Greatland Resources (ASX:GGP) — Annual General Meeting

0:02 Good morning, ladies and gentlemen, and welcome to the GREATLAND GOLD Annual General Meeting, and apologies for our short delay in getting started this morning. Throughout this meeting, attendees will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab that's situated on the right hand corner of your screen for those online. Please just simply type in your question at any time and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so, and we'll make these available to you via the Investor Meet company dashboard. I'd also like to remind you that this meeting is being recorded. I'd now like to hand over to Alex Varelli, Chairman from GREATLAND GOLD. Good morning to you, sir. Good morning to those dialing in and to those in the room. It's pleasure to see so many people. In fact, I haven't seen so many people since pre lockdown, really. So welcome to today.

0:55 It's It's now just after 09:30, so I declare the, AGM for GREATLAND RESOURCES and welcome Cheryl to East India Club. And we've got access to the screen here. So welcome to you all. And we have COVID potentially somewhere around London at the moment. So good to see you all wearing your masks, but I think do it in a way that you feel most comfortable. We should really have a bit of social distancing. So I think to the authorities, I assume that we're all socially distanced here. So we have a quorum, and I declare the meeting open to introduce ourselves. My colleagues do exist, but they exist virtually today. So I'm Alex Parey, the nonexec chairman.

1:44 Sean Day, our CEO, is in Australia on the screen. We'll be later. Clive Lachan is a nonexec director, and he is available on the screen. He's a UK based Australian with a illustrious career from Rio Tinto. Paul Hallum has joined us recently on the board, very experienced mining person, and he's based in Australia. Chris Toon, our CFO, has joined us on this call with he's CFO in Australia. John Janik, our business and finance manager. And I'd like to introduce you to a couple of people in addition. We have Steve Rawlinson of GREATLAND who's in the front row here, who's, our lead adviser, and we have Joy Mazambi, who's in attendance from Cheryl de Stars overseeing the AGM process.

2:36 So having said that, I'd like to start the formal proceedings. You've all been sent the notice of annual general meeting. So I'd like that was posted on the November 17, and I propose that we move forward, assuming that with your agreement that it is taken as rate. And forgive me. I've got to make use of all sorts of devices here. So the main business of the meeting is to run through the resolutions. I think the key interest for you attending today is to hear our CEO. So I'll be relatively quick going through the resolutions, if I may, but I'm inclined to ask you questions we go through. There are nine resolutions to be considered today.

3:24 One to seven are ordinary resolutions, which require a simple majority. Resolutions eight and nine relating to this application creation rights is is fairly standard for companies will be special resolutions, and they are subject to 75 approval. So business of the meeting. Resolution one is to receive the annual report and accounts for the year ending 06/03/2021. Hope you've all got a copy. Here's I've got a copy here. If you would like one, it's available on the website. We've been waiting to send you a hard copy. But before I put the resolution of meeting, are there any questions in relation to this resolution? Therefore, I propose that we consider the resolution one for the adoption of the accounts.

4:18 We have proxy votes in favor of 674,942,640, which is 93.2%. And we have 6.8% against, which is 49,000,000 votes, three thirty nine four forty six. So please, can you raise your hands if you support the resolution? All those in favor? All those against? Thank you. I declare resolution one. Harry. Thank you very much. Resolution two relates to the reappointment of myself as the director of the company. Directors have to, on the afterward, retire every three years. I was elected three years ago or reappointed three years ago.

5:05 So this resolution is concerning my reappointment. A good order, I'm not going to propose that resolution myself. I will ask Steve Boldson, the producer's lead adviser, to follow through with that resolution. And company secretary of the audit. Board is recommending that Alex already be reappointed as a director. It's necessary for me to, a, ask if anyone have any questions question. And secondly, I shall read out the proxy vote, which was 347,213,740 votes in favor and 334,673,906 votes against.

5:58 That was a vote in favor of 50.9 versus 49.1%. So that is carried according to the proxy vote, but we also need to put it to the floor. Can I please put the vote for those who approve this reappointment and those who vote against this reappointment? That is unanimous. And I now hand back to the chairman. Thank you, Steve Robinson. Resolution three is regarding the reappointment of Sean Day as a director. Is articles. Board is recommending that Sean Day reappointed or putting a resolution to meeting. Does anybody have any questions on this resolution?

6:50 No questions. So I will give you the proxy relating to that. It's in favor of 7 hundred 19,247,000 3 hundred and forty three, which is 99.2% in favor. Sure. We didn't get to 99.9. And against resolution, 6,027,159. So on the basis of that, all those in favor, please raise your hands. All those against, I declare a resolution to carry it, and I welcome Sean Day back to the board of the company to manage the affairs as CEO. I'm delighted with that. Resolution four concerns reappointment of Paul Hallum.

7:36 As you're aware, Paul Hallum was appointed during the year, and it's incumbent upon us to see if he's reappointed to the first AGM following his appointment. Any questions relating to Paul Allen, you'd like to answer? And I know the intention of as always that we can all meet you hopefully next year, COVID, they heavily restricted. Hopefully, the board can meet you all the same. Any questions on call? No. I will give you the results of the proxy voting, which is seven hundred and twenty three million eight hundred and six five hundred and five votes in favor. And of those voting, it's 99.9%.

8:22 So, Paul, nearly a 100%. Against resolution, we have a 82,997, which is 60.1%. All those in favor of the report to Paul Allen, please raise your hands. All those against, I declare that resolution carried, and I welcome Paul back to the board of the company as a director. Thank you very much. Resolution five is a standard resolution regarding the reappointment of our auditors. Our auditors of Littlejohn, that they assume the ownership of our previous auditors, so we do have a level of continuity there. Do we have any questions in relation to that resolution?

9:09 No. I will give you the proxy voting for that resolution, which is all those in favor, seven hundred and twenty three million five eighty five thousand three hundred nineteen, which is 99.8% against the resolution, $1,000,006.75 706, which is point 2%. So for the voting, all those in favor of the reappointment of the orders, please raise your hands. All those against, I declare the resolution carried. Thank you, ladies and gentlemen. Resolution six is we've separated out this resolution. Normally, the two are combined, but this year together, act separately. And we are proposing that directors are have the ability turn the mortgage as remuneration.

9:58 Do we have any questions on this? It's another standard ordinary resolution from AGM. No questions. The proxy votes in favor, 720,048,486, which is 99.9% of voting. And against resolution, six hundred and 80 2269.1%. Please raise your hands to those in favor. All those against, I declare the resolution carried, and, the process will be that the remuneration issues for the auditors will go through the audit committee, and then they'll answer to the board. Resolution seven is a general authority for the issue of shares.

10:46 Now we're very cautious about the issue of shares, and we have no current intention to issue any shares. But this is relatively standard resolution for the ability for the company to issue shares. Obviously, we are bound by the rules of the company's act and also the rules of AIM, so we have to comply with all of those, but we need shareholder approval for the issue of shares. This authority gives us the ability to issue new shares to nominal value of 1,000,000 1,250,000, which is 1,250,000,000 shares, and that represents 31.5% of ECJ capital. This authority replaces the last authority from the last AGM and will run up to the next AGM or fifteen months from now.

11:38 Do we have any questions on that resolution? Yes, sir. Is there any way that that authority can be used to facilitate a takeover bid? Well, a takeover bid would be depending on the rules, have to comply with, subject to shareholder approval if we're issuing shares in relation to that. We don't have the cash to have a a takeover that will be financed in that way. This does not give us the ability to raise sufficient cash for takeover. We've already seen shares for takeover. We have to go back to shareholders because there wouldn't be sufficient shares. But that that is sort of it depends on the size of the business. We have no current intention of following through on this. Because under the last raise funds, the board decided to raise the money.

12:29 Shareholders went asked about that. That's what remember. You had the authority to do it, but you you didn't come back. Now you just said that to if this total amount of shares were to be released, you would involve shareholders in that position. Yeah. We we have the authority ability to first of the resolutions and general authorities so we can issue new shares, then we have a specific authority after which is the this application preemption rights. This resolution allows us to issue shares on a basis that enables all shareholders to participate, then there's a separate resolution for the dissaplication of that preemption. And we have in place this the well, the the special resolution will follow. It gives us the ability to raise cash. Right. What trying to say is if a large organization came to you and said, I'm willing to put x million pounds on the table.

13:31 Can you give me 1,200,000,000 shares? How would that how would that process work? Well, we're we're subject to the limits on what we can issue with shares, we have specific authority with. When we get into the special resolution, we'll see that our ability to issue shares is very limited. In fact, I think it's to it's 5% only. So I think in those circumstances that you're concerned about, we'd have to go back to shareholders and put a resolution to them. So these authority actually are relatively limiting, but this ordinary resolution gives us the ability to issue shares, on on a means on a means by basis, really. And when we raised cash earlier this year, that was through the authorities we had in place at the last eight year, but there was a limited fundraising we facilitated.

14:23 So I hope that answers the question, but I think the the the answer for you is that if there is a transaction of size, first of all, we're subject to the eight rules and was subject to the authorities that generals have gone to us today. So that's the general authority, which is, AirBank has resolution seven and in favor for the proxy 711,153,347 votes, which is 98.5 against 10,919,592, which is 1.5%. And all those in favor of the resolution, please raise your hands. All those against the resolution, therefore, I declare resolution seven. Thank you very much, ladies and gentlemen.

15:15 Resolution eight, this gives the directors the ability to just see shares for cash without first offering them to shareholders. This is so called disapplication of preemption rights. And we have a very limited authority on this. We're proposing a normal amount of £200,000, which is 5 percent of the share capital of the company. And this is in line with the company's statement of principles or the set of principles for the preemption group that was published in March 15. So we're very compliant. We're very conscious that we're complying with good corporate governance on all the matters. As I said, we've got no intention to use these shares, but this provides a degree of flexibility for the company.

16:02 And it is, again, a relatively standard approach for this company to have this ability. So this authority, if it's approved, will expire next AGM or fifteen months if the AGM is not taking place in that time. Any questions on this resolution? We had proposed something similar last year. The proxy votes in favor, 705,015,537, which is 98.4% against the resolution is 11,000,756,418 votes, 1.6%. So if you can raise your hands all those in favor, all those against. Thank you. Majority there, over 75%, so I declare the resolution carried.

16:50 Thank you very much. And the final resolution is Resolution nine, which again is the giving us the specific ability to allot shares for an acquisition of a specified capital investment as defined in the state of the principles. I think we're happy to let you see a copy of that and give you some sort of background of what we're doing. So this is a further 5% authority that we're seeking, and it is a normal amount of £200,000. Again, it expires at the next stage year or within fifteen months. And the directors, we confirm our intention to follow the provisions of the state of the principles regarding cumulative usage of the dissapplication authorities, which limits us to 7.5% in a three year period.

17:40 There's obviously a few of the rolling authority we can use it, so we take it up seven and a half percent of the cover in three years. The proxy votes in favor, seven hundred and seven million five hundred ninety thousand five hundred and forty seven, which is 98.6%. The dates of resolution of nine million seven hundred thirty three thousand two hundred and eighty, which is 1.4%. All those, I'll put the resolution of the meeting. All those in favor, please raise your hands. All those against. We have a overwhelming majority in favor. I declare resolution nine carried. So thank you very much for that. I the the meeting is virtually closed now. I think I'll just get a nod from our lawyer, registrar. I don't think there's anything further we need to cover in the meeting.

18:35 I will be followed by Sean Day who'll give a presentation. The results of the meeting will be up on a RIS, basically, information service with RMS, the news service. I wish you all excellent health and then COVID and a very good new year. If you're a shareholder over period of time, I'm pleased that you have made significant gains by investing in Great Gold. And we look forward to your continuity as a shareholder in the company. I just want to make a comment. The resolution in relation to myself, the whereas most of the voting is over 93%, a number of the votes are passed against my reelection, and we understand that it's not for me personally.

19:26 Otherwise, I might take it to do personally, but it's a it's a it's a the proxy advisers give their recommendations through various voting form to say that in directors who are nonexecutive are not considered independent of held options. In the early days of GREATLAND RESOURCES, we had financed the remuneration for the directors through the issue of options, which saved the company cash and then enabled us to stay together as a board. But the proxy voting measures today do not favor voting options, which is disappointing. Therefore, we've had a effectively a protest vote against them. So I'd like you to understand that position when you see the announcement.

20:16 What we will be announcing, and I'd make the statement that we consider that the nonexecutive directors are all independent in both judgment and character. The success of the company is and has been dependent on a strong board and the executive management team for their vast sectoral expertise to run a company like GREATLAND and its continued growth as a development and mining company. The board has approved the adoption of the QCA code as its governance framework against which it is reported and will continue to monitor its suitability on a manual basis and revise its governance framework as appropriate as the company evolves. Furthermore, the board considers it is compliant with the case requirement for independence.

21:01 We're disappointed to see the the voting as it was for the independent Jones reappointment, but that is nature of voting instructions today from the proxy advisers. So ladies and gentlemen, we've had enough of me. I'll pass you over to Sean Day to give you the the meat and the bait. Ready? Thank you. Hi. Thank you, Alex, and welcome everyone to the AGM. Just before I start, I'll I'll just clarify something on the on the chat, which I I wasn't able to seemingly reply to, which was just there is a typo in resolution seven with a an additional rogue zero.

21:49 That that is just that a typo, the formal notice of meeting has the the correct number with only three zeros after the the last comma, just to formally confirm that for those on the chat. I'm gonna do a short presentation. We we have got a number of questions come through, and my sense is people in enjoy that that q and a interaction. So I'll I'll give a quick overview, and then we'll we'll we'll seek to to move through a Q and A. Just to begin with, it's been a year full of activity at GREATLAND and indeed our Heverron asset. The key aspects of this is actually commencement of development of Hevron. So the box cut went in that then we had the the formal opening ceremony.

22:45 And, of course, now we're underway with the the decline development, which is a magnificent milestone for the company. And it's great to see what we all believe is a world class ore body that ourselves together with Newcrest have the conviction to go ahead and advance the development. During the year, we also had our our first study, the the prefeasibility study. That's really just focused on that Southeast Crescent. It does show you that the CapEx to put in into production is is very reasonable for for GREATLAND and achievable. And then secondly, the low cost nature of Hevron. We would become, based on that prefeasibility study, the second lowest cost gold miner on the planet, which is extraordinary and goes to the quality of Hefron.

23:41 When I think about the the year here, you know, one of the my primary objectives for the year and something I'm particularly proud of is the buildup of the team. It's been, in some ways, a a year of transition as we've moved from develop well, from explorer to developer and and ultimately with a a goal of of of being a mining company. And what we've done with that is develop the team to let us make that transition. We've evolved from having a very strong geology team, augmenting that team, but also adding mining engineering capacity and indeed processing so we can understand the full range of activity around the development of Have Rock. We've augmented that together with, know, the resource geologists and those other teams around generation to give ourselves the best opportunity at developing and unlocking option value from that exploration portfolio.

24:48 And in addition to that, we've matured the capability of the organization in terms of finance and and commercial, appointing a CFO, and others. And and really the team that we have, I I think is extraordinary for a a a company of this size at this stage of the development. As many of you would appreciate, getting top end mining talent in Australia right now is incredibly competitive. And I think it's a testament to GREATLAND, and I think a a great testament to the quality of our asset, of the caliber of people it attracts, and people are attracted at potentially working on what we think could be a multi decade opportunity at Hefron.

25:36 In terms of the strategy, I think it's always good to to revisit this and and think about GREATLAND's future trajectory in terms of this strategy. Again, we wanna focus and deliver HAVRON on time, on budget for the benefit of all shareholders. We wanna continue to invest in the drill bit and unlock that option value. We think we have some tremendous exploration ground within the portfolio. We also are are working on getting access to some new areas, such as Ernst Henry, which, again, I think gives us an opportunity to accelerate exploration and very optimistic about what that can deliver. And then finally, of course, we also wanna be disciplined managers of our portfolio.

26:22 And and with that, look to leverage the base we have both to make sure we optimize our portfolio for assets that we think can become the next Tavron, but equally, where possible to, you know, to to look to to that sends Giles, but also to to where possible to look to leverage the the broader base. The just turning to to Hevron itself. I know I appreciate this is a a a busy diagram to the right of our screens. But look. This this subvertical ore body, this is looking down at it in in plan view. But, you know, it's it's a tremendous ore body.

27:11 Right now, really, we've been very focused on the Southeast Crescent. That's what this what that original prefeasibility study focused on. And, hopefully, that gives you a sense that there's still some three quarters of this ore body together with the opportunity at that Eastern Brescia still to be bought into the mine plan. And even within that Southeast Crescent, it's only a fraction of that part of that high grade backbone to the ore body. So you don't need a lot of an imagination to start thinking about what Hevron looks like when you take it down the entire expanse of that Southeast Crescent and then when you open it up to the broader bulk mining opportunity across the Greater Havron. And that's why we attract the interest of a Newcrest as a major to to wanna be part of this development.

28:01 I think we have a number of really important catalysts for value in in the year ahead. We'll come out with our inaugural sustainability report. That's really important to the values we have as a team at at GREATLAND, but also I think increasingly gets traction in the market. We have the JORC resource update that we're we continue to to work on. We aspire to be fully funded. We obviously have in place some cash now. And in addition to that, the facility with Newcrest. But at some point, we wanna be able to be fully funded for this development of the Southeast Crescent. And, again, we're engaging with the market now, particularly around banks. And in terms of that, we did raise some equity earlier.

28:49 Again, I think you should understand that or appreciate that having a cash balance is not instead of bringing in finance, bank finance. It actually augments and improves our ability to do that. Just like buying a house or buying a car, it's rare that the bank will lend you 100%. It's good to have a cash balance and some liquidity to sit next to that, debt profile as well. The growth drilling, 90,000 meters of growth drilling is planned. That just gives us a huge opportunity to further understand and keep adding value to Hevron. And remember, in the 230,000 odd meters that we've drilled into this ore body, we are yet to have a drill hole that hasn't intercepted mineralization.

29:37 That is extraordinary, and that gives us a huge amount of confidence about what we're gonna continue to unlock and define, to create value for shareholders from that growth drilling program. The feasibility study, we expect in the second half of of next year. Again, the pre feasibility study was 2,000,000 tonnes a year. This will take us to a 3,000,000 tonne per annum, study. So again, we've increased it by by 50%. So again, I think that has a good opportunity together with leveraging the additional drilling that's been undertaken to create value. The bulk mining, again, three quarters of this ore body is potentially kind of lends itself into the that bulk vine.

30:26 And, again, if you if you listen to the Newcrest discussions and indeed our own, we ultimately see this being a continuation of the Southeast Crescent sublevel open stoping, but a bulk mine potentially operating next door to that one mine, two mining methodologies. Discovery continues to be a focus for us. Again, we feel we're we're better placed to to be able to maintain that program outside of HAVRON with the with the cash balance within, GREATLAND corporate itself. And again, the option value in that portfolio, some of the ground we hold we think is outstanding, and we wanna give ourselves every opportunity to unlock that value for shareholders. And then finally, of course, we've got the decline progressing.

31:14 Just just to remind people around this, we're moving through the Permian area. There's about 400 meters of cover before you get down to the country rock. That Permian is relatively soft. Intuitively, you might think we can chew through that quickly. But, actually, the the harder the rock competency, the bigger cuts you can take each time in that in that sequence of cut, draw out, and and truck to surface. So during this so it's always been planned that it would be relatively slow progress to start with as we move through the softer levels of that Permian. As we get deeper through that Permian, which has been under more time and compression, you can slowly expand those widths, and then ultimately, you get down to the to the country rock, which is beautiful mining conditions.

32:10 Look, sustainability, I mentioned before about the inaugural sustainability report. We also wanna be engaging increasingly with, ESG funds. We think this is an extraordinary opportunity from an ESG perspective. We are gold and copper, and I think there's no better way to participate in this whole EV cycle than through copper. But in additionally to that, we are leveraging existing infrastructure. There is no giant plant spend. We are leveraging so much of the existing infrastructure that reduces our carbon footprint and ultimately makes our life of mine material or metal more ESG friendly. And I think that's a big competitive advantage for us as we go through that ESG process.

33:03 Look. This is just reminding ourselves around Havron itself. Look. It is an absolutely world class discovery in a tier one jurisdiction. We have this close proximity to existing processing capacity and and not just processing capacity. It's the Bitumen Airstrip. It's the camp. It's the stores. It's the critical supplies. And perhaps most importantly, the 1,200 people in situ, each with up to thirty five years operating experience out there in the Patterson. That's a wonderful asset. And, again, one of the reasons that we don't we wanna get Hevron into production late twenty three, early early twenty four. So there is no gap here. There is no demobilization of Telfer.

33:53 Newcrest wants to keep those people in situ, and GREATLAND is just as keen for that to happen. And then to the to the right of our screen is just the ore body itself. That really highlights that Southeast Crescent. Again, if it comes across on your screen, that dark red is the stopes that are actually baked into that prefeasibility study. The rest of that pink material is all Southeast crescent circa five gram material sitting next to infrastructure. It's typically been drilled to about 75 meter drill widths. It needs to be 45 meters for us typically for us to bring it into the the reserve. As we continue to the infill drilling, we bring more of that material into reserve category and can bring that into the to the next study. But five gram material sitting next to infrastructure, you should have a high degree of confidence that all comes into the material. And I think this visually shows the growth that you've got just on the Southeast Crescent alone.

34:55 And remember, at depth, we're actually seeing slightly better grades, slightly better widths at the Southeast Crescent. So it behaves at depth. To the far right of screen is that ounce profile per vertical meter. That is extraordinary to be sitting above eight and a half thousand ounces per vertical meter. It will continue to expand as we we bring in more for across the full zonation, but you see it does tail in. That's only a function of the density of drilling. As we continue to drill, our expectation is we'll continue to push out that ounces per vertical meter. And what that means and why mining engineers love to follow that so so closely for underground mining is it goes to the efficiency of the infrastructure.

35:41 The how many ounces per meter of vertical advancement can we extract from this mine? And, again, laterally, this is actually quite a compact ore mine. It kind of a six fifty, 750 meter mining width. Again, you know, we're not talking about these ounces being over a three or four kilometer mining with the potential efficiency, which goes to the all in sustaining cost, is exceptional at Havron. And then this dove dovetails to this all in sustaining cost. I mentioned before, we will be the second lowest cost all in sustaining cost gold miner on on the planet behind the Russians' Polyus.

36:27 Again, it just talks to the quality of the ore body, which is this confluence of of factors in including the ounces per vertical meter, the grade, and the opportunity for to mine it in a in a in a reasonably, you know, bulk methodology. The CapEx itself, again, we mentioned about a $73,000,000 hurdle. That's very manageable for us. It's something that we're we're focused on. And again, if we can augment that with some bank debt, it gives us the opportunity to minimize any future dilution we need. So again, just as we kinda head towards the q and a, the overall exploration portfolio at GREATLAND, we we think is exciting. Of course, the Paterson is is a huge focus for us during the year. We, you know, substantially increased our holdings in the Paterson, which we think, again, gives us more opportunity to unlock value.

37:31 During the year, we've we've doing we've spent a lot of time on access with First Nations people into Panorama, in into Ernst Giles. And, again, we're hopeful, we'll have full access into those areas, in in the New Year, and we can undertake some drilling programs. All of them are interesting to us, but I think Ernst Giles is a particularly unique opportunity to have a underexplored Archean Greenstone in the portfolio is is brilliant. And a lot of the West Australian gold discoveries are associated with Archean greenstones. You know, if you think the Super Pit or the Kalgoorlie region, that's those are Archean greenstones. So lovely to have that kind of opportunity and option value within the portfolio.

38:18 So with that, I'm keen to step across into the Q and A. That's great, Sean. Thank you very much indeed. Obviously, we've got the attendees in London, and you ahead. David line see from the room. It's not the greatest sound, I have to say, because we've only got the speaker from the laptop. So our apologies to the attendees here. But does anybody in the room have any questions? I think they'll they'll follow through with questions as as they emerge from the dialogue you've got up with the online questions.

39:11 No problem. Need to ask questions as as we go through, but over to you, Mark and Sean, for the online questions. We have no shortage of online questions, so I'm I'm sure that will keep us busy. That's perfect then, Sean. If I may, if I could just hand back to just to read out these. Well, in fact, if I may, I'll probably start off with the questions. You did receive some pre submitted questions, Sean, which I believe you should have in front of you. But let me up, bring and I will start off the Q and A with the pre submitted questions that we received from investors online. So thank you, firstly, to all those investors that did and shareholders that took time to submit those questions. Right. So without further ado, let me start here at the top. Question number one reads as follows. Are there any plans to move from AIM to the main market or have a dual list on the New York Stock Exchange?

40:10 Yeah. Look. I I think, you know, AIM's been a, know, a really successful market for us. You know, we're delighted with the share the shareholder base that we've developed and and continue to grow. In terms of how the company evolves in in the future, I think that, you know, there is an opportunity to continue to assess what is the right exchange, where do we have the best access to capital. But so the LSE potentially is something that we mature to at at some point, and it's something the board does spend time considering. Equally, you know, we we enjoy being UK listed, but ultimately, part of the responsibility of the board is to assess exchanges around the world, in including New York. But I think for now, you know, we're really satisfied with the traction we're getting in the London market.

41:01 Although, you know, we've had a little bit of share price fall in recent months, notwithstanding some excellent news coming out from the site. So, look, we're really conscious that that if we don't continue to grow our share price, if we don't continue to to get that narrative, you know, to get traction in the market to understand the full potential and value of of Havron, at some point, you know, the there's a a grave risk that, you know, the a a takeover bid will come and someone else will will take that value and develop develop our asset for us. So, you know, for us, it's really important to build the share price and continue to build the share price as we continue to get great information coming out of Hevron and its value is better understood and translate that into a strong share price.

41:54 That's great. Thank you very much indeed. Turning on to the next question. Is it possible to give a best practice estimate for the completion of the decline? So far, we know CY 'twenty three, but that's a twelve month window. I was hoping that based on the progress up to the date of the AGM, we could get a tighter window, and that's from Terry Baptist. Yeah. Thanks for the question, Terry. Look. I I think you should be thinking about that as the the second half of of calendar '23. I I I think someone did ask me last week whether I thought we'd get an introduction before Christmas twenty two. I'd say that that's yeah. That'd be really ambitious, but I think we're we're really looking at a a late calendar '23. And with the the central goal here is to get it into production to have ounces through that mill in calendar year early calendar year '24 so that there's no there's no risk of a demobilization of of Telfer.

42:52 So that's that's really what we're focused on, and and we believe that's achievable. Thank you very much indeed, Sean. Next question reads as follows. In the November 18 fundraise, the RNS states that net proceeds are earmarked to Fast Track development, Hefron, and explore the wider system, accelerate exploration on a wholly owned tenement and pay costs associated with working capital and general corporate purposes. Can you provide details on these areas, please? Yeah. Look. It's it's a somewhat broad definition, isn't it? But but really, look, when we when we think about how GREATLAND is funded, we have this $50,000,000 US facility with with Newcrest that really gives us runway through much of the course of calendar year '22 for our HAVRON commitments to be funded as part of that facility.

43:44 We can't draw down and nor would we want to cannibalize some of that facility for for other purposes. We want that those funds for our investment into HAVRON and to deliver HAVRON. The those the additional funds that we have, from the equity raise and remember, our cash balance was around £3,000,000 at the point of of doing that raising. So that is a, you know, you know, an extraordinary low cash balance, for a company of our size. That what the equity raise does is gives us, a cash balance so we can pursue those non Hevron activity, which is unlocking the the value within that exploration portfolio. We believe in spinning the drill bit. That's how we found Hevron.

44:32 We're in elephant country. We wanna continue to run those opportunities to ground. And equally, also, the working capital aspects, yeah, we have built a team. I've talked about building a team. Again, building that team helps us understand Hevron. It helps us review in a peer sense with Newcrest the information they're doing and indeed scrutinize it. And I think, again, if we're gonna be a good owner of Hevron, we need to invest in the team to make sure we optimize it for GREATLAND shareholders. Thank you, Sean. If I can turn to a question that we've received from Nicholas T. Thank you, Nicholas. His question reads as follows. Good evening, Sean. In the interview with ProActive last week, you briefly mentioned Scallywag and the growth drilling at the northwest of the main ore body at Hafron. Can you please expand on that?

45:22 Yeah. Look. We there is some drilling. A couple of rigs stepping outside of Hafron still on the mining lease, but looking at the the the Hev North, the the Zipper opportunities. Look. As GREATLAND is concerned, we're we're incredibly optimistic about that. You know, the best place to look for gold is where gold's already been found. There's typically a northwest trend through the Paterson region. Scallywag sits to the Northwest, but hitting some of those anomalies, which is still on the Hevron mining lease, but but slightly to the to the north of HAVRON proper, you know, give us, you know, you know, tremendous option value, tremendous opportunity to be successful.

46:11 Clearly, Newcrest are equally interested in those targets. Represent genuine opportunities, and those opportunities continue to flow onto our Scallywag target. So, you know, it's a systematic process. The area is undercover. We don't believe in patent drilling and and spending a huge amount of exploration dollars upfront. We believe in drilling a hole, understanding that, reflecting on it, recalibrating our understanding of the region, and then going back in. It's very much exploration built up from first principles and careful analysis. But we think over time, that is the best way to create value for shareholders. Thank you, Sean. There are a number of questions from a number of different investors on the call today relating to share price. And as opposed to reading each and every one out, one of the questions I think summarizes it is, why is the share price down so much despite the good news flow? I don't know if you can give any kind of comments around share price, but that would address probably quite a few questions today.

47:17 Yeah. Look look, as a management team, we really focus on the factors that we can control. And, you know, to some to some extent, that's not always the share price. But what we can control is the activity that we do as as a team. We like to think we've continued to, you know, put out some good news into the market. I think the Heffron results have been nothing less than than stunning. You know, I I do recall the share price dropped a bit on the last couple of exploration updates notwithstanding. I I think the one before was a 120 meters at 10 grams point six six copper. So hard to see what could have been more impressive than that. And, again, in the most recent one, drilling under the Southeast Crescent for showing extension for another 250 meters on that high grade backbone.

48:09 These are extraordinary outcomes. They go to creating value for shareholders. You know, we wanna continue for you to engage and, you know, and do the best job we can at articulating that message, getting that narrative across. But, again, at some point, the the hammer will fall, and, you know, shareholders might receive a premium if we get taken over. But I think to sell it at at this point in the cycle before we fully understand the full value of Havron, I think it's a a decision we could or or an outcome we might regret at leisure over many decades that is the potential of this Havron development. So, look, that's the challenge for management. It's very much a challenge for me. It's something I'm acutely aware of.

48:56 You know, we're focused on delivering shareholder value, and we'll continue to put time, energy, and effort to that. And I am pleased to say I can get up to to London come the March quarter. So, hopefully, getting in front of people as well is all part of adding to that opportunity. I might just add those, Will, one of the earlier slides was those catalysts for value in in the New Year. I I think the resource upgrade, sustainability report, the funding program, all of those should give people a lot of confidence that you have in place the team that can drive value and give events that the market can recognize as delivering value. Thank you very much indeed.

49:41 Turning a question from from Adam Jay. Thank you, Adam. How confident are you that you could defend, say, a bid at thirty p from Newcrest? Adam, that's a great question. Look. The look. That of course, any takeover bid, you know, is something that, you know, the board would have to consider in in terms of of value. Again, one of the great benefits of us building the team, engineering, having process skills is that we understand the value of our asset better and better. That's, again, some processes that we go through internally. The updated resource and reserve, your report is also another factor in understanding our asset better.

50:28 So, look, I think, you know, the value of Hevron is is is incredibly substantial. You go through your entire career in mining looking for world class ore bodies in tier one locations. And the fact that we have the additional confluence that it's sitting next to infrastructure, and we have a global major operating and being the manager with us and further decreasing risk and having the rooms full of mining engineers, you know, indigenous engagement, environmental permitting people that they can deploy to this asset. We have an extraordinary low risk, low CapEx pathway to free cash flow and potentially a multi decade mine here.

51:20 I I think the the the value is extraordinary, And I think over time, we can continue to communicate that and create that value. Thank you very much indeed, Sean. A couple of questions about assay results. Michael D asks, when can shareholders expect to see what assay results from the jury JV that were expected in early November? Michael, look, results haven't really come in. There has been some expansion of Assay Lab infrastructure in in Australia and particularly in Western Australia. That was envisaged that it would start walking times down. We haven't really seen that, unfortunately. We we saw a little bit come in, and it's probably walked out a little bit again now.

52:08 Having said that, we we are just starting to get some results through. Obviously, they need to be processed and and reviewed. We also did an EM survey up on on some of the jury Scallywag ground as well. There's a quite a long tail of interpretation on that, but that's gonna be coming through shortly too. So we are getting into a little bit of the Christmas period, but we'd like to get that out, you know, when it's all in, hopefully, in in weeks, not well, certainly not months. So if not late this year, which is probably unlikely, but certainly very early in the New Year. So it is starting to drift in. It is a bit of a slow burn. Believe me, we we would love it to be quicker, and we have some very impatient geologists wandering around the office just now.

52:57 That's perfect. Thank you, Sean. I'm mindful that we're coming up to the hour. Just wanna check that you're still happy to to carry on. I'm mindful of the time difference as well. And what I might do is just just just liaise with Alex just while you just take a few more moments to look at some of the questions. But are you happy just to carry on for for a little bit longer? Yeah. I I enjoy it. I'm I'm I'm very clear. Perfect. Well, let me just let me just open the the line to Alex, and and apologies apologies for the if you're having any issues on the sound there, guys. But, Alex, can I just hand back? Is there is there anything that I could take from the room at all for Sean just once we Yes. And so if anyone is having difficulty hearing, we're a bit late to say it, but come near the laptop, please. But otherwise, does anybody have any other supplementary questions to put to Sean or any of the team?

53:46 I think it's a world class action that we've got. Perfect. Well, let me carry on if I may then. I'll just I'll just turn the microphone off there at in the in the London venue. And, Sean, maybe I can just come back to you with some of these questions that are coming in. Matt t asks, can you provide any indication of the likely magnitude of the resource upgrade and when we can expect it to be released? Look. I I think it would be I have to be measured in terms of of starting to to front run announcements. Look. We we think about getting that out in in the March quarter last year. I think previously, Newcrest had indicated a December to February time. I think they're they will come out with their updated resource in February.

54:34 We'd like that to be aligned, so we'll continue to liaise with them around that alignment. That's great. Thank you very much indeed. Question here from Gary M. Thank you very much indeed, Gary. Gary's question is as follows. Do you anticipate a trigger event that will promote more institutional investors coming on board? Gary, thanks for the question. Look. I I think these things are are are multifactorial. You know, throughout the course of of 2021, we've really started to engage with with institutional investors. I I think often with these these groups, you've gotta have multiple meetings. They wanna hear from you several times. And indeed, they want to to to see that you deliver the operational goals that that you articulate you're going to deliver. I I think during the course of this year, in that regard, we've we've built credibility with with those names.

55:36 We've seen, you know, in in the most recent equity raise, I think it was some 20 institutional investors came in or new to the register. Now some of them took relatively measured parcels, but it's all about them kinda building confidence and and building engagement with the company. Again, look, I did go through those catalysts. I don't wanna get too too repetitive here, but, you know, I think the ESG report is really important for institutional investors. I think seeing that updated resource reserve, the fully funded or the bank financing is a is a really important event. And then even the fact that I can get up to London and meet people face to face. Look. Online's good, but we all we all still probably appreciate getting in front of people one on one. So I think all those are important catalysts in the first half of of next year.

56:32 And all of those are are in parallel with 90,000 meters of growth drilling and these continued exploration updates. And every geologist, every mining engineer, you know, every person watching those updates, I think, just grows in confidence about the opportunity at Hefron. That's great. Thank you very much indeed. Question from David B. I think I'll hand it to you just because it's here. But can GREATLAND GOLD be taken over without PI, private investors, I guess, approval? I think the answer to that is. Well, the well, the the answer is no. Look. Fundamentally, if if if a takeover bid was received and the board thought it warranted being put to shareholders, it would ultimately be in the hands of shareholders.

57:25 It it would have to be a, you know, I think a compelling bid. You know, this you know, I've talked before. This is a unique ore body with a unique pathway to to low risk pathway to free cash flow. Ultimately, you know, someone's asked about well, I I think a few people asked about share price before. Ultimately, it's the it's the shareholders that determine these, and it's the shareholders that determine bid outcomes. But, yeah, my gosh, I think we'd wanna extract a premium for an asset of this quality. That's great. And and I think maybe, obviously, because the questions are coming, we'll we'll make all these questions available to you post the meeting as well if there's anything that we haven't touched on either through the presentation or through the q and a. But I guess maybe a good question to finish it on is, Sean, do you think the share price is undervalued?

58:15 Oh, look. I I think anytime you ask a company whether their share price is undervalued, you you but but but, yes, look. Again, it just comes down to this is, yeah, a a tremendous ore body. And to have it in a tier one jurisdiction next to infrastructure, you know, I risk repeating myself, but it is globally unique. It is hard to see an asset of this quality in a jurisdiction like this with this quick pathway to product production. You know, we we expect to be in free cash flow in calendar twenty twenty four. This is for a discovery in 2019. Yeah. Literally, in 2019, two years later, we've started developing it.

59:06 That is unusual. The typical time frame to development of an asset in Australia is is around ten years. Again, this just talks to the quality of of HAVRON. It certainly talks to the conviction that we had as GREATLAND that we were willing to support putting this into production early. I can't speak for Newcrest, but perhaps it talks to their conviction about the quality of this asset as well. Yeah. It it's a unique proposition and shareholders of of GREATLAND should be popping champagne corks every day about the quality of this ore body and the fact that it just consistently and predictably continues to deliver for us. That's great, Sean, and thank you very much indeed for your presentation, indeed for your time for the q and a. Perhaps it may be an opportune time if I may hand back to Alex in the East India club just to wrap up with. And then what I'll do is for all those attendees online, I'll redirect them in order that they can provide you with their thoughts, views and expectations.

1:00:09 So Alex, if I may just hand back to you, sir, to close. Thank you, Mark. Just picking up on a couple of points there. One is the share price and the other is a takeover. To a certain extent, they're related. We do have analyst reports on the valuation of GREATLAND in the market at the moment. And I think the expectations of the share price should be around the mid-20s and above. So that gives a marker on that. And secondly, if there is a takeover approach, there is a formal process that is adopted. Although it's not subject to shareholder approval, a form of acceptance will go to shareholders from an offer, raw, but the offeror would seek to have a board recommendation, and it's incumbent upon us to have a valuation report on the company. So we would go through the motions of being totally considered on the value of any offer that's received. But, of course, we're not in that position at all at this stage.

1:01:08 Otherwise, I'm very grateful to people for attending. I'm conscious of COVID restrictions, and yet we have pretty much a full room here. Thank you, ladies and gentlemen, for attending, and we look forward to seeing you next year. And hopefully, online, some of you will be able to attend and meet the team in person as well. But thank you to all. That's great. Thank you once again to the Board of GREATLAND GOLD for broadcasting their Annual General Meeting to weigh over 500 investors on the call today. Could I please ask attendees please not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order the management team can 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, we'd like to thank you for attending today's Annual General Meeting.

1:01:59 Good morning to you all.