Member Info for TimberTrader

I vaguely remember seeing something about that, but I doubt it was 3 weeks. Maybe that was the contract period? Even if it was, a maintenance shutdown would rarely involve the whole operation. To be honest, I'd be interested to hear from anyone who knows for sure, rather than a job advert from a third party. If I'm proved wrong, so be it.

What's amazing is that we're now almost half way through Q2 FY26 and just look at the gold price...

We achieved an average A$5,277/oz in Q1 FY26

The Gold price, so far in Q2 FY26, hasn't dropped below the A$5,880/oz it was on 2nd October

The Gold price, so far in Q2 FY26, has hit a high of A$6,765/oz

The Gold price today is +/- A$6,300/oz

And don't forget the Copper!

Now, if that isn't looking fantastic for Q2 FY26, I don't know what is! OK, I accept there's another just over 6 weeks to go, but hey! We started Q3 FY25 with a Gold price of just A$4,250/oz, and look at the Free Cash Flow we had in that quarter!

AUSTRALIAN GOLD SECTOR: Q1 FY26 WRAP-UP

Shaw & Partners

I don't subscribe, so I don't have the specific Greatland Resources research, but I have added our own figures for comparison.....

The gold price experienced a robust surge to start FY26, driven by a strong confluence of macroeconomic and geopolitical factors. After starting July above US$3,300/oz, the price remained relatively range-bound throughout much of July and August before gaining significant momentum in September. The primary catalysts for this upward trend were heightened expectations for further U.S. Federal Reserve interest rate cuts with ongoing geopolitical tensions and sustained central bank purchases for reserve diversification providing a firm demand floor. The rally accelerated dramatically toward the end of the quarter, reaching a quarterly high of approximately ~US$3,858/oz by September 30th, capping one of the strongest months for the metal in years.

Whilst ASX listed gold producers experienced an increased average realised price of A$5,032/oz (+A$167/oz) QoQ, the average AISC increased by A$275/oz (A$2,569/oz) resulting in a decrease in margins to A$2,463/oz. Average Cashbuild also decreased QoQ to A$51M in line with decreasing margins. We expect margins to increase through FY26 as many producers have second half weighted production forecasts.

HIGHLIGHTS

Analysis was completed on +50Kozpa predominantly Australian gold producers, these companies include: Northern Star Resources, Evolution Mining, Genesis Minerals, Ramelius Resources, Greatland Gold, Capricorn Metals, Regis Resources, Vault Minerals, Westgold Resources, Pantoro, Bellevue Gold, Ora Banda Mining, Catalyst Metals, Black Cat Syndicate and Alkane Resources.

PRODUCTION (Koz)

Most: Northern Star Resources – 383Koz

(GREATLAND RESOURCES - 80.890Koz)

ALL-IN SUSTAINING COST - AISC (A$/oz)

Lowest: Capricorn Metals – A$1,625/oz

Average: A$2,569/oz

(GREATLAND RESOURCES - A$2,155/oz)

REALISED PRICE (A$/oz)

Highest: Regis Resources – A$5,405/oz

Average: A$5,032/oz

(GREATLAND RESOURCES - A$5,277/oz)

https://www.listcorp.com/publisher/shaw-and-partners/australian-gold-sector-q1-fy26-wrap-up-3274613.html

Thank you Shaun!

Remembrance Day ceremony.

Lest we forget

https://x.com/shaun_day_/status/1988198666956665267

https://pbs.twimg.com/media/G5eAIu2aoAIgmB-?format=jpg&name=large

https://pbs.twimg.com/media/G5eAIu7bcAEA3hd?format=jpg&name=large

Have they had the same menu since they opened too?

One maybe for Bamps....You learn something new every day! Well maybe!

Apparently, Chalcocite is a copper sulfide mineral with the chemical formula \(Cu_{2}S\) that serves as an important ore of copper. It is typically dark gray to black, has a metallic luster, and is brittle, though it can sometimes form distinct crystals. It is found in supergene zones of copper deposits, often alongside other copper minerals. Chalcocite specimens are found in both the Tsumeb Mine in Namibia and the Telfer Mine in Western Australia. These are two distinct and geographically separate locations, both known for producing significant mineral specimens, including chalcocite (a valuable copper sulfide ore)....

https://www.bluegems.com.au/shop/minerals-jewellery-gems/chalcosite-telfer-mine/?srsltid=AfmBOorJ5vunbxeedYoYyg8m6sFPcMicJ3jG-FV8muhuGQKPcw93hKmf

https://www.instagram.com/reel/DADflqzyp8s/?hl=en

Just a reminder that the Greatland Resources AGM is this THURSDAY, 13TH NOVEMBER.

The 2025 Annual General Meeting (Meeting) of Greatland Resources Limited (Greatland or Company), which will be held at 3.00pm AWST on Thursday, 13 November 2025 at the Perth Convention and Exhibition Centre, Level 2, Meeting Room 8, 12 Mounts Bay Road, Perth, Western Australia.

3.00 PM AWST = 7.00 AM UK GMT THURSDAY, 13TH NOVEMBER

The Notice of Meeting can be viewed and downloaded at:

https://www.greatland.com.au/investors/shareholder-meetings/

Shareholders that are not able to attend the Meeting in person will be able to watch, and listen to, a live webcast of the Meeting. Shareholders wishing to watch the Meeting webcast should register online via this link:

https://loghic.eventsair.com/208842/513124/Site/Register

https://app.sharelinktechnologies.com/announcement-preview/asx/ac1e62ef4e8d3168900f58fc3cf89def

IMHO, we have an interesting similarity today in both AIM & ASX, where there's now likely to be some resistance for the GGP sp to breach, sustainably, those two 'level' prices, A$8 on the ASX and £4 on AIM. Once it does though, I believe we'll see a steady rise further up. As always, only time will tell.

Greatland Resources (GGP)

Retained at outperform at Macquarie with Price Target: $10.50 (£5.21)

https://www.marketindex.com.au/news/evening-wrap-asx-200-slips-on-cba-trading-update-wipe-out-pls-min-ltr-and

No, not likely, but it's some way off yet and, due to increased optionality, even if it was, and made sense, then I'd not be concerned anyway.

"O'Callaghans: The polymetallic deposit is located approximately 400 km east-southeast of Port Hedland, and 10 km south of the processing plant at the operating Telfer copper-gold mine. Within the Telfer region of the Paterson Province, Newcrest Mining Ltd owns the Telfer mine, a group of gold deposits within a 30 km zone from Telfer and the O'Callaghans deposit. At O'Callaghans, skarn-hosted mineralization containing tungsten, copper, zinc and lead is found as a sub-horizontal layer at the contact between the limestone of the Proterozoic Puntapunta Formation and the Neoproterozoic O'Callaghans Granite. Although molybdenum and silver are present, they are not presently considered economically significant.

Newcrest states the O'Callaghans resource contains 0.26 Mt tungsten trioxide, 0.22 Mt copper, 0.38 Mt zinc, and 0.19 Mt lead. These comprise an Inferred Resource of 9 Mt at 0.25% WO3, 0.24% Cu, 0.19% Zn and 0.11% Pb and an Indicated Resource of 69 Mt at 0.34% WO3 0.29% Cu, 0.53% Zn and 0.26% Pb. Included in the Mineral Resource is a Probable Ore Reserve of 44 Mt at 0.36% WO3, 0.29% Cu, 0.65% Zn and 0.32% Pb, for a contained 0.16 Mt of tungsten trioxide, 0.13 Mt of copper, 0.29 Mt of zinc and 0.14 Mt of lead.37 These figures are unchanged since 201638.

O'Callaghans is Australia's largest reported tungsten resource, with almost half of Australia's Economic Demonstrated Resources contained within the deposit."

https://www.ga.gov.au/scientific-topics/minerals/mineral-resources-and-advice/australian-resource-reviews/tungsten

The Small-Cap Rebuild: 2025 marks a quiet resurgence for EPP, IMM, TAP, ALRT, GEO and CDL

Share Talk

8th November 2025

"....Cloudbreak Discovery plc (LSE: CDL) has quietly re-emerged as one of AIM’s more active junior gold developers in 2025, underpinned by a series of exploration successes across Western Australia and Canada. The company’s core focus has shifted firmly toward precious metals, with its flagship Darlot West Project delivering standout results that have reignited investor interest. For shareholders who followed the story during its diversification phase, the transformation is striking, Cloudbreak is now positioning as a focused gold exploration business, supported by partnerships, consistent fieldwork, and a disciplined project-generation model designed to balance high-impact drilling with risk-managed exposure...."

https://www.share-talk.com/the-small-cap-rebuild-2025-marks-a-quiet-resurgence-for-epp-imm-tap-alrt-geo-and-cdl/

For anyone who's not left already through Tungsten over exposure, here's the research from British Geological Survey from back in 2011, which is the piece cited in the O'Callaghans article below...

"Newcrest’s O’Callaghan’s polymetallic skarn deposit near the Telfer gold mine in the Pilbara region of Western Australia, which was discovered in mid 2008, could become the world’s largest tungsten mine by 2013 accounting for seven per cent of global output. Newcrest expects to produce 4800 tonnes of tungsten concentrate per year for at least eight years (Newcrest, 2009). This is twice the size of China Minmetals-controlled Xianglushan mine in Jiangxi Province which is currently the largest operating tungsten mine producing about 2650 tonnes per year of tungsten concentrate. The O’Callaghan’s deposit, with a resource of 59 million tonnes at a grade of 0.29 per cent tungsten trioxide, also contains zinc, copper and lead."

https://nora.nerc.ac.uk/id/eprint/17445/1/tungstenProfile%5B1%5D.pdf

....For Newcrest management, the prospect of becoming a tungsten producer might not be attractive without a partner specialising in exotic metals.

Two years ago, Eureka Report’s sister publication Business Spectator interviewed then-chief executive of Newcrest, Ian Smith, with one question focussed on O’Callaghan’s and the level of interest from a partner.

Smith replied: “We don’t really want to get involved that much in the tungsten market, or marketing. We are looking for an offtake partner who would take the tungsten off our hands rather than us spending a fair bit of managerial time on the marketing side of the metal.”

A lot has changed since Smith said that in February 2010. The price of tungsten has doubled and the metal itself has become a hot international potato.

With the price high and western governments worried about future tungsten supplies, there is likely to be strong demand for Newcrest to make a decision on developing O’Callaghan’s sooner rather than later.

From a strict investment perspective, O’Callaghan’s is not a big project for Newcrest or its shareholders.

But the high level of international interest in the metal could see the gold miner add tungsten to its range of products, or bring in a third party to develop and market the metal, or make a tidy capital profit by selling the deposit to another miner.

Whatever Newcrest decides in regard to O’Callaghan’s, its shareholders are in line for an unexpected tungsten bonus.

END

It's amazing how relevant most of the comments are to today, even though it's from 2012! TT

.....Generally traded in a form called ammonium paratungstate (APT), the tungsten price has more than doubled over the past two years, rising from around $US180 per metric tonne unit of APT to around $US430/mtu today.

When sold in its pure metal form (which happens rarely), tungsten fetches around $US40,000 a tonne, and that’s a number to bear in mind when estimating the theoretical value of O’Callaghan’s to Newcrest, and the future of the Telfer gold mine.

In last year’s briefing papers, the potential size of O’Callaghan’s was revealed for the first time, with Newcrest estimating that the tungsten project would cost between $400 million and $500 million to develop.

The key elements at O’Callaghan’s include:

A 3 million tonne-a-year processing facility;

Annual output of between 5000 and 7000 tonnes of tungsten metal, plus copper, zinc and lead; and

First production around 2015.

At the upper level of output, O’Callaghan’s would account for about 7% of annual world tungsten production, which is around 100,000 tonnes a year.

If the tungsten price holds the current $US40,000/t level, annual production from O’Callaghan’s could be worth $US280 million, with costs benefitting from infrastructure shared with the Telfer gold mine.

On those assumptions, Newcrest management reckons O’Callaghan’s could generate sufficient funds to effectively lower the cost of producing gold at Telfer by between $US100 and $US150 an ounce.

Cont....

......Rare earths, a family of 17 oddly-named elements such as lanthanum, praseodymium, and dysprosium, attracted most of the headlines associated with the WTO case, but it is tungsten which sits higher on a “critical metals” list.

Last year, the British Geological Society (BGS) compiled a list of metals it regards as exposed to “supply risk” because their production is dominated by one country, or they are in high demand and short supply.

With 10 as the highest possible score for what might be called endangered metals, the rare earth family scored 8. Tungsten scored 8.5, thanks largely to China accounting for an estimated 85% of global output, and because it had a habit of using export controls to regulate the availability of tungsten to the rest of the world.

Significantly, the BGS also rated O’Callaghan’s as the world’s biggest undeveloped tungsten deposit.

Best known to some people as the metal used as the filament in light bulbs, tungsten has a number of special properties, including extreme hardness and a high melting point. It is as perfect for lighting as it is for mineral exploration drill bits, artillery barrels and tank armour.

During its period of maximum use (and that means wars), tungsten assumes extreme importance. When peace breaks out, war-time stockpiles are released, killing the price. After the collapse of the Soviet Union, that meant a sharp fall in the tungsten price, the closure of tungsten mines, and the shelving of planned developments.

Today, thanks to China’s market control and rising industrial demand for super-hard and heat-resistant metals, companies around the world are dusting off their tungsten mining plans. These include Venture Minerals, with its Mt Lindsay project in Tasmania, and Wolf Minerals, with its historic Hemerdon project in Britain – a mine which played a crucial role in both world wars as the source of tungsten for the British military.

China’s heavy foot on the tungsten pipeline is a reason for the metal achieving the status of world’s top performer last year, rising in price by around 35% at a time when many other metals were falling.

Cont....

Here you go Bamps.....

The rapid appreciation of tungsten prices in recent years means Newcrest is sitting on a highly lucrative asset in its O’Callaghan’s deposit.

Soft metal, soft share price: That’s the prevailing picture of Newcrest, Australia’s biggest gold miner. But the company’s share price might not be 'soft’ for much longer, thanks to the potential development of a mine producing one of the world’s hardest (and hottest) metals, tungsten.

Buried deep inside Newcrest’s forward planning department, and 300 metres beneath the ground at the Telfer gold project in WA, is the O’Callaghan’s polymetallic discovery – an orebody rich in tungsten, copper, zinc and lead.

Discovered five years ago, O’Callaghan’s has been quietly studied by Newcrest as a useful addition to Telfer, an ageing gold mine suffering from rising costs, and a factor in Newcrest’s share price limping along at around $28.58 – a price which is 33% below the stock’s 12-month high of $42.42, set in April last year.

With the potential to generate annual sales approaching $US280 million, O’Callaghan’s would make a modest contribution to Newcrest’s revenue ($4.1 billion last year) and profit ($1 billion).

But there are strategic factors at work in the world of tungsten which make it more important than first meets the eye, including the potential for the metal to extend the life of Telfer, and for outside interests to urge Newcrest to develop O’Callaghan’s (and possibly help meet the estimated $500 million capital cost).

In its last public statement on the possible addition of tungsten to its inventory of metals, Newcrest management estimated that O’Callaghan’s could lower the cost of gold production at Telfer by between $US100-and-$US150 an ounce, an important contribution to a mine which last year produced gold at $A728 an ounce, but is expected to see the cost rise to $A842/oz this year, and then up to $A962 in 2013.

Since the company’s last comment on O’Callaghan’s, contained in briefing papers released last August, the project has disappeared from view. A spokesman told Eureka Report this week that nothing had changed since then, with a pre-feasibility into the tungsten project expected to be completed this year.

Nothing may have changed at Newcrest as far as tungsten is concerned, but a lot has changed at an international level, with the metal named, along with rare earths, in a World Trade Organisation dispute.

The US, Europe and Japan are alleging that China has broken trade rules by withholding supplies of essential metals from the global market, jeopardising manufacturers who rely on exotic elements for the production of their high-tech electronic products and armaments.

Cont....

Link should be OK Bamps. Try this, but it's just the same again. If not, I can copy & paste, but it's pretty long. TT

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

Well, we got 1p short of green @ £3.69, down 1p!

...And this piece from 2012. Funnily enough it starts, "The rapid appreciation of tungsten prices in recent years means Newcrest is sitting on a highly lucrative asset in its O’Callaghan’s deposit." HaHa!

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