Greatland Resources (ASX:GGP) — Annual General Meeting

0:03 Ladies and gentlemen, good morning, and welcome to the GREATLAND GOLD Annual General Meeting. Company may not be in a position to answer every question it receives during the meeting itself given the number of attendees on the call today. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available

0:35 via your Investor Meet company dashboard. I would also like to remind you that this presentation is being recorded. Before we begin, we would like to submit the following poll, and we'd be grateful if you could give that your very kind attention. I'd now like to hand over to Alex Barelli, Non Executive Chairman of GREATLAND GOLD PLC. Good morning, Alex. Good morning. Thank you very much, Mark, and good morning to shareholders and attendees of this Annual General Meeting of GREATLAND GOLD. I declare the meeting open. Welcome to all who are listening, and thank you for your patience today with this online presentation from us and the formal meeting. To introduce ourselves, first of all, so you know who is attending from the company.

1:21 Obviously, my myself as a non executive chairman of the company. I'm here in London with Clive Lancham, one of the directors, together with Gemma Craven and also Steven Wollensome, our lawyer from Druces. In Australia, we have GGPWHEADL, CEO and Callum Baxter, CTO. Welcome to you all. So I will continue with the process of the meeting. You have the presentation, and there is a disclaimer noted, which I would draw your attention to. I won't go through the wording of that. So unless there's any other issue and everyone has clarity on sound and process, I will continue. We have put the the notice was sent to shareholders in the ordinary course, and we have we had notice of meeting with five resolutions proposed in the first instance. We have four ordinary resolutions.

2:20 I will come to ordinary resolution one in the first instance. That is to receive the report of the directors and the audited financial statements of the company for the year ended 06/30/2020. We are taking the proxy numbers in relation to this voting because members are not in attendance at this meeting today. The proxies we've received exclude a further proxy we've received, which is voting in favor from a late letter of representation, and that's in relation to 7,841,000 additional votes. So the numbers you have on your screen don't take fully into account votes in favor. But you can see that the votes in favor of resolution one of five hundred and thirty two million eight nine eight thousand two hundred and thirty four, Those against fifty nine million two hundred and three nine eighty five, and the votes withheld six six nine nine five one.

3:20 The result of that, before taking into account the 7,800,000, show that 90% of votes are in favor. Therefore, I declare the resolution carried. I would now like to move to resolution two. Our colleague, Clive Latchen, joined the company as a nonexecutive director during the year, and as a result, his reelection is up for voting at this annual general meeting. The resolution is to reelect as a director, Clive Latcham. Once again, the votes exclude in favor of 7,841,000 votes. But those voting in favor of Clive Latcham's appointment totaled $4.02 $3,000,002.01 $990.06.

4:09 Those against, one six eight eight five nine two eight seven. Votes withheld, six nine two nine double seven. So the percentage of votes in favor, 71.5% before taking into account the additional shares, and therefore, I declare the resolution carried. And I would like to welcome Clive Latchen formally back to the company as a director. Welcome, Clive. Thank you. Resolution three is a further ordinary resolution. It is, again, a standard resolution, which reads to reappoint little John LLP as auditors of the company and to authorize the directors to determine their remuneration. So resolution three, the votes received by the registrar, again, excludes the 7,841,000 in favor.

5:01 Total votes in favor, five four six million o three seven four eight six. Votes against, forty five million six five six one one o. Votes withheld 1,078,574. The votes in favor are over 92.3%, and therefore, I declare the resolution carried. Thank you to all shareholders. Resolution four is a, again, standard resolution for the ability for the directors to issue new shares effectively on a pro rata basis to shareholders, and that is for the nominal value amount of £750,000. So resolution four votes in favor, again, excluding the 7,841,000.

5:50 Votes in favor, $587,000,008 $9,238.03. Votes against $1,000,008.09 $572.04. Votes withheld, two million nine eight four zero eight three. The percentage of votes in favor for an ordinary resolution, 99.7% before taking into account the additional late voting. So I declare the resolution carried. Thank you, shareholders. Moving on to the slide headed up with special resolution five. We acknowledge that resolution five is sometimes gives rise to questions as to the ability of the company to issue shares on a non preemptive basis.

6:35 Resolution five was in relation to the dissapplication of preemption rights.

6:41 And we had a majority of votes in favor being over 50%, but we haven't had the requisite voting in favor of the resolution as a special resolution. Therefore, we have withdrawn that resolution from voting formally at this meeting, and we will be speaking to the major shareholders in order to understand their position, and we will represent this resolution during the first quarter, I would hope, of 2021, represented to shareholders to give us the ability to issue shares on a non preemptive basis. So that is Resolution five. The next slide will give you a summary of the votes, which will be updated and disclosed by RNS at some stage after this meeting.

7:33 So that closes the formal business of the meeting. The next parts of the meeting relate to a presentation from GGVES HEDL, the CEO, followed by Callum Baxter, CTO, and we will then have a series of questions that have been submitted in advance of this meeting. And I understand their ability for shareholders to put their questions on this computer as well. Thank you very much for your attendance, and I'd like to pass over to GGVASE HEDL.

8:07 Alex, thank you very much. And shareholders, look, thank you all very much for joining us today. It is a real disappointment to myself and Callum that we can't be there with you in London today. I think the AGM, the face to face AGM that we do every year is a very important part of the company's annual life cycle, and it's a it's a great opportunity for us to get to know you and the issues that you have and also for you to get to know us. And so it's it is it's a shame that we can't be there today, but obviously, it has been a very strange year. Hopefully, both of us will be out to be there in London in the not too distant future and at least catch up with some of you possibly even for a drink down the pub.

8:54 It has certainly been it's been a long time since we've we've both been able to be there. Look, I'd like to thank you all, I guess, firstly, for all your support over the past few years. I know some of you have been, you know, very long term shareholders at GREATLAND, and we appreciate all your support. And, obviously, we're also fascinated by some of the online research that that goes on as well. It's quite amazing some of the things that people dig up. I can thank you for all that. Sometimes we even learn something which is which is great. Just in regards to specialist resolution five, I just wanted to add that the issue with that resolution was obviously we've had an influx of ETFs recently coming into the shareholding of the company. As we understand that the ETFs take advice on voting from specialized voting services, and basically, with all that quick movement that's happened in our share register, we haven't had the opportunity to speak to them. But the first thing we will be doing early next year is building a rapport with those voting services and understanding the particular needs and requirements of the ETFs.

9:56 So our apologies for that, but that's hopefully something that we will deal with relatively quickly. Turning to more interesting things, the company and where we're at. Obviously, it's been a great twelve months for the company. It really has been, you know, an extraordinary time. And, you know, we've experienced some remarkable exploration success at Javieron with 11 consecutive sets of excellent results so far. I understand that Newcrest is confirming with people that there will be another heavier on update on Thursday, which there will be. Obviously, we've had some great results there and I think, you know, what's particularly exciting about those results is that, you you know, they've established a a large mineralized footprint already, certainly something that was larger than our original expectations.

10:49 But importantly, even after eighteen months of drilling, you know, mineralization is still open, particularly to the Northeast, the Northwest, and at depth. So there's still a lot of more work to do there, and we're looking forward to a major growth drilling program at heavy iron next year. Callum's going to talk more about Javiaron specifically in his comments later in the meeting. In addition, as you all know, we recently signed two joint venture agreements with Newcrest and a 50 US million dollar loan agreement that funds our share of cost at Javieron including all the cost for the early works through the feasibility study. That's a very important development which I'll talk about more in a moment. From my mind, there's just no doubt that the company is now in the strongest position that it has ever been in.

11:40 You know, we've got this great asset there in Javier on an excellent footprint in the Patterson. We're funded for our share of cost through to feasibility. And in essence, I think we're in an excellent position. We've been building an excellent team in the background, and I think it's gonna be really looking forward to how things play out over the next twelve months. So today, I'm gonna provide a little bit of an overview, and then Callum is gonna talk specifically about how you're on. And then finally, I'll attempt to attempt to answer some of your questions. I can't guarantee I'm gonna get to all them. We've already had, I think, nearly a 100 being submitted pre submitted. But we we I'll certainly give it a shot. So turning to this slide 11 which you see in front of us. For those that aren't as familiar with the company, for those of you joining for this first time, this provides a bit of an overview of our position in the Patterson.

12:30 We have six projects. The Patterson is one of our six projects. Then, obviously, the Patterson project is our most significant project. As you dial down into the Patterson project, we've really got three major things now going on and you can see them on that map and I apologize. A little bit hard to see on that map at that scale. But in essence, we now have, most importantly, the heavier on joint venture, which is a joint venture between Newcrest and GREATLAND, where GREATLAND now owns 40% of that joint venture. And, obviously, that's where we've made a significant gold and copper discovery that's moving at pace in terms of exploration and certainly potential future development. We also recently announced the jury joint venture with Newcrest, which is an exploration joint venture.

13:21 And so just moving back a step. That heavier on joint venture, if you look at the map, covers that red square area down on the right bottom side of that map. The jury joint venture which covers the Patterson Range East and Black Hills licenses, those two licenses are outlined there in the green. I think it's it's worth noting that that Patterson Ranges license, that cost us very small amount upfront. We we that was a vacant land when we applied for it. So the cost upfront was maybe $10,000. Black Hills, we paid $250,000 for that upfront. So both of those were very low cost upfront purchases. So in a different in a in addition to the Javeeron and Jury joint ventures, we've also have 2100% owned licenses. We're one granted license, one application.

14:12 The granted license is what we're now calling the Scallywag license, which is the larger blue license there between Heavyiron and Black Hills. And that was formerly known as the Heavyiron expiration license. But obviously, yeah, it's gonna be very complicated to call to have the heavy on joint venture with Newcrest and heavy on exploration license. So we've changed its name. It's now the Scallywag exploration license. We also have there on the bottom right hand corner, we have the Roodle expiration license and that's also an exciting opportunity for us and again picked up very cheaply. It was ground that somebody relinquished and we grabbed it.

14:53 So in November of this year, so just recently, we announced two joint venture agreements with Newcrest. So the heavy year on joint venture, which really formalizes the relationship between us, which was established originally in the farming agreement signed in March 2019. And we've also signed the jury joint venture agreement. But significantly, we also signed the US $50,000,000 loan agreement. And that really is the key to these agreements because that loan agreement now carries us across for what most companies is the riskiest part of the funding curve. When you're still at this early stage in the project where you don't have any a pre feasibility study or a feasibility study, and we now have the money at hand to fund us through the feasibility including the cost of our for our share of the early works plus also our share of all the growth drilling, which obviously is designed to keep expanding that footprint of mineralization at heavy year. So that that funding now is key or fund us through pre phase and then also through the phase. By the time we finish the feasibility study, we should have not only the feasibility study in our hand, but also a decline that is substantially completed.

16:08 And at that point, obviously, the project is substantially derisked, and we should be able to relatively easily raise cheap funding

16:16 from many of the large banks to fund any remaining capital expenditure that is required and also potentially refinance out that loan at from Newcrest, which is already at a competitive interest rate at LIBOR plus 8%, but hopefully at a at an even lower rate. But at high level, we're very pleased with the structure of the joint venture agreement for Javieron and very pleased to have secured the funding that we require to take us through to feasibility. As I mentioned, as part of that overall deal, we also signed the jury joint venture which covers the Paterson Range East and Black Hills licenses. Newcrest has the right to earn up to 75% in those licenses by spending 20,000,000 Australian dollars over five years. We believe that is a very attractive deal particularly on a square kilometer basis relative to any of the other farming deals that have been done in the last few years in the Patterson.

17:11 We're all we're really looking forward to the 2021 exploration program there. Newcrest are very keen. We have two rigs already penciled in, one rig commencing the DDH, one rig commencing in March, another one commencing in April. First up, we'll be testing the Parley target at Black Hills and then moving the rigs up to Paterson Ranges to test some of the other targets which have, you know, demonstrated geophysical characteristics similar to that that we've seen at heavy year on. So, obviously, our goal there is to discover another heavy year on, and we're gonna be moving at pace next year in order to do that. So finally, in the Patterson, as I mentioned, we retain 100% of both Scallywag and Rudall.

17:59 Again, Scallywag, we know there's a geophysical well, there's there's targets with geophysical similar geophysical characteristics to have a year on. We've just completed our first pass drill campaign of number of those targets. As you know, we are waiting for those results. When we get the core from that campaign, we first send it to mineralize as we did with all the core from Javier on to have that core scanned for valuable information before the core is cut and assayed by the lab. The labs are tremendously busy, so we apologize for the delay in receiving those results. But really, the labs are at breaking point at the moment with the exploration boom that's going on in Western Australia. Hopefully, we will have some results to report from you before Christmas or shortly thereafter.

18:49 So I'd like to pass over to Callum Baxter, who you all know well, the chief technical officer for GREATLAND, to provide you with a few of his thoughts on the most recent results that we've reported at Javier on nearly six weeks ago and just give you some sense of where that project is going. Thank you, Calen. Thanks, GGPAS, and it's great to be speaking to all our very loyal shareholders and also new shareholders. Welcome to GREATLAND. And we have other parties on the line as well listening in to this AGM presentation. It's it's been a fantastic journey so far, particularly with our Patterson efforts. And since identifying the heavy air on target back in 2016, things have come a long way, and particularly with Newcrest's involvement since March last year, things have moved very rapidly to the point where we're at at the moment.

19:46 And, really, this project has moved at an exceptional pace. Probably, in my career, thirty years, I've never seen a project move so fast from what effectively was exploration drill holes through to we're very near our initial resource estimate, and there's forward planning for box cut and decline to to get the ore out of the ground as soon as possible subject to everything going well from here. And since May 2019, which is when Newcrest commenced drilling it heavy air on through to today, we've effectively announced 11 consecutive sets of excellent drilling results from the drill campaign.

20:34 And as you can see on this slide on the right hand side, some of the notable intercepts such as had 65 wedged to a 120.7 meters at 9.3 grams per ton gold, point 18% copper, including 26.6 meters at 34 grams per ton gold, and point 23% copper. And other highlights from Newcrest drilling this year, such as had forty nine eighty two meters at 6.1 grams per tonne gold, point 41% copper, which includes 34.8 liters at 9.2 grams per ton gold and point six four copper. And results of of this type are effectively outstanding, and we've managed to announce a series of results of this caliber, which is just an outstanding achievement.

21:29 And the the slide on the left really shows a top level view of the heavy iron system or part of the heavy iron system as we've seen it to date. It's an it's an ovoid shape, and the the long axis is about 650 meters long. And across the short axis, it's about 350 meters. And then the mineralized system is is cut by a later dolerite dike, which is shown in green there, effectively heading north south. And within the oval structure, we've got the purple crescent zone, which is effectively a high accumulation of sulfides, and that carries some very good grades. And then adjacent to that in the light blue, we can see the mineralized breccia, which still carries some very good grades of gold and copper.

22:16 And and overall drilling's continuing on various fronts at the moment, but particularly focusing on the Southeast zone there, getting an adequate drill density to potentially lift our initial inferred investigation into an indicated category as we move forward.

22:38 Moving on to the next slide. We're looking at, again, a top level view of the system and it's apart our main target areas. So what we've talked about a lot over the past eighteen months is the crescent sulfide zone, which you can see there on the bottom right hand side of the drawing, and that's quite large. It's got a significant strike length of several 100 meters, 500 meters or so with widths up to a 100 meters. And we've also got in the Northwest there on the top left hand side of the drawing, the crescent northeast closure where we're seeing somewhat of a replication of what we see in the Southeast. And then in between those at a lower RL, so maybe about 300 meters below that, is what we're seeing the northern breccia, and that's still an evolving story along with the Northeast closure.

23:37 And then relatively new, we're seeing mineralization outboard of the crescent zone in what we call the Eastern breccia, and only several drill holes have been through that zone to date, but it's still looking very good. And, really, that enhances the overall prospectivity of the system where we're seeing mineralization external to the oval structure that we thought it was restricted to initially, but it's obviously pushing out with a greater footprint now. And exploration will be moving on several fronts going through into 2021. At the moment, the past several months has been focused on infill drilling to get enough drill density to be able to calculate a mineral resource estimate, but that infill drilling has now moved on to into further infill drilling to lift the resource estimate potentially into the indicated category.

24:32 And then through into 2021, it'll be pushing into growth drilling and a significant commitment with the existing number of rig infrastructure on-site, and it'll effectively be focused towards collecting more ounces to be able to potentially provide another upgrade to the resource through the course of 2021.

24:55 And then finally, where are we moving next? We've met key milestones well ahead of schedule to date. Stage one is complete December 2019. Stage two is complete April 2020, and stage three has recently been announced as complete in November 2020. So total of 45,000,000 US expenditure to date. And pushing into the future, we have an initial mineral resource for Javieron on track expected to be delivered during this month. We have early works commencement with a new camp at Javieron to accommodate up to 230 people, which is nearly complete. We have construction of a box cut and decline expected to commence late twenty twenty or early twenty one, and then we'll be moving into prefeasibility for Javieron, which will include an indicated mineral resource estimate, which comes before the prefeasibility.

25:57 So that will be delivered during 2021 as well. And, of course, we've recently announced the Jury joint venture with additional exploration activities funded by Newcrest where we're going to be drilling high priority targets, which Gervais talked about earlier. These targets will include Parley and Goliath, and that will commence in early twenty twenty one. So we're moving forward with multiple exploration campaigns and effectively three exploration campaigns in 2021, Javiaran joint venture, jury joint venture, and our own 100% owned exploration licenses. Thank you for your time today, and I'll hand back to GGV. Actually, GGVES, just to give you a few moments just to review the questions.

26:45 Firstly, thank you to Alex, GGVES and Callum for a very detailed presentation and formalities at the AGM. Ladies and gentlemen, please, could I ask you to continue to submit your questions using the Q and A tab situated on the right hand corner of the screen. But just while the company take a few moments to review investor questions submitted today and those already pre submitted, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q and A, can be accessed via your Investor Meet company dashboard. I'd also like to remind you that your feedback is important to the company. And immediately after the presentation has ended, you'll be redirected for the opportunity to provide feedback in order that the company can better understand your views and expectations and would warmly encourage you to do so. GGVES, I know I haven't given you a long time to look at the questions that have come in during the live event, but I know we had a number of pre submitted questions.

27:36 Perhaps I could ask you to read out the questions and give a response where it's appropriate to do so and then hand back to me at the end. Yes. Certainly. Thanks, Mark. I'm already getting some fun questions here, so this is gonna be fun. Look, this is totally random. I'm gonna I'm pulling some questions off the live q and a. And then I've also got some pre submitted questions as well, which I'm going to answer as well to sort of give everybody a a fair go. So the first question at random, I'm picking here from the q and a, Tom b. Thank you for your question. Tom asks, good morning. Peter O'Connor of SHORE and Partners was interviewed by proactive investors in July of this year. Peter mentioned that Newcrest expected production on a low scale in twelve to eighteen months.

28:21 This would work out around July to December 2021. This is a very exciting position to be in. Can GREATLAND expand on this. So, Tom, look, I think, first of all, there there's there will not be any production next year. We have said that, you know, we've got a number of times that we hope for potential production. We will work towards that from two to three years from decline commencement. Now, obviously, you know, we have a mining proposal in with Demir's, and hopefully, we will get the final approvals on that shortly. Once we get those approvals, then we can commence the box cut and the decline that's that is obviously still subject to those approvals.

29:06 From that point, we would expect we would hope to be in production within two to three years from from that point. In terms of low scale production, look, as I said, there there does appear to be significant bulk mining potential here at Havieron. So I think we're we're probably gonna get a better idea of how heavier how heavier on is gonna look from an actual mining perspective when we release the initial resource estimate later this month. And then we'll also, obviously, get more details as we work through next year and we continue to get a better idea of the scale of the system and also as we get some early read on on those studies. But thank you for your question.

29:55 Peter h asks, you've recently advertised a vacancy for the role of resource geologist. GREATLAND have an excellent geologist in Callum. Why do GREATLAND require a second? We have quite a few geologists. We need lots of geologists and consultant geologists in order to do the work that we require on our exploration projects both in the office and in the field. And then also with Javier on particular. There's also a different style of geologist as well, resource geologist in particular, some issues regarding the resource calculations and resource statements. We have a couple of excellent people working on that with us at the moment, including one chap who's a a leader in the industry on this type of thing.

30:41 But that's we we we obviously have had to expand the team, including the team of consultants that we use over time to support the growing requirements of the business. Jane t asks, this is my favorite so far. A lot of us like trains, full stop. Have you had any thoughts as to using road or rail train to transport material to telephone, question mark? It's actually quite a good question. I think sort of initially look, don't really think there's probably much chance of us putting in a train. But, look, it it would depend ultimately that the the method we use to transport the ore from heavy iron to Telfer will depend obviously on the volume of that material and the economics of that.

31:30 So I think, again, we will wait to see where things come out with the resource, and we should have more to say on that, hopefully, next year. But thank you for your question. Adrian s has asked, are you still on track to confirm maiden resources in December 2020? The short answer is yes. We are on track to confirm the initial inferred mineral resource estimate this month. We've got a couple of questions. When will we know about Scallywag, please, from Matt f and e and j? When will Scallywag results be announced? As I mentioned earlier in my comments, the labs are very busy, so we will release those results as soon as we have those results. And, hopefully, we will have results to release before Christmas or shortly thereafter.

32:22 But thank you for your questions.

32:28 What else? I might go to some of the pre submitted questions now. So in terms of pre submitted questions, this is a question that's come up quite a lot in various different forms. Do you see GGP as a developer of deposits or just an explorer? I I think the key with this question about are we an explorer or developer or a miner? The key here is that our goal is to maximize value for our shareholders. You know, the value of each project and then the value of the projects collectively taken as a whole. What we're not going to do is lock us into some sort of path that would potentially

33:12 impede our ability to maximize the value of those assets. So I'm not gonna lock us into saying, oh, we're just an explorer or just a miner or any other aspect. We are going to do what we need to do and to build the business around that in order to maximize the value of these assets. Clearly, we're moving beyond just being just an explorer now. I think there was a moment for all of us on the board the other day where, you know, just it we're really coming to one of those transition points now where we've obviously GREATLAND has been an explorer for many years. And while we're technically, obviously, not a miner today because we don't have a mining production, you know, with the new Cress agreements in place, particularly the funding with the initial inferred mineral resource estimate coming out soon, we are clearly starting to transition from from one phase as a company to another.

34:07 You know, we have an existing very strong core set skill set and exploration with a great team doing that, but we're also building a team that can support our ability to effectively operate as a holder of a significant minority interest in Javieron. And as you all know, Javieron has the potential to become, you know, we believe, a very significant mining operation.

34:30 So in short, the short answer to that question is, you know, there's no one answer here. Our goal, you know, my, you know, my passion here is to just make sure that we do whatever we have to do to maximize the value of all these assets for our shareholders. Another question here is when will the drilling season restart in 2021 and why can't GGP drill through the summer like Newcrest can? So the drilling season in the Paterson typically restarts in in March subject to weather conditions. As you know, January and February and even March are very hot, very it can be very humid. It can be subject to severe tropical storms and floods or fires or famine, etcetera. It's it's quite something out there. I think the average daily temperature out there recently has been about 41, 42 degrees Celsius, so it's always hot out there.

35:29 The the main reason we don't drill through the summer relates to the type of drilling that's being done. So if you think about what Newcrest are doing at heavy air on, that is is very much later stage exploration where you are committing significant resources to one fixed spot, and you can build the supporting infrastructure. We know, as previously stated, we've nearly completed that 230 person camp now at Javier on that camp as air conditioned sleeping units, air conditioned mess, dining facilities, recreation facilities, medical facilities. You know, it's a very substantial operation, and that means that Newcrest can drill through the summer period even when it's very hot because they have the resources there to keep their people safe.

36:18 The issue with doing early stage exploration is, obviously, we're not committing, you know, one or more drill rigs to stay on any certain spot for any particular length of time, so we need a mobile camp. We do obviously provide our people with air conditioned caravans and other things there, but it's it's it's from a health and safety perspective, it's simply not appropriate to be drilling through the summer when you've got sort of limited facilities on what is effectively an early stage exploration camp. The next question is why did you not move on to Paterson Ranges in Black Hills with your drilling? Was this because of the jury negotiations? Yes. It was. We held off moving the rig up to Paterson Range East and Black Hills because, obviously, we were negotiating on them at the time of Newcrest, and we don't wanna be putting any money into the ground there at the time we're in in the middle of those negotiations.

37:16 We are very keen well, both parties are very keen to press ahead there now. The joint venture is in place, the jury joint venture next year. As I mentioned, we've got one GGH one rig penciled in for March and another penciled in April next year and very excited to get started on that. The next question is, could you or Callum comment on the current plan for mine development? For instance, style of mine areas to be targeted first, mine life, annual production, etcetera. So, look, I think this is gonna be a question that's a lot easier to answer after the publication of the initial mineral resource estimate. Certainly, we'll have more information on the potential type of mine and potentially the style of mining.

38:06 But, look, I think the the overriding issue with heavy iron is that in many ways, it still feels as though it's relatively early days. As Callum said, it's been a heroic effort to get to the point that we've gotten to as quickly as we have. But as you all know, mineralization remains open. There's still a lot more drilling to do to understand the system. And I think that, ultimately, in terms of questions around, you know, potential mine development, annual production, etcetera, we're going to have a much better idea of that probably six to twelve months from now. Although I expect that the analysts will start to form some some early ideas regarding annual production, etcetera, shortly after the release of the initial resource. Another question is what specific skills does the company possess that enables you to acquire the tenements that you did in the Patterson?

38:57 Do you feel that you have a competitive advantage over your neighbors in so in what way? If so, in what way? Look, I think, you know, our activity in the Patterson highlights where we are different to many other exploration companies. We didn't come into the Patterson after the discoveries were made. We came in before the recent discoveries were made anyway at a time when entry into the Patterson was cheap. So we backed our exploration view. We did the work. You You know, we were out there looking for new projects with particularly with the gold and base metals focus. We spent a lot of time looking for new projects. We did the work on those projects.

39:42 We then backed ourself on our own view regarding exploration using the skill set that we have internally. We didn't and and then we executed deals on those on those projects which were very attractive deals, we thought, and and certainly proved to be in retrospect. You know, what we didn't do is we didn't rush into the hot area so we could tell investors we're in the hot area and then, you know, and overpay for those assets upfront. So I think that's our difference is we are prepared. We have the skill set to to evaluate these opportunities, and we're prepared to back ourselves and go early before others go. I think I saw another question about yes. Actually, I've got it here. Are you looking for more potential tenements in Australia?

40:30 The answer is yes. We're always looking for more opportunities. Obviously, with opportunities now, it's you know, we're looking for opportunities which we really think can move the needle. And, again, that's that that sort of sort of certain styles of potential mineralization that we're looking at where we can find deposits that truly could move the needle for us as the larger company that we are now at. But we are always looking. And, you know, we we're likely to do things in unexpected places if we're going to do them because we are always looking, you know, to maximize return on capital for shareholders. And if you're simply following the crowd into areas, you know, you you it's it's it's much harder to achieve that. There's another question. When will drill results be released for Scallywag? I think we've already touched on that.

41:21 Here's another question. Is there any update that the company can give regarding the divestment of projects? So the the divestment of other projects hasn't been obviously one of our, you know, clear recent priorities, but we have been working in the background on doing a full technical review of all the non Patterson projects, all five of them. We actually have a an another expert in in the industry has come in on a consultancy basis to help with that, which has been very useful. And, look, I expect the board, we're gonna sit down early in the New Year and really have a hard look at some of these projects again and and what we do. I think the, you know, the challenge we have is that we obviously, we like the prospectivity of these projects. You know, we have the panorama project where we have, you know, golden rock chips and even golden nuggets at surface over six kilometers of struck.

42:12 It's a it's a really interesting project. And that's a project there we have in the Pilbara. Obviously, we have the two Tasmanian projects where we have, you know, high grade gold mineralization at or near surface in both of those both of those projects in in limited historical drilling done to date. And even projects like Bromace, and that's a project we haven't mentioned for a long time. But even something like that, we, you know, we're always doing work in the background and relooking at things. And even something there, you know, is is potentially interesting as well. All very early stage thoughts, but, you know, we we like you know, we we genuinely like all these projects. Ernest Giles as well. I mean, we've got that, you know, a substantial footprint over one of the last virtually unexplored greenstone belts in the country. I mean, these are really interesting projects, but, obviously, we need to sit down once we've completed this full technical review and really think about about all these projects and their future in the context of the larger company that we are today.

43:16 Another question here, are there any plans to list on other stock exchanges? Do you have a view on dual listing? So I think I've discussed this before at previous AGMs. There was some talk at the time about potentially a dual listing on the ASX. Look, we're reviewing alternatives like that and and thinking about possibilities, but I think for us to do a dual listing, they really need to be need to needs to be some compelling reasons for us to do that. There are additional upfront costs of doing that, and there are also additional ongoing costs of doing that, additional compliance burdens, and effectively almost need another, you know, half time person on staff in order to ensure compliance with the with the dual listing regime.

44:03 So, you know, there's there's quite a bit of extra work there and, you know, we'll we'll see how that plays out over the next couple of years. With that, look, I think we've, you know, we've answered a lot of questions today. So I might leave it with that and pass it back to you, Mark. But but once once again, I would thank everybody for their time today, and I apologize for the nature of this type of virtual thing. I think it's obviously the group postings have done a good job, but it would be obviously much better if we could all be face to face, but hopefully, we will be in the near future. Thank you very much. That's brilliant, GGP. Thank you very much. And of course, to all investors that submitted questions today, thank you once again for doing so.

44:55 GGVES, obviously, I know that we are now coming to the conclusion, and I know that investor feedback is particularly important to the company. But I guess, ahead of me just redirecting investors to provide you that feedback. Perhaps I could just hand back to your your good self just to wrap up. And then as I said, I'll give instructions for investors to provide you with direct feedback. Yes. Great. Well, look, thanks thanks once again. I'm just scrolling through questions again. There there's one question here I just gotta touch on. Will there be a chance of site visits for Javier? This is from Chris Kay for any for any shareholders interested in near future. Look, we'll have to see what we do. I don't imagine you, Chris, is too keen to have not sure how many people on this call, but 700 people suddenly turn up at site in the middle of the Australian summer. But, obviously, we will we'll see what we can do about that.

45:43 Hopefully, we can do something similar to this like a virtual tour maybe at some point next year. So we'll look at that. But anyway, I'll leave it there with the questions. Once again, thank you everybody for your time and and thank you for your support. Thank you very much indeed, Gervais. And thank you to the board for really updating investors at a time when COVID-nineteen has stopped many companies from engaging and using the AGM to enable them to make much more informed decisions. Could I please ask investors not to close this session as you'll be automatically redirected for the opportunity to provide feedback? If you access this meeting from our platform, the feedback page will appear. If you access this via the link we sent you by email, you'll be asked to log back in. It'll take a couple of moments, and then you'll be able to provide your views and expectations and let the company know how you feel about the company directly.

46:34 So on behalf of the Board of GREATLAND GOLD, I'd like to thank you all very much for attending today's presentation. That now concludes today's session. Good morning to you all.