RE: Anybody read it and made sence of it?23 Feb 2026 01:14
On even the most conservative level, it is hugely impressive reading.
Here's the Hav base case on its own (we know there's years in Telfer left!!!!!!!!!!!!)
Physicals and Costs:
- Base case is a ‘Havieron Standalone’ conservative operating cost model that assumes no extension of
current Telfer mine life, processing only Havieron ore through Telfer mill
- Life-of-Mine Plan (Production Target):
50.3Mt mined at 2.52g/t Au & 0.30% Cu, for 4.1Moz gold and 153kt copper contained
First gold expected ~2.5 years from final investment decision (FID), to be taken following receipt of
requisite environmental approvals targeted in FY26
Pre-production capital expenditure of $1,065 million (including 11% contingency and 3.5% growth
allowance)
Post-production expansion capital expenditure of $673 million largely self-funded from Havieron cash
flows
Initial mine life of 17 years total life of mine (LOM) including initial nine-year steady state
- Steady state average annual production target of 266koz gold and 9.6kt copper, at an AISC of $1,610/oz
- Updated Ore Reserve of 38.5Mt at 2.63g/t Au & 0.33% Cu, for 3.3Moz gold and 128kt copper
Increase of 55% tonnage and 36% contained metal from previous estimates
Based on conservative metal pricing of A$2,500/oz gold and A$10,141/t copper
Havieron is Australia’s third largest underground gold Ore Reserve
I think the Oz market may now infer there will be no gap; in fact Telfer has plenty of years in it provable soon which will more than dovetail with Hav (has anyone seen the new concreted entrance?)
I think shenanigans do go on.
Us PIs can do nothing about it. However sometimes we do not suffer from them - Black Rock's recent increase (howsoever dressed up as across their multi-multi investment arms)?
With these figures, it would be very difficult to take non-inclusion in GDX and ASX100. I believe that means the need to buy c30m+ shares (pretty sure that's worth the BR trade on its own?)
If I was BR, would take the profit now. Then a big sell-off means our SP might dip - even if POG rises - then they'll buy back in. Rinse. Repeat. Ignore (unless you want a holiday)
I am not btw a BR desk trader. No advice.
Just checked the Oz price: as I write - $13.51 (NB GBP v AUS slipped from £1=$2AUD, to £1 = $1.52AUD FYI)
That's nearly 4%up!
n'night