Notes from LSE TOWN HALL WEBINAR - 05 Mar 2024

[DipSard]

Notes from LSE TOWN HALL WEBINAR - 05 Mar 2024

Interview Link:
https://youtu.be/5LdcK2GgZEA?si=GG6zVRl5Kmu6jhxS

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

Download Link:
https://www.mediafire.com/file/9w6yamxi ... 4.pdf/file

PRESENTATION & SLIDES
(Slides available in PDF version in download link above if reading on GGPChat)

* London Southeast town hall meeting where we collect your questions and put them to Shaun Day managing director of Greatland Gold thank you very much indeed for attending, our March Greatland Gold Town Hall webinar is being broadcast live to hundreds of Greatland Gold investor right now.
In a moment Shaun will talk us through the latest slide presentation and he'll give us an operational update on Havieron as well as the latest in Greatland’s very active exploration activities and Shaun's perspective now that Havieron and Telfer have been put up for sale by Newmont and now here is Shaun with a short slide presentation followed by our live Q&A. Welcome Shaun!
- ok thanks very much Donald it's a pleasure to be with you today and thanks very much for hosting the event
- I'll try to be relatively brief through the slideshow so we can move on to the much loved question and answer session but this gives a bit of an overall update of the organization. I'll try to move through the deck reasonably quickly

SLIDE

- look just good to start with a bit of an overview of the organization and of what we describe as our kind of highlights which is we have this world-class copper gold asset in the form of Havieron and we're in joint venture with the world's largest gold company Newmont
- we just updated the JORC resource in December and that's now sitting at 8.4 million ounces and continues to have the opportunity to expand
- we sit next to existing infrastructure with the Telfer gold mine that's just about 45 km to the west and as I think a lot of people appreciate that's coming towards the end of its life and the Havieron ore presents a readymade kind of new ore feed for that Mill
- we think we really like our exploration footprint, we think we have a lot of option value within that and in the second half of 2023 we were able to really greatly increase that platform with a farm in agreement with Rio Tinto where Greatland takes control and is manager of that and has a pathway to 75% ownership of what we think is the best unexplored footprint in the Paterson
- we also have the support of the debt Banks in the shape of ANZ, ING and HSBC where we put in place a $220 million support based on our 30% ownership of the asset
- and of course we've also bought in Wyloo, they're about a 8.5% shareholder now but occupying that strategic role and I think really important to the evolution and the opportunities ahead of us as an organization

SLIDE

- just in terms of the overview of the company again I think we continue to expand that shareholder base where we have more of a balance between really appreciating and valuing the retail presence, we have but also bringing in more and more institutional demand to augment and complement that and I think that's been a really useful evolution of the company and obviously headed there by Wyloo

SLIDE

- I like to orientate people around strategy and the strategy of the organization has three very clear kind of horizons, you know we want to deliver and continue to expand the Havieron development, we want to continue to invest in the drill bit and unlock that exploration optionality within the portfolio and then finally we also are really disciplined and active around how we can enhance that portfolio in terms of the corporate development and financially disciplined acquisition opportunities

SLIDE

- in terms of how we think about the organization you know what we've really tried to do is put a tier one team together I think both at the board and the management level
- I think our board is particularly strong and we're led by Mark Barnaba as in the chair role, Mark is former Global head of resources for Makari Bank sat on the Reserve Bank of Australia so Bank of England effectively in Australia
- and then we also compliment him with Elizabeth Gaines formerly CEO of $60 billion plus Fortescue Group as our Deputy chair
- and then within the management team we also have Jimmy Wilson sitting there, he's sits on the board but in an executive director role, he was widely seen as 2nd in command of BHP, ran a number of Divisions there including the iron ore but very much an operational you know force there
- myself my background out of Northern Star and other corporates in Australia
- joining me from Northern Star is Simon Tyrell who heads our operations as a COO role
- but you know the deeper team Monique who leads our finance department
- Matt Kwan who went to Oxford and is our general council
- and Rowan Krasnoff who also came out of Fortescue but has a legal development in that investor relations and Business Development role
- I think it really is an extraordinary team and through a very different… a very competitive resources Market in Australia
- I think Greatland has been able to bring together you an exceptional team to be a good operator and understand and be able to articulate the value of Havieron but also create potential future opportunities for the platform

SLIDE

- I mentioned that we updated the resource in in December
- this took it to 8.4 million ounces, a really important feature of that was there was 5 million ounces of indicated resource
- so it moved from inferred up to indicated which is a higher level of confidence, so 5 million at 3.1 grams and it's indicated category that has the opportunity to pass across to reserves when you update the mine plan
- so we think that's a really important feature and a highlight of that and for good order we do note Newmont just updated its view, be it under a different reporting regime being the US system the SK 1300 but also came out with effectively a very similar indicated resource which was lovely confirmation
- I note the reserve is still 2.9 Million ounces at 3.7 grams, the next time that mine plan is updated which will likely come out with the feasibility study I think there's an opportunity to continue to take a lot of that indicated resource into the reserve

SLIDE

- then the next slide we really like it's a really good indicator of the last two decades but really this Century of exploration in Australia, a tier one jurisdiction and this is the maiden resource for each of these discoveries and you can see it's effectively done by year
- but if you look at the you know effectively size being the bubble sides on the screen if you look at that, Havieron comfortably sits in those top five top six discoveries of the last couple of years
- when you look at it on a grade and size basis it really occupies a very special position indeed but if you look at Tropicana, Central Tanami, Gruyere are all some of the highest quality assets in Australia and I think that just shows you how favourably Havieron prints in that space
- now this is the maiden resource, all of them including Havieron have more than doubled, Hemi's not in production yet but I think you know is an excellent asset with De Grey and I think I think has a very clear pathway to production but this it really does I think highlight the quality of Havieron and the quality of the discovery

SLIDE

- again, this is a similar way of looking at the Australian peer group and really again you see the De Grey asset Hemi sitting to the right of us in terms of size or to the left of screen but in terms of grade where kind of a notch up in terms of grade
- and we love that combination of really big size but also really good grade and again it just underscores why this is put into production on an expedited basis
- it's a standout asset

SLIDE

- and overall, that's kind of where we sit within the ASX group we are obviously less comparable here in the in the London Market but certainly in the Australian peer group you know we think there's opportunity for continued growth

SLIDE

- just now to give an update on the operation itself when you look at this this basically shows us continuing to advance the decline
- we're down about 340m vertical
- the ore body starts about 415, 420m so effectively we are 80, 81% of the advancement complete
- I think people recall that we're up to the lower contained aquifer (LCA) we've been through the upper contained aquifer we've been through the middle contained aquifer we're now down to the last of these aquifers being the LCA
- just like our progress through the upper and middle aquifer, we punch some bore holes into this, we depressurize it, we dewater it and then once we've got the flow rates down to steady state, we're able to develop through that
- so we… we've stood off that with a safety margin that we thought was appropriate
- we're doing that dewatering and depressurization work as we speak
- that continues to advance, that decision was taken both by Newcrest and Greatland back I think in October or so 2021 (EDIT: 2023)
- and that same approach the continuity as Newmont has come, so there's been no change, we continue to think that that progresses to plan and we expect to kind of continue to push through that once we've completed the depressurization, particularly of that low contained aquifer

SLIDE

- the next slide is a good overview of the ore body and it's kind of in this block model structure and that… I'm going to call it a purple colour is effectively that plus three grams element
- and it kind of highlights this is the same ore body from both the North and the West View it's very much a cylinder kind of shape but you can see that Southeast Crescent that high grade zonation sitting on the outside of it
- but the block the block nature of this lends itself to that SLOS (sub level open stoping), these are big 50m vertical stopes and that allows us to have big 125,000 ton stopes which leads to a very efficient mining process and a lower cost structure
- so we love both the grade but we also love just the really blocky subvertical nature of this ore body
- with underground mining gravity is your friend so we like the fact that it kind of you know as you mine it will just drop down into the Stope so it's a really beautiful ore body in terms of it's just being it looks just perfectly tailor made to mine

SLIDE

- again people are familiar with these presentations know I love the ounces per vertical meter (OPVM) metric
- the dash line there is where it used to be and you can see it's just continued to improve
- it's continued to walk to the to the right of screen and when we look at that, our focus for the drilling over the last kind of 12 months has really been in that bottom 400m of the ore body and that's where you've seen the really significant you know… move in delineated ounces
- so this is now 7,900 so just under 8,000 ounces per vertical meter across the entire kilometre or thousand vertical meters which is exceptional
- it runs a little bit higher than that in the top of the ore body
- we really have drilled quite reasonably densely in that top part of the ore body because that's where we'll first mine
- we've now put some drilling into that into that bottom ore body, not the same level of density
- that middle area probably is a bit unloved because there's the drills that targeted the top and there's the drills that targeted the bottom
- obviously they transfer through the middle area from time to time but less of a designated approach there or a targeted approach
- but it still looks really good so we there's obviously natural variation but the average and the overall ounces per vertical meter is extraordinary and if you think about it every 1 meter of vertical development we're able to access up to 8,000 ounces, higher in some places
- so that just talks to the economics of this ore body in terms of average cost or all in sustaining cost (AISC) per ounce but also the capital in efficiency or intensity of this ore body
- particularly once we're through that that Permian sequence at top
- this ore body is incredibly efficient when you put in development capex it leads straight to ounces
- this just shows that ore body the blue being the original Reserve, we really like to think as we update that mine plan there's an opportunity to grow that and you can see that indicated resource in the red really dovetails along those high grade structures around that existing ore body around the existing infrastructure in terms of the decline down
- so we think there's a really good opportunity to convert that indicated resource into reserve, the last time we did the update the conversion radio was 86%, that is again exceptional, it talks to the quality of the ore body
- and we think there's another great opportunity to show really significant and superior conversion of resource to reserve as we update that that mine plan

SLIDE

- just changing tact to just to kind of close out around the exploration this is the existing footprint the red area was what we added late last year with the Rio Tinto joint venture
- so you can see the sheer size of that tenement and the work the geotechnical work that Rio Tinto did across that platform or that footprint is exceptional
- and we have the opportunity to take advantage of that
- obviously in the there's Telfer there, 45 km across to the West is Havieron, straight along strike from that is the black box there…
- scallywag we're really excited about the opportunity to drill that in the in the year ahead so that's a really high quality target for us together with some of the South Paterson the Rio Tinto joint venture ground
- and where we've used that green circumference I think that just shows it's a 60 km circumference around Telfer
- firstly I think that's a reasonable approximation of what can be a truckable distance but secondly we have an indigenous land use agreement inside that 60 km zonation so these are… this is an area that's basically within the centre of gravity of that existing Telfer Mill
- and you can see that's where a lot of our tenement sit, which reduces the bar for what you need as a Discovery to take it into production to take advantage of that existing infrastructure in the Paterson

SLIDE

- just more broadly in the portfolio it's actually been quite an active period for us over the last 12 months within the rest of the portfolio
- Ernest Giles I think everyone appreciates that that's a very high quality opportunity for us, Archean greenstone which is something like 70% of the gold pour in Western Australia… think the super pit Tropicana a number of the assets that we talked about on that previous slide of high quality Australian discoveries
- this was sitting undercover not identified as an Archean greenstone, we're really excited about that we did a couple of EIS that means co-sponsored with Government funding holds to it very late last year after finally achieving a land access agreement with the indigenous people there, we're really excited about the prospect of drilling there in 2024
- Panorama we actually had you know we've explored for gold but we were also aware that it was prospective for base metals, we have some really interesting surface information around nickel up there which I think we want to understand because that can create optionality for value so that's something to spend some time on
- and we have been on the ground in Bromus recently, it's a pretty active area that Bromus area right now so we continue to both be interested in it for ourselves and have some inbound inquiries about working with us on that
- so we like to think about our portfolio, we like to be active managers of our portfolio so all of these assets we either want to kind of unlock value through our exploration efforts or think about other ways to unlock value as well for shareholders

SLIDE

- so, look in in summary this gives you a really good overview of the platform
- we think you know Havieron it's around these three Horizons you know, Havieron continues to be a focus for us, we want to deliver that project on time but also to expand it
- we want to continue to invest in Exploration, we love the portfolio we've expanded the portfolio and we think that increases our optionality and our option to… or our potential to create value there
- and then finally we think we're well positioned with the Strategic investment, the evolution of our shareholder base, the support of banks to optimize the opportunities for this platform, so with that Donald I'll pass back to you and we can open up for some questions.

Q & A

* Okay that's lovely Shaun thank you so much indeed for your presentation there, let's start at the start by asking you about Newmont’s decision to divest of both Havieron and Telfer, my first question… what's your view on that decision did this come as a surprise to the Greatland team and are you disappointed Newmont doesn't actually want to keep Havieron?
- yeah well look well firstly let me probably approach that just from an overview perspective
- we're very aware of Newmont’s Q4 announcement where they described that they were going to… where they signalled that six operating assets were non-core plus two development assets so eight assets
- so that's a really significant change for them and they want to create a portfolio of 10, you know very large tier one assets, a really unique Global portfolio and I can understand that approach
- and it's you know it does create an amazing Newmont platform
- in terms of kind of being with you today, look this is kind of a longstanding commitment as you know to be across in London this week, so organizing this engagement with shareholders was somewhat put in place ahead of that and I will do the best I can to kind of answer questions on that
- but I'm also mindful that we're in a listed company environment, we're not trying to add to or cultivate speculation
- in fact we have a policy where we try not to comment on Market speculation and we really want to kind of use the RNS platform to communicate to shareholders any new information so everyone has access to that at the same time
- having said that you know we also think you know Newmont’s a large really capable organization although they've described these eight assets as non-core that's not going to materialize an outcome on them immediately
- ultimately that timing is up to Newmont but it's going to evolve over the course of the year and of course as Tom Palmer said in some of his comments, even these assets that are non-core are still world class assets
- it's a fantastic base and it's testimony to Newmont that they would consider divesting some of these assets and I'm not just talking about our asset I'm talking about a number of those assets that will be highly prized by most of the rest of the sector and again I think that's just testament to their quality
- but overall you know we love the opportunity that gives us and we're and we're really interested to understand how that evolves so maybe more specifically to your question…
- look we weren't surprised by this, we understood and speak to Newmont in the ordinary course of the joint venture really regularly, we understand their definition of tier one asset which I think is around lowest half cash cost, plus 10 year life, over 500,000 ounces per annum production profile
- now Havieron probably ticks two of those three boxes but not necessarily all three and I think previously I've spoken to people that my view when Newmont came in they would be decisive, they would either fall in love with the asset or they would seek to rationalize their portfolio and I think that's exactly what they've done
- now that will that will kind of reveal itself over time but I think the opportunity for us is really significant from that, so yeah we view it positively

* Okay so John is… that's his question more or less answered there he says does this really mean Havieron is no longer a tier one asset and I suppose has this changed your view in any way, just a brief answer on that because you have, you have mainly answered it already
- yeah our view is there's no change in Havieron like you know we want to see it developed and optimized for the benefit all stakeholders
- you know perhaps it doesn't do exactly 500,000 ounces per year but it's still a really significant high quality asset and I don't think that view changes either at Newmont or at Greatland
- it's just not one of the 15 largest assets on the planet

* Okay and as a following question, Alex asks when will Newmont begin the divestment process, so when does it begin and I suppose how long will it take and what are the options available to Greatland Gold and a direct question for you Shaun, I know you said you didn't really want to take such challenges but well why not, would Greatland buy Havieron and Telfer?
- okay there's a little bit to unpack there
- so I think in terms of you know the timing from Newmont and obviously look they've come out and said they want to you they want to rationalize eight assets over the course of the next year but having said that Rome's not built in a day
- there'll be time to organize that process/es and I imagine it's actually they've got a pretty busy business development team right now as that plan has been kind of revealed to the market, but overall I think we also understand the centre of gravity of their divestments
- I think there's some six assets up in North America that's probably the centre of gravity for them and my understanding is that's going to be their initial focus
- you know having said that you know we are certainly interested on the right terms on acquiring that asset and what we want any acquisition to be is accretive to our shareholders
- I think in terms of Telfer.. look I think where we're really benefit here from we can go either way
- I think Havieron is such a good quality ore body it can be developed on a standalone basis and that's a really attractive proposition, a fit for purpose next to mine mouth processing capacity is certainly achievable
- having said that you're also in a region where Telfer sits next door, existing infrastructure available
- of course that's a sensible way to think about unlocking value from Havieron
- I think ultimately it's up to Newmont whether they want to sell them as a package or all together but I think it's probably… it's probably something where you'd expect when you look at the way Newmont treats the assets in their accounts, when you look at the way the independent expert approached them, they looked at the assets on a combined basis, so that might be your starting point
- but ultimately Greatland has we think, have a choice and we think there's a pathway to success either way

* Okay that was an interesting answer, yes Dip mentioned that Greatland Gold have the legal Right of Last Refusal over that 70% of Havieron being divested, does this affect the valuation of Havieron, how important will it prove to be in the negotiations do you think, I mean it basically means that you can come in and match any bidder, you get the last the last opportunity to match the bidder at that final price?... over to you Shaun
- it's good to see Dip reviewed the half year accounts this morning, so pleased to see his work there, because we did… we did mention that in it
- and I think it does give us this this right to match, so if a process is run we can determine the outcome at the end of that process
- we can't miss out, so that's a really advantageous position to be in and that's not unusual in a joint venture structure that you would respect and in the ordinary course of business your first and most expected kind of outcome would be for the other joint venture party to consolidate the other you know or vice versa
- so we think it's a really strong position for Greatland to have and importantly what it does is probably also make it a little less attractive for other people to spend a whole lot of time energy and effort looking at this, because they know ultimately we will sit there and have the right to buy it even at a price on terms that someone else negotiates
- so we think it's a strong position to be but Donald what I'd probably emphasize here is the relationship that we have with Newmont… look we're relationship driven, we've built a really good relationship with them since they since they've taken over that joint venture role
- I've previously known them so it's been a long-standing relationship as far as I'm concerned and we think the best way to success isn't necessarily kind of to rely on the terms of the joint venture or any other aspect
- we honestly think you know we'll treat each other with respect, Newmont’s a magnificent organization
- I think they're going to treat us with respect and I think without getting you like… we're really pleased with the position we have but fundamentally I think there's a pathway where there's a good outcome for Newmont and Greatland shareholders based on the mutual respect and that's all we've seen from Newmont is just what a you know terrific organization they are what a terrific culture they have and we find them a really good fit for Greatland

* Okay big question from Alan, Dip and several others… if Greatland can raise sufficient funds to buy Telfer and Havieron from Newmont outright, that that's an if I suppose and also what are the capex costs for the remaining mine development which remains to be done at Havieron and the third element to it might it be prudent to share the risks and costs with Wyloo and others?
- yeah look there's again that's one of these multi-barrelled questions so a little bit to unpack but look I think it takes back to this being an accretive acquisition and what I mean by an accretive acquisition… if you hold one share in in Greatland today you own a certain proportion of 30%
- what we'd like at the end, if a transaction came about where we consolidated ownership of Havieron and that's an if of course but if it did we'd like that one share to hold a greater individual portion of Havieron
- so your one share would own more than Havieron after the transaction than beforehand so should be… or face value should be more value
- so that's the way we think about it, we think a financially disciplined accretive acquisition is sensible and when you do accretive acquisitions we think the opportunity for the market to support you is there and there's a long history of that
- and I think by adding the institutional kind of holdings to our share registry I think makes that more achievable as well
- and that's been part of the us trying to mature the Greatland platform over the last three years
- I think part of that as well that there was a reference to Wyloo there, I think part of that is having Wyloo there, I think Wyloo hugely add to our financial credibility you know they're an organization that enjoys a great reputation, they're very well-funded you know with one of Australia's wealthiest people behind them
- it's a great platform to have in your corner and I think what you've seen is their interest and support of us has been as a shareholder at the corporate level
- so yeah look I'm you know we love options, we love understanding how we can do things better but really we see their role being at that share level being at the same level as I am as a number of the people listening here today as shareholders and they want to optimize that share value
- so we think there's great alignment there and there's an opportunity to work together, so we think in essence there's a path to success here and certainly the work we've done in maturing the platform the team we've put in place both at a board and a management level, the share registry, we've done the bank support, we have in place and the strategic holder in Wyloo all make us more credible as a financial counterparty on any asset we look at

* Okay Shaun which takes us neatly to Telfer, can you take us through the potential purchase of Telfer please Shaun… is Havieron economic without it and how do you deal with the liabilities associated with Telfer?
- yeah well look to some extent I spoke about the choice we have before where I think Havieron can be really attractive either way or although I think the most likely outcome is from a Newmont perspective that they'll if they're looking to tidy up their portfolio that they might think of them as a single asset
- but we don't know the mind of Newmont and I think we can be you know we can see value under either scenario
- but you know when we think about Telfer we also think about a mine in a very different stage of its life cycle to Havieron, like Havieron has all of its best days ahead of it we're excited about a multi- decade future there, by contrast Telfer has been a top five Australian Gold Mine for some 30 of its 35 years but father time captures everyone and including Telfer
- you know it's as we understand it's kind of trending towards the end of its life
- now that's actually very complimentary in many ways with Havieron and the Havieron discovery but you know it is it is a very different thought process and it does come with some rehab liabilities
- would rather those you know liabilities not be there, having said that if that… we think about the net value of the two assets combined
- so without really knowing intimately Telfer if you have a view that Havieron has a positive value but Telfer has a very small value or even a negative value, you're only paying the net value which reflects those liabilities
- so I don't see it as concerning for us, I see it as part of a very thorough due diligence
- I see it making sure you calibrate that value and in some ways it allows you to buy Havieron cheaper than you otherwise would
- so I see it as like all things there's benefits and you know and issues associated but on balance I think it's a very manageable scenario

* Okay Shaun that was a very considerate answer, I wouldn't expect anything less of you of course, a question next question from Mark, what cost savings and efficiencies would Greatland like to implement at Telfer and Jon’s getting involved as well, he asks can you see any additional value which might be extracted, so cost savings and additional value?
- yeah look I think like the way I might answer this question is to go back to my experience at Northern Star and Northern Star acquired Canabel, East Kandana, Plutonic, Jundee from a combination of Barrack and Newmont
- so that sounds familiar and I have direct experience you know around the integration of those assets, the cost efficiency and the revitalization of those assets
- they were well-run assets by global Majors run safely and well but there's a different time in the cycle where a midcap whose laser focused on an asset can just sweat them a little bit harder and can look for those cost savings, use those cost savings to reinvigorate the mine plan
- and that's what we were able to do at Northern Star I think hugely successfully
- Northern Star is now the largest gold company in Australia, it's worth some 10,12,15 billion dollars without looking at the market cap today and built off a number of you know low $100 million transactions so the value creation that uplift the value for shareholders was remarkable
- so this is a well-trodden path in terms of Juniors being able to come in, look at assets and on occasions being able to drive those cost efficiencies and being able to unlock value of mine life because you're willing to go in there and do some of the you know the smaller opportunities to bring out new mine life and open up new parts of the ore body
- and even if the heyday is behind it there's still an opportunity to create value
- so I think I've got… and a number of members of my team have direct experience on that and so you know we're excited about the opportunities that affords

* Okay so I'm going to use the words if initially and then I'm going to use the words if initially and then I’m going to use the word accretive secondly… would an acquisition be dilutive to existing shareholders in the short-term Shaun and then Dave asks what medium to long-term value might the purchase of Havieron/Telfer deliver for shareholders so if and then accretive?
- well look my you know… when we talk about the strategy and one of the reasons I always love to orientate people around the strategy is it gives you an overview of our perspective on how we want to take the company forward
- and we've always talked about that that third Horizon being financially disciplined growth
- so that's growth that we think creates value for shareholders and that's about it being accretive, so in this case it's you know… you're not buying a new asset
- and it can sometimes be difficult to compare apples and oranges, we've got a bag full of three apples and we're buying another seven apples, well in that scenario I think people can understand whether their share of that bag is more or less apples
- so if I continue that somewhat clumsy analogy so I think we would definitely view this as being accretive in the short term and accretive to value and shareholder value in the long term and that would be the driver for us wanting to transact

* Okay Ken asks an interesting question, in all this big picture stuff he says what happens to the JURI JV, does the Newcrest 50% share get sold with Havieron and Telfer and if Newmont are divesting presumably they don't want 50% of Juri?
- yeah look I think again you know we can't comment on what is the mind of Newmont
- we've certainly spent time with their exploration team as you know particularly over the last 2-3 months and it's fair to say I think their exploration team you know really likes the Paterson
- so you know perhaps they're still in love with it and their exploration team wants to hold on to that or perhaps for a global major that's exiting the infrastructure in that Paterson region, they exit comprehensively
- certainly we'd be interested in everything in the Paterson that's you know that's our centre of gravity there
- we'd love to get back the JURI, there's some high quality targets that we'd love to get on ground and drill
- we'd love to do that with Newmont but we'd also love to lead that ourselves so it's certainly from our point of view something we would be interested in but perhaps a better question to Newmont until they reveal exactly what their approach is going to be and the timing of that

* Okay here's one that you, I'm sure will have expected to come up, Matthew asks he'd like to know if Greatland will be listing on ASX this year and if listing might be dilutive for shareholders?
- look again I think yeah I think we still think the ASX Market potentially you know makes a lot of sense for Greatland shareholders
- and just to be clear we value and celebrate what we have here in London so when we speak about or we get a question about ASX it should be very clearly understood that we would remain listed here in London it would be about augmenting that with an ASX listing
- and we think it's attractive if we feel we can bring demand from Australia to as additional buyers of Greatland stock
- it's actually interesting there are some reforms in the London market right now which I actually think are really sensible reforms and it probably does allow Greatland to think about whether that is fit for purpose for us because that is a pathway to get index buying as well which the ASX also offers
- so I think it's where we can think about both pathways now maybe a little bit more than before but if you believe which I think on balance I still do that the ASX would bring in additional buyers, I think it's still really interesting to us
- I think in 2023 we effectively completed that process with the ASX and had a pathway to list, we didn't think it… given the conditions of that we felt it wasn't accretive to shareholders so therefore we didn't execute it
- we did a lot of work and we think we continue to benefit from that work but ultimately we don't want to make a decision that we don't think ultimately increases the value of our share price
- so people should have confidence we have that discipline and that overlay of what's important and similarly you know I think if you… it's given we've talked about the potential for Newmont to divest Havieron
- and potentially that to involve Greatland, I think we'd probably let that play out before we necessarily made a move to the ASX or indeed to a different part of the London exchange
- I think it'd be good to understand the platform and where it presently sits before we start making any changes to what is already you know we think a fantastic company

* Okay that's a very interesting answer and slightly different from the one that you gave to it previously so I'm intrigued by that, okay Shaun let's turn to some more operational questions and here we go this is this is today's favourite question by a mile and it's not the Newmont question actually, it's the aquifer (Lower Contained Aquifer).
Alan, Dip, Wendy, Alan, Philip, Steve all ask about the aquifer, I mean basically they're saying has the lower aquifer been dewatered yet, I think you indicated it was still work in progress and if so when will drilling restart, will drilling restart and will the water cause any long-term problems? So I've sort of bundled all those questions into one really.
- no look it's good to unpack and I did try to talk this a little bit on the slide but let me augment that
- so the dewatering continues there's no change and the depressurization from memory there's six bore holes into it which is extracting that water
- look this has always expected to take us into the second half of the year when we first articulated it, there's no change as we sit here today I don't think I've received any information which suggests it would take longer or that the flow rates are higher
- at the margin I think you know we've received at least anecdotally pretty you know positive indications of where that's headed
- I think importantly though you know, we in parallel with that depressurization and dewatering process we gather data we gather flow rates, we get an understanding and then that needs to be effectively reassessed in a model to re-calibrate for the actual flow rates we're seeing from those bore holes as opposed to like the initial test bore holes
- so we think you know that's you know a positive to have more information, we think once we have that information we can recalibrate and give more definitive guidance but right now I don't see there being any changes to where we spoke you know when we first talked to the market about this I'll just say in the December quarter of 2023 where we see the dewatering and depressurization just continuing into that second half of the year and I don't see this being particularly different to how we tackled the upper contained aquifer or the middle contained aquifer
- the approach to the lower contained aquifer is exactly the same it's punch into it put some bore holes in depressurize, dewater, get flow rates down to their sustainable level set up the pumping infrastructure and then drive through it as you do with any mine that generates water which is most mines in Australia because aquifers are just a part of the landscape
- but you know the flow rates at this mine are not particularly high so I think you know timing is always something people have a focus on but I think from a technical risk this is a pretty understood feature in the Australian underground mining landscape

* Okay that was a comprehensive answer Shaun, the same people ask and here's here a couple of big ones when will the feasibility study be released, you’re you said in the half yearly report that you're working on it, when can we expect first ore, so there's two questions for you feasibility study to be released and when do we expect first ore?
- yeah look I think we think about the feasibility study coming out in in the second half of the year obviously
- we do that in you know conjunction and together with our joint venture partner Newmont obviously a big part of this piece has been around you there's potentially some movement there how does that impact it does it accelerate does it slow it down or just you know right now our view that remains on track we think with the updated resource
- there's an opportunity to increase the reserve potentially with the updated feasibility study which we think is another really positive for our shareholders but also for Newmont in terms of their understanding of the asset
- and so I think it just continues to you know to progress and you I and I think that feasibility study ultimately dictates the final development timetable for Havieron
- but again I think it's all pretty consistent with you know with how we've seen it today

* If those, if you're back into the second half of the year and hearing I'm seeing the questions coming flying in live does that actually delay first ore?
- well I think what we've talked about is dewatering to the second half of the year and then the sequence being then recommencing the decline and getting down to the top of the ore body
- there I think I've explained to people before you know being in line with the top of the ore body you still need to decline down, you put in your drives
- there is a time frame with that but also the country rock so the rock below that Permian level is beautiful ground conditions
- so once you're in that you'll see really efficient mining processes, you'll be able to accelerate that and get that set up really smartly and first ore presumably will actually be a development ore which is basically those drives going in, setting up the stopes to then bring down the stopes above them
- but that development ore is typically your first ore

* Okay 10 minutes to go on the webinar, Nick says last year you suggested the possibility of a top hat company in Australia which could potentially save a great deal of time and money by avoiding have to double up in legal advice in the UK and Australia amongst other things, what are your views on that and how would it affect shareholders?
- yeah well look I've talked about the ASX listing and you know we try to think about that you know from what is supportive of shareholder price what creates shareholder demand and that's the way we think about the ASX listing
- as fine tuning of that we obviously want to create the most cost effective efficient platform we can and if we believe that having ‘top hat’ing it with an Australian entity so you don't presently we kind of operate in Australia plus we have our head office here in in London so we kind of end up doubling up on a lot of legal and accounting bills
- you know we do the work in Australia then we redo it in London or you have to check at least that the jurisdiction is the same for both
- if our advice continues to be in whatever circumstances we are that it is a cost-saving element to consolidate the corporate vehicle in Australia not withstanding we still got the London listing
- I think of course we're going to try to think about what is the most efficient, what saves the most amount of money, what drives the biggest bang for shareholder buck so I think that's the way we think about it
- we're not pre-baked on it but certainly last time I think the advice was hey you can save money if you consolidate your legal and tax advice into Australia, may be bad for the local law firms but good for us putting more money into the ground

* Okay exploration questions now, you dealt with exploration quite extensively in half yearly results so if people haven't seen those half yearly results I would very much I recommend they have a read of them because it's there's some absolutely fascinating information in there Jamie amongst others, just asked a Live question and let him his answer be fed up into this.
Greatland have been busy with early stage exploration drilling with results back from the 100% owned Scallywag tenement the Paterson South Rio Tinto farm in which you said was excellent unexplored Paterson 100% owned, Ernest Giles which I know you've got a very soft spot and with strong prospectivity for nickel at Panorama.
So I could I ask you just a broad question what you actually make of these early drill results how promising are they what will come of them?
- look we you know we obviously you know really like the optionality in that exploration portfolio I think it's got better over the last you know 12-24 months as we've obviously just bringing in that huge amount of land holding which is reasonably developed in terms of thought with the Geophysics and Target work targeting work that Rio Tinto did
- and that's a great credit to their organization, they're super impressive and we really also appreciate the time that the Rio Tinto exploration team has spent with our team to discuss targets
- you know I think they've had some good ideas we've had some good ideas but mostly the two teams have actually had a pretty common view on targeting opportunity so look we think there's some really good targets through that South Paterson Rio Tinto joint venture
- I think some of the work we've done on Scallywag is really positive you know we've kind of had this anomaly we've kind of crept up on it a little bit but that is the detective game that we're in in geology particularly undercover using these different techniques to continue to kind of zero in on where the anomaly is
- and so we filled the next campaign there at Scallywag potentially you know either at further zero in to the target or ideally we can test it so we're really excited about those elements in the Paterson which is you know that's our core ground
- Ernest Giles you it's… just as good, it doesn't have the infrastructure around it but the Archean greenstone lights up on Geophysics, we're really excited about getting into there in 2024 and having those initial holes understanding the strategy better
- getting some feedback recalibrating in from that EIS funded quick two drill holes that we managed to sneak into to 2023 I think are really helpful in that regard and the team is kind of re-calibrating that as we speak
- you know Panorama is a little bit interesting like we probably went out there looking for gold and got nickel but that's good or a bad thing, you just wanted it's good like certainly it's better to have to have Discovery regardless of commodity and we think there are plenty of pathways to create value from that
- that's not to say wouldn't keep it but there are other options for us to create value and I think we can create that value by continuing to do some you know baseline work there to further refine or test some of those targets
- it's not going to be the focus that the Paterson is or that Ernest Giles is but I think we continue to see an opportunity to create value
- Bromus we actually did some time on ground there I think actually for the first time so that's been in the portfolio for a long time but never really had a lot of attention
- I certainly have a philosophy that we don't want to hold ground for the sake of it
- we want to test it we want to make a decisions we either want to fall in love with it and find discoveries on it or we actually happy to let it go and trade up to ground that we think is more prospective
- we have people want to come and talk to us about Bromus because that that kind of post code has become has had quite a lot of activity in that area around nickel gold lithium there's some action around there so we again we like the idea of unlocking that value ourselves
- we think we have a really capable exploration team led by Damian, which I think some people have been able to hear on some of our presentations you know he's a you know a great person but equally a great geologist so we're excited about what that team can unlock
- but we're also open to good ideas if people want to come and talk to us about it we're also open on that and that's across our ground but obviously we really like holding that core ground 100% as well, but it's good to have choices

* Okay now we've just got a few minutes left it's only fair that we let the people who want to talk about the share price have an answer, the share price was as high as 11.5p in early December and is now… which it went from 6p to 11.5p in early December and it's now back to 6.45p today giving a market cap of £330 million pounds.
Jonathan, Adrian, Paul, Shaquille, Khan, Ross, they're all asking about the share price different, very different versions of the same share price question. Shaquille puts it beautifully he says… why is the share price low, there you go, why is the share price low Shaun?
- we fully appreciate the importance of share price you I've bought shares during my period here and that's a meaningful position for me you know
- plus I've… there are some incentive plans which are structured around creating value for shareholders so no one is more aligned both at a board level and at the management team level of getting that share price up
- you know that's one of the reasons why we engage with the market including today's event
- look we tend to have tracked the Van Eck Junior Gold mines ETF index
- we've had periods where we've outperformed it and underperformed it but directionally you know we've been somewhat trending with that
- I think you know we like the fact that gold has just kind of broken through 2100 USD an ounce
- I haven't looked at the gold price in the last couple of hours but that's I think super positive from our perspective and I think in a couple of my answers today I've talked about… we look through action through the prism of being accretive
- whether that's an ASX listing whether it's an acquisition, whether it's exploration, we do think about it through the prism of does this create shareholder value
- so you know we're really laser focused on that and we think there's been… Greatland’s probably had more than its fair share of uncertainty over the last year or three kind of within the joint venture structures
- I'm really pleased to say that you know perhaps there's now a pathway where we emerge from that and I think that's a really you know interesting opportunity, I think it's a potentially value accretive opportunity
- and I think things that add certainty… so tidying up the long-term ownership of Havieron I think adds to certainty and that's the environment which can support share price
- so we like directionally where it's headed but I think it's a really good question and people should rest assured we think about it and we want to spend time, effort and energy to increase the share price

* Okay now let me just very quickly tell you that we've had a peak of 521 people on here this afternoon and of those 97% are investors in Greatland Gold with only 3% not and of those they break down into various classes, 20% describe themselves as high net worth, 10% as sophisticated investors, 70% as the great unwashed… the retail investors, so thank you very much indeed to you all for telling us that information… isn't that absolutely fascinating and okay so final question from Terry.
Terry Take a Bow, you get the last question, Shaun it looks like great things could be coming Greatland’s way, my question is was the outcome of recent events with Newcrest ever a future event that you and the board had quietly wished for?
- look thank for the question Terry, look I think we said it wasn't a surprise but I think people who have followed the Greatland story over the last couple of years appreciate that I've sought to build a management team, a board, a shareholder base, a debt backers with the Banking Syndicate
- and indeed bringing in Wyloo to mature the platform and give us every opportunity to take advantage of the situations and developments that arise and I think you know an opportunity to do an accretive transaction I think is always a really welcome development
- and I think we have a uniquely positioned in terms of our information and understanding of Havieron the contractual rights we have and the team we've assembled
- a lot of which actually have deep experience at Telfer in addition to their experience on Havieron
- I think we've set up the platform the best it can be to take advantage of the opportunity that we hoped would eventuate

* Shaun that's it for today we've come to the end of our time, thank you so much for being so patient and answering all our questions and that's it for the March 2024 Town Hall afternoon.
A huge thanks to you Shaun and we really do appreciate the level of depth at which you answer these questions, huge thanks to you all for attending today and asking all those excellent questions which Shaun has just been answering thank you so much and goodbye from the March Town Hall webinar.