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https://polaris.brighterir.com/public/greatland_gold/news/rns/story/w1je54w

Hi Dip, I agree! This will always happen when shareholders (maybe rightly?) just get the basics of any agreement, and not the minutae. There may well be statements made at the time of the J/V that were published about the first right options, but I couldn't find any myself. That doesn't mean that they aren't out there, and I'd be interested to see any link available.

What I do know, is that in the RNS at the time, in the Greatland Gold/Newcrest Mining JVA T&C's it's stated that, "Following the delivery of a Feasibility Study, the Management Committee will meet to consider a Decision to Mine. A unanimous vote by the Management Committee is required to approve a Decision to Mine. If a Decision to Mine is not approved by a unanimous vote, then the party who voted in favour shall have an option to purchase the non-approving party's interest at fair market value."

I appreciate that that doesn't cover all eventualities, but, my view remains that we're highly likely to be protected, to a great degree, in having a first option of some form throughout the J/V in the JVA. It would, IMHO, be very unusual if we weren't.

31st January 2018 @ 0.69p

OK, my take on this whole Right of First Refusal issue being discussed on different threads...I'm no expert, but have a limited commercial law understanding.

Firstly, I have not seen it specifically stated anywhere in the documentation I've seen about the Right of First Refusal (ROFR), or Right of First Offer (ROFO) in the Havieron Greatland Gold/Newcrest Mining JVA. I'd really welcome anyone showing this to us if you've seen it.

HOWEVER, it is absolutely normal practice in any JVA to have either a ROFR (the seller must first agree terms with a third-party purchaser, and then give the remaining party the opportunity to buy the shares on the same terms) or ROFO (the selling party must approach the remaining party before seeking to sell to a third party) in the T&C's, so I'd be very surprised if it wasn't in the Greatland Gold/Newcrest Mining JVA.

What is stated though, in the RNS at the time, in the Greatland Gold/Newcrest Mining JVA T&C's is that, "Following the delivery of a Feasibility Study, the Management Committee will meet to consider a Decision to Mine. A unanimous vote by the Management Committee is required to approve a Decision to Mine. If a Decision to Mine is not approved by a unanimous vote, then the party who voted in favour shall have an option to purchase the non-approving party's interest at fair market value."

So, overall, either before any decision to mine, or not, or subsequently, there is almost certainly, IMHO, a ROFR or ROFO option available to both party's in the JVA.

Many thanks Adrian! Another interesting take on a situation with many possible outcomes.

Whatever it dropped, it'll be up the same percentage at open tomorrow! Has always been thus!

It's just one persons viewpoint, nothing more, and quite frankly it's clear that he's not up to date on the situation at Havieron. As you state, I don't remember anyone saying that we'd be in production this summer? What's that all about?

Yes, obviously the 2021 study is out of date, but he doesn't even mention the increased probability of a secondary mining front opening up around the eastern breccia on more of a block mining basis. As Shaun Day stated a few weeks ago, "We're so excited about that Eastern Breccia. It's growing hugely. It's a multiple of what it was 12 months ago. But not only has it grown in size, but it's probably doubled in grade. And that makes it a really attractive mining area."

No mention of that by Mr Cornford, who only mentions, "the additional, deeper, gold being found"

Unless anyone of these so called 'analysts' can actually prove that they're really up to date on what's happening, quite frankly, I have no time for them and their views.

IMHO, at this stage in the life of Greatland Gold, you can't be sure about anything. There are now an increasing myriad of issues that any investor, either P/I, or institutional, or fund, have to grapple with. It's highly complicated, and probably will be even more so over the next months, maybe years, and that clearly comes with risk!

That all said, I personally believe that Shaun Day is currently the best possible person that we have as MD now, together with an amazing, high profile, well connected team, not just financial, but also in the geology, and business advancement & development side, to take us a lot further.

Maybe that's not what some investors want, but, of course, that's fine. We all have our own investment strategies and choices, which often change over our lives.

My choice, at this time, is to let Shaun Day and his team do what they feel is best. OK, it may be wrong, but, right now I have 100% faith in them going forwards!

DYOR

@ Culpepper
I accept a lot of what you say, especially about the team that's been built up over the past year. It's, quite frankly, amazing, and, IMHO, clearly not formed to just to sit around and do nothing. Also, at the same time, to my knowledge, nobody has even suggested that Greatland Gold could go it alone, far from it, and that's the point!

Indeed!! I should have scanned further Paddy! LOL!

A reminder...Shaun Day isn't here to 'lifestyle'...

"There are several listed peers to Greatland, i.e. companies hosting meaningful participating minorities in ‘best of the best’ Tier 1 assets. Even though these minorities typically trade at a premium to 100%-owner peers given the ‘free ride’ on the operating team, not to mention the high margins / long life of Tier 1 assets, the temptation is to lifestyle. By this we mean simply ‘do nothing’, enjoy life, and spend a little bit of money on 100%-owned exploration, and/or acquiring other minorities because effectively being a fund manager is easier than building a mining company. CEO Shaun Day, who was with Northern Star from 100koz pa to >800koz pa (with concurrent 914% equity return over 5Y), isn’t here to lifestyle, but to build a new group off the back of Havieron FCF, and strong ex Northern Star network. Put simply, we see today’s appointments as verifying, and validating, just that, as evidenced by new NED Elizabeth Gaines’ comments regarding Greatland being in a ‘formative stage with the opportunity to build a leading gold-copper producer’ – we couldn’t agree more."

https://sprott.com/media/5677/220912-ggp-scp-appointments.pdf

IMHO, a lot of people are now, finally, joining the dots together, and there are an increasing number of dots too!

As I mentioned yesterday, of course, only time will tell, but, one way or another, I see a Greatland Gold/Telfer/Havieron/Wyloo/Forrest combo of some form.

DYOR & GLA

Having mulled this over for some time, my personal opinion is that whatever happens with Newmont and/or another, we'll end up, one way or another, with 100% of Havieron and Telfer.

Of course, only time will tell, but we now have some very heavy hitters onboard, in both the Greatland Gold team, and investor, together with some of the biggest connections in the industry, and a Managing Director with big intentions.

The other important point is that the gold is still there and, pretty much every drill hole is finding yet more!

“Of all the senior gold companies, Newcrest’s growth project pipeline is as good as any...”

Newcrest owns the Cadia and Telfer gold mines in NSW and WA, respectively, a share of the emerging Havieron gold project in WA, as well as international operations, the Brucejack and Red Chris gold operations in Canada and the Lihir gold operation in Papua New Guinea.

https://www.australianresourcesandinvestment.com.au/2023/02/08/will-there-be-a-rival-bid-for-newcrest/

FYI 10:00 HRS AEDT on Thusday 16th February is 23:00 HRS GMT on Wednesday 15th February.

Thanks Liam! It was another great interview.

If you don't mind me saying, IMHO it's your 'relaxed' interviewing style, and knowledge of the subject matter, that immediately puts your guests at ease, which, in turn, I think, brings down their natural defences, and probably prompts them to say a little bit more than they maybe would normally.

Keep it up and looking forwards to the next one! TT

Indeed! Some very valuable financial media & PR exposure for Greatland Gold yesterday, and today, for sure!

Many thanks Dip! One of the recent best one's for sure! TT

Of course it may not come off at all, but, even if it didn't there is a very high chance. IMHO, that Havieron (70%) at will be sold off by Newcrest, with probably Telfer as well.