Member Info for TimberTrader

Macquarie have today Upgraded Greatland Resources to Outperform (from Neutral) with Price Target A$14.00

Opening auction on GGP.

GGP has ended UP 11.93% on the ASX today @ A$13.70 (£7.21) - It was the Highest Riser stock on the ASX 100.

It's also UP 10% on the AIM close on Friday (£6.56).

Just to clarify, by 'Ore Reserves' I mean the same as 'Mineral Reserves' ( used in North America as 'Ore Reserves'). We've always published 'Ore Reserve' numbers, or 'Group Ore Reserve' numbers for our reserves. I'm not sure if you meant that, or not, but I just want to avoid any confusion. We published our inaugural 'Ore Reserve Estimate' (Which was for Telfer only) last year on the 15th April 2025.

Here are the O'Callaghan's Ore Reserve numbers from 2020 for Copper, Tungsten, Lead and Zinc contributions:

https://orders.newsfilecorp.com/files/7614/74178_2832d630b4871916_011full.jpg

https://orders.newsfilecorp.com/files/7614/74178_2832d630b4871916_014full.jpg

Hi Dip! As per my post yesterday, Newcrest reported an O'Callaghans Ore Reserve as recently as 2020, which was supported by a Newcrest 2014 PFS that demonstrated a technically and economically viable long life mining operation. The PFS contemplated a long-hole open stoping with paste fill, utilising truck haulage and a standalone 2.0Mpta processing facility and APT plant. I was only thinking that it, may possibly happen, following our O'Callaghan's MRE, so appreciate your input, thanks! Only time will tell I guess.

Hi zoros! I'm hoping that it may be more a Greatland Group Ore Reserve Estimate, rather than solely Telfer. As per my post yesterday, it's possible that we could get O'Callaghan's included this year (see my post for that reasoning). I was hoping that maybe Bamps/others could give their views?

Hopefully gold will now keep above (or well above) USD 4200/oz into next week, maintaining the sp above the £6.50 level. With a good Ore Reserve Estimate, which I'm expecting after the great MRE numbers, we should see a nice further move north. It could come anytime now, maybe even Monday or Tuesday.

I was just thinking about O'Callaghan's and the imminent Group Ore Reserve Estimate (targeted for this month).

Newcrest Mining historically reported an O'Callaghans Ore Reserve as recently as 2020, which was supported by a Newcrest 2014 PFS that demonstrated a technically and economically viable long life mining operation. The PFS contemplated a long-hole open stoping with paste fill, utilising truck haulage and a standalone 2.0Mpta processing facility and APT plant.

We included O'Callaghan's in the recent Group MRE Estimate for the first time on the 30th March.

It'll be interesting to see if it's also included in the Group Ore Reserve Estimate.

Maybe Bamps has a view if he sees this post?

We achieved an average gold price of A$5,277/oz in Q1 FY26 (1st July - 30th September 2025) which generated net revenue of A$476 million (including Copper) and an operating cash flow of A$284 million for the quarter, delivering a closing cash balance of A$750 million (from A$575 million at 30 June 2025), debt free.

We achieved an average gold price of A$6,301/oz in Q2 FY26 (1st October - 31st December 2025) which generated net revenue of A$507 million (including Copper) and an operating cash flow of A$406 million for the quarter, delivering a closing cash balance of A$948 million (from A$750 million at 30 September 2025), debt free.

We achieved an average gold price of A$6,773/oz in Q3 FY26 (1st January - 31st March 2026) which generated net revenue of A$742 million (including Copper) and an operating cash flow of A$453 million for the quarter, delivering a closing cash balance of A$1,208 million (from A$948 million at 31st December 2025), debt free.

As of today, being just over 2 weeks until the end of Q4 FY26, the AVERAGE gold price this quarter is currently A$6,445/oz, so pretty much +/- in the middle of the Q2 & Q3 FY26 gold price numbers. You only have to look at what we achieved in those two quarters, to see that we're still in a very strong position. Add to that the COPPER prices still being at record highs, and it gets even better, for revenue and hopefully our AISC level this quarter too.

Https://www.mallesons.com/au/en/about-us/media-center/mallesons-advises-greatland-on-a500-million-syndicated-debt-facilities.html

Yes, looking a bit better, currently up US$120/oz to US$4170/oz. Should be a lot better for gold miners on the ASX tomorrow, but, as we all know, and, with apologies to Commander Sam Shore, "anything can happen in the next half hour!"

"Northern Star Resources’ under-fire board underestimates the scale of its troubles and must be open to all options, including a full sale, according to the activist hedge fund targeting the embattled gold miner.

Elliott Investment Management said the miner’s board, led by Michael Chaney, “does not understand the magnitude of change required to win back shareholders’ trust”, and that a boardroom revamp was required.

The Florida-based hedge fund said Northern Star’s admission that it had underperformed during a period of booming gold prices validated its decision to agitate for change.

Elliott, run by billionaire Paul Singer, bought a 4 per cent stake in Northern Star worth more than $1 billion, in a campaign to encourage the ASX’s largest Australian-based gold miner to lift its game.

Northern Star’s shares have fallen by one-quarter this year, including a horror month when $17 billion of shareholder value was erased after it revealed the latest in a series of production downgrades.

Managing director Stuart Tonkin will leave the company later this year after being shown the door by the board, with Chaney’s leadership since coming under the spotlight. Meanwhile, rivals such as Evolution Mining, Greatland Resources and Westgold Resources are filling their coffers thanks to historically high gold prices...."

https://www.afr.com/companies/mining/northern-star-activist-investor-steps-up-pressure-for-major-changes-20260611-p605rt

Remember 'Coffee with Samso' interviews with CallumBaxter & Shaun Day....

Aventine Resources Gears up for IPO

Samso Independent Research Media House

"...08 / The Greatland Factor

The Greatland relationship is the most distinctive feature of this float, and like any cornerstone arrangement it is part validation, part transaction, part overhang.

Greatland Resources is not a passive name on the register. It owns and operates Telfer (3.2Moz Au) and Havieron (4.1Moz Au) — the two assets that define the modern Paterson Province. It is vending a large slice of Aventine’s tenure (the Paterson and Panorama ground, alongside a Rio Tinto JV interest), taking equity as part-consideration, becoming the company’s largest single shareholder at ~11%, and appointing a nominee director after listing.

The bull reading is straightforward: the dominant operator in the district has looked at this ground, decided it is worth exploring but not worth holding inside its own portfolio, and chosen to back a focused vehicle to do the work — while keeping a seat at the table and equity upside. A Paterson Province specialist seeding a Paterson Province explorer is a meaningful signal.

The bear reading is the mirror image, and it’s the same pattern you see whenever a major divests ground to an explorer: Greatland is offloading non-core, pre-resource tenure it chose to deprioritise behind Telfer and Havieron. The ground is early-stage, and Greatland’s continued involvement does not guarantee a discovery — it guarantees a knowledgeable, aligned shareholder. West Wits Mining, the Mt Cecelia vendor, sits alongside Greatland with ~6–7% and a deferred interest tied to a future resource. Both holdings are validation and, in time, potential supply...."

https://www.samso.com.au/post/unpacking-the-aventine-resources-ipo

"GGP was proud to support Martu Community members in the annual Western Desert Shield in Telfer, WA.

Welcoming approximately 50 Martu men, women, and youth, we are proud to support meaningful initiatives and partnerships in collaboration with Martu communities."

https://x.com/Greatland_GGP/status/2062790413812162599

https://x.com/shaun_day_

https://pbs.twimg.com/media/HKCA1cdbUAAlD5p?format=jpg&name=large

https://pbs.twimg.com/media/HKCA8a4asAAbYYK?format=jpg&name=medium

https://pbs.twimg.com/media/HKCA66NaEAAkoP3?format=jpg&name=large

https://pbs.twimg.com/media/HKCA71RbEAAzDcQ?format=jpg&name=large

Northern Star Takeover Rumours and ASX Gold M&A in 2026

Discovery Alert

https://discoveryalert.com.au/northern-star-takeover-rumours-asx-gold-ma-2026-analysis/

Telfer is one of those mines that explains why old assets shouldn't be written off too quickly.

Sitting in Western Australia’s Paterson Province, about 1,300 km northeast of Perth, the mine has been producing gold since 1977. Across nearly five decades, it has delivered more than 15 million ounces of gold, along with copper, making it one of the most important long-running gold-copper operations in the country.

Its value today isn't just in what remains underground.

Telfer also carries major processing infrastructure in a remote region where building a new plant from scratch would cost enormous money and years of approvals. Greatland’s acquisition from Newmont in December 2024 changed the story. Instead of being treated as a mature mine nearing the back end of its life, Telfer became the operating base for a wider Paterson gold-copper plan.

That is where Havieron comes in.

Located about 45 km away, Havieron can potentially feed into Telfer’s existing plant, turning old infrastructure into the key to a new mining district. Greatland’s first Telfer resource estimate added 3.2 million ounces of gold and 117,000 tonnes of copper, confirming there is still serious life in the system.

For Western Australia, Telfer is more than a historic producer.

It supports jobs, contracting work, logistics, exploration and regional investment in one of the country’s most isolated mining areas. It also proves a simple point often forgotten in mining: sometimes the most strategic asset isn't the newest discovery.

Sometimes it's the plant, the roads, the workforce and the mine that already survived almost 50 years.

https://www.facebook.com/miningshorts/posts/telfer-is-one-of-those-mines-that-explains-why-old-assets-shouldnt-be-written-of/989553834041355/

Northern Star (ASX:NST) Is in Play: 3 ASX Gold Stocks That Could Be Taken Over Next

Stocks Down Under

....3 ASX Gold Stocks That Could Be Next

Bellevue Gold (ASX:BGL)

Bellevue is the easiest target to picture. It owns one of the highest-grade gold mines in the world, yet its shares more than halved after a run of operational problems. The company is now fixing itself just as the stock trades cheaply. For a bigger miner that needs more gold, that’s a textbook deal. The catch: Bellevue is still finding its feet financially, so a drop in the gold price would sting.

Genesis Minerals (ASX:GMD)

Genesis is the wildcard; it could be bought, or it could be the buyer. It controls a tight cluster of mines in Western Australia and is already snapping up smaller players. That scale makes it attractive to a major, but it’s just as likely to do the acquiring itself. Either way, it’s a name to watch.

Greatland Resources (ASX:GGP)

Greatland is the cashed-up hunter and a proven consolidator. Backed heavily by billionaire Andrew Forrest’s Wyloo, now its largest shareholder with more than 18%, it has consolidated 100% ownership of the Telfer mine and the high-grade Havieron project by buying out Newmont’s remaining interests. It looks more likely to be a buyer than a target, and that’s the point. A well-funded player that has just digested one of the year’s biggest gold consolidations is exactly the kind of company that turns rumours into real deals....

https://stocksdownunder.com/northern-star-3-asx-gold-stock-taken-over/

Gold Digger: Could US rate hikes be the right tonic to lift gold?

Stockhead

Are we in a different world from past 'normal' experience?

https://stockhead.com.au/resources/gold-digger-could-us-rate-hikes-be-the-right-tonic-to-lift-gold/

Investor video with MD Benjamin Dunn, including explaining the connection with Greatland, the team & tenements...

https://www.youtube.com/watch?v=UVz4h38IDBw&t=178s