Greatland Resources (ASX:GGP) — Annual General Meeting

0:00 Thank you. Gold annual general meet It gives me great pleasure to Alex Barelli in London. Good morning.

0:17 Ladies and gentlemen you're there. Ladies and gentlemen, good morning to you. It is now just after twelve noon London time on Wednesday, 12/06/2023. I'd like to welcome you to the Annual General Meeting of the members of GREATLAND RESOURCES office at GREATLAND LLP, Suite 45, Salisbury House, London Ball, London. This meeting is being recorded to facilitate viewing by shareholders virtually through the investor meet company platform. The meeting will be conducted through the offices of our colleagues based in Perth.

1:03 I'd first like to remind you of the housekeeping duties. Please keep your mobile phones off at this stage. Thank you very much. And in cases of emergency, fire, whatever, we will be accompanied by Troussi's staff who will look after us.

1:18 I declare we have a quorum, and therefore, I declare the meeting open. And I have pleasure in handing over the conducting of the meeting to the chairman of the company, Mark Barthaba. Thank you, Alex. Good morning, ladies and gentlemen. Great pleasure to be here today. Let me kick off firstly by introducing, the GREATLAND GORE representatives that we have, attending in person and virtually. You will note that there are a number of us that are here in Perth, Western Australia. We're attending virtually. We felt that that was the correct decision to make in light of the expense of traveling to The UK, and we felt that we'd be justified that we do travel to The UK and spend time with all our shareholders when we can attend one of the company's town hall events, which we look forward to doing in the in the very near future.

2:18 So attending virtually from our offices here in Perth in Western Australia are myself, Mark Barnabas, your chairman. On my immediate right, Elizabeth Gaines, deputy chairman, nonexecutive director. On my immediate left, Sean Day, our managing director. On my far right, Yasmin Broaden, nonexecutive director. And on my far left, Paul Hallum, nonexecutive director. We also have attending virtually from Sydney, Australia, Jimmy Wilson, executive director. Jimmy is in Sydney for a board meeting and board duties for Export Finance Australia, but he's joining us. So thank you for being there in Sydney.

3:04 Jimmy and attending in person in London. As you've just heard, Alex Barelli, our senior nonexecutive director, and Steven Ronaldson of GREATLAND our company secretary. So let me start the formal proceedings of this annual general meeting. Thank you. The notice of meeting together with explanatory notes was posted to shareholders on the ninth of November this year. Accordingly, the requisite notice of the meeting has been given. I propose therefore that the notice of meeting should be taken as read and I'll proceed on that basis. So thank you. I'd like to turn to the main business of the meeting and, I'd like to just remind you all that in the meeting that resolutions one to eight are proposed as ordinary resolutions, requiring a simple majority to be passed.

3:59 Resolutions nine and ten, however, are proposed as special resolutions requiring majority of 75% to vote in favor of the resolution.

4:13 I would now like to turn to the first resolution. So thank you. Resolution one is to receive the annual report for the year ended 06/30/2023. The company's required to present its report, and accounts to shareholders at its annual general meeting. And before putting the resolution to the meeting, may I ask if there are any questions on this resolution from the floor? And if so, please direct them to my, fellow director, Alex Borelli, who introduced the meeting himself, who's physically present in London. Any questions? That there there are no questions at this end, Mark. Thank you. Okay.

4:57 The proxy votes on the resolution are displayed on the screen. Thank you, Rowan. For those in the room, please raise your hands to vote. Those in favor?

5:11 Unanimous. It is. Those against? None? They're well. Okay. Thank you. Taken with the proxy votes, I can declare that resolution one has been carried by the necessary majority. As resolution two regards the reappointment of myself as a director, I will hand over in a moment to our, deputy chair, to chair the meeting for this resolution. But before doing so, by way of introduction, I was appointed as a director and chairman of GREATLAND GOLD, in December last year. Coincidentally, tomorrow marks the first anniversary of my appointment.

5:58 It's, it's certainly been a, an exciting and, and productive twelve months. For my background, I have and have had a career in finance and mining. I currently serve as deputy chairman and lead independent director of Fortisky Mining. I, have previously served two terms, on the Reserve Bank of Australia board, the central bank for Australia, and for the last thirty years have been involved in finance and and in mining all over the world in Africa, Canada, The United States, Europe, and Australia.

6:44 Certainly, regard it as a privilege to be on this board, even more of a privilege to serve as as the chair and I'm extremely excited about the year ahead.

6:54 I'll hand over to you, Elizabeth. Thank you, Mark. Resolution two regards a reappointment of Mark Barnabas as a director and is retiring in accordance with the company's articles and being eligible, Mark offers himself for reappointment at this annual general meeting. And the board is recommending that Mark Barnabas be reappointed as a director. The resolution will be put to the meeting, but before doing so, I will be pleased to answer any questions you may have in relation to the reappointment of Mark Barnabas. Any questions? No questions in London. Thank you, Alex. So as there are no questions, I shall now put Resolution two to the meeting. And I do propose that Mark Barnabas be reappointed as a director. The proxy votes on this resolution are displayed on the screen.

7:42 And for those of you in the room, please raise your hand to vote. So those in favor? Everyone voting in favor. Lovely. Thank you. So that is taken with the proxy votes and I declare a resolution to carried by the necessary majority. Back to you, Mark. Thank you.

8:02 Okay. Musical chairs. Resolution three is regarding the reappointment of Elizabeth Kames as the director retiring in accordance with the company's articles and being eligible. Elizabeth offers herself for reappointment at this annual general meeting. The board is recommending that Elizabeth Gaines be reappointed as a director. This is Elizabeth's first annual general meeting as a director and deputy chairman of GREATLAND GOLD. Before the resolution is put to the meeting, I'm gonna hand over to Elizabeth to simply say a few words and introduce herself. Elizabeth. Thank you, Mark. And it is my pleasure to be attending my first GREATLAND GOLD annual general meeting having been appointed to the board twelve months ago. I think it's also my first anniversary tomorrow.

8:50 And just by way of background, I have extensive mining sector experience, and that includes spending the last eleven years with Fortescue, where more recently, I was the chief executive officer of Fortescue and now have a role as an executive director and global ambassador.

9:08 So many of you may be familiar with Fortescue. It's an iron ore iron ore producer, one of the one of the largest iron ore producers in the world. We operate in the same region as GREATLAND's assets. So Pilbara region of Western Australia as some of our key assets, and it's it's an area that I'm very familiar with both at an operational sense,

9:28 strong government relations here in Western Australia, and and sector experience. So I'm very very much looking forward to continuing to serve you as a director, and it's certainly a privilege, and I'm looking forward to continuing to work with the team. Thank you. Thank you, Elizabeth. Before the resolution put to the meeting, I should be pleased to answer any questions that you may have in regard to the reappointment of Elizabeth. Any questions? No questions, Bumble. Okay. Thank you, Alex. Obviously, there are no questions. I shall put resolution three to the meeting. I now propose that Elizabeth Gaines be reappointed as a director. The proxy votes on this resolution are displayed on the screen.

10:15 For those in the room, please raise your hands to vote. Those in favor. Unanimous voting here. Thank you, Alex. Taken with the proxy votes, I declare resolution three carried by the necessary majority. Congratulations, Elizabeth. Thank you.

10:35 Resolution four. Resolution four is regarding the reappointment of Yasmin Broaden as a director retiring in accordance with the company's articles and being eligible. Yasmin offers itself for reappointment at this annual general meeting. The board is recommending that Yasmin be reappointed as a director. And, again, this is Yasmin's first annual general meeting director of GREATLAND GOLD. Before the resolution is put to the meeting, I'd like to hand over to Yasmin to also introduce herself. Yasmin? Thank you, Mark.

11:08 Yasmin Broughton, very excited to be here. I joined the board in May this year, and it's a great privilege to work with the board and the very talented management team. By way of background, I'm a corporate lawyer specializing in mergers and acquisitions, fundraising, and corporate governance. I've also worked in the gold sector for several years and also mining generally.

11:30 Very excited to be working with GREATLAND and looking forward to the year ahead as well. You. Terrific. Thank you, Yasmin. Before the resolution is put to the meeting, I would be pleased to answer any questions that anyone may have in regards to the reappointment of Yasmin. Any questions? No questions in London. Okay. Thanks, Alex. On that basis, I shall put resolution four to the meeting, and I now propose that Yasmin Broughton be reappointed as a director. The proxy votes on this resolution are displayed on the screen. Those in the room. Those in favor, please raise your hands. Unanimous voting in London. Terrific.

12:16 Thank you, Alex. Taken with the proxy votes, I declare resolution four carried by the necessary majority. Congratulations, Yasmin. Thank you.

12:28 Okay. Resolution five is regarding the reappointment of Sean Day as a director retiring in accordance with the company's articles and being eligible. Sean also offers himself for reappointment at this annual general meeting. The board is recommending that Sean be reappointed as director.

12:51 You all know Sean well, and you hear from him, often. He will giving he will be giving, a presentation at, the conclusion of the the formal matters. Sean, are there any particular comments that you would like to make on your appointment? Only to say thank you for the support I've been with the company since we started the box cut in February 2021.

13:18 It's been a pleasure and an honor and continue to enjoy it very much. Thank you, Mark. No. Thank you, Sean. The resolution we put to the meeting, but, again, as discussed before doing so, I'd be pleased to answer any questions that anyone may have regarding the appointment of Sean's. Any questions? We're just being asked if the slide could be moved on to resolution five.

13:43 And do you have any questions in the room? No questions here. Thank you. Okay. Thank you. In which case, I shall put resolution five to the meeting. I now propose that Sean Day be reappointed as the director. The proxy votes on this resolution again are displayed on the screen. For those of you in the room, for those in favour please raise your hands. Oh we've all done it twice it's certainly unanimous here. Okay alright terrific. Sean you you get the double treatment. Thank you. Taken with the proxy votes I declare resolution five carried by the necessary majority and congratulations, Sean. Thank you, Mark. Okay. Resolution six.

14:26 Resolution six is regarding the reappointment of PKF LITED JOHN LLP as auditors of the company to act until the conclusion of the next annual general meeting. Before I put resolution six to the meeting, are there any questions?

14:44 No questions here. K. In which case, I shall now put resolution six to the meeting. I propose that PKF LITED JOHN LLP be reappointed as auditors. The proxy votes for this resolution are displayed on the screen. And again, for those of you in the room, please raise your hands those in favor.

15:09 Unanimous voting in London. Wonderful. Thank you. Taken with the proxy votes, I declare resolution six carried by the necessary majority. Okay. Resolution seven resolution seven authorizes the directors to determine the auditors remuneration.

15:30 Before I put resolution seven to the meeting, are there any questions on this resolution? No questions in London. K. Thank you. In which case, I'll put resolution seven to the meeting resolution seven to the meeting now. I propose that the directors are authorized to determine the rim of the auditors. The proxy votes on this resolution are displayed on the screen. For those in the room in favor, please raise your hands. Unanimous voting in London. Okay. Taken with the proxy votes, I declare that resolution seven has been carried by the necessary majority. So thank you. Resolution eight.

16:17 Resolution eight relates to the general authority to issue shares. Before the directors are able to issue shares, they must be first be authorized by shareholders to do so. This resolution if passed will grant authority for the directors to issue new shares as is in line within investor guidelines. The authority would permit allotments of new shares up to a nominal value of GREAT BRIDGE Pounds 1,679,824 and that is approximately 1,679,824,000 shares and it represents approximately 33% of the issued share capital.

17:06 This authority replaces previous authorities that expire at the end of the AGM or within fifteen months. Whilst the directors have no present intention of exercising this authority, the authority gives directors the flexibility to issue shares where they believe it is in the best interests of the company to do so.

17:27 Before proposing the resolution, are there any questions?

17:33 No questions in London. Okay. On there being no questions, I shall now put the resolution to the meeting. I propose that the resolution be authorized to allot shares in accordance with the terms set out in resolution eight. The proxy votes on this resolution displayed on the screen. For those of you in the room, those in favor please raise your hands. Unanimous voting in London. Thank you. In which case taken with the proxy votes I declare resolution eight carried by the necessary majority.

18:17 Resolution nine. Resolution nine will give the directors authority to allot shares for cash without first offering them to existing shareholders in proportion to their existing holding of shares up to a nominal amount of GREAT BRIDISH Pounds five hundred and nine thousand and thirty eight, being 10% of the issued share capital. This is in line with the statement of principles published by the preemption group in November 2022. However, there is no current intention to issue the new shares for cash, but this resolution provides a degree of flexibility to finance business opportunities.

19:03 Opportunity will expire at the end of next year's annual general meeting or within fifteen months. The proxy votes on this resolution are displayed on the screen.

19:22 Those in the room again, for those in favor, please raise your hands to vote. Unanimous voting and no questions either. Okay. Taken with the proxy vote, I therefore declare resolution nine carried by the necessary majority. Thank you. The final resolution for the formal part of the business of the meeting is resolution 10. Resolution 10 will give the director's authority to allot shares for an acquisition or specified capital investment as defined in the statement of principles without first offering them to existing shareholders in proportion to their existing holding of shares up to a further nominal amount of Great British pounds 509,038 being 10% of the issued share capital. The authority will expire at next year's annual general meeting or within fifteen months.

20:21 Are there any questions from the floor?

20:24 No questions in London. Thank you. Let me therefore put this to the meeting. The proxy votes on this resolution are displayed on the screen. For those of you again in the room, please raise your hands to vote. Those in favor. Unanimous voting in favor in London. Thank you. Taken with the proxy votes, I declare resolution 10 carried by the necessary majority.

20:53 That concludes the 10 resolutions. What I'd like to now do is hand over to the, chairing of this meeting itself to Alex Barelli again to provide some concluding remarks. Alex?

21:09 Thank you, Mark, and thank you, ladies and gentlemen, for attending today's Annual General Meeting of the company. I'd like to welcome the reelected directors back to the Board of the company and look forward to another year of great progress with them. And I declare the meeting formally closed and ask the meeting now for Sean Day.

21:33 Thanks, GGP. Sean, just hope we've got a hand raised, but there will be questions after Sean Day's presentation. If we do that That's the last question. After the presentation. Very good. Over to you, Sean. Thank you, Alex. And thank you, Mark, for chairing the meeting and for shareholders taking the time to participate in the Annual General Meeting. I'll be doing a quick presentation. I will try to I know I'm aware that we have a number of questions received, so I'll try to move through the presentation quite quickly. And then we'll open it up for questions at the end, from the floor.

22:19 Just to begin with, I'd like to acknowledge the traditional owners on the land in which we operate. They are the partners, that we share across our operations, and we're grateful for that, the support and that partnership we have. In terms of the, GREATLAND itself, it's I won't spend any time kinda going through the commodities themselves in today's, presentation, but I think it is important to understand that we have a balance of around 75 to 80% gold and 20 to 25% copper, and we really enjoy that diversification and both in terms of the the exposure we have to to to gold and the geopolitical, yeah, opportunity that provides, but also with copper in that, I think there's not a better metal to participate in the energy transition. So I think it's a a beautiful commodity mix.

23:24 In terms of an overview of the company, yeah, as I mentioned, we are this high grade gold and copper company. Just down the road, we have the existing Telfer infrastructure, and we're able to leverage that for the development of our core asset, Hefron. We've already identified a jock resource of 6,500,000 ounces, gold equivalent, and that really underpins this very long life, opportunity with Havron. And we have the ex we retain the expiration upside to continue to grow that, both around Patterson, and we've also extended that with the Rio Tinto transaction, and we have a broader suite of exploration assets.

24:12 And then finally, you know, we've invested in the team, both at a board level, but also at a management team to really make the most and give us the highest probability of taking advantage of the platform that we have. I always like to orientate around strategy, and there's really three horizons to our strategy. One is deliver on an expanded Hevron. Secondly, to continue to invest in the drill bit, and we really think we have some exceptional explorational, exploration optionality within the portfolio. And thirdly, corporate development, where we think we have a great team to take advantage of financially disciplined opportunities to grow the company.

25:02 In terms of the the history of the company, I I won't kind of plan to step through all of this, but I I think what we should do is celebrate the last twelve months that we've had. We've been able to it seems quite some time ago, but we're able to resolve the 5%, optionality that we had within the joint venture agreement, successfully and get the best possible outcome, which was retaining the full 30% ownership of Hebron. On the back of that, we're able to bring in institutional, shareholders with an equity raise. We also bought in a strategic shareholder with Wai Lu, and that's a really strong, relationship. We also, expanded our board.

25:49 We bought in the chairman, Mark Barnaba, our deputy chair, Elizabeth Gaines, but also, we had, Jimmy Wilson join in executive, role, this year and plus Yasmin Broughton come in as well as another, independent director. So it's really kind of, give been a a huge achievement for us. We're also able to put in place, support with a group of international banks, ANZ, HSBC, ING. So there's been and during all of that time, we've also continued the development of of the company and the Hevron asset. In terms of the team itself, I think it is worth pausing on that team that we've put together.

26:42 I've just mentioned the new directors we've had come in, but also Paul, Alex, and Clive who've been with me for, you know, a number of years. We think we have an exceptional board, and that is hugely important in terms of taking advantage of the opportunities that we have. And we have a tremendous relationship with our board. And then with the management team, in a market where it's been incredibly difficult to attract talent, I think we've done nothing less than an exceptional job at bringing in a management team,

27:20 and all of the people on that board, within that management team, I or my colleagues have worked with before. And it's been a destination to come to GREATLAND because of the team we've put together, because of the asset we have, and because of the opportunity we have to leverage this platform. And I think the team we've put together is one of the huge achievements we've made over the last, really, last couple of years.

27:47 In terms of we are listed in London, but we've also have talked to the market about at at the right time, expanding that footprint to add a complimentary ASX listing. So remaining listing in London, but also adding an Australian listing. And I think it's important to see where we sit with those peers and and to understand the value creation opportunity that we think that presents. And that's something that we continue to think about, but we also our number one objective is to do what's in the interest of our existing shareholder base, but we'll continue to think through, the opportunity to to add an ISX listing and to bring in a new group of shareholders to augment the support we already enjoy in London.

28:36 With with that, I'll just turn to the asset itself. On on screen is that box cut that we put in in February 2021. And, really, since then, we've extended the underground development. And if we move to the next slide, I think that shows it very well. We're around 80%

28:57 of the development through that Permian layer to advance to the top of the ore body. That's that's a a hugely important focus and derisking for the company. And what we've been able to do during this last two and a half years of development of the decline, we've been able to go through two of the aquifers, and we're just starting to come into the third aquifer, put in the ventilation, and we've also moved through that Permian layer. And as we've always described to people, as you move deeper through that Permian layer, you enjoy better mining conditions. With with depth, you have more time, pressure, and heat, and that ground is more consolidated. And you see that with our mining,

29:44 with the cut length and the productivity of our mining accelerating as we've moved through that decline. We're presently in a situation where we're standing often and, dewatering that lower decline. We're taking advantage of this to put in, place to raise bores to complete the primary ventilation. But also, we feel very well placed once we've dewatered that lower aquifer that we continue to have accelerated mining speed into the into the country rock and into the Hevron ore body itself.

30:17 With that, I I think just to talk about some of the strengths of the Havron ore body, and I think this is a a really important slide just to demonstrate this, and it's that 86% conversion rate. This is from the existing resource into the mine plan, 86%. That is the best number I've I've seen in my career. You would normally expect the underground mine to be

30:44 converting around 55, maybe up to 65% conversion, maybe an open pit up to 75%. But this speaks volumes as to the quality of the ore body and its compact nature. Because of this subvertical nature and its relatively compact structure and grade, we're able to take big stope vertical cuts. That allows us to have an average stope size of around a 125,000 tons. They are big underground stopes, and that delivers a mining cost around half the Australian underground, sector average. And that all feeds into most of this ore body coming into the mine plan.

31:34 The, the next slide is probably the my favorite, slide, and this goes to the ounces per vertical meter. This is a wonderful kind of rule of thumb to understand the quality of an underground mine. This is running plus 8,000 ounces per vertical meter through that top 500 meters of the ore body. The y axis shows you that is a function of the meters drilled, where we've drilled, we've identified, and been able to delineate a a jock resource.

32:04 What I think is really exciting about this is we intend to come up with an updated, mineral resource estimate, this calendar year, so in the December, twenty three quarter. And that those green on that white database, that stat chart, that green green shading, that is the additional 80,000 meters we've drilled. The center of gravity for that, drilling is actually towards the lower half of this ore body. So that's really gonna be,

32:37 you know, really good to bring that into the mine plan, delineating more depth, and we think you get a more consistent profile of ounces per vertical meter across the ore body. And 8,000 ounces per vertical meter is exceptional. It drives an incredibly efficient, capital intensity because for every vertical meter you're developing, you're accessing over 8,000 meters, sorry, out 8,000 ounces of ore, but also it drives an incredibly low all in sustaining cost. And you saw in the in the PFS, we had a $643 US an ounce all in sustaining cost, which puts us in the bottom three or the cheap lowest three cost mines in Australia.

33:26 And just finally on the ore body, I think it's really important to understand it. And I think having a look at it in plan does describe it to you. We've really centered for now around that Southeast cream, which is this high grade, and that's where we're gonna put the infrastructure right next to that. But then we have this huge option value about taking advantage of the Northern Brescia plus that Eastern Brescia. That Northern Brescia has these number of high grade pod structures, and it gives us optionality as to whether we go in there and bulk that out, remembering we have a really large, latent processing capacity at surface, or we can go in and be selective and take out the high grade features.

34:13 Similarly, with that eastern brush here, we have that same optionality. It's always good to have choices in mining methodology, but you've you see a more consistent and higher grade through that eastern brush here. And I think that's potentially a lot of the growth in the updated, MRE is through that whole new, eastern pressure where we've been, we we really did focus some of the drilling over the last, eighteen months. With that, I'll I'll just talk briefly to the, exploration program that we have, and I'll I'll do this in two parts. I think, firstly, we wanna talk about the Patterson. And this is the opportunity along strike from Heffron. The structures through the Patterson tend to run-in a a northwest structure, so horizontally across the page. So we already have that ground across Scallywag and into the jury joint venture.

35:11 But then what we're able to do this year is to have a preferred bilateral agreement with Rio Tinto where we came in and became the manager of their ground in the South of the Patterson. This is a a pretty standard, seven year, earning and joint venture agreement, and we really feel this is the best untested ground in the Patterson. And its center of gravity is around the Telfer Mill. You can see the circumference there of 50 kilometers, which gives us a huge opportunity if successful to actually be able to augment what we're doing with HAVROM, what we're doing with the Telfer infrastructure with any new discovery there. So we think this is hugely on strategy, but also really enhances the option value of exploration within our portfolio.

36:11 I'll then jump across just in the interest of time to to slide 17 where we have sorry. The next slide. Where we have the the over the overview of our broader exploration opportunity. And Ernest Giles, it's it's been a little bit of a slow burn, but I think the team did a tremendous job. And we talked about the recognition of our traditional owner partners at the start of this presentation. We did a tremendous job to come to an agreement with their the first agreement the Wakamura people have have ever had. And a testament to the geology team and the heritage team that we're able to achieve that. This lights up like a Christmas tree with the geophysics.

36:56 It's undercover, which is really the competitive strength or our competitive advantage that we have within that exploration team. We have a we've had a drill rig on there, through November, and we're really looking forward to getting the assays and sharing them with shareholders in due course. And that really creates a whole new exploration front for us. Panorama, we had the recent announcement around the nickel. Look. We we feel Panorama is perspective for both gold and base metals as it happens in a program that did find a little bit of gold opportunity. Really, the story of that was the nickel that we we picked up in the sampling.

37:41 There's some conductive or confluences of conductor and gravity anomalies sitting under that nickel, which we're we're finding at surface. I think they become really interesting targets for us during the course of of 2024. And there's lots of ways to think about creating value if we have, ongoing success around Panorama. And then Bromus is an area that we haven't, explored in the in the past. We are gonna get, boots on the ground during, 2024, and we think, again, this is gold plus other, metals opportunity. And we've been active in how we think about our portfolio. Also, during the year, we let go of the Tasmanian assets, but we're able to bend them into Flin Gold, who we feel has a a focus and a competitive advantage in Tasmania.

38:35 And with the with the transaction structure, the equity we have in Flin Gold and also the earn outs, we have ongoing participation in that success. So we're active, managers of this portfolio, but we think it's, it's really advantageous, and we're gonna continue to look at ways to manage that and potentially add to it when there are other opportunities. And that concludes my presentation, and I'll now pass back across to Alex. Alex and and open up the floor for questions. That's great. Maybe if I could just jump in. Firstly, thank you, Sean, for your presentation. Thank you to all the investors that have submitted questions so far and also pre submitted questions ahead of today's event. Alex, it may be prudent for us to start with any questions that you have from any shareholders in the room and then I'll present some questions to Sean and the team thereafter.

39:26 Yes. Thank you, Sean, for that. And I'd also like to introduce Clive Lachem, non exec director, who actually joined us for the meeting. And we have one question from a shareholder in the room. If you'd like to put your three questions. Just give us the first one. Yes. Can I first start by saying that as a long term shareholder, I'm relieved to attend the AGM We have moved away from the 6 p share price? I thank you, Sean, and the team for the work that you've carried out since the last AGM and for coming to London for the telecall meetings. I hope you'll be able to continue to do those meetings in future.

40:15 So my first question K. Is Just interrupt. Can can you hear the wording correctly adequately? Yes. Okay. If you'd like, you can stand up and come a bit nearer the microphone, please. Thank you. Just would you confirm whether there's any further slippage to the declaration of the MRE update? Secondly, following on from the last AGM, could you comment or follow-up on buying another asset with a clear path to production? And this is my key question here. On a vulnerability regarding a takeover at a low share price, particularly for PIs who have bought shares in the 20 ps.

41:06 You've heard of the previous concerns about that. But noting that our market capitalization to around 11 p is already over $570,000,000, but with no revenue expected for a number of years. Can you allay some of those concerns? I would say thank you to you for your questions. You raised three questions. If we could put those back to Shaun very quickly. The first one was the MRE update. Is there going to be slippage on that? I know Sean has just tabled that the MRE update would be in the December twenty twenty three quarter. I suppose the question is, what do you mean by the December twenty twenty three quarter? And is it going to be slippage from that? So should we just address that one, Sean?

42:00 I think we've been cut out. Mark, are you Yes. Bear with us just one second. We're just reconnecting the Perth office to the to the meeting. Just do give us one moment, and we will connect them back in. Thank you. Do bear with us, ladies and gentlemen. We are just reconnecting now. Good afternoon. Sorry. Good afternoon to you guys in Perth. Can you hear us back now? We can hear you well. Lovely. Alex, if I may just ask you to retable the question. Thank you. Yes. We we heard the we heard the questions. We got the questions. So, Alex, I'll just go straight through and and answer those questions. So in terms of the the MRE, in in by way of background, I think people recall that Newcrest had undertaken to update their m r the HAVRON MRE in August 2023 together with their universe of assets For whatever confluence of reasons, they didn't provide an update, they simply restated the the '22, 2022, MRE.

43:11 Subsequent to that, GREATLAND undertook to update the MRE in the December twenty twenty three quarter, which I recognize we're presently in. I think we also explained at that time that what was really important to us is, one, that we had the time to complete that work to our satisfaction, two, that we reviewed it by an external independent expert, and three, that we had peer review and the proper time to engage with our joint venture partner for their input and support. So our shareholders should be confident that we still remain have a clear intent to release that MRE in this December quarter, so within the next, I guess, three or three weeks.

43:56 But equally that we are progressing those, what I outlined there, and and all of those steps are really important to us. In in terms of, another the second question on on asset and free cash flow. Yeah. I think when we I I answer that by referring back to other three horizons of strategy. And the third horizon there is to consider financially disciplined, acquisitions. In my career across Sukari, Straits Resources, and Northern Star, all of them started as single asset organizations, and we grew them to be multi asset, multibillion dollar platforms. I think with the expertise we have, we are certainly interested in financially disciplined acquisition.

44:46 All of those entities I was associated with returned between 5.6 times and 13.2 times multiple of invested capital to shareholders. So that's certainly something that that we are interested in, and we'll continue to kind of think about that from a very financially disciplined perspective. But we also celebrate that we have this organic growth profile with HAVRON, and that is a focus for us. And then if I can move to the third question, vulnerability to takeover bid. Look. We we recognize that HAVRON is a a world class asset in a tier one jurisdiction, lowest quartile cost, and we've developed, you know, somewhere around 80% of it.

45:32 And that narrows our pathway to free cash flow, and it's attractive. So having said that, you know, our focus is around creating, value for shareholders. It's my job to convey to the market the narrative of the opportunity that GREATLAND presents. And, you know, that is our best defense is to be able to explain that message and give shareholders and potential new institutional shareholders and retail shareholders the opportunity to buy in. And I think what's been really gratifying for me is we've seen that slow trend of more and more institutional shareholders recognizing the transaction, sorry, the value of the portfolio and have run and buying into augment that long standing retail support that we enjoy.

46:28 With with that, unless there's any other questions from the floor, I'll I'll open up to the investment company questions. That's the questions from those are the questions from London. So over to investor GREAT for questions. Thank you very much indeed, Alex. Sean, given the significant attendance on today's call, it's no surprise that you've had lots of questions. And I think what we're trying to do here is try to thematically put these to you for the, best use of your time this morning. And I know you've touched on a number of these points. You've just touched on the MRE update, for example. So if I may just start off with, the first question, which talks around your strategic plans. You've touched on that in your presentation. The question reads as follows. You know, I've been holding GREATLAND RESOURCES, and I'd like to understand better your, you know, your one, three, five, ten year view, particularly around share price, maybe your aspirations there and assets in the portfolio.

47:19 Yeah. Look. I I I think I'd again, I'd talk about our strategy in terms of those three horizons of ex the expanded have on investing in the drill bit and opportunistic growth. But in the short term, I think we have a number of catalysts. I I think I've been asked that question as well. So why don't I wave that in? Look. We think we come into a very catalyst rich period in the next twelve months. We have the drilling results coming out for Scallyweg, but also in Striles, which is a full new frontier. We just talked about the updated mineral resource estimate. That's an additional 80,000 meters of drilling. So really about another adding another 30% to that drilling inventory.

48:06 We have a feasibility study expected to come out. We hit the top of the Heffron ore body. We achieve first ore, plus we can explore that ASX listing opportunity. So I think in the short term, that's how we think about the the strategy and the value creation. In the medium term, the shift of Hevron into, free cash flow, and then augmenting that with that third pillar and second pillar of continued exploration success coupled with financially disciplined opportunity. And in the longer term, we believe we have a multi decade asset. That is the mainstay of of Hebron, and I think that is exceptional when you look at the average mine life of our assets in the Midcap place.

48:54 It's it's around six and a half years. So to have a multi decade backbone to our organization is a huge competitive advantage. That's great. Thank you. And as you say, you've taken the second kind of categories of questions, which is about upcoming milestones and catalysts. If I could just turn to Scallywag and delay, the question is as per the RNS stated on the 07/25/2023, it stated the following. The holes are currently being processed and assays will be reported when available. Just if you can give any color around that, I guess. Yeah. Look. Thanks for the question. Look. Firstly, I think your expectation should be that Scallywag results will be available, yeah, within within a short number of weeks, like, you know, next week or or so or the week after.

49:42 I think it's probably also worth explaining that those holes are coming out subsequent to the South Patterson holes, notwithstanding they were drilled first. To be open with people, we decided to prioritize the South Patterson drilling, with us spotting the queue at the assay lab. And the reason for that is South Patterson was a whole new area for that. We have heritage clearance to continue that exploration program into 2024. That was the prioritize, for our exploration team. So we actually switched them around, which is why the Scallywag is a is a little bit slower. We've also been back on Scallywag, and we've undertaken a, a MT survey, so more geo technical data. But I think in simple answer to that question is that'll be up very shortly.

50:31 Great. Thank you. Let's turn to processing in the Rio joint venture. We have a JV with Rio Tinto in the event of a discovery. Where will any future production be processed? Yeah. Well, look, Again, we're really, I think, justifiably proud that we're able to complete that transaction with Rio Tinto and be a preferred counterparty with Rio Tinto in the Patterson. The center for gravity of the that holdings, as I mentioned during the presentation, is within this 50 kilometer radius of Telfer. And I think as with all things in mining, it's good to have options. And that gives us the option of potentially building our own plant, but also the option of bringing it through Telfer.

51:18 So I I think given Telfer is scheduled not to, be full from mid twenty twenty four onwards Yep. I think that presents a natural home for that product. And having that existing infrastructure to leverage lowers the bar of the quality you need to discover to create economic value. And this is why we think that Patterson Holdings was such a or Rio Tinto Patterson Holdings was such a good fit for GREATLAND. That's great. Thank you. Let's turn to Havron, if I may. Can you discuss the progress at the decline and the lower aquifer? Yeah. Look. Thanks thanks for the question. I I think when we we when we think about the progress at HAVRON, we should understand the context of just how expedited this has been. This was a discovery by the GREATLAND team in 2018.

52:16 In 2019, we entered the, farming and joint venture agreement with Newcrest. Less than two years later in February 2021, we've started the box cut and commenced the decline down to the ore body. That is a remarkable Yeah. Process and and I think reflects the conviction that both joint venture partners had in the quality of Hefron. So we we continue to to develop Heffron with some 80% of the way through that through that premium layer. And as shareholders recall, the the top 50 meters of that is a really difficult part of the mining profile.

53:05 But now being some 300 plus meters deep, we're enjoying reasonably good mining conditions, and certainly when you get into the country rock, they are excellent conditions. In terms of what we've done with the rescheduling, we have come across that, the known lower aquifer. We successfully navigated the the, the high aquifer. We successfully, navigated the middle aquifer, and we're now, working through the lower aquifer. And the approach to all three have been the same, to stand off, to do initial depressurization, and then to do subsequent dewatering drilling, and then pumping that water out so we can drill through a relatively dry dry profile.

53:57 And just to explain what aquifers are to people, this is just porous rocks. East rocks where there is more water generation than you normally expect through the rest of that Permian profile. We are set up to handle that water, but it is prudent and GREATLAND supported the standoff so we could work within a a reasonable margin of safety. And, really, we still believe we'll be, moving through that, through the June and September quarter of this year oh, sorry, of 2024, I should say. Thanks, Sean. Let's turn to the next section of questions, which is really around prioritization of the opportunities that you have. I'll read this question out in full. Good problem to have, but I often consider GREATLAND to be an embarrassment of riches in a good way.

54:47 How can the multitude of already owned opportunities be efficiently dealt with in the near term? Well well, firstly, thank you for the question. But look, Hebron is a real centerpiece for us. You know, that is a a natural focus for us, but it's around how do we augment that and how do we optimize the value from the balance of the portfolio. And and I think I mentioned before about being an active, manager of our portfolio. And this is when I talk about being active, we're both really pleased to bring new assets in, and and the best prime example of that is that Rio Tinto joint venture through the South Patterson. But equally, we're not afraid to release assets from the structure when we don't think we have a competitive advantage to create value.

55:37 And we did that with the Tasmanian assets. And then something like Panorama has somewhat thrown up an, an unexpected, turn here where we've gone out and we've really uncovered some some really interesting, nickel prospectivity. There are multiple ways to create value from that nickel. Yeah. Of course, at one end of the spectrum is if we continue to be successful there is developing and operating an asset. But equally, you can look at monetizing that if we think that is a better pathway for shareholders. So we think about optimizing that portfolio in terms of value for shareholders and within the management bandwidth and, organizational capacity that we have. Thank you. If I may, let's turn to, Neumann in the Patterson. The question reads as follow. Hi, Having listened to an interview with Roger Mason of Antipa, who also have a JV with Newmont and the Patterson, he seemed very bullish on the case for Newmont to develop the Patterson in general. Now that you have a chance to bed in your relationship with Newmont, do you share those sentiments?

56:44 And if so, can you see it impacting on your current position in the Hagron JV? Yes. Thank you. Look. The the relationship with Newmont is is hugely important to us. We we really welcome them into the joint venture. Yeah. The Newmont team is a great I've I've worked with previously in prior roles, so I I bring a preexisting relationship to that. But we think culturally, there is a a tremendous alignment between GREATLAND and Newmont. And really over the last I think it's really just been four weeks since Newmont's taken the keys as our joint venture partner at HAVRON. We couldn't speak more highly of that team, both in terms of the engagement, and and also the technical expertise that they have brought to the table.

57:37 As as part of the question you asked about Newmont's, you know, commitment to the to the region and their interest in the Paterson, their CEO, Tom Palmer, came out with, describing the Paterson as one of the great mining postcodes of the world. So we really look forward to creating a multi decade relationship with Newmont. We value them as a partner. We think we can contribute to that, to that relationship as well. Our team is dedicated and focused on Hevron, and we've been here right through that cycle since, February 2021 and beforehand with Discovery. And I we think together, we have an amazing platform to be, successful, and I'm up at site, you know, in next few days with the Newmont team, and, yeah, it's all part of us going a journey together and building that relationship, but it's certainly been off to a a tremendous start.

58:35 That's great. Thank you. Just turning to your ASX listing. Hi, Sean. The proposed cross listing on ASX, is it still expected to complete in 2024? Yeah. Look. The the cross listing is something that we think is potentially value enhancing for shareholders. So it's something that we continue to be interested in. We're really pleased with the progress that we made. We engaged with the ASX and and I think effectively navigated a pathway. Having said that, we only wanna proceed with an ASX listing when we think it's in the interest of shareholders, and we are mindful of share price and all those things in calibrating that decision. But it's something that we think we have the option to to look at through 2024.

59:23 And as I mentioned in the presentation, it's something that we continue to to to think about and and something that I think we've made a lot of progress and probably effectively broken the back of in terms of being prepared for that. That's great. Thank you very much indeed. And for every question I seem to answer, you're getting two or three coming through from the likes of Stuart, Kevin, Rory, and and many others. And what I'll do is I'll provide you with all these questions. If there's anything else that we haven't covered or got through, we can add a written response at that time and publish them back to investors on today's call. So thank you once again to everybody for your engagement this afternoon. Sean, I know investor feedback is particularly important to you and to the board, and I'll shortly redirect the significant number of attendees on today's call to give you their thoughts and expectations. But I wonder before doing so, if I may, Sean, just ask you for a couple of closing comments.

1:00:12 Yeah. Well, look, firstly, I know we had, you know, well, many, many hundreds of of people who and shareholders who signed up to participate in the event. And with that, huge number of questions that we can't really do, justice to within the confines of of today's meeting, but we'll certainly undertake to try to address them, in a separate forum. But, look, it's usually satisfying to me to have this level of, investor engagement, so I thank you. I'd also like to thank my fellow directors and the team here at GREATLAND for what has been a tremendous twelve months. Hopefully, it's conveyed to the people just the the huge excitement, that we think GREATLAND presents and the value opportunity.

1:01:02 And, yeah, we're really looking forward to the year ahead, and I look forward to being in London in the New Year, and we'll certainly try to have another, I'll prioritize a town hall meeting where we can get through just that that great expanse of questions that we have. But thank you for everyone's time. So before we finish, likewise, just thank everyone for attending. It's been a really terrific turn up today, and we really do appreciate it. Excellent questions. A lot of them are really quite insightful. As Sean said and as you've heard from your directors, we're really excited about the future. I particularly like that question about the the plethora of opportunities that we face and how we we give thought to prioritizing them.

1:01:48 You still have to solve it, but it's a wonderful problem to have And it's the same reason that that and the same facts that we see that makes us so excited. Look, I also am looking forward to coming over when we have a a town hall with Sean meeting many of you. And on that note, I think we will just actually hand over to you, Alex, to very briefly actually conclude the meeting itself. Yes. I thank you once again for attending, and there'll be a follow-up through investor greet. So thank you, everybody. Thanks. That's great. Thank you to Alex and Clive in London, to Jimmy and to the rest of the board in in Australia. Could I please ask attendees not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the board can better understand your views and expectations.

1:02:41 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the board of GREATLAND GOLD, we'd like to thank you for attending today's annual general meeting, and good afternoon, good evening, and good morning to you.