Resource Expiry

The Welcome Again Gold Mine, Great Eastern Gold Limited's closest-to-production resource is due to expire on 31 March 2025. See ML10125 Resource Public Authority.

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Requirements for renewing a resource authority include:

• Obligations History Statement

  • "Holders of all resource authority types need to attach an Obligations History Statement to outline how the resource authority obligations have been met in the previous term. " - page 9, Renewal Guideline, Minerals and Coal, February 2023 (see below).

    • Conditions of the current term for ML10125 include:

    • "The holder must commence mining operations by the end of 2021 and provide written notification to this Department mining operations have commenced." - page 3, ML10125 Resource Public Authority (see below).

    • As far as we aware, Great Eastern Gold has not commenced mining operations. 

    • Non-fulfilment of this condition may impact upon the ability for the lease to be renewed.

• Financial and Technical Capability

  • "Financial and technical capabilities of holders need to be understood to ensure any planned activities are sufficiently funded and adequately resourced." - page 19, Renewal Guidelines, Minerals and Coal, February 2023 (see below).

  • The registered mortgage over the resource, any ownership dispute and/or delays in obtaining funding may have an impact on the ability for this lease to be renewed.

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The expiry date and/or a perceived difficulty in renewing the resource authority may or may not have an impact on the ability of Great Eastern Gold Limited to raise funds to bring the resource into production and on the perceived value of the company (see Company Value).

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