REG - Greatland Gold PLC - Acquisition of Havieron & Telfer – Completion date

Greatland GoldAnnouncement

02/12/2024 08:45

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RNS Number : 3902O  Greatland Gold PLC  02 December 2024

Greatland Gold plc (AIM: GGP)

E: info@greatlandgold.com

W: https://greatlandgold.com

: twitter.com/greatlandgold

 

 

NEWS RELEASE | 2 December 2024

 

 

Acquisition of Havieron & Telfer - Completion date update

 

 

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 the Company) announced on 10
September 2024 that it had entered into a binding agreement with certain
Newmont Corporation subsidiaries (Newmont) to acquire a 70% ownership interest
in the Havieron gold-copper project, 100% ownership of the Telfer gold-copper
mine, and other related interests in assets in the Paterson region (the
Acquisition).

 

Greatland is pleased to announce that completion of the Acquisition
(Completion) has been scheduled to occur on Wednesday, 4 December 2024.

 

Greatland Managing Director, Shaun Day, commented: "We are delighted to have
scheduled completion of Greatland's transformational acquisition of Telfer and
Havieron for Wednesday, 4 December 2024. It is a credit to the exceptional
efforts of the Greatland, Newmont and Telfer teams that we have been able to
move efficiently and quickly towards completion well inside our target of the
December 2024 quarter."

 

"Completion will mark the beginning of a new chapter for Greatland as an
immediate and significant Australian gold and copper producer. The combination
of immediate production from the Telfer operations and our planned completion
of the development of the world-class Havieron project provides an exceptional
platform for continued growth.

 

Acquisition Conditions

 

The Acquisition Completion is subject to the satisfaction (or, where
applicable, waiver) of a number of conditions precedent (Acquisition
Conditions), which are summarised in the Company's Admission Document dated 10
September 2024 (Admission Document) (refer to Part 2, paragraph 2, on page
41).

 

Save for Admission (as defined below) of the Consideration Shares to be issued
to Newmont, which is expected to occur at 8:00 a.m. on or around Wednesday, 4
December 2024 (as described below), all of the Acquisition Conditions have
been satisfied or, as described below, waived.  Importantly, the Acquisition
Conditions regarding the approval by Greatland shareholders of the
Acquisition, completion of the remediation of Telfer Tailings Storage Facility
8 and restart of Telfer processing operations, and approvals by the Australian
Foreign Investment Review Board and Western Australian Minister for Mines and
Petroleum have each been satisfied.

 

As described in the Admission Document, certain of the Acquisition Conditions
were able to be waived by Greatland. Having regard to the nature and progress
of the outstanding Acquisition Conditions related to certain third party and
regulatory consents, approvals and licences, Greatland has determined that
realising the commercial benefits of proceeding to Acquisition promptly
outweighed the benefits of waiting for satisfaction of those Acquisition
Conditions.  Accordingly, Greatland has waived the satisfaction of those
Acquisition Conditions as preconditions to Completion.

 

For those Acquisition Conditions that have not been satisfied when Completion
occurs, Greatland and Newmont will continue to work towards obtaining the
relevant consent, approval or licence (as applicable) following Completion,
and mechanisms are in place to enable Greatland to access the benefits of the
relevant contracts, approvals and licences, and to mitigate and allocate
liability and risk between Greatland and Newmont, during that period.
Further detail will be provided in a supplementary admission document to be
published prior to Completion.  Waiver of the relevant Acquisition Conditions
is not expected to materially impede Greatland's operational activities or
plans.

 

Accordingly, Greatland has issued and allotted the 2,669,182,291 Consideration
Shares to Newmont subject only to Admission.  Each of these shares will rank
pari passu with the Company's existing ordinary shares once issued.

 

Admission and Total Voting Rights

 

The Acquisition constitutes a reverse takeover pursuant to the AIM Rules for
Companies.  As such, upon Acquisition Completion, the admission of the
Company's ordinary shares then in issue (comprising the existing issued
ordinary shares and the Consideration Shares) will be cancelled and
application has been made for the immediate admission of the Enlarged Share
Capital to trading on AIM (Admission).  Admission is expected to occur
at 8:00 a.m. on or around Wednesday, 4 December 2024.

 

Following Admission, the Company's issued share capital will comprise
13,079,294,602 ordinary shares each with one voting right per share.  There
are no shares held in treasury. When calculating the total number voting
rights, shareholders should use this figure as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure and Transparency
Rules.

 

Defined terms in this announcement shall have the same meaning as in the
Company's Admission Document dated 10 September 2024, unless otherwise
specified.

 

A further announcement will be made confirming once Completion and Admission
have occurred.

 

Contact

 

For further information, please contact:

 

Greatland Gold plc

Shaun Day, Managing Director  |  Rowan Krasnoff, Head of Business
Development

info@greatlandgold.com

 

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin  |  +44 203 368 3550

 

Corporate Brokers

Canaccord Genuity  |  James Asensio / George Grainger  |  +44 207 523 8000

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

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.

 

Havieron is located approximately 45km east of the Telfer gold mine. The box
cut and decline to the Havieron orebody commenced in February 2021. Total
development exceeds 3,060m including over 2,110m of advance in the main access
decline (as at 30 June 2024).  Havieron is intended to leverage the existing
Telfer infrastructure and processing plant, which would de-risk the
development and reduces capital expenditure.

 

On 10 September 2024, Greatland announced that certain of its wholly owned
subsidiaries had entered into a binding agreement with certain Newmont
Corporation subsidiaries to acquire, subject to certain conditions being
satisfied, a 70% ownership interest in the Havieron gold-copper project
(consolidating Greatland's ownership of Havieron to 100%), 100% ownership of
the Telfer gold-copper mine, and other related interests in assets in the
Paterson region.  Completion of the acquisition is subject to the
satisfaction of certain conditions precedent and is scheduled to occur on 4
December 2024.

 

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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