1 00:00:00,280 --> 00:00:02,520 Speaker 1: The information provided in this program is of a general 2 00:00:02,600 --> 00:00:05,320 Speaker 1: nature and is not intended to be personalized financial advice. 3 00:00:05,400 --> 00:00:07,760 Speaker 1: We encourage you to seek appropriate advice from a qualified 4 00:00:07,760 --> 00:00:11,760 Speaker 1: professional to suit your individual circumstances. We're taking you inside 5 00:00:11,800 --> 00:00:15,440 Speaker 1: this massive gold mine. We're a Canadian company plans to 6 00:00:15,480 --> 00:00:19,000 Speaker 1: make the most of our economy's minerals moment and expand 7 00:00:19,120 --> 00:00:23,480 Speaker 1: this operation, but could controversy consume their investment. 8 00:00:24,560 --> 00:00:28,680 Speaker 2: Since about twenty seventeen in Earnest we've been with the 9 00:00:28,680 --> 00:00:32,240 Speaker 2: permission of the Department of Conservation establishing drill sites. 10 00:00:32,600 --> 00:00:35,400 Speaker 1: So one million ounces that could give you how many 11 00:00:35,400 --> 00:00:38,360 Speaker 1: more years, if not decades on this operation if you're 12 00:00:38,360 --> 00:00:39,720 Speaker 1: allowed to go ahead with it. 13 00:00:39,840 --> 00:00:42,400 Speaker 2: The mining phase is in the order of a decade 14 00:00:42,440 --> 00:00:42,960 Speaker 2: of mining. 15 00:00:53,120 --> 00:00:55,240 Speaker 3: We're going across a bit further. This will probably start. 16 00:00:55,000 --> 00:00:56,840 Speaker 4: Going anything to get to the value they. 17 00:00:56,960 --> 00:01:00,600 Speaker 3: Correct yep, so that spire us to that's God left 18 00:01:00,600 --> 00:01:02,360 Speaker 3: again there getting dizzy. 19 00:01:03,200 --> 00:01:04,399 Speaker 5: So this is Edward Denn. 20 00:01:04,959 --> 00:01:05,960 Speaker 4: We're tur one hundred. 21 00:01:05,760 --> 00:01:10,280 Speaker 1: And fifty meters underground the Corimandel town called Wayhi, where 22 00:01:10,280 --> 00:01:14,800 Speaker 1: the Toronto listed company Oceana Gold digs for gold and silver. 23 00:01:15,280 --> 00:01:17,039 Speaker 4: How do you know you want to go in that direction. 24 00:01:17,120 --> 00:01:17,759 Speaker 4: How do you know this. 25 00:01:17,800 --> 00:01:18,880 Speaker 6: Gold for gold? 26 00:01:19,200 --> 00:01:20,080 Speaker 2: He roll's one. 27 00:01:20,080 --> 00:01:21,880 Speaker 5: There would have been the inspiration for being done that. 28 00:01:22,000 --> 00:01:23,880 Speaker 7: You've seen them up in the office. 29 00:01:23,600 --> 00:01:26,600 Speaker 5: So they presult say it spelled all year. Heare we 30 00:01:26,640 --> 00:01:26,880 Speaker 5: get that. 31 00:01:27,280 --> 00:01:30,080 Speaker 1: It started digging these tunnels in two thousand and six 32 00:01:30,480 --> 00:01:34,280 Speaker 1: and it's still going deeper. The Mining Safety lead took 33 00:01:34,360 --> 00:01:38,040 Speaker 1: us right into its operation to understand exactly what it's 34 00:01:38,040 --> 00:01:40,600 Speaker 1: doing under the earth droning. 35 00:01:40,680 --> 00:01:44,319 Speaker 3: Day are here? 36 00:01:44,840 --> 00:01:48,240 Speaker 5: I could Roy doc missus Madison Nadian? 37 00:01:48,320 --> 00:01:51,880 Speaker 4: Nice to me? Day Can you tell us what you're doing? 38 00:01:52,120 --> 00:01:52,720 Speaker 5: What I'm doing? 39 00:01:54,400 --> 00:01:54,760 Speaker 4: What I do? 40 00:01:54,920 --> 00:01:55,920 Speaker 2: Is it dorvia? Yeah? Yeah? 41 00:01:56,080 --> 00:02:00,400 Speaker 5: And what you're doing just grab support development filling the 42 00:02:00,440 --> 00:02:02,440 Speaker 5: last thing is it? Who does with derision? 43 00:02:02,800 --> 00:02:03,000 Speaker 1: Yep? 44 00:02:03,520 --> 00:02:04,600 Speaker 2: How long have you been working here? 45 00:02:04,640 --> 00:02:05,600 Speaker 5: For our seven years? 46 00:02:05,960 --> 00:02:08,320 Speaker 1: That's nine for seven years, that's nine seven eas Yet 47 00:02:08,560 --> 00:02:09,960 Speaker 1: how do you find the mining industry? 48 00:02:10,080 --> 00:02:12,639 Speaker 5: I love it? Yeah, yes, coolers, So it's the beast job. 49 00:02:12,800 --> 00:02:15,079 Speaker 5: There's a beat job of the head most society. You 50 00:02:15,160 --> 00:02:20,520 Speaker 5: mean it's a bit different, challenging, but yeahs ok. He's 51 00:02:20,560 --> 00:02:22,920 Speaker 5: great gold for a great course. But probably in New 52 00:02:23,000 --> 00:02:25,960 Speaker 5: Zealand they say it start up on scale with what's 53 00:02:26,000 --> 00:02:27,360 Speaker 5: a nauty But if I have been. 54 00:02:27,280 --> 00:02:28,080 Speaker 1: There, like up with you. 55 00:02:29,680 --> 00:02:31,040 Speaker 4: In terms of what you were doing before. 56 00:02:31,120 --> 00:02:32,960 Speaker 1: This's like how much of an opportunity and what kind 57 00:02:32,960 --> 00:02:35,040 Speaker 1: of lifestyle can thissk of you that something else couldn't. 58 00:02:36,160 --> 00:02:39,320 Speaker 5: Well Financially, it's been well. We were able to buy 59 00:02:39,360 --> 00:02:43,760 Speaker 5: a house and which in my last job was was 60 00:02:43,800 --> 00:02:46,080 Speaker 5: single income with a fair It was pretty much possible 61 00:02:46,560 --> 00:02:49,560 Speaker 5: to try to live end save. So get us something 62 00:02:49,560 --> 00:02:50,440 Speaker 5: messive for us. 63 00:02:50,760 --> 00:02:52,280 Speaker 4: Oh awesome, are well done? 64 00:02:52,760 --> 00:02:55,600 Speaker 1: Tissue is as we kept driving down, we made it 65 00:02:55,639 --> 00:02:57,200 Speaker 1: to the bottom of the market head. 66 00:02:57,919 --> 00:02:58,680 Speaker 3: This is massive pit. 67 00:02:58,840 --> 00:02:59,040 Speaker 6: Yep. 68 00:02:59,720 --> 00:03:01,320 Speaker 1: Yeah, I feel like. 69 00:03:01,240 --> 00:03:07,160 Speaker 4: I'm walking on the moon. So this used to be 70 00:03:07,760 --> 00:03:10,160 Speaker 4: a fully operational open mind. 71 00:03:09,960 --> 00:03:10,480 Speaker 2: Correct, yep. 72 00:03:11,800 --> 00:03:13,720 Speaker 3: I can't see from here, but we've got workshops and 73 00:03:14,440 --> 00:03:16,440 Speaker 3: crashes and things all around the surface up there, and 74 00:03:16,440 --> 00:03:20,040 Speaker 3: they used to come in around and down and into 75 00:03:20,040 --> 00:03:22,359 Speaker 3: the bottom of the pit here and mind that. 76 00:03:22,680 --> 00:03:25,120 Speaker 1: But there was this landslide, right, So since that happened 77 00:03:25,200 --> 00:03:26,800 Speaker 1: or before when you saw that coming. 78 00:03:27,120 --> 00:03:29,360 Speaker 3: Yeah, they had people they knew because of monitoring, they 79 00:03:29,400 --> 00:03:31,040 Speaker 3: knew this. They knew there was movement and things were 80 00:03:31,040 --> 00:03:32,560 Speaker 3: going to happen, and everyone was taken out of the 81 00:03:32,600 --> 00:03:37,920 Speaker 3: pit well before anything occurred, and since then we've then 82 00:03:38,000 --> 00:03:40,640 Speaker 3: mine access and through to the pit as you've just 83 00:03:40,680 --> 00:03:41,120 Speaker 3: come out of. 84 00:03:41,320 --> 00:03:43,400 Speaker 4: So the underground mine is actually under our feet. It 85 00:03:43,480 --> 00:03:43,880 Speaker 4: keeps going. 86 00:03:44,600 --> 00:03:47,560 Speaker 1: Yes, it might sound like a stupid question, but how 87 00:03:47,600 --> 00:03:50,000 Speaker 1: does this remain stable when people are mining underneath this? 88 00:03:51,200 --> 00:03:55,880 Speaker 3: The ground itself is inherently stable. Okay, the rock structures 89 00:03:55,960 --> 00:03:58,440 Speaker 3: they will stay there, and you take a tunnel through it, 90 00:03:58,480 --> 00:04:02,160 Speaker 3: the rock structure will stay there. The stresses move our rock. 91 00:04:02,160 --> 00:04:04,120 Speaker 3: Doctors are probably much better to explain how that all 92 00:04:04,160 --> 00:04:04,600 Speaker 3: works now. 93 00:04:04,560 --> 00:04:06,240 Speaker 4: When you call them the doctors. 94 00:04:06,320 --> 00:04:10,240 Speaker 3: Yeah, yeah, the geotechnical engineers, they're they're the ones to 95 00:04:10,280 --> 00:04:13,360 Speaker 3: talk all about how that that works. Yeah, but we're 96 00:04:13,360 --> 00:04:15,720 Speaker 3: filling this up with waste. So all the waste material 97 00:04:15,760 --> 00:04:18,160 Speaker 3: we used to cart to the surface, we've got a 98 00:04:18,160 --> 00:04:20,240 Speaker 3: big stockpile up there. But it's obviously much more efficient 99 00:04:20,279 --> 00:04:21,720 Speaker 3: to bring it out here because eventually we've got to 100 00:04:21,760 --> 00:04:23,800 Speaker 3: take it back in underground and fill up the old voids. 101 00:04:24,040 --> 00:04:26,720 Speaker 1: So all of the tunnels that you've dug out, all 102 00:04:26,760 --> 00:04:28,560 Speaker 1: of that rock you've now started to fill. 103 00:04:28,440 --> 00:04:32,400 Speaker 4: Martha, Yep, we use stockpile and then eventually, once you're 104 00:04:32,440 --> 00:04:34,040 Speaker 4: done mining that you would use all that rock. 105 00:04:34,120 --> 00:04:34,200 Speaker 1: Ye. 106 00:04:34,400 --> 00:04:37,640 Speaker 3: Progressively, as we've finished an area, we'll go back and 107 00:04:37,680 --> 00:04:40,479 Speaker 3: fill that area in consent process to fill the voids. 108 00:04:40,520 --> 00:04:43,960 Speaker 4: So what is the life of the underground mine? 109 00:04:44,440 --> 00:04:46,040 Speaker 3: I started here in two twelve, but two thousand and 110 00:04:46,080 --> 00:04:48,960 Speaker 3: six they started mining underground here obviously the open pit 111 00:04:49,080 --> 00:04:52,800 Speaker 3: and the underground mine we're going in conjunction. And then 112 00:04:52,880 --> 00:04:57,040 Speaker 3: they've stopped mining prior to the fall, and obviously continue underground. 113 00:04:58,320 --> 00:05:01,120 Speaker 3: And yeah, I think as far as the life of 114 00:05:01,160 --> 00:05:05,360 Speaker 3: mine goes, every mine is like, well, we've got five years. 115 00:05:05,400 --> 00:05:07,120 Speaker 3: We've got five years. We've got five years. If you 116 00:05:07,560 --> 00:05:11,279 Speaker 3: look at many of the mines around the world, it's 117 00:05:12,160 --> 00:05:14,320 Speaker 3: they're always looking at we're going to be closing soon. 118 00:05:14,360 --> 00:05:16,120 Speaker 3: I hang on, noe, we've got another five years, another 119 00:05:16,160 --> 00:05:18,440 Speaker 3: five years. Obviously, as you go further underground, we can 120 00:05:18,480 --> 00:05:22,720 Speaker 3: do more exploration, find more gold, and potentially extend the 121 00:05:22,760 --> 00:05:23,520 Speaker 3: life of the morning. 122 00:05:23,600 --> 00:05:25,239 Speaker 4: How long have you been working here for Craik. 123 00:05:25,640 --> 00:05:29,560 Speaker 3: August twenty twelve. I started so, yeah, moved up from 124 00:05:29,600 --> 00:05:31,080 Speaker 3: McCraw so I was standado Shanna Gold. 125 00:05:31,080 --> 00:05:32,560 Speaker 4: Then awesome, thank you so much for taking us around. 126 00:05:32,600 --> 00:05:33,360 Speaker 4: I really appreciate that. 127 00:05:33,440 --> 00:05:37,480 Speaker 1: Not a problem while underground gives a sense of the stakes. 128 00:05:37,800 --> 00:05:40,120 Speaker 1: You need to go higher up to see the scale 129 00:05:40,240 --> 00:05:44,640 Speaker 1: of the entire operation. Oceana Gold's New Zealand legal executive 130 00:05:44,720 --> 00:05:47,520 Speaker 1: Alison Paul is coming up in the air with us. 131 00:05:48,640 --> 00:05:52,400 Speaker 1: Oceana purchased the Wiki mine in twenty fifteen. At that 132 00:05:52,600 --> 00:05:54,280 Speaker 1: time it only had a life. 133 00:05:54,040 --> 00:05:57,560 Speaker 4: Of less than three years. It's extended it well beyond that. 134 00:05:57,680 --> 00:06:00,440 Speaker 7: Now, how are you allowed to dig upet that large 135 00:06:00,839 --> 00:06:04,840 Speaker 7: on the edge a residential areas turned into a pit 136 00:06:05,760 --> 00:06:07,240 Speaker 7: thirty five years ago and. 137 00:06:07,160 --> 00:06:10,040 Speaker 2: At that time there was a lot less town than 138 00:06:10,080 --> 00:06:10,640 Speaker 2: there is now. 139 00:06:10,680 --> 00:06:13,400 Speaker 1: The town actually built up to the pit as opposed 140 00:06:13,440 --> 00:06:14,799 Speaker 1: to they dug into a town. 141 00:06:14,920 --> 00:06:17,360 Speaker 7: That's right, and being a combination. 142 00:06:16,960 --> 00:06:20,240 Speaker 1: Of boat really its growth is now extended to exploring 143 00:06:20,279 --> 00:06:24,040 Speaker 1: for gold under this and nearby forest a popular hiking. 144 00:06:23,720 --> 00:06:24,760 Speaker 4: Area in the region. 145 00:06:25,240 --> 00:06:29,000 Speaker 1: Land that's administered by the Department of Conservation. So this 146 00:06:29,040 --> 00:06:32,359 Speaker 1: is all dockland, all of this forest, Corimandal Forest Park 147 00:06:32,640 --> 00:06:34,400 Speaker 1: that's right, all Coramander Forest Park. 148 00:06:34,600 --> 00:06:36,160 Speaker 4: So this is one of the drill sites here. Can 149 00:06:36,200 --> 00:06:37,719 Speaker 4: you explain the operations that you're. 150 00:06:37,600 --> 00:06:40,320 Speaker 1: Doing on this area through sites like that currently? 151 00:06:40,480 --> 00:06:43,479 Speaker 6: Yeah, So the area is what we've called the forest 152 00:06:43,560 --> 00:06:48,080 Speaker 6: Careponga area, and that's what we've made the ore body. 153 00:06:48,640 --> 00:06:52,760 Speaker 6: Since about twenty seventeen in Earnest we've been with the 154 00:06:52,760 --> 00:06:57,040 Speaker 6: permission of the Department of Conservation, establishing drill sites in 155 00:06:57,160 --> 00:07:01,160 Speaker 6: order to drill holes down into the ground and understand 156 00:07:01,560 --> 00:07:04,719 Speaker 6: more about the your body that is there, and that 157 00:07:04,880 --> 00:07:08,760 Speaker 6: is aimed at firming up your understanding of the extent 158 00:07:09,080 --> 00:07:12,720 Speaker 6: and the grade and the physical properties of your body, so. 159 00:07:12,720 --> 00:07:15,720 Speaker 1: Effectively at the moment your pre pre feasibility. All of 160 00:07:15,720 --> 00:07:19,480 Speaker 1: this drilling is to help you create a feasibility. 161 00:07:18,920 --> 00:07:22,760 Speaker 7: Study as correct. So once you've applied things like the 162 00:07:22,840 --> 00:07:26,160 Speaker 7: economic factors, you're able to raise it to illegal nine 163 00:07:26,160 --> 00:07:28,600 Speaker 7: as a reserve. And that can only happen when you've 164 00:07:28,640 --> 00:07:32,560 Speaker 7: reached a press feasibility stage. And that's our intention in 165 00:07:32,600 --> 00:07:35,880 Speaker 7: December when they're going to release a report to our shareholders, 166 00:07:36,760 --> 00:07:39,640 Speaker 7: which we'll be targeting exactly there, so we'll be talking 167 00:07:39,680 --> 00:07:44,800 Speaker 7: about a reserve for we release that reporter recepper roughly, 168 00:07:44,840 --> 00:07:48,679 Speaker 7: how confident are you that you could extract decent quality 169 00:07:48,720 --> 00:07:53,360 Speaker 7: goal from that? That's the big question that we answer 170 00:07:53,400 --> 00:07:58,560 Speaker 7: in a pre feasibility report. But as I sit here 171 00:07:58,600 --> 00:08:00,800 Speaker 7: today and I say there we go to be releassing 172 00:08:00,800 --> 00:08:04,440 Speaker 7: a prebeasibility rapport with a Maiden Missouri in December. That 173 00:08:04,600 --> 00:08:07,840 Speaker 7: tells you the level of confidence that we've reached it 174 00:08:07,920 --> 00:08:09,000 Speaker 7: this ever time. 175 00:08:09,400 --> 00:08:12,800 Speaker 1: So far, it's indicated one million ounces of higher grade 176 00:08:12,840 --> 00:08:16,800 Speaker 1: gold could be under the ground, so it's proposing digging 177 00:08:17,000 --> 00:08:20,040 Speaker 1: two new tunnels to get to it, which would go 178 00:08:20,160 --> 00:08:24,560 Speaker 1: under this farmland that the company has already purchased. But 179 00:08:24,760 --> 00:08:27,760 Speaker 1: mining is not without its controversy, and the fact that 180 00:08:27,800 --> 00:08:30,760 Speaker 1: this is conservation land and home to a native frog 181 00:08:30,840 --> 00:08:36,320 Speaker 1: species is significant for the environmental effort against it. When 182 00:08:36,320 --> 00:08:39,120 Speaker 1: we landed back on the ground, Allison and I sat 183 00:08:39,200 --> 00:08:42,200 Speaker 1: down to discuss why it's pushing ahead with its investment 184 00:08:42,760 --> 00:08:44,559 Speaker 1: and the expected payoff. 185 00:08:45,120 --> 00:08:46,520 Speaker 4: Allison, thank you so much for having us here. I 186 00:08:46,559 --> 00:08:47,600 Speaker 4: really appreciate it. 187 00:08:47,160 --> 00:08:48,720 Speaker 2: It's great to have you here. 188 00:08:49,080 --> 00:08:51,959 Speaker 1: Let's start by talking about the existing Wye operation. What 189 00:08:52,000 --> 00:08:55,160 Speaker 1: we've seen here today tell us about the scale of it. 190 00:08:55,360 --> 00:08:57,480 Speaker 1: You also have McCrae, which is the biggest gold mine 191 00:08:57,480 --> 00:08:58,040 Speaker 1: in the country. 192 00:08:58,040 --> 00:08:59,960 Speaker 4: But how does why he here compare. 193 00:09:00,360 --> 00:09:04,559 Speaker 2: So the company Oceana Gold started at McRae's seventy five 194 00:09:04,640 --> 00:09:08,680 Speaker 2: years ago and that does remain the biggest gold mine 195 00:09:08,720 --> 00:09:11,560 Speaker 2: in the country. It's essentially an open pit gold mine 196 00:09:11,600 --> 00:09:16,000 Speaker 2: with some underground mining here at why He. Oceanic Gold 197 00:09:16,000 --> 00:09:19,680 Speaker 2: acquired this mine off Newmont at the time in twenty fifteen, 198 00:09:20,240 --> 00:09:23,480 Speaker 2: so we've been here coming up to ten years, and 199 00:09:23,520 --> 00:09:26,440 Speaker 2: that whole time we've been underground mining. So there is 200 00:09:26,920 --> 00:09:28,959 Speaker 2: quite a well known open pit in the middle of 201 00:09:29,000 --> 00:09:33,880 Speaker 2: why He Martha Pit that has been not mined at 202 00:09:33,880 --> 00:09:37,120 Speaker 2: the time that we've had why He mine. So we're 203 00:09:37,160 --> 00:09:43,720 Speaker 2: mining under Martha pitt in remnants of historic mining from 204 00:09:44,240 --> 00:09:48,839 Speaker 2: over one hundred years ago, and that Martha underground mine 205 00:09:49,600 --> 00:09:52,600 Speaker 2: will take us through to something like twenty twenty eight 206 00:09:52,760 --> 00:09:56,120 Speaker 2: or beyond on our current estimations, but those kinds of 207 00:09:56,200 --> 00:09:57,440 Speaker 2: dates are always moving. 208 00:09:58,200 --> 00:09:59,760 Speaker 1: So if that's the life of the mind, then what 209 00:09:59,800 --> 00:10:01,560 Speaker 1: do you things sort of total production or at least 210 00:10:01,559 --> 00:10:03,840 Speaker 1: annual production leading up to twenty twenty eight. 211 00:10:03,760 --> 00:10:06,440 Speaker 4: Could be from the existing Wyhe operation. 212 00:10:07,120 --> 00:10:11,000 Speaker 2: So the existing operation this year is targeting between fifty 213 00:10:11,040 --> 00:10:15,640 Speaker 2: five to seventy five thousand ounces of gold and then 214 00:10:15,679 --> 00:10:18,120 Speaker 2: a whole lot of silver. We produce more silver than 215 00:10:18,160 --> 00:10:22,199 Speaker 2: we do gold out of the y He mine, so 216 00:10:22,280 --> 00:10:27,080 Speaker 2: that compares with McCrae's for example, which typically targets between 217 00:10:27,080 --> 00:10:29,679 Speaker 2: one hundred and thirty to one hundred and fifty or 218 00:10:29,720 --> 00:10:34,360 Speaker 2: more thousand ounces of gold a year. So here at 219 00:10:34,480 --> 00:10:37,360 Speaker 2: y he that is the kind of production that we're 220 00:10:37,360 --> 00:10:40,880 Speaker 2: looking for, looking to increase that somewhat, but that out 221 00:10:41,000 --> 00:10:43,640 Speaker 2: twenty twenty eight at the moment is what we're aiming for. 222 00:10:44,040 --> 00:10:46,440 Speaker 2: And then we're looking to bring on at some point 223 00:10:46,880 --> 00:10:51,320 Speaker 2: this additional discovery, the Fury Care Poga all body, which 224 00:10:51,360 --> 00:10:54,520 Speaker 2: we've been exploring since about twenty seventeen, and we're taking 225 00:10:54,559 --> 00:10:56,200 Speaker 2: that through into the development phase. 226 00:10:56,400 --> 00:10:58,080 Speaker 1: I'm definitely keing to talk to you about all of 227 00:10:58,080 --> 00:10:59,959 Speaker 1: that and more detail. But if we just talk about 228 00:11:00,080 --> 00:11:03,920 Speaker 1: the existing environment, the climate for minerals and the economic 229 00:11:03,960 --> 00:11:06,600 Speaker 1: potential for it. The price of gold at least is 230 00:11:06,800 --> 00:11:09,800 Speaker 1: record highs. The price of silver is certainly rising too. 231 00:11:10,400 --> 00:11:13,439 Speaker 1: How do you think about the climate and the market 232 00:11:13,960 --> 00:11:16,599 Speaker 1: for commodities like that at the moment and the opportunity 233 00:11:16,600 --> 00:11:18,160 Speaker 1: that provides for a company like this. 234 00:11:19,160 --> 00:11:23,199 Speaker 2: So here in why we are employing over three hundred 235 00:11:23,240 --> 00:11:27,120 Speaker 2: and fifty people and the expiration that we're pursuing is 236 00:11:27,160 --> 00:11:30,920 Speaker 2: employing over another hundred people. So that is a great 237 00:11:30,960 --> 00:11:33,920 Speaker 2: opportunity not just for the mind but for the people 238 00:11:33,960 --> 00:11:38,600 Speaker 2: of why he and I think at the moment that 239 00:11:38,840 --> 00:11:41,439 Speaker 2: is the focus of some of what's been proposed by 240 00:11:41,679 --> 00:11:44,840 Speaker 2: the current government around things like the Fast Track Approvals Bill. 241 00:11:45,280 --> 00:11:49,560 Speaker 2: So the government has identified an opportunity to bring on 242 00:11:49,760 --> 00:11:53,439 Speaker 2: additional economic activity through things like the primary sector and 243 00:11:54,240 --> 00:11:56,680 Speaker 2: the resources sector, which is part of that. So that 244 00:11:56,840 --> 00:12:02,600 Speaker 2: is the opportunity for a Carepona in terms of gold production. 245 00:12:03,280 --> 00:12:06,800 Speaker 2: Initially a development project, and it will be for some 246 00:12:06,960 --> 00:12:10,440 Speaker 2: years before it starts producing gold. There's a lot of 247 00:12:10,440 --> 00:12:12,760 Speaker 2: tunneling that has to happen before we're able to reach 248 00:12:12,800 --> 00:12:15,880 Speaker 2: that or body, and at that point it will become 249 00:12:15,920 --> 00:12:19,000 Speaker 2: another producing mind that will add to the production that 250 00:12:19,040 --> 00:12:23,840 Speaker 2: we're seeing here at Martha Underground, or takeover or something 251 00:12:23,840 --> 00:12:25,800 Speaker 2: along those lines, depending on the timelines. 252 00:12:26,240 --> 00:12:28,079 Speaker 1: At one point, I do want to talk to you 253 00:12:28,120 --> 00:12:31,400 Speaker 1: about the prospect and opportunity that that could provide in 254 00:12:31,480 --> 00:12:34,600 Speaker 1: terms of the goal that you could extract from that area. 255 00:12:35,360 --> 00:12:36,760 Speaker 4: But what if it doesn't happen. 256 00:12:36,880 --> 00:12:39,960 Speaker 1: There is enormous controversy around this project and you've barely 257 00:12:40,040 --> 00:12:43,960 Speaker 1: even got started. You know, you're certainly not extracting anything yet. 258 00:12:44,480 --> 00:12:48,760 Speaker 1: That could derail this investment and prospect entirely for this company. 259 00:12:49,880 --> 00:12:54,120 Speaker 2: Nothing is guaranteed, and I think the way a business 260 00:12:54,160 --> 00:12:56,720 Speaker 2: like ours has to respond to that is to listen 261 00:12:57,360 --> 00:13:00,240 Speaker 2: and to do our work and our consultation and the 262 00:13:00,280 --> 00:13:03,640 Speaker 2: technical assessments we need to do to meet the expectations 263 00:13:03,720 --> 00:13:07,679 Speaker 2: of New Zealanders. So the for Ay Cure Ponga opportunity 264 00:13:07,720 --> 00:13:11,280 Speaker 2: is under conservation land. One of the things we've been 265 00:13:11,320 --> 00:13:13,520 Speaker 2: clear on from the outset is that we wouldn't be 266 00:13:13,600 --> 00:13:17,840 Speaker 2: putting any surface mining activities in the conservation estate. So 267 00:13:18,040 --> 00:13:22,480 Speaker 2: we're going to start tunneling from a pece of farmland 268 00:13:22,559 --> 00:13:26,520 Speaker 2: that is next to the conservation forest Park. We'll tunnel 269 00:13:26,600 --> 00:13:30,000 Speaker 2: underground and we will tunnel towards the old body from 270 00:13:30,040 --> 00:13:34,559 Speaker 2: there and stay underground except for some vent sites vent 271 00:13:34,640 --> 00:13:37,040 Speaker 2: shafts that are going to rise to the surface. So 272 00:13:37,520 --> 00:13:40,400 Speaker 2: that's the first thing we have to respond to expectations. 273 00:13:40,800 --> 00:13:43,320 Speaker 2: We're doing a lot of technical assessments to make sure 274 00:13:43,400 --> 00:13:47,439 Speaker 2: that our impacts stay underground and don't have a noticeable 275 00:13:47,480 --> 00:13:52,760 Speaker 2: impact on conservation land on the surface, so that we 276 00:13:52,920 --> 00:13:57,640 Speaker 2: think addresses some of the controversy that surrounds a project 277 00:13:57,760 --> 00:14:02,160 Speaker 2: like ours. And you can understand the controversy because New 278 00:14:02,280 --> 00:14:08,240 Speaker 2: Zealanders justifiably are very protective in particular of conservation at 279 00:14:08,240 --> 00:14:10,720 Speaker 2: state and I don't think any of us would have 280 00:14:10,760 --> 00:14:13,480 Speaker 2: it any other way. So this project we'll have to 281 00:14:13,559 --> 00:14:18,200 Speaker 2: meet those expectations that what's on the surface remains well 282 00:14:18,200 --> 00:14:18,760 Speaker 2: looked after. 283 00:14:19,680 --> 00:14:21,640 Speaker 1: There must be some pretty high confidence that's come out 284 00:14:21,640 --> 00:14:23,720 Speaker 1: of those early studies to make you want to proceed 285 00:14:23,760 --> 00:14:26,000 Speaker 1: with something that does have controversy surrounding it. 286 00:14:26,840 --> 00:14:30,760 Speaker 2: Yes, it's started life, as all minds do, as a 287 00:14:30,840 --> 00:14:36,240 Speaker 2: discovery and since twenty seventeen in Earnest, we've been doing 288 00:14:36,280 --> 00:14:39,080 Speaker 2: expiration drilling, so that's with the permission of the Department 289 00:14:39,120 --> 00:14:44,640 Speaker 2: of Conservation, and we've been drilling off about thirteen sites, 290 00:14:44,680 --> 00:14:48,520 Speaker 2: including camps and helly pads and the like, and then 291 00:14:48,560 --> 00:14:51,640 Speaker 2: we've added another site in March this year to that number. 292 00:14:52,200 --> 00:14:55,640 Speaker 2: So that has got us to the point by the 293 00:14:55,720 --> 00:14:57,960 Speaker 2: end of last year where we were able to say 294 00:14:58,000 --> 00:15:01,840 Speaker 2: to our markets we've got a fairly good confidence level 295 00:15:01,880 --> 00:15:05,600 Speaker 2: what is known as an indicated resource around about a 296 00:15:05,720 --> 00:15:09,280 Speaker 2: million ounces of gold, and then we've got about another 297 00:15:09,320 --> 00:15:12,840 Speaker 2: half million ounces at a kind of a less drilled out, 298 00:15:12,840 --> 00:15:17,360 Speaker 2: lower level of confidence and since that time we've been 299 00:15:17,880 --> 00:15:20,920 Speaker 2: looking to raise the amount of drilling we have of 300 00:15:21,680 --> 00:15:25,520 Speaker 2: that all body to raise that confidence level some more. 301 00:15:26,320 --> 00:15:29,320 Speaker 2: And we've also established another drill site to the south 302 00:15:29,360 --> 00:15:33,640 Speaker 2: where we're really looking for the extent where the extent 303 00:15:33,680 --> 00:15:36,280 Speaker 2: of the all body might be and whether it extends further. 304 00:15:36,720 --> 00:15:40,160 Speaker 2: So we've been publishing results since that time that are 305 00:15:40,200 --> 00:15:44,080 Speaker 2: showing that at the moment, we're continuing to find good 306 00:15:44,120 --> 00:15:49,600 Speaker 2: grade mineralization that we're optimistic about and that we're looking 307 00:15:49,640 --> 00:15:50,960 Speaker 2: at adding to our inventory. 308 00:15:51,400 --> 00:15:55,080 Speaker 1: One million ounces is why he annually today you currently 309 00:15:55,080 --> 00:15:57,720 Speaker 1: produce what I think he said, fifty thousand or something, we. 310 00:15:57,880 --> 00:16:00,600 Speaker 2: Do about seventy five or so years guide on. 311 00:16:00,680 --> 00:16:01,880 Speaker 4: One million ounces. 312 00:16:01,920 --> 00:16:04,080 Speaker 1: That could give you how many more years, if not 313 00:16:04,240 --> 00:16:07,120 Speaker 1: decades on this operation if you're allowed to go ahead 314 00:16:07,120 --> 00:16:07,360 Speaker 1: with it. 315 00:16:08,000 --> 00:16:11,080 Speaker 2: Yeah, I think the development phase could be quite a 316 00:16:11,080 --> 00:16:15,280 Speaker 2: few years to begin with, but then after that the 317 00:16:15,280 --> 00:16:17,760 Speaker 2: mining phase is in the order of a decade of 318 00:16:17,880 --> 00:16:23,080 Speaker 2: mining at the moment, and because you are always looking 319 00:16:23,200 --> 00:16:27,640 Speaker 2: for further extent of the your body even when you're underground. 320 00:16:27,960 --> 00:16:30,800 Speaker 2: Once you've established your tunnels, you're able to do more 321 00:16:30,840 --> 00:16:35,520 Speaker 2: drilling from underground and what your experience often is that 322 00:16:35,640 --> 00:16:38,680 Speaker 2: a mind keeps on going. So you establish your mind 323 00:16:38,720 --> 00:16:41,560 Speaker 2: based on what you know at the time, and you 324 00:16:41,600 --> 00:16:43,520 Speaker 2: have a level of optimism, and. 325 00:16:43,400 --> 00:16:46,680 Speaker 1: What about the quality of the gold and grams per 326 00:16:46,760 --> 00:16:50,200 Speaker 1: ton out of that one million ounces, how does that 327 00:16:50,280 --> 00:16:53,480 Speaker 1: compare to what you currently get out of Wayhei, or 328 00:16:53,520 --> 00:16:54,960 Speaker 1: perhaps compare to mccraze. 329 00:16:55,880 --> 00:16:59,800 Speaker 2: So you need to appreciate that the grade of the 330 00:16:59,800 --> 00:17:02,920 Speaker 2: gold that you target with an underground is always necessarily 331 00:17:03,040 --> 00:17:05,040 Speaker 2: higher than the grade of the gold that you target 332 00:17:05,080 --> 00:17:09,760 Speaker 2: with an open pit. So two very different operations. At mccraze, 333 00:17:09,800 --> 00:17:15,160 Speaker 2: we're targeting less than one gram of gold per ton 334 00:17:15,160 --> 00:17:20,120 Speaker 2: of war, whereas an underground will inevitably be more than that. 335 00:17:20,680 --> 00:17:24,680 Speaker 2: The grade that we've got within our indicated resource at 336 00:17:24,680 --> 00:17:28,880 Speaker 2: for a caraponger is fifteen point nine grams per ton 337 00:17:30,119 --> 00:17:32,800 Speaker 2: compared to less than one, well compared to a very 338 00:17:32,840 --> 00:17:36,439 Speaker 2: different operation being an open pit. But that's a massive 339 00:17:36,480 --> 00:17:39,760 Speaker 2: defreessing mind it is. What you will find is that 340 00:17:40,480 --> 00:17:43,720 Speaker 2: the grade often goes down as you start bringing more 341 00:17:43,760 --> 00:17:47,480 Speaker 2: and more gold into your inventory that you're targeting. So 342 00:17:48,560 --> 00:17:52,320 Speaker 2: you don't you aim to establish a cutoff grade, which 343 00:17:52,400 --> 00:17:54,880 Speaker 2: is the point at which you decide that you're going 344 00:17:54,920 --> 00:18:00,439 Speaker 2: to leave anything further and not mine it. And the 345 00:18:00,720 --> 00:18:03,679 Speaker 2: kind of grade that you've got within a resource estimate 346 00:18:04,160 --> 00:18:07,439 Speaker 2: is not always going to be or necessarily going to 347 00:18:07,440 --> 00:18:11,280 Speaker 2: be reflective of what you're mine at. But certainly foreign 348 00:18:11,280 --> 00:18:18,080 Speaker 2: care upomer is very promising all body, and we have 349 00:18:18,920 --> 00:18:23,520 Speaker 2: been pursuing the development of our understanding of that to 350 00:18:23,560 --> 00:18:26,959 Speaker 2: the point that we're going to be releasing a pre 351 00:18:27,080 --> 00:18:31,840 Speaker 2: feasibility study in December which is going to, amongst other things, 352 00:18:32,359 --> 00:18:36,760 Speaker 2: allow us to establish a reserve, a gold reserve and 353 00:18:36,840 --> 00:18:38,920 Speaker 2: not just the resource that we've got at the moment, 354 00:18:39,080 --> 00:18:40,480 Speaker 2: so that'll be happening in December. 355 00:18:40,720 --> 00:18:43,200 Speaker 1: Of course, the grade of gold that you would extract 356 00:18:43,200 --> 00:18:45,960 Speaker 1: from an underground mind needs to be higher because it 357 00:18:46,080 --> 00:18:47,679 Speaker 1: costs a hell of a lot more to operate an 358 00:18:47,760 --> 00:18:51,160 Speaker 1: underground mind. It's a much bigger investment and more difficult 359 00:18:51,280 --> 00:18:52,360 Speaker 1: than an open pit mind. 360 00:18:52,440 --> 00:18:53,000 Speaker 4: Is that correct? 361 00:18:53,400 --> 00:18:57,280 Speaker 2: That's right, And you're targeting in many cases different mineralization 362 00:18:57,400 --> 00:19:00,640 Speaker 2: that is by its nature more concentrated from the kind 363 00:19:00,640 --> 00:19:04,040 Speaker 2: of mineralization you target with an open pit, So there 364 00:19:04,080 --> 00:19:08,240 Speaker 2: are a fundamental differences. But the cutoff grade is one 365 00:19:08,240 --> 00:19:10,320 Speaker 2: of the things that is a difference between those two 366 00:19:10,600 --> 00:19:11,399 Speaker 2: methods of mining. 367 00:19:11,680 --> 00:19:13,360 Speaker 1: So if we sum up all of those figures, then 368 00:19:13,720 --> 00:19:18,600 Speaker 1: one million ounces potentially in this Whiting North project if 369 00:19:18,760 --> 00:19:22,400 Speaker 1: it is at that grade of almost sixteen grands per 370 00:19:22,480 --> 00:19:27,320 Speaker 1: ton of gold another decade on the life of this project, 371 00:19:27,880 --> 00:19:31,600 Speaker 1: how much do you think this company could take if 372 00:19:31,640 --> 00:19:35,520 Speaker 1: it sells that gold at near the record prices that 373 00:19:35,920 --> 00:19:36,520 Speaker 1: gold hitting. 374 00:19:36,520 --> 00:19:42,480 Speaker 2: Now, well, that's something that even in a pre feasibility context, 375 00:19:43,119 --> 00:19:45,800 Speaker 2: when we release the pre feasibility study, there will be 376 00:19:45,880 --> 00:19:49,119 Speaker 2: some estimates of those kinds of numbers contained in that. 377 00:19:49,640 --> 00:19:58,399 Speaker 2: At this point, it's fairly i would say conservative, or 378 00:19:58,400 --> 00:20:02,760 Speaker 2: people would form the it was conservative relative to current 379 00:20:02,960 --> 00:20:06,400 Speaker 2: goal price. But of course you're talking about a long 380 00:20:06,480 --> 00:20:09,920 Speaker 2: term investment. So what you base your investment on isn't 381 00:20:09,920 --> 00:20:13,240 Speaker 2: the spot price today, but more of a consensus price 382 00:20:13,359 --> 00:20:20,760 Speaker 2: coming from everyone in this particular market gold investors, and 383 00:20:22,000 --> 00:20:28,080 Speaker 2: you really establish a more conservative number. So the indicated 384 00:20:28,160 --> 00:20:30,480 Speaker 2: resource that we've got, all the resource that we've got 385 00:20:30,520 --> 00:20:35,480 Speaker 2: at the moment for a caraponga, is based on a 386 00:20:35,520 --> 00:20:41,240 Speaker 2: seventeen fifty US dollar gold price, And to the degree 387 00:20:41,280 --> 00:20:43,640 Speaker 2: that as a company at the moment that we talk 388 00:20:43,680 --> 00:20:48,399 Speaker 2: about reserves, that's based on fifteen hundred gold price, so 389 00:20:48,480 --> 00:20:49,639 Speaker 2: that's pretty conservative. 390 00:20:49,760 --> 00:20:52,320 Speaker 1: This morning I checked it, it's over twenty three hundred 391 00:20:52,600 --> 00:20:53,240 Speaker 1: US see. 392 00:20:53,400 --> 00:20:57,679 Speaker 2: Yeah, so it is something that you obviously keep under advisement, 393 00:20:57,920 --> 00:21:03,000 Speaker 2: and from time to time the company does make announcements 394 00:21:03,040 --> 00:21:07,960 Speaker 2: and update the market as to our thinking on those 395 00:21:08,000 --> 00:21:08,679 Speaker 2: consent numbers. 396 00:21:08,960 --> 00:21:12,080 Speaker 1: So remind me again when the pre feasibility study is 397 00:21:12,160 --> 00:21:13,960 Speaker 1: due to come out, because you're currently in a pre 398 00:21:14,240 --> 00:21:15,840 Speaker 1: pre feasibility study. 399 00:21:15,520 --> 00:21:19,359 Speaker 2: Process, right, Yeah, so that's going to be released on 400 00:21:19,400 --> 00:21:21,680 Speaker 2: the eleventh of December Vancouver time. 401 00:21:22,400 --> 00:21:23,000 Speaker 4: We'll talk then. 402 00:21:23,040 --> 00:21:25,160 Speaker 1: Thank you so much for your time, Alison really appreciate it. 403 00:21:25,200 --> 00:21:25,480 Speaker 1: Thank you.