried to pin them on Telfer capex spend and must admit it was not well answered by GGP mgmt team.

Best you can hope for is £3 to £3.50 range and that is with gold staying at these levels and the quarterly result for 3rd quarter hitting the actual targets set and not low balling or going under like they did in Q2

Hi monochrome i actually dont think the FS will drive the price in the short term in my opinion. It is all about Telfer and you can see from the analysts questions which was no surprise to me as been in that position many years ago that the focus is on the 1-2 year horizon and where the cash and profits are coming from. The being overly bullish on the 2026 results which resulted in the downgrade has now seen the mgmt team go the other way in my opinion and too conservative based on the lack of discussion on grades and outputs a from drilling on Telfer! They need to find the middle ground and i think next weeks first conference and the chance for SD to discuss more about Telfer and the potential uplift from current drilling results should be the game plan from here. I am also glad no mention of EG as that is pie in the sky stuff with multi billion dollar development which would be 10-15 years away and to be honest i am a little surprised they are evening wasting any money on that part of WA at the moment when the main prize/prizes is the patterson region!

Sage the drilling results and MRE which are not due until next year are key for Telfer and the current SP. I think many of us were expecting that we would get some indication on Telfer and the extension in the quarterly and were disappointed as not only did that not come but they seemed to completely gloss over the drill results and the potential opportunity that those results were showing. I am not sure why they did that or whether it was an error in judgement but i think they will get there act together next time as yes you are correct not alot has changed from what is in the ground and what we know but the output has diminished and why the SP took a hammering!

Why would you pay out £1m for what??? Dont quite get the agreement with Hargreave Services!!

Horizon - thanks for this and interesting and not surprisingly 3 our of 4 downgraded the target price so now up to the company and SD to re sell the story and what is to come.

I do think that Seplat needs to get on the front foot with selling the story as the numbers have this at a £5+ target price but the market does not seem to know or understand what assets this company has bought and has as free cashflow over the next 2 years will explode and the dividend i would suggest will head towards 10% yield.

I just wonder what peoples thoughts are on where this is going next and whether we will see substantially lower prices even with gold holding above 3300 an oz?

The problem was the delivery of the message by SD and his cohorts. they glossed over the grades slides which is what people would have wanted to hear about Telfer and then very rarely answered directly the questions that the analysts asked of them and it came across like they were hiding things! It was not a polished performance and i hope this is a wake up call to SD and the team when in front of many institutions and investors to sharpen the game!

Many of us on here have stated the same - not interested in Haverion as what is making the money and what the analysts want to know is can it continue to make money and that is TELFER

Thanks Bamps for your take and your absolutely right the message delivered was poor when there was good news in the details and thank you also for explaining the lower output as i am not sure i saw that written anywhere that the cyclone cost them ozs as such in the qtr. I am not sure if they have a IR/PR company in Perth but if they do not then they need one as the main thing they do pre any events like today is prep the CEO and CFO/COO on the delivery to the market.

Great post chuffchuff. Eloquently put!

Based on todays announcement next news is Q3 results. Still not sure whether to cut losses or hold at the moment as have re-read the quarterly a few times and not alot to be getting excited about in the short term!. Telfer ore estimates not until 2026 q1/q2. Head grades dropped alongside the production estimates with no RNS stating that in June which they should have so that is a negative against mgmt! Just did not feel they were on top of it after the stonking start from Dec 24 to Mar 25!. The ohly positive for now is that gold price remains high and they are still producing and a positive cashflow!

Sadly agree the presentation and the actual report are nothing to be excited about at all but just highlighted the risk on the one trick pony of Telfer with nothing substantial being stated about its actual life mine extension other than theory! The fact that they would have known by end of May they were not hitting production is the reason the SP has stayed where it is in my opinion as people would have known! At least we know we do have a leaky ship and that is why we had no spike over the past week in the SP as poor quarterly.

The one thing that they needed to do and they failed on and that is the quarterly production target and that is why the share downgrade which then puts into question for large investors has Telfer got the years in it to get to Haverion. Without that also being supported we are going nowhere share price wise and i hope i am wrong but can see this going lower! Was also surprised by the cash balance as well as thought it would have been well over 600m!

Kent man - have thought the same as well. Unless some left field upside positive news outside of what is expected can see a sell off. Personally will hold but the fact no buying either means a tight ship OR not so great news!

There is no such thing as ASX MMs as when you but stock as a PI you do direct with exchange and the trading platform - i have used comsec for years in australia and with this you can see the buy and sell depth for the market in totality unlike the UK for the average PI

Thanks MH for this and a statement in this note just solidified my view as to why the price is at 3.30 odd and not alot higher.:

"We have also observed an early strong improvement in operational performance of Telfer under GGP"

We need some runs on the board and not just one quarters results and the second quarter results will all being well solidify Q1 and help move GGP to next price range where we will trade until more information on FS of Haverion and drill results of various leases come to light and are released to market. ALL just my opinion but the current and future projected free cashflow and the current SP do not marry up at all!

Question - do the instos buy the stock on the uk exchange and are then able to sell on the oz exchange? Just would like to know how the transfer of stock occurs on the dual listing?

Any idea why the sudden surge today?