Member Info for TimberTrader

FYI, Sprott have now published their full list of additions & removals from their JUNIOR Gold Miners ETF on the 23rd March. As you can see we had the highest weighting at 4.8% of the removals (due to our market cap being too high now).

https://sprottetfs.com/media/e4olvert/sgdj-index-rebalance.pdf

As I've stated, we may have missed out on the rebalance for their Gold Miners ETF, but it's quarterly, so the next rebalance is expected to take place after the close of business on the third Friday of June 2026 (19th June 2026) and we MAY be added at that time, but nothing is certain, and it's really just an assumption on my part at this time.

Https://x.com/shaun_day_/status/2041416276577501452

Greatland Resources (GGP) Retained at BUY at Ord Minnett; Price Target: $19.00 (£9.93).

WoW! Almost a £10 PT!

Greatland Resources shares (ASX: GGP) has delivered one of the sharpest rallies on the ASX this month, with today’s high more than 50% above its 23 March low after unveiling a substantial resource upgrade at its Telfer gold-copper operation and new satellite deposits in Western Australia’s Paterson region.

Shares in Greatland Resources closed 4.59% higher at A$13.44 on Tuesday, recapturing the psychologically important A$13 level after meeting resistance around A$13.80 during intraday trading. The shares have added a remarkable 31% over the past five trading sessions alone, propelling the company’s market capitalisation above A$9 billion and marking a decisive break from the subdued sentiment that characterised much of March.

THE BIG DRIVER- TELFER KEEPS ON GIVING

The catalyst behind the move is clear: Greatland announced a major upgrade to the mineral resource at Telfer, its operating gold-copper mine in the Paterson province, alongside the identification of new deposits in the broader Telfer-Havieron corridor.

The upgrade comes at a pivotal moment in Greatland’s evolution. In December 2024, the company completed its acquisition of Newmont’s 70% interest in the high-grade Havieron deposit and 100% of the Telfer mine, consolidating full ownership of both assets and transforming Greatland from a junior explorer into an integrated producer-developer. That transaction, valued at approximately US$475 million including debt facilities, gave Greatland complete exposure to one of Australia’s most prospective gold-copper districts and removed the complexity of joint-venture governance....

https://thebull.com.au/news/greatland-resources-shares-rally-50-in-two-weeks/

NB: ASX has settled at UP 3.97% at A$ 13.36 (£6.98) 4th Highest Riser on ASX 100

UP 5.4% on AIM close on Thursday (£6.622)

GGP UP 4.67% at A$ 13.45 (£7.03) 2nd Highest Riser on ASX 100

UP 6.2% on AIM Close on Thursday (£6.622)

Yet more ramping of Antipa by Seneca!

Wasn't it another, IMHO, Seneca whippersnapper, Ben Richards, who stated on the 4th March 2025...

"Telfer has come to the end of it's life..... Put this in your diary - In the next 6-12 months we think Greatland needs to acquire Antipa to ensure it's long term mine life..."

Wrong!

Https://www.onebirdcagewalk.com/

It has been another busy week for many of Australia's top brokers. This has led to the release of a number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone right now:

Greatland Resources Ltd (ASX: GGP)

According to a note out of Citi, its analysts have upgraded this gold miner's shares to a buy rating with an improved price target of $16.00. The broker made the move following the release of further positive drilling results from Telfer. It highlights that there has been a significant increase in the West Dome open-pit resource, which was better than expected and lifts the mining life beyond consensus estimates. Another positive was a higher than expected grade from its underground resource. Combined with the O'Callaghans deposit, Citi believes the market isn't fully pricing in Greatland Resources' potential. The Greatland Resources share price ended the week at $12.85.

https://www.fool.com.au/2026/04/03/brokers-name-3-asx-shares-to-buy-right-now-3-april-2026/

Https://www.youtube.com/watch?v=YwTGGHaCHAE

Quite rightly it mentions the importance of the copper 'by-product' (Don't forget the copper!), and how it works in the overall dynamics. In line with that I guesstimate the copper revenue in Q3 FY26 to be between 10-12% of revenue, which would be the highest we've had to date, due to the copper price increase this quarter. The average copper revenue/quarter is around 9.25% of total revenue.

Https://discoveryalert.com.au/australian-gold-mining-resource-expansion-2026/

Hi again Bamps! I can't remember if you saw this, which I posted back in November, but it's about a scoping study done for Newcrest by CPC Engineering, and "included the compilation of capital and operating cost estimates." This is only a brief summary though.. I couldn't find the full study, which is probably in our files now.

https://www.cpcengineering.com.au/projects/newcrest-mining-wa-ocallaghans-tungsten-project

Hi Bamps! As you correctly say, it's a wet mine, and, just to add, Newcrest originally looked at the tenement and it's aquifer(s) as an additional source of water supply for Telfer, either standalone, or in conjunction with developing a mine, either themselves, or in a J/V.

Citi analyst Jack Whelan has today upgraded Greatland Resources to BUY today (from Neutral) and set a new price target of A$16.00 (£8.32) from A$15.30.

An interesting piece from Oz resources veteran Tim Treadgold.

Tim wrote the great piece on O'Callaghan's, back in 2012, which I posted yesterday...

https://www.intelligentinvestor.com.au/investment-news/newcrests-hidden-gem/66121

Here's his latest on the gold market, focusing on the, "gold revival as more countries and rich investors reduce exposure to a high risk U.S. and its dollar."

Greatland is mentioned, of course...

"Greatland Gold, up an eye-catching $2.56 (24%) to $12.65 thanks to an updated resource estimate for its Telfer mine and a fresh analysis of the nearby O’Callaghan’s tungsten deposit. CG Capital Markets sees the stock rising to an all-time high of $15.45."

https://resourcesrisingstars.com.au/new-gold-boom-looming-as-taco-trump-rattles-rich-gulf-states/

Summary

- Gold and silver reached all-time inflation-adjusted highs during the fourth quarter of 2025, supported by investor demand for perceived 'haven' assets.

- Copper prices reached multiyear highs above $12,000 per metric ton as industrial demand tied to electrification, green energy buildouts and power grid expansions intensified.

- Effective stock selection in the gold industry and off-index allocations to miners focused on silver and copper topped the pure-play gold miners.

- Many gold-focused miners are likely to report record earnings and free cash flow growth with their upcoming fourth-quarter 2025 financial results.

- Gold producers’ rapidly increasing cash flow, combined with attractive valuations for development-stage miners, leaves us optimistic about further industry consolidation.

"Many of the fund’s positions in smaller, single-asset or exploration/development-phase gold companies exhibited a leveraged response to gold’s 4Q25 price advance. Within the fund’s core gold industry allocation, numerous overweighted or off-benchmark holdings topped the index, including key contributors G Mining Ventures (GMINF), Hycroft Mining Holding (HYMC) (purchased during the period) and Greatland Resources (GRLGF). Strategic underweightings in underperforming large-capitalization gold miners such as Agnico Eagle Mines (AEM) and Gold Fields (GFI) were also helpful, as was the fund’s lack of exposure to Coeur Mining (CDE) and a few other index component stocks that sold off."

Franklin Gold And Precious Metals Fund currently hold 4,645,000 GGP shares, with a current value of £31.35 million.

https://seekingalpha.com/article/4887679-franklin-gold-and-precious-metals-fund-q4-2025-commentary

https://www.franklintempleton.co.uk/our-funds/price-and-performance/products/14447/Z/franklin-gold-and-precious-metals-fund/LU0496367417#overview

FFS what's this all got to do with GGP?

My preference, at the current time (things evolve over the years as we all know!), would be a J/V of some type, possibly with a government agency involvement in part as well, and price floor, as mentioned by Shaun Day. The main point is that I'd like some skin in the game.

JPMorgan UK Small Cap Growth & Income (JUGI) underperformed in the half year to 31 January with a 5.3% underlying investment return lagging the 8.9% rise in the Deutsche Numis Smaller Companies index. Shareholders did a bit better with a 6.8% total return as the share price discount to net asset value narrowed form 9.5% to 8.4%. Top stocks for fund managers Georgina Brittain and Katen Patel included Lion Finance, Plus500, Keller, Applied Nutrition, Serco and Hothschild alongside bids for JTC and Just Group. However, the lack of Greatland Resources and Pan African Resources hurt relative performance as did declines in Warpaint London and Baltic Classified, which were both sold.

https://www.theaic.co.uk/aic/news/industry-news/morning-briefing-saba-doubles-pantheon-international-stake-to-10-sirius-buys