On the list below, GT1 is approaching mid-game, particularly if...

On the list below, GT1 is approaching mid-game, particularly if one or two more key items flip into the completed category:

Some of the steps to production are below:

• Raise initial capital ✔
• Acquire tenements (possibly with known drilling results) ✔
• Surface sampling to identify targets ✔
• Gain a better understanding of the ground geology eg aerial magnetics ✔
• Drill targets and hopefully hit mineralised pegmatites ✔
• Drill more to get some idea of the broad size ✔
• Typically raise more capital to drill more extensively ✔
• Drill/investigate so as to define a JORC resource ✔
• Undertake Met test work to establish concentration methods that work and potential recoveries ✔
• Work with potential buyers so as to agree an offtake ✔
• Complete all investigations necessary so as to submit permit applications (which may have multiple phases) ✔
• Have a resource including significant Measured and Indicated at Seymour ✔
• Identify proposed locations for processing plant ✔
• Undertake sterilisation drilling to confirm plant locations aren't over a new ore body ✔(?)
• Undertake high level work to confirm economics (not necessarily published, may involve assuming mining inferred) ✔

Key steps remaining for GT1:

• Reach agreement with first nations around mining (rather than just exploration drilling)
• Confirm the plant configuration for mining the resource including any initial/later phases
• Define either a large JORC or a JORC resource that is close to as large as the resource will enable
• Re Root, drill some more so as to have most resource at indicated and at least the first few years at Measured
• Formal studies around developing the resource (Scoping, Feasibility)
• Convert exploration permits into a Mining Licence
• Receive permits to construct a mine / build concentration plant
• Agree offtakes for a large proportion of planned early output
• Secure sufficient finance to develop the resource
• Make a final investment decision (FID)
• Construct enabling access to logistics (eg if available grid power, water, roads main roads/rail networks)
• Order long lead time items
• Build facilities to support digging / processing ore including tailings management
• Dig and extract ore
• Build or arrange for someone to build a crushing plant
• Build a concentration plant
• Successfully commission the mine

Phases may not occur in this order. GT1 has a few more steps that are fully within its control but soon its the big 3 that involve others: Permits, Offtakes and Finance.