Great Southern transitioning from explorer to developer

Great Southern Mining (ASX:GSN) has several catalysts coming up that could lead to the company graduating from the discovery phase to the resource drill out phase at its flagship Duketon Gold Project in Western Australia. 

Speaking to on the sidelines of the Brisbane Mining and Investors Conference on 13 March 2024, Managing Director Matthew Keane says the goal for the company is to sink as many metres into the ground as possible to develop resources.

However, having served 8 years in the capital markets with Argonaut Securities, Keane is not oblivious to the current disparity in the gold space between physical gold, which is running, and gold equities, which he acknowledges haven’t started yet. 

Gold equities are shares in gold which an individual owns in a gold company, either a mining corporation, gold mutual funds, or exchange traded funds, according to BankBazaar. 

“If I was looking in the sector right now, obviously there is a gold disparity running, the equities aren’t catching up. Where are we in that space? We are on the cusp of quantifying our discoveries and drilling out those two resources, which should be our next phase.” 

It is also in its gold portfolio where the company’s latest earn-in joint venture (JV) partner, major South African gold producer Gold Fields (JSE:GFI), will begin a drilling program in April at the Edinburgh Park Project in Queensland.  

“Gold Fields should be drilling when the wet season ends sometime in April, they are chasing monsters, 3 to 30 million ounce gold-copper-silver deposits so that will be fantastic.” 

In October 2023, the company entered into a binding option and JV agreement with G Ex Australia, a wholly owned subsidiary of Gold Fields, in which the latter will spend up to $15 million to earn a 75% interest in the Edinburgh Park Project.  

Meanwhile, at the company’s nickel play, being its East Laverton Project in Western Australia, Keane explains that while the company will maintain its focus in gold, it will keep East Laverton “ticking along”.

“Nickel is not a market favourite, it will always have a place in the market but for us I do not think we will get much market love if we pursue it hard. So, we will keep working our East Laverton Project in the background leading up to a geophysical survey. 

Now if we found a stonking EM target we are going to drill it, but in reality it is not going to be front and centre in terms of what we are putting out to the market, but we will keep it ticking along.” 

Keane also took the opportunity at the conference to reaffirm to potential investors that it is in the junior exploration and developer space where the real value lies. 

“In the junior explorer/developer that’s where you have the greatest value”, he says. 

“In that sweet spot of the investment, you want a commodity that hasn’t arbitraged in value, so gold is running, gold equities have not run yet so there should be a catch up there. 

Where are you going to look in the space for best value? Should be in developers and explorers, and we have a good team and management which own 27% of the stock in the company, so we are highly invested in our company, we believe in it and will make it happen.” 

Great Southern Mining is a gold explorer with a portfolio of assets considered prospective for gold and nickel in Western Australia and Queensland. 

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Images: Great Southern Mining
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.