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Hello and welcome to the Sunday Roast. It's Sunday the 23rd of March. I'm Phil Carroll.
I am Charles Archer. What a week it's been. I've got a three-week cold lingering on. I mean, the weather's been great, but has anyone else had like a cough and just sinuses? And I just feel like, as I said last week, I think the week before, these viruses now are just lasting for ages. You think you're better and then all of a sudden it knocks you back again. What's going on?
I have that at the moment. Yeah, I'm feeling pretty um in the background constantly. Yeah.
Yeah, I had it before I came to England, and then when I came to England I got over it, thank goodness.
Well, we were all fine. You came to England, infected the country.
Yes, I came with Egyptian germs from Cairo.
Egyptian germ, that's right. The Cairo cough.
Cairo cough. Oh God, I don't think so. I think you had it before I came. Anyway, I don't know, it just feels like everything's going on. But let's have a look at the news.
I mean, it's just dominated every week, isn't it? I think we should just rename it the Trump podcast.
I mean, the evolving situation between Trump and Putin, especially regarding the talks about a 30-day ceasefire in Ukraine and how it's playing out with concerns over nuclear power plants, missiles, and energy infrastructure. This week kicked off with a much-anticipated phone call between US President Donald Trump and Russian President Vladimir Putin on Tuesday. I think somebody said it was a 90-minute conversation. The White House billed it as a step toward ending the war in Ukraine, with Trump pushing for a 30-day ceasefire that Ukraine had already agreed to the week prior. Putin, however, didn't fully buy in. Instead, he offered a limited deal of a 30-day pause on attacks targeting energy infrastructure, with both sides having been hammering each other — Russia knocking out about 80% of Ukraine's energy grid and Ukraine striking back at Russian oil facilities. So, what do we make of this sort of not-ceasefire that's happening right now?
I know, I think it's obviously always more complex than what you can put in the podcast, and you don't have all the information either. But I think basically Trump wants peace between Russia and Ukraine to boost the global economy, and he's prepared to do what's necessary to make that happen, including, you know, flushing Ukraine down the toilet, which is probably what his strategy is going to be. And then, I mean, the key thing really is if the US decides they're not going to support Ukraine anymore, to what extent is Europe going to support Ukraine or take over? And is that Trump's actual plan to get Europe and the UK to boost the spending for Ukraine themselves? I think Europe's the answer now.
Charles, I think you've just hit the nail on the head. I mean, I'm just looking at the paper here, the headline is 'Starmer threatens Putin with severe consequences if Russia attacks UK peacekeepers.' And I think they've pulled together this 31-nation military force to provide these security guarantees to Kyiv as part of the possible Trump-brokered peace deal between Russia and Ukraine. So I think you're absolutely right. I think the Europeans are going to be pretty much doing this alone, but it's all about energy, surely, and resources. The fact of the matter is Europe was massively dependent on Russia, and, you know, I think Trump basically wants as low a price as possible for energy because that's how he boosts his own economy. And the scenario is that I'm pretty sure the Russians are going to start delivering gas back to Germany in the next year or two. It'll happen. Now, will Europe, you know, be more defensive-minded? Yes, and that's what Trump wants as well. So he's playing an aggressive game, and he's playing his cards on the basis that everything is America first, everything. And, you know, I'm not saying it's a good thing, but it is what it is.
Okay, and we also saw news that President Trump had signed an executive order on Thursday aimed at immediately increasing American production of critical minerals like uranium, copper, potash, and gold by invoking the Defense Production Act to expand leasing and development on federal lands. Do we know anyone that's well-versed in talking about these critical minerals? Um, we're actually joined by Oliver Freezier, CEO of Guardian Metal Resources. Welcome back to the podcast. There's a young guy who's very tall and he's actually quite good-looking. He's getting married this year, but other than that, I have no idea.
What an intro. Thank you, gents.
So tell us, Oliver, how's this going to impact Guardian Metal Resources with all of its assets on US soil and in probably one of the best mining jurisdictions in the world, in Nevada?
Yeah, I mean, it's definitely overwhelmingly positive for us. You know, I've been on my soapbox, my little soapbox here in the UK, saying that, hey, you know, we're in the right place, which is Nevada, US, which is definitely further confirmed by the announcement overnight. And we're exploring for the right metal, tungsten, which is key for defense and national security and lots of other important industries, at the right time, with all this kind of going on and the need to reshore supply chains back on US soil. So it's good to see, you know, a few more people sort of recognize that that is the case, that we are in a great, great position right now. The announcement pretty much came or landed quite late last night UK time, so it's been a bit of a mad scramble this morning to figure out exactly what it means for us. We're still digesting it. We have some meetings today booked to understand exactly what it means. But my read of it is there's a lot of things that can be directly applicable to Guardian Metal. And I think one of the takeaways is that, you know, some of the timelines in that announcement were quite short, as in they're moving quickly. It's not, 'Hey, let's do this in the next six months, nine months.' It's, 'Hey, 30 days, 15 days, 10 days to start to have some answers for the President of the United States and some of the key administrators.' So, yeah, exciting times for Guardian Metal. I think if you look at the UK landscape of other companies that are positioned and can take advantage of this kind of excitement in the US on the critical metal space, there's not many of us. So, yeah, it's exciting times ahead for Guardian Metal.
I guess you've got this situation where Trump has, I guess 'annoying' might not be the right word, but it's the only word I can think of at the moment, annoying the allies in the West, the Canadians, the Australians, etc. And therefore, you know, if it's going to go down a difficult kind of negotiations route, having domestic supplies of critical minerals is going to be critical for the US. There's no leverage from other parties. And obviously that's tungsten, but, you know, pretty much everything else as well. I mean, there's massive copper deposits in America, for example, that are probably going to get permitting soon. Just the whole landscape in America is changing very rapidly. Like, how are you negotiating for it?
Yeah, like you said, it's changing rapidly. You know, these announcements come out overnight without much forewarning, so it's just our job to sit down and understand what it means and work with our advisors and team who understand the US government and the DoD and a lot of the other important individuals on Capitol Hill. So we're just rolling with the punches right now. We expected an announcement like this because there's been lots of speculation and lots of talk about critical metals and reshoring. And like you said, Charles, so much of this is pointing to the fact that the US needs to reshore, it needs to build industry back again, it needs to start mining again. You know, when you look at just the tariff policies alone, I mean, as of April 2nd, if you want to import tungsten from China, who's currently their largest partner — actually probably not at the moment, but, you know, a year ago they were — we're talking about 45% tariffs. So you have to look at whatever the spot price is that you can even buy at that spot price and then add 45%, and that's the landed cost. So the tariffs and everything else that's going on is really to support 'Made in America', 'Mined in America', American competitiveness. And these tariff revisions and also just this announcement really, I think, is showing that it's not just talk — they're actually walking the walk and they're really serious about reshoring supply chains back on US soil. And tungsten's a metal incredibly important for defense, but a lot of other important civilian technologies that hasn't been mined on US soil for over 10 years. And we kind of took a — yeah, we took a contrarian view five years ago when no one cared about that metal. We positioned ourselves at Pilot, and then we took another kind of contrarian view even, you know, seven, eight months ago when we were working on acquiring Tempe, which we've just closed recently, at a time when once again there was no one even looking at tungsten. And here we are now, the price is ticking up now, and the tailwinds from the US government are tremendous. So, yeah, it's coming together, and it's great to see kind of, you know, a lot of the things that we thought or said were going to happen are starting to happen now.
Well, I think the thing is, is maybe tungsten is going to follow the antimony price, you know, and just rocket, rocket, rocket. It's what we're all hoping for. But I guess, you know, when we were talking in 2023, maybe you were looking ahead. I mean, I looked at these Chinese export controls and I thought this is definitely going to happen, and they have. But back then, Guardian, the story was right, we're going to get some grant funding from the US to develop a feasibility study for Pilot Mountain. Now you've taken on Tempe and you've got Alkane, and the people backing you, you know, behind you — see, very serious people. You've gone from 'we want to develop a feasibility study for a tungsten asset' to 'we want to corner the tungsten market in the United States of America.' And that's a very — obviously the market cap has rewarded that vision, but that's a very different kind of vision to what you were investing in maybe 18 months ago. So it's very ambitious, and you can't put a step wrong so far. You haven't. Do you feel a bit nervous at the moment, or are you too busy maybe to be nervous?
No, I'd say I'm probably the least nervous I've been now because everything that we've thought was going to happen is starting to happen. You know, when it came to, first of all, the election cycle and who was going to get into office, we were nervous about that. But now we're sort of seeing everything come together, and it sounds a bit cliché, but the stars are starting to align here. And, you know, you mentioned antimony, and that's kind of what I think really gave us the conviction about our tungsten story was we saw this blueprint laid out for us in the antimony space where China announced restrictions, the price started to move, and obviously it's now sort of a runaway train. The underlying equities, the US-focused companies specifically, have performed incredibly well, and we're going, 'Hey, we've seen this in antimony. We know that antimony and tungsten are two key defense metals and specifically used in the production of munitions. Why can't this same blueprint be laid out for the tungsten space?' And sure enough, you know, a year, year and a half later, we're now seeing where, you know, if you think about it as sort of a baseball game, antimony, whatever inning that is, the sixth, seventh inning, tungsten is — we're in the first inning right now, really, is how I look at it. Because, you know, I've been on a lot of calls and a lot of meetings over the last few weeks just trying to get the story out, and one of the things I always ask at the start of the meeting, before I start, is 'How much do you know about tungsten? How much do you know about Guardian?' And I would say 95% of the time it's zero and zero. Which means no one knows who we are, no one knows us. So that's how exciting it is, because it's all going to start to come together. Tungsten prices are moving up here. Like I said, we're very early here, but that's the time to sort of get excited. And obviously, you know, we put a lot of good building blocks in place, but this year it's about really advancing the story and pushing forward our projects to construction as quickly as we can.
Here, when you say push forward as quickly as possible with Tempe, which is a brownfield site with a lot of infrastructure already — I mean, we had the RNS come out recently, we're talking about the valuation of the assets you've acquired, but how much investment — I mean, I've speculated on this before, but how much investment and what kind of timeline are you looking at to get Tempe up and running and processing and generating revenue and spitting out tungsten? And there's another processing plant post-spiral as well, I believe, before sales. There's more news to come.
Yeah, well, like I said, we're starting work on Tempe next week, so we're not wasting any time here. When it comes to kind of the capex and the timelines, I won't reveal too much, but what I can say, in my most diplomatic way possible, you know, we put out the press release earlier this week talking about the in-place infrastructure. The key takeaway there, I think, for our investors and those following the story, is the fact that our engineers have confirmed that everything that they saw in place is effectively usable. So it's not like a bunch of stuff that's going to have to be ripped out. It's all stuff that we can utilize and then just build on top of. So, number one, that saves, you know, tremendously on the capex side, but also, more importantly, is on the timeline side. You know, for instance, just even a mill foundation itself — to build a mill foundation, you have to drill multiple geotech holes. If the soil is not stable enough, you have to move it. That's a process that can take months. We have that in place at Tempe. So the infrastructure is all usable. It was actually really encouraging to see the engineers — the Guardian engineers who have built mines in Nevada — they were like kids in a candy store running around this mine and saying, 'Hey, we can use this, we can use this, we can use this.' I mean, it's all in good shape. So that's exciting. But also on the timeline side, the other thing — and I've mentioned this a few times, but I think it's not fully recognized by the market yet — is the claim ownership. It's on what's called private or patented mining claims, which means you can move permitting forward very, very quickly, much quicker than compared to BLM or Forest Service ground. So, you know, for instance...
The reason is you actually have not just the mineral rights, but the surface rights as well. So if you try to go to — and just so the backstory of these types of claims are actually quite unique. Back in the 20s and 30s and 40s and 50s and 60s, if you were mining in the US and you had a little small-scale operation, you could apply for the patented mining claims or the private mining claims. However, I think it was actually in the 60s that the government abolished those claims. They were just — they were too good. There was too many things that you could do on those claims because you owned the surface rights as well. However, if you had patented mining claims already granted before they were abolished, you were grandfathered in. So they haven't issued any more patented mining claims in the US since that date. However, if you can get your hands on these claims — which they're very rare because you had to have an operation going in the 60s, and I think it was the 60s is when they abolished it — but you have the surface rights. So we actually — it's the same as owning property in Nevada. Like if you own a house in Las Vegas, you have the surface rights. So we own the surface rights as well as the patented, as well as the all rights. So for instance, if you tried to go to Tempe right now, there's a fence around it that says 'No Trespassing, Private Property.' The importance of that is the BLM, so the Bureau of Land Management, is a federal agency. Now, for instance, Pilot Mountain is on BLM ground, so we permit at the state level with the state of Nevada for our state permits, but also with the BLM for our federal permits. When you have patented mining claims, you effectively only have to permit with the state. So the BLM doesn't have nearly as much jurisdiction on patented mining claims, and this is one of the reasons why they abolished them, because it means you can move really, really quickly. Like, for instance, in theory, you could show up at Tempe today, or we could, and you could start drilling without — you don't need permits. It's private land, you can just start drilling.
Private land, yeah. A leasehold freehold situation or something like that, it sounds like.
Yeah, that's kind of the UK equivalent. So, like I said, you don't see these claims very often. Like most companies, if you look around in the US, will not have these patents. But if they do have them, there's so much more that you can do and you can move so much more quickly. So we're trying to get that story out, and it's happening slowly. But that's one of the main reasons why we were so attracted to Tempe was the infrastructure, but also the patented claims, which are very, very valuable, especially right now when things are trying to move quickly.
Yeah, one of the takeaway sort of comments in the RNS that I saw was you mentioned this co-flagship on the valuation, which I assume means that the company now considers the two projects sort of of equal importance and central to the strategy, rather than just saying, you know, one is the flagship and effectively they're both leading assets. So in Guardian's case, I'm assuming it means that Tempe will be developed alongside the Pilot Mountain project with, you know, equal focus, resource, and strategic priorities. Is that right?
Yeah, 100%. You know, having the engineers on site, kind of getting the team up to speed on the opportunity, it became abundantly clear very quickly that the opportunity here is tremendous. So we'd be remiss to not push them forward in tandem or in parallel, whatever you want to call it. But as you mentioned, they'll receive equal attention because we have a huge opportunity here. You know, we have a window. You know, Trump is in office for the next, you know, just less than four years now, and we think there's an opportunity there where the need to reshore is going to be what it is now. I mean, just the executive order that you see overnight — not to say that this won't continue past his administration, but right now we have an opportunity where tungsten prices are going up and there's a huge tailwind coming from the government to push defense, critical, you name it, metal supply chains back on US soil. And we've positioned ourselves expertly in the tungsten space in the US.
So, Oliver, if you were able to look four years ahead, do you anticipate that both Pilot Mountain and Tempe will be producing tungsten in the US?
What I can say is we have built our portfolio to move quickly. Like I said, we know that there's a window here, a tremendous window, and we want to jump through it. So we've built a portfolio, and like I said, with Tempe, there was a lot of other assets we looked at, and one of the reasons why Tempe was so attractive was because of the patented claims and the infrastructure, which means we can move very quickly. So our job here is to continue to de-risk these assets, push them forward. We're going to be full steam ahead on Tempe now, alongside Pilot, where we've been full steam ahead for the last year. And yeah, our goal here is to make a lot of moves and really be the solution or a huge part of the solution for the US tungsten landscape, and these two projects position us perfectly to do that.
And now the market cap achieved the 50 million market cap in the UK on Friday. As we speak, it's gone past that. You're going to be open to, you know, small-cap funds and small-cap institutions, if you like, that really don't look at anything that is smaller than that. So do you anticipate some inflows from that, not necessarily giving you money, but more buying in the market, I presume?
Yeah, I mean, on the institutional side, that is what can really move the needle for companies because obviously the amount of capital that those groups can deploy is typically much, much larger than the retail audience. So, you know, what's interesting is since we IPO'd, I've been pretty much banging down every door, anyone that will listen to me, I've been in those rooms, and even when we were 10, 20, 30 million pound market cap. And so a lot of the institutions that you're referring to already know of the story, and sort of the takeaway from a lot of those meetings was, 'Hey, we love the story, we love the macro, you know, when you're a little bit bigger, come back to us.' So we've already laid a lot of that groundwork with some of these institutions who, as you mentioned, now kind of above the threshold we're at now, they start to get interested, and it's sort of above their mandate. So we'll see what happens there. But like I said, we've been — and myself personally across London pretty much every week for the last two years — have been in these meetings getting the story out there. It takes time, it's a slow burn, as you know. But now that we're at a certain level, there's going to be lots of emails being sent out to some of those institutional contacts to say, 'Hey, we met a year ago, we met six months ago, whatever it is, here's everything that's happened, here's what's going on in this story now, let me come back and we'll do a refresher and talk about all the great things that, you know, we're planning on doing this year and beyond.'
And if you were to do your triple jump now, hop, skip, and a jump, what are the next three hops, skips, and jumps?
So I would say continuing to align with the US government. I'll leave it at that, but we're doing a lot.
That surely doesn't mean that you're going to get a CR, surely. I mean, public slide out that when it's GNA.
So just, I mean, it's so clear that you go to Capitol Hill, you look at the DoD's inclusion in that announcement, everyone is grouping now to figure out how we can solve this issue. So we obviously align very closely with that mandate. So that's all I'll say on that front.
Oh, come on. How can we solve this issue? Oh, here's the largest undeveloped tungsten deposit in the US. Yeah, the company needs to drill it and needs to get a feasibility study and then get it mined. Oh, what could the solution be, I wonder.
That's the story that we're telling. So, yeah, definitely, that's a big part of what we're doing now is making sure that we're kind of in the right rooms and talking to the right people, which I believe we are, but we can continue doing that. Tempe, I think that's the next big step here, is trying to really get that story out. I think it's still — if GMR is unknown, Tempe, no one even has ever heard of it. So we're still working on getting that story out, but more importantly, getting the work started, which is beginning next week. You know, the other two things that I haven't even mentioned today is the fact that there's an existing tailings facility there on site, which we have ownership of. Then also there's high-grade stockpiles that weren't processed during the operations in the 1980s that are just sitting there on the surface. So we want to understand exactly how much material is there, but we have sampled it, and the DD sampling that we released a few months ago covers some of those results, and there's some exciting stuff there. So Tempe, and then I would say Pilot, just cracking on and pushing towards the PFS, which is obviously an important study for us, and we're working very, very hard behind the scenes to move that forward and get that done as quickly as we can.
So you are going to be the tungsten company. Okay, this is what Guardian Metal Resources is. So when we talk about the cat and gonda, as in Garfield and Goonda, what is the best way forward for you? Because really you shouldn't be dispersed into lots of other things. So is there the opportunity there to have a JV on some of those things so that, you know, you're not distracted by those things, but we still get the upside? You know, what's your thoughts?
Yeah, I mean, I think we've sat down as a board and looked at the opportunity ahead, and it was abundantly clear — and this is many, many months ago, obviously before, you know, we acquired Tempe — but we felt like we had the best opportunity in tungsten, in US tungsten. You know, when it comes to copper, when it comes to gold, there's lots of other companies doing copper, doing gold in the US, obviously, but there was no one else doing tungsten. So we thought, hey, you know what, we've positioned ourselves. We have an LOI offtake with the DOD. We have, you know, what's believed to be the largest undeveloped tungsten deposit, and even at that time, no one else that we knew of was in the tungsten space or even looking. So that's the decision that we made as a team was, hey, you know what, if we really want to drive shareholder value and do something special here, we think that tungsten affords us the best opportunity to do that. So that's why we've — I almost want to say we've doubled down, but we've really increased our reach in the tungsten space. So what that means is that, as you mentioned, Garfield and Goonda, two very, very good assets, and a lot of our shareholders from the earlier days will remember all the great stuff we did at Garfield. Now, both of those projects are drill-ready now. I wouldn't say we're in a huge rush. I mean, the holding cost for those properties is very, very little. You know, gold happens to be above $3,000 an ounce now and copper above $5. So they're fantastic opportunities. One way or another, we will ensure that our investors, especially those who backed us in the early days when we were talking about Garfield and doing some work there, will get exposed to further exploration. Now, whether that's a JV or an option, the plan and what the goal would be is to find a good company — and there is quite a bit of interest right now, as you can imagine — to take on those assets. They fund the drilling and the exploration, and we retain some sort of ownership or some sort of mechanism so our shareholders get exposed to the upside in the event that a discovery is made on either of those. So we're holding tight. We have some pretty good interest in both those, as you can imagine, because they're great assets. But that kind of allows us to really focus on tungsten and the task at hand. But we're pushing forward and making sure that, you know, we can monetize those assets to the benefit of our shareholders as well.
I've got one more question, last question for me. It's kind of a corporate finance question. The warrants are all in the money, and if they all get exercised, worth maybe 4.5 million. Grant funding we're hoping to get — and I know you can't talk about it — but hoping to get relatively shortly. Alkane is now a major shareholder, and they tend to fund the projects that they buy shares into. And I guess the question is, what kind of active conversations are you having around funding getting these assets into production, and beyond grant funding, or can you not discuss those yet?
What I would say — just misheard you there, Charles — but we have about 2 million pounds of warrants that are in the money. I think it's about 2 million. Yeah. But anyways, yes, the warrants expire early May, so that's something that we're working on now is getting those in the door. In terms of next steps, you know, we have some big things that, you know, we're working on. And, you know, in terms of Pilot Mountain, in terms of Tempe, you know, there's some things ahead of us here that we're really focused on right now and really head down on. So the key is to kind of get that all finalized and then kind of see how things shape up from there. What I would say is that, you know, there is a lot of interest in the US. You look at some of the market caps of the companies, you know, exploring and operating in the rare earth and critical metal space, and there's a lot of interest, especially in the US, as you can imagine. I mean, if you're an American citizen who voted for Trump and you're hearing him talk about the importance of critical metals and reshoring really every week and sometimes every day, you can understand why, you know, companies like ours are positioned really well. So what we really want to do is broaden and expand our reach in the US, looking at other listing opportunities in the US that could give us more exposure. We're looking at that very closely right now. So, you know, when it comes to those discussions, there is a lot of interest. What I'll say is that with every raise that we've done — and I encourage listeners who don't know the story to go back and look at every single subsequent raise we've done since our IPO — and that's what we do. We respect our current shareholders. We fight tooth and nail when it comes to financing opportunities that arise. We've been in a very strong position, which has allowed us to do multiple raises at a premium with no warrant, and our position has gotten only stronger. So whenever those discussions do continue and pick up at the timing that suits us, you know, we'll be making sure that those who are currently in this story are respected, which includes myself and the management team. You know, we're shareholders and we want to minimize dilution as well. So I'll leave it at that. But the position we're in now is fantastic, and I think it's going to be a great year and a few years ahead for us.
Fantastic, thank you. You're a good politician. Well said.
Well, no, I mean, it's great to have you back on, Oliver, and, you know, give your insights on the updates. You've got some very exciting projects, and, you know, just keep on doing what you're doing. And it's great to hear you back.
Right on. Yeah, appreciate the time, gents, and lots going on. So let's catch up again soon.
Yeah, Oliver Freezier, CEO of Guardian Metal Resources. Thanks very much for appearing on the podcast.
So let's move on to our guest this week. We're delighted to welcome back Shaun Day, MD of Greatland Gold. Welcome back to the podcast, Shaun.
Phil, great to see you again. I really appreciate you taking the time to catch up together with Kevin and Charles.
Absolutely. I mean, before we move on to the latest news from Greatland, I want to just get your thoughts on something. You know, we've been discussing obviously the sort of price of gold and gold hitting all-time highs. A bit of a double-edged sword because while it's often seen as a safe haven, its sharp rise is usually a reflection of deeper issues. You know, geopolitical tensions, uncertainty with maybe the US economy and the weakening dollar, or fears of financial instability. Historically, gold prices surge when investors lose confidence in traditional markets, currencies, or global stability. What are your thoughts on the performance of gold in the last sort of six months, Shaun?
I just to comment maybe more broadly than just the six months. I'll take it to there, but I think during the Cold War with the USSR, I think gold was a very good proxy for geopolitical tension. I think between Cold Wars, gold became more correlated with real US interest rates. I think as we've entered into the new Cold War with China, you've seen gold dominated again, or gold price being dominated again by geopolitical tensions over the last, you know, three to, well, what, eight, nine years. And then I think what's really kind of poured the kerosene onto the fire is a Trump administration which is considered less predictable, and although I think will remain staunchly part of NATO, has certainly undermined some of the cultural underlying nature of NATO. So I think, you know, Trump, the concept of tariffs, the unpredictability, I think has certainly added to geopolitical concerns and volatility, and that is clearly supportive of gold.
Absolutely, yeah, great answer. So obviously, let's look at the latest news from Greatland. The company recently announced its 2024 group mineral resource estimate, including the inaugural estimate for the Telfer gold-copper mine, confirming 3.2 million ounces of gold and 117,000 tons of copper, reinforcing Telfer's mine life extension potential. Total group resources now stand at 10.2 million ounces of gold and 387,000 tons of copper, a circa 40% increase. The Telfer MRE completed within 15 weeks of the acquisition underpins Greatland's strategy to integrate Havieron and Telfer. Key next steps include an inaugural Telfer Ore Reserve estimate in June 2025 and ongoing drilling to upgrade and expand resources. Shaun, you highlighted the strong foundation of Greatland's growth as an Australian gold and copper producer. You must be blown away by this upgrade, Shaun. The inaugural MRE has added 3.2 million ounces and 117,000 tons. How does this compare with your expectations, you know, pre-acquisition, and what does it mean for the mine's long-term viability?
Yeah, look, it's a cracking result. Yeah, we're really pleased by it. In terms of how does it compare to what I'd say, you know, it's what it really is, is confirmational vindication of what I felt we were seeing through the due diligence period on Telfer. What's really satisfying is then to have the technical resource geologist come in and confirm that in accordance with the JORC Code. So I think it's very consistent with what we thought we saw during the due diligence. And what I might add to that is this update to the resource is defined by what's in it, but equally by what's not in it. In just 15 weeks, we had time to do the West Dome open pit, or a large part of it. We had time to do some of the reef-type area in that main pit underground, but we didn't have time to do the main dome open pit. We didn't have time to do the big zonations of the eastern stockwork and vertical stockwork in the main dome underground, and we didn't have time to bring in that new, I think, very exciting high-grade West Dome underground. So for all we've brought in, and it's huge, there's a lot more to be brought in in the future. So 15 weeks, I think, as I said, it's a pretty tremendous result, and putting us over 10 million ounces, 10.2 million ounces, plus what, 375,000 tons of copper in that same zonation is tremendous.
