Notes from GGPHelp Interview with Shaun Day Q3 2022 Update - 03 Nov 2022

[DipSard]

Notes from GGPHelp Interview with Shaun Day Q3 2022 Update - 03 Nov 2022

Interview:
https://youtu.be/J9sloPT4j5Q

RNS:
https://polaris.brighterir.com/public/g ... ry/x87y2pw

Created from a software transcript export


Liam
Hello and welcome to this GGPHelp’s ‘The Board Interviews’. My name is Liam and today I'm pleased to be presenting another quarterly catch up for you. Joining me from the GGP board is Shaun Day, managing director. Welcome to the show.

Shaun
Hi Liam? And thanks very much for having me on. I really appreciate it.

Liam
Not a problem at all. I always like to start interviews with some kind of icebreaker. And today I wondered if you and the team had to get a company box for some corporate networking as a local sporting event. What team would you take everybody to go and see?

Shaun
I think it would be the Australian cricket team. Right now, you've hit me up in in cricket season. I think that might be the first one. I could get really expansive and start thinking about the Champions League or something in Europe, but that might be beyond our budget. So, I think right now we have probably the Australian cricket team here right at home.

Liam
Okay. So, for those of you who do not know, Greatland Gold is a leading mining development and exploration company focused on precious and base metals. The company's flagship asset is the world class Havieron Gold copper deposit in the Paterson region of Western Australia, discovered by Greatland, presently under development in a joint venture with Newcrest Mining. We've so much to get through today, Shaun, that I'm just going to get straight into this.

The six rigs are still continuing to spin and have returned results and showed there is a link between the east and northern breccias. Would you like to comment on the latest exploration report from the 29th of October?

Shaun
Yeah, sure, Liam. Look, I think again, another really good set of drill results. But I think the real takeaway is the compounding impact of a year of positive drilling. Because remember, the last resource update had a drill cut off of November 2021. So literally 12 months ago now. So, I think when you start looking at the compounding nature of that, I would probably summarize it with four comments.

The South East Crescent just continues to deliver. And I think the prospect of that continuing at that depth continues to be enhanced. I think we like what we're seeing with some higher grade... I'll call them pods through that northern breccia. I really think the star of the show has been the eastern breccia. It's just got a lot broader and really improved in Grade over the last 12 months.

So, I think that's extremely encouraging. And then you mentioned that link zone. I think originally, we had kind of assumed that was effectively barren. Now we're putting drills into it we actually see that the south east crescent actually looks like it kind of bulges out and joins in to that high grade portion of the Eastern breccia so you almost get kind of a bulge in that south east crescent kind of zonation.

So again, when you start kind of filling in gaps with high grade material, I think that's very positive. So, we like what's happened with the drill bits and great to see that ongoing drilling success over the last 12 months.

Liam
Absolutely. And the other news and probably the elephant in the room for most shareholders is that Newcrest announced they would like to delay the feasibility study. What's the reason for this and what are the benefits for GGP with it being delayed?

Shaun
Yeah, well, I think the benefits are around optimization. Just in the last question on the drilling, I mentioned that the resource had a cut off of November 2021. It really would have been extraordinary to come out with a study based on 13 months out of date data. And I think people have listened to comments I've made over the last year or so.

We felt the PFS had too big a gap between drilling cut off and publishing and this was actually going to be a longer gap. And I think your understanding of the ore body and the potential continues to evolve. And I think it's really important to capture that. I think it's important to capture the optimization work that's going on.

So, I see it as positive. I think the way I see it from a Greatland perspective is we're kind of comfortable either way. It would have been good to get that milestone out of the way. I think it would have been a little bit like the PFS where we would have been painting the picture like this is an interim step.

It's good but people should be confident it's going to continue to get better, even if we can now, you know complete a study that captures more of the optimization, that captures more of the drilling. And shows that increase from 2 million tonnes to 3 million tonnes (per annum), which is a 50% increase, albeit I think there should be an expectation that if you increase the size of a mine by 50% and there is clearly some inflationary pressure, I think there should also be some expectation that that will come at some cost.

But I'd like to highlight that we kind of planned for that. We went out there, we did the equity, we did the debt, we didn't fund the PFS, cost of CapEx, we funded our view on an enlarged Havieron and gave ourselves a really neat buffer. So, I think that in essence the benefit is seeing a better more realistic Havieron… is a better outcome for shareholders.

Liam
I think you've just answered my next question there, but I think I'll ask it anyway. Should the feasibility study grow the resource and a new mine plan be published alongside it, which shows that more than 3 million tonnes per annum can be extracted with a second dedicated decline will GGP be able to meet the additional expenditure required.

Shaun
So, there's actually three parts to that question. So, to start with, we have a high degree of confidence that we would expect a meaningful increase in the resource. Again, just echoing back my earlier comments around the successful last 12… coming into 30 months of drilling.
Then the next part of that question is around the decline. Just to revisit that the PFS had 2 million tonnes per annum coming up a single decline, the expectation of the feasibility study is 3 million tonnes still coming up that single decline.

So there isn’t the additional CapEx of a whole new decline, for good order there will be overtaking bays, I think they'll actually be overtaking lanes so to speak just to make that single decline more productive to take up the efficiency of that from 2 to 3 million tonnes.

So that will come with some additional CapEx. But I think that that is a... what's lovely about that is actually it lowers the overall capital intensity. What should lower the overall capital intensity of the project, i.e., you'll be getting more ounces and more NPV (Net present value) per unit of capital.

And then finally, you kind of drifted in there to the funding element. Well, again, I think we've disclosed to the market, yeah, we had the 2 million tonne PFS, but we all knew it was looking at trying to create a 3 million tonne feasibility study. So, in our internal models, in terms of engagement with the bank, we really focused on that larger mine being the 3 million tonnes.

So and again we've kind of prebaked that additional capital of debt and equity and you know, we're keen to finalize the study so we can say that with complete confidence, but we feel we're incredibly well positioned for it.

Liam
That makes sense. Thank you. What risks remain in your mind as the managing director of a gold mine development company?

Shaun
Oh, look, I think no development is linear. There's always challenges. I think what we have seen over the past 12 months is some really good de-risking elements. So, I think drilling is, again, really important in de-risking, you know, seeing more ounces in the ground is great.

Secondly, we've seen a change in the productivity of the decline. I think that was a huge focus for us in the market in the first six months of that development. It was always meant to be a tough six months. We always talked about it being very soft and needing a lot of support to get through that initial part of the Permian and that it's not homogeneous as you go down at depth, that over time the ground conditions will improve.

And again, I think we've seen that borne out in the productivity that people can track. You know, with each quarterly or indeed 6 weekly updates. And then I think also getting in the blind bore was a really important element of de-risking because again, that's going through that Permian layer. So, I think there's lots of de-risking but we continue to have all the challenges.

I think we want to increase productivity in that decline. I think we want to finalize study plans, you know, fine lines of view on our recoveries. I think there's all these things now. Hopefully they're all part of the optimization and potential improvements. But again, it's important to run all those things to ground. So, nothing's linear. But I'd like to think there's more upside than downside. But time will tell.

Liam
Okay. The single biggest risk event will be the decision to mine (DTM). Do you expect this to accompany the feasibility study or should shareholders expect to delay as the due process occurs? And it's formulated or decided upon?

Shaun
I think a decision to mine in a formal sense would follow a feasibility study in very short order. But just to remind people, you know, we started development of this in February 2021… saying we're getting close to two years of development. We are getting to ore kind of early 2023*** so really, you know, the mine continues or the development continues, although the feasibility study is going to take a little bit more time to complete.

We're still racing ahead. So, the personally, I've always seen that the decision to mine is as really made back in February 2021, when you started development that's the point in time or that a decision to expend CapEx was made, albeit I think to make a formal decision. It would be great to have a full LOM (Life of Mine) plan to endorse as a management committee.

(*** In a tweet the same day Shaun confirmed that First Ore is presently still scheduled for early 2024, hitting the ore body in the decline is a separate event to First Ore.)

Liam
Okay. Thank you. I understand that. And while we wait for the approval from the Environment Protection Agency who have had our project under review for some time now. Do you have an inclination on when the outcome could be?

Shaun
So just to be clear, I don't think that application is in per se. There are different stages. Some of the stages have been completed. I think the current updated Plan is or until very recently was with the Indigenous or First Nations partners in the Paterson. It is good to square away their input and consider their perspective and then that would be put up in to the EPA.

But again, I think from a schedule point of view to date, that effectively kind of tracking inside that the expected timeframes.

Liam
Thank you. I'm not sure if you're aware of this Shaun, but you've become known by a lot of your shareholders as quite the chess player. You've surprised us with some real curveballs in the last quarter, notably the changes at a corporate level. How do you go about signing three heavy hitters like James Wilson, Mark Barnaba and Elisabeth Gaines to a small and largely unknown company in Australia, like Greatland?

Shaun
Yeah. Look, thanks Liam. I think that journey, although we ended up having a kind of a triple whammy of announcements with the debt, the equity and the board all at once, and three people joining the board that was literally over 12 months of planning and work.

Yeah, I sat down with a recruitment agent, in fact, the same recruitment agent that we brought in, Paul Hallam, who's been another tremendous addition to the board and the first director I kind of I'd brought onto the board during my, turn as custodian of Greatland as managing director.

Shaun
Paul has been a fantastic addition. I then sat down with the recruitment agent and really kind of write down a list of people I think, you know, would be remarkable to bring on to our board, Mark Barnaba was actually top of that list. I think I literally had a coffee with him on the 1st of September 2021.

So, it was a slow burn. Liam But, but I think how I approached that was I painted a picture that this is going to be their entrepreneurial outlet. So, they are… all of the three we bought in it on some larger boards and, and have a history with larger companies than Fortescue's and BHP and more prestigious entities than Greatland, not to detract from GGP in any way, shape or form, but you know, we're obviously at a different scale and level of market profile to a BHP or Reserve Bank of Australia.

But I think what I could offer is this real engagement and entrepreneurial engagement to say this is a platform that we want to build. We have bought in a tremendous group of people. We have a world class asset and a platform that potentially can grow into something special.

And that was really my pitch to them that, you know, this is something that I want you to be engaged in. I want you to roll up the sleeves. We want to get your corporate and strategic input. We want you to we want to leverage the Rolodex of contacts that you all have. And I think that is a pretty exciting prospect, not just for them, but for all of us as shareholders and in GGP.

And I like to think from my own kind of experience of being involved in some really successful organizations that that I had the connectivity with these people to be able to give them the confidence that that we were organization that they wanted to be part of.

So, you know, these things are multi-factorial. But I think yeah, I think it's an amazing outcome. I think literally we have one of the best boards in Australia and I think it would compare with just about any board around the planet. And I think we should be really proud of that.

And I think of these things in terms of probability of success. I think it doesn't guarantee us that that will become the next BHP. But what it does do is increase the probability that we will be successful as an organization in every sense with Havieron, with funding, with opportunities to deliver growth, with attracting good, high-quality people. I think it increases the probability of us being really successful on all those fronts and that will ultimately drive our value in time.

Liam
Absolutely. And along with the new board members, you've also announced a series of funding packages and new shareholders, which have added a significant amount of money to our bank account and secured the path to a large debt facility with some of the world's leading banks. Can you talk about how this all came to fruition?

Shaun
Well, again, none of these are short processes. You know, we literally kicked off our banking in January 2022, but also had warmed banks up prior to that and engaged with them. But in a formal sense, we ran a process that really, I think we announced it in in September. So, you know, we that was again, it was kind of nine months to be an overnight success.

So, and I think we also did the equity raise before that, which was led by or cornerstoned by Tribeca. I think the success of that raising and demonstrating institutional attraction to our staff gave everyone a lot of confidence that I know you asked about the debt, but I'm going to jump across to the strategic equity that that Wyloo brought I, again, I think having a successful institutional rise by a number of really respected funds headlined by Tribeca, again, success breeds success.

I think that gave Wyloo confidence. They understood their ore body… they are a resource focused house. So, they do have their own in in-house expertise they like the ore body. I again I met… I knew some of them from previous roles which I think they took some confidence from that and then were able to bring that together by saying, look, we've been able to raise this equity, but if you guys come in, I think that holds a lot of additional advantage to us.

And then to dovetail that back to the debt, not only where we, you know, running a a debt process, but also, we were able to describe to the banks that we intend to bring in some really high profile governance focused and credible directors. I think that gave them a lot of confidence and we’re able to deal with the equity.

What I wanted to avoid was announcing a debt piece with an equity shortfall and creating a moment of vulnerability because if people see an equity shortfall and they anticipate an equity raise that is typically associated with a decrease in the share price, as people expect you to have to go out and raise equity at a discount. Now, I think because there is a clear and present danger of a takeover, that wasn't a position I wanted to put the company.

So, again, trying to bring these 3 threads together in a way that supported each other was really yeah, a huge focus. It did increase the complexity, but that was really the focus for us as a management team was to bring those three threads together, debt equity and in augmenting the board and have each of those processes support each other and make the other two more likely to complete.

And I think we, we well, self-evidently, we achieved that. And, and I think it was a great credit and really important that people understand it. It's nice for me to stand up at the front and, and maybe take the lion's share of the credit but make no mistake, you know, all these things are built up from first principles with a team beneath me that we invested in 2021 and gave ourselves the core competency and the bandwidth which allowed us to deliver that.

You know, banks want to do technical due diligence. They need to be able to work through the resource. They need to be able to work through the mine plan. They need to say health and safety. They need to see good governance. They need to have confidence in the financial forecasts you are producing. You need all of that come together as a symphony to credibly present your organization to attract capital from world class organizations.

And I think that was the great achievement for GGP over that 18-month period was building the team and giving ourselves a platform where as a team we could deliver that.

Liam
And not only do we have value metals as the biggest shareholder, but it also brings along with it that Andrew Forrest effect. Have you managed to meet up with him and his team to discuss your vision?


Shaun
Yeah, well, look, we really appreciate the relationship we have with Wyloo, so I've certainly caught up with Wyloo, shared that that vision with them I, I think is part of them by deciding to invest, they buy into that vision. And we are, I think, extremely fortunate to have an organization like Wyloo to be a strategic partner with us in terms of the credibility that provides us the potential access to capital and the access to deal flow that their brand, which is tremendous, brings to the table.

So, I think it's all part of the maturity of the organization of GGP, but it's a relationship we really do…

Liam
Okay. Thank you. Juri has also been subject to drills with both Black Hills and north west of Paterson Range East and now that you're shortly about to have a full picture of all the targets, will you then go back in 2023 to the ones that appear to be more favoured, or do you expect to drill out new targets?

Shaun
Yeah. Look, I, I think, you know, well, we, we continue to drill, we harvest information. We test our theories with that. And I think that gives us the information to recalibrate, understand the tenements we hold and the targets we have better and continue to refine up and improve our probabilities for success. We're currently drilling scallywag our 100% owned... I love drilling our 100% owned tenements the most.

Selfishly, you know if we are successful, I want to keep the whole prize for GGP and us all own that fully. I look… I think we're drilling Pearl right now, that is probably our best EM target in on that scallywag license. So, I think that's a really exciting drill target to be spinning into.

So, I get excited about that one and I'm very keen to see the in time that result and some of the other results from the campaign including Juri as well. So, but I think the Paterson drilling is good and it's nice to be kind of getting to a point where we're testing some of these targets, which, again, we only did that on land EM earlier this year.

So again, it's about refining information. We had some airborne EM information to get on land to improve the definition of that data and then recalibrate targets I think was tremendous and you know, probably one of the holes or drills we're drilling with that updated information is Pearl. So that's good fun and exciting to see.

And again, it will be a bit of a slow burn as drilling takes time. Cutting the core takes time. Getting assays still takes time. But we don't you know; people should have confidence. We don't sit on drill results. We try to get them out into the market in short order. And I think we're going to start seeing a bit of flow of them soon depending on assay times.

Liam
Which I was just going to comment on that actually, are the assay times coming down from where they are from where they were a year ago?

Shaun
Yeah, look, I am cautious about making predictions on assay times. I think I did in 2021 say that they were starting to trend down. I think that was a false dawn and they pretty much stayed up throughout that year. Cautiously. I will volunteer an opinion that yeah, they look like they're coming down but I think again I'd really like to wait until I see that data coming through, you know, consistently not too often and, and other kind of organizations or mining companies, you know, exploration companies in the space.

But I am cautiously optimistic. But I do want to stay clear of actually making a prediction that assay times are going to decrease. But there is perhaps some talk to that will be the case which is good, the quicker we can turn around information. Yeah, we like to share that information, but it also means we can improve the cycle time for revisiting a target so yep. Positive if that proves to be the case.

Liam
Okay. Thank You. Juri has also been subject to drills with both Black Hills and the north west of Paterson Range East. And now that you're shortly about to have a full picture of all of the targets, will you then go back in 2023 to the ones that appeared to be more favoured. What do you expect to drill out in the newer targets?

Shaun
Yeah, look, drilling campaigns are contingent. They’re you know, about how we what we learned from the last drill hole and how we reprocess that. But I'm actually you know I think I've described before the shareholders the way we think about exploration drilling.

We are highly technical led we are highly driven from first principles. So rather than approaching a high ranked target and punching a dozen holes into it at first pass, which is somewhat guesswork, we take quite a different approach.

We will put one or two holes into that, really with a view of trying to understand the stratigraphy and trying to compare to what we are expectation one. And then we use that information to recalibrate and realize we should be drilling 200 meters to the west. We should be… the anomaly is shallow than we expected or deeper. But what our guiding principle is, we try to explain the anomaly we're trying to test.

We like to have a conclusion and we don't want to drill something ang go ah look that doesn't quite measure up, we don't know what's there. Let's just move on. We like to actually run these things to ground and each time we’ll re-rank them and change the sequence. But that's how we think about drilling.

So, and now we're more funded. I'd like to see a little bit of additional or accelerated drilling activity in 2023, but it is this very technical approach. We think that does three things.

One, it means you using your drill budget in the best and most kind of economically disciplined way.

Two, we think it optimizes the probability of success over time.

And three I think it's built for us a really good reputation in the sector with our peers about how we're viewed as explorers.

And I think that manifests with Newcrest keeping us on as the manager of Juri. Yeah, we do that really cooperatively with them. But they in most other cases, they haven't allowed the other partner to stay on as manager. You saw them change that on a number of their holdings during the course of 2022.

But also, to other potential JV partners or people who divest exploration tenure. And remember, a lot of people want to take some ongoing interest through royalty or through a milestone payment so people care about who takes that over. And I think the combination of improved access to capital and a reputation for being a good exploration company again optimizes our opportunities to be the counterparty of choice when opportunities arise in the Paterson and I would say more broadly afield.

But obviously our focus is very much on the Paterson and that's where we keep the closest eye on tenement movements and our peers in that region.

Liam
Which leads really nicely to my next question and I'm not sure if you can answer this one or not, but during the quarter, we've witnessed applications for new tenements appear with the Department of Mines and Petroleum, of which we've been successful with some. What has made the company, though, reapply for the tenements it already owns, including E45071, which is Scallywag and the entire land package of Ernest Giles.

Shaun
So, let me answer that in two parts. So, you'll get as a matter of course when tenements become available, we will often put in applications if we feel it's in a prospective area. And, and the way it works in Australia is at some point you do have to relinquish or there is minimum spend that increase, but there is a use it or lose it philosophy overall within the that landholding arrangement here in Australia, which are world leading and I commend, so that's why packages become available.

They typically become a lottery. You win some, you lose some. But we do have an interest in improving and enhancing our footprint when the opportunity arises. The next part of your question was around our why have you put in some additional applications over existing tenure, that's just because there was an interesting case where someone did overturn a tenure and the department has said we’re uncomfortable with that lack of certainty, we are going to go and fix it.

And again, I think one of the hallmarks of Australian, specifically West Australian, is rule of law, the transparency of the holding system, the certainty of tenure. So, it's something that's really important to the government, to ensure and maintain so we have perfect confidence about that.

But look, applications cost literally a couple of hundred dollars. We just felt it was prudent whilst the Government’s working through there just to make sure that we not only did we hold them, but we were first in line if, if ever that tenure was revisited. So, it's probably a belt and braces approach.

But we felt prudent just to make sure that we that that we were fully covered. And as often happens, when you get legal advice, it's conservative and designed to ensure you minimize any risk of loss. I think the takeaway message here is that it was probably unnecessary but prudent to take the belts and prices approach.

Liam
Almost like an insurance policy.

Shaun
Where it's almost an insurance policy on an insurance policy, hey, we really felt like probably an unnecessary step, as I said. Good to have. Nonetheless.

Liam
It really is. Speaking of Ernest Giles, congratulations to you and the team on being awarded the Funding for Exploration Investment Scheme, which will save the company about $220,000 AUD. And this is, as it commences, exploring meadows next year. And we've seen this be the site of drills in the past. Have you in the team any idea how next exploration program will go and what it looks like.

Shaun
And so yes and thank you. Look We're again, great credit to the team to put together a paper. And, you know, again, it's quite a technical process to demonstrate the merits of the target. So, we're really delighted and thank you to the WA Government for supporting that.

I think it's great program to encourage investment in exploration that the… I'll just might mention that the drilling to date there was all very shallow, in my understanding just RC drilling… didn't even really get into the sequence.

So, it it's really unexplored. Although we have a in keeping with my comments before we have some understanding at the stratigraphy there, which is great, but the geophysics and Geochem up there really tell us that's a brilliant place to have a look at, so we're excited. Just a reminder, we still need to get to… solve the puzzle of access with the first nations.

That progresses well but you know, we are respectful of their timeframes and will work with them but you know to be open with you we really want to. Yeah, I think there's as you described, there's 220,000 reasons why we'd really like to get the drill rig spinning there in calendar 2023. That was always our intent anyway. But yeah, it puts a little bit more onus on us to make sure we do that.

We'd love to get that solved tomorrow. We love the target. It it's the equivalent of what we have in there in the Paterson in terms of the probability and the size of the prize, we think are great. So yeah, watch that space. And yeah, we'd love, we'd love to deploy a team there and a rig there next year.

And it's just fantastic that that, you know, there's a funding partner on that with that the WA Government although again the nature of that is we hold 100% of the benefit. So, the best, the best partner to have.

Liam
I'm going to skip my next question because you pretty much just answered that regarding the First Nations and things. So finally, we have the suggestion that we will likely in the coming months list onto the ASX. There are many routes to achieve this and it's been used and speculated on many, many times on many forums and boards.

But I've two questions on this. First, is your chosen path processing as planned? And second, should shareholders expect any further dilution as we become listed?

Shaun
So, we continue to think and I think an ASX listing is positive for Greatland. I think in a couple of ways, I think it broadens the base of potential investors and the reality is for an Australian asset in a large investable pool of money that is available and some of it is dedicated to resources in Australia… I think being able to access that capital makes a huge amount of sense.

And a lot of those, those funds are mandate locked for ASX listed vehicles. So having that ASX listed vehicle will enable them to invest and we even... a number of them their mandate work as long as there's a publicly stated intent to list within 12 months, some of those the mandates will already allow them to invest. And we saw that a little bit in, I think the August equity rise.

But so, I think for that reason that makes a lot of sense. It's also very useful because it gives us a you know, script in the Australian ASX market. So, there's something that's a natural fit say you know, some additional Paterson holdings for script rather than cash. That might be something that we want to do, which is a lot easier with Australian paper with other Australian shareholders rather than asking them to accept London paper.

So, there is a couple of reasons to do it. And then I think the, the second part of your question was around an equity raise and whether that would cause dilution. Again, I would steer you towards there are different ways to ASX list. A lot of what I just described or in fact both of what I just described is achieved with what I'll call a compliance listing, which is listing in Australia but not actually raising any equity.

And I think I've previously told people a good example of that is Kirkland Lake, they were a very significant multi-billion dollar Canadian with ASX listed miner who did a compliance listing in Australia. They didn't raise any money but it created a platform that they could leverage in and I think was part of their success.

We would obviously... that's kind of our base case. We'll obviously consider at the time of listing whether it's prudent to consider raising equity either in Australia or London. But our base case is to do a compliance listing, set up the platform. And I think again, it gives us strategic options down the path, which I think can, you know, potentially benefit us. So that's really the thinking to broaden the universe of people in funds that can invest in us and to give us strategic flexibility.

And I think those in themselves are really worthwhile benefits to pursue. But even a fund in Australia that might want to buy stock, they typically don't have to buy on Australia. And what you'll find is funds will almost always gravitate to the deeper, more liquid market.

Now my own personal expectation is that is in London we have good liquidity, up in London, good support. We don't want to lose that. So, what I'd like to see if I if I bring out my crystal ball is that you just add some Australian institutional buying on to that existing market. And I think that's a real positive both from the liquidity but also potentially from a share price point of view. And that is a commendable goal.

Liam
Well, that brings me to the end of my questions Shaun, thank you so much for joining me for this quarterly catch up. Do you have anything else you'd like to say to our audience?

Shaun
Look Liam, really enjoyed the conversation in terms of speaking to the audience, really, just to say thank you for the support that we've had. It's certainly... Havieron or Greatland has been nothing if not interesting.

So, it's yeah… there's lots to do and but we're really excited about the future of Havieron and also of the platform more broadly and I think the as I've kind of said it in terms of us yes speaking to some… yeah really good questions which I think covered what people want to understand but I think yeah, I think we should have confidence that we've sought to put together a management team and a board to position the company to it every opportunity for success.

And the access to capital to provide the mechanism to pursue that. So, we're really excited about what the opportunity brings. And I think, again, you know, during this year we got that option behind us, which I think really kind of improves the alignment we have with Newcrest around Havieron over time.

And look, you know we, we still feel we're a little bit vulnerable to Newcrest. You know it's a pretty brutal stock market out there. You know, typically, you know, we're not really happy that we get the right value for our stock and look, when I think about the ASX, I should probably add, you know, we… right now we feel, you know, maybe on the ASX we trade a little bit higher.

And again, that hopefully encourages some ASX shareholders to say well yeah let's, you know, let's move on and up to the LSE and pick up some of the stock because it compares favourably on fundamentals right now which I think is helpful. I yeah, I think it's a journey and I think it's an exciting journey for us all to embark upon collectively. So, thank you very much for your time, Liam.

Liam
Not a problem at all. Unfortunately, ladies and gents, it's time to bring the show to a close. If you want to reach out to us, you can contact us on Twitter at the address on the screen. You should also really subscribe to this channel so you don't miss any more of these. We really hope you enjoyed it, hit that thumbs up if you did just like I did my microphone.

And we really hope to see you again soon. My name is Liam and you've been watching GGPHelp’s ‘The Board Interviews ‘with Shaun Day, the managing director of Greatland. Until next time I bid you good day.

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