Member Info for PaddyGall

I hate to break it to you @Goldielock but the likelihood of ever finding another GGP is similar to finding the proverbial needle in a haystack.

Anyone who has been on the journey from pre 2018 has been very very lucky to have seen a 2-bit explorer strike it lucky in the first place, then attract a major like Newcrest who paid for the massive drill-out of Havieron (which incidentally cost us 70% of our asset) and then attract a CEO with the business acumen and nous that Shaun has displayed which allowed us to outmanoeuvre said Newcrest and negotiate the deal of the century to regain not only the farm at Havieron but also the processing plant at Telfer, which has now turned into an asset every bit as good if not better than Havieron, due to the proximity of the infrastructure.

And that's without even mentioning O'Callaghan's, the SE Hub, Camp Dome and numerous other satellite deposits that exist on the current mining lease and all against the background of rising gold & copper prices

It is truly a one in a million story and I feel very very lucky to have gotten in early and stayed the course.

There is always a chance with exploration companies that they will drill that one company making discovery hole - but everything else that follows is even less likely to happen IMO. Thread carefully

ATB - Paddy

On this table we have come in 6th place on ounces produced in CY2026 Q1, but we are comfortably the lowest AISC on the board

https://x.com/MinerDeck/status/2059265817250849244?s=20

Imagine where we will sit on both ounces and AISC when both the WDD & Havieron are contributing ore to the mill.

ATB - Paddy

There is an update on the EPA website today showing the ministerial statement which gives Havieron the green light

FID should follow on in short order

🥂🍻👍

https://www.epa.wa.gov.au/proposals/telfer-havieron-gold-mining-project

ATB Paddy

Agreed Speedy - when Newcrest were still around their classification of Tier 1 was

Newcrest defines Tier 1 assets as those having potential for >300kozpa Au at <US$800/oz AISC with a potential mine life >15 years (preferred) and significant resource or exploration upside likely.

That was from their Denver gold forum presentation in 2022 - no doubt the AISC hurdle would be higher in today's climate so on those metrics Telfer could easily be considered a Tier 1 asset again and Havieron would smash those parameters

ATB - Paddy

I'm not suggesting that @Element1 is spot on with his estimation of 11Moz in the WDU but having spent a little time yesterday looking at the RNS in detail and digging out some of the historical drill records and comparing with the position of the new drill collar in the RNS from Monday - I think people are not getting the significance of the hit.

I have posted some images in a tweet this morning which give an idea of how much further to the SE this hit was made - the wedge holes which are being drilled currently to test if there is continuity back towards the current high confidence area of the WDU will be eagerly awaited, by me anyway.

https://x.com/paddygall1/status/2055545406671532407?s=20

ATB - Paddy

The official EPBC approval document has been published on their website now

https://epbcpublicportal.environment.gov.au/all-referrals/project-referral-summary/project-decision/?id=5df53858-60f8-ec11-82e6-002248d3b91d&refentity=incident&refid=4664b7df-5d35-ec11-80d1-00505684c563&refrel=mara_projectdecision_project_Incident

Just the final sign-off from the WA EPA agency left to get and then there should be a board meeting convened to approve the FID (final investment decision). Hopefully we will start to see activity ramp up again at Havieron in the not too distant future

ATB - Paddy

Gold / Oil prices

Amazing results - albeit we already knew the headline numbers.

Standout was the AISC number - considering they hit record mining numbers in both the open pit and underground and pretty much a record number of milled tonnes (apart from the quarter they utilised a lot of stockpiles) - absolutely outstanding work by the team and shows how focussed they are on getting the smaller incremental details right.

Looking forward to seeing how their trials go this quarter with the lower grade material - if they can keep the recoveries up (as he alluded to in the Q&A) then that gives them even more optionality going forward.

Looking forward to the Telfer reserve number in the not too distant and hopefully we will see the integrated Telfer / Havieron plan in the near future too which will really highlight how profitable it will be to run the plant with both ores in parallel.

Back to the political debates now chaps - I wish you all a good day - Paddy

Hi @Element1 - I don't remember seeing this article from Rhiannon earlier in the year so thanks for posting yesterday. Well it's pretty much laid out there in black & white what Shaun's plans in the coming months.

I would think that if they are going to announce a dividend policy it will probably be in the annual report which was published in September last year - that would align with the timing of "within a few quarters should the rally in gold prices hold" that Shaun was quoted in the article.

I was looking at the dividend policies of our peer group in Oz and their stated policies are between 25-50% of FCF - even at the lower end of that spectrum and based on FCF of A$1bn with 672,906,505 in issue we would be looking at a dividend of around 20p per share.

I think that would make Wyloo and the other major shareholders very very happy - it's coming, no doubt about it IMO.

ATB - Paddy

As I mentioned earlier in the week, I didn’t get to the Town Hall this week due to other commitments but the feedback I’ve been getting is incredible.

The thinking at Newcrest was that Telfer was a short life or end of life asset as they did not have the foresight or conviction to invest in drilling there.

The increase in gold price in the intervening years has no doubt helped with regard to the viability of the open pit cutbacks but apparently according to Shaun the staff at Telfer had been campaigning for funds to drive out to the WDD’s for years to no avail.

So when Havieron was discovered it was sold to the Newcrest board as the solution to Telfer’s short life – it was even on this pretext the board approved the last cutbacks to the West Dome OP to keep Telfer ticking over.

Obviously then Newcrest’s vision was telegraphed to the EPA and the whole basis of the approval process was sold on combining both operations into one.

Shaun now thinks that there is enough visibility of ore sources at Telfer to sustain a multi-decade operation there without the Havieron ore BUT to change the EPA submission to a Havieron only plant would have delayed the delivery of Havieron by at least another 3 years.

So the plan is to deliver Havieron as planned – stuff one train at Telfer @ 7mtpa with high grade underground ore from the three sources (Havieron, MDU & WDU) and run the other train at 10mtpa with the remainder of the underground blended with the best open pit material they can source from Stages7 & 2 – the high grade train needs extra grinding so the capacity will drop to around 7mtpa

Once they are at a steady state of production then I think we may see them plan to bring a standalone Havieron operation to fruition. The conveyor system will allow them to increase from 4mpta and by then they will have drilled out the breccia system from underground platforms and will be in a position to look at some form of bulk mining at Havieron.

Really it’s an incredible story – there’s still lots to be proven up and of course there are operational & implementation risks, but I think they have a very clear vision of what they can achieve and a pathway to it.

Going to be a fun 4-5 years - Paddy

I think it will be a dividend rather than a buyback when it comes to it.

The Aussie system is geared up for dividends as they are fully franked over there making them more tax efficient than in the UK. It doesn't bother me as all my shares are either in ISA's or SIPP's, but I understand there are tax implications for people who have a lot of shares in trading accounts and would prefer buybacks.

Think we are probably 12 months away from that anyway, unless there may be a special one off dividend if a large sum was realised for O'Callaghan's

I've heard from a couple of different sources now that when Shaun was pushed about plans for O'Callaghan's he came back with the reply that it was for drinking now and not for cellaring - that would imply by my reasoning that they are very close to doing a deal.

I can't see that GGP could possibly put anything in place in short order to be able to "drink" the benefits so I would assume he's referring to benefits from some sort of sale / JV perhaps?? Looking forward to hearing in the near future...

ATB - Paddy

I absolutely get that, when he's saying ounces at Telfer for A$5/Oz why would he be interested in buying ounces in from Minyari at $100/$150

Shaun is talking about increasing production from the Telfer UG (via the WDD & the current MDU) from 1.5mtpa up to 3mtpa.

Add that to the 4mtpa that the Havieron DFS considers and you can see why Shaun is ultra excited about the possibilities.

As the Havieron ore needs to be crushed for longer the effective throughput on that train would decrease from 10mtpa to roughly 7mtpa which amazingly is the figure we get when both sources of high grade are combined.

The DFS for Havieron delineated an indicated resource of 50mt at an average of 2.6 g/t - if we allow for a similar average from the Telfer UG system then we are looking at the following.

7,000,000 x 2.6 = 18,200,000g

18,200,000 / 31.1 = 585,209ozs

If the second train runs at the full 10mtpa at the same open pit grades we are currently processing then we get the following

10,000,000 x 0.6 = 6,000,000g

6,000,000 /31.1 = 192,926ozs

That produces in excess of 750Koz of gold from the combined operation - even a small increase in the open pit grades which will hopefully come by then as we will be into the Stage7 & Stage2 extensions would take us right up towards the 1Moz pa mark.

Shaun did say in the presentation that the real value will be achieved when they can demonstrate that the Telfer operation is not just there to bridge the gap until Havieron comes online but in fact they will run together in parallel for many years to come.

Excited as always for the future....

Great presentation by Shaun - couple of points that stood out to me

1. He stated that the next JORC update would be just as impressive as the recent one after the drilling campaign rolls out over CY2026

2. He also mentioned that they think the WDD ore will beat the Havieron ore into the mill - pretty confident it is going to be developed to state that - after all Havieron has a DFS whereas WDD only has an initial MRE currently.

Also love his inference that Telfer will become effectively a 2 mill operation with one mill filled high grade UG ore from both Telfer & Havieron and the other mill continuing to run on the lower grade open pit material.

Wish I was there tonight to interact in person - I have a feeling he is going to be on top, animated form in London.

GLA - Paddy

Freddie - you really don't have a clue what you are talking about mate but carry on with your head up your ar5e.

I'm sure you fully believe in your convictions and that's absolutely fine but I can guarantee you that you are so far off the mark it's laughable - you won't be ever getting any further engagement from me on here but if you are ever going to any of the Town Hall's make sure to let us know on here and I'll make a special effort to come and meet you in person and discuss if face to face.

ATB - Paddy

🤡🤡🤡

Seems a bit of a storm in a teacup when we had this statement only last week from Greatland

"Telfer is not currently impacted by diesel supply disruptions with fuel supplied directly by a global oil

major on a long-term contact via Port Hedland."

So our diesel is not sourced domestically from supplies will be constricted by the fire at the refinery but as most Aussie goldies were down overnight I assume we've all been painted with the same brush.

That £8 (40p old money) keeps getting tantalisingly close and keeps getting snatched away at the last minute, but it's only a matter of time IMO.

Good luck to everyone attending the TH today, unfortunately due to work commitments I can't make it later but I'm sure Shaun will put a great show on as usual - ATB Paddy

I know it's confirmation bias and I should really be looking for negative pieces to warn me of the impending doom but still it's a worthwhile 5 minute read IMO, although I think they are a little optimistic on their Havieron first ore & steady state predictions

https://spacekittyinvestments.substack.com/p/greatland-resources-ggpl?utm_source=share&utm_medium=android&r=4zyrff&triedRedirect=true

ATB - Paddy

Another update showing on the EPBC website this morning with the following title.

Notification of Publication of Final Preliminary Documentation

https://epbcpublicportal.environment.gov.au/all-referrals/project-referral-summary/project-decision/?id=04774424-c0ec-ee11-a1fd-002248103353&refentity=incident&refid=4664b7df-5d35-ec11-80d1-00505684c563&refrel=mara_projectdecision_project_Incident

Basically the final draft of the documentation complete with the responses to queries has been published and can be viewed on the GGP website for anybody interested.

https://www.greatland.com.au/sustainability/environmental/

ATB - Paddy