Friday night. Glass of wine. Kick a few ideas around.I wonder...

Friday night. Glass of wine. Kick a few ideas around.

I wonder what the ultimate outcome of Newmont's involvement with Antipa will be?

I would be very surprised if Newmont abandoned the JV/sold their Antipa shareholding/sold Telfer without first putting a few drill holes into Parklands. Mainly because, if they walked away from that very large (Telfer-sized) gold anomaly at Parklands and it then turned out to be a second Telfer orebody in somebody else's hands (T was 35Moz Au), there would be egg all over some corporate faces.

And if Newmont do drill Parklands, with still some $6-7M to be spent before they secure a minimum equity in the enclosing Wilki JV, they will probably do quite a lot of drilling to a) satisfactorily test what is a very large and probably complex target, and to b) earn at least the minimum equity of 51%, to turn the previous written-off exploration expenditure into a saleable asset.

Possible outcomes from any Parklands drilling?

1. Major emerging gold discovery. Newmont decide to keep Telfer and prove up/mine Parklands. Newmont therefore spend another $44M to prove up Parklands to earn a 75% interest, leaving Antipa with 25% of several million ounces of new gold resource, proved up at no further cost to themselves.

2. A large area of gold mineralisation found, but it is not coherent enough or large enough to satisfy Newmont, or to change their decision to divest Telfer (eg. a GEO-1 type situation). Newmont exits the Wilki JV and divests Telfer. Probably first securing a 51% and Parklands/Wilki JV, which then becomes an asset for sale as part of the Telfer divestment (with Antipa having first right of refusal?)

2. Nothing coherent is found by the drilling (which seems incredibly unlikely), eg. because there is some strange paleo-alluvial phenomenon that has produced the lag gold anomaly, eg. by transportation and re-deposition from another source. So Newmont again go ahead with the Telfer sale.

Either way, if a Telfer sale does go ahead, it seems likely that they will have by then earned their minimal equity in the Wilki JV by then, and presumably this will then be a saleable asset, to Antipa or to whichever incoming party took over Havieron, Telfer, etc.

But I'm going to stop here, because I just got a much better offer that another half hour sitting at this laptop!

It does bear thinking about though. I mean what is the worst thing that could happen at this point? And what is the best?

Long live the elevated gold price!

Cheers,