Greatland Resources (ASX:GGP) — Annual General Meeting

0:00 Good morning, ladies and gentlemen, and welcome to the GREATLAND GOLD Annual General Meeting. Throughout this recording meeting, attendees will be in listen only questions at any time and press send. The company may not be in a position to answer every question given the significant attendance on today's call. However, the company will review your questions submitted today, and we'll publish those responses where it's appropriate to do so. I'd now like to hand over to Chairman, Alex Borelli. Good morning, sir. AGENTLAND Hello. Good

0:31 morning, everybody. Good morning, ladies and gentlemen. Nice cold morning, and welcome you to the LIMITED GREATLAND RESOURCES LIMITED RESOURCES are myself, Alex Burdaugh's chairman. RESOURCES I have Sean Day, managing director of GREATLAND GOLD. On my left is Clive Lachsham, non executive director. In attendance on visual is both Paul Hallum, our executive director, and James Wilson, who we refer to as Jimmy Wilson, who joined us as a director recently. Also in the audience, we have a mixture of our shareholders, advisers, brokers, and Steve Robinson, who is the company's company secretary.

1:18 So I welcome you this morning as a forum we have in place. So I declare the meeting open. And for facility for facilitating process, I will sit down. My apologies as a courtesy, but I think that's the order of today to do that. Right. So we start off with the formal meetings of the annual general meeting. The notice of the annual general meeting with explanatory notes was sent to all shareholders on the November 2, and the copy is available on the website and also with the registrars and at the bank if you need a copy. The requisite notice of the meeting has been given, and I propose that with your consent, notice meeting should be taken as read. Is that agreed? Thank you. I see a large number of nods virtually and physically, so I'm delighted to continue with the meeting. Resolute, we have, eight resolutions.

2:11 Resolutions one to six are all resolutions, which do require a simple majority to pass, is 50%. Resolution seven and eight are special resolutions, and they require 75% majority, for passing. We have all the proxies in place as well with thanks to the registrars and the shareholders for submitting those. Resolution one is an ordinary resolution, and that's for the shareholders to receive the annual report for the year ended 06/30/2022. We're required to present the report to shareholders of the AGM before the resolution is put to the meeting. May ask if anybody has any questions on the resolution? Yes, sir. One question. Good morning.

2:57 I've got a question about shareholder value as referred to on page 35

3:25 But the share price of the 06/30/2021 was 17.6p. And at the June 30, it was 9.3p.

3:36 That's a significant fall. And the explanation given is that the company's performance is still in the exploration and development stage. But my question is that though I understand that the market sentiment towards the overall noncentral is low, there's been about twenty three months of decline in share price. That's a long time. And I'm wondering, given that there's been report after report on the drilling, excellent drilling results, the growth of the resource that we've had, How how that reconciled?

4:25 I mean, it doesn't seem to to me to be something I can write to. You're having good information. Yeah. Well, I I I we would like to cover a certain amount of the value question at the presentation and the q and a that Sean Day will be giving after the annual general meeting. And we're conscious that the duty of the share of the board is to create value for shareholders. The the share price has followed the announcement of results we have all the way along the process, of course, was subject to the changes in the price of the metals and also the trading shareholders in the company. I'd ask mister Day if you'd like to add to that or leave that till later.

5:11 Look. Why don't we do that later? I've I've got a presentation. Let me address share price through that so we can get through the the order of business first, and then I'll that can be my first question.

5:47 So looking to the future. Well, we'll we'll address, as I say, value a bit later, but there are more shares in issue, and the the value of the company is substantial, as you'll appreciate. We've got about 5,000,000 shares in issue now. Yes. But but the value of the company at one time is 1,300,000,000, and that was before all the extra shares were issued. Yes. So as a long term shareholder, without having the resources to increase my shareholder, I'm finding I've been diluted. Yes. And therefore, it's it's it's it's a pain I'm willing to accept because Well, I think I think it's the case to, you know, all shareholders who've had holdings over period of time, but they've seen a huge increase and a dip recently. So we are focused on increasing the value of the company and increasing the value of the shares, which mean the share price goes up. But it does take time to achieve that. It's not a short term fix. We are developing the mine in conjunction with our Just bringing this up in relation to activity that's taking place. Well, let let us I I your question is is very good, and I'm Michelle too, and I share your sentiments in that as well. So we will address that later if we may when we come to it.

7:07 But thank you for your question. Any other questions in relation to resolution one?

7:15 Oh, sorry. Need to sit down. Back I go. There we go. Right. Well, I have a proxies in favor of the resolution to the extent of one billion four one eight million two zero four thousand seven hundred and thirteen, including votes to the chairman's discretion against resolution of twenty four million nine six seven zero nine two, which is 1.7%. So we have 98.3% in favor of the resolution. And I would ask you to raise your hand if you are voting in favor. All those against? Thank you very much. I declare resolution one carried, and we will do acknowledge your question. Thank you, sir.

8:01 Resolution two is regarding your reappointment of, James Jimmy Wilson as a director. He retires in accordance with the company's articles and being eligible offers himself for reappointment to the standard general meeting. Jimmy joined us recently with with a outstanding career in the mining sector and has joined us as an executive director and is making a significant contribution to the company. So the board has no hesitation recommending that Jimmy Wilson is reappointed as a director of the company. Does anybody have any questions before I put the resolution to the meeting? No. Thank you. I note that the proxies in favor of the resolution are one billion two six nine million one fifty nine thousand nine eighty six in favor, which is 87.8% in favor against the resolution of a hundred and seventy six million four five two thousand and seventy four against, which is 12.2%, and the 452,609 votes withheld.

9:06 All those in favor of the resolution, please raise your hands. All those against? There's a significant majority in favor. Therefore, I declare resolution to carry it, and the board strongly welcomes Jimmy back to the board as a director. Thank you very much. Jimmy, you're with us and delighted with your contribution. Resolution three is regarding the reappointment of Clive Latchen, who's sitting on my left as the director of the company. He retires in accordance with the articles and offers himself for reappointment at this annual general meeting. The board has no hesitation in recommending Clive Latchen be reappointed as a director. Clive has been with us a number of years and has made also a significant contribution.

9:54 The resolution we put to the meeting before I do so, does anybody have any questions about mister Latchen? Nope. I see no questions. And the proxies we have in favor of the resolution of $1,000,000,002.02 $700,000,745,312 in favor. Against resolution, 216,000,000 a 124,669 against. That's 85% in favor, 15% against, and the votes withheld of 2,194,688. I'd ask you to raise your hands to show your support to vote in favor. Thank you, ladies and gentlemen. Those against, significant, majority in favor. So I declare the resolution carried and welcome Clive back to the business of the company of the non executive. Thank you very much.

10:48 Terrific. Resolution four regard is regarding the reappointment of little John, and I'll appear as orders of the company to act until the conclusion of the next annual general meeting, which is a standard resolution for the auditors. Does anybody have any questions before I put the resolution of the meeting? No questions? So I propose that, the the auditors, PGAAP, John, are reappointed in favor of resolution. Proxies received for a billion $4.04 5,348,000 a 100 and 47 in favor, which is 99.96% against resolution 572,679, which is point 04% against withheld by its 143,843.

11:35 So all those in favor of the resolution to reappoint the orders, please raise your hands. Thank you. All those against. Significant majority in favor. I declare that the resolution carried. Thank you, ladies and gentlemen. Resolution five, sometimes combined with resolution four, but we have a separate resolution to this, which authorizes directors to determine the order's remuneration. Does anybody have any questions on this before I put the resolution of meeting? No questions. The proxies in favor of, the directors determined the orders remuneration of $1,000,000,004.04 5,375,523 in favor, which 99.97% is a fraction ahead of those in favor of the auditors' reappointment. Against the resolution, 448,487, and, votes withheld, 240,659.

12:35 So significant proxy voting in favor. I will ask you to raise your hands if you're voting in favor. All those against, please raise your hands. We have no votes against again, so I declare significant majority in favor and the resolution carried. Thank you, ladies and gentlemen. Resolution six relates to the general authority to issue shares. We cannot issue shares unless shareholders give us the authority to do so first. It's a very standard resolution that all listed companies put to their shareholders at any general meetings. And we have the authority over 33% of the current issued share capital, which again is is a fairly standard resolution and is in line with the general principles for the amount to which we can do that. This is on a pro rata basis to shareholders. We cannot issue shares in any other basis unless we have other authorities which are covered in resolution seven eight.

13:37 We have no intention currently of issuing any shares, but this gives the flexibility to the directors to continue the business of the company should we need to do so. I would ask if anybody has any questions in relation to the resolution. We have no questions. Proxies in favor, 1,432,912,017 in favor, which is 99.3% in favor. Against resolution, we have 9,779,000 exactly, which is point 7% of the votes. Votes withheld, three million three seven three six five two. All those in favor of the resolution, please raise your hands. And all those against, no votes against. Therefore, I declare resolution six carried by the required authority, which is over 7575%.

14:28 Thank you very much, ladies and gentlemen. Two more resolutions. Resolution seven gives the directors authority to unlock shares cash without first offering them to existing shareholders in proportion to their existing holdings up to a fairly limited amount. This is a dip this application of preemption rights and the amount as in accordance with the preemption group and their statement of principles is 5% issued share capital. So it's it's a modest sum, but it does give flexibility. That's the nominal value is £250,120. We have no current intention in issuing any shares for cash, but this provides us with a level of flexibility. And this authority expires at the conclusion of next year's at the start of next year's annual general meeting or within fifteen months.

15:21 Proxy is in favor of resolution of billion 436,872,459 in favor, which is 99.4

15:32 Against resolution, 8,082,037, which is point 6% of the votes of those withheld, 1,110,173. The requisite barrier we need to get to 75% as you can hear the proxies in favor significantly ahead of that. All those in favor of the resolution, please raise your hands. All those against, we have no one voting against. And therefore, the resolution seven carried by the necessary authority. Thank you, ladies and gentlemen. Resolution eight is another authority which is a special resolution, again, calling 75%, and it is also in relation to the dissaplication of preemption rights. And it gives the director's authority to allot shares through an acquisition of a specified capital investment as defined by the statements of principles within the governing guidelines.

16:33 This is without offering those shares first to shareholders. And again, we've limited that to 5% of the nominal value, is £250,000.120. This authority expires at next year's annual general meeting within fifteen months. We confirm our intention to follow the provisions of the state principles regarding cumulative usage of this application authorities within a rolling three year period, which is an important aspect of the statements of principles. But there would not be any usage in excess of 7.5% of this share capital without prior consultation with shareholders. This this protects further dilution for shareholders and passes the voting over to you and approval over to you if we intend to receive more than that on a disciplined basis.

17:25 The proxies in favor of this resolution are 1,437,714,036, which is 99.5% of votes. You probably got those behind me, but I my duty is to read this out. Against resolution, we got 7,299,681, which is point 5% of the votes, and those withheld 1,050,152. All those in favor, please raise your hands. All those against? So, majority overall majority in favor, no voting against. And I declare resolution eight carried by the requisite, majority. Thank you, ladies and gentlemen. So that that concludes the business of the annual general meeting. I'm sure you don't wanna hear me anymore.

18:15 The exciting part of the meeting is for me to pass over to Sean Day, managing director, who will give a presentation followed by questions

18:39 So thank you, Alex, and thanks for people attending today both here in Tools Brief House and online. But before I go on, I just did wanna thank Alex Barelli. Alex has been the chairman since I arrived at the company. And as our shareholders are aware, we have two new directors joining shortly, Mark Barnabas and Elizabeth Gaines as chairman and deputy chair. And so Alex will be rotating out of the chairmanship role, but he's done a splendid job. I've certainly shared Alex's support throughout my time at GREATLAND. And while he's staying on on the board, he he really has been outstanding in terms of his guidance to me, the company, and sharing these meetings. So thank you, Alex. Thank you.

19:37 With with that, I'll I have a short presentation. And really, this is in part just to have a a quick review of the the year we have just completed. But also I'll try to get through these relatively quickly with a view to opening up to the q and a. We've already had one from the floor, but there's a number online as as well. So it it's been incredibly, you know, busy year and I think really successful year for for the company. Our core activity has been the development and the ongoing exploration at Havron. That is doing very well. The exploration results we've got out of Havron have been nothing less than outstanding, and that should give you confidence of the ongoing growth of that ore body.

20:31 In parallel with that, the decline is being advanced. You've seen we always talked about that Permian layer being very soft at the at the high levels. But as you get to depth, you have a better more better rock structure, and you're seeing the acceleration of of that decline activity. So I think that's that's been a a really important advancement through the year. We also had the 5% option process. That was huge amount of work for the organization. We had a joint venture that effectively allowed Newcrest to potentially acquire another 5% of our prize asset, Hefron, and a structure whereby they got to complete the prefeasibility study, and that was the basis of the price determination. We did have a mechanism within that joint venture to take that to arbitration.

21:36 That didn't involve lawyers. It was done in a very, you know, relationship based way with with Newcrest. But we went through the arbitration process and really changed that outcome. We increased the value of that over fivefold and ultimately kept that full 30% stake in Heflon. And that was the best possible outcome for the company. So we were delighted with that. We also went through a funding process. We raised equity. We had that cornerstoned by a number of funds, particularly Tribeca came in with that initial cornerstone, and then a second raising with a strategic investor in Whiteloop.

22:23 It's been a difficult market in 2022 to to raise equity, but I think such was the caliber of our asset. Such was the successful outcome we had with that option process that we positioned ourselves to be successful in that endeavor. And then at the same time in parallel, we brought in a new board or at least augmented the existing board with Jimmy Wilson who you reelected to today. And then Elizabeth Gaines joining as deputy chair and Mark Barnabas who will ultimately take over as chair. So so all of that was incredibly important and coupled with a debt piece Because we do care about the share price and we do want that to to expand to grow.

23:15 And by having that debt piece in place, we effectively pay some of that development money with with debt, and that leverage that you get should create a platform where the share price is given the best opportunity to to grow it. And really that, it it's somewhat I I that to address the question from the floor, yeah, it has been a little bit disappointing that the share price hasn't recovered. We've actually had a quite a tremendous August, September, say, last three months. You've seen the Australian gold market actually pick up. You've seen the gold physical price go well. The Aussie dollar remains cheap. So Aussie dollar gold is looking outstanding.

24:03 You know, the value of GREATLAND has a lot of things that have improved. You know, we've we've removed the uncertainty of the option. We've bought in a significant leverage piece with tier one banks and got funding. Coupled with that, we're we're into a strengthening gold market. So, yeah, look, it is disappointing that our share price has not recovered. I think what we do as a management team and as a board is really focus on what we can control, which is setting the foundation, which potentially does allow that share price to increase. And I I think one of the reasons I'm in London this week is not just to meet you know, not just for the AGM. And and as you are are aware, we've also got a a town hall meeting tomorrow to engage with shareholders, but also to do a meet with institutions.

24:55 Because we do wanna engage with shareholders and potential new shareholders and convey this message that we have a world class asset. We have the funding in place. We have built a team both at the board level and the management team to optimize that value, and we think that creates an environment where that share price should increase. And we will also look at an Australian IPO because if there is a market arbitrage where that Australian market is valuing Australian gold projects so much more highly, well, I think having the best of both worlds, keeping this really strong UK following, but also showing what the Australian shareholders will will value it at. Potentially, you know, a rising tide might carry all ships.

25:46 So so with that, we really feel that we've we've made a lot of advancements over over the last twelve months. Has that answered your your question?

26:22 And Thank you. And and I think what what I've said at that town hall meetings is is we probably spent eighteen months in in in a defensive ploy. We've had to deal with this option. We were unfunded with an an ongoing CapEx requirement,

26:53 and we had to address those things. And Alex, the chair, mentioned about the the number of shares on issue. I think when I joined, there was just over 4,000,000,000 on issue. There is five being on issue now. But I think what we've achieved in terms of having raised about $200,000,000 of equity through that, I think is really substantive. Given the largest equity raise before I joined was about 4,000,000. So we really have transformed kind of our approach to doing things, and and that is leveraged off the success we had in the past. You know, HAVRON is the discovery of GREATLAND, and we should celebrate the platform that has delivered the company. Maybe touch a little bit on the support of why there's some biggest shareholder now and team that's with us in connection with.

27:44 Yeah. We we we have we have a slot on that, so I might I might jump onto that there. But look, I I think what I I wanna do is just it's always good to orientate people around our strategy when understanding the company. And there's three pillars to to our strategy, which is we wanna deliver on expanding Hebron. It's expanding in terms of getting growth with the with the expiration success, but also we feel the delay in the in the feasibility So you can bring more resources and run more of the optimization processes, allow us to save more of the value there at HAVRON. We wanna continue to invest in the drill bit, both at HAVRON, but also on the ten minutes around that. We also hope to drill in trials this year, which is a beautiful asset within the portfolio.

28:35 And then finally, we want to put ourselves in a position where we can consider inorganic growth and bring another quality asset in the portfolio. I've talked previously about investing in the management team. That's probably another area where we will invest in is bringing in some a really good business development team to help us advance in in that area.

29:02 In terms of the the progress itself this year, I kind of I mentioned that $390,000,000 of debt and equity that we've bought in. Again, that makes us really well funded. We we'd love to kind of finish this feasibility study, but we think with that access to equity and debt, we are very well placed to deliver our share of HEDRO. The decline is really accelerating. It's up. It's it was at 916 meters at October. It's over a kilometer now. So that's a really important milestone for us that we're over a kilometer of advancement there. And, again, if you if you look through the quarters, you're just seeing that advancement get quicker and quicker every month as we get into more competent ground.

29:52 And that resource growth it's running about a 43% compounding average growth rate since I made an resource statement. And if you have a look at what our results have been over the course of this year, your expectation should be that that will again grow by similar volume. And this is just some of those little bit hard to see on the screen, but you've got everything there from, you know, 50 meters at over 11 half grams plus copper through that Southeast crescent zone. But also that Eastern Brescia, if you have a look at that grade kind of running from 3.7 down to 1.1 plus copper, That that Eastern Brescia, I think, is a really big area for growth for us, both in terms of the volume of that area, but also the grade.

30:44 Twelve months ago, we're thinking of that as a one gram ore body. You're actually seeing the weight of that closer to two grams now. So I think that's really exciting for us. And we continue to kind of see the the growth of that Northern Brescia. And what we're now calling these pods, which is these high grade areas within that, which are giving us more and more of a a corridor, a northwest corridor through that northern fresh air area of good grade. Some of those key milestones for the for the year, again, we're just bringing in those those new directors. Jimmy Wilson already sits on the board, has joined as an executive, attends a lot of our meetings with with with Newcrest, and we've had several workshops in the last couple of months across in Melbourne around the asset and around trying to at optimization of that, which has been really positive both from our ability to contribute, but also the relationship with Newcrest. And Jimmy has been a tremendous asset in that room for those discussions.

31:50 His his background, as many as you know, yet ran several divisions at BHP including up at the iron ore division. So an incredibly strong reputation. Got Elizabeth Gaines who just recently stepped down as managing director of Fortescue, a plus $50,000,000,000 Australian company,

32:15 plus has a background in private equity, so really understand value and growth. I think she's a tremendous asset to our board and will be joining as deputy chair. And then Mark Barnabaugh will be joining as the new chairman. His background also as deputy chair of Fortescue, that $50,000,000,000 Australian mining company, sits on our reserve bank, the equivalent of the Bank of England, and also previously head of Macquarie's global resources division. So just a tremendous you know, three tremendous additions to our board to complement Paul Hallum, Clive Lachman, and Alex Borelli together with myself. Yeah.

33:06 And and look, I think it is worth mentioning that they are incentivized with out of the money options. And I think that's really good. There's lovely alignment there. It's it's 50% out of the money, maybe a a fraction more right now. And they are going to be, as as all the board is and the management team, incredibly focused on getting that share price up and creating value for shareholders. I think that we should celebrate that alignment. We also are looking at an ASX listing. I mentioned before, right now, especially over the last three months, you've actually seen a pretty good recovery in that Australian resources space, particularly the golds. You know, these things can lag in different areas, but it'd be good to see that kind of get picked up in The UK market.

33:56 But in the short term, I think we're gonna be looking at trying to do an ASX cross listing, keeping the London listing, but also having a cross listing in Australia. And I think that can bring in Australian shareholders. Even if they buy and trade their stock on London, it will increase the mandate of Australian funds, which a lot have ASX mandates, so I they can only buy stock on the ASX. By having that listing, they'll then be able to trade in our stock, and I think that could be really beneficial to us. We we mentioned that the equity raise. I think that was extremely successful both in terms of us being funded, in terms of bringing institutions onto the market and adding the credibility of having those in that institutional endorsement.

34:49 And then we've also got Wailu coming as a strategic investor. Wailu is one of the the best known resource funds in Australia. It is has a huge financial backing behind it, and they're a very supportive shareholder. They know Mark and Elizabeth particularly well, which I think is is helpful, and I think was helpful in terms of us being able to bring them on as as shareholders. But I think their backing really opens up us for the opportunity of being a good long term holder of Hebron, but also having the opportunity to expand beyond that.

35:35 So we're really delighted to have Wailu as as part of that shareholder base. The debt, this is a really good debt facility. Seven years, tier one banks, ANZED, Australia's largest resource bank, HSBC, who would be well known to here in London, but, you know, probably one of the world's largest banks, and ING, which has been very European bank, but very prominent in Australian resources as well. Seven year facility, $220,000,000, and no repayments for twelve months after project completion.

36:21 So that is a very attractive product. And, it's all about amplifying the value of equity and at very competitive rates. Benchmark plus three and a half percent, dropping down to 3.25% after project completion. So this is a world class facility for a world class project. Also during the year, we we completed our sustainability report. I think that's really important in terms of, again, expanding our reach into institutional investors. I talked about being successful without bringing in the Tribeca and the YLUs. All of them ask questions about ESG. Having that in place, having a swive of policies in place about our approach to to the environment, to welfare of staff, fit for work, all important steps in showing our approach to to ESG and the maturity of the company that put us in a better position to attract institutional money.

37:28 And then finally, I've just got a couple of slides on the expiration side of things. We also this year, we expanded our footprint through the the Patterson area. We did the a transaction through the year, which which did increase that that footprint. And what and we do see the Patterson as core to us, and we'll continue to look at opportunities to ex expand that footprint through the Patterson. In addition, we've been we've been undertaking exploration both obviously at Havron on that Havron ten ten minute self, and we continue to have anomalies there that we wanna follow-up. But I think the prize there is up through that Scallywag area.

38:17 It's a process. It's a multiyear process to test methodically go through all those high quality anomalies, but we're really excited about that. And as we speak, we've got a rig spinning on the rural tenement just down to the south to in that bottom corner of the map. So we continue to invest there, and we continue to look at opportunities to add to our footprint in the Paterson. And just to remind you, this is elephant country. You've got Telfer, a top five Australian gold mine for some thirty odd years. You've got the Rio Tinto Winu asset up in the North, and then you've got our own Hagron deposit there as well. So when you get on something there, they can be extraordinary extraordinary deposits.

39:05 This is our exploration portfolio. And what you'll also see here is this is a bit shorter than it was a week ago. So we did divest our Tasmanian assets. I had flagged that we were looking at at doing that, and we ran a process. We're really delighted. Again, another another successful process we've run this year. We engaged with a number of counterparties, and we're really happy with the caliber of the counterparty. It's a entity, FLIMITED, which is focused on Tasmanian gold. They will be a good owner of those projects. We we found them easy to deal with. We like dealing with them, but also we have an ongoing exposure to that asset both in terms of milestone payments and also a potential and also a royalty.

40:00 And royalties are quite liquid and tradable if if if we wanted to deal with that in due course. I think they're good assets. They don't quite have the scale, we think, to sit in a in a portfolio next to next to Pavron. And also given our other assets were in Western Australia, it was becoming a logistic challenge for us to get GOs across to Tasmania efficiently. And through COVID, we just we weren't out there. We haven't actually drilled in Tasmania for three years. So we made a decision to divest that, and I'm really pleased. And as I said, I think the best thing is that we have an ongoing exposure to them. So overall, look, I'm keen to get into the the the questions. But overall, look, I think we have a world class deposit there with with Hevron with high grade gold copper.

40:52 It continues to expand. It's already at six and a half million ounces and growing at good grade. We have a tier one partner in Newcrest, and we're leveraging their skill. And and also their ability to expedite. So before the prefeasibility study and certainly before the feasibility study, we've already got the decline about half complete. So that will accelerate our our time to opening up this to the Haffron asset. We can leverage excuse me. A little bit cold walking in this morning. But that we can leverage that the existing infrastructure there with with Telfer and also what's already at surface at Hevron for this low CapEx pathway to and low risk pathway to development.

41:46 We are funded both with that debt and the equity that was spoken about, and we still have this tremendous exploration portfolio. We'll be drilling we'll continue to drill at the Paterson. And as I said, the Ernst Dahl asset we expect to get on this year. It's just subject to us kind of finalizing the access agreement with First Nations, but we we'd certainly like to do that, and we also have a grant to do that. So we're really incentivized to make sure that happens this year. So we have a strong platform. We're orientated to growth both at Hevron and more broadly in our portfolio. We're gonna invest in that and and put the center of gravity of our team at positioning ourselves for growth.

42:32 And let's see what we can do to leverage this platform. We have an amazing platform, but I think the the best of the best of GREATLAND is is ahead of it. So with that, I'll open up for questions. I'll I'll just give the room another opportunity to ask a question before I jump to the online. Okay. We'll then we'll move to the online Q and A. Great. Thank you, Sean, and thank you to the Board for your updates this morning. Sean, we have received a number of questions from investors during today's presentation. So firstly, thank you to all those attendees online that submitted their questions. And maybe if I can just try to cover a few of these off. The first one reads as follows. When do you confidently expect to reach the bottom of the decline?

43:22 We expect that to be in the March quarter of twenty twenty four. So just over twelve twelve months away to to first off. That's great. Thank you. If I may turn to the next question, NCM tend to release ore reserve updates in mid Feb for half year results. Is this also likely a likely date for the Hafran PFS given expectations of a larger resource feeding into increased LOM? Yeah. Look. It's a good question. I've I've spoken with Newcrest around this. The strong preference of GREATLAND is to release its updated resource and reserve reports with with Newcrest each each year.

44:09 You are correct that they typically Newcrest typically release their updated resource in around the end of February each year for their universe of assets. Our expectation is that Havron will be part of that, and that is our strong preference. Albeit, if that was not the case, as we did in 2022, we would undertake to bring out our our own resource on Havron because we have a team that can do that. And I think what was tremendous in 2022 is when we did release our own resource and then Newcrest came out with theirs in about July 2022.

44:56 It it was lovely verification of the work we did. They were within 1% of each other. So I thought it was a great feather in the cap of our technical team that we produce the same outcome. And and we should produce the same outcome because we're using the same methodology on the same asset using the same drill results. So, again, I think people should have confidence that whether we release it or hopefully it's done in parallel with Newcrest that there'll be an updated resource and reserve in the New Year. Thank you, Sean. The next question reads as follows. Many of us were pinning the change in fortune of the share price to the issue of the FS. It has now been pushed back. When can shareholders look forward to seeing an FS being issued?

45:42 Look. I I think when you look at the the comments out there, we we'd expect it in the June quarter of twenty twenty three, so say six months away. The but I think we should be pleased. You know, one of the concerns GREATLAND had of the of the feasibility coming out in December was that the drill cutoff was November 2021. That was thirteen months. So we were going back in time to to view the asset an extraordinary extent. So I think having an updated resource and a much larger resource as the cornerstone for that feasibility study, I think, is positive.

46:30 And there's a number of optimization studies being being done. So I think a bit of you know, a a better feasibility study is a better outcome. You know, more is more. So I I think we are not uncomfortable that Newcrest failed and was discussed at the joint venture that they could do a better job with more time. Thank you. Taking the next question from Nicholas. Thank you, Nicholas. Says, good morning. It's my understanding that assay result times in the Patterson should be improving, but haven't seen a definitive sign of this yet. Could you please give your best estimate as to when we can expect the next assay results from Scallywag?

47:17 Yes. Well, let me answer that in two parts, Nicholas. Assay times are coming down. We we are seeing seeing improvements there. There is both getting the assays and the interpretations. I would expect we will get some assay results, if not before Christmas, certainly in January. So that we've got some reasonably shortly ahead for us. That's great. Thank you. Stuart asks, while HAVRON is the jewel in the crown for GREATLAND, please elaborate on the company's thoughts on Scallywag and the findings to date. I know you've marginally touched on that, but if there's anything further to add.

48:04 Yeah. Thank you. The look. So Heberron is certainly the the jewel in the crown. It's a it's a confirmed, you know, large gold copper deposit. But the best place to look for gold and copper is where it's already been found. The structures through that Patterson typically run-in that northwest orientation. Scallywag is directly along strike and and on structure of of Havron. There are a large volume of geophysical targets across that scallywag. I think it's really important to rank those in order and and as part of the discipline of a geological team.

48:50 But personally, I think it's always hard to really rank those deposits. So there's no there's no replacement for systematically working through that. And I think I've described before that we use a very technical driven approach to the expiration. It is one or two holes in an anomaly. We better understand the stratigraphy. We compare it to what our expectations were were. We recalibrate, and then we go back to that deposit. So we don't go in and patent drill heavily any of these anomalies. We go in, we we understand it better, we recalibrate, and and then we might end up saying, look, we need to be drilling 200 meters further to the north or or or similar to to better hit that that target.

49:47 And what we try to do is not walk away from a target until we believe we can explain it. Once we can explain an anomaly, then we feel we can walk away. So it is a a very systematic, a very technical approach, but that's how we found HAVROG and that's and I think we are very respected within the within geological circles for that approach. And I think testament to that is that Newcrest continues to allow us to run that jury joint venture. And if we've seen over the last two years, that is not the Newcrest typical way. They normally, and including across the Patterson, have taken back control of joint venture the manager role of joint ventures as they have become available to them. With jury, they continue to allow our team to run that. I think that's multifactorial.

50:42 I think we are very good at getting a large amount of the money that we spend on that joint venture into the ground. Secondly, that technical discipline I I mentioned. And thirdly, we're really collaborative with them. We have a good relationship with Newcrest, and we try to work cooperatively with them. But I think it is testament to us that they do allow us to continue to run that exploration program. And we're really excited about what sits across those paddles and tenements, but Scallowag is is certainly our favorite there. That's great. Thank you. Turning to the next question. Is GREATLAND in a position to provide an update on progress regarding its ASX cross listing? Is it still anticipated that this will be a compliance listing and not an IPO?

51:35 Yeah. Thanks. Look. I I think that the update, which I mentioned briefly, is we'd still like to to do this in the first half of calendar twenty twenty three. So, typically, that's around a four month process. So say so and and so I think probably that June quarter is the most likely. Right now, that is expected to be a a compliance listing. But as I said, I think once you have the listing there, then you fall within the mandate of more investors. And those institutional funds will typically buy on the deeper market. So regardless of whether we issued shares in Australia or not, what would likely happen is the volume of trade would well, is certainly gonna be high here in London. So those what would be allowing those Australian institutions to come here and trade and buy in London. And that's really the idea. Isn't to issue shares there in Australia necessarily, but it's actually to have them come across London and and buy positions here on the on the liquid London market.

52:46 So that is the opportunity for us. And I think right now, there does seem to be some observed improvement in the sentiment in the Australian gold. And certainly, that gives us a a bit of an opportunity to for investors to see value with GREATLAND. Thank you, Sean. Yes. That's great. Thank you. Let's turn to a question from Simon. Thank you, Simon. Great to hear the news around upcoming engagement with shareholders and prospective institutional investors. Would this also merit or include engagement with JPM, who are registered as shorting our stock, to understand why and encourage them away from the strategy, which clearly has had a significant impact on the share price over the last eighteen months.

53:38 Yeah. Thanks. The yeah. So look. I am here in London this week to to catch up with shareholders and and institutions, both existing and and potentially new institutional holders. It's my last trip up here before before Christmas. I I don't believe JPMorgan is is on the itinerary. I'd be delighted to to meet with them. As you say, I think the the the shorts guy are often kept in a pretty, you know, dark seller in some some of those organizations and don't necessarily meet with with that many shareholders. That said, I'm not a 100% sure JPMorgan has a large short position presently. I think it it's about half a percent.

54:28 And, you know, when they bought that back, that will be positive for us. So it it is a shame that they took that position, and I'd certainly welcome the opportunity to meet with them. But no. I've been on the itinerary presently, unfortunately. That's great. Thank you. Turning to Patty. Hi, Sean. You mentioned in your presentation that you were hoping to bring a high quality, nonorganic asset to the portfolio. Would that be another exploration asset, or would you be looking at producing asset? That's from Paddy. Thanks, Paddy. I think the way I'd like to describe that is an asset with a clear pathway to cash flow. So potentially, that can still be an exploration or development asset as opposed to an asset in production, but I think a clear pathway to cash flow would be most important.

55:18 That doesn't mean we wouldn't still add exploration assets. As I said before, I think assets in the Patterson are of great interest to us. I think other assets, caliber of an Ernst Giles would would certainly be of interest to us, notwithstanding that is an expiration play. But equally, we do have a genuine interest to bring another, you know, high quality asset to sit alongside Havron. And what I'll also say there is one of the things we're looking at is continuing to build that team with with some people with a a business development focus so that we can put time, energy, and effort in to positioning ourselves for this growth.

56:09 Thank you. Just taking a few more questions here, one from Steven. On your slides, funding is described as in place based on the PFS, which was based on the drilling at the end of twenty twenty one. What are your thoughts regarding GREATLAND's funding position based on the FS as best as you understand it at present, given you would be aware of the drilling success as we are today? Yeah. Thanks. In in terms of the drilling success and making the ore body bigger, that should not have an overwhelming effect on CapEx. You you've still got only one whole road back to Telfer. You've only got a single decline. What might happen is you'd put more working capital in with opening up additional development levels.

57:00 The feasibility study does so the PFS did tell you that the feasibility study was gonna move from 2,000,000 tons per annum to 3,000,000 tons per annum. That would likely have more overtaking lanes, some more ventilation, more development levels in in in your development. So you would see some increase, but I I think those core pieces of CapEx, processing plant, poor road, and decline would all be relatively unchanged. So I I I think, you know, we we we think we're very well placed and we have a really strong buffer between what was described as the CapEx requirement under the PFS and what will be under the the the feasibility study.

57:52 But again, we'll we'll if there are opportunities to improve it and and make it better, they'll they will perhaps be celebrated. But we think we're really well positioned. That's great, Sean. I am mindful of time, and I know that we have a a hard stop at 09:30 online. So maybe just a couple more questions. And of course, thank you once again to everybody online for your engagement, and we will make sure the company have visibility of all the questions that maybe we haven't touched upon. Although I know a number of them are of a similar nature, so I think we've covered off quite a few of those topics. But maybe to finish up with a couple of questions here, the first one reads, will GREATLAND be issuing their usual interim exploration report at some point this week? Yeah. Look. We we do have that six to seven week cadence.

58:45 I don't think it's due this Thursday, but we do have an upcoming expiration update coming up, and we maintain that cadence. For good order, I know that Newcrest has moved out to quarterly expiration update, but we really appreciate that they cooperate with us still doing the six week cadence. Again, a reflection of a good relationship. That's great. And then maybe finally a question from James. James says, Sean, as previously mentioned, we may be vulnerable to Newcrest. Given the feasibility study may be issued around June 23, are you concerned at all about a takeover attempt in the short term? Yeah. Look. In in truth, I am. Yeah.

59:33 We have a world class ore body. It continues to be de risked as that decline is is advanced. And we've we've had some share price weakness in a rising gold copper market. So, yeah, look, it it is a concern. I think what we want is the market to give us time to to really show the full value of of Hefron and indeed to unlock some of that exploration potential both in Havron and around it. So we we are concerned and and and maybe a little bit vulnerable right now. So which which which is a shame. But, you know, the best thing we can do to fix that is to increase our share price.

1:00:21 And, of course, we have, you know, a a really large partner that has some great advantages with us, but it does make sense that Newcrest would wanna own a 100% of of of high quality assets because it doesn't make a lot of sense for them to own 70% of of of of an asset. So, yeah, I think I think we are in in a slightly vulnerable position. Having said that, I think all the things we've done such as putting the debt place, bringing strategic shareholders, and build the team, give us a better platform to optimize the outcome of of any of these of such an event.

1:01:10 But what we focus on again is is what we can control, which is developing have run well, continuing to invest in that drill bit, and looking to augment growth potential. That's great, Sean. Thank you once again. Thank you to all the investors on today's call and attendees on today's call that have submitted their questions. And if we haven't gone through your questions, obviously, as we said earlier, we'll make those available to the company, and any other responses will be published on the Investor Meet company dashboard. Sean, I know that investor feedback is particularly important to you and to the Board. And I'll shortly redirect to the attendees on the call, the significant number of attendees on today's call give you their thoughts and their expectations. But perhaps before doing so, if I may, just Sean, just ask you for a few closing comments, and then I'll send investors for their feedback.

1:01:58 Look. Just just in closing, I'd just like to thank everyone for tuning in. Your support and and interest is is really appreciated. If and just again to thank the the board for for their support and the incoming directors as well, both Jimmy who started a couple of months ago, but also looking forward to welcoming Mark and Elizabeth in due course. So thank you, everyone. And then finally, I do have a town hall on tomorrow in the city. So if anyone wants to come along to that, it's a slightly less formal process and normally goes for a couple of an hour or so afterwards with sandwiches and and drinks.

1:02:45 So lots of opportunity to ask questions there, but but thank you everyone. That's great. Sean and to the board of GREATLAND GOLD, thank you very much indeed for your time, this morning. Ladies and gentlemen, I could please ask you 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. 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 plc, we'd like to thank you both those in person and those online for attending today's annual general meeting. Good morning to you all.