Notes from Proactive Interview re. GGP MRE Plans - 11 Aug 2023

[DipSard]

Notes from Proactive Interview re. GGP MRE Plans - 11 Aug 2023

Interview Link:
https://youtu.be/oHT08SJG4LY

Havieron Update RNS:
https://polaris.brighterir.com/public/g ... ry/wv9p6zr

* An updated reserves and resources statement today from NCM, No change to the Havieron resource estimate, why’s that?
- You know, look we’ve done a lot of drilling at Havieron over the last 12 months
- Over 80,000m drilled, we’ve expressed to shareholders before that we would like to see that update to the resource and our preference is always to do that update in conjunction with our JV partner
- Now for whatever confluence of reasons NCM were not able to complete that work, they have been undertaking that work from a technical perspective but we understand corporately they have a lot on and that is their strategy and we respect and appreciate that
- I see this though as an opportunity as we did in March 2022, we came out and updated our own resource which effectively NCM later verified, so we're going to go through that same disciplined process because we’d like to get out an updated resource by December 2023 Quarter (By end of Q4 this year).

* What can we expect to be in that updated resource?
- It will reflect the 80,000m drilled, people should understand that does take a lot of time to incorporate that and remember that program was only completed in June
- Although that 80,000 additional metres constitutes about 35% increase in the drilling at Havieron, one shouldn’t necessarily expect a direct correlation between the metres drilled and that advancement
- For a couple of reasons it’s never directly correlated but also remember a lot of this drilling is deeper so a lot more of those metres has just been getting down to the ore body
- Albeit in a positive sense I think when you reflect on the drilling we’ve undertaken and the intercepts that’s produced over the last 12, even 18 months I think there should also be some sense of optimism as well
- We think it will be a good update and we’ll share that once that work is done and we understand that in a more thorough way.

* Will that updated resource feed into the Definitive Feasibility Study?
- Yeah, that is the intent so again I think there’s been talk again about the narrative that our JV partner has been updating that FS with updates and optimisations and I think this comes into that
- And it’s exciting, the original study was done at 2mtpa, the expectation we set in that PFS was that we would take it up to a 3mtpa production profile which is a 50% increase
- So, I think that optimisation work is ongoing and this is all part of that and capturing all of that drilling up to June I think is advantageous.

* Good to get an update Shaun, thanks very much
- Thanks very much for you time, bye now.

Download link:
https://www.mediafire.com/file/f9064vku ... 3.pdf/file