Notes from Investability Interview - 10 Feb 2022

[DipSard]

Notes from Investability Interview - 10 Feb 2022

Interview: https://youtu.be/SuyW_MiNf_U

* Thoughts on achievements and highlights after a year in the role as CEO?
- Yes, just over a year and a busy but fun last 12 months
- Major achievements such as around a team that's been built up from first principles in two ways: Firstly, we had a team scattered across two locations and now gathered in one location in Perth close to the asset, so we can get ‘boots on the ground’, even in this Covid period. Also built up team by adding/augmenting exploration skills with mining, engineering, finance and processing skills really allowing us to go from understanding part of the Havieron puzzle really well (the geology) to extending to these other disciplines. Gives us a more comprehensive capability enabling us to add more to the JV
- And that’s perhaps the other big change in the amount of engagement with Newcrest, it’s a building and strengthening partnership and we’ve switched to monthly meetings from the previous quarterly engagement
- This allows us more influence and to improve our understanding of the asset and be better owners of that 30% stake in Havieron, so it’s been a really busy year building us up from first principles, but I think successfully so.

* What is Greatland focused on in 2022, and what can investors expect?
- 2022 is a transitional period, would like to say that we would be in production in 2023 which would be a huge milestone and we continue to focus on exploration and growth in 2022 but also continuing to build our foundations
- Talked about people in the last answer and should have added about the BOD as well, we added Paul Hallam, a really respected person with considerable mining experience including at Newcrest and Fortescue. His addition to the Board has been tremendous and would like to continue to add/augment talent to the Board and that gives us more opportunity within the marketplace
- If we can surround the company with A Grade talent both within the Board and Management it gives a higher probability of success, so this will continue to be a core focus as will be punching into that ore body and building it up
- Remember that the PFS was really only on a fraction of the ore body in the SE Crescent. As drilling continues, we understand more and more about the broader opportunity at Havieron which we think is World Class and increasingly apparent.

* Had some amazing results from a section of the new zone of mineralisation at Havieron, what are some of the key takeaways?
- Every drill hole we hit in the last 12 months has mineralised intersects which is an extraordinary outcome, as you go through targeting that SE Crescent it’s an incredibly consistent and High Grade (HG) zonation
- And as we’ve drilled more, identified whole new areas such as the Eastern Breccia (EB) where we now have say half a dozen plus 200m intercepts running through it, Havieron doesn’t need to expand to be world class but amazing we have that EB
- If we look at the most recent set of results, you see that 70m intercept at plus 6 grammes (HAD104) into that EB which was traditionally running more along 1.5 to 2g, so seeing that kind of HG intercept is really interesting
- Firstly it’s about 200m to the south so that’s interesting in terms of what it does to the size of that EB, another way to look at it is we’re getting SE Crescent grades down in that area. So, does that lend itself to another HG area? Does the SE Crescent move down into that direction (S/SE)?
- Stunning intercept and when you get intercepts of that grade and width, you really do feel you’re onto something so really excited about that result but one in so many of those kind of results
- Havieron just continues to give and all part of delivering firstly the Starter Mine (as part of SE Crescent) which is tailor-made for our balance sheet, driving in and get into production, moving that HG ore through the mill and generating free cash flow to then reinvest into the broader Havieron opportunity, brilliant to work on an ore body like this.
* Anything interesting happening in the other projects in the portfolio?
- Continue to drill in that Paterson area including on the Havieron mining lease itself, think that’s some really interesting ground as no better place to look for gold/copper than where it’s already been found
- So on the mining lease and our 100% owned Scallywag on a NW direction along the structure from Havieron, so will continue to see us drill through there
- And then moving further NW onto the JURI JV ground (also with Newcrest), it’s not drilling season right now (wet and hot) so we tend to do planning at this time of year unless supported by the full Havieron camp, but you’ll see those drill rigs spinning again as we run into the June quarter , which is excellent and it’s a tremendous place which has great option value in the portfolio
- Additionally, you’ll see us spend more time elsewhere in portfolio and one we’re really keen to get into is Ernest Giles, an Archean Greenstone belt that is under drilled and under explored and associated with a lot of the gold mineralisation discovered in W.Australia
- So really looking forward to that but that’s a First Nations issue, really think we’ll have that first access agreement sorted out this year and potentially be drilling there at the back end of 2022 and it’s a beautiful project to be involved in.

* So much going on, great you’ve built up the team and are able to run everything concurrently, anything else you’d like to share with investors?
- 2022 is a really busy and jam packed year, will continue both growth and infill exploration drilling which leads to improved resource/reserve statements which I think are a good catalyst for value
- On top of that, would like to be fully funded, there’s a debt piece which perhaps cornerstones that
- We have that 5% option out there with Newcrest, in some ways that’s part of this transition of getting onto an even keel so we’re spending a lot of time, energy and effort working through that to try to get a fair result for Greatland shareholders
- And then as we move into the back half of 2022, we have the Feasibility Study which is already flagged to be 50% bigger than the PFS
- And of course on the back of that you have the financial investment decision or the final investment decision and then we’re inside of 12 months to first production so yeah look good fun, lot’s to do but increasingly we’re comfortable that we have the team to deliver that and deliver it really well for the benefit of shareholders.