Greatland Resources (ASX:GGP) — Annual General Meeting

0:00 Good morning, ladies and gentlemen, and welcome to the GREATLAND GOLD PLC Annual General Meeting. Throughout this recorded meeting, attendees will be in listen only mode. Questions are encouraged and can be submitted at any time just using the Q and A tab on the right hand corner of your screen. Due to the significant attendance on today's call, the company may not be in a position to answer every question received during the meeting itself. I'd now like to hand over to Non Executive Director, Alex Barelli. Good morning.

0:25 Good morning. I would say ladies and gentlemen, gentlemen in the room and ladies I know who are present. So it is now just after 09:30AM, Wednesday 12/18/2024 and I'd like to welcome you to the Annual General Meeting of GREATLAND GOLD PLC, a company incorporated in England and Wales. So today we welcome shareholders to our meeting at the offices, the registered office. We're at the offices of GREATLAND LLP from the firm of solicitors in the city based at Salisbury House, London Mall. And I note the meeting is being recorded to facilitate viewing by shareholders virtually through the investor meet company platform. In case of emergency, a bit of housekeeping, the staff here will be able to direct you to the emergency exits as necessary.

1:16 We have a quorum present. I know I recognize some of the shareholders here as well. And I'm going to hand over to the Chairman of the company, who is based remotely, Mark Barnabur, will now run with the proceedings of the company. Thank you, ladies and gentlemen.

1:35 Thank you, Alex. Good morning or good afternoon as it may be, ladies and gentlemen. It's my great pleasure to attend this annual general meeting as chairman of GREATLAND. It's my privilege being your chairman. I'm attending virtually from very Italy, and I'm over here on other work commitments. Firstly, an introduction to, the representatives from GREATLAND board attending in person virtually. So I'll just go through that, please. Attending from our offices in Perth in Western Australia, Elizabeth Gaines, our nonexecutive deputy chair.

2:21 Sean Day, need little introduction, our managing director and CEO. Paul Hallum, nonexecutive director. Yasmin Broughton, you will see on screen as well, nonexecutive director. Yasmin is in Japan on work, Attending virtually from Sydney, virtually as well is Jimmy Wilson, a nonexecutive director. And as you will, see in London, Alex Borrelli that opened the meeting. So I thank you again, Alex, our senior nonexecutive director, and Clive Lachem, our nonexecutive director as well. Before I kick off on the more formal percentage of the meeting, I would like to make some introductory remarks.

3:12 Look. I think, firstly, just to reflect on the year that has been. Certainly, as the board, we are exceptionally proud of what GREATLAND has achieved this year and what we feel lies ahead of us. In September, we obviously announced a transformative, acquisition being to consolidate a 100% ownership of our flagship Hebron Gold Copper project and the Telfer Gold Copper mine. And early this month on the December 4, we completed that acquisition. It is reasonable to, I think, say that this acquisition opportunity is something GREATLAND has been working on for quite some time, probably years in the making. And, indeed, it forms a key part of what attracted me and many other members of the board to to join when we did back in in 2022.

4:07 What we think we've achieved in terms of price and terms is is outstanding. We expect that combining the HAVRONG and tougher projects under GREATLAND single ownership, will make us a mature producer of gold and copper. Hevron is a world class ore body, with a defined pathway to becoming a low cost, long life gold copper asset, of of global significance and scale. The acquisition of Telfer provides a defined mine plan that is materially derisked with substantial ore stockpiles and significant mine life extension prospects.

4:54 Telfer production is expected to generate free cash flow very early on, which will help to fund the Hebron development, which was a key characteristic that, that we saw in, in the acquisition. We're also pleased to have integrated an experienced and very knowledgeable Telfer workforce into the GREATLAND team. Many senior management team members and, in fact, board members have direct, and deep Telfer experience. And indeed, a lot of our senior team has been built around having exactly that, experience in Telfer.

5:39 Okay. I will leave my comments at that when our CEO presents later in the proceedings. Certainly, we will embellish on

5:54 the acquisition and where we are today and our plan going forward. What I'd like to now do is start the formal proceedings of this annual general meeting, noting that the notice of meeting together with explanatory notes was posted to all our shareholders on the twenty first of November of this year. Accordingly, the requisite notice of the meeting, had been given. I propose, therefore, that the notice of meeting should be taken as read, and I'll proceed on that basis. So thank you. My business. Possibly, let me just remind the meeting that, there are eight resolutions. Resolutions one to six are proposed as ordinary resolutions requiring a simple majority to be passed, whereas resolution seven and eight are proposed as special resolutions requiring a majority of 75% to vote in favor of the resolution to have it passed.

7:01 I'm going to proceed to the resolutions. So, resolution one. Resolution one is to receive the annual report for the year ended 06/30/2024. Thank you, Alex. The company is required to send its report and accounts to shareholders at the annual general meeting before putting the resolution to the meeting. May I ask if there are any questions from the floor on this resolution?

7:35 Nothing here in London. Thanks, Alex. The proxy votes on the screen are now displayed. So I Alex, just confirm for me that you can see those. Yes. Everybody can read those. For those in the room, please raise your hands to vote. Those in favor?

8:06 Vote against?

8:10 Okay. That's unanimous approval here in Los Angeles. Thank you. So taken with the proxy votes on screen, I declare resolution one carried by the necessary majority. Thank you. I'm now move to resolution two. Resolution two is regarding the reappointment of Michael Alex Barelli as a director, retiring in accordance with the company's articles, and being eligible, Alex offers himself a reappointment at this annual general meeting. The board is recommending that Alex Pirelli be reappointed as a director.

8:55 I will put the resolution to the meeting. But before I do, I will ask Alex to say a few words. I would certainly like to make the point that on behalf of the board, we have deeply appreciated the wisdom, good judgment, and knowledge of Alex on this board, and it has certainly, allowed a very substantial contribution to be made by Alex. Alex, let me hand over to you. Thank you, mister chairman. Good morning again, and gentlemen. I'm Alex Borelli. I'm a chartered accountant, qualified 1982. Since then, I've had a career in investment banking. I have significant capital markets experience with over thirty years in business.

9:41 I'm very active on corporate governance for listed companies particularly in the mining sector. I've been directly involved with GREATLAND RESOURCES, its former chairman through the period from the discovery at Haberon with a number of fundraisings to the appointments of a majority of our directors. And I thank you for your continued support.

10:04 Terrific. Thank you, Alex. Before proposing the resolution, are there any questions?

10:14 Nothing in London. Okay. No questions. I'll now put resolution to to the meeting. I propose that Alex Barelli be reappointed as a director. The proxy votes on the resolution are as is our norm displayed on screen. For those in the room, please raise your hands to vote. Those in favor.

10:40 Those Raise your hands to vote in favor. K. Those against? Thank you. Okay. So with proxy votes, I declare resolution to carry by the necessary majority. Congratulations, Alex. Thank you.

11:01 Resolution three is regarding the reappointment of Paul Hallum as a director being, retiring in accordance with the company's articles and being eligible, offers himself for reappointment at this annual general meeting. The board is recommending that Paul Hallum be reappointed as director. I will hand over to Paul in a moment. But, again, suffice to say that, not only does Paul have deep mining experience both in bulk metals, precious metals, and other minerals. He he also has very relevant and deep experience with Telfer itself and has made a very material, and appreciated contribution to our board.

11:51 Paul, I'm gonna hand over to you. Thank you, chairman. Good morning, ladies and gentlemen. I present myself for reappointment as a non executive director. I'm a professional mining engineer by background. I joined GREATLAND Gold's Board in 2021 after forty five years of international hard rock mining and executive and director experience. My executive roles were mainly with gold and copper gold, open cut and underground mines, where I both managed and had executive responsibility for several mines. With GREATLAND's completion of its purchase of Telfer, this is my third involvement with Telfer. In the mid-80s, I was the Telfer manager mining and managed the first Telfer expansion, which quadrupled the mine production at that time.

12:45 In the 2000s, I returned to Newcrest as the Newcrest development executive. One of my roles was to complete the plant expansion, which is the current plant, as well as sinking the shaft and the development of the initial sublevel cave underground mine. In 2011, I retired from executive mining roles to become a professional non executive director. And with your support, I'm now looking forward to adding value to GREATLAND's next chapter. Thank you. Paul, before proposing the resolution, are there any questions? Nothing in London. K. Thank you. I therefore now propose that poor Helen be reappointed as the director, the proxy votes again for this resolution displayed on screen.

13:40 I'll ask for those in the room to vote. Those in favor, raise your hand.

13:49 Yes. Voting in favor. Okay. Thank you. So I take with the proxy votes, so declare resolution three carried by the necessary majority. Congratulations, Paul. Thank you. Resolution four is regarding the reappointment of PKF LITED JOHN LLP as orders of the company to act until the conclusion of the next annual general meeting. This is required, you know, constitution before proceeding with this resolution. Are there any questions?

14:29 None. Okay. I therefore propose that the ASLittlejohn LLP be reappointed as our auditors. The proxy votes for this resolution are now displayed on screen. I'll ask those in the room to vote. Those in favor, please raise your hands.

14:49 Voting in favor. Okay. In which case, with the proxy votes, I declare resolution four carried by the necessary majority. Thank you. Resolution five, authorizes the directors to determine the order's remuneration. Again, before proceeding with this resolution, are there any questions? Nothing. Okay. I'll now put this resolution five to the meeting. I propose that directors are authorized to determine the remuneration of the auditors. The proxy votes are displayed on screen.

15:30 For those in the room, please raise your hands. Those in favor?

15:39 All in favor. Terrific. Thank you, Alex. Taken with the proxy votes, I declare resolution five carried by the necessary majority. Moving forward, resolution six, this relates to the general authority to issue shares.

15:56 Before the directors are able to issue shares, they must first be authorized by shareholders to do so. This resolution, if passed, will grant authority for the directors to issue new shares as is in line with investor guidelines. The authority will permit allotments of new shares of up to a nominal value in pounds of 4,359,765, which is

16:26 at point zero one equivalent in shares. And it represents approximately, 33% of the issued share capital. This authority replaces previous authorities and expires, at the earlier of the next AGM or fifteen months from the date of this meeting.

16:48 Whilst directors, have no present intention of exercising this authority. The authority gives the directors flexibility to issue shares, where they believe it's in the best interest of the company to do so. I will repeat that the directors have no present intention of exercising this authority. Before proposing the resolution, are there any questions? Nothing here. Okay. If there no questions, I'll put the resolution to the meeting. I propose that the directors be authorized to lock shares in accordance with the terms set out in resolution six. The proxy votes for the resolution are now displayed on screen. For those in the room, please raise your hands to vote. Those in favor.

17:39 All in favor. Okay. Terrific. Thank you, Alex. Taken with the proxy votes, I declare resolution six carried by the necessary majority. Come to resolutions seven and eight. Resolution seven, we'll give the directors authority to allot shares for cash without first offering them to existing shareholders in proportion to their existing holding of shares up to a nominal amount of pounds 1,307,929, and that's 10% of the issued share capital. This is in line with the statement of principles published by the pre action group in November 2022.

18:26 There is no current intention to issue any new shares for cash. But what this resolution does is provide a degree of flexibility to finance business opportunities. The authority will expire at the early of the next AGM or fifteen months from the date of this meeting. Before proposing the resolution. Are there any questions?

18:50 Nothing here. No questions. I'll now put the resolution to the meeting. I propose the directors be authorized to allot shares in accordance with the terms set out in resolution seven. The proxy votes for this resolution are displayed on screen. For those in the room, I'm gonna ask you to vote again. Those in favor, please raise your hands. All in favor. Terrific. Thank you, Alex. Take the proxy votes. I declare resolution seven carried by the necessary majority. Okay. Resolution eight. Resolution eight will give the directors authority to allot shares from acquisition or specified capital investment as defined in the statement of principle with the without first offering them to existing shareholders in proportion to their existing holding of shares up to a further nominal amount of, Great British pounds, 1,307,929, again, being 10% of the issued share capital.

20:06 This is in line with the statement of principles published by the preemption group in November 2022. Again, it's important, I repeat, there is no current intention to issue any new shares for cash, but the purpose of this resolution is to provide a greater flexibility to finance business opportunities should and when they fall due. The authority will expire at the early of the next AGM or fifteen months from the date of this meeting before proposing resolution. Are there any questions?

20:41 No questions. Terrific. With no questions, I'll put the resolution to the meeting. I propose that the directors be authorized to allot shares in accordance with the terms set out in resolution eight. The proxy votes for this resolution are displayed on the screen. I turn to the room to raise your hands for all of those in favor. All in favor. Thank you, Alex. Taken with the proxy votes, I declare resolution eight carried by the necessary majority. That winds up the formal part of the meeting in the sense that we have undertaken our resolutions. I will hand back to Alex Borale to chair the remainder of the meeting and conclude it, given that Alex is there in person. So, Alex, let me hand over to you and simply say thank you to all our shareholders.

21:40 Thank you, mister chairman, and thank you, ladies and gentlemen, for attending today. I hope the quality of the sound has been good enough for you. It's not as good as I would have hoped today and the sound hasn't been great but I think we've got the gist of it with the slides on the screen as well. So otherwise we have now concluded the business of the meeting and the exciting part really is to hear from Sean Day, our Managing Director, who will give a presentation followed by some Q and A. So I thank you all for your interest and attendance and I declare formally the meeting closed. The results of the meeting will be announced to the markets through our regulatory information service, the RIS, which is going to be through RNS and posted on our website as soon as practicable.

22:28 So thank you all of you.

22:32 Thank you, Alex, and thank you for convening the meeting in London and to our chairman, Mark Farnamba, for managing the formal proceedings. So welcome, holders. I'll seek to do a brief presentation. This presentation is is already on our website, but I'll walk through it for you and then seek to have a question and answer session, you know, following the the brief presentation. So in in terms of the GREATLAND, we undertook a transformational acquisition on the December 4. And what we're able to do is acquire, a 100% of Telfer together with the 70% of Havron we did not already own.

23:26 This unites, 8,400,000 ounces of HAVRON RESOURCES already delineated with substantial infrastructure and a large, mineral endowment at Telfer. We were supported at this with, you know, a a group of tier one banks in ANZ, ING, HSBC, and completed a successful equity raise with the support of shareholders. And we now have a a very clear immediate, plan in front of us to, produce over 425,000 ounces over the next fifteen months, as we have immediately become a producer whilst in confluence with that, seeking to complete the development of Hathron.

24:20 The transaction itself, included the a cash consideration of 167,000,000. We repaid all debt, so GREATLAND is presently debt free with we also welcome Newmont as shareholders. They hold just over 20% of GREATLAND with a $167,500,000 of consideration issued to them. And then finally, there's a deferred contingent payment of up to a 100,000,000. That is subject to a gold price hurdle, but also the successful successful development of Hapron. So effectively, earliest that is payable or the first tranche at least would be in 2028.

25:07 And we've made significant progress as we've completed that transaction. In terms of the board, thank you for the reelection of, Alex Borelli and and Paul Hallum, that we feel we have a very well credentialed, board, which are able to help us navigate through the transaction to together with management team. Just turning the the slide to to six, you you see we've also augmented that existing management team with a number of new faces, to give ourselves additional capabilities as operator of Telfer, both in terms of managing the processing plant, the open pit, and simultaneously the underground together with, a number of developing well, putting in place a team for the project development of HAVRON led by David Fielder. And we feel this team has the right experience and credentials to successfully deliver these these projects.

26:22 Just turning across to slide eight, we'll just you know, I think it's a you know, useful to understand that we with the Telfer acquisition, we we now own substantial infrastructure.

26:42 You know, Telfer at two ten million ton trains to give us a nominal capacity of 20,000,000 tons is the third largest, gold processing plant in Australia, behind, you know, Bonington and Cadia, and really substantially larger than even, other other iconic and well known assets such as the Super Pit at at KCGM. So it's an exceptional piece of infrastructure that we, that we've acquired, and we, you know, love the opportunity that we have with, you know, consolidating the ownership of Hagron to utilize this this infrastructure to deliver a derisk Hagron, but also to extend the life of the Telfer mine.

27:29 In in terms of Telfer, this slide really just describes to you the that initial fifteen month mine plan. The center of gravity for for production is in that West Dome Open Pit where we'll be extracting around 10,000,000 tons over the following fifteen months. In addition to that, we continue to operate the underground with plans to extract another one to one and a half million tons under there in already delineated, mine plan. In addition to that, there is, we originally were expecting 9,600,000 tons of high grade stockpiles at surface. That's ended up being 11,500,000 tons at the December 4.

28:20 So that is really beneficial to us to have that additional high grade ore at surface without further mining costs, but also the flexibility that gives us in our mine plan and operational plans to have that ore already at surface. But really, when we look at Telfer, there's a lot more opportunity there than just that initial fifteen month mine plan. Staying with that West Dome Open Pit, those areas marked as one and two, the stage eight extension at the bottom of the pit, but also the stage seven extension. These are already fully drilled out, very well understood and already exposed ore.

29:10 So we think there's a great opportunity to bring those into the immediate mine plan. And we're currently doing work on that as part of our calendar year 2025 budgeting process, which is underway. And further, that West Dome Open Pit has all been structured around a $14.50 dollar US gold price. Now presently, that's running around 2,600. So we think as we re, look at the pit shell at this high gold pro price, that may afford us additional opportunity and that work is presently underway. Much the same can be said for that main dome open pit in terms of the current cutback is contemplated at a $14.50.

29:59 We'll be relooking at this pit shell at this higher gold price. But in addition to that, that area marked as six is another really significant cutback opportunity that is fully drilled out and is an excellent additional opportunity for us to extend beyond the existing fifteen months. Turning to the underground. Again, those areas marked three, both the A Reefs and the M Reefs, that's the existing mining area. But again, there is a significant opportunity to expand there. And what's marked as the ESC or Eastern Stock Works area that is presently a seven fifty meter strike length. We have two rigs working on that or spending on that as we speak. We think that's again another opportunity to bring additional mining donation into that mine plan.

30:57 The vertical stock work area five is well understood, slightly lower grade, so historically hasn't been seen as a a base load, but rather augmenting the mine plan. But at this higher gold price that allows us to revisit the way that we thought about the vertical stock work corridor historically. And then just finally to talk about the existing, areas, I I think the West Dome in the underground, the West Dome, deeps is is a really exciting opportunity. This has historically been drilled out from surface with some high grade intercepts. That higher

31:41 drive in in the diagram is now in place. That's allowed two rigs to be spinning on this West Dome deeps prospect earlier this year. This is probably the least advanced on the page, but it is the highest grade. It's open in all directions, west, up, down, every every direction other than back east towards the existing main dome underground.

32:11 And at the grade there, we're really excited about what that could evolve into. But I stress that's really very early in in drilling that out and understanding that opportunity. But it's something that we do want to spend time, energy and effort to unlock. And then finally, just to augment what I just described, there's another over 20,000,000 tons of stockpiles at surface in what we call partially costed material. Let's describe that as a lower grade material. But again, with this large infrastructure, this gives us the additional flexibility of the mine plan. And although that's considered lower grade around that $14.50 gold price, again, at present gold prices, we think there's we can really rethink about how we approach that additional stockpile.

33:09 In terms of not just the in mine opportunities to extend the life of the open pit and the underground, We have a dominant regional position around Telfer. We intend to invest in the drill bit and explore this area. And you'll notice that 60 kilometer radius around Telfer. That is a good approximation perhaps of a trackable distance, but that is also the radius of our indigenous land use agreement, which gives us a sound footing for engagement with the the First Nations people to bring to bring online deposits identified with that area and bring them through the the Telfer Mill.

34:04 And this really combines both the the ground we acquired from Newmont with that existing Hevron ground, further augmented by that Rio Tinto joint venture. We're excited about the prospects, and there are a number of known deposits on that existing Newmont ground that we've inherited that, again, we wanna spend time to understand if they provide a expedited opportunity to bring additional ore sources through that mill. Because ultimately, we see this as a hub and spoke model where we have that Telfer mill fed by the Telfer open pit, the Telfer underground, the Hevron underground, but there are opportunities to bring online additional areas

34:55 to feed that mill. And it's the a huge advantage for us is that we are a monopoly provider of processing infrastructure in that that Paterson region. This this next slide really just captures that concept of this hub and and spoke model, both capturing that Telfer production, that have run production, but also this broader regional opportunity. And we really wanna focus that, you know, by continuing to invest in in the drill bit with our exploration team. In in terms of HAVRON, there there's obviously a a real focus on Telfer because that gives us this immediate production profile, but we shouldn't look past this world class development at Havron, which is already substantially advanced.

35:57 Havron is is, you know, one of the premier developments in in Australia. You can see the the other standout in that group is the the HEMI project, which is currently subject to a a takeover approach. HEMI is perhaps 20% larger in terms of size, but HEMI is over 50% higher in grade. And whilst HEMI still needs to build its infrastructure, HAVRON can take advantage of that existing infrastructure at Telfer. So we think it's in terms of its risk profile, the time potential timetable to bring it to market, And of course, the economics we it can deliver, we think it is a standout in the market.

36:48 When we look at, Havron, in terms of the deposit, I think a really good way to understand underground, ore bodies is to think about it in terms of ounces per vertical meter and also to understand that in terms of strike length. This is a compact strike length, some 650 by 600 meters, and it's delivering over 7,900 ounces per meter across a full thousand meters or one kilometer vertical extent. This means every time we develop one meter of vertical infrastructure, we are accessing 8,000 ounces, and we only need to drive, say, 650 meters to to access those those ounces as opposed if you compare it to ore body where a strike length might be two, two and a half, three kilometers, we have to put in a lot less infrastructure to access those ounces.

37:52 That drives a very low capital intensity, but also helps us drive a very low all in sustaining cost. And that's also helped you can see the blocking nature of this model. We're able to have stopes here of over a 100,000 tons. Now that is probably about 10 times the average stope size in Australian underground mining for selective mining methodologies such as Mhmm. Double level open stoping and long hole open stoping. Now that order of magnitude bigger, again, drives this very efficient mining and low cost mining method that you observe in our cost structure.

38:41 In terms of the size of, Havron, it's, yeah, it's a very material, very significant asset within the Australian context, ranked fourth there, behind the super pit, Cal and Jundee, which are all outstanding assets and lowest core assets within the Australian market. And of course, we think we get to both augment that with Telfer ounces, but also the potential to look at have on expansion opportunities in addition to that. So it's a beautiful asset. It's a high grade asset as well. And what does this deliver? When you look at our all in sustaining cost on Slide 17, it's the lowest projected all in sustaining cost on the ASX.

39:36 And that speaks volumes as to the quality of HAVRON and particularly when you also put in that low all in sustaining cost in the context of its relatively large ounce profile. So it's a real prize for us. And again, we we wanna really, focus on successfully completing that, development at Hefron. This next slide really just gives you a little bit of an overview of the asset. You know, it's currently set up as a single decline truck haul asset, which will deliver 2,800,000 tons per annum. You can observe that very low mining cost there on the right of screen of just under $51 a ton, and that delivers that that US $818 an ounce. And, of course, we have a, almost twenty year, delineated project life that you would have observed in that SRK, mine plan that was part of our acquisition, independent expert report, which formed part of our readmission document on the London Exchange.

40:51 So we think to have a verified twenty year mine life is extraordinary. I can't think of another underground mine in Australia with a twenty year delineate mine life. In in terms of the go forward plan, I think this timetable is a really useful, understanding of the catalyst before us. Corporately, we have a focus on this ASX listing in the June quarter of this year. We see that ASX, leasing as complementary to London listing, which we continue to, want to maintain. We're grateful and appreciative of the support that we've had, from London. Earlier this year, we're able to complete the largest, mining equity raise in London since 2017.

41:42 So again, we're appreciative of this and we see the ASX listing as complementary and augmenting that London listing and potentially bringing in additional, demand for our stock with the Australian, institutional funds. In terms of Telfer, we have this initial fifteen month mine plan that I described, but we are gonna focus on the, the life extension opportunities. So in the March quarter, so that's, you know, you know, soon upon us, we will update the JORC resource from the Telfer. And then following the listing very late in that June quarter, we expect to update the JORC reserve at Telfer, and that will demonstrate the those potential opportunities for life extension.

42:36 Meanwhile, turning to have run-in parallel, we are presently working on that feasibility study. This will be a GREATLAND controlled feasibility study. We expect to release this in calendar twenty five, in the back half of calendar twenty five, and that will give us an opportunity to really demonstrate how we think have run should be delivered and how it is integrated into the site with Telfer. We then expect that to demonstrate first ore production in late twenty twenty six, but we have the luxury of what we expect to have continuing production at Telfer, which allows us to stockpile that have run all and then switch across where we do campaign processing of Telfer ore, then have run all, which will allow us to do a very efficient and cost effective processing and utilization of that plant. But that means we expect to leave our first have run ore in late twenty twenty seven. And all of this, we expect to complement with ongoing focus on exploration to again continue to deliver further opportunities for mine life expansion.

44:06 And then just turning to slide 20 '1, just just to put this in the context of our our corporate, you know, we have this Telfer working capital facility. It's a $100,000,000 facility, but 75 that being working capital. That augments that initial cash balance of 120. Ladies and gentlemen, just do bear with us while we just reconnect the guys in Perth. Do bear with us for just two moments, please. Thank you. It's got the line.

44:54 Ryan, thank you very much indeed. Let me just reconnect. There we go. Hi, guys. Just Sean, just making sure you can hear us, sir. Thank you very much. Yeah. Please please go ahead. Yeah. So the the the put options, we put in a 150,000 ounces of put options. Now put options are the form of least regret. If the gold price is higher than 3,900 Australian, which it presently is, we participate at that highest price. But what it means for that 150,000 ounces, we will achieve no less than that $3,905 price. And then finally, those same three banks have also given us support in respect of the Havron development, which is a 750,000,000 project financing facility, which, again, we feel that gives us an ability to to feel that we are already fully funded to deliver Havron through the existing cash balance that Havron debt facility plus the forecast cash flow that we should produce from that ongoing Telfer operation.

46:09 So just to recap, we feel the transaction has to leave it up. Can I just interrupt there? The the quality of the sound we're getting in London is very poor. We're picking up very little. Is there anything with the the GREATLAND sound system, not the online, Alex. Yeah. I I just Go ahead. So the what it does is marries up the quality of the HAVRON project and importantly control. That's something GREATLAND didn't previously have, and now we are able to not only have control of our HAVRON asset, but also with Telfa, and we can unify both Telfa and HAVRON under single consolidated ownership for the first time to leverage that Telfer infrastructure in a tier one jurisdiction of Western Australia for what we think is a world class gold copper platform.

47:08 So with that, I'll conclude the presentation and turn across to to questions. That's great, Sean. Thank you very much indeed. Just whilst the attendees in the office just get their audio reconnected, there is somebody in the room there dealing for that. We did receive a number of questions ahead of the presentation, ahead of the AGM, and also we received considerable number of questions throughout. So thank you to everybody for your engagement. Perhaps if I may start off with the first question. What potential developments are you most excited for in the next twelve months? Yeah. Thanks. Look. I I think we're really excited about the next twelve months. There's a number of catalysts for value. I talked about the the updated Telford Jork resource in the March quarter.

47:57 That will be followed by the updated Telfer Jawke reserve, which will really delineate that extension of mine life. In parallel with that, we'll deliver the Havron feasibility study. That's really the first time the market will see the GREATLAND perspective on HAVRON. And we've spent three years thinking about this asset. So, you know, we think there's a really good opportunity for us to to demonstrate its full potential. And then finally, in in addition to that, we think the ASX listing is a really important catalyst. And I should augment that with the fact that the March quarter and and indeed the ongoing quarterly activity announcements will be really important because that's really gonna be the first time people have seen Telfa as a standalone asset in over two decades.

48:55 And I think that gives us a real opportunity to get visibility and attention on that Telfer asset, which we think is excellent. Thank you, Sean. Let's turn to the next question. When will GREATLAND GOLD expect to receive the first payment for gold, etcetera, processed and produced at Telfer, I guess, since the start of production at Telfer? Yeah. I'm pleased to report we've we've already achieved that. We've done the dore outturns. We've done our second dore outturn and received a cash payment from the Perth Mint. For good also order, we also sell a concentrate. What we've done during December is allowed Newmont, the previous owners, to clear that port infrastructure that was just done over the weekend. We'll now transport our own concentrate to port, and we'll have our first concentrate sale in January and then start the cadence of those sales to complement the dore sales.

49:52 Thank you very much indeed. In the run up to the ASX listing, how long is the queue of RNSs that you've planned as catalysts? Well, again, I think this goes back to the the catalyst we we we talked about within that time frame. We think that the JORC updates at site of Telfer, both for the the resource and the JORC reserve are really important. We think the cadence of quarterly reporting, I think, will really add to our communication. We also think the opportunity to give updates on HAVRON will, will also be give additional visibility. So we're really excited about those announcements in the lead up to the ASX listing.

50:43 That's great. Thank you very much indeed. A number of questions in the live Q and A as well and some ahead of the event around dividends. Can you confirm what you're looking what you're looking to do future wise regarding the payment of dividends? Look, we we really aspire to to pay dividends. I've got a history with three three companies where all of which were were dividend payers. That's part of maturing the platform. We really wanna focus initially on delivering HAVRON. We think that delivering HAVRON creates a much more sustainable and financially robust base. But as part of our capital management plan, we wanna deliver Hevron. And then if the opportunity presents, switch across to to rewarding shareholders for for holding stock through that payment of dividend.

51:40 That's great. Thank you. Let's turn to the next question. What is the status of the lower confined aquifer dewatering and when do you expect to restart work on the decline? Yeah. That lower confined aquifer is part of Hevron. Just to remind shareholders, we've been through the upper confined aquifer, the middle confined aquifer, and now we're up to the lower confined aquifer. The approach to all three is exactly the same. Drill into the depressurization holes and followed up by dewatering bores. So exactly the same methodology here. We've tested that lower confined aquifer. It responds to the depressurization really well.

52:27 We just wanna complete some additional surface dewatering infrastructure. That's all part of the current EPA approval process, which is expected in the calendar 2025 year, and then we'll restart the the dewatering and the decline. But before that, what you'll see is our focus will be on putting in the ventilation system. That is actually the critical path. The decline is well advanced in what it has to be. There's a lot of float within the development project on that decline. So, really, although we we're we're excited about restarting that decline, our focus will be on that initially, will be on that the ventilation infrastructure, but you'll also see us recommence in that decline.

53:18 Thank you very much indeed. Could you tell us when the recent Telfer drill test results will be available? Yeah. Look, we we have multiple rigs spinning at Telfer. So and that's really important for us as we focus on this extension of mine life. You know, we'll we'll our focus is more going to be around production quarterlies, but we will augment that with exploration updates as as part of that. But, yeah, we're we're excited about the exploration potential both in the open pit and the underground, but I did mention in the presentation that West Dome Deeps, that's some of the highest grade ore we've seen at Telfer since 2005.

54:06 There's a lot to do before we really understand that opportunity, but it's certainly lovely to have that kind of opportunity already within the portfolio. Thank you, Sean. Interesting question, Sean. This is a read in full. Sean, when you used to say world class mines keep on giving, were you talking about Havaran or Telfer or both? Well well, really both. I I think what I might do is is talk to some of my my past experience, say, with Northern Star. Northern Star acquired and completing integrations on six assets from Global Majors. Four of those assets had a mine life of less than twelve months. All six of them are still in production some ten years later.

54:54 I think, you know, when you look at the what we've acquired from Telfer, it's a stunning mineral endowment. We really think there's some great life extension opportunities that we've got a lovely tailwind of this very high gold copper price market price, which I think gives us additional opportunity, but we want to reinvest in the site. Adding to that, we have the great benefit of the Havron asset, which already has a demonstrated life of twenty years and remains open at depth and remains open on the lateral extension level. So, yeah, we really think what we've done here is taken a Telfer asset, which is a 20,000,000 ounce mineral endowment, and we're combining that with a mineral endowment at, Havron, which is already over 8,400,000 ounces.

55:50 So we really do have, I I think, very expansive ore bodies and the opportunity to extend those life just as I've seen previously in my career where you invest into those assets. Thank you. We've got a few more questions that I'd like post you. But before doing so, I just wondered, Alex, if I may just ask you in London if there's any questions, particularly from your side, whether or not you want to give the opportunity. Yes. Let me just ask the audience here. Gentlemen, any questions? Yes. We have one question. I've I've got a question. Well, this is the last AGM we held in London. I'm saying this because I think shareholders are pretty uncertain what the all the ASX listing will entail.

56:40 Yeah. Did you hear the question? Did. I can answer that in so far as the company is a UK company. It's incorporated, registered in England and Wales, and we have a requirement under the Companies Act to hold the meetings here. I appreciate that the management and the business is effectively all in Australia. And practice, probably, we will have, two meetings for for shareholders in future. But, Sean, unless there's anything you'd like to add to that? Yeah. Just to augment that, Alex, but, yeah, I agree with what you just said. If if we do also kinda end up with a a company here in in in Australia, what we'd like to do is still have shareholder meeting up in London, but that also be connected in much the same way I'm joining you from Australia now.

57:32 Thank you. Any other questions? But won't that be an Australian holding company? That'd be an Australian holding company. Yes. Which requires shares in The UK company, not scheme of arranging. Did you you pick that up? The the reference to the Australian I mean, at the moment There there will be UK company. Yeah. There there will be a upcoming scheme meeting in London to approve any restructure and intended ASX listing. So firstly, that will be subject to shareholder approval. That will be our next meeting. That will be in London. At for the calendar year '25, I think I can undertake that we will still have a meeting up in London because, you know, we're we're we're that will still be the center of gravity for our for our shareholder base. So it's gonna have a ongoing importance to us.

58:38 Right. I mean, I'm afraid the signal's not so clear, but I don't really sort of get most of that, Sean. Okay. Thank you very much indeed, Alex. Sean, we've got a couple of questions online, if I may, just bearing in mind as we come up to the hour. What current infrastructure transport provisions are available from the Telfer and Havron mine areas to other areas, e. G. Portland Head? Will additional transport infrastructure be required? The Telferon and Hevron are connected by road. What I what I might distinguish for people is that this is gold is a relatively small volume. It's not a bulk. Whilst if you think of an iron or a coal, you you might be thinking about having a rail connection.

59:27 In this case, the outturn of most gold mines would fit in each month would fit in a a briefcase and are often flown into, you know, the the the Mint, which is actually located at the airport. So the infrastructure requirements is quite different for a gold mine as opposed to a a bulk mine. We actually do export our concentrate through Port Hedland. That that is, you know, that is done through through truck haulage back to Port Hedland. But that, again, we we might only be taking, you know, one kind of part of a ship's hull for that concentrate. So it's a real yeah. We would typically export around 10,000 tonnes, which even in a a small Panamax vessel is is a one quarter or one fifth of the of the cargo.

1:00:24 Thank you, Sean. I think we touched on a number of the topics of some of the other questions, either through your presentation or in some of the questions that were already asked. Maybe a good question to end on here from David W, who says, I'm incredibly proud of what you've all achieved. And as a shareholder, I'd personally like to thank you for all of this. I like most of my U. K. Investment team have kept buying shares over the last few years, and we now see GREATLAND incredibly undervalued. Do you have any ideas why the share price, doesn't reflect that? Well, firstly, thank you for the for the, kind, introduction into that question. It's really appreciated. And and look, the team's done a lot of hard work to, make this transaction, successfully complete.

1:01:11 Look. We look. We're really grateful for the support we've had in London. And, again, you know, we were able to raise a really substantial, amount of equity support in the London market and augment that with, bank support. Look. This is the reason why we think it's time to augment the London listing with the ASX listing. I I think if you observe how we trade compared to some of our Australian peer group, there potentially is the opportunity to, to rewrite. I think there's a real buzz in Australia about us coming to the ASX market, And, of course, we will debut as a very meaningful, producer with Telfer and then having the confluence of a world class development asset in, Havron and that demonstrated mine life. So, look, it's it's lovely to have this potential value, in our stock price, but equally, the management team understands the best way for us to unlock that is to demonstrate consistent and successful quarterly outcomes, and that's what our focus has turned to.

1:02:21 Sean, thank you very much indeed, and thank you once again to everybody for your engagement. That now concludes the question and answer session for today's Annual General Meeting. Thank you to the Board from GREATLAND GOLD for broadcasting the AGM from all across the globe this morning. If I could please ask attendees not to close this session as we will now automatically redirect you for the opportunity to provide your feedback in order that the Board can better understand your views and expectations. This may take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the Board of GREATLAND GOLD PLC, we'd like to thank you for attending today's Annual General Meeting, and wish you a good rest of your day. Thank you.