Cavendish Financial Company Flash on Antipa and Paterson Manoeuvring

[CanisLycaon]

PATERSON MANOEUVRING

The two big players in the Paterson are Newmont with Telfer, following their acquisition of Newcrest, and Rio with its 7.9moz gold, 2.9mt copper and 51moz silver Winu development project. Antipa are working with both. As part of Newmont’s portfolio optimisation, Newmont stated it is seeking to divest six non-core assets including the Telfer gold copper-silver mine with its 22mtpa processing facility, and alongside this, its 70% holding of the Havieron gold-copper development project. That means almost 3.4-7.6moz gold and 700mlb of copper is available for someone interested in production.

Meanwhile Rio reported in February that it continues to explore options aimed at enhancing project value, including further optimisation of the current pathway and alternative development models and partnerships. The latest noises coming from the area indicate that Winu may be moving more towards being a gold dominated asset. It looks like Rio could be open to offers? That means that pretty much the entire Paterson region is in play and someone with funds could roll up a district with significant ounces, over 15m, and a copper credit as a sweetener.

Part of this consolidation would likely include that largest land holder Antipa. Anyone interested in Telfer would need to fill the plant, the most likely option for that is Minyari on Antipa’s 100%-owned project and then on the way down to Havieron, pick up anything that may come to light at Parklands on Antipa’s farm-in project with Newmont.

The other contender ready is Greatland Gold (GGP-AIM), who having discovered Havieron hold the remaining 30% interest. Greatland is currently trading at around £330m / A$640m. They have Wyloo as an 8.5% holder and Greatland are targeting an ASX listing in H2/24, so perhaps they could, with Wyloo’s backing, be the consolidator? Given Telfer is estimated to be valued at A$700-A$1bn it could just be feasible. Would Wyloo back the district consolidation? Other companies operating in the region are IGO and even Fortescue have licence holdings. Or could someone from outside the Paterson step in to be a new Australian gold copper producer with exploration upside as the majors wonder how these assets fit.

https://antipaminerals.com.au/upload/do ... rowing.pdf