GGPChat

Now the farm-in period is over, with the 5% matter settled, I checked back to original JV announcement. It states:

'If Greatland receives a bona fide offer from a third party purchaser to farm-in or otherwise acquire all or part of its right, title and interest in the Remainder Tenements, the Company must first make an offer on the same terms to Newcrest. The right of first refusal will only apply and be binding on the parties (a) in respect of any area of Tenement E45/4701, during the Farm-In Period and for the term of the Joint Venture Agreement; and (b) in respect of Tenements E45/4512 and E45/4928, for the duration of the Farm-In Period.'

I'm not sure which tenement is which, but could someone with more knowledge say if (b) includes Scally and that therefore NCM no longer have right of first refusal?

E 45/4701 = Scallywag
E 45/4512 = Black Hills
E 45/4928 = Paterson Range East

This, pretty much, exact question, was put to Shaun Day during the last London South East webinar on the 21st July...

Question: "Can you please clarify the current position on the original option that Newcrest has in a first right of refusal over our 100% owned Scallywag tenement thank you."

Shaun Day: "Yeah look that first right of refusal is if only if we went to as I understand is only when we went to divest that asset that is not our intent, it's a core asset, it's a long strike from Havieron, it sits to the north west that is the you know those structures through the Paterson run in a northwest trajectory - it’s on strike I think that's some of the yeah as a general rule the best place to look for gold and copper is where it's already been found to be on strike along from that I I think that's you know one of the best addresses in the Paterson we have a significant number of targets there an ongoing drilling program so your expectation is we would not contemplate divesting it - I see that as core and the number one thing I’d like to do is unlock the option value in that tenement for our shareholders by tagging the next ore body and whether that's another Havieron you know that's you know hitting it to the moon - but even if it's a half or a quarter of the Havieron that's still a tremendous find particularly when it sits next to existing infrastructure as that lowers the hurdle for economic returns, so it's a fantastic address it's a great post postcard to do exploration on and for all intents and purposes we have 100% of that asset"

Many thanks Trigga, I'll be saving that map!