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the long-term future of one of exploration companies often
Australia’s most prolific gold don’t have the balance
operations. sheet or the conviction to
“I think the opportunity at go because it is relatively
Havieron is so large-scale expensive drilling, but there’s
that the market hasn’t yet a sizeable prize at the end if
fully recognised it, which I you’re successful at it.”
think is quite understandable, Could there be more
because such is the scale of Havierons lurking under the
this asset, we’re probably cover of the Paterson? Day
going to be talking about believes so and has backed
meaningfully drilling this out Greatland chief executive Shaun Day (above) and founding his exploration team, led by
over 3-4 years,” he says. shareholder Callum Baxter (below) at the opening of the Havieron John McIntyre, to bring them
“We’re about to come out underground decline to surface.
with our first study, but I “The best place to explore
suspect there’ll be three or for gold is where gold has
four studies on this before it’s been discovered,” he says.
completed. Both Sandeep “It’s exciting this number
and I have been in the of targets in proximity to
market saying we see this Havieron so we’re going
as having potentially multiple to continue to invest –
mining methodologies to and indeed increase our
unlock the full size and scale investment – in the drill bit to
of Havieron. pursue what I refer to as this
“Because we’ve gone incredible option value.
down and established that “I think there’s nothing better
infrastructure early, I think we could do for shareholders
the story and indeed the than discover another
size of Havieron is actually Havieron. But even another
unfolding over a number of years. The market loves growth, half or quarter Havieron would create a huge amount of
it’s a real attraction for the market, notwithstanding they also value. And, of course, there’s the added potential to bring
will need to have some patience that to drill out an orebody that into the Newcrest JV as well.”
of this size is a multi-year process.” Having been part of Northern Star’s rise from single-asset
Without doubt, the key to unlocking new orebodies in producer to $8 billion gold mining powerhouse, as well as
the Paterson province has been breaking through the a prior career as an investment banker, Day is well placed
significant cover which has challenged explorers across to recognise where the greatest appetite for the Greatland
many decades, hence why Havieron and Rio Tinto’s Winu story is likely to come from.
discovery have only come to light in recent years thanks to Day acknowledges that being London-listed but Australian-
modern exploration techniques. focused is a quirky mix for an exploration company, however,
“To some extent, I see cover as our friend,” Day explains. he genuinely remains undecided on whether it is something
“If this had manifestation at surface, this would have been which needs fixing or perhaps should be more openly
discovered 50, if not 100 years ago. embraced.
“I don’t think it’s any surprise that when you start drilling “I think there is something to be said for providing the London
there, suddenly you’ve had these world-class discoveries, market with the opportunity to invest in a Tier-1 asset in a
not just Telfer some time ago, but now Havieron and Winu, Tier-1 location,” Day says.
in relatively short order. “There’s some really good quality projects in Russia and
“We used to have an expression at Northern Star under Africa and other places around the world that are listed on
[former managing director] Bill Beament; if you don’t drill, the London exchange, but they come with a very different
you don’t find. Now that we’ve increased drilling up there sovereign risk profile, and perhaps a less sophisticated
in the Paterson, lo and behold, you’re discovering these mining infrastructure in terms of legislation, people and
world-class orebodies lurking in the deep there, which is just certainty. So I think being able to provide that proposition
brilliant. in the London market is perhaps a competitive advantage,
“We see that as part of Greatland’s competitive advantage albeit we do also see the benefits in being part of the
being able to do that exploration under cover, where small Australian market along with the rest of our peer group.

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