Recent Gold M&A in Australia - Big Premiums on Acquisitions, page-180

Shaun has already told GGP shareholders here in the UK at a Town Hall meeting in December that he expects the next Havieron upgrade to be of a similar magnitude to the last upgrade in March 2022.

That was roughly a 50% increase from 4.2Moz AuEq to 6.5Moz AuEq. Another 50% increase in this next upgrade will get Havieron mightily close to that magical 10Moz number and surely now it will be in Newcrest's interest to start promoting Havieron fully again - in light of the Newmont bid? They will want to maximise their valuations in the short term.

So if Havieron is looking at those sort of numbers in the near term and is still open in multiple directions and at depth, then when you add in the possibility of consolidating the whole of the Paterson province with the >20mtpa Telfer sitting at the centre as a processing hub, it makes total sense why Shuan/Wyloo/Twiggy would be licking their lips at the prospect of tying it all up.

The NCM half yearly report on the 16th Feb should be interesting - hoping the Q&A session sets up some nice questions for Sherry to sing like a canary.

The next 6-9 months will be a very interesting time - one way or the other

ATB - Paddy