Greatland Resources (ASX:GGP) — Live Q&A with Shaun Day CEO of Greatland Gold plc

0:02 Good morning, ladies and gentlemen, and welcome to the GREATLAND GOLD LIVE Q and A with Sean Day, CEO from GREATLAND GOLD. And throughout this presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Please just simply type in your question and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available on your Investor Meet company dashboard, and we'll send you an email to notify you when they're ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit the following poll. And if you'd be so kind to give that your attention, we would be very grateful. And I'd now like to hand over to Shaun Day, CEO from GREATLAND GOLD. Good morning to you.

0:52 Good morning, Mark, and thanks for hosting today and thanks everyone for dialing in. As Mark mentioned, this is predominantly a Q and A session, but with the new presentation out this morning, I just thought I'd take that opportunity to go through a handful of slides, some of the new information in the deck. So with that, why don't we begin with Slide three. Look, this is the investment highlights and I just thought it's useful to begin by just orientating ourselves with the key messages of HAVRON and GREATLAND, which is HAVRON is a world class deposit.

1:34 Yeah, it's we've got an ongoing exploration program there to really unlock the overall size of it. There's a high grade gold copper asset of significant scale. The second key point is that we've already started putting in the development infrastructure with the box cut back in February. And now since May, we have the decline moving down towards the ore body itself, which is a huge milestone for the company. The third point is just what I think is quite unique about the proposition of GREATLAND and HAVRON is that we have this world class asset sitting next to existing infrastructure.

2:21 Now that's the infrastructure just 50 kilometers away at our joint venture partner Telfer asset. And and really this allows us to develop the HAVRON deposit and then utilize that existing infrastructure at Telfer to have a low CapEx start, but also a low risk start and really get this expedited pathway to ounces and free cash flow associated with that, which is really unique to have such a world class asset with the low risk startup. And then of course, we're also partnering with the Tier one operator in Newcrest. So it really is one I think quite a unique proposition globally in mining.

3:11 Then of course, we also have the upside from exploration holding. This is both in the Patterson, which is a huge focus for us and we have a rig spinning out on that jury joint venture ground as we speak. But we're going to continue to invest time and energy and effort to unlock the Patterson. But in addition to that, we're really pleased with the balance of our portfolio as well, where we have some really good opportunities sitting inside our exploration portfolio. And we're going to continue to manage that portfolio and try to unlock further value for shareholders within that as well. And then finally the team. Look, we've got a great team that demonstrated success around exploration. But what we're also doing is recruiting, adding skills to the team and really positioning us to transition from a hugely successful explorer to also a minor in joint venture with Newcrest.

4:09 So it's a great journey and we're finding the quality of that Hevron ore body is actually attracting top talent. People want to work on an asset of this quality. So let's jump ahead to Slide nine now. Now this is actually my favorite slide in the deck. And what we've got on the right of screen here is the ounces per vertical meter. Now that's critical in underground mining because what it does is show you how many ounces you can liberate or get access to for the cost of that infrastructure that you put in, so the decline and the levels you're putting in. And we can see in that top 200 meters presently it's 8,500 ounces per vertical meter, which is absolutely world class.

5:01 But what's equally exciting about this, that's based just on the existing resource shelf shown in the red on that Havron ore body shown in cross section there. And as you can see particularly to the left of screen where a lot of that ore body sits outside the current resource, those gold intercepts are high grade intercepts sitting outside the resource. So we should all be very confident that there's a lot of opportunity to add even more ounces to what is already a world class volume of ounces per vertical meter. The other really important takeaway from this slide is the correlation between where we've drilled and the ounces per vertical meter. So you can see we've done more drilling in that top 200 meters and that's where you're seeing that 8,500 ounces per vertical meter.

5:59 As the drilling density decreases as you go at depth, that forms a very strong correlation with the ounces per vertical meter. Now we don't think that's representative of the ore body as we continue to drill and we get a more consistent meters of drilling throughout that ore body. Our expectation is you get a more consistent ounces per vertical meter and maybe actually see it increasing with ounces at depth. So again, a world class ore body and the opportunity here is tremendous. So if we move across, I also want to move to slide 17 which is and address sustainability. Sustainability is really one of our core values at GREATLAND.

6:49 Look, we have not on Slide 17, which is on copper. But what we really have here is we have our first choice of commodities at Hevron, which is gold. Gold typically is associated with attracting that gold premium. But in addition, we have the diversity that comes with copper. We have around 20% of the value of this ore body sitting within the copper. But where we think about the sustainability at this site is we're going to be developing it without the need to construct the processing plant and the associated infrastructure. So all the CapEx associated with that, all the risk associated with that, but also all the carbon footprint associated with that, which is so much of the life of mine, carbon footprint we won't have here at Havron.

7:44 In addition, it's an underground mine which is typically associated with a lower carbon footprint than the open pits which are typically associated with moving greater volumes of material. So what we potentially have here is a beautiful copper gold mine, but also with a low carbon footprint and that of course creates this green copper, which I think has value as people increasingly focus on the copper and the carbon footprint in supply chains. And maybe a last slide before we move to the Q and A is Slide 22 on drilling steps which sits in our appendix. But it's probably worth just visiting this slide.

8:31 This provides a summary of our top 10 drilling sets across HAVRON today. And look, this should be understood in the context of the overall resource. We're really looking at a bit of a highlights package here. But look, if you look at 133 that was just announced about six weeks ago, that 85 meters at 11.4 grams gold, 0.3 copper. That's over 1,000 gram meter intersection. Then And one of the reasons I wanted to visit this slide is one of the questions that we received ahead of time from Nick was how does HAVRON look at depth? Well the deepest hole that we have at HAVRON presently is HAVR84 which is I think sixth on this list, which is a 342 meter hit running at some 746 gram meters.

9:31 So now it's a single hole but it certainly gives you a bit of indication that there's no reason that Hevron is tailing off. When our highest one of our highest intercepts is at depth, it gives you a lot of encouragement about where this ore body is headed. Overall, that Hevron's delivering a 111 gram meters, again, absolutely world class. And what that's telling you is on average, every single drill hole we're punching into Hevron is delivering a 65 meter intercept at over 1.7 grams ton gold equivalent. So again, it's an exciting ore body and you're having just been to site, it's amazing just how much fun people are having in that courtyard. Every day, you know, there's insects coming in, which the geologists just, you know, just love mapping, love love interpreting, and, you know, it's an exciting asset to be part of.

10:28 With that, why don't we move across to the Q and A and I'll invite Mark back in to bring in some questions. That's great, Sean. Thank you very much indeed for updating investors this morning. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of the screen. But just ahead of going into the Q and A, 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 this 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. Sean, obviously investors had the ability to pre submit some questions and obviously we try to put these into some areas to give the broadest possible response as well as making best use of the time. So perhaps before addressing the ones that have come in the live event, I could start with those.

11:23 The first one we received reads as follows. Hi, Sean. When does your team estimate the decline could potentially reach the ore body at Haverham? Yes. It's a it's a good laid up question. So look, we started that, you know, the decline in in May. And really, it's about a twenty one to twenty four month journey down to the top of ore body. So that that takes us up to the to the first half of of calendar twenty three. Yeah, we're already getting really good advancement rates as we track into the beginning of the decline. So we remain on track to deliver that. That's great. Thank you very much indeed. Following on, assuming mineralization continues to be found from step out drilling at Haveron, does this inevitably mean the delay of the PFS until the edges of the deposit are located to a reasonable degree of certainty?

12:19 Look, think that the key way to understand this question is what we're doing with the PFS. The PFS, the pre feasibility study is coming out in the second half of this year. But that's really going to be based largely on that existing initial resource of the published 4,200,000 ounces. There's been some infill drilling so that will move it at the margin and it will certainly give us increased confidence in the categorization of that resource. But really, I think it's worth shareholders understanding that this PFS is to support this fast start, this starting the decline in advance of those studies being done.

13:06 It shows the conviction certainly from a GREATLAND goal point of view. It shows the conviction that we have in the Hevron ore body that we supported a decline going in in advance of those studies. And really what that shows you is, look, we still need those studies, but we need to support this fast start. We need to support when we do reach that top of the ore body what can be mined in the short term. And this is all about getting material, passing it back into the Telfer processing plant. We'll punch in through that Southeast Crescent which is the high grade part of the ore body. That's going to give a lot of ounces per ton that we process generating free cash flow and then we're really well placed as a team to reinvest that into development of the mine, which is a great way to start it.

14:02 And then with all this drilling that we're currently doing such as the 65,000 meter growth drilling campaign, that can ultimately be reflected in the definitive feasibility study, which is, you know, a calendar year '22 event. And then I would even expect post that, you're gonna then have your typical optimization studies that that consider other forms of mining, other ways to optimize the mine, including haulage solutions and material handling solutions. So really I think the takeaway message here is you're to have these graduating studies. The PFS is really designed to support this fast start of mining. And then each time we're going to have more and more information and you're going to see better and better outcomes and a more robust studies as they reflect the larger understanding, the larger size of HAVRON.

15:04 Thank you, Sean. Next question received was from Andy Wallace. He reads as follows. Current broker valuations attribute a significant risk discount against HAVRON being mined. Surely, given the incredible results, extensive groundwork,

15:22 next next question. Question. The And well into the last question, is fundamentally, look, we need the studies completed to support the final investment decision. Look, that's a really important discipline and something GREATLAND wants equally to Newcrest. Again, I mentioned before, I think the fact that that decline has already commenced reflects the confidence everyone has in this ore body. But having said that, I think what this does, what these studies and this graduating nature of the studies gives us as shareholders multiple catalysts for appreciation of the share price as this is understood more as the full potential of Haveron comes to the surface. Similarly, you're absolutely right, pre studies analysts appropriately put a heavier discount on a project.

16:29 But again, as that pre feasibility study comes out perhaps that creates another catalyst for value, the definitive feasibility study perhaps more so. So I think we're on a very positive journey, one that continues to unlock value. And even from a net present value perspective, every month as we reach closer to actually being in cash flow, the value of this asset at least from a discounted cash flow point of view increases. So it is a very positive journey from here. We all share that confidence, but having that in a documented, having that in a very considered way, I think is the best way for us to be able to articulate that with confidence to the market.

17:16 Thank you, Sean. I know you touched briefly on ESG, but one the questions we received was around green gold, etcetera. Reads as follows, there have been an increasing focus on ESG responsibilities amongst both retail and institutional investors over the last few years. Could you expand on your focus of promoting the green, gold and copper mentioned in your recent interview and the competitive advantage this offers, GGP, GREATLAND GOLD and Newcrest in the Australian gold space through HAVRON's smaller carbon footprint? Yes, great question. Look, my background is fundamentally from larger kind of global mid cap miners where there's a lot of engagement with institutional investors. And certainly for me, there's a hugely a huge focus on sustainability in these issues within the ranks of institutional investors. And it's really important both I think it's something we share as a team and a Board that sustainability, governance and these issues are core values. But equally, it's really important that we're able to articulate that to the market because it is attractive in terms of attracting institutional investment.

18:35 I think when we look at green elements of our commodities, it's really back to this and I talked about it a little bit on the green copper slide. Because of this, you know, of this huge cost, this huge risk, this huge carbon footprint of developing processing plant, the stores, village camp, the airstrip, all these things that would normally have a lot of activity, lot of carbon and transport of those materials to a remote site. All of that carbon footprint is removed. In addition to that, you have a more selective mining process being underground. So all of these narrows in your movements and the carbon footprint associated with that. So when we look at the overall life of mine carbon footprint of our metals, I think they're going to compare very favorably in the market. And as I said earlier, I think there's increasingly awareness of carbon footprint going right down the supply chain. And the fact that we can offer a low carbon footprint gold and copper, but also one delivered from a tier one jurisdiction such as Australia where you have you know, a good rule of law, you have living wages, you have respect for

20:05 indigenous communities, all these the social infrastructure you have in Australia, I think creates a competitive advantage for us in terms of marketing the material. And and ultimately, yeah, that presents an opportunity to monetize that competitive advantage. Thank you, Sean. Next question reads as follows. What does the future hold for GREATLAND as in what direction would it go? Miner or Explorer? Well, yeah, of course, we want to be a miner with the development of Hebron as a joint venture holder. So very much going down a mining path. And again, we're expanding the team and bringing some really high quality individuals to augment our understanding to be able to develop this mine with Newcrest, our joint venture partner.

20:58 But we want the best of both worlds. We've got a tremendous track record with exploration and we want to continue that. So really we want to be investing more in exploration now that we have that larger balance sheet because there is no better way to create value for our shareholders than exploration discovery and perhaps GREATLAND shareholders appreciate that more than anyone. So a huge focus for us is delivering HAVRON successfully, but equally we want to continue to focus on exploration success, add ounces through discovery and ultimately that creates another catalyst for value in our share price. That's great, Sean. Thank you. Moving on to the next question. It's been repeatedly said that the market does not get what we have pertaining to HAVRON.

21:49 What concrete strategy are you intending to employ to change this situation in order to attract more investment from institutions and retail investors in the near future? Yeah. Again, look, I'm very much out of this global mid cap space where institutional engagement is a huge part of that. Most recently at Northern Star, that is very much an institutional share register. So look, I'm very well known to a lot of those institutional investors. I've had really a colossal amount of contact with them over the past two months and I'm pleased to say we've had some of them translating that interest into initial positions in the company which is tremendous.

22:36 But again, how do you do that? It's a focus for us. We really want to engage with institutional investors. We want to focus on sustainability. We want to get these reports out, the pre feasibility study for instance and give them confidence about the quality of Hebron. But in addition, we have eight rigs presently drilling at Hebron every time we continue to hit significant mineralization and as we deliver that, we're better and better able to communicate the size and indeed the potential size of Havron. And towards the end of this year in early December, we'd expect to do the annual update of the resource. And based on the drilling results we all see and we've shared to date, there should be a strong expectation that there's the opportunity to increase that resource.

23:33 And I think it's just this ongoing engagement that we want to do with institutional investors as well. But in addition, I think one of the great strengths of GREATLAND has been its engagement with retail investors. And again, we really want the best of both worlds. We want to continue to engage on forums such as this with retail investors, give people an opportunity to understand, ask questions and gain confidence around around GREATLAND and indeed its flagship asset. But in addition to that, we wanna augment with institutional holdings. Yeah. The more the more buyers we have of our stock, the better. The the broader our holdings, the better. So again, it's it's a focus that we've done so well with retail historically and just augmenting that with institutional investment as well.

24:26 Thank you, Sean. Sean, you've mentioned in previous interviews that both Newcrest and Northern Star provide parallels in how GREATLAND could develop. Where will your team focus next outside Newcrest's JV and Scallywag? Yeah. Look. For for us, look. You know, clearly, Hebron is a focus and we really want to get that into production. And of course once we get that in production, the associated free cash flows create value for our shareholders. When I think about the parallels, it's the launch asset that Chevron provides. And if contrast this to the Northern Star journey, which I was incredibly fortunate to be one of the executives that delivered that really incredible growth.

25:20 But equally at Sukari before that, had a similar trajectory of creating value for shareholders. And in each case, we had this really strong foundation asset. And I think Hevron is that indeed one could argue Hevron exceeds the quality of those previous launch assets that I've had in previous vehicles. And then what do you do? Well, exactly what our strategy says, we deliver successfully that launch asset in Hevron. We continue to invest in the drill bit adding ounces and the cost of discovery of ounces, there's probably no better way to do that than through exploration.

26:06 And then thirdly, we are disciplined managers of our portfolio. We're constantly looking to upgrade our portfolio. And again, we have this fantastic financial base here as GREATLAND. We have the opportunity to look at assets and if we can identify value, we've got the financial capacity to look at that. So it's a great platform, but it's all about being disciplined. It's not growth for growth sake, It's about selective growth and looking to be driven by adding shareholder value. Sean, that's great. Well, I think what we'll do Sean, if it's okay, is we'll transition over to the live questions. So thank you firstly to all those investors that did pre submit questions. And obviously, we'll review all those questions submitted, but hope those give a coverage, I guess, of the themes that we saw across the board.

27:02 So just turning to live questions. And again, thank you to those investors that have taken the time to submit. The first question we've got here, Sean, is from Paddy G, who reads the question reads as follows. Hi, Sean. Is there any progress on the additional targets outside Havron target that Newcrest keep referring to in their exploration reports? Thanks, Patty. That may be the same one who's prolific on Twitter. So thanks for your support. Look, there's a number of if I understand the question correctly, there's look, there are a number of other targets on that have on lease itself. You know, again, we did discuss them just just last week. They they are a priority, albeit there's a huge intensity of drilling on Hevron itself, which is the priority. So although, yeah, we really want to get to them and drill them out and understand those targets, We are somewhat blessed that we just continue to hit intercept after intercept at Havron. It really just encourages that drilling to continue and then actually to kind of fan off sister holes off of each drill, which is a really productive, you know, from a cost and efficiency kind of way of drilling. So really at this stage, the Hevron is just pulling in those resources, but they certainly remain known sleepers within the portfolio that we

28:35 would love to drill at the earliest opportunity. Although as I said, it's lovely that Hevron just continues to deliver so there hasn't been an opportunity to take a drill rig off yet. Great. Thank you, Sean. Next question we have here is from Adam. So thank you, Adam. It reads as follows. Is the plan to construct a second decline at Hevron? Hi. And look, that's a great question. Think I'll probably leave that to PFS. I think as to what the outcome will be, albeit I can kind of volunteer that with Newcrest as our joint venture partner. If you look at something like Cadia, they have a dedicated decline for a conveyor which is a smaller straight decline. So I think that's certainly going to be one of the mechanisms that's considered as part of this pre feasibility study and indeed future studies.

29:33 And we again, one of the benefits of having this tier one partner in Newcrest if those got the expertise, the experience and the confidence to use structures such as conveyors and without jumping too far ahead, that can also lead to if you electrify them lower emissions, better sustainability. So yeah, they're all things that come into that equation. Thank you very much indeed, Sean. Jamie asks, is it possible to extract additional byproducts such as cobalt from the ore at Havron?

30:08 Look at this stage, Jamie, the real focus is on the copper and gold recovery. Right now when we kind of look at the processing plant at Telfer, that is the laser focus. So again, these things can look at in terms of later optimization, but I don't think that should be your expectation in the short term. Thanks, Sean. David O asks with Havron being a vertical pipe and still open at depth, at which depth does it become prohibitive to mine? Yeah, David. That's a that's a marvelous question. And and, you know, with these kind of sub vertical ore bodies, you know, with underground mining, being vertical is your friend because because you the gravity does the work for you. So as you open an area, gravity does does drop it down for you to extract. So this is how you actually ideally want a young ore body to look. So it's it's it's lovely.

31:16 This does go to some depth. I I you know, when I think about this, I I go back to the favorite slide in the deck that ounces per vertical meter. And I look at a mine in Australia like Cali which is a Newmont mine. That goes down to 21 maybe 2,200 meters and the reason it's able to go down at that depth is the ounces per vertical meter. Every time you put in infrastructure, you're accessing so many ounces that it's economic to continue to run down and do that. And then what you need to do as a mining engineering team is overlay that with the mining methodology you use. So do you do a larger scale mine that may leave voids or do you do a more selective large kind of stoping mine, still big scale which you'd have with Hebron type development. But then you might do a paste fill or something to to refill those voids which which helps manage your, yeah, your seismic aspects.

32:23 And then that perhaps allows you to go down deeper particularly with ore bodies that have higher grade or more ounces at depth. So again, look, world class asset. I have saying, big minds, big problems, little minds, bigger problems, and we're blessed with this big mind that we can really kind of unlock value and look at pursuing this at depth because of just those ounces that we're liberating per vertical meter. There are a couple, St. Barbara is another one that goes down some two kilometers in Australia. So if you've got the grade and you've got the ounces per vertical meter, you can pursue these at depth. But again, these things I think will be unlocked over time. That won't be tackled necessarily in this initial pre feasibility study which is really focused on that existing resource. But as we go into the definitive feasibility study, we have more information then ultimately those mining optimization studies where you start thinking about what is the absolute right way or what are different methodologies that you should run-in parallel in a mine to optimize it over time.

33:31 Thank you, Sean. Martin O asks, When will we see assay results from the Jury JV drilling? There is some delays in assays right now, about seven weeks. So that is a bit of a long lead time. The good news is, you know, how our assay company is responding, they're they're investing. So we actually think those are gonna start coming back in. One of the things we're doing in the next exploration update is is just giving a bit of insight on how many intercepts or assays we have at the lab. That will give a bit of a cipher on how many intercepts we think we'll get, you know, in in six weeks time. So again, that's being caught up. So I think we're a little way away with that, so kind of more in another kind of six to seven weeks.

34:30 But that's just an outcome of Assay Labs and as we're saying, the response we're seeing in the Assay Labs probably means that will contract and then we'll have this kind of double whammy of not just drill results being processed in normal time periods, but also the flow from catch up in steps as well. Thank you. Stephen asks, you mentioned every day that the core yard is seeing exciting results. Can you advise how much the growth drilling is done and yet to be reported? Ballpark, it's around I'm conscious we're updating again this way. But I think it's yeah, I think you can look at around at about halfway complete.

35:17 That said, I don't think it's going to be a matter that the rigs will stop once that those 65,000 meters have drilled. I think we're going to continue this is a big ore body and, know, it's gonna demand a lot of drilling to to understand it in size. You know, being in that core yard and you can see it hasn't been laid out especially for you because it's uncut yet. It's, you know, it's straight off the the trays. And some of the intercepts you can some of the core you can visually see there is interesting stuff. It's very positive and you only know what it is once you've got assays. But it's really pleasing to see the kind of mineralization that we want to target and that we want to hit and often seeing it appear consistently with the model, particularly on that Southeast crescent.

36:09 Thank you, Sean. Just turning to a question from Ian B. Thank you, Ian. You've stated that providing greater level of corporate governance is important. Does this mean that launching on one of the main LSE indexes is part of your plan? And if so, what time frame? Yeah, Ian. Look, think I I wouldn't to necessarily suggest anything any pathway has been set. Look, I think for me, you know, you know, we wanna really continue to focus on on, governance and those type of ESG issues. We currently comply with the AIM rules. We're kind of doing an internal exercise now looking at the LSE rules. And, yeah, I'd like us to comply with them as well even if just to make a virtue of having sector leading governance which again I think most of the studies will show that good ESG is associated with superior shareholder performance. And perhaps part of that is you attract a broader range of investors.

37:22 So I think it's something that we can make a virtue of. I'm also mindful that, you know, the company's been, you know, tremendously successful on the aim. It's it's it's a it's a great platform for So but, you know, we continue to consider those kind of strategic issues. But but right now, it's more a focus on how do we communicate to the market, you know, that we wanna be best practice ESG rather than necessarily kind of spending too much time thinking about, you know, what exchange is best for us. Thank you, Sean. Question from Jake T. Thank you, Jake. Is there any plan to divest, sell assets outside of the Patterson such as Tansmania or the GREATLAND plan to explore all in detail?

38:12 Yeah. Look, I I I talked before about being a a disciplined manager of our portfolio, and and that's that's very much the way I look at it. The yeah. We we have a certain West Australian focus, and and perhaps the reason for that is typically the scale of deposits in Western Australia have been larger and indeed go up to your Telfer and Hevron kind of world class discoveries super pit. Tasmania has some interesting geology there. Whether those assets presently in our portfolio have the same potential scale as Western Australia is probably something we're trying to understand right now.

38:57 I think they actually have you know, I I my my kind of instinct is I wouldn't wanna let them go completely because we we like the assets, but perhaps letting someone else earn in could be something that we consider and then, you know, increasingly kind of focus on Western Australia or or not necessarily with a view that we're only focused on Western Australia, but on deposits that we think have the scalable size to be significant and create material value for GREATLAND shareholders. So I think in that way, I think we're not afraid at upgrading the portfolio, which can mean letting some of the the smaller assets go and then trying to add replacement assets that we think are a higher quality.

39:51 So so, you know, so I think overall, that's that's probably the trajectory that we'd like to take that we're considering it. And maybe the last thing I'd say is the reason we just don't aggregate everything is our assets do compete for our exploration budget and the time of our geology team. So what we want to do for assets that we perhaps don't think can compete with the Patterson and our other Ernst Giles and those assets which have really tremendous potential, we are more likely to unlock value sooner if we give other parties an opportunity to earn in who are laser focused on them. Thank you Sean.

40:38 Errol asks: Will there be or is there any consideration being given to setting up a new processing plant in the region to support the district scale discovery theories? Look, the yeah. I I mentioned before that one of the benefits of Havron's location is it's it's just under 50 kilometers to Telfer. So we're we're sitting near that existing infrastructure and all the benefits of that, the the reduced cost, the reduced risk development, and and the people risk. They've already got teams there that, yeah, in place and experienced in in operating a deposit in the Patterson. So so and and the Telfer Mill is ginormous. Yeah. It's a it's a 20,000,000 ton per annum nameplate. I think it's got surge capacity to say 24,000,000 tons per annum.

41:35 The yeah. It's it's a huge piece of of kit. So I think that is somewhat a regional piece of of infrastructure, which and I and I know, you know, I I think it'd be reasonable to to think that Newcrest are really interested in in in deposits that sit within the shadow of that that head frame at at Telfer and that processing plant at Telfer. So to some extent, we are already Aero benefiting and and leveraging that that regional infrastructure that that Telfer provides. Sean, I'm just mindful. Obviously, we're coming up to the forty five minutes. So obviously, for every question that I seem to ask you, there's another two that comes in for you to respond to. Thank you to everybody for such keen engagement.

42:23 And as I said before, the company has the ability to review all these questions and can publish responses as well after the meeting's ended. Sean, are you happy to crack on and and just go through a few more questions whilst we have a a few minutes? Do you have the I know it's the end of the day there, isn't it? So I'm just mindful of of time as well. But we set this In meeting the background, you'll see it slowly get darker. Yeah. It's getting dark. Yeah. I enjoy the interaction and the the questions are great. So I'm I'm conscious that this was scheduled for for a shorter time, but very happy to continue if people are, yeah, continue to ask questions. Yeah. Absolutely. So so let let's crack on then. The next question, if I may, is from John c. Sean, are you worried about Australian lockdowns affecting the progress at HAVRON? John, look, we're we're really fortunate.

43:10 Australia overall has managed COVID very well. I think we're up to ten million vaccine shots and I think I'm right in twenty million will be fully vaccinated. So we're kind of progressing it in both terms of vaccinations and lockdowns. Western Australia really has been particularly well placed to manage its exposure to COVID and to lock down its border. It's probably one of the advantages of being I think the most isolated capital city on earth. And one of the reasons our team is based here in Perth, the capital of Western Australia is we are near the asset where we are near Hebron.

44:00 We have access notwithstanding there are some well publicized lockdowns in Sydney and Victoria. Western Australia remains COVID free. I think we've had something like six cases of COVID in the last since about March 2020, which probably sounds a bit surreal for most other locations around the world just to have half a dozen cases in the best part of eighteen months. So I was up at site last week. The site remains open and again by being in the same state, we're not really impacted by lockdowns and border controls. That said, I think the FIFO sector, Newcrest and ourselves as joint venture partners have done a tremendous job in making sure we have really strict controls around site and around interactions up there and movements of people. And it's a testament to the quality of the team that we've been able to manage Telfer and Hefron throughout without incident.

45:04 Great job. Thank you. A question from John M. I perhaps should mention the initial just so we know it's a different John. But John asked, outside of Hefron, which of GREATLAND's assets are you most excited about and why? Let me answer that in two parts. Think number one, I think not just Hefron, but that surrounding tenements across the Patterson. We have some 560,000 square kilometers of tenements there in Patterson and a number of high quality targets across them. So again, we're going to be drilling them and we'll continue to drill those opportunities and continue to do analysis. And every time we drill, reinterpret that we understand the stratigraphy better, we compare it to what we expected and we realign and recalibrate exactly where we think we should be looking.

46:08 The other asset I'd really like to touch on is in its Giles. I think that's very exciting. Western Australia has some 70 odd percent of the Australian gold pool. Most of that comes from Achaean age, Greenstone belts. We have at in Giles, an Achaean Greenstone that really has not been explored or at least hasn't been drilled down into that basement rock which would host the ore bodies. So we're just trying to get an access agreement in place. I'd like to think we'll get that this calendar year. And I'd like to see some rigs on Ernst Dalles next year that's a glittering price in the portfolio. But the third element, it's a little bit like which of your kids do you love the most.

46:57 We love the portfolio. We're really happy with it. That said, maybe unlike children, we are happy to they have to compete for exploration budget and we will upgrade it. So it may be that we get an opportunity to bring in some other assets at some stage and just constantly uplift that quality of the portfolio. Thank you, Sean. Next question reads as follows. You've mentioned copper and gold. How much do you feel nickel will play in our assets as it's listed as an asset in the presentation? Yeah. Look, we do have nickel assets within the portfolio. Bromus, probably nickel gold, Panorama also has nickel potential. So nickel is presently one of the assets that effectively GREATLAND has explored for and continues to hold tenements relevant to nickel.

47:53 It's a I love the diversification we have, gold and copper. Copper is I think my preferred base metal, I think it's my preferred exposure to EV. You look at the price trajectory of copper, it certainly supports that view in the market. So I think we're blessed to have this combination of gold and copper. Nickel is another important kind of battery metal. So I think when we have high quality targets for nickel in the portfolio, we would consider them. Gold and copper are our priority. But again, I think whether we develop the nickel or whether we just look to create value and pass it to another, consider depending on the size of that asset.

48:44 But we continue to look at that. And certainly for assets that we already own in the portfolio, I think to unlock value there, understanding that potential is worthwhile. Thank you very much indeed, Sean. Question The we have here from Donna M. Thank you, Donna. How did Sean feel standing outside the decline at Havron? And how are the team there doing? Yes, lovely question. Look, it's look, you obviously sense get a a sense of pride and achievement, and that's just not personally, but but really about the team. And look, Callum was with me, Callum Baxter, who who would be known to to to hopefully all of you.

49:30 One of the executive directors along with myself and and chief technical officer, he really planned that that Hebron discovery drilling. So, yeah, one of the things, you know, we said when we're talking to the crews was, you know, none of us would be here if it wasn't for the the vision that Callum had and, you know, and the the support of the board to to drill in the Patterson undercover and unlock this prize which is which is is half run. So look, it's a tremendous just to see the the amount of activity on-site. The the drilling teams now seeing that decline in place, the engagement we have with the indigenous community there, just the way the whole machine performs.

50:21 But it's it's tremendous fun to be part of it. It's true. And, you know, and our shareholders are part of that as well. And, yeah, it's something that we really enjoy. And and hopefully, that enthusiasm and the sense of pride in what we're achieving and what is yet to be achieved comes across. Thank you very much indeed, Sean. Sean, look, I am mindful of both your time, the darkness outside and the fact that, obviously, we had scheduled this meeting for forty five minutes and some investors perhaps have backed on meetings onto the back of this one. I know investor feedback is really important to you and to the company. And perhaps before I redirect investors to provide you with their thoughts and expectations, I could just ask you for a few closing comments just to wrap up, and then I'll direct investors to give feedback. Look, just to wrap up to say thank you, Mark, for providing this platform and hopefully everyone on the call kind of found it informative and useful.

51:18 I think we got through a lot of questions. So so hopefully, it's a worthwhile activity for everyone. And if if these are helpful, please let us know. So really just for me to say thank you on behalf of myself and really the whole GREATLAND team. We appreciate the support and yes, look forward to continuing to engage with everyone. Thanks again. That's brilliant, Sean. Thank you very much once again for your time and updating investors This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team at GREATLAND GOLD PLC, we'd like to thank you for attending this morning's presentation.

52:03 That now concludes today's session. And good morning or good evening to you, Sean, to you all.