Member Info for TimberTrader

As stated numerous times by Gervaise & Shaun, "Don't forget the copper"...Although we're not specifically mentioned here, the picture continues to be very positive for us....

KEY POINTS

- Copper prices are surging towards record highs, with J.P. Morgan forecasting a peak of USD $12,500/mt by Q2 2026 from ongoing and concerning deficit.

- Unprecedented demand from AI data centres and energy transition is clashing with severe mine supply disruptions and a historic lack of new tier-one discoveries.

- ASX Small Caps with quality copper assets could still offer strategic value, with leveraged exposure to a tightening global market.

https://smallcaps.com.au/article/where-are-the-new-copper-discoveries-deficit-remains-small-caps-to-benefit

NB: Currently, as part of our risk management, we have a continued strategy of downside gold price protection, via put options, while retaining full upside exposure, of 225,004oz Gold from January 2026 to June 2027, at a weighted average strike $4,500/oz.

Https://stockhead.com.au/resources/gold-digger-are-hedges-bad-its-not-that-simple-stupid/

It was at A$13.50. I'm just guessing that it was some form of transfer from ASX to AIM, but purely a guess.

Https://www.linkedin.com/posts/davidmichaelau_proud-to-be-leading-a-delegation-of-critical-activity-7432703496031993856-zmWQ

I'm only regurgitating this old thread in light of the news today of another upcoming visit by Australian critical minerals companies to the USA & Canada, so that anyone who wishes can look back over the many comments can do so, but more especially about the Tungsten at O'Callaghan's.

"Mines and Petroleum Minister David Michael will lead a delegation of up to 16 critical minerals companies to Canada and the United States to strengthen Western Australia's strategic partnerships and highlight the State's battery, critical minerals, and energy sectors"

"As part of the mission, Minister Michael will attend the Prospectors and Developers Association of Canada (PDAC) 2026 Convention in Toronto from 1-4 March.

PDAC is the world's premier mining and exploration event, attracting up to 30,000 attendees from more than 130 countries each year.

The visit will reaffirm Western Australia's long-standing relationships with Canada and the US, two of the world's most advanced resources and manufacturing economies.

The mission comes at a time of deepening commercial engagement with North America."

https://www.wa.gov.au/government/media-statements/Cook%20Labor%20Government/Critical-minerals,-energy-partnerships-a-focus-in-trade-mission-20260225

Just as a reminder, Shaun Day recently stated at the Town Hall webinar:

SD: "Well, maybe not a stake in Greatland, but there's ways where they could potentially take a stake in the the tungsten or O’Callaghans deposit, but potentially I think of the potential for offtakes with high quality government you know, Department of Defense or someone else, I think that's very attractive. So, look, we're we're seeking to, and to some extent have got O’Callaghan's on the radar for that. - And you know, we're we're excited about where those discussions and we we actually think the the approach by Western governments of creating that underwritten price, so the price count being manipulated by China, a price floor, I think is a really sensible way for the market to decide what are the high quality assets in that space."

Thanks for the input Bamps. There's a lot going on in the area as a whole and who know's what will develop on the Telfer 'Hub & Spoke' strategy over the next few years. Many people forget that it's not just the Telfer production looking at life of mine, but what may well come from elsewhere too, either our own 100% and/or JV. Thanks for the heads up on the Telfer pic too. TT

I appreciate it's only rock chip samples they've gone through, but nevertheless it's positive for the prospect...

https://company-announcements.afr.com/asx/rcr/9ca1a84f-12ad-11f1-93be-ca053092a4d5.pdf

As a reminder, Greatland Resources entered into a multi-stage farm-in and joint venture agreement with Rincon Resources Ltd covering a large portion of Rincon’s Telfer South tenure 30 KM south of Telfer.

Under the agreement, Greatland can earn an initial 51% interest by funding A$2 million of exploration over 36 months, including a minimum commitment of A$300,000 in the first year. Once this stage is completed, a joint venture will be formed on a 51% Greatland and 49% Rincon basis. Greatland can then lift its stake to 70% by sole-funding a further A$2 million of JV expenditure within the following 36 months, and ultimately increase its interest to 75% by funding through to a decision to mine. If a mining decision is made and Rincon retains a JV interest, any ore produced from the JV area would be toll-processed through Telfer under a toll-treatment arrangement. Rincon would either contribute its pro-rata share of funding or dilute, with its interest converting to a 1% net smelter royalty if diluted below 10%. Greatland manage exploration across the joint venture area.

You can register for the Diageo Webcast presented by Sir Dave Lewis, Chief Executive and Nik Jhangiani, Chief Financial Officer, which starts at 07:05 am this morning, here:

https://www.diageo.com/en/investors

Canaccord Genuity have raised their GGP Target Price by 10% from A$13.25 (2/2/26) to A$14.60.

Thanks for the insight Bamps. I was hoping you might comment on one or more of the pics. I'm so sad I just set up the Telfer view as my new PC wallpaper! Ha!

Great view of Telfer by Jacob...

https://media.licdn.com/dms/image/v2/D5622AQGaDEtDQidLkg/feedshare-shrink_800/B56ZyM1R5cKUAk-/0/1771889306599?e=2147483647&v=beta&t=t2bcPHaGvT6M1KGivLX6Ae9KTsbF4XFNMMMFYlCjUdM

Https://www.linkedin.com/posts/jacob-iannantuoni_over-the-past-12-weeks-i-have-had-the-privilege-activity-7431842429101793280-QGJU?utm_source=share&utm_medium=member_ios&rcm=ACoAAAxE6B4BDheYtlnWjOcCoWNWoibz6hQZy7I

Good to see us taking on some summer interns to experience the mining life...

"Greatland’s vacation students gained hands-on experience at Telfer across Engineering, Metallurgy, Surveying & Geology. They contributed to real work, received mentoring and got an honest view of site life. Thanks to General Manager Mark Benson and the Telfer team!"

https://x.com/Greatland_GGP/status/2026141728261235157

https://pbs.twimg.com/media/HB49xc4bMAA-fw1?format=jpg&name=small

Quite a long read, but they conclude....

"Gold has had a stunning rally, rising 65% in 2025 alone. Driving this rally are a multitude of factors: continued buying by central banks, rising geopolitical uncertainty, and a push to de-dollarize following the freezing of Russia’s assets in the West. Meanwhile, the long timelines to go from discovery to operation mean miners have yet to respond with meaningful production increases.

These factors drove the gold price higher in 2025, and I anticipate this to continue in 2026. While I believe it unlikely for another 65% rally, a rebound to record highs of $5,500/oz, or a push to $6,000/oz remains a strong possibility.

Gold miners, as leveraged plays on the underlying gold price, stand to benefit disproportionately from this environment. Miners are generating record free cash flow, strengthening balance sheets, and returning capital to shareholders through dividends and buybacks.

Despite gold's rally, miners continue trading at valuations based on much lower than spot gold prices, a valuation gap that should close if this gold price persists. A diversified basket provided by a gold mining ETF provides exposure to this structural upside while helping to mitigate single-asset risk.

With their broad exposure to gold miners and my long-term bullishness on gold, I continue to believe that gold miner ETFs and the precious metal itself are a “buy”."

https://seekingalpha.com/article/4873697-gold-and-its-miners-the-structural-bull-market-isn-t-over

Retained at buy at Argonaut Securities; Price Target: A$16.00 from A$15.10

Retained at overweight at Barrenjoey; Price Target: A$18.50

Retained at buy at Citi; Price Target: A$16.00

Retained at underweight at Jarden; Price Target:A$5.60 from A$5.50

Retained at neutral at Macquarie; Price Target: A$13.20

Downgraded to sell from hold at Moelis Australia; Price Target: A$10.10 from A$11.30

Retained at sector perform at RBC Capital Markets; Price Target: A$11.70

"Garbage in garbage out"! I cringe every time someone posts from Simply Wall St.

This is exactly why it's often pointless taking any notice of all, or largely, AI generated output. It looks at the likes of financial figures, with zero, or little input of what's actually been been happening to a company in terms of the likes of it's financial/physical structure timeline.

Https://discoveryalert.com.au/modern-mining-investment-economics-2026/

Https://www.cnbc.com/video/2026/02/23/gold-and-copper-the-ultimate-hedge-for-tariffs-greatland-resources.html

"Net revenue of $977.3m benefited from full upside exposure to strong commodity prices. Sales for the period comprised 154,411 ounces of gold at an average gold price of $5,756/oz, and 6,578 tonnes of copper at $13,606 per tonne."

Current average gold price for this quarter (Q3 FY26) so far approx. A$7,075/oz.