GGPChat

Originally posted in Telegram.

Fantastic to meet so many of you last night, it is always good putting faces to names, and reiterating what a great group of people we have supporting GGP.

I cannot add much more to what has been eloquently fed back by other attendees, but feel it is never a bad thing to relay thoughts from as many people and in as many perspectives as possible.

Firstly, I can only reiterate how well SD comes across in these face to face meetings. Too many qualities to name individually, extremely impressive.

My take out from the Town Hall is as follows:

1. When SD joined GGP we were in an extremely perilous position. We had £4M in the bank, no plan for additional funding and many of the terms agreed in the JV were detrimental to our potential success, and left us in an extremely vulnerable position.

2. The above meant we were totally un-investable from an Institutional standpoint and they would have been foolish to invest. The only Institutional holdings in GGP were via macro driven ETFS (that includes Blackrock).

3. SD through his hard work and diligence has rectified this situation, bringing in Tribeca & Wyloo (as well as others) is testament to this. He continues to engage with II's with the aim to get more on board, he met with active Blackrock fund managers over the last couple of days to name but one. He did also state that before he arrived that there had been no such engagement.

4. With regards to M&A, as Stu has already mentioned, he is looking at both new exploration ground (he is extremely interested in 3 blocks/tenements on the North-West trending corridor between Havieron and Winu). He will also consider other existing producers if the price is right and fit with his vision. However, he did also stress the importance of being money savvy, and that the development of Havieron is the key focus in the short/medium term.

5. With regards to the money savvy side, we will continue to explore, but in a cost-efficient way. Collars, one or two drills, analyse and revisit. Do not expect quick discoveries, it may take a few years exploration at a site to find a meaningful discovery. He is extremely excited by Ernest Giles (still one heritage obstacle to overcome, but he is keen to do it in the right way. And Scallywag, the last tenement in the portfolio he would ever release.

6. EGM - he implores us all to vote through resolutions 1 & 2, our future depends on it. Resolutions 3-5 are more a standard that all Australian companies have, needed for good housekeeping and to cover for the unforeseen necessity.

7. New Directors and focus, it took in excess of a year (and quite a few no's) before he could get the 3 new directors on board. Historic relationships with SD and other board members (including Paul Hallam) as well as SD's tenacity (and a great incentive package) eventually persuaded them to come on board. He wants to make this a multi-million dollar company. He has been successful in this before, but not as a number one, and he is totally focused on achieving this.

8. Spies in the camp, SD does not read the Bulletin Boards, but is aware, that from time to time some of his staff may take a sneaky peak.

I think that's about it from my side.

All in all well worth the trip, greatly cemented my confidence in SD and the prospects for the company.

If anybody spots any glaring omissions please add to this thread.

Great thread Nitram and wanted to add some of my thoughts too from Wednesday night, be great to collate them here from everyone who can

Firstly - a real pleasure to meet Liam and Stu in person and so many community members from the TG groups and LSE boards (much much too many to name!) AND also just as lovely to meet so many quieter readers on both platforms who I wish would post more as you were all so thoughtful and informed and in a few cases also very clued up in areas such as the technical sides of the industry and engineering etc.

We've had so many great recaps - tried to categorise some of mine into topics:

*What strategical approach can we expect with these high-profile directors and funds onboarding
- The message seemed to be that any inorganic growth will be measured and well considered and applied with fiscal discipline very much in mind, which from my own knowledge base is key as rapid growth can leave businesses exposed financially if hit by circumstances where they can't cover the loans/debt acquired to fund growth, I suspect we won't have an issue with Shaun's background in these areas.
- Shaun responded that I had mentioned 'aggressive' inorganic growth in a past discussion (twitter convo with Don Durrett and pre-recorded Q&A) and I clarified at the end of the evening that I do mean timeframes measured in years not months and these are the expectations I think we should bear in mind for larger plans.
- Having watched the pre-recorded session he really does want to clarify measured growth applying fiscal discipline is the way forward and the timing and quality of selection in assets etc. is key, could not agree more.
- When it comes to inorganic growth an approach favouring assets in cashflow or near term cashflow seems likely but there does seem to be room for building even more presence in the Paterson applying this approach too vs organic
- The way he outlined the 'opportunity' to James who had refused him in the past as an example was that this is his chance to have an entrepreneurial avenue Vs the boring appointments where he just earns a wage for sitting there.
- The emphasis seems to be that look guys here is a vehicle for you to get really stuck into with your contacts and skills to bring opportunities into to really grow the company and benefit from it too.
- They will need to invest time and effort to see huge gains vs just sitting there getting paid for their presence but the benefit is the leverage they have with their share options means they will be very well rewarded this way.
- And in a way I think there is some synergy with Tribeca and Wyloo being able to leverage Greatland's potential through growth at Havieron and the portfolio but also being able to bring in opportunities themselves.

* And the resultant dilution?
- In regards to Tribeca and Wyloo, we needed to fund our share of the costs for developing Havieron somehow and these partners will bring a great deal to the table in terms of benefits besides assisting GGP to production as will the directors
- These power players whether sat on the board or funds are able to look at the company and think about partnerships and deals they can use to benefit the company and themselves and people like them and Andrew Forrest are a magnet, they should draw others in now.
- Difficult markets require access to capital and these are excellent strategical partners.

*Exploration approach
- With organic growth Shaun repeated something he has said before that he doesn't like to rank them as you can't presume prospectivity accurately until you drill but certainly they will have targets they favour more or less based on research and previous drill datat and be willing to spend more time on
- Scallywag certainly seems to be heavily favoured as a prime tenement despite what we have seen in official results from Shaun's comments during and after the official Q&A so I found that interesting and certainly think that although results haven't been 'exciting' from the drilling up near our Artemis at Zipa/Hav North and following the strike (where reported) the team do seem to like what they (as in the geological team) are finding in terms of alteration etc. feeding into their geological theories about Scally.
- Ernest Giles doesn’t need 5Moz to be commercially viable was also very interesting and a point made during the informal part of the event, it also seems that infrastructure needs are not as challenging as I personally envisaged, he covers this in detail in the pre-recorded Q&A.

*Newcrest/Sandeep
- Our omission from Denver presentation was as much to do with their current focus on America’s and perhaps a desire to keep focus on that and other areas than the outcome on the Option exercise but very bad timing with the RNS releases that were made, making the omission a huger talking point than it may have been.
- NCM choosing to not provide an updated MRE allowed Shaun to be able to initiate an independent MRE that resulted in a far better outcome for the option exercise.
- We’ve seen how that’s played out now in regards to Newcrest deciding that the price determined as the closest to FMV (GGP’s not theirs) did not fit their fiscal strategy around Hurdle Return rates, hence we have retained 5%.
- Shaun has considered a Plan B in the very distant probability that Newcrest choose not to proceed with Havieron, as unlikely as that is after $0.5bn spend. Like many, I think were they to do that then Sandeep’s tenuous hold on his role will be lost. Shaun stated he would be ‘delighted’ if they chose not to proceed, reading between the lines I suspect the Plan B incorporates our new funding partners and directors assisting with access to capital perhaps.
- He thinks their best opportunity for a cheap bid is now gone with the price discovery event presented by the option exercise not working out.
- Shaun did reiterate what excellent technical partners Newcrest have been around dealing with technical issues at Havieron and in the past around how it was their team pushing for drilling along the strike into Scallywag.
- Perhaps not predatory but certainly very opportune is how Shaun seemed to be describing Newcrest’s approach to the Option exercise tactfully i.e. the current difficult conditions make funding very difficult as a respected peer SolGold found and they were probably hoping the depressed share price and funding issues opened a pathway to taking advantage.
- He also reiterated a warm relationship with Sandeep and amongst the teams and that he had been approached by Newcrest after leaving Northern Star about a potential role (perhaps CFO?) that he didn’t take up but joked he might well have been on the other side of the equation and perhaps wouldn’t have been a great thing for GGP shareholders!
- He also has perhaps his most expensive dinner ever in that he’ll be flying over for dinner with Sandeep in the near future so hoping he picks up the tab for the dinner at least
- And on whether they are aware of the passionate GGP retail base... Sandeep may have mentioned their team receiving various emails from time to time and if Shaun knows anything about it lol

*Share Price/Consolidation and ASX Listing
- Shaun favours any consolidation being into a strong market and 10/1 looks to be the most likely ratio from his comments about many peers on ASX being listed with around 400m shares from memory, but not a priority.
- It will happen when it is deemed appropriate and beneficial only. He also didn’t completely rule out issuance of new shares on an ASX listing if an appropriate opportunity of some kind were to present itself.
- Current plan is very much to utilise a Cross Listing for compliance purposes and not issue new shares and hence benefit from ASX linked indices who can then invest either on listing or through the fact there is a pathway being set for ASX beforehand.
- AIM provides a great following and liquidity, no plans to delist here.
- Shaun really expected the 3 major announcements to perform better and also disappointed they didn’t have a sustained impact.
- Funding will seriously derisk GGP creating an excellent platform for when the sector sentiment improves.
- Really needed to add these major funding partners to help stabilise the share price volatility and they and the new Directors should help grow the institutional share base and investment case for the company.
- A depressed share price dies make us vulnerable to predators given the prize at stake and he believes focusing on building medium to long term value will assist the SP along with a strong platform for growth organically and inorganically.
- Perhaps one of his strongest statements was that even 6 months ago that most institutions did not consider GGP investable, this really does put forward the stark differences in perception of what an ‘opportunity’ is from the perspective of retail vs institutional investors.

*Havieron
- He reiterated that the SLOS mine will fund the likely in his opinion Block Caving at the Eastern Breccia (with a PFS expected in a 3 year window) and the infrastructure there much like with the prep work during the SLOS mining for Eastern Breccia would lead to cost efficiencies with the further mining of the Northern Breccia.
- Tolling fees are expected to be 10% for the Life of Mine in principle.
- He expects three ‘cycles’ for Havieron through Gold, Copper and then he went quiet, now my thoughts are Nickel personally!

*Thoughts on Shaun?
- Highly competent and focused, having assessed him in person I am doubly sure this is the right man to take GGP forward.
- It isn't just the CFO background from roles such as Northern Star, the man has built a comprehensive understanding of the industry and well attuned to the Corporate chess games.
- My concern somewhat was that we now have powerful players around GGP on both the board, insto's and even with his experience he really is dealing with some real heavyweights now, themselves well versed in Corporate Kung Fu but he seems to have a solid plan and vision for the company and their involvement.
- I believe it was Panama who asked him an excellent question around what his 'Super Power' as a leader was and he replied around work ethics and respecting and valuing the team.
- I happen to share those beliefs as core to success, early on in my own career I realised it isn't just the products or services a business provides that define what it is, it is the people behind those producing, offering and maintaining them that are at the core of any company's success.
- His focus on building a strong team and comprehensive skillsets has already assisted us in making it to production despite very very challenging circumstances.

Pre-recorded Q&A before the event available here:
https://youtu.be/ykVrZ2YXiIE

Notes from LSE Q&A above regarding Havieron funding , Board appointments and GM voting - 29 Sept 2022
https://www.ggpchat.co.uk/viewtopic.php?t=554

Thanks Dips for all your efforts
Z

Ditto Z and a great post this morning!

Thanks from me too people.

And thanks from me to Nitram and you Dip and great to meet you both at the event!

ATB
Panama

Thx Panama, it was lovely to meet you too along with Bamps, JerryS and co, we'll have to see if I can force Shaun into an 'aggressive growth strategy' before you break his psyche down to the very core of his being

Sound like great events for both business discussion and social interaction. Shame I can't make them easily.

Hey Dip
Yes You definitely need hi, to speed SD up before I dig more of his grey cells out !!

I always need to see what makes leader tick to ensure they’re the right person to lead us to glory !!

Good Luck. See you at the next one !

That was the best meeting so far out of the 3 Town meets.
The meeting in the Cheshire Cheese pub was the biggest yet out of any of the pub gatherings.
It was so nice to see so many friendly faces, most of us really enjoyed it.