GGPChat

On the left is Ggp March 2022 MRE for the Reserves and Resources

The Resources are shown on the bottom slide
Ggp 35mt 2.8g/t 3.1moz & 0.42% 146kt
NCM 28mt 3.2g/t 2.9moz & 0.51% 140kt

So Ggp have more tonnage and lower grades , both are very close though

The Reserves estimate though has a big difference with NCM quoting a much lower tonnage 25mt to 14mt so there is a much lower metal content 2.4moz to 1.6moz

Resources are not necessarily economical
Ggp 66% of the Resource estimate have been moved to Reserves
NCM only 50% have been moved to Reserves

Ggp have quoted that the conversion factor is around 86%, so Ggp figure should be 2.8moz a big % growth using the same figures from the Dec21 cut off.

We are now 15 months from that cut off date, I believe we should be at 4.2moz minimum for the Reserves.

Newcrest statement re the economics of resources
“Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. Due to lower
certainty, the inclusion of Mineral Resources should not be regarded as a representation by Newcrest that such
amounts can necessarily be totally economically exploited, and investors are cautioned not to place undue
reliance upon such figures. Therefore, no assurances can be given that the estimates of Mineral Resources
presented in this statement will be recovered at the tonnages and grades presented, or at all.”

It’s Reserves that have the economical value