REG - Greatland Gold PLC - 2023 Half Year Results Summary

Greatland GoldAnnouncement

06/03/2023 07:00

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RNS Number : 9818R  Greatland Gold PLC  06 March 2023

 

 Greatland Gold plc (AIM: GGP)

 E: info@greatlandgold.com

 W: http://greatlandgold.com

 :twitter.com/greatlandgold

 

 

 

 

NEWS
RELEASE
                     6 March
2023
 
 

 

Results Summary for the Half Year Ended 31 December 2022

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATIONS.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

Greatland Gold plc (AIM:GGP; Greatland or Company) is pleased to report its
financial results for the half-year ended 31 December 2022.

Financial summary for the six months ended 31 December 2022 (H1 FY23,
unaudited)

§ Cash: £59.8 million (30 June 2022: £10.4 million)

§ Total Debt: £43.5 million (30 June 2022: £43.1 million)

§ Investment in the development of Havieron of £12.2 million

§ Operating loss (before share-based payments): £3.5 million (H1 FY22: £2.9
million)

§ Exploration expenditure: £2.7 million (H1 FY22: £3.1 million) including
Juri Joint Venture costs, currently fully funded by Newcrest Mining Limited
(Newcrest; ASX: NCM), of £1.0 million

Portfolio highlights

§ Havieron Feasibility Study progressing; focus on value enhancing options

§ Updated Mineral Resource for Havieron of 85Mt at 2.0g/t Au and 0.26% Cu for
a total of 5.5Moz of Au and 222kt of Cu (100% basis), being over 6.5Moz AuEq

§ Havieron's underground continues to achieve record advancement with over
1,800 metres now complete (as at March 2023)

§ The second phase of the Juri Joint Venture drilling programme was completed
on the Paterson Range East and Black Hills tenements, comprising 2,234 metres
and testing three targets

§ Exploration activities progressed across the portfolio including drilling
at Scallywag and Rundall

Corporate highlights

§ Greatland strengthened its Board capabilities, announcing the appointments
of:

- Mark Barnaba, eminent natural resources investment banker and Deputy Chair
of A$70 billion ASX-listed Fortescue Metals Group Limited (Fortescue; ASX:FMG)

- Elizabeth Gaines, former Fortescue Chief Executive Officer

- Jimmy Wilson, former senior executive at BHP including President Iron Ore

§ Gross equity proceeds raised of £63.3 million including £33.5 million
from Wyloo Metals (Wyloo), a privately-owned minerals investment company

§ Debt commitment letter for A$220 million (£130 million) signed with ANZ,
HSBC and ING to support the future development of Havieron

§ Greatland retained 30% ownership of Havieron at the conclusion of the 5%
option process provided for in the Havieron Joint Venture Agreement, an
outcome that delivers substantial value to Greatland shareholders

 

Greatland Managing Director, Shaun Day, commented:

"Greatland has continued to execute on its growth strategy to build a
world-class mining company. During the half year, Greatland favourably
resolved the Havieron option process, raised equity capital, secured debt
commitments and added high quality talent to its board and management team."

"The Havieron gold-copper project in Western Australia has continued to
advance with the Mineral Resource having grown to over 6.5Moz AuEq. The
advancement of the underground achieved record advance rates with over 1,800
metres of development complete."

"Greatland appointed corporate and mining leaders Mark Barnaba, Elizabeth
Gaines and Jimmy Wilson to its Board. In addition, the executive team has been
augmented with the appointment of Simon Tyrrell as Chief Operating Officer and
Jeremy Meynert as Chief Development Officer. The high quality of the team
positions the Company to take advantage of opportunities for growth".

"Together with the recent strategic investment by Wyloo and debt commitments,
Greatland is now in a strong financial position as we progress towards
production and cashflow from Havieron."

 

Contact

For further information, please contact:

 

Greatland Gold plc

Shaun Day, Managing Director  |  info@greatlandgold.com

 

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Waldron

greatlandgold@sparkapl.com  |  +44 203 368 3550

 

Corporate Brokers

Berenberg  |  Matthew Armitt / Jennifer Lee  |  +44 203 368 3550

Canaccord Genuity  |  James Asensio / Patrick Dolaghan  |  +44 207 523
8000

SI Capital Limited  |  Nick Emerson / Sam Lomanto  |  +44 148 341 3500

 

Media Relations

UK - Gracechurch Group  | Harry Chathli / Alexis Gore / Henry Gamble  |
+44 204 582 3500

Australia - Fivemark Partners  |  Michael Vaughan  |  +61 422 602 720

 

 

About Greatland

Greatland is a mining development and exploration company focused primarily on
precious and base metals.

The Company's flagship asset is the world-class Havieron gold-copper project
in the Paterson region of Western Australia, discovered by Greatland and
presently under development in joint venture with ASX gold major, Newcrest
Mining Limited.

Havieron is located approximately 45km east of Newcrest's existing Telfer gold
mine. The box cut and decline to the Havieron orebody commenced in February
2021 and continues to accelerate with record advancement achieved in the
December 2022 quarter.  Havieron is intended to leverage the existing Telfer
infrastructure and processing plant. Access to Telfer will de-risk the
development, reduces capital expenditure and lowers the project's carbon
footprint.

Greatland has a proven track record of discovery and exploration success and
is pursuing the next generation of tier-one mineral deposits by applying
advanced exploration techniques in under-explored regions.  Greatland has a
number of exploration projects across Western Australia and in parallel to the
development of Havieron is focused on becoming a multi-commodity miner of
significant scale.

 

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