Notes from Proactive Interview regarding NCM not taking up 5 percent - 19 Aug 2022

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Notes from Proactive Interview regarding NCM not taking up 5 percent - 19 Aug 2022

Interview: https://youtu.be/BG-TBb2Ps6o

RNS: https://polaris.brighterir.com/public/g ... ry/xl86d9w

* News out today that Newcrest have elected not to exercise their 5% option, what more can you tell us?
- Delighted, best possible outcome for shareholders from this process
- Previously articulated that we spent a lot of time and effort preparing for this, redoing a PFS effectively around that value
- This was the culmination of that and an outstanding result for us and our shareholders and from our perspective increased our value immediately, so long to medium term prospects are improved.

* Talked previously at length about the prospectivity of this project, why do you believe Newcrest has elected not to exercise its option?
- Interesting question, we can’t know the mind of Newcrest
- From my perspective it highlights that we put an offer to them* for a significantly higher price so interesting they didn’t accept that if this was a view
(*offered to buy a separate 5% stake of Havieron JV from them for $85m during negotiations)
- Ultimately a question for Newcrest but see them as a great JV partner, respect their decision, they’ve got 35 years’ operating experience in the Paterson and we can leverage that existing Telfer asset so for us being a bigger JV partner with them is just a tremendous outcome.

* Alright, so let’s talk a bit more about what’s happening at the moment, I understand you’re in the middle of a resource update?
- Yeah, well Newcrest put out their resource update as part of today’s announcement
- For me, we were a bit surprised that they don’t exercise the 5% option truth be said but pleasingly so
- But I think the update on the resource was tremendous, it’s really a notch higher than what we put out independently on the 3rd of March this year, similar cut-off date back in December 2021 so now some 9 months ago
- For me, it just talks to the credibility and capability of the Greatland technical team that we were able to do it in such short order and basically get the endorsement or confirmation today that Newcrest sees it the same way
- So for me, it just adds to the credibility of the team here
- Good outcome and the JV partners see the asset the same way technically, which is great.

* And beyond the resource update, the work also continues on the mine itself, I understand you have some updates on the decline work there, what can you tell us?
- The decline update was really positive as well, it basically said that towards the end of the June quarter the rates just continued to accelerate
- And that’s expected to continue, that steady improvement continue beyond that as we’ve talked about a number of times
- It’s not a homogenous layer that Permian, as you go through depth you get through that initial soft period into more competent ground
- So the efficiency and productivity increases and you see the advance rates accelerate
- So confirmation by Newcrest and ourselves today that’s the case which again is positive.

* Well great to get an update on the option and what’s happening on the ground here, Shaun thanks for your time.
- Thanks again, appreciate you having me on again, Bye now.

Download link:
https://www.mediafire.com/file/p878u2xq ... 2.pdf/file