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board & management

simon Lawson (managing director) david baumgartel (Chief operating officer)
rowan johnston (non-executive Chair) Tejal magan (Chief financial officer)
hansjoerg plaggemars (non-executive director) nicholas jolly (Gm business development)
david Coyne (finance director)

“It’s all about having a very strong growth strategy around the plant because
everybody now recognises its significance as a regional asset. With the effect
of COVID and the fact you can’t build plants cheaply or on time at the mo-
ment, it now becomes even more of a critical asset with the region.”
The final day of the March quarter was also a significant moment for Gas-
coyne with the company repaying the remaining $10 million owing on a con-
vertible note facility and officially becoming debt-free for the first time since
2017.
Lawson said all three milestones had delivered a huge morale boost for the
Dalgaranga workforce, something he compared to his days working at Pauls-
ens where he was a chief geologist when the mine was under the control of
Northern Star Resources Ltd.
“Everyone is a product of their own experiences and I owe a lot to the North-
Lawson said the exploration success at Gilbey’s North was the perfect exam- ern Star model because we really did have discipline in that company and I
ple of Gascoyne controlling its own destiny.
learnt so much from Bill Beament about the importance of empowering your
“When I put it on paper and look at what the potential of Gilbey’s North could people to want to come to work for you every day,” Lawson said.
be – the fact that it’s just over 100m away from the existing open pit and less “We had a lot of loyalty in those early days up at Paulsens with Northern Star,
than 1km from the process plant, that is a substantial change in the face of we had a really tight team and we were galvanised under fire – and that’s
Gascoyne,” he said.
essentially the same thing we have now at Gascoyne. We’re all 100% aligned
“Some people will look at that and say we didn’t necessarily need to do the to this very direct strategy which is to build as much mine life as we can in
Firefly transaction – which is reasonably ironic because I only exist within front of the plant.
Gascoyne because of the Firefly transaction – but with all of this stuff we’re “Everybody relaxes when you’re having success like we had during the March
discovering and because it’s so close to the existing plant, we’re not letting quarter. When you have those wins, people are not looking for a job some-
anyone else define our future.
where else because they think you’re going to close in the next six months.”
“We can still build out a 3-5 year mine schedule that includes the Melville de- While the turnaround is far from complete, plenty has changed at Dalgaranga
posit from Firefly, but we will continue to start at the plant and work our way since Lawson first visited site more than six months ago with mining and
out. We have a very dynamic plan and we’re in charge of our own destiny.”
processing operations firing on all cylinders, three exploration drill rigs turning
A line was well and truly marked in the sand by the end of the March quarter in the field and a far more relaxed workforce making the most of the newly
when Gascoyne reported record production of 21,669oz from the first three installed woodfired pizza ovens at the end of it all.
months of the year, including a record 7,900oz in January alone.
“We’re an honest West Australian company that just wants to get stuck in
In a further boost for the turnaround at Dalgaranga, the company finished in and deliver the consistent outcomes for our all stakeholders,” Lawson said.
the top three for cash flow generation among its gold miner peer group for “The only way we can change the perception of Gascoyne is delivering con-
the March quarter, having sold 21,260oz for an averaged realised price of sistent outcomes. If cash flow is the key outcome that we can deliver in that
$2,586/oz generating close to $55 million in revenue.
quarter, that’s what we’ll do. If it’s consistent growth of resource/reserves or
“We smashed that quarter out of the park and now it’s about how many making discoveries within 1km of our plant, that’s what we’ll do. We’re going
more quarters and how many more years can we put in front of the plant,” to put outcomes out there and people are going to see a lot more outcomes
Lawson said. from us.”

Gascoyne resources Ltd (Asx:GCy)
office Level 1, 41-47 Colin street, west perth wA 6005
po box 1449, west perth wA 6872
phone: +61 8 9481 3434
fax: +61 8 9481 0411
email: admin@gascoyneresources.com.au
website: www.gascoyneresources.com.au