Notes from AIM ON AIR September RNS Update - 06 OCT 2023
Posted: Fri Oct 06, 2023 4:50 pm
Notes from AIM ON AIR September RNS Update - 06 OCT 2023
Interview Link:
https://youtu.be/H_pGaMaWOxE?si=SR2F195m2ky6raLF
GGP RNS’s:
https://greatlandgold.com/investors/regulatory-news/
* You are watching Aim On-Air where specializing in connecting companies with the shareholders is what we do best, hello and welcome back to Aim On-Air, my name is Liam and today I'm pleased to be hosting Shaun Day managing director from Greatland welcome back to the show Shaun
- hi Liam and thanks for having me on the program again it's appreciated
* It's always a pleasure, through the month of September Greatland delivered nine items to the regulatory news service I thought it'd be prudent for us to touch base and catch up on the September news, the first one delivered on the 8th of September detailed the information contained within the NCM shareholder material release, you detailed the approach taken by Grant Samuel to not separately value Havieron, was this something you expected
- yeah look it, I think it is a reasonable way to look at it, Havieron and Telfer are somewhat two sides of the one coin, we expected it to be a sum of the part valuation and they did that across the asset base
- but they have as you noted kind of combined Havieron and Telfer into one which I think is a sensible approach
- we obviously would have like the granularity on Havieron individually
- I think what's important to understand there's I think there was about $543 million of Telfer liabilities uh which are included in that combined value of Havieron and Telfer so it's not as transparent as we would like
- but I think for the purpose which was to help NCM shareholders understand that the Takeover by Newmont was sensible and in their interest I think it did that well and I think it just reemphasizes that NCM intention and all the information that they've given to their independent expert was that they see the future of Telfer inextricably linked to the development and putting Havieron into production which I think is positive
* Yeah no absolutely I think that that makes sense thank you, uh a few days later you were on your way to Beaver Creek Colorado for the first of two presentations in to the mining Community, one of the standout slides for me was your favourite slide of the deck the ounces per vertical meter (OPVM) which has grown again with the post MRE drilling being added, what would you have said about this slide?
- oh look I… you're right to describe it as my favourite slide
- I think ounces per vertical meter give you a tremendous understanding of an underground mine and really if it wasn't too complicated I'd love to that make that ounces per vertical meter over the denominator of strike length
- because the compact nature of this or body of say 650M of its width if you're comparing to a mine with a strike length of say 3.5km obviously economically it's tremendously advantageous to have those ounces in a smaller volume of mining area
- so ounces per vertical meter drive your all in sustaining cost (AISC) and your capital intensity so for every meter of vertical decline put in we will presently be able to access an additional 8500 ounces of additional gold and I think that's an incredible benchmark to have
- and there is an opportunity to add to that and that's what the addition to that slide was, on the Y AXIS we had meters drilled which delineated that ounces per vertical meter and then we made that into a stacked bar graph and I think we used a green shading there to show this is all the additional drilling that's been done
- so you should have confidence that's going to add ounces on those lateral levels but particularly at depth you see a lot more drilling at depth so you'll see that 8 plus thousand ounces per vertical meter being more consistently demonstrated through the ore body
- uh we think that's there's obviously natural variation but we think that is uh you know increasingly going to be observed through that ore body so exciting uh and the drilling that we've done over the last 18 month I think shareholders and those that are following the RNS announcements will have you know we'll be really pleased with what we're bringing in there
* That's great thank you, on the 14th of September Greatland announced the loan facility with an Australian $50 million facility uh unsecured standby debt um what prompted this
- look it's good to have a standby facility it gives us flexibility think of it a little bit like Insurance
- uh we continue to develop a mine we've got a a really good cash balance but there was some media speculation I … you know personally I felt unfounded suggesting that we were going to raise uh money and I felt by announcing that we had both a meaningful cash balance plus a standby non-dilutive non-secured debt facility it perhaps removed any sense of an overhang on the stock
- so we really did it for existing shareholders to say you know there shouldn't be an expectation that uh the company needs to rush out and do an equity raise and you know hopefully that was perceived as helpful because I know there had been some speculation and really we wanted to put that speculation to bed
* That's totally understandable thank you the next day you announced that you had applied for four new exploration licenses on the ground in the Gascoyne um what did the company like about this area?
- yeah we like that area a lot
- we'd take a bit of a heat map of prospectivity across Western Australia we had done used a number of tools in including some that I think approach along AI (Artificial Intelligence/machine learning) uh and worked with some external bodies
- this was in that heat map of particularly high level of exploration potential so we were aware of those tenaments and we're able to get hold of them
- we're kind of excited and I love the initiative by the exploration team about wanting to bring that in and upgrade their portfolio and really we want to be active managers of that of our portfolio of assets so whenever there's an opportunity to upgrade we want to take that opportunity with both hands
- and I think we've been able to do that a little bit this year
- I think Flynn gold are a better holder of those Tasmanian assets we still like them and we wish Flynn every success and I think they've had some success accessing their portfolio and we're shareholders there to share that
- uh equally we think this really fitted our wheelhouse and our understanding of the geophysics which is really what our team spends a lot of time thinking about and there's some other assets in the portfolio that will continue to analyse and understand whether we think they have the same potential but we make no secret that we love what we have in the Patterson, we love that Ernest Giles ground and if we can get more ground of that calibre I think we're always going to grab that with both hands
* Absolutely, on the 18th you presented at the Denver Gold Forum uh with an updated presentation, is it fair to say that the Denver gold forum is bigger than diggers and dealers or is it the same but just different?
- yeah it's an interesting question
- I've probably got a little bit of a bias towards my home court there with uh the diggers dealers being based in Perth but look I think they're different
- I think is what you said there Liam and I think you're exactly right
- the I think there are more fund manager meetings in Denver and that's really why we attend to access just a large number particularly of USA or North American based but also there is a number of fund managers that's come in from other places around the world including Australia and Europe
- so it is a it is a very productive way to meet a large number of funds in a relatively short space of time, diggers as we call it colloquially I think is you know also has some access to fund managers, some that became shareholders in Greatland so we're really grateful for that opportunity but there's a lot more sector involvement there
- so there is a a fantastic opportunity to network um within the sector at the diggers event so both play a slightly different role but yeah I think they both complement each other really well
* No that does make sense thank you um the RNS’s keep on coming and on the 19th of September you announced the grant of employee incentive options um the compromise of financial year 23 performance rights retention rights and co-investment options, uh these were described as uh collectively our an important element in the attraction and attention of individuals pivotal to Greatland’s growth and their alignment with shareholders outcomes, what does this mean?
- look we bought in some directors you effectively they started in in January uh Mark and Elizabeth and they had some out of the money options, this aligns them this aligns the management team with that same strike price which is very meaningfully out of the money
- um yeah I think it's a demonstration of what we hope to achieve with this platform
- I think if we make those options valuable I think all shareholders would somewhat be rejoicing and that is our clear intent and there's alignment between board management and shareholders to achieve that
- it's also look there's no secret the Australian resource market right now is a super crowded place
- you've got a sequence of you know new developments certainly across Western Australia and uh so attracting talent is incredibly difficult and retaining that talent
- I think Greatland has done no less than an exceptional job at doing that both across the board and the management team and this was a way to you know and part of what we um had told people we hope to do for them is attracting them but also to lock them in for a period of time to lock them into deliver uh Havieron but also to do that in a way that didn't put immediate cash requirements on the company
- indeed if those options are exercised and we really hope they are
- uh it's actually a meaningful Equity rise for the company so we think it's a really nice fit but it's about alignment and also having the team that can deliver full value for shareholders
* I understand thank you very much for clarifying that one uh on the 20th it was announced that you had made the first agreement by the and I'm really sorry if I make a bit of a mess of the Manta Rirrtinya Native Title Holder and that you're uh going to be exploring Ernest Giles as a priority, will that mean you might get a drill into the ground before Christmas after all?
- well that's been my intent all year um so well so firstly I think you did very well with the pronunciation there
- I'm not going to seek to replicate uh the so we really appreciate that this is The First Agreement they've ever done um to allow land access agreement
- we think the team here has done a really tremendous job at creating uh relationships with our first nation uh stakeholders and land holders so you we're really wrapped to have achieved this
- this I think took over five years to achieve and the last 2 and a half years of that with me so it is something a little bit special to have achieved it uh and a great credit to the to the Exploration and Heritage team that we have here
- so we're really at the start of the year as I said I think we set ourselves an ambitious target to drill this calendar year
- we still haven't achieved that but we're it's it feels like we might get there uh we do need to get cultural heritage approval on the areas that we need to drill
- we had some really helpful discussions um through the Wakamura Aboriginal Corporation to achieve that
- it's not a slam dunk that it will happen this year but we certainly think we've given ourselves every opportunity to achieve that but there's still some wood to chop to actually get that done this year but the targets there are exceptional
- I think I've said before the geophysics that's historically been done there lights up like a Christmas tree
- Archean greenstones in Western Australia are prolific, this is a great drilling address we're excited and we certainly are doing our level best to drill there this year and um we're not changing the guidance yet but nor should people take it that it’s certain to happen but I think we've given ourselves every opportunity from here to achieve it
* That sounds uh that sounds very positive I'm really excited to um find out what's really going on under that cover uh when you do get those drills into the ground last but not least uh we conclude the Run of current RNS’s with two of our directors exercising options, does this mean the current close period has now ended?
- yeah correct so the that meant that the directors could exercise those options and I think they increased their shareholding by doing that but also so covered the exercise price and tax as I understand it uh which seemed reasonable
- but they held their kind of underlying net positions in Greatland shares which was very good of them to do so we felt that was positive albeit I recognize whenever there's you know selling that's unwelcome uh equally
- but I think a positive net outcome there uh yes we are in an open period but then again we're in a closed period 30 days before our uh 30 June 2023 uh financial statements so that period is not was not a Long window uh given the nature of the UK system where you um where you have mandatory closed periods around uh statutory reporting so it is these windows are shorter than maybe people appreciate
* Yeah no that that does make sense and that brings me to end my questions, thank you for your time Shaun Day managing director of Greatland Gold
- Liam thanks again and thanks very much for people who have tuned in I appreciate the support and the interest
* Thank you sadly that's the end of the webcast ladies and gents if you want to reach out to us you can contact us on Twitter with the address on the screen and before I close this page I'd be grateful of any thumbs UPS, till next time my name's Liam and you've been watching AIM On-Air where we specialise in connecting companies with it shareholders and is what we do best, thank you !
Download link:
https://www.mediafire.com/file/rw616adu ... 3.pdf/file
Interview Link:
https://youtu.be/H_pGaMaWOxE?si=SR2F195m2ky6raLF
GGP RNS’s:
https://greatlandgold.com/investors/regulatory-news/
* You are watching Aim On-Air where specializing in connecting companies with the shareholders is what we do best, hello and welcome back to Aim On-Air, my name is Liam and today I'm pleased to be hosting Shaun Day managing director from Greatland welcome back to the show Shaun
- hi Liam and thanks for having me on the program again it's appreciated
* It's always a pleasure, through the month of September Greatland delivered nine items to the regulatory news service I thought it'd be prudent for us to touch base and catch up on the September news, the first one delivered on the 8th of September detailed the information contained within the NCM shareholder material release, you detailed the approach taken by Grant Samuel to not separately value Havieron, was this something you expected
- yeah look it, I think it is a reasonable way to look at it, Havieron and Telfer are somewhat two sides of the one coin, we expected it to be a sum of the part valuation and they did that across the asset base
- but they have as you noted kind of combined Havieron and Telfer into one which I think is a sensible approach
- we obviously would have like the granularity on Havieron individually
- I think what's important to understand there's I think there was about $543 million of Telfer liabilities uh which are included in that combined value of Havieron and Telfer so it's not as transparent as we would like
- but I think for the purpose which was to help NCM shareholders understand that the Takeover by Newmont was sensible and in their interest I think it did that well and I think it just reemphasizes that NCM intention and all the information that they've given to their independent expert was that they see the future of Telfer inextricably linked to the development and putting Havieron into production which I think is positive
* Yeah no absolutely I think that that makes sense thank you, uh a few days later you were on your way to Beaver Creek Colorado for the first of two presentations in to the mining Community, one of the standout slides for me was your favourite slide of the deck the ounces per vertical meter (OPVM) which has grown again with the post MRE drilling being added, what would you have said about this slide?
- oh look I… you're right to describe it as my favourite slide
- I think ounces per vertical meter give you a tremendous understanding of an underground mine and really if it wasn't too complicated I'd love to that make that ounces per vertical meter over the denominator of strike length
- because the compact nature of this or body of say 650M of its width if you're comparing to a mine with a strike length of say 3.5km obviously economically it's tremendously advantageous to have those ounces in a smaller volume of mining area
- so ounces per vertical meter drive your all in sustaining cost (AISC) and your capital intensity so for every meter of vertical decline put in we will presently be able to access an additional 8500 ounces of additional gold and I think that's an incredible benchmark to have
- and there is an opportunity to add to that and that's what the addition to that slide was, on the Y AXIS we had meters drilled which delineated that ounces per vertical meter and then we made that into a stacked bar graph and I think we used a green shading there to show this is all the additional drilling that's been done
- so you should have confidence that's going to add ounces on those lateral levels but particularly at depth you see a lot more drilling at depth so you'll see that 8 plus thousand ounces per vertical meter being more consistently demonstrated through the ore body
- uh we think that's there's obviously natural variation but we think that is uh you know increasingly going to be observed through that ore body so exciting uh and the drilling that we've done over the last 18 month I think shareholders and those that are following the RNS announcements will have you know we'll be really pleased with what we're bringing in there
* That's great thank you, on the 14th of September Greatland announced the loan facility with an Australian $50 million facility uh unsecured standby debt um what prompted this
- look it's good to have a standby facility it gives us flexibility think of it a little bit like Insurance
- uh we continue to develop a mine we've got a a really good cash balance but there was some media speculation I … you know personally I felt unfounded suggesting that we were going to raise uh money and I felt by announcing that we had both a meaningful cash balance plus a standby non-dilutive non-secured debt facility it perhaps removed any sense of an overhang on the stock
- so we really did it for existing shareholders to say you know there shouldn't be an expectation that uh the company needs to rush out and do an equity raise and you know hopefully that was perceived as helpful because I know there had been some speculation and really we wanted to put that speculation to bed
* That's totally understandable thank you the next day you announced that you had applied for four new exploration licenses on the ground in the Gascoyne um what did the company like about this area?
- yeah we like that area a lot
- we'd take a bit of a heat map of prospectivity across Western Australia we had done used a number of tools in including some that I think approach along AI (Artificial Intelligence/machine learning) uh and worked with some external bodies
- this was in that heat map of particularly high level of exploration potential so we were aware of those tenaments and we're able to get hold of them
- we're kind of excited and I love the initiative by the exploration team about wanting to bring that in and upgrade their portfolio and really we want to be active managers of that of our portfolio of assets so whenever there's an opportunity to upgrade we want to take that opportunity with both hands
- and I think we've been able to do that a little bit this year
- I think Flynn gold are a better holder of those Tasmanian assets we still like them and we wish Flynn every success and I think they've had some success accessing their portfolio and we're shareholders there to share that
- uh equally we think this really fitted our wheelhouse and our understanding of the geophysics which is really what our team spends a lot of time thinking about and there's some other assets in the portfolio that will continue to analyse and understand whether we think they have the same potential but we make no secret that we love what we have in the Patterson, we love that Ernest Giles ground and if we can get more ground of that calibre I think we're always going to grab that with both hands
* Absolutely, on the 18th you presented at the Denver Gold Forum uh with an updated presentation, is it fair to say that the Denver gold forum is bigger than diggers and dealers or is it the same but just different?
- yeah it's an interesting question
- I've probably got a little bit of a bias towards my home court there with uh the diggers dealers being based in Perth but look I think they're different
- I think is what you said there Liam and I think you're exactly right
- the I think there are more fund manager meetings in Denver and that's really why we attend to access just a large number particularly of USA or North American based but also there is a number of fund managers that's come in from other places around the world including Australia and Europe
- so it is a it is a very productive way to meet a large number of funds in a relatively short space of time, diggers as we call it colloquially I think is you know also has some access to fund managers, some that became shareholders in Greatland so we're really grateful for that opportunity but there's a lot more sector involvement there
- so there is a a fantastic opportunity to network um within the sector at the diggers event so both play a slightly different role but yeah I think they both complement each other really well
* No that does make sense thank you um the RNS’s keep on coming and on the 19th of September you announced the grant of employee incentive options um the compromise of financial year 23 performance rights retention rights and co-investment options, uh these were described as uh collectively our an important element in the attraction and attention of individuals pivotal to Greatland’s growth and their alignment with shareholders outcomes, what does this mean?
- look we bought in some directors you effectively they started in in January uh Mark and Elizabeth and they had some out of the money options, this aligns them this aligns the management team with that same strike price which is very meaningfully out of the money
- um yeah I think it's a demonstration of what we hope to achieve with this platform
- I think if we make those options valuable I think all shareholders would somewhat be rejoicing and that is our clear intent and there's alignment between board management and shareholders to achieve that
- it's also look there's no secret the Australian resource market right now is a super crowded place
- you've got a sequence of you know new developments certainly across Western Australia and uh so attracting talent is incredibly difficult and retaining that talent
- I think Greatland has done no less than an exceptional job at doing that both across the board and the management team and this was a way to you know and part of what we um had told people we hope to do for them is attracting them but also to lock them in for a period of time to lock them into deliver uh Havieron but also to do that in a way that didn't put immediate cash requirements on the company
- indeed if those options are exercised and we really hope they are
- uh it's actually a meaningful Equity rise for the company so we think it's a really nice fit but it's about alignment and also having the team that can deliver full value for shareholders
* I understand thank you very much for clarifying that one uh on the 20th it was announced that you had made the first agreement by the and I'm really sorry if I make a bit of a mess of the Manta Rirrtinya Native Title Holder and that you're uh going to be exploring Ernest Giles as a priority, will that mean you might get a drill into the ground before Christmas after all?
- well that's been my intent all year um so well so firstly I think you did very well with the pronunciation there
- I'm not going to seek to replicate uh the so we really appreciate that this is The First Agreement they've ever done um to allow land access agreement
- we think the team here has done a really tremendous job at creating uh relationships with our first nation uh stakeholders and land holders so you we're really wrapped to have achieved this
- this I think took over five years to achieve and the last 2 and a half years of that with me so it is something a little bit special to have achieved it uh and a great credit to the to the Exploration and Heritage team that we have here
- so we're really at the start of the year as I said I think we set ourselves an ambitious target to drill this calendar year
- we still haven't achieved that but we're it's it feels like we might get there uh we do need to get cultural heritage approval on the areas that we need to drill
- we had some really helpful discussions um through the Wakamura Aboriginal Corporation to achieve that
- it's not a slam dunk that it will happen this year but we certainly think we've given ourselves every opportunity to achieve that but there's still some wood to chop to actually get that done this year but the targets there are exceptional
- I think I've said before the geophysics that's historically been done there lights up like a Christmas tree
- Archean greenstones in Western Australia are prolific, this is a great drilling address we're excited and we certainly are doing our level best to drill there this year and um we're not changing the guidance yet but nor should people take it that it’s certain to happen but I think we've given ourselves every opportunity from here to achieve it
* That sounds uh that sounds very positive I'm really excited to um find out what's really going on under that cover uh when you do get those drills into the ground last but not least uh we conclude the Run of current RNS’s with two of our directors exercising options, does this mean the current close period has now ended?
- yeah correct so the that meant that the directors could exercise those options and I think they increased their shareholding by doing that but also so covered the exercise price and tax as I understand it uh which seemed reasonable
- but they held their kind of underlying net positions in Greatland shares which was very good of them to do so we felt that was positive albeit I recognize whenever there's you know selling that's unwelcome uh equally
- but I think a positive net outcome there uh yes we are in an open period but then again we're in a closed period 30 days before our uh 30 June 2023 uh financial statements so that period is not was not a Long window uh given the nature of the UK system where you um where you have mandatory closed periods around uh statutory reporting so it is these windows are shorter than maybe people appreciate
* Yeah no that that does make sense and that brings me to end my questions, thank you for your time Shaun Day managing director of Greatland Gold
- Liam thanks again and thanks very much for people who have tuned in I appreciate the support and the interest
* Thank you sadly that's the end of the webcast ladies and gents if you want to reach out to us you can contact us on Twitter with the address on the screen and before I close this page I'd be grateful of any thumbs UPS, till next time my name's Liam and you've been watching AIM On-Air where we specialise in connecting companies with it shareholders and is what we do best, thank you !
Download link:
https://www.mediafire.com/file/rw616adu ... 3.pdf/file