Notes from INVESTOR MEET 2023 AGM - 06 Dec 2023
Posted: Thu Dec 07, 2023 5:44 pm
Notes from INVESTOR MEET 2023 AGM - 06 Dec 2023
Interview Link:
https://youtu.be/tpdUDe3BnOY?si=mLgtr1JvowsvrSEO
GGP RNS’s:
https://greatlandgold.com/investors/regulatory-news/
Download Link – (includes slides)
https://www.mediafire.com/file/6zlxv5j4 ... 3.pdf/file
Mark Barnaba
- Thank you, Alex, good morning, ladies and gentlemen great pleasure to be here today. Let me kick off firstly by introducing the GGP representatives that we have attending in person and virtually you will note that there are a number of us that are here in Perth Western Australia
- We're attending virtually we felt that that was the correct decision to make in light of the expense of traveling to the UK and we felt that would better justified that we do travel to the UK and spend time with all our shareholders when we can attend one of the company's Town Hall events which we look forward to doing in the in the very near future so attending virtually from our offices here in Perth in Western Australia are my myself Mark Barnaba your chairman, on my immediate right Elizabeth Gaines Deputy chairman non-executive director on my immediate left Shaun day our managing director on my far right Yasmin Broughton non-executive director and on my far left Paul Hallum non-executive director
- we also have attending virtually from Sydney Australia Jimmy Wilson executive director Jimmy is in Sydney for a board meeting in board duties for export Finance Australia but he joining us so thank you for being there in Sydney Jimmy and attending in person in London as you've just heard Alex Borreli our senior non-executive director and Steven Ronaldson our company secretary
- so let me start the form of proceedings of this annual general meeting thank you the notice of meeting together with explanatory notes was posted to shareholders on the 9th of November this year
- accordingly the requisite notice of the meeting has been given I propose therefore that the notice of meeting should be taken as read and I'll proceed on that basis so thank you
- I'd like to turn to the main business of the meeting and I'd like to just remind you all that in the meeting that resolutions 1 to eight are proposed as ordinary resolutions requiring the simple majority to be passed, resolutions 9 and 10 however are proposed as special resolutions requiring majority of 75% to vote in favour of the resolution
[Notes – all resolutions were passed – screenshots below or in PDF download link if reading online]
https://www.mediafire.com/file/6zlxv5j4 ... 3.pdf/file
Mark B
- that concludes the 10 resolutions what I'd like to do now is hand over to the chairing of this meeting itself to Alex Borelli again to provide some concluding remarks
Alex B
- thank you Mark and thank you ladies and gentlemen for attending today's annual general meeting of the company I'd like to welcome the re-elected directors back to the board of the company and look forward to a further year of great progress with them and I declare the meeting formally closed and pass the meeting now to Shaun Day.
Thanks Shaun hold just we've got a hand raised but there will be questions after Shaun Day's presentation so if we do that that's after the presentation very good over to you Shaun
Shaun D
Thank you Alex and thank you Mark for chairing the meeting and for shareholders taking the time to participate in in the annual general meeting I'll be doing a quick presentation I will try to…I'm aware that we have a number of questions received so I'll try to move through the presentation quite quickly and then we'll open up for questions at the end including from the floor
[NOTE: SLIDES IN DOWNLOAD FILE IF READING ONLINE]
https://www.mediafire.com/file/6zlxv5j4 ... 3.pdf/file
- just to begin with I'd like to acknowledge the traditional owners on the land in which we operate they are the partners that we share across our operations and we're grateful for that the support and that partnership we have
- in terms of the Greatland itself it's I won't spend any time kind of going through the Commodities themselves in today's presentation but I think it is important to understand that we have a balance of around 75 to 80% gold and 20 to 25% copper and we really enjoy that diversification and both in terms of the exposure we have to gold and the geopolitical you know opportunity that provides but also with copper in that I think there's not a better metal to participate in the energy transition, so I think it's a beautiful commodity mix
- in terms of an overview of the company you know as I mentioned we are this high grade gold and copper company, just down the road we have the existing Telfer infrastructure and we're able to leverage that for the development of our core asset Havieron, we've already identified a JORC resource of 6.5 million ounces gold equivalent and that really underpins this very long life opportunity with Havieron and we have the… we retain the exploration upside to continue to grow that both around Paterson and we've also extended that with the Rio Tinto transaction and we have a broader suite of exploration assets
- and then finally you know we've invested in the team both at a board level but also the management team to really make the most and give us the highest probability of taking advantage of the platform that we have
- I always like to orientate around strategy and there's really three Horizons to our strategy
- one is deliver on an expanded Havieron secondly to continue to invest in the drill bit and we really think we have some exceptional explorational optionality within the portfolio and thirdly corporate development where we think we have a great team to take advantage of financially disciplined opportunities to grow the company
- in terms of the history of the company I won't kind of plan to step through all of this but I think what we should do is celebrate the last 12 months that
- we've had we've been able to it seems quite some time ago but we're able to resolve the 5% optionality that we had within the joint venture agreement successfully and get the best possible outcome which was retaining the full 30% ownership of Havieron
- on the back of that we're able to bring in institutional shareholders with an equity raise we also bought in a strategic shareholder with Wyloo and that's a really strong relationship
- we also expanded our board we bought in the chairman Mark Barnaba our Deputy chair Elizabeth Gaines but also we had Jimmy Wilson join in an executive role this year and plus Yasmin Broughton come in as well as another independent director
- so it's really kind of been a huge achievement for us we're also able to put in place support with a group of International Banks ANZ, HSBC and ING … so there's been and during all of that time we've also continued the development of the company and the Havieron asset
- in terms of the team itself I think it is worth pausing on that team that we've put together I've just mentioned the new directors we've had come in but also Paul Alex and Clive who have been with me for you a number of years, we think we have an exceptional board and that is hugely important in terms of taking advantage of the opportunities that we have and we have a tremendous relationship with our board
- and then with the management team in a market where it's been incredibly difficult to attract talent I think we've done nothing less than an exceptional job at bringing in a management team and all of people on that board within that management team I or my colleagues have worked with before
- and it's been a destination to come to Greatland because of the team we've put together because of the asset we have and because of the opportunity we have to leverage this platform and I think the team we've put together is one of the huge achievements we've made over the last really last couple of years
- in terms of we are listed in London but we' we also have talked to the market about at the right time expanding that footprint to add a complimentary ASX listing so remaining listing in London but also adding an Australian listing and I think it's important to see where we sit with those peers and to understand the value creation opportunity that we think that presents
-and that's something that we continue to think about but we also our number one objective is to do what's in the interest of our existing shareholders base but we'll continue to think through the opportunity to add an ISX listing and to bring in a new group of shareholders to augment the support we already enjoy in London
- with that I'll just turn to the asset itself on screen is that box cut that we put in in February 2021 and really since then we've extended the underground development and have we move to the next slide I think that shows it very well
- we're around 80% of the development through that Permian layer to advance to the top of the ore body that's a hugely important focus and derisking for the company and what we've been able to do during this last two and a half years of development of the decline we've been able to go through two of the aquifers and we're just starting to come into the third aquifer, put in the ventilation
- and we've also moved through that Permian layer and as we've always described to people as you move deeper through that Permian layer you enjoy better mining conditions with depth you have more time pressure and heat and that ground is more consolidated and you see that with our mining with the cut length and the productivity of our mining accelerating as we've moved through that decline
- we're presently in a situation when we were standing off and dewatering that lower decline we're taking advantage of this to put in place two raise bores to complete the primary ventilation but also we feel very well placed once we dewatered that lower aquifer that we continue to have accelerated mining speed into the into the country rock and into the Havieron ore body itself
- with that I think just to talk about some of the strengths of the Havieron ore body and I think this is a really important slide just to demonstrate this and it's that 86% conversion rate this is from the existing resource into the mine plan 86%
- that is the best number of I've seen in my career you would normally expect an underground mine to be converting around 55 maybe up to 65% conversion maybe an open pit up to 75% but this speak volumes as to the quality of the body and its compact nature because of this subvertical nature and it's relatively compact structure and grade we're able to take big Stope vertical cuts that allows us to have an average Stope size of around 125,000 tons
- they are big underground stopes and that delivers a Mining cost around half the Australian underground sector average and that all feeds into most of this ore body coming into the mine plan
- the next slide is probably the my favourite slide and this goes to the ounces per vertical meter (OPVM) this is a wonderful kind of rule of thumb to understand the quality of an underground mine
- this is running plus 8,000 ounces per vertical meter through that top 500 meters of the ore body the Y axis shows you that is a function of the meters drilled where we've drilled we've identified and been able to delineate a JORC resource
- what I think is really exciting about this is we intend to come up with an updated mineral resource estimate this calendar year so in the December 2023 quarter (be end of year) and that those green on that y database that stack chart that green shading that is the additional 88,000m we've drilled the centre of gravity for that drilling is actually towards the lower half of this ore body
- so that's really going to be you know really good to bring that into the mine plan delineating more at depth and we think you get a more consistent profile of ounces per vertical meter across the ore body and 8,000 ounces per vertical meter is exceptional it drives an incredibly efficient Capital intensity because for every vertical meter you're developing you're accessing over 8,000 meters sorry 8,000 ounces of ore but also it drives an incredibly low oil in sustaining cost (AISC) and you saw in the in the PFS we had a $643 USD per ounce AISC cost which puts us in the bottom three or the cheap or lowest three cost mines in Australia
- and just finally on the ore body I think it's really important to understand it and I think having a look at it in plan does describe it to you we've really Centred for now around that Southeast crescent which is this high grade and that's where we're going to put the infrastructure right next to that but then we have this huge option value about taking advantage of the northern breccia plus that Eastern breccia amd that Northern brecia has these number of high grade pod structures
- and it gives us optionality as to whether we go in there and bulk that out remembering we have a really large latent processing capacity at surface or we can go in and be selective and take out the high grade features
- similarly with that Eastern breccia we have that same optionality it's always good to have choices in mining methodology but you see a more consistent and higher grade through that Eastern breccia and I think that's potentially a lot of the growth in the updated MRE is through that whole new Eastern breccia where we've been we really did focus some of the drilling over the last 18 months
- with that I'll just talk briefly to the exploration program that we have and I'll do this in two parts I think firstly we want to talk about the Paterson and this is the opportunity a long strike from Havieron
- the structures through the Paterson tend to run in a North-west structure so horizontally across the page so we already have that ground across Scallywag and into the Juri joint venture but then what we're able to do this year is to have a preferred bilateral agreement with Rio Tinto where came in and became the manager of their ground in the south of the Paterson
- this is a pretty standard seven-year earn in and joint venture agreement and we really feel this is the best untested ground in the Paterson and its centre of gravity is around the Telfer mill you can see the circumference there are 50 km which gives us a huge opportunity of successful to actually be able to augment what we're doing with Havieron what we're doing with the Telfer infrastructure with any new discovery there
- so we think this is hugely on strategy but also really enhances the option value of exploration within our portfolio
- I'll then jump across just in the interest of time to slide 17 where we have sorry the next slide where we have the overview of our broader exploration opportunity and Ernest Giles
- it's been a little bit of a slow burn but I think the team did a tremendous job and we talked about the recognition of our traditional owner Partners at the start of this presentation we did a tremendous job to come to an agreement with there The First Agreement the Wakamura people have ever had and a testament to the geology team and the Heritage team that we're able to achieve that
- this lights up like a Christmas tree with the Geophysics it's undercover which is really the competitive strength or our competitive advantage that we have within that exploration team
- we have we've had a drill rig on there through November and we're really looking forward to getting the assays and sharing them with shareholders in due course and that really creates a whole new exploration front for us
- Panorama we had the recent announcement around the nickel, look we feel Panorama is perspective for both gold and base metals
- as it happens in a program that did find a little bit of gold opportunity really the story of that was the nickel that we picked up in the sampling
- there's some conductive or confluences of conductor and gravity anomaly sitting under that nickel which we're finding at surface I think they become really interesting targets for us during the course of 2024 and there's lots of ways to think about creating value if we have ongoing success around Panorama
- and then Bromus is an area that we haven't explored in the in the past we are going to get boots on the ground during 2024 and we think again this is Gold plus other metals opportunity and we've been active in how we think about our portfolio
- also during the year we let go of the Tasmanian assets but we're able to vend them into Flynn gold who we feel has a focus and a competitive advantage in Tasmania and with the with the transaction structure the equity we have in Flynn gold and also the earn outs we have ongoing participation and that success so we're active managers of this portfolio but we think it's really advantageous and we're going to continue to look at ways to manage that and potentially add to it when there are other opportunities
- and that concludes my presentation and I'll now pass back across to Alex and open up the floor for questions
Host
that's great maybe if I could just jump in firstly thank you Shaun for your presentation and thank you to all the investors that have submitted questions so far and also pre-submitted questions ahead of today's event. Alex it may be prudent for us to start with any questions that you have from any shareholders in the room and then I'll present some questions to Shaun and the team thereafter
Alex B
yes, I thank you Shaun for that and I'd also like to introduce Clive Latcham non exec-director who actually joined us for the meeting and we have one question from a shareholder in the room if you'd like to put your three questions just give us the first one yes
Mr ECM2
Can I first start by saying that as a long-term shareholder I'm relieved to attend the AGM we have moved away from the Dreadful 6p share (NOTE: unclear audio) I thank you Shaun and the team for the work you've carried out since the last AGM and for coming to London for the town hall meetings
- I hope you'll be able to continue to do those meetings in future so my first question is… please would you confirm whether there's any further slippage to the declaration of the MRE update
- secondly following on from the last AGM could you comment or follow up on buying another asset with a clear path to production and this is my key question here on a vulnerability regarding a takeover at a low share price particularly for PI’s who have bought shares in the 20p’s you've heard of the previous concerns about that but noting that our market capitalization at around 11p is already over £570 million but with no revenue expected for a number of years can you allay some of those concerns?
Alex
I would say thank you to you for your questions you raise three questions if we could put those back to Shaun very quickly the first one was the MRE update is there going to be slippage on that I know Shaun has just tabled that the MRE update would be in the December 2023 quarter, I suppose the question is what do you mean by the December 2023 quarter and is it going to be slippage from that so should we just address that one Shaun?
Shaun
- So Alex I'll just go straight through and answer those questions
- so in terms of the MRE in by way of background I think people recall that Newcrest had undertaken to update their MRE in August 2023 together with their Universe of assets for whatever confluence of reasons they didn't provide an update they simply restated the 2022 MRE
- subsequent to that Greatland undertook to update the MRE in the December 2023 quarter which I recognize we're presently in, we also explained at that time that what was really important to us is one that we had the time to complete that work to our satisfaction, two that we reviewed it by an external independent expert and three that we had peer review and the proper time to engage with our joint venture partner for their input and support
- so our shareholders should be confident that we still remain… have a clear intent to release that MRE in this December quarter so within the next I guess two or three weeks but equally that we are progressing those what I outlined there and all of those steps are really important to us in
- in terms of another the second question on asset and free cash flow yeah I think when we I answer that by referring back to the three Horizons of strategy and the third Horizon there is to consider financially disciplined Acquisitions
- in my career across Sakari, Straits resources and Northern Star all of them started as single asset organizations and we grew them to be multi-asset multi-billion dollar platforms
- I think with the expertise we have we are certainly interested in financially disciplined acquisition, all of those entities I was associated with returned between 5.6 times and 13.2 times multiple of invested Capital to shareholders
- so that's certainly something that that we are interested in and we'll continue to kind of think about that from a very financially disciplined perspective but we also celebrate that we have this organic growth profile with Havieron and that is a focus for us
- and then if I can move to the third question, vulnerability to takeover bid… look we recognize that Havieron is a a world-class asset in a tier one jurisdiction lowest quartile cost and we've developed you know somewhere around 80% of it
- and that narrows our pathway to free cash flow and it's attractive so having said that you know our focus is around creating value for shareholders
- it's my job to convey to the market the narrative of the opportunity that GGP presents and you know that is our best defence is to be able to explain that message and give shareholders and potential new institutional shareholders and Retail shareholders the opportunity to buy in and I think what's been really gratifying for me is we've seen that slow trend of more and more institutional shareholders recognizing the transactio… sorry the value of the portfolio and Havieron and buying into augment that longstanding retail support that we enjoy
- with that unless there's any other questions from the floor I'll open up to the investor meet company questions
Alex
- that's the questions from those are the questions from London so over to investor greet
Host
Thank you very much indeed Alex, Shaun given the significant attendance on today's calls it's no surprise that you've had lots of questions and I think what we try to do here is try to thematically put these to you for the best use of your time this morning and I know you've touched on a number of these points you've just touched on the MRE update for example.
So if I may just start off with the first question which talks around your strategic plans you've touched on that in your presentation the question reads as follows you know I've been holding GGP for the last three years and I'd like to understand better your you know your 1,3, 5, 10 year view particularly around share price maybe your aspirations there and assets in the portfolio
- yeah look I think I again I'd talk about our strategy in terms of those three Horizons of the expanded Havieron investing in the drill bit and opportunistic growth but in the short term I think we have a number of catalysts
- I think I've been asked that question as well so why don't I weave that in look we think we come into a very catalyst rich period in the next 12 months, we have the drilling results coming out for Scallywag but also Ernest Giles which is a full new Frontier
- we just talked about the updated mineral resource estimate that's an additional 80,000m of drilling so really about another adding another 30% to that drilling inventory
- we have a feasibility study expected to come out
- we hit the top of the Havieron ore body we achieve first ore plus we can explore that ASX listing opportunity
- so I think in the short term that's how we think about the strategy and the value creation
- in the medium term the shift of Havieron into free cash flow and then augmenting that with that third pillar and second pillar of continued exploration success coupled with financially disciplined opportunity
- and in the longer term we believe we have a multi- decade asset that is the main stay of Havieron and I think that is exceptional when you look at the average mine life of Assets in the midcap plays it's around 6 and a half years
- so to have a multi- decade backbone to our organization is a huge competitive advantage t
That's great thank you and as you say you've taken the second kind of category of questions which is about upcoming milestones and catalysts if I could just turn to Scallywag, the delay the question is as per the RNS stated on the 25th of July 2023 it stated the following, the holes are currently being processed and assays will be reported when available just if you can give any colour around that I guess
- yeah look thanks for the question look firstly I think your expectation should be that Scallywag results will be available you know within a short number of weeks so you know next week or so or the week after I think
- it's probably also worth explaining that those holes are coming out subsequent to the South Paterson holes not withstanding they were drilled first that to be open with people we decided to prioritize the South Paterson drilling with us spotting the Queue at the assay lab
- and the reason for that is South Paterson was a whole new area for that we have Heritage clearance to continue that exploration program into 2024 that was the prioritize for our exploration team so we actually switched them around which is why the Scallywag is a little bit slower we've also been back on scallywag and we've undertaken a EMT survey so more Geotechnical data
- but I think in simple answer to that question is that'll be out very shortly
That's great thank you let's turn to processing and the Rio joint venture we have a JV with Rio Tinto in the event of a discovery where will any future production be processed
- yeah well look again we're really I think justifiably proud that we're able to complete that transaction with Rio Tinto and be a preferred counterparty with Rio Tinto in the Paterson, the centre for gravity of that Holdings as I mentioned during the presentation is within this 50 km radius of ore Telfer and I think as with all things in mining it's good to have options and that gives us the option of potentially building our own plant but also the option of bringing it through Telfer
- so I think given Telfer is scheduled not to be full from mid 2024 onwards I think that presents a natural home for that product and having that existing infrastructure to leverage lowers the bar of the quality you need to discover to create economic value
- and this is why we think that Paterson Holdings was such a or Rio Tinto Paterson Holdings was such a good fit for Greatland it's great thing
Thank you let's turn to Havieron if I may can you discuss the progress at the decline and the lower aquifer
- yeah look thanks for the question, I think when we when we think about the progress at Havieron we should understand the context of just how expedited this has been
- this was a discovery by the Greatland team in 2018, in 2019 we entered the farm in and joint venture agreement with Newcrest, less than two years later in February 2021 we've started the Box Cut and commenced the decline down to the ore body
- that is a remarkable process and I think reflects the conviction that both joint venture Partners had in the quality of Havieron so we continue to develop Havieron, we're some 80% of the way through that through that Permian layer and as shareholders recall the top 50 meters of that is a really difficult part of the mining profile but now being some 300 plus meters deep we're enjoying reasonably good mining conditions and certainly when you get into the country rock they are excellent conditions
- in terms of what we’ve done with the rescheduling we have come across that the known lower aquifer we successfully navigated the higher aquifer we successfully navigated the middle aquifer and we're now working through the lower aquifer
- and the approach to all three have been the same to stand off to do initial depressurization and then to do subsequent dewatering drilling and then pumping that water out so we can drill through a relatively dry profile and just to explain what aquifers are to people
- this is just porous rocks , ocks where there is more water generation than you normally expect through the rest of that Permain profile, we are set up to handle that water but it is prudent and Greatland supported the standoff so we could work within a reasonable margin of safety and really we still believe we'll be moving through that through the June and September quarter of this year.. of sorry of 2024 I should say
Thanks Shaun let's turn to the next section of questions which really around prioritization of the opportunities that you have I'll read this question out in full, good problem to have but I often consider Greatland to be an embarrassment of riches in a good way, how can the multitude of already owned opportunities be efficiently dealt with in the near term
- well firstly thank you for the question but look have Havieron is a real centrepiece for us you that is a natural Focus for us but it's around how do we augment that and how do we optimize the value from the balance of the portfolio
- and I think I mentioned before about being an active manager of our portfolio and this is when I talk about being active we're both really pleased to bring new Assets in and the best prime example of that is that Rio Tinto joint venture through the South Paterson but equally we're not afraid to release assets from the structure when we don't think we have a competitive advantage to create value
- and we did that with the Tasmanian assets and then something like Panorama has somewhat thrown up an an unexpected turn here where we've gone out and we've really uncovered some really interesting nickel prospectivity
- there are multiple ways to create value from that nickel.. you of course at one end of the spectrum is if we continue to be successful there is developing it and operating an asset but equally you can look at monetizing that if we think that is a better pathway for shareholders
- so we think about optimizing that portfolio in terms of value for shareholders and within the management bandwidth and organizational capacity that we have
Thank you if I may let's turn to Newmont in the Paterson the question reads as follow hi Shaun having listened to an interview with Roger Mason of Antipa who also have a JV with Newman in the Paterson he seemed very bullish on the case for Newmont to develop the Paterson in general, now that you have a chance to bed in your relationship with Newmont do you share those sentiments and if so can you see it impacting on your current position in the Havieron JV
- yeah thank you look the relationship with Newmont is hugely important to us, we really welcome them into the joint venture yeah the Newmont team as a group I've worked with previously in a prior role so I have I bring a pre-existing relationship to that
- but we think culturally there is a tremendous alignment between Greatland and Newmont and really over the last I think it's really just been four weeks since Newmont’s taken the keys as our joint venture partner at Havieron we couldn't speak more highly of that team both in terms of the engagement and also the technical expertise that they've brought to the table
- as part of the question you asked about Newmont’s you know commitment to the to the region and their interest in the Paterson , heir CEO Tom Palmer came out with describing the Paterson as one of the great mining postcodes of the world
- so we really look forward to creating a multi-decade relationship with Newmont, we value them as a partner we think we can contribute to that to that relationship as well our team is dedicated and focused on Havieron and we've been here right through that cycle since February 2021 and beforehand with discovery
- and we think together we have an amazing platform to be successful and I'm up at site you know in the next few days with the Newmont team and you know it's all part of us going a journey together and building that relationship but it's certainly been off to a tremendous start
That's great thank you just turning to your ASX listing, hi Shaun the proposed cross listing on ASX is it still expected to complete in 2024
- yeah look the cross listing is something that we think is potentially value enhancing for shareholders so it's something that we continue to be interested in
- we're really pleased with the progress that we made we engage with the ASX and I think effectively navigated a pathway
- having said that we only want to proceed with an ASX listing when we think it's in the interest of shareholders and we are mindful of share price and all those things in calibrating that decision but it's something that we think we have the option to look at through 2024 and as I mentioned in the presentation it's something that we continue to think about and something that I think we've made a lot of progress and probably effectively broken the back of in terms of being prepared for that
That's great thank you very much indeed and for every question that I seem to answer you're getting two or three coming through from the likes of Stewart Kevin Rory and many others.
And what I do is I'll provide you with all these question if there's anything else that we haven't covered or got through we can add a written response at that time and publish them back to investors on today's call so thank you once again to everybody for your engagement this afternoon Shaun.
I know investor feedback is particularly important to you and to the board and I'll shortly redirect the significant number of attendees on today's call to give you their thoughts and expectations but I wonder before doing so if I may Shaun just ask you for a couple of closing comments
- yeah well look firstly I know we had well many hundreds of people who and shareholders who signed up to participate in the event and with that a huge number of questions that we can't really do justice to within the confines of today's meeting but we'll certainly undertake to try to address them in a separate Forum
- but look it's usually satisfying to me to have this level of investor engagement so thank you I'd also like to thank my fellow directors and the team here at Greatland for what has been a tremendous 12 months
- hopefully it's conveyed to the people just the huge excitement that we think Greatland presents and the value opportunity and we're really looking forward to the year ahead and I look forward to being in London in the new year and we'll certainly try to have another… I'll prioritize a town hall meeting where we can get through just that that great expanse of questions that we have but thank you for everyone's time
Mark B
So before we finish likewise just thank you everyone for attending it's been a really terrific turn up today and we really do appreciate it
- excellent questions a lot of them are really quite insightful, as Shaun said and as you've heard from your directors we're really excited about the future I particularly like that question about the plethora of opportunities that we face and how we give thought to prioritizing them
- you still have to solve it but it's a wonderful problem to have and it's the same reason that that and the same facts that we see that makes us so excited
- look I also am looking forward to coming over when we have a town hall with Shaun meeting many of you and on that note I think we will just actually hand over to you Alex to very briefly actually conclude the meeting itself
Alex B
Yes, I thank you once again for attending and there'll be a follow-up through invest greets so thank you everybody thanks
Host
That's great thank you to Alex and Clive in London to Jimmy and too the rest of the board in in Australia, can I please ask attendees not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the board can better understand your views and expectations this only take a few moments to complete but I'm sure be greatly valued by the company and on behalf of the board of Greatland Gold we'd like to thank you for attending today’s annual general meeting and good afternoon good evening and good morning to you all.
Interview Link:
https://youtu.be/tpdUDe3BnOY?si=mLgtr1JvowsvrSEO
GGP RNS’s:
https://greatlandgold.com/investors/regulatory-news/
Download Link – (includes slides)
https://www.mediafire.com/file/6zlxv5j4 ... 3.pdf/file
Mark Barnaba
- Thank you, Alex, good morning, ladies and gentlemen great pleasure to be here today. Let me kick off firstly by introducing the GGP representatives that we have attending in person and virtually you will note that there are a number of us that are here in Perth Western Australia
- We're attending virtually we felt that that was the correct decision to make in light of the expense of traveling to the UK and we felt that would better justified that we do travel to the UK and spend time with all our shareholders when we can attend one of the company's Town Hall events which we look forward to doing in the in the very near future so attending virtually from our offices here in Perth in Western Australia are my myself Mark Barnaba your chairman, on my immediate right Elizabeth Gaines Deputy chairman non-executive director on my immediate left Shaun day our managing director on my far right Yasmin Broughton non-executive director and on my far left Paul Hallum non-executive director
- we also have attending virtually from Sydney Australia Jimmy Wilson executive director Jimmy is in Sydney for a board meeting in board duties for export Finance Australia but he joining us so thank you for being there in Sydney Jimmy and attending in person in London as you've just heard Alex Borreli our senior non-executive director and Steven Ronaldson our company secretary
- so let me start the form of proceedings of this annual general meeting thank you the notice of meeting together with explanatory notes was posted to shareholders on the 9th of November this year
- accordingly the requisite notice of the meeting has been given I propose therefore that the notice of meeting should be taken as read and I'll proceed on that basis so thank you
- I'd like to turn to the main business of the meeting and I'd like to just remind you all that in the meeting that resolutions 1 to eight are proposed as ordinary resolutions requiring the simple majority to be passed, resolutions 9 and 10 however are proposed as special resolutions requiring majority of 75% to vote in favour of the resolution
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Mark B
- that concludes the 10 resolutions what I'd like to do now is hand over to the chairing of this meeting itself to Alex Borelli again to provide some concluding remarks
Alex B
- thank you Mark and thank you ladies and gentlemen for attending today's annual general meeting of the company I'd like to welcome the re-elected directors back to the board of the company and look forward to a further year of great progress with them and I declare the meeting formally closed and pass the meeting now to Shaun Day.
Thanks Shaun hold just we've got a hand raised but there will be questions after Shaun Day's presentation so if we do that that's after the presentation very good over to you Shaun
Shaun D
Thank you Alex and thank you Mark for chairing the meeting and for shareholders taking the time to participate in in the annual general meeting I'll be doing a quick presentation I will try to…I'm aware that we have a number of questions received so I'll try to move through the presentation quite quickly and then we'll open up for questions at the end including from the floor
[NOTE: SLIDES IN DOWNLOAD FILE IF READING ONLINE]
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- just to begin with I'd like to acknowledge the traditional owners on the land in which we operate they are the partners that we share across our operations and we're grateful for that the support and that partnership we have
- in terms of the Greatland itself it's I won't spend any time kind of going through the Commodities themselves in today's presentation but I think it is important to understand that we have a balance of around 75 to 80% gold and 20 to 25% copper and we really enjoy that diversification and both in terms of the exposure we have to gold and the geopolitical you know opportunity that provides but also with copper in that I think there's not a better metal to participate in the energy transition, so I think it's a beautiful commodity mix
- in terms of an overview of the company you know as I mentioned we are this high grade gold and copper company, just down the road we have the existing Telfer infrastructure and we're able to leverage that for the development of our core asset Havieron, we've already identified a JORC resource of 6.5 million ounces gold equivalent and that really underpins this very long life opportunity with Havieron and we have the… we retain the exploration upside to continue to grow that both around Paterson and we've also extended that with the Rio Tinto transaction and we have a broader suite of exploration assets
- and then finally you know we've invested in the team both at a board level but also the management team to really make the most and give us the highest probability of taking advantage of the platform that we have
- I always like to orientate around strategy and there's really three Horizons to our strategy
- one is deliver on an expanded Havieron secondly to continue to invest in the drill bit and we really think we have some exceptional explorational optionality within the portfolio and thirdly corporate development where we think we have a great team to take advantage of financially disciplined opportunities to grow the company
- in terms of the history of the company I won't kind of plan to step through all of this but I think what we should do is celebrate the last 12 months that
- we've had we've been able to it seems quite some time ago but we're able to resolve the 5% optionality that we had within the joint venture agreement successfully and get the best possible outcome which was retaining the full 30% ownership of Havieron
- on the back of that we're able to bring in institutional shareholders with an equity raise we also bought in a strategic shareholder with Wyloo and that's a really strong relationship
- we also expanded our board we bought in the chairman Mark Barnaba our Deputy chair Elizabeth Gaines but also we had Jimmy Wilson join in an executive role this year and plus Yasmin Broughton come in as well as another independent director
- so it's really kind of been a huge achievement for us we're also able to put in place support with a group of International Banks ANZ, HSBC and ING … so there's been and during all of that time we've also continued the development of the company and the Havieron asset
- in terms of the team itself I think it is worth pausing on that team that we've put together I've just mentioned the new directors we've had come in but also Paul Alex and Clive who have been with me for you a number of years, we think we have an exceptional board and that is hugely important in terms of taking advantage of the opportunities that we have and we have a tremendous relationship with our board
- and then with the management team in a market where it's been incredibly difficult to attract talent I think we've done nothing less than an exceptional job at bringing in a management team and all of people on that board within that management team I or my colleagues have worked with before
- and it's been a destination to come to Greatland because of the team we've put together because of the asset we have and because of the opportunity we have to leverage this platform and I think the team we've put together is one of the huge achievements we've made over the last really last couple of years
- in terms of we are listed in London but we' we also have talked to the market about at the right time expanding that footprint to add a complimentary ASX listing so remaining listing in London but also adding an Australian listing and I think it's important to see where we sit with those peers and to understand the value creation opportunity that we think that presents
-and that's something that we continue to think about but we also our number one objective is to do what's in the interest of our existing shareholders base but we'll continue to think through the opportunity to add an ISX listing and to bring in a new group of shareholders to augment the support we already enjoy in London
- with that I'll just turn to the asset itself on screen is that box cut that we put in in February 2021 and really since then we've extended the underground development and have we move to the next slide I think that shows it very well
- we're around 80% of the development through that Permian layer to advance to the top of the ore body that's a hugely important focus and derisking for the company and what we've been able to do during this last two and a half years of development of the decline we've been able to go through two of the aquifers and we're just starting to come into the third aquifer, put in the ventilation
- and we've also moved through that Permian layer and as we've always described to people as you move deeper through that Permian layer you enjoy better mining conditions with depth you have more time pressure and heat and that ground is more consolidated and you see that with our mining with the cut length and the productivity of our mining accelerating as we've moved through that decline
- we're presently in a situation when we were standing off and dewatering that lower decline we're taking advantage of this to put in place two raise bores to complete the primary ventilation but also we feel very well placed once we dewatered that lower aquifer that we continue to have accelerated mining speed into the into the country rock and into the Havieron ore body itself
- with that I think just to talk about some of the strengths of the Havieron ore body and I think this is a really important slide just to demonstrate this and it's that 86% conversion rate this is from the existing resource into the mine plan 86%
- that is the best number of I've seen in my career you would normally expect an underground mine to be converting around 55 maybe up to 65% conversion maybe an open pit up to 75% but this speak volumes as to the quality of the body and its compact nature because of this subvertical nature and it's relatively compact structure and grade we're able to take big Stope vertical cuts that allows us to have an average Stope size of around 125,000 tons
- they are big underground stopes and that delivers a Mining cost around half the Australian underground sector average and that all feeds into most of this ore body coming into the mine plan
- the next slide is probably the my favourite slide and this goes to the ounces per vertical meter (OPVM) this is a wonderful kind of rule of thumb to understand the quality of an underground mine
- this is running plus 8,000 ounces per vertical meter through that top 500 meters of the ore body the Y axis shows you that is a function of the meters drilled where we've drilled we've identified and been able to delineate a JORC resource
- what I think is really exciting about this is we intend to come up with an updated mineral resource estimate this calendar year so in the December 2023 quarter (be end of year) and that those green on that y database that stack chart that green shading that is the additional 88,000m we've drilled the centre of gravity for that drilling is actually towards the lower half of this ore body
- so that's really going to be you know really good to bring that into the mine plan delineating more at depth and we think you get a more consistent profile of ounces per vertical meter across the ore body and 8,000 ounces per vertical meter is exceptional it drives an incredibly efficient Capital intensity because for every vertical meter you're developing you're accessing over 8,000 meters sorry 8,000 ounces of ore but also it drives an incredibly low oil in sustaining cost (AISC) and you saw in the in the PFS we had a $643 USD per ounce AISC cost which puts us in the bottom three or the cheap or lowest three cost mines in Australia
- and just finally on the ore body I think it's really important to understand it and I think having a look at it in plan does describe it to you we've really Centred for now around that Southeast crescent which is this high grade and that's where we're going to put the infrastructure right next to that but then we have this huge option value about taking advantage of the northern breccia plus that Eastern breccia amd that Northern brecia has these number of high grade pod structures
- and it gives us optionality as to whether we go in there and bulk that out remembering we have a really large latent processing capacity at surface or we can go in and be selective and take out the high grade features
- similarly with that Eastern breccia we have that same optionality it's always good to have choices in mining methodology but you see a more consistent and higher grade through that Eastern breccia and I think that's potentially a lot of the growth in the updated MRE is through that whole new Eastern breccia where we've been we really did focus some of the drilling over the last 18 months
- with that I'll just talk briefly to the exploration program that we have and I'll do this in two parts I think firstly we want to talk about the Paterson and this is the opportunity a long strike from Havieron
- the structures through the Paterson tend to run in a North-west structure so horizontally across the page so we already have that ground across Scallywag and into the Juri joint venture but then what we're able to do this year is to have a preferred bilateral agreement with Rio Tinto where came in and became the manager of their ground in the south of the Paterson
- this is a pretty standard seven-year earn in and joint venture agreement and we really feel this is the best untested ground in the Paterson and its centre of gravity is around the Telfer mill you can see the circumference there are 50 km which gives us a huge opportunity of successful to actually be able to augment what we're doing with Havieron what we're doing with the Telfer infrastructure with any new discovery there
- so we think this is hugely on strategy but also really enhances the option value of exploration within our portfolio
- I'll then jump across just in the interest of time to slide 17 where we have sorry the next slide where we have the overview of our broader exploration opportunity and Ernest Giles
- it's been a little bit of a slow burn but I think the team did a tremendous job and we talked about the recognition of our traditional owner Partners at the start of this presentation we did a tremendous job to come to an agreement with there The First Agreement the Wakamura people have ever had and a testament to the geology team and the Heritage team that we're able to achieve that
- this lights up like a Christmas tree with the Geophysics it's undercover which is really the competitive strength or our competitive advantage that we have within that exploration team
- we have we've had a drill rig on there through November and we're really looking forward to getting the assays and sharing them with shareholders in due course and that really creates a whole new exploration front for us
- Panorama we had the recent announcement around the nickel, look we feel Panorama is perspective for both gold and base metals
- as it happens in a program that did find a little bit of gold opportunity really the story of that was the nickel that we picked up in the sampling
- there's some conductive or confluences of conductor and gravity anomaly sitting under that nickel which we're finding at surface I think they become really interesting targets for us during the course of 2024 and there's lots of ways to think about creating value if we have ongoing success around Panorama
- and then Bromus is an area that we haven't explored in the in the past we are going to get boots on the ground during 2024 and we think again this is Gold plus other metals opportunity and we've been active in how we think about our portfolio
- also during the year we let go of the Tasmanian assets but we're able to vend them into Flynn gold who we feel has a focus and a competitive advantage in Tasmania and with the with the transaction structure the equity we have in Flynn gold and also the earn outs we have ongoing participation and that success so we're active managers of this portfolio but we think it's really advantageous and we're going to continue to look at ways to manage that and potentially add to it when there are other opportunities
- and that concludes my presentation and I'll now pass back across to Alex and open up the floor for questions
Host
that's great maybe if I could just jump in firstly thank you Shaun for your presentation and thank you to all the investors that have submitted questions so far and also pre-submitted questions ahead of today's event. Alex it may be prudent for us to start with any questions that you have from any shareholders in the room and then I'll present some questions to Shaun and the team thereafter
Alex B
yes, I thank you Shaun for that and I'd also like to introduce Clive Latcham non exec-director who actually joined us for the meeting and we have one question from a shareholder in the room if you'd like to put your three questions just give us the first one yes
Mr ECM2
Can I first start by saying that as a long-term shareholder I'm relieved to attend the AGM we have moved away from the Dreadful 6p share (NOTE: unclear audio) I thank you Shaun and the team for the work you've carried out since the last AGM and for coming to London for the town hall meetings
- I hope you'll be able to continue to do those meetings in future so my first question is… please would you confirm whether there's any further slippage to the declaration of the MRE update
- secondly following on from the last AGM could you comment or follow up on buying another asset with a clear path to production and this is my key question here on a vulnerability regarding a takeover at a low share price particularly for PI’s who have bought shares in the 20p’s you've heard of the previous concerns about that but noting that our market capitalization at around 11p is already over £570 million but with no revenue expected for a number of years can you allay some of those concerns?
Alex
I would say thank you to you for your questions you raise three questions if we could put those back to Shaun very quickly the first one was the MRE update is there going to be slippage on that I know Shaun has just tabled that the MRE update would be in the December 2023 quarter, I suppose the question is what do you mean by the December 2023 quarter and is it going to be slippage from that so should we just address that one Shaun?
Shaun
- So Alex I'll just go straight through and answer those questions
- so in terms of the MRE in by way of background I think people recall that Newcrest had undertaken to update their MRE in August 2023 together with their Universe of assets for whatever confluence of reasons they didn't provide an update they simply restated the 2022 MRE
- subsequent to that Greatland undertook to update the MRE in the December 2023 quarter which I recognize we're presently in, we also explained at that time that what was really important to us is one that we had the time to complete that work to our satisfaction, two that we reviewed it by an external independent expert and three that we had peer review and the proper time to engage with our joint venture partner for their input and support
- so our shareholders should be confident that we still remain… have a clear intent to release that MRE in this December quarter so within the next I guess two or three weeks but equally that we are progressing those what I outlined there and all of those steps are really important to us in
- in terms of another the second question on asset and free cash flow yeah I think when we I answer that by referring back to the three Horizons of strategy and the third Horizon there is to consider financially disciplined Acquisitions
- in my career across Sakari, Straits resources and Northern Star all of them started as single asset organizations and we grew them to be multi-asset multi-billion dollar platforms
- I think with the expertise we have we are certainly interested in financially disciplined acquisition, all of those entities I was associated with returned between 5.6 times and 13.2 times multiple of invested Capital to shareholders
- so that's certainly something that that we are interested in and we'll continue to kind of think about that from a very financially disciplined perspective but we also celebrate that we have this organic growth profile with Havieron and that is a focus for us
- and then if I can move to the third question, vulnerability to takeover bid… look we recognize that Havieron is a a world-class asset in a tier one jurisdiction lowest quartile cost and we've developed you know somewhere around 80% of it
- and that narrows our pathway to free cash flow and it's attractive so having said that you know our focus is around creating value for shareholders
- it's my job to convey to the market the narrative of the opportunity that GGP presents and you know that is our best defence is to be able to explain that message and give shareholders and potential new institutional shareholders and Retail shareholders the opportunity to buy in and I think what's been really gratifying for me is we've seen that slow trend of more and more institutional shareholders recognizing the transactio… sorry the value of the portfolio and Havieron and buying into augment that longstanding retail support that we enjoy
- with that unless there's any other questions from the floor I'll open up to the investor meet company questions
Alex
- that's the questions from those are the questions from London so over to investor greet
Host
Thank you very much indeed Alex, Shaun given the significant attendance on today's calls it's no surprise that you've had lots of questions and I think what we try to do here is try to thematically put these to you for the best use of your time this morning and I know you've touched on a number of these points you've just touched on the MRE update for example.
So if I may just start off with the first question which talks around your strategic plans you've touched on that in your presentation the question reads as follows you know I've been holding GGP for the last three years and I'd like to understand better your you know your 1,3, 5, 10 year view particularly around share price maybe your aspirations there and assets in the portfolio
- yeah look I think I again I'd talk about our strategy in terms of those three Horizons of the expanded Havieron investing in the drill bit and opportunistic growth but in the short term I think we have a number of catalysts
- I think I've been asked that question as well so why don't I weave that in look we think we come into a very catalyst rich period in the next 12 months, we have the drilling results coming out for Scallywag but also Ernest Giles which is a full new Frontier
- we just talked about the updated mineral resource estimate that's an additional 80,000m of drilling so really about another adding another 30% to that drilling inventory
- we have a feasibility study expected to come out
- we hit the top of the Havieron ore body we achieve first ore plus we can explore that ASX listing opportunity
- so I think in the short term that's how we think about the strategy and the value creation
- in the medium term the shift of Havieron into free cash flow and then augmenting that with that third pillar and second pillar of continued exploration success coupled with financially disciplined opportunity
- and in the longer term we believe we have a multi- decade asset that is the main stay of Havieron and I think that is exceptional when you look at the average mine life of Assets in the midcap plays it's around 6 and a half years
- so to have a multi- decade backbone to our organization is a huge competitive advantage t
That's great thank you and as you say you've taken the second kind of category of questions which is about upcoming milestones and catalysts if I could just turn to Scallywag, the delay the question is as per the RNS stated on the 25th of July 2023 it stated the following, the holes are currently being processed and assays will be reported when available just if you can give any colour around that I guess
- yeah look thanks for the question look firstly I think your expectation should be that Scallywag results will be available you know within a short number of weeks so you know next week or so or the week after I think
- it's probably also worth explaining that those holes are coming out subsequent to the South Paterson holes not withstanding they were drilled first that to be open with people we decided to prioritize the South Paterson drilling with us spotting the Queue at the assay lab
- and the reason for that is South Paterson was a whole new area for that we have Heritage clearance to continue that exploration program into 2024 that was the prioritize for our exploration team so we actually switched them around which is why the Scallywag is a little bit slower we've also been back on scallywag and we've undertaken a EMT survey so more Geotechnical data
- but I think in simple answer to that question is that'll be out very shortly
That's great thank you let's turn to processing and the Rio joint venture we have a JV with Rio Tinto in the event of a discovery where will any future production be processed
- yeah well look again we're really I think justifiably proud that we're able to complete that transaction with Rio Tinto and be a preferred counterparty with Rio Tinto in the Paterson, the centre for gravity of that Holdings as I mentioned during the presentation is within this 50 km radius of ore Telfer and I think as with all things in mining it's good to have options and that gives us the option of potentially building our own plant but also the option of bringing it through Telfer
- so I think given Telfer is scheduled not to be full from mid 2024 onwards I think that presents a natural home for that product and having that existing infrastructure to leverage lowers the bar of the quality you need to discover to create economic value
- and this is why we think that Paterson Holdings was such a or Rio Tinto Paterson Holdings was such a good fit for Greatland it's great thing
Thank you let's turn to Havieron if I may can you discuss the progress at the decline and the lower aquifer
- yeah look thanks for the question, I think when we when we think about the progress at Havieron we should understand the context of just how expedited this has been
- this was a discovery by the Greatland team in 2018, in 2019 we entered the farm in and joint venture agreement with Newcrest, less than two years later in February 2021 we've started the Box Cut and commenced the decline down to the ore body
- that is a remarkable process and I think reflects the conviction that both joint venture Partners had in the quality of Havieron so we continue to develop Havieron, we're some 80% of the way through that through that Permian layer and as shareholders recall the top 50 meters of that is a really difficult part of the mining profile but now being some 300 plus meters deep we're enjoying reasonably good mining conditions and certainly when you get into the country rock they are excellent conditions
- in terms of what we’ve done with the rescheduling we have come across that the known lower aquifer we successfully navigated the higher aquifer we successfully navigated the middle aquifer and we're now working through the lower aquifer
- and the approach to all three have been the same to stand off to do initial depressurization and then to do subsequent dewatering drilling and then pumping that water out so we can drill through a relatively dry profile and just to explain what aquifers are to people
- this is just porous rocks , ocks where there is more water generation than you normally expect through the rest of that Permain profile, we are set up to handle that water but it is prudent and Greatland supported the standoff so we could work within a reasonable margin of safety and really we still believe we'll be moving through that through the June and September quarter of this year.. of sorry of 2024 I should say
Thanks Shaun let's turn to the next section of questions which really around prioritization of the opportunities that you have I'll read this question out in full, good problem to have but I often consider Greatland to be an embarrassment of riches in a good way, how can the multitude of already owned opportunities be efficiently dealt with in the near term
- well firstly thank you for the question but look have Havieron is a real centrepiece for us you that is a natural Focus for us but it's around how do we augment that and how do we optimize the value from the balance of the portfolio
- and I think I mentioned before about being an active manager of our portfolio and this is when I talk about being active we're both really pleased to bring new Assets in and the best prime example of that is that Rio Tinto joint venture through the South Paterson but equally we're not afraid to release assets from the structure when we don't think we have a competitive advantage to create value
- and we did that with the Tasmanian assets and then something like Panorama has somewhat thrown up an an unexpected turn here where we've gone out and we've really uncovered some really interesting nickel prospectivity
- there are multiple ways to create value from that nickel.. you of course at one end of the spectrum is if we continue to be successful there is developing it and operating an asset but equally you can look at monetizing that if we think that is a better pathway for shareholders
- so we think about optimizing that portfolio in terms of value for shareholders and within the management bandwidth and organizational capacity that we have
Thank you if I may let's turn to Newmont in the Paterson the question reads as follow hi Shaun having listened to an interview with Roger Mason of Antipa who also have a JV with Newman in the Paterson he seemed very bullish on the case for Newmont to develop the Paterson in general, now that you have a chance to bed in your relationship with Newmont do you share those sentiments and if so can you see it impacting on your current position in the Havieron JV
- yeah thank you look the relationship with Newmont is hugely important to us, we really welcome them into the joint venture yeah the Newmont team as a group I've worked with previously in a prior role so I have I bring a pre-existing relationship to that
- but we think culturally there is a tremendous alignment between Greatland and Newmont and really over the last I think it's really just been four weeks since Newmont’s taken the keys as our joint venture partner at Havieron we couldn't speak more highly of that team both in terms of the engagement and also the technical expertise that they've brought to the table
- as part of the question you asked about Newmont’s you know commitment to the to the region and their interest in the Paterson , heir CEO Tom Palmer came out with describing the Paterson as one of the great mining postcodes of the world
- so we really look forward to creating a multi-decade relationship with Newmont, we value them as a partner we think we can contribute to that to that relationship as well our team is dedicated and focused on Havieron and we've been here right through that cycle since February 2021 and beforehand with discovery
- and we think together we have an amazing platform to be successful and I'm up at site you know in the next few days with the Newmont team and you know it's all part of us going a journey together and building that relationship but it's certainly been off to a tremendous start
That's great thank you just turning to your ASX listing, hi Shaun the proposed cross listing on ASX is it still expected to complete in 2024
- yeah look the cross listing is something that we think is potentially value enhancing for shareholders so it's something that we continue to be interested in
- we're really pleased with the progress that we made we engage with the ASX and I think effectively navigated a pathway
- having said that we only want to proceed with an ASX listing when we think it's in the interest of shareholders and we are mindful of share price and all those things in calibrating that decision but it's something that we think we have the option to look at through 2024 and as I mentioned in the presentation it's something that we continue to think about and something that I think we've made a lot of progress and probably effectively broken the back of in terms of being prepared for that
That's great thank you very much indeed and for every question that I seem to answer you're getting two or three coming through from the likes of Stewart Kevin Rory and many others.
And what I do is I'll provide you with all these question if there's anything else that we haven't covered or got through we can add a written response at that time and publish them back to investors on today's call so thank you once again to everybody for your engagement this afternoon Shaun.
I know investor feedback is particularly important to you and to the board and I'll shortly redirect the significant number of attendees on today's call to give you their thoughts and expectations but I wonder before doing so if I may Shaun just ask you for a couple of closing comments
- yeah well look firstly I know we had well many hundreds of people who and shareholders who signed up to participate in the event and with that a huge number of questions that we can't really do justice to within the confines of today's meeting but we'll certainly undertake to try to address them in a separate Forum
- but look it's usually satisfying to me to have this level of investor engagement so thank you I'd also like to thank my fellow directors and the team here at Greatland for what has been a tremendous 12 months
- hopefully it's conveyed to the people just the huge excitement that we think Greatland presents and the value opportunity and we're really looking forward to the year ahead and I look forward to being in London in the new year and we'll certainly try to have another… I'll prioritize a town hall meeting where we can get through just that that great expanse of questions that we have but thank you for everyone's time
Mark B
So before we finish likewise just thank you everyone for attending it's been a really terrific turn up today and we really do appreciate it
- excellent questions a lot of them are really quite insightful, as Shaun said and as you've heard from your directors we're really excited about the future I particularly like that question about the plethora of opportunities that we face and how we give thought to prioritizing them
- you still have to solve it but it's a wonderful problem to have and it's the same reason that that and the same facts that we see that makes us so excited
- look I also am looking forward to coming over when we have a town hall with Shaun meeting many of you and on that note I think we will just actually hand over to you Alex to very briefly actually conclude the meeting itself
Alex B
Yes, I thank you once again for attending and there'll be a follow-up through invest greets so thank you everybody thanks
Host
That's great thank you to Alex and Clive in London to Jimmy and too the rest of the board in in Australia, can I please ask attendees not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the board can better understand your views and expectations this only take a few moments to complete but I'm sure be greatly valued by the company and on behalf of the board of Greatland Gold we'd like to thank you for attending today’s annual general meeting and good afternoon good evening and good morning to you all.