Notes from AIM ON AIR interview - Part 2 - 19 Jun 2023

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Notes from AIM ON AIR interview - Part 2 - 19 Jun 2023

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Notes from AIM ON AIR interview - Part 2 - 19 Jun 2023

Interview:
https://youtu.be/tqObMGixczo

ASX Media Specualtion RNS:
https://polaris.brighterir.com/public/g ... ry/ryevl8w

Rio Tinto Farm In RNS:
https://polaris.brighterir.com/public/g ... ry/r77q27r

Havieron Debt Funding Update RNS:
https://polaris.brighterir.com/public/g ... ry/w9j05ex

Juri JV RNS:
https://polaris.brighterir.com/public/g ... ry/rnke3jr

Divestment of Tasmanian Tenements RNS:
https://polaris.brighterir.com/public/g ... ry/xzj51pw

Havieron Exploration and Development Update RNS:
https://polaris.brighterir.com/public/g ... ry/xj98y1w

*It is Monday, 16th June 2023. And you're watching. We're specializing in connecting companies with shareholders and is what we do best. Hello, and welcome back to AIM ON AIR. My name is Liam and today I’m pleased to be hosting Shaun Day again from Greatland Gold. Welcome back to the show, Shaun.
- Hi, Liam. Thanks for having me on AIM on Air again, *I really appreciate it.

* No problem at all. This is part two of two, and part one can be found at the top of the screen now if you've not seen it, this is different to our regular quarterly catch up. So, we field questions from shareholders that we are going to get through as best we can. Fresh ice breaker today, Shaun, and this is a tough one. Matt says it's the Ashes at home and you're down to your last batsman. You get to choose anyone from your lifetime. Who'd you send up to save the ashes and keep them in Australia?
- Anyone from Lifetime as a number 11 batsman would have to be Gillespie, who hit a 200 and did a delightful text the last time Australian batsman hit 20, NZ Welcome to the club, Jason.

* Brilliant answer, that might be a tough one, but you had an answer right away for me, Shaun. Further exciting results have been released this morning with six drills intercepting more gold and copper in the South East Crescent. Could you explain those, please?
- Yeah. Look, we're really delighted, Liam, with this updated announcement. I think what you're seeing is a continuation of more high-grade intercepts, particularly into that south east crescent.
- Maybe what I'm what I'm… I most take away from this and what's most exciting is you're saying that south east crescent flow into that linked zone and into that Eastern breccia and I think what we're observing is that high-grade following that pathway to that kind of circa 4g ram material through that link zone and actually through into that Eastern breccia as well.
- So, it's really strong and I think it it's starting to give us a new interpretation and new understanding of the ore body, which we're excited about and gives us a better understanding of where and how it's open at depth.

* The decline is advanced and passed 2400 meters. Could you explain where we are in the process now, please, and how that's going compared to your planned approach?
- We're just on another spiral right now, and what we try to do with those spirals is we're tackling some more difficult ground, softer ground, but all in keeping with our plan and understanding of the Havieron decline.
- So yeah, it's progressing really well. And as we get through this spiral, then you'll see us come back out into another straight section where you'll see a real acceleration again, but we take shorter through these spirals just to manage the risk of softer ground and indeed the turn in the decline progress. So again, all these things are factored into and we really pleased with the progress we've made.

* And we're still on schedule to complete as expected?
- Yeah, I think we're very comfortable that we will complete in that first half of 2024. And indeed, you know, I like to think, you know, we're running a little bit early on that schedule. So, but the guidance remains very clear on that first half of 2024.

* On the 1st of June, Newcrest announced along yourselves that the joint venture management would change, what's happened in there. Can you can you elaborate on that for me, please?
- You know, as part of the JURI joint venture, Newcrest had the right to become manager of that for some time. I'd say almost the last two years, I felt it was a great vote of confidence and they allowed us to continue to be the manager and also reflective of the relationship.
- I think the exploration teams working incredibly well together and we really respect that. The exploration team as well, for whatever reason. Yeah, I guess there's been a little bit of movement both at the Newcrest end but also at the Greatland end with us picking up you know a really expansive footprint with the Rio Tinto transaction.
- And look, we're kind of pleased to be honest that that Newcrest wants to, you know, increase their involvement and focus on Juri.
- So I think as we've as our times being a little bit more divided, I think if they can come in and focus and accelerate Juri that is that is brilliant.

* And am I right in saying that they need to spend approximately 14 million to take the next level of earn in venture?
- Yeah correct so that second part of the earn in I think to take them to 70%, that's a meaningful amount of expenditure and you know we're delighted to see activity there.

* That's brilliant and I look forward to seeing there that your program and, and what they may find… a little quick clarification from me to do with the Rio stuff and Budgie Downs and Strickland just wondering how deep is the cover and how far down do you think the targets are?
- Across that area of the Patterson. Yeah, look, cover can be in some places is as shallow as 20 meters and can kind of trend down to around 500 meters.
- So, look it's not a one size fits all. But look, those higher quality targets are typically, you know, for less than 400 meters undercover. And I'd kind of distinguish that from our Rudall target where I think we had an intercept at 800 meters, these are in much shallower territory which is part of the reasons why they resonated to the top of the Rio Tinto were why you can undertake better geophysical work on geophysics and chemistry. So, all these come in to why some of those targets stand outs for us.

* That makes sense. Thank you. Regarding the bank funding, Adam was asked, could you explain the difference between the commitment letter and the letter of support on the bank funding? It just sounds weaker and not stronger in terms of support versus commitment.
- Yeah, look, I think it's around the fees to be open with you. Yeah, I think is it commitment that immediately drawable by us then then basically we were at a point where we had to start paying the upfront fees and what’s called a ticking fee, you know, by contrast we've actually been able to put it in stasis and, you know, preserve that commitment… sorry preserve the relationship and I think there were some quite strong statements around their commitment to our relationship and us to them.
- But by the same token, we are pushing back, they say and again, I think our preference is to try to align drawdown with that feasibility study which again my sense for it is it is post the outcome of the Newcrest/Newmont transaction.

* Shaun, I'm going to start with the tougher of the questions, I'm afraid. First, Simon, Martin and Conrad all follow the same theme. There's an undercurrent of ill feeling amongst some of the shareholders and I can see why in some ways, with the return of investment, perhaps not living to some investor's expectations, even though, granted others have suggested numerous times that this is a medium to long term investment, as you've always said. But with this being an aim share, there's almost a feeling directors must have what we term here is ‘skin in the game’.

We've touched upon it in part one, and this is not the first time we've spoken about it here, but I just wanted to clarify for myself about what a close period is, what sort of things can create a closed period. And I have no idea if you can even answer this, but given the opportunity, would you be adding to your holding?
- Yeah thanks, Liam and Simon for the question. Look, I think yeah, in so far as you know, that was a commentary on the share price. These things are multi-factorial. I think there's a general market situation in, in London and globally which, which has impacted share prices, albeit we like to think we've done taking a lot of really positive steps and we focus on what we can control.
- Now in terms of us buying stock, I've bought a reasonable amount of stock personally out of out of my own cash from the... it's a meaningful position. I would anticipate that other directors are also seeking to buy at the next opportunity.
- Which takes us to closed periods. I think you'll find a great difference in in governance over the last 10 to 15 years has been a much greater focus on closed periods, insider information and market where it actually is quite complex for management and directors to buy or sell stock and for instance, we would see in NOMAD consent before we ever transacted on something like that.
- And you know, we would disclose everything where we're currently talking about. So, for instance, I think earlier in our discussions we talked about those Rio Tinto transactions taking 12 months. Now that doesn't necessarily mean you are closed for all of that 12 months, but it certainly does have an impact.
- So definitely, obviously, time will tell when we need to have a window to do that, particularly right around now, it's yeah, it's a very compelling opportunity. So yeah, I'm keen to add to my equity holding and each time we've gone to market I think people will observe I've taken that opportunity to add. But the equally, you know, I think waiting for clean air, we are trying to be really active and that means, yeah, it's always a little bit nuanced.
- So, so that's why you see not just at GGP but across a lot of companies on exchanges and particularly the more mature exchanges and I like to think the GGP governance is really important to us.

* Andy says quite often when speaking to friends and family who know about my investment, I'm told I've made a silly mistake based on the price action. Do you friends and family understand what GGP mean to you and the potential it has to become by leaving a job that you transform the share price into one where the market cap is now three times smaller.
- I think my friends in family I'd say see a huge amount of focus in me on the role. You know, this is not a 40 hour a week job for me. This is this is it, the … however people perceive it, I think they should have confidence I am all in on making this successful.
- The I look as I say look, I really focus on what we can control. I'm really confident to talk about what we've achieved over the last two years and how we've transformed the company. And to be honest, I think, you know, one of the ways I've described what we've done over the last two years has been defensive in nature in terms of a platform that wasn't funded and had to be funded.
- Otherwise, it lost its prized asset. Yeah, this was in an existential threat. So, I like to think we've done a really admirable role in that and I think we've created a structure that gives us a huge amount of options and potential into the future.
- And of course, I'd like to see that reflected in the share price. I think as we come closest to production, as the option value in our stock becomes more apparent. I'd really like to see that manifest in share price. But at the end of the day, I, my focus is to achieve what I can control and over time I think the market price will reflect that.

* That's brilliant. Thank you. I suspect you must've just answered this question, but I'll run it to you anyway, because it's a pretty good question. As a follow up, Stewart says, Hi, Shaun. You stated that Northern Star became a multi-billion company with an asset not quite as good as Havieron. How confident are you in repeating this achievement with GGP?
- Yeah, thanks. Thank you. And part of Andy's question beforehand. I think there is an implication about, you know, why did you leave North Star? And these things are multi-factorial. But Northern Star is a fantastic company and you know, there is a you know, there is a price to be paid at you know, trying to do something, you know, more entrepreneurial.
- But, you know, the attraction to me of GGP was the quality of this asset. And when I spoke about the foundation asset of Northern Star, specifically talking about Paulson's and I and I think Bill Beaumont when I was there was very much the CEO the face of, of, of Northern Star would mind me saying that Paulson’s which was tremendous for Northern Star was not in the same league as Havieron, but you know I think the attraction to me in joining GGP is the calibre, that cornerstone asset that we have, our flagship asset I have great belief in.
- And look, I know it's not an exciting period as we spend three years building the decline ramp down to that ore body. But we are two years into that journey and successfully have progressed. So I think, yeah, everyone's looking forward to the first gold pour and these things start to go from the far horizon to the near horizon. And I think that is perhaps is they will build excitement again. Yeah, absolutely.

* And Simon says given the difficulties of the last two years being the 5% and NCM cooling publicly and Newmont arriving on the scene and the funding moving around, has the job proved more or less challenging than you expected when you first arrived?
- Let me let me be open on this, much more challenging, I think I, I joined prior to I signed up to the company prior to the joint venture agreement being signed. I was somewhat anticipating I would have had an input into that, but it was signed before I joined, so that that was a little bit of a curve ball for me. But I'm equally... I found it an incredibly rewarding experience. But this has been, you know… with reward has come the challenge of, of, of achievement.

* Thank you. We're going to move on towards Havieron now and talk about that.
Rob asks if Telfer was to close, what are the options for GGP in managing Havieron with 100% ore extraction and processing? Is Telfer the only real option or is GGP considering alternatives? I guess that's in the event of... however, if Newmont do take it over, they decide they don't want it.

- And then there's, well, look, focusing on the processing element of that question, there are two ways to process Havieron ore, you know one is through the existing infrastructure, which is Telfer and which is 45 kilometres down the road and the existing, I guess, relatively de-risked pathway to the processing.
- An alternative is to build a new purpose-built plant right at the mine mouth. Now that does have certain advantages to it, that new piece of kit , it’s the right size for Havieron and you avoid haulage for years, if not more likely decades of material to Telfer.
- So, there is, depending on your size of the mine, the NPV is actually better to build a processing plant at the mine mouth. But you also have to have to weigh that up with the time frame it would take to construct, the funding you need to do that construction and the greater risk of actually undertaking a major project as opposed to taking advantage of existing infrastructure.
- I think it's very likely that will continue the base case of taking advantage of that existing infrastructure. But world class ore bodies you can solve in multiple ways and know. So, we have the luxury of a choice bit. But right now, I would steer people towards what the PFS said, which is the base case is processing through Telfer and you can close Telfer mining and still run the processing centre.

* Because they're two separate parts of their operation aren't they. And Rob says, are there any other licensing concerns that could impact or delay the planned mining at Havieron being, are risks being mitigated?
- Oh, look, I think if people appreciate the second phase EPA approval was accepted by the EPA for final determination that builds on the existing EPA approval at Telfer. It builds on the existing EPA approval at Havieron and effectively joins those two operations together again with dovetails to the processing discussion.
- Look, yeah, we don't take that for granted. It's really important. Australia is an incredibly sophisticated jurisdiction that highly prizes being good managers of assets and protecting environmental, social and cultural outcomes. We think Newcrest highly values those outcomes. We can give Newmont come in, they highly value those outcomes and so does GGP. And we feel that the teams in place to manage these outcomes understand what's required and are committed to, to managing these things as in best as best practice. So, you know, there's, there's people can always imagine risk, but I think we mitigate that risk very well.

* In terms of the timeline, once the EPA comes through, which I believe is expected to be in the next couple of weeks, it once EPA stamped, Is there anything else that we'd be waiting for from a government point of view in terms of being able to go mining?
- There was a very interesting presentation done by, I think, Roy Hill, which is a large iron ore mine in Australia, and they used to run during all their presentations every government term, an approval they had some local, state and federal government. It used to run like the credits after a movie down the side of their presentation.
- But I am misquoting the but it was something like 3000 separate approvals. As I said, the Australian and I suspect the UK and the US and Canada are all very similar. They are highly regulated environments where we protect the environment, we protect social, we protect cultural, we protect these outcomes and that comes with a certain level of compliance.
- But we also recognize the value in that. So, there's a, there's a never-ending list of things that are required. But I think in the general market, I think Western Australia is ranked number one globally on the Fraser index for mining jurisdictions. So again, we recognize that’s a risk, we recognize is something that we have to put time, effort and energy into managing, but we also feel we have the team and importantly Newcrest and or Newmont also have the team and the values to successfully navigate that.

* That's great. Thank you. It's Phil asks, could you please clarify what your categories are for defining Havieron as a tier one because Newcrest are still categorized as Tier two.
- To avoid this discussion, we typically try to phrase it as world class and they are. Yeah, I think it's yeah. Newcrest having its own proprietary definition of what tier one means is interesting. But we don't really need to get into discussion with Newcrest about what our definition of tier one is.
- So, we have tried to pivot, although someone has pointed out the odd reference to Tier one, it has , there was a residual reference on one of our slides because that's probably how we think about it. But where we're content with world class.

* It certainly works for myself. Mike has asked. Newcrest holds a 70% joint venture interest in Havieron project, but some of the documents are showing that Newcrest currently has a registered interest of 40% in the Havieron mining lease. Assuming this is correct, could you clarify what it means for the GGP in terms of the JV costs and ownership?
- Yeah, we describe the joint venture as being 70%, 30%, that is beneficially correct. There is a process in Australia around lodging with the Department of Mines and having titles updated and a process around that. But I think notwithstanding where Newcrest is in that process, I think for all intents and purposes you and shareholders should continue to understand that Newcrest has effective ownership of 70% of Havieron.

* That makes sense. Thank you. Tim asks at what point in time will exploration drilling be able to start from underground as this will speed up and save money, presumably on further data on Havieron ore body?
- Yeah, Tim is a great question. I'm looking forward to getting to underground drilling. Increasingly surface drilling is expensive and you know, people observe you just get a small ever smaller number of intercepts because of the time it takes you to navigate down to where we want to test the ore body. So, I you know, my expectation is what we'd like to do is get down into that country rock.
- So top of the ore body, then you'd set up a dedicated drill drive and then you'd do some underground drilling. And Tim’s question is exactly right because you right up sitting next to the ore body, you can get some better angles, better azimuths, much cheaper drilling because it's shorter. And the cycle time to get those drill in to set is a lot shorter because you're drilling shorter length.
- And just to add on exploration, drilling is not linear and the drill rig loses power and penetrations speed as you get further away from the rig, so the closer you are to it, it's a virtuos feedback loop. So that is the future of exploration at Havieron Tim and we're looking forward to getting there but probably one third at the top of the ore body.

* That's great. Thank you, Mike. Thank you for your question. I'm going to simplify it though, and ask what areas of the ore body do you think could be included in the next MRE and I'm going to follow up if Rob's question, of do you know what the cut-off date would be for the next MRE, assuming that the August date stands for the Newcrest Reporting.
- Yeah. And we're really focused on that updated MRE. You know where we're happy to work with Newcrest on these things can be constructive and I think before we talked about, I think there are some technical reasons as we expand that Eastern Breccia which might answer this question from Mike that, you know, I think that Eastern Breccia is a real focus on the next exploration update or resource update, but that south east crescent continues to grow.
- But interpretation is really important in terms of how we feel, you know, the ore body moves at depth. So yeah, I think you're going to see growth, especially in that Eastern Breccia, which I think I’ve comment on before.
- The south east crescent continues to give and there has been some targeting of high-grade pods in that northern breccia. So, I think you get a growth across the board which is positive. But I think yeah, I probably did them in sequence a little bit intentionally. I think it's led by that Eastern breccia.

* Okay, Thank you. I'm going to move on to our own tenements now. And Mike has asked if the first three or four drill holes at Pearl or A35 produce like Havieron success or HAD05. Would you change the strategy from precision drilling to pattern? And if so, how would you fund it?
- So, we'd certainly have. If we hit a HAD05 type result, we'd probably have a convoy of rigs coming out into the Paterson to accelerate and that would be a lovely thing to do. I'd like to think it's not necessarily pattern drilling. I think we should continue to be engaging the considerable intellect of the exploration team to optimize that whole.
- But at some point, and depending on depth, you know, pattern drilling can be helpful, particularly if it's more of an open pit type scenario but normally that might be more of the infill and an initial understanding of boundaries and size of the prize.
- But that aside, how would we fund it would be a lovely problem to have. But yeah, we also feel we have good access to capital in the market and I think another HAD05 type result would resonate with the market as well. Or at least it should.

* Yep, I understand that fully. Thank you. Stewart and Stephen are asking about the 2023 Scallywag program. Are you able to talk through the current plan of action? As a follow up for me, did we see calls coming into the office on the proactive interview the other day?
- Yeah, So yeah. So let me answer your in reverse order there. Look, I there was a delivery in the background that that was not for… but such is the fun of running a reasonably small team and a reasonably small office. Yeah. The practicalities of deliveries happen in the background, but hopefully that wasn't distracting.
- In terms of the scallywag program, it continues. We I think we've previously commented that the team is active in the Paterson as we speak. There's a rig spinning. You know, we want to invest and spend time on that A35, Pearl and other high value targets that we have in the scallywag.
- But also excitingly, we have the team there. We have a rig. We think we'll be able to get some Rio Tinto or South Paterson, I might start calling it South Paterson drilling done this this calendar year as well because some of those targets and some high-quality targets are already heritage cleared, already defined drilling programs ready to go.
- We will spend some time refining it and making sure we agree and we will do that constructively with Rio. But I think you'll see some rigs spinning there as well this year, which is super exciting. There are some targets on Rio Tinto that look more like Havieron than Havieron. It's yeah, it's a good place to drill.

* I'm looking forward to seeing some of the imagery coming through as you start to release the data. And are you able to expand on how many drills you're hoping to sink this year?
- I think we have an initial program of ten. Maybe it's a dozen holes that that we're presently in our plan and that that may ebb or flow a bit because some of those holes can be contingent on outcome, but also maybe there's some upside risk in that with the with the Rio Tinto tenements coming in before we did our initial budget planning for this year.

* That makes sense. Thank you, Stephen and Nick, share a question on our Tasmanian assets. Nick says Hi Shaun. Liam, thank you for taking questions. Do you have any news on the option for Flynn Gold and the purchase of Five Tower and Warrentina Tenements, which expire in a month's time?
- Yeah. Look, if we started with them talking about closed periods. So, look, I think what I have to say there is I can't comment on that presently. But look, we you know, we really value the relationship with Flynn Gold. We think they're a good team and I think they were a great selection for a partner in Tasmania. So, but I that that continues to evolve and I am conscious. It's a good question that that option comes to a conclusion at the end of this month.

* Okay. Thank you. David is asking, considering today's farm-in announcement with Rio Tinto and with our emphasis firmly on the Patterson are slash, would GGP consider seeking JV exploration partners for Bromus and Panorama to accelerate those projects?
- Well, we would, I think. But I think what I would add to that is the days I like to think the days of GGP sharing its best assets or, you know, giving them way for another team to come in and manage are behind us.
- So, I think if we were madly in love with Bromus or Panorama, I think that would be very unlikely. I think if we felt they competed less well with our other opportunities in the exploration and would otherwise struggle to attract capital, that's when we would bring in a partner. And look the portfolio right now with that Paterson with the South Paterson and Ernest Giles, don't forget, is really high quality.
- And again, you know I'd like to think I've added to that now but what I inherited there from going back there from Callum Baxter was absolutely outstanding and Havieron is the absolute evidence and testament to that.
- So, you know, we have a brilliant portfolio. If there's an opportunity to upgrade it, we will. But I would be hesitant to give away the management or the intellectual control over our best assets.

* That makes sense. Tim's got a question that is going to be fun to watch you try and answer, with Rio Farm-in announcement. Does that bring a close to GGP’s growth plans in the Patterson or are there other possible avenues in the planning stage?
- Yeah, Tim, look where we still remain open to growth and think, you know, we strongly believe in the Paterson.
- We have great relationships with the mining companies there, we have great relationships with Indigenous groups there. And yeah, we think we have a competitive advantage around our understanding of the Patterson. So, we remain open to growth opportunities.

* Thank you. Rob says. Do you still believe this is a multi-billion company in the making with the current portfolio and significant Management board?
- Without commenting on share price, it certainly is my ambition to transform this into a multi-billion multi asset platform and I've been really fortunate in my career to be part of teams doing that across Straits, Sakari and Northern Star. Yeah, I was C-Suite within all those groups and you know, I like to think I contributed to that success.
- But also, I really recognize that it was a group of us that delivered that success. And I think building the team we have gives ourselves the highest probability of achieving that ambition.

* It's a great ambition to have. So, Phil would like to know, please, what's the status of the Canning licenses?
- Yeah, look, I think they're in good, good standing. Yeah. And we continue to, you know, weigh up exploration within our portfolio and some of those, you know, our group in determine… a grouping so that you can stand on one and achieve your minimum spend across that group. So, we kind of manage it as a portfolio idea in the Patterson.

* Okay thank you, Bamps is asking has the potential supergiant zinc find north west of Ernest Giles enhanced your opinion of this license and how are we going with the plans there?
- Look, Ernest Giles doesn't need a lot to make it better. But yes, exploration success in that postcode is always welcome and nice to observe and understand if there's structures from that that we can learn from. And again, I have great confidence that exploration team to try to decipher that and understand what opportunities that creates for us.
- The you know, we continue to progress. You know, we'd love to be drilling EG this year. I haven't given up on that. The truth be said, with each passing month, the probability of that starts to slip away. But we have had meetings with the First Nations group this calendar year on it. We continue to progress those discussions. We respect that timeframe and I'm hopeful that still achievable, albeit yeah, in June I am slightly less conviction on that than I had in January. But yeah, we will continue to strive to achieve that.

* Okay. Thank you, Shaun. Ivan is asking questions about the share price, which I know you do not comment on. So, to help get this question answered and this is actually your last question, could you kindly recap the key milestones for GGP into production and beyond, please?
- Look Yeah. Okay. So, in terms of milestones from here, I think there's I think we come into quite a rich catalyst of events. The ASX listing in the short term (Note: Cross not Dual listing planned) I'd like to complete.
- The MRE update I think is really good. We have the definitive feasibility study at some point.
- First we reach the top of the ore body, we set up the stopes we have first ore, we have the first processing, first gold pour and then at some point we're in free cash flow.
- So that's a pretty rich environment over the period and we’re really excited about that process. And I think overlaying all of that is an exploration program, you know, which has the ability to deliver our option value to our shareholders.

* Sorry, I'm sitting here smiling because that just sounds rather exciting. Thank you, Shaun, and thanks for being a guest on our show. Have you any last words for your shareholders today?
- Oh, look, just really, I appreciate the support and know one of the reasons I was keen to do this is I had anticipated being up in London and doing a town hall meeting in late May, early June. That's obviously pushed out a little bit and I really just respect that people questions and wanted the opportunity to ask questions.
- And I think platforms like AIM on AIR give me the opportunity to engage even when I can't be in London. So hopefully people appreciate that even if I can't be there. Yeah, it's really important to me to be respectful and engaging with that, you know, that shareholder base up in London. So hopefully that comes across now.

* It does. Thank you very much. And have you have you got any ideas on dates here or are we just waiting until things are where you want them first?
- Look, the risk of giving you a date is I have to change it again. But I think it is late June so hopefully people don't mind me anticipating what the date will be, but hopefully that won't change. But that last week in June is my hunch.

*Okay, Thank you very much. Sadly, this is the end of the webcast. Ladies and Gents, if you want to reach out to us, you can contact us on Twitter with the address on the screen. And before you close this page, I would really be grateful for any thumbs ups. Until next time. my name is Liam and you've been watching AIM on AIR where specializing in connecting companies with shareholders is what we do best. Thank you.

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