Notes from AIM ON-AIR QUARTERLY REVIEW - 30 JAN 2024

[DipSard]

Notes from AIM ON-AIR QUARTERLY REVIEW - 30 JAN 2024

Interview Link:
https://youtu.be/r7Os2gxlLc0?si=OSdtOCp85RcYCeSj

GGP RNS’s:
https://greatlandgold.com/investors/regulatory-news/

Download Link:
https://www.mediafire.com/file/c7qqkcgs ... 4.pdf/file

* It's the 29th of January 2023 and you're watching AIM ON-AIR where specializing in connecting companies with shareholders is what we do [Music] best, hello and welcome back to a on air my name is Liam and today I'm pleased to be hosting Shaun day managing director from Greatland Gold, welcome back Shaun!
- hi Liam and thank you very much for having me on AIM ON-AIR again

* It's a quarterly update time and before we get into what's happened over the last quarter I always like to throw you a little Icebreaker and Mark wonders if there's a particular car that you've owned or would like to own that stands out as a particular favourite?
- we were a Volvo family Once Upon a Time, we had I think about six Volvos in the family at one stage the old 240 GL but I think if I was aspiring to a car I think it might be more Aston Martin than Volvo we don't have any Volvos left these days

* Fair enough nice tick Aston Martin I love it, okay so let's start with the update itself released last week where you highlighted that over 3060m of decline has been completed or developed do you think that the light at the end of the tunnel pardon the pun is now in sight
- yeah we're definitely getting close what we're some 340m of vertical development it's about 415, 420m to the bottom of that Permian layer and into the country rock where the ore body sits
- it's quite a clean contact point there because that the top of the ore body had actually been eroded off Once Upon a Time by a glacier or something so as soon as you’re through that Permian you're basically into the ore body
- so that just mathematically is about 80 81% of vertical advancement so not just kind of getting close to the end but pretty tangible it's pretty exciting

* Wonderful thank you so for 2023 would you say you achieved your objectives?
- yeah look I think it was a really busy and productive quarter for Greatland
- I think if if we take our minds back to that it was it was really the reaction to Newcrest not getting out that resource update in in I think August 2024 and we came out and said look late in that December quarter we're intending to put out our own updated resource
- we're very clear about the steps we wanted to put forward but we really celebrate achieving it, I know we'll talk about it later but it's a it was an important milestone for our shareholders and testament to the team here
- you know I think also you know we welcomed in Newmont as a new shareholder or new partner in the joint venture, it's the world's biggest gold mining company, they've got a tremendous track record of success, a tremendous culture the relationship's off to a great start
- we hugely respect them so you know that's been fun and then we've kind of finished the year and as we spoke just beforehand you know the Australian Christmas New Year kind of is rolled into our summer holidays so the team's had a bit of a break and come back recharged after achieving what we wanted to achieve in that December quarter

* Wonderful thank you so we started the quarter with the announcement that temporary pause in decline development to ensure a more effective entry into the lower aquifer, there's some murmurings amongst some of the shareholders suggesting that NEM have chosen to and instructed Newcrest to do this on purpose to stop productivity of the development before they update the market in the coming weeks, would you care to comment on that please?
- yeah well let me approach that in in two parts, let's just talk about the operational part because that's probably the most interesting for me
- so look to recap we have six drill holes into that low contained aquifer (LCA) that's allowing the depressurization and it means presently we are taking a volume of that water up to surface for evaporation
- it was important to stand-off that lower contained aquifer until it's depressurized and materially dewatered and really that's because you never want an underwater uncontrolled Ingress of water into your decline
- you want it to all be a very controlled environment and I think Newcrest did a really good job at mathematically sitting back and saying okay well here's a here's the standoff area that we should have and then adding a sensible margin of safety to that
- so I think you know in terms of safeguarding and in terms of thinking about the way to develop this asset in a safe and efficient manner I think it was the right decision and Greatland absolutely supported that decision at the time
- in terms of the joint venture itself look this was a Newcrest decision
- I can absolutely confirm for people in the leadup to that decision we had a huge amount of dialogue and conversation with newest about it we went through a lot of the maths and water balance equations with them as part of that decision and ultimately we became convinced as they were that this was the right decision
- and that was all before the Takeover by Newmont, of course they're aware that that that transaction was likely to happen it was in the leadup to the shareholder vote but to quote Newcrest it was business as usual as far as they were concerned, particularly before that shareholder vote
- it was absolutely a Newcrest decision and I think I was the first person to even brief Newmont about the decision when I first caught up with them so I think I can I can say that with a huge amount of confidence

* No thank... thank you very much for that that hopefully will put a lot of people's minds at ease, speaking of dewatering how is it coming along it's probably about a quarter since that all started?
- yeah look I think as I mentioned you know we're pumping water to the surface the initial focus is around the depressurization which is proceeding
- I think some of the initial water pressure was a little bit lower than kind of modelled which I which is a positive you know less water is good when you're dewatering
- so yeah it's premature to talk because there's a lot of maths going in around pumping rates and trying to get more refined calculations but I think just to say so far so good

* Awesome thank you any idea when we're going to start the decline back up or is that sort of once the maths have all sorted themselves out and the waters all disappeared?
- yeah well look it's it's always a little bit and well let me just kind of clarify it's not about making all the water disappear even through that upper aquifer and middle aquifer
- we continue to pump it's just about getting it to a controlled equilibrium okay because when you first go into these aquifers they're under pressure, it will the water will flow really fast for a period of time until you get it stabilized
- but in terms of giving guidance I know people want to hear that, we have our own understanding and expectations but it's very difficult for us to give that outside of the manager because it is a… ultimately we have to do these things hand in glove with our joint venture partner
- so it's difficult for us to comment unilaterally on that and again it's probably just worth harking back that the whole development of Havieron was done on an accelerated development basis
- it's been an exceptional Journey, the decline was commenced by Newcrest and Greatland even before we had the original PFS study
- this sets up a multi- decade asset but our number one priority is safety and is the long-term achievement of this goal, it's not a race as to which quarter we get in there
- it's about doing it well doing it properly and doing it safely so we're kind of confident about where that is headed for the second half of this year

* Okay so makes sense to set yourself up for the future as best as you can as opposed to cutting it short and just getting there as fast as you can as you say, so the 3rd of November saw you release the first of the anticipated drill results for the drilling campaign that was carried out over 2023 the first with a return of .266 parts per million of gold and .17 parts per million gold at Stingray did you find any the Pathfinder Metals down there?
- yeah we did just to recap you know… we this is all part of the Rio Tinto joint venture and farming agreement into that Patterson South , we move very quickly to drill to initial targets Stingray and Decka, I think we actually managed to mobilize a rig a drill rig within a one month of signing that agreement which I think is testament to our excitement about the ground
- and we think we have a large number of high priority targets, with Stingray and Decka between them I think I think it was about eight drill holes that were able to complete about 2800 meters of drilling and there was some gold and copper results as you described
- and there were a series of Pathfinders… I think bismuth and arsenic are normally the two we most talk about there's also some Telerium which the guys pick up and again is another Pathfinder so I think all of those Pathfinders were there and we continue to kind of reinterpret that along that strike length which does go up to a third anomaly as well
- and we revisit whether that you know about how we recalibrate that as we continue to interpret those results and do more surface Geophysics

* Okay thank you and then on the 14th came the news you must have been elated to share with the market drilling commences at 100% owned Ernest Gile’s project you must have been so pleased that you got that one over the line?
- yeah look absolutely wrapped, it's been kind of years in the making getting the access agreement there, we did bring on yeah a tremendous addition to our team Mick who is charged with you know cultural heritage and community relations
- you know he did a great a great job, we're the first company to have a land access agreement on that ground obviously the first time Greatland’s had access to the Ernest Giles area in in around five years
- this is an Archean greenstone part of the Yilgarn Craton which is northeast of Kalgoorlie but a but a hugely prolific area in the Yilgarn in the context of Australian Gold Mining you know think the super pit think Laverton, think Jundee and most of these Archean greenstones are closely held
- they've been drilled like pin like a pin cushion so for us to kind of get one of these which is effectively untested
- it's undercover but we like being undercover it's really what we've geared up our team to do but also you're not going to find 10 million ounce ore bodies expressing at surface
- if if I take us back to the to the Paterson why was Telfer kind of identified in the in the late you know 1960s 1970s and then Havieron not until 2019 2020 is because of a cover sequence
- if things that have an expression of surface and they're significant they've been identified in Australia but undercover you can find really meaningful deposits the Geotech on on or the geophysics on this lights up like a Christmas tree, we're super excited about it
- we have again mobilized really quickly to get a rig up there these were some EIS funding holes so support by the WA government but they were a priority for us it remains a priority for us and those assays are still coming back
- but we'll be announcing those results I would think this quarter and we'll continue to kind of work through more Heritage clearance there and I'd really expect us to be drilling again in the course of 2024
- it's a great location that and the Paterson are are as good of two expiration projects as you'll have in a in a in a gold vehicle so super excited and Ernest Giles is obviously the new thing so particularly good fun for the geology team

* Speaking of the geology team we're closing on the end of November and you surprise the market with the cheeky news release of nickel prospectivity confirmed in soil sampling at Panorama, the pi base like to likes to think it knows exactly what's going on but with this one you showed that you're not just working on the Rio, Scallywag or EG projects some of the geologists have been for a little exploration around the Panorama project and it returned some interesting results didn't it?
- yeah it did and look I I think we aim and intend to be active managers of our portfolio again Panorama has been in the portfolio you know since long before I joined but never really tested so it was one of our goals this year or sorry in 2020 23 to get on the ground there at Panorama and try to understand it
- we thought it had propensity for gold copper and nickel and it was really centred around a surface sampling which followed up an airborne electromagnetic survey so geophysical work there
- there were some 27 targets but what was actually super interesting was we kind of had this coherent continuous 800m strike length where we had multiple samples as high as kind of three nickel grade again at surface which does kind of suggest there's some mobilization in in that area
- and then what we the team wants to do is try to kind of understand where there's a trap there to create a larger kind of ore body where it intercepts with to produce kind of a sulphides to kind of produce this kind of ore body structure
- we look at the geophysical conductors around there and we see a number of these coincidences of kind of geochemical and geophysical anomalies
- so we actually think it's reasonably perspective now it in in many ways it exceeded our expectations, we probably wanted to go up there with a view of is this something we want to keep or not, I think clearly it warrants further attention
- I appreciate Nickels a little bit unloved at the moment we love our portfolio of golden copper if I had to pick a portfolio that would be it but you know it's good to have diversification, it's good to have nickel there, there's lots of ways to monetize you know a good a good deposit but optionality is helpful, you know life is about optionality so having nickel into the mix
- you know Commodities can be cyclical as sure as it's in in a bit being unloved now it will have another brilliant time again so great to have that in the portfolio, we are going to try to understand it further and try to understand what is the best way to create value as an active manager of our portfolio for shareholders and that could be retaining it, it could be divesting it, there is a myriad of things we're interested in but certainly the way to increase value is to understand it some more

* Okay so closing in on Christmas and the results from the scallywag exploration program released one meter at 8.3g per ton and a peak copper of 2 meters at .17 with copper, are you getting to understand what's happening down there now at scallywag?
- yeah look these are actually quite long strike length so there are multiple I guess targets and structures even within a single exploration lease and again it's just the size of Australia, of the Patterson and of these exploration leases so I don't think any one kind of target is conclusive but we were able to go in there and I think we do increasingly, it's the aggregate of that information that gives us a better and better understanding
- I think it was about a nine-hole drill program for about 2500 meters and again we found some Pathfinders, we found some kind of gold and copper mineralization there but really it's all part of this being an iterative process
- but I think what was most interesting for me was that MT survey that we followed up on and this is a really good element of how we think about geophysical testing and what we've and looking through cover and what we're able to do there is complete that work interpret that MT survey with which has identified a conductor and then we've kind of been able to re-calibrate the drilling that we did and the Pathfinders recalibrate where we thought the conductor was that tends to now marry up with that kind of MT survey which gives us a really interesting Target for 2024
- so I think that the short answer is yes we think we understand it and we think we've kind of zeroed in on a high quality Target and that's really what we're trying to do
- we're trying to use geophysics we're trying to use some initial drill results to to help us Vector in on what on what we're trying to Target and what we think is the origin or at least the centre of gravity for these anomalous gold copper readings that we're getting in the area
- so it's a detective story but it's one that we that we feel we've progressed well

* That makes sense thank you can I just clarify what does MT survey mean?
- what's MT survey so it's the Magnetotellurics survey if I've said that right it's like a passive acoustic survey
- so you know it's it's just one in the quiver a lot of the other kind of testing we do is is an active seismic where you're creating the you know the noise or the sound waves to kind of bounce back information in this way you're harvesting natural variations in the sensors and you know each of them have different strengths
- but in this case we've found that the MT surveys is probably given an additional level of Illumination and insight

* Thank you and I can totally understand why you call it an MT survey and not what he said I'm not even going to try and say it okay so and then as an early Christmas present the team released the peer reviewed 8.4 million ounce mineral resource estimate would you care to talk about what that means for Greatland please?
- yeah look we we've got the best to last here yeah the mineral estimate is a really important update for us I you know for me the highlight of the quarter
- you know moving up to 8.4 million ounces gold equivalent was a 29-30% increase from when we last updated in March 2022
- the team here did a tremendous job to create that update
- we also shared it with our joint venture partner and that's not to say they sign off on it but we certainly you know wanted to give them an opportunity to understand our perspective and we had it independently reviewed by SRK ahead of announcement
- so we go through what we think is a really vigorous Quality Assurance process and if we hark back to that March 22 update in the end Newcrest and us were less than 1% apart in our interpretation
- they were actually a fraction higher than us which we thought was Testament to the team here
- the other thing I'd really add to this is the increase in the indicated category so that's an increase in confidence that's really important because that's where your reserve can come from
- reserves don't come from inferred you need a higher level of confidence for something to be an infer… to be a reserve so that indicated category is what we can move across coupled with a study so again anchored around that feasibility study
- but that gives a bit of a line of sight on where that can potentially lead to
- so I think that increase is equally important , overall if you have a look at our interpretation it's evolved a little bit, previously you know our narrative was around here is the southeast crescent here is the northern breccia and here is a higher grade eastern breccia
- what we've now done is kind of said okay will we continue to have this standout feature being that that Southeast crescent which again to remind people is high grade and we now have over a 1000 vertical meters extent and we increase that by another 200m the vertical extent and it remains open
- but what we've done is then the we've created this link zone so there was this Gap between the southeast crescent and what was previously defined as the Eastern breccia, as we've centred and targeted that area it's actually quite good grade so we've created that as a link Zone so the ore body does continue across there and reasonable grade as well
- and then the final piece in the puzzle what we've done is wrap that breccia those Old Eastern breccia and Northern breccia units the bit that that doesn't come into the southeast Crescent the bit that doesn't come into the link zone we're just now going to call that the ‘breccia’
- so I think it's a evolved understanding and I think we're also trying to get out an updated interactive map of the ore body which we did last year and I think that will kind of bring it to life a little bit for people because certainly yeah I enjoy and one of the advantages we have is we can bring it up in the in the software and kind of spin around in the ore body
- and that really does help the understanding, we want to share that with our shareholders and of course you know I can't talk about the resource without mentioning ounces per vertical meter (OPVM)
- effectively we're 7,900 - 8,000 ounces per vertical meter over a thousand vertical meter strike length, that is outstanding it's going to drive our all in sustaining cost (AISC), it's going to drive our Capital efficiency and help us develop a multi-decade world class gold mine
- it's exciting the ore body continues to improve

* Absolutely amazing, thank you as we wrap up this quarterly interview I wondered if you could comment please on the Sunset Clause, I know the company has had some emails on it recently and it surfaces as a topic of discussion when I look around the community but could you elaborate what it means and what outcomes are expected with it please just so it's clear for everybody?
- yeah well thanks and I'm you happy to clarify this and again it's us trying to clarify information that's kind of out in the marketplace
- so I think when you think about it in the context of the joint venture agreement so the next kind of technical step is completion and delivery of that feasibility study which will ultimately be shared with the market
- and then soon after we have this point where the two joint venture Partners need to make a formal decision to mine
- and the joint venture doesn't prescribe a date for the feasibility study albeit it we've talked about that being in the second half of the year
- and ahead of… it does need to be ahead of commercial mining but what that has and some people have asked about is what happens if both parties don't agree to the final investment decision
- well one party is able to take it forward and by virtue of that you know buy out the other joint venture partner
- for good order I think that's highly unlikely to apply
- you know Greatland, we're obviously buzzing about the opportunity but equally you know we think this is a world-class gold copper asset in a tier one jurisdiction so I don't think this has a lot of practical application
- but I think that's where people are trying to understand once that feasibility study is out, it needs to be out before the commencement of commercial Mining and also does trigger this… both parties have to agree to go ahead
- if not one party can emerge with 100%
- I don't think we're going to get that opportunity but if we do we would be delighted but I think people should really put that to one side and assume that you know both joint venture parties will want to progress this asset

* Wonderful that that's very helpful thank you very much Shaun Day managing director of Greatland, thank you for coming on to the show today, as always I'd like to offer you the opportunity to address the shareholders directly, have you any words for them today?
- oh look just to say firstly really appreciate you taking the time to catch up Liam and the thought you put in into those questions, always enjoy being on the program and you know more broadly for shareholders you know we really appreciate the support
- I think you should see Newmont as a positive development and you know we continue to be excited about the option value around our exploration, the option value around our corporate circumstances but also just the base case of developing Havieron over the next 12 plus months I think is a pathway to a really high quality asset being the Cornerstone of Greatland

* Thank you until next time my name's Liam and you've been watching AIM ON-AIR where specializing in connecting companies with its shareholders is what we do best, thank you!