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From FY28 Havieron will be giving us, 'automatically', around 20% copper production, and, with the significant shortages in supply looming, very quickly, and the cost of building additional mines now requiring a Cu price around double what it is now, to be economical, we'll surely be quids in!

I just love "open at depth", and so much of Telfer and Havieron is indeed, open at depth.

As Shaun Day stated, in the last Town Hall webinar, when asked about following the Havieron ore body "down to the centre of the earth":

"We've already got 1,000M of vertical extent on that, where we have a resource, and holes 200-300M further below that, where we continue to intercept the ore body, so, although only a few data points, there's no structural reason why this is a cut off."

"Don't forget the first 1,000M, just on the SE Crescent, gives us 20 years of mining life, at least at the 2.8M tonnes scenario. So we are spoilt for mine life."

"Having said that, one of the things we put in the study (Havieron FS) is a bulk handling system. Think of this as a dedicated decline, with a conveyor in it. Conveyors are great. Good ESG, but better economics. Those efficient material handling systems actually make the ore body more economic at depth".

An interesting 'academic' piece I posted recently concludes, as many knew already, that there is nowhere near enough copper production to meet future demand. It goes on to say that the copper price would need to double to make it viable for new mines to be set up to mine copper. At Havieron we're looking at around 20% copper production coming on stream in FY28, on top of the copper production already at Telfer, in addition to the massive stockpiles that we already have on the ground.

"A noncarbon transition that involves a large contribution from wind and solar electricity generation will require a quantity of copper that is impossible for mine production to meet. This copper demand resides almost entirely in managing power variability. The copper needed for battery storage to manage power variability is enormous, and the copper required for managing the variability with a regional network seems to be equally large...."

"Increasing the rate of mining will require an increase in copper price. Copper capital intensity is a metric for estimating the price increase needed to develop new copper mines. It is the simplest economic measure for deciding whether or not to develop a mine and is universally understood within the mining industry....These copper capital intensities suggest that the future copper price must exceed $20,000 per tonne for signifiant new mines to be economically viable and worth putting into production. Given the current copper price of about $9,251 per tonne, this forecasts at least a doubling of copper price will be needed.."

Copper: Mining, Development, and Electrification

SEG Discovery

https://pubs.geoscienceworld.org/segdiscovery/issue/current

As stated, there are several options which are being looked at, prior to the Havieron feasibility study. It's worth noting though that Andrew Forrest is into battery operated trucks for his iron ore operations in the Pilbara. He recently signed A$2.8 billion contract to replace two-thirds of Fortesque's fleet of haulage trucks and equipment with autonomous electric versions, using their battery technology. My best guess is that, with that connection, we'll end up going down that route, initially at least.

"Yesterday, I had the incredible opportunity to tour the Telfer open pit and underground #goldmine with Greatland Gold.

It was a genuine bucket-list experience to witness an operation of that scale in action. A couple of things really stood out:

🔹 The rich history — Telfer was first mined back in 1977!

🔹 The pride and loyalty of the team — many of whom have been working at the site for decades.

There’s a real sense of momentum and optimism around the mine life extension at Telfer and the future development of Havieron.

A big thank you to Shaun Day , Simon Tyrrell , and Rowan Krasnoff from Greatland Gold for the warm hospitality."

Https://www.linkedin.com/posts/garth-jeffery_goldmine-miningindustry-goldmining-activity-7336565997438423041-eHVs?utm_source=share&utm_medium=member_ios&rcm=ACoAAAxE6B4BDheYtlnWjOcCoWNWoibz6hQZy7I

Just to clarify, it was a generous post direct on here by jsp trader. The whole thread had now been removed, as it was hijacked with the, now, usual nonsense.

Normally you could find it by looking back at jsp's post history, but, this post has been deleted, so it's not visible, only old similar posts. As far as I know the latest Bloomberg views haven't been posted on GGPChat yet,

Sadly, as is becoming the norm on here now MrC, the very useful thread, with the Bloomberg terminal GGP views, was hijacked by the usual suspects, which ended up with around 6 useful posts, followed by 30+ handbag waving posts.

Https://media.licdn.com/dms/image/v2/D5622AQEWL4WP4UUnbQ/feedshare-shrink_800/B56ZdDgAjdHEAg-/0/1749184155368?e=2147483647&v=beta&t=-ac_jYlsXHBgngJk3xObpX0Xi_8leGAQjZhsSKVNILw

https://media.licdn.com/dms/image/v2/D5622AQEdnop4wlBEyA/feedshare-shrink_800/B56ZdDgAkTHEAk-/0/1749184155476?e=2147483647&v=beta&t=nBMwB8cGCFAe5wFlrDbZ-PrLYNwJyyg-EQZ5OFR4y60

https://media.licdn.com/dms/image/v2/D5622AQGr9BZvANuQ8w/feedshare-shrink_2048_1536/B56ZdDgAk.HEAs-/0/1749184155916?e=2147483647&v=beta&t=E9VvM7ynxkgMrPYy1pch7L1SoVeeANe79uLciw8lHe4

https://media.licdn.com/dms/image/v2/D5622AQHSPQUYxtF_Kw/feedshare-shrink_800/B56ZdDgAmjH8Ag-/0/1749184155878?e=2147483647&v=beta&t=bCfq0qz5CHaMBWeejJWUSggDx5sNLcOMg1QPzFbOZ-8

Thanks to Stuart Hinds, some great feedback from some of the participants in the visit to Telfer & Havieron, including this one from Dorab Postmaster at Shaw and Partners:

"From Good to 'GREAT'land.

Fantastic site visit yesterday to Greatland Gold's Telfer mine site (an old stomping ground for me).

Key takeaways:

- Options - The mine has been running since 1977 and the team is still finding new zones of mineralisation!

- Vision - This is the first time in a +10yrs Telfer is owned by company that has a committed long term view for the asset.

- Havieron - The discovery of this super deposit has reinvigorated the Paterson Province and supercharges the future output of Telfer.

- Infrastructure – At 20Mtpa the Telfer mill has ample capacity and flexibility for a multitude of possible organic and inorganic growth options.

A big thank you to Shaun Day, Rowan Krasnoff and the whole Greatland team for a great day."

https://www.linkedin.com/posts/dorabpostmaster_from-good-to-greatland-fantastic-site-activity-7336610108275085312-vryG?utm_source=share&utm_medium=member_ios&rcm=ACoAAAxE6B4BDheYtlnWjOcCoWNWoibz6hQZy7I

IPOs have ground to a halt, with no mining listings on the ASX through May.

But a wave of new explorers and producers are about to hit the bourse.

Delta Lithium’s gold spinout Ballard Mining and Telfer owner Greatland Gold among the high profile names.

While markets have been volatile in the past few months, a positive sign for the mining market is a pick-up in initial public offerings.

Lion Selection Group (ASX:LSX) managing director Hedley Widdup recently pointed out that IPOs were one of the best barometers of the mining cycle because they reliably tracked liquidity. “When liquidity is poor, it is very hard to achieve an IPO of an exploration company, and likewise when liquidity is freely flowing, investors gobble these up,” he said in Lion’s recent quarterly report. In the peak of the market, in 2021, there were 105 mining IPOs. That fell to 64 in 2022, 25 in 2023 and 15 in 2024. There have technically been none yet this year. Canada’s Marimaca Copper dual listed on the ASX earlier this year but as it did not raise funds, not a single share has traded in the two months since its debut.

Southern Cross Gold Consolidated re-listed on the ASX with a new code after merging with Canada’s Mawson Gold.

“In 2025 so far, there have been zero IPOs of resources companies that raised new money to achieve a brand-new listing, which is a litmus test that shows liquidity conditions generally remain subdued,” Widdup said.

Today, the ASX will welcome its first proper resources IPO this year when Robex Resources debuts.

Robex is based in Perth but listed in Toronto and managing director Matt Wilcox recently said poor liquidity on the TSX was behind the move to Australia.

The Jim Askew-chaired company, which operates a small mine in Mali and is developing the larger Kiniero mine in Guinea, raised $120 million in its IPO.

Meanwhile, new Telfer owner, London-listed Greatland Gold, is pushing ahead with its ASX cross listing which is expected to raise $50 million....

https://stockhead.com.au/resources/return-of-the-ipo-market-good-news-for-miners/

How many more times?

The Prospectus makes it clear that the Issue Price of AUD 5.08 is illustrative only:

"The Illustrative Offer Price of A$5.08 per Greatland Share represents GGP’s 5-day volume weighted average price (VWAP) up to and including 16 May 2025 of £0.1227, converted using an AUD:GBP exchange rate of 0.4830 published by the Reserve Bank of Australia (RBA) as at 16 May 2025 and assuming the 20 to 1 share consolidation has been effected upon the UK Scheme being implemented. The Illustrative Offer Price is being used for illustrative purposes only. The Final Offer Price may be set below, equal to, or above the Illustrative Offer Price. Refer to Section 6 for further details."

I'd just suggest that the op maybe needs to read up on UK defamation law.

I only just noticed this great image of the Telfer grinding facility in the new Greatland Resources website, for those that may be interested. I believe that it shows the SAG mill & ball mill, but maybe someone can confirm (?):

https://www.greatland.com.au/wp-content/uploads/2025/04/241105_Greatland-Gold_029_MOD.jpg

https://www.greatland.com.au/people-careers/

And, in AUD terms, back above AUD 5,200 again.

Thanks to Stuart Hinds who posted this link, which I've now added to, with reference to our O'Callaghan's prospect, and what Shaun Day has said recently...

WASHINGTON'S TUNGSTEN ANXIETY

Policy makers on this side of the Pacific are responding in kind. The U.S. Defense Logistics Agency’s FY-2025 shopping list includes up to 4.5 million lbs of tungsten metal and concentrates—a 50% jump over last year. Capitol Hill has also barred Pentagon contractors from buying Chinese or Russian tungsten from 2027 onward, while slapping a 25% tariff on Chinese material. The message is simple: “find a friendly source—or build one.”

https://investornews.com/critical-minerals-rare-earths/the-tungsten-five-how-a-once-overlooked-metal-redrew-the-critical-minerals-playbook/

And, what Shaun Day has said recently...

"We have Australia's largest, and highest grade, Tungsten deposit"

"Clearly the world wants to diversify away from China exposure, so i think the option value of that Tungsten deposit is now really significant...I think there's some great opportunity with O'Callaghans...I've reached out to the US Government about what they'd like to do"

And, we now have the co-funding to innovative drilling projects through the Western Australia Exploration Incentive Scheme (EIS) for drilling in the next round at O'Callaghan's.

https://www.wa.gov.au/system/files/2025-04/currentprojectsdrilling-r31.pdf

Https://x.com/that_stocks_guy/status/1930118073610084439

As #NRW2025 ends, we thank all involved in community events across Martu Country - from music and youth programs to First Aid and mental health training. Our values guide us in creating a lasting, positive impact.

https://x.com/GreatlandGold/status/1930141901539422507

@ Duchess21 I fear you don't understand what a share consolidation is, and does, so I'll try to explain...In a share consolidation, a company reduces the number of outstanding shares, but, at the same time, proportionally increases the nominal value of each share. The overall value of the company's outstanding shares remains the same, but the number of shares and the nominal value of each share are adjusted.

FIVE at FIVE: Market eyes summertime opportunity, bargain hunt continues and AFC leads the small-caps

London’s FTSE 100 was up a fairly modest 20 points on Wednesday, and it was a quite quiet day for the blue-chips – but, it wasn’t all tumbleweeds …

Here, we take a look at five of the day’s top stories...

https://www.proactiveinvestors.com/companies/news/1072419/five-at-five-market-eyes-summertime-opportunity-bargain-hunt-continues-and-afc-leads-the-small-caps-1072419.html