Newcrest Declining An Additional 5% Of Havieron, page-4

Us as investors in AZY, can take some learnings away from GGP & the Havieron discovery. AZY management already knew this when they took up the last farm-in JV with IGO, and left the most prime ground of Minyari Dome as 100% Antipa Minerals owned.

As much as a great asset Havieron is, GGP'S 30% share only amounts to small amounts of gold in comparison to other gold miners. Something in the range of 50-60,000oz per annum up until probably late-2030's. In comparison to DeGrey with Mallina/Hemi 10.5Moz at open pit depth, will be producing 500,000 oz gold a year, GGP will have to wait 10 years to produce the same amount of gold as DeGrey would produce in just 1 year, on a 100% attributable gold basis.

Now I'm pretty sure GGP and DEG'S market cap were the same last month. Was that valuation truly justified?