REG - Greatland Gold PLC - Half-Year Financial Report
04/03/2025 07:15
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RNS Number : 2562Z Greatland Gold PLC 04 March 2025
Greatland Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: http://greatlandgold.com
: twitter.com/greatlandgold
4 March
2025
Half-Year Financial Report
for the six months ended 31 December 2024
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") is pleased to
announce its interim results for the six months ended 31 December 2024.
Highlights:
Transformational acquisition of 100% of Havieron and Telfer
· Completed acquisition for 100% ownership of the Havieron
gold-copper project (Havieron), the Telfer gold-copper mine (Telfer), and
other related assets in the Paterson region from Newmont Corporation
(NYSE:NEM) (Newmont) (the Havieron-Telfer Acquisition)
· At Completion on 4 December 2024 paid the following acquisition
consideration to Newmont:
o US$167.0 million cash (after estimated purchase price adjustments;
o US$167.5 million in the form of 2,669,182,291 Greatland ordinary shares
issued to Newmont, representing 20.4% of Greatland shares on issue; and
o Repaid debt of US$52.4 million (£41.4 million), being the entire
outstanding balance of the Havieron joint venture loan to Newmont, which has
been terminated.
· Greatland expects to pay the following amounts to Newmont on a
deferred basis:
o A$32.6 million (£16.6 million) in aggregate estimated purchase price
adjustments; and
o Up to a maximum of US$100 million (£79.0 million) in deferred cash
consideration which may be payable to Newmont on the first five years'
Havieron gold production, through a 50% price upside participation by Newmont
above a US$1,850/oz hurdle gold price, subject to an annual cap of US$50
million and aggregate cap of US$100 million.
· Raised US$334 million (c. £255.3 million) through an
oversubscribed Institutional Placing and Retail Offer
· Havieron is a world class gold-copper project with a Mineral
Resource estimate of 8.4Moz gold equivalent, while Telfer is an operating
gold-copper mine generating near-term cash flow
· Acquisition unlocks opportunity to optimise an integrated
Telfer-Havieron mining and processing operation
Telfer
· Strong start to production at Telfer during the period of
Greatland's ownership from 4 December to 31 December 2024 (approximately 27
days):
o 29,864oz of gold and 1,189t of copper (33,882oz gold equivalent)
o 1,466kt of ore was processed, utilising both processing trains, with an
average grade of 0.77g/t Au and 0.11% copper, and recoveries of 82% for gold
and 72% for copper
o 639kt of ore was mined at the Telfer West Dome open pit (total material
mined of 1,177t) and 95kt of ore was mined at the Telfer underground
· Stockpiles as at 31 December 2024:
o 10.9Mt run-of-mine (ROM) stockpiles, containing 247koz gold and 7.6kt
copper; and
o 24.5Mt low grade stockpiles, containing 262koz gold and 12.2kt copper.
· In January 2025, recorded maiden concentrate shipment with
proceeds from the sale received of £48.0 million
Havieron
· In September 2024, in connection with the Havieron-Telfer
acquisition, Greatland published an independently reviewed 'base case'
development and mine plan for Havieron:
o Havieron to operate with a steady state mining throughput rate of 2.8Mtpa
and average grade processed of 2.74g/t Au and 0.32% Cu;
o Havieron to produce on average 221koz Au and 8kt Cu (258koz AuEq) annually
during steady state operations, for the first 15 years, at an AISC of
US$818/oz (A$1,240/oz);
o A steady state operational period of 15 years and total mine life of 20
years; and
o First ore production from Havieron in H2 2026 and first gold in H2 2027.
· During the December 2024 quarter, key activities concerning
Greatland's Feasibility Study works were progressed and the Greatland
Feasibility Study is being targeted for completion in H2 2025
Financial
· Closing cash position of £71.9 million (30 June 2024: £4.8
million)
· Nil debt balance (30 June 2024: £41.5 million)
· Net assets of £491.5 million (30 June 2024: £41.0 million)
· On 3 December 2024, executed a A$100m Syndicated Facility
Agreement with ANZ, HSBC and ING comprising a A$75 million (c.£37.5 million)
Working Capital Facility and A$25 million (c.£12.5 million) Contingent
Instrument Facility
Strengthened Position
· Transitioned into a significant Australian gold and copper
producer with near-term opportunities to extend Telfer mine life
· Owns 100% of Australia's second-largest gold-copper development
project at Havieron
· Owns the only operating processing plant in the Paterson region,
with a highly prospective regional exploration portfolio
Greatland Managing Director, Shaun Day, commented:
"It has been a transformative period for Greatland, having completed the
consolidation of 100% ownership of Havieron and Telfer, establishing us as a
gold-copper producer of significance. We are delighted with the strong start
to production in December and the combination of a high Australian dollar gold
price, very substantial mined stockpiles at surface, Telfer mine life
extension targets, and the approaching development of the world class Havieron
gold-copper asset presents a unique opportunity for near-term cashflow and
medium-term growth. We continue to advance the Havieron Feasibility Study,
expected to be completed in the second half of 2025, with development now
substantially derisked by our ownership of the Telfer infrastructure.
"Greatland today is the owner and operator of a processing plant that ranks as
Australia's third largest gold-copper processing plant by capacity, with a
generational opportunity presented by Havieron and a highly prospective
exploration portfolio. Our robust cash position and banking facilities ensures
sufficient liquidity is in place.
"Preparations for our ASX cross listing are well underway and we continue to
target listing in the June 2025 quarter. As a significant Australian
gold-copper producer, the ASX listing is intended to provide benefits
including an enhanced capital markets profile and increased institutional
ownership and index participation."
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 Baldwin | +44 203 368 3550
Corporate Brokers
Canaccord Genuity | James Asensio / George Grainger | +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 gold and copper mining company listed on the London Stock
Exchange's AIM Market (LSE:GGP) and operates its business from Western
Australia.
The Greatland portfolio includes the 100% owned Telfer gold-copper mine, the
adjacent 100% owned world class Havieron gold-copper project (under
development), and a significant exploration portfolio within the surrounding
region. The combination of Telfer and Havieron provides for a substantial and
long life gold-copper operation in the Paterson Province of Western
Australia.
Greatland is targeting a cross listing on the ASX in the June quarter 2025.
Principal activities
The principal activities of the Group during the period consisted of gold and
copper mining and production, project development, and the exploration and
evaluation of mineral tenements in Western Australia.
Review of half-year results (unaudited)
On 4 December 2024, Greatland completed the acquisition of 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 from certain
Newmont Corporation subsidiaries.
Production and sales for the period reflect Greatland's ownership of Telfer in
the 27 days of ownership from 4 December to 31 December 2024:
Unit Half year ended Half year ended
31 Dec 2024 31 Dec 2023
Total mined tonnes (kt) 734 -
Processed grade (g/t) 0.77 -
Gold produced (oz) 29,864 -
Copper produced (t) 1,189 -
Run of mine closing stockpile (Mt) 10.9 -
Low grade closing stockpile (Mt) 24.5 -
Gold dore sold (oz) 3,916 -
Realised Gold Price (A$4,226/oz) £/oz 2,115 -
Revenue (£m) 8.3 -
Net profit / (loss) after tax (£m) 18.0 (5.5)
Financial Position
§ Closing cash position of £71.9 million (30 June 2024: £4.8 million)
§ Nil debt balance (30 June 2024: £41.5 million)
§ Net assets of £491.5 million (30 June 2024: £41.0 million)
HEALTH, SAFETY AND WELLBEING
Greatland's most important priority is safety, keeping our employees,
contractors and communities safe and well. Our goal is to operate with zero
fatalities, minimise workplace injuries and prevent catastrophic events.
Greatland achieved its goal of maintaining a safe workplace for all during the
half year. There were no fatalities at the Group's projects during the half
year ended 31 December 2024 (31 December 2023: nil).
CORPORATE
Havieron-Telfer Acquisition
Greatland announced on 10 September 2024 that it had entered into a binding
agreement with certain Newmont Corporation subsidiaries (Newmont) to acquire
Newmont's 70% ownership interest in the Havieron gold-copper project
(Havieron), 100% ownership of the Telfer gold-copper mine, and other related
interests in assets in the Paterson region.
Greatland completed the Havieron-Telfer Acquisition from Newmont on 4 December
2024 (Completion).
In connection with the Havieron-Telfer Acquisition, a fully underwritten
institutional placing to raise US$325 million (c. £248.6 million)
(Institutional Placing) and retail offer to raise US$8.8 million (c. £6.7
million) (Retail Offer), including commitments of £0.3 million by certain
Directors, was completed both gross before associated fees. The Institutional
Placing was oversubscribed and successfully closed on 11 September 2024, and
the Retail Offer was oversubscribed and successfully closed on 12 September
2024. On 30 September 2024, a general meeting of shareholders approved the
Havieron-Telfer Acquisition and the issue of shares under the Institutional
Placing, the Retail Offer, and to a subsidiary of Newmont Corporation pursuant
to the Havieron-Telfer Acquisition.
On 1 October 2024, the new Greatland ordinary shares were issued under the
Institutional Placing and Retail Offer and admitted to trading, comprising
5,179,010,416 Institutional Placing shares and 140,725,613 Retail Offer
shares.
On Completion, trading in Greatland's ordinary shares on AIM was
simultaneously cancelled and readmitted (Admission). Following Admission,
Greatland's issued share capital comprises 13,079,294,602 ordinary shares each
with one voting right per share. There are no shares held in treasury.
At Completion Greatland paid the upfront cash consideration of US$167.0
million (£130.2 million) (comprising of US$155.1 million cash consideration
and estimated purchase price adjustments) and US$167.5 million consideration
in the form of 2,669,182,291 Greatland ordinary shares issued to Newmont based
on the issue price of the Institutional Placing (announced simultaneously with
the binding Sale and Purchase Agreement), representing 20.4% of Greatland
shares on issue. The fair value of the shares issued at Completion was £200.2
million based on the share price on 4 December 2024.
Pursuant to the Havieron-Telfer Acquisition agreement, the amount of the
purchase price adjustments has been estimated for the purposes of the
adjustments paid on Completion. A final adjustment will be calculated and
made following the preparation and agreement of a final post-completion
statement, with the final adjustment expected to be agreed by June 2025.
At Completion Greatland repaid debt of US$52.4 million (£41.4 million), being
the entire outstanding balance of the Havieron joint venture loan to Newmont,
which has been terminated.
Greatland expects to pay the following amounts to Newmont on a deferred basis:
§ A$32.6 million (£16.6 million) in aggregate estimated purchase price
adjustments for:
(i) ore mined and stockpiled between 1 October 2024 and Completion and
acquired by Greatland at Completion, due by 3 June 2025;
(ii) to compensate Newmont for running only one of the two Telfer processing
trains from 27 October 2024 until Completion (thus preserving ore and
stockpiles for Greatland to process after Completion), due by 3 June 2025;
(iii) final purchase price adjustments per the Sale and Purchase Agreement;
and
§ Up to a maximum of US$100 million (£79.0 million) in deferred cash
consideration which may be payable to Newmont on the first five years'
Havieron gold production, through a 50% price upside participation by Newmont
above a US$1,850/oz hurdle gold price, subject to an annual cap of US$50
million and aggregate cap of US$100 million. The fair value of the deferred
consideration has been estimated at US$64.2 million (£50.7 million).
Debt facilities
On 10 September 2024 Greatland Pty Ltd executed:
§ A commitment letter with ANZ, HSBC and ING (together, the Banking
Syndicate) in respect of a A$75 million (£38 million) working capital
facility (Working Capital Facility) and a A$25 million (£13 million)
contingent instrument facility (Contingent Instrument Facility); and
§ A non-binding letter of support with the Banking Syndicate, in respect of
A$775 million (£395 million) in proposed banking facilities, including A$750
million (£383 million) in facilities that would be available to fund capital
to complete the planned development of the Havieron project.
On 3 December 2024 Greatland executed the facility agreement with the Banks in
respect of the Working Capital Facility and Contingent Instrument Facility. At
31 December 2024, the Working Capital Facility remained undrawn and A$9
million (£5 million) remained available under the Contingent Instrument
Facility.
During the December 2024 quarter Greatland purchased AUD denominated gold put
options for a premium of A$9.9m (£4.9 million) from the Banking Syndicate in
respect of 150,000oz of gold, with an average strike price of A$3,905 per
ounce and a series of expiry dates through calendar year 2025 (CY25), as
follows:
Quarter End Date Gold Volumes Under Options (oz) Average blended strike price (A$ per oz)
31-Mar-2025 33,996 3,905
30-Jun-2025 46,302 3,905
30-Sep-2025 38,910 3,905
31-Dec-2025 30,792 3,905
Total 150,000 3,905
The put options establish a price level at which Greatland has the right, but
not the obligation, to sell gold, therefore providing a minimum downside price
protection for the protected ounces while retaining full upside exposure to
the gold price across 100% of Telfer production volumes.
In September 2023 Greatland entered into a A$50 million (£26.0 million)
working capital facility with cornerstone shareholder, Wyloo Consolidated
Investments Pty Ltd. During the period A$7 million (£3.6 million) was drawn
down under the facility, and then subsequently repaid from the proceeds of the
equity raising described above and the facility terminated.
Dividends
The Board of directors has not declared a dividend for the period (31 December
2023: Nil).
OPERATIONAL AND FINANCIAL REVIEW
Telfer, Western Australia (Greatland: 100%)
Telfer is an operating gold-copper mine located in the Paterson Province of
the East Pilbara region in Western Australia. Telfer first produced gold in
1977 and has produced more than 15Moz of gold to date.
Telfer is a fly-in fly-out mine with both open pit and underground mining
operations, an established workforce and significant infrastructure. Gold and
copper are produced by a large processing facility comprising two 10Mtpa
capacity trains, totalling 20Mtpa in nominal capacity, that produces gold
doré and a copper-gold concentrate.
Ore from Telfer is currently being mined from the West Dome open pit and the
Telfer underground. Greatland is in the process of preparing an updated Telfer
Mineral Resource and Ore Reserve estimates.
Telfer's strategic positioning in the Paterson region, with existing
infrastructure and processing capacity, de-risks, expedites and reduces the
cost of completing Havieron's development. As the only operating processing
infrastructure in the Paterson region with surplus capacity, Telfer enables a
'hub and spoke' strategy to incorporate accretive regional opportunities.
Greatland acquired 100% ownership of Telfer from Newmont on 4 December 2024,
on Completion of the Havieron-Telfer Acquisition.
During the period of Greatland's ownership from 4 December 2024 to 31 December
2024 (approximately 27 days):
§ 29,864oz of gold and 1,189t of copper (33,882oz gold equivalent(1)) was
produced at Telfer;
§ 1,466kt of ore was processed at Telfer, utilising both processing trains,
with an average grade of 0.77g/t Au and 0.11% copper, and recoveries of 82%
for gold and 72% for copper;
§ 639kt of ore was mined at the Telfer West Dome open pit (total material
movement mined of 1,177t) and 95kt of ore was mined at the Telfer underground.
(1) The gold equivalent (AuEq) for Telfer December 2024 production is
calculated based on average daily commodity spot prices for the period between
4 December 2024 (Acquisition completion date) and 31 December 2024 of
A$4,179/oz Au and A$14,122/t Cu. The gold equivalent formula is AuEq oz = Au
oz produced + (Cu t produced * Copper Price / Gold Price). AuEq oz is stated
before payability reductions for treatment and refining charges.
At 31 December 2024, estimated stockpiles at Telfer were:
§ 10.9Mt run-of-mine (ROM) stockpiles, containing 247koz gold and 7.6kt
copper; and
§ 24.5Mt low grade stockpiles, containing 262koz gold and 12.2kt copper.
Significant evaluations commenced during December 2024 to progress Telfer mine
life extension opportunities. This has confirmed near term extension
opportunities at the West Dome Open Pit in both Stage 7 and Stage 8 extension.
These cutbacks have been prioritised for final evaluation works to enable a
final investment decision in FY25. In addition, a comprehensive review of all
near-mine drilling priorities was initiated in December 2024. This review has
identified multiple drilling targets that will be evaluated as part of the
drilling budget process.
Havieron, Western Australia (Greatland: 100%)
Havieron is a world-class high grade underground gold-copper development
project located approximately 45km to the east of Telfer in the Paterson
province of Western Australia.
The Havieron deposit was discovered by Greatland in 2018. It is one of the
largest high-grade gold discoveries in Australia of the last 20 years and is
the second largest undeveloped gold project by Mineral Resource in Australia.
Following discovery, Havieron was advanced under an unincorporated joint
venture between Greatland and Newcrest (2019 - 2023), and then Newmont (2023 -
2024). Greatland consolidated 100% ownership of Havieron in December 2024.
Havieron has a Mineral Resource Estimate of 8.4Moz in total contained gold
equivalent ounces (AuEq(2)), completed by Greatland in December 2023. The
Havieron Mineral Resource estimate is contained within a compact 650 metre
strike length and is currently defined over 1,200 vertical metres. The
Havieron ore body has an exceptional ounce per vertical metre profile, with
the Mineral Resource estimate averaging more than 9,150 gold equivalent ounces
per vertical metre through the top 300 metres of the ore body, and more than
7,900 gold equivalent ounces through the top 1,000 metres.
Early works commenced in January 2021 and are advanced, including 2,110 metres
of development of the underground main access decline, through 80% of the
total depth to the top of the Havieron ore body. Underground development is
currently paused prior to completion of Greatland's Feasibility Study.
In September 2024, Greatland published an independently reviewed 'base case'
development and mine plan for Havieron, with a 2.8Mtpa mining operation to
produce an average 258koz gold equivalent per annum in steady state (first 15
years) at lowest quartile costs, utilising the Telfer processing
infrastructure, with a 20-year total mine life commencing in 2027. The
development of Havieron is substantially de-risked by the existing and
significant Telfer infrastructure.
Greatland is currently completing a Feasibility Study for the completion of
Havieron's development, targeted to be completed in 2025, which will refine
the base case and assess optimisation opportunities including potential
expansion.
(2) The gold equivalent (AuEq) is based on assumed prices of US$1,700/oz Au
and US$3.75/lb Cu for Mineral Resource and metallurgical recoveries based on
block metal grade, reporting approximately at 87% for Au and 87% for Cu which
in both cases equates to a formula of approximately AuEq = Au (g/t) + 1.6 Cu
(%). It is the company's opinion that all the elements included in the metal
equivalents calculation have a reasonable potential to be recovered and sold.
On 10 September 2024, in connection with the Havieron-Telfer acquisition,
Greatland published an independently reviewed 'base case' development and mine
plan for Havieron, which is for:
§ Havieron to operate with a steady state mining throughput rate of 2.8Mtpa
and average grade processed of 2.74g/t Au and 0.32% Cu;
§ Havieron ore to be processed through the Telfer processing facility, with
utilisation of a single processing train through Telfer's Train 1 circuit at
750t/h, on a campaign basis at approximately 50% utilisation;
§ Havieron to produce on average 221koz Au and 8kt Cu (258koz AuEq) annually
during steady state operations, first 15 years, at an AISC of US$818/oz
(A$1,240/oz);
§ a steady state operational period of 15 years and total mine life of 20
years; and
§ first ore production from Havieron in H2 2026 and first gold in H2 2027.
The Greatland Feasibility Study for the completion of Havieron's development
is underway and targeted to be completed in H2 2025. The Feasibility Study
will seek to refine the base case described above, incorporate optimisation
opportunities to the extent these are identified and validated, and will
include an executable project schedule and capital expense estimate.
During the December 2024 quarter Greatland's Feasibility Study works
progressed, including the following key activities:
§ Finalised scoping of the Feasibility Study, validated key technical
decisions, confirmed Feasibility Study inputs;
§ Shortlisted engineering and technical consultants and tendered Feasibility
Study packages; and
§ Scoped early works package for ventilation shaft development (critical
path), with technical and commercial clarifications largely resolved.
Greatland is working to de-risk this package and secure availability of key
construction equipment.
Paterson South Farm-In and Joint Venture Arrangement, Western Australia
(Greatland earning up to 75%)
In May 2023, Greatland entered into the Paterson South farm-in and joint
venture agreement with Rio Tinto Exploration Pty Ltd (RTX), a wholly-owned
subsidiary of global mining group Rio Tinto, to accelerate exploration at nine
exploration licences (Paterson South Tenements) which collectively cover
1,537km(2) of highly prospective tenure within the Paterson region of Western
Australia, near Havieron.
Greatland has the right to earn up to a 75% interest in the Paterson South
Tenements by spending at least A$21.1 million and completing 24,500 metres of
drilling as part of a two-stage farm-in over seven years. Greatland achieved
the stage one minimum commitment under the farm-in arrangement by completing
2,000 metres of drilling and A$1.1 million of expenditure in FY24.
During the period, reverse circulation (RC) drilling (4 holes for 990 metres)
was completed at the Chilly prospect at Strickland (E45/4807), and diamond
drilling at Triangle South (E45/5532) at the Teague prospect (4 holes for
~1200m) and Skylar (E45/5351) (6 holes for ~2,500m) at the Bootstrap Leon and
Skylar prospects.
RC drilling results from the Chilly prospect were reported on 7 November 2024
(refer to Greatland's RNS announcement titled "Paterson Exploration Update")
and included 37m at 0.13% Cu and 0.21g/t Au including 1m at 6.1g/t Au in
first pass reconnaissance drilling. The mineralisation is considered open
along strike and down dip and follow up drilling is planned for CY25.
Encouraging alteration and sulphides were intercepted in diamond drill holes
at Teague and Skylar. Results for the drilling will be reported in CY25 once
all assays have been received.
A gravity survey was undertaken at the Atlantis prospect on the Budjidowns
(E45/4815) tenement in FY2024. Modelling of the Atlantis gravity during the
period has identified four targets with drilling planned in CY25.
During FY24 a surface sampling program was undertaken on the Wilki Lakes
(E45/5576) tenement. Assays returned in HY25 showed no significant results.
Soil sampling was completed at the Calypso prospect on Basel (E45/5122) and
returned elevated pathfinder alteration minerals. Follow up air core (AC)
drilling is planned for CY25.
Exploration, Western Australia (Greatland: 100%)
Telfer near mine exploration
The Havieron-Telfer Acquisition included the acquisition of 782km(2) of highly
prospective tenure along strike from Telfer, including 14 exploration licenses
and 44 Mining leases outside the Telfer operations area.
During the period a review of existing work was commenced identifying several
targets with high prospectivity. The planned exploration program for CY25
includes a significant drilling program of ~12,000m, geophysics including
Induced Polarisation (IP) and magnetic surveys and surface sampling programs
across several targets.
Paterson Regional Project
Greatland's wider Paterson region exploration projects comprise of the
Scallywag, Juri and Canning projects:
§ Scallywag comprises four wholly-owned granted exploration licences:
Scallywag, Rudall, Black Hills North and Havieron West located adjacent to and
around Havieron. Exploration work is focused on the discovery of intrusion
related gold-copper deposits similar to Havieron, Telfer and Winu.
§ Juri comprises two wholly-owned granted exploration licences: Paterson
Range East and Black Hills located to the north of Havieron. Juri was
previously a joint venture with Newcrest (2019 - 2023) and then Newmont (2023
- 2024), with Greatland consolidating 100% ownership in December 2024.
§ The Canning project comprises two wholly-owned granted exploration
licences: Canning and Salvation Well and was voluntarily relinquished on 7
January 2025, following modelling showing depth to basement at >500m and
negative results from a magnetotelluric survey.
During the period, Greatland completed diamond core drilling on the Scallywag
exploration licence at London with two diamond holes for ~1,800m testing a
Magneto-telluric electromagnetic conductor. The anomaly was resolved as a
greater conductive cover depth and no significant mineralisation was
encountered.
The Scallywag and Juri projects will now be combined into the greater
Scallywag project.
Ernest Giles
The Ernest Giles project consists of five granted wholly-owned adjoining
exploration licences: Calanchini, Peterswald, Westwood North, Westwood West
and Mount Smith, which are located approximately 250km north-east of the town
of Laverton in the Yilgarn region of Western Australia. Ernest Giles is an
underexplored Archean greenstone belt which lies within the highly mineralised
Yilgarn Craton, to the north of the world-class Tropicana and Gruyere gold
mines.
Greatland's planned exploration program at Ernest Giles for FY25 includes a
regional geophysics program across the project tenure, as well as a targeted
IP survey and 6,000m of drilling at the Meadows prospect.
Panorama
The Panorama project consists of three granted wholly-owned adjoining
exploration licences: Panorama, Panorama North and Panorama East, located in
the Pilbara region of Western Australia. The tenements are considered by
Greatland to be highly prospective for gold and nickel.
In November 2023 Greatland announced the results of a surface sampling program
at Panorama, with results including 27 soil samples from the Ni_04 prospect
returning above 0.1% nickel over a 1.4km strike extent, and a peak result of
0.3% nickel in a rock chip sample.
These samples sit within the Dalton Suite ultramafics, which the results
confirmed as nickel enriched and a potential primary nickel sulphide host. The
large extent of the prospective Dalton Suite ultramafics within the Panorama
tenure, and the existence of several untested highly prospective conductors,
presents the potential for a substantial nickel discovery at Panorama.
Greatland is planning its next steps to effectively test both the geochemical
and geophysical anomalies on the tenure.
Bromus
The Bromus project consists of two granted wholly-owned adjoining exploration
licences: Bromus and Bromus West which are considered prospective for nickel,
lithium and gold, located approximately 20km southwest of the town of Norseman
in southern Western Australia.
The Bromus project was not actively explored during the period. In February
2025, the Group sold its Bromus Exploration Licence E63/1952 to a subsidiary
of Ordell Minerals Limited (ASX:ORD) Ricochet Romance Pty Ltd (Ricochet
Romance) in exchange for the allotment and issue of 125,000 fully paid
ordinary shares in Ordell Minerals Limited. Additionally, as part of the
tenement sale the Group surrendered Exploration Licence E63/1506 to Ricochet
Romance the same subsidiary of Ordell Minerals Limited for cash consideration
of £0.1 million.
Mt Egerton
The Mt Egerton project consists of four granted wholly-owned exploration
licences, Woodlands Munjang, Mt Egerton and Egerton West, located
approximately 230km north of the town of Meekatharra gold camp in central
Western Australia. The Mt Egerton project is considered prospective for gold
and copper.
During the period, the Mt Egerton project grew with the grant of a further
four tenements, Munjang (E52/4361), Mt Egerton (E52/4362), Egerton West
(E52/4389) and Combine Bore (E52/4432) for a total land holding of 482.5km(2).
The land access agreement was also progressed during the period.
Senior management changes
During December 2024, Dean Horton resigned as Chief Financial Officer to
pursue other opportunities. Greatland thanks Mr Horton for his contribution,
including towards the successful debt finance process in connection with the
acquisition, and wishes him the best in his future endeavours. Monique
Connolly has been appointed as Chief Financial Officer, a role she has
previously held and excelled in.
With effect from 4 March 2025, Joanne McDonald has been appointed Joint
Company Secretary. Ms McDonald has over 18 years of experience in senior
management and executive roles within the mining industry. Prior to joining
the Company, Joanne was Company Secretary and Head of Corporate Affairs of IGO
Limited, an ASX100 mining and exploration company. Ms McDonald holds a
Master's degree in Corporate Governance, and is a Fellow of the Governance
Institute of Australia.
Significant events after the balance date
In January 2025, financial close was achieved in respect of the A$75 million
(£38 million) Working Capital Facility (described above).
In January 2025, the Group recorded its maiden concentrate shipment, the
proceeds from the sale were £48.0 million and were received on 23 January
2025.
In February 2025, the Group sold its Bromus Exploration Licence E63/1952 to a
subsidiary of Ordell Minerals Limited in exchange for the allotment and issue
of 125,000 fully paid ordinary shares in Ordell Minerals Limited.
Additionally, as part of the tenement sale the Group surrendered Exploration
Licence E63/1506 to Ricochet Romance, the same subsidiary of Ordell Minerals
Limited, for cash consideration of £0.1 million.
Consolidated Statement of Comprehensive Income
for the half-year ended 31 December 2024
Note 31 Dec 2024 31 Dec 2023
£'000 £'000
Revenue 4 8,291 -
Cost of sales 5 (5,507) -
Gross profit 2,784 -
Exploration and evaluation expenses (2,380) (2,715)
Administration expenses 6 (7,054) (4,343)
Acquisition and integration costs 21 (6,757) -
Loss before finance items and tax (13,407) (7,058)
Net foreign exchange gains 7,591 1,185
Finance income 7 2,058 594
Finance costs 7 (403) (187)
Loss before tax (4,161) (5,466)
Income tax benefit / (expense) 8 22,194 -
Profit / (loss) for the period 18,033 (5,466)
Other comprehensive income:
Exchange differences on translation of foreign operations (15,289) 1,040
Net change in fair value of cashflow hedges taken to equity, net of tax (1,816) -
Total comprehensive income for the period attributable to equity holders of 928 (4,426)
the Company
Earnings per share attributable to the ordinary equity holders of the Company:
Basic earnings per share (pence)(1) 0.22 (0.11)
Diluted earnings per share (pence)(1) 0.22 (0.11)
The Consolidated Statement of Comprehensive Income should be read in
conjunction with the accompanying notes.
(1) The weighted average number of the Group shares outstanding used as the
denominator in calculating basic earnings per share during the period was
8,141,917,785 (31 December 2023: 5,078,896,662). The weighted average number
of shares and potential ordinary shares used as the denominator in calculating
the diluted earnings per share was 8,274,825,145.
Consolidated Statement of Financial Position
as at 31 December 2024
Note 31 Dec 2024 30 Jun 2024
£'000 £'000
ASSETS
Exploration and evaluation assets 11 57,969 237
Mine development 12 369,885 82,174
Right of use asset 7,531 312
Property, plant and equipment 13 95,107 117
Financial assets held at fair value through profit and loss 2,045 39
Deferred tax assets 18 11,785 -
Total non-current assets 544,322 82,879
Cash and cash equivalents 71,942 4,808
Trade and other receivables 9 21,125 137
Inventories 10 159,841 -
Derivative financial instruments 17 2,269 -
Other current assets 6,891 2,140
Total current assets 262,068 7,085
TOTAL ASSETS 806,390 89,964
LIABILITIES
Trade and other payables 14 62,105 5,197
Lease liabilities 7,646 133
Provisions 16 54,091 -
Total current liabilities 123,842 5,330
Deferred contingent consideration 21 49,490 -
Borrowings 15 - 41,493
Lease liabilities 95 176
Provisions 16 141,420 2,010
Total non-current liabilities 191,005 43,679
TOTAL LIABILITIES 314,847 49,009
NET ASSETS 491,543 40,955
EQUITY
Share capital 19 13,080 5,091
Share premium 19 510,538 70,998
Merger reserve 19 27,494 27,494
Cash flow hedge reserve (1,816) -
Foreign currency translation reserve (19,752) (4,463)
Share-based payment reserve 15,623 13,492
Retained earnings (53,624) (71,657)
TOTAL EQUITY 491,543 40,955
The above Consolidated Statement of Financial Position should be read in
conjunction with the accompanying not
Consolidated Statement of Changes in Equity
for the half-year ended 31 December 2024
Note Share capital Cash flow hedge reserve Retained earnings Total equity
£'000
£'000
£'000 Foreign currency translation reserve Share-based payment reserves £'000
£'000
£'000
Share premium Merger reserve
£'000
£'000
At 1 July 2024 5,091 70,998 27,494 - (4,463) 13,492 (71,657) 40,955
Profit for the period - - - - - - 18,033 18,033
Other comprehensive income - - - (1,816) (15,289) - - (17,105)
Total comprehensive profit / (loss) for the period - - - (1,816) (15,289) - 18,033 928
Transactions with owners in their capacity as owners:
Share-based payments - - - - - 2,131 - 2,131
Share capital issued 19 7,989 447,547 - - - - - 455,536
Cost of share issue 19 - (8,007) - - - - - (8,007)
Total contributions by and distributions to owners of the Company 7,989 439,540 - - - 2,131 - 449,660
Six months ended on 31 December 2024 19 13,080 510,538 27,494 (1,816) (19,752) 15,623 (53,624) 491,543
Note Share capital Cash flow hedge reserve Retained earnings Total equity
£'000
£'000
£'000 Foreign currency translation reserve Share-based payment reserves £'000
£'000
£'000
Share premium Merger reserve
£'000
£'000
At 1 July 2023 5,069 70,821 27,494 - (4,259) 10,173 (56,820) 52,478
Loss for the period - - - - - - (5,466) (5,466)
Other comprehensive income - - - - 1,040 - - 1,040
Total comprehensive profit / (loss) for the period - - - - 1,040 - (5,466) (4,426)
Transactions with owners in their capacity as owners:
Share-based payments - - - - - 1,688 - 1,688
Transfer on exercise of options - - - - - (33) 33 -
Share capital issued 19 22 177 - - - - - 199
Total contributions by and distributions to owners of the Company 22 177 - - - 1,655 33 1,887
Six months ended on 31 December 2023 19 5,091 70,998 27,494 - (3,219) 11,828 (62,253) 49,939
The above Consolidated Statement of Changes in Equity should be read in
conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
for the half-year ended 31 December 2024
Note 31 Dec 2024 31 Dec 2023
£'000 £'000
Cash flows from operating activities
Profit / (loss) for the period after income tax 18,033 (5,466)
Adjustments for:
Share-based payment expense 20 2,070 1,639
Depreciation and amortisation 2,669 82
Other non-cash items 42 6
Finance costs 7 773 162
Unwind of discount on provisions 7 (376) 12
Unrealised foreign exchange (gain) (7,591) (1,208)
Investing interest income 7 (2,058) (594)
Lease liability interest expense 7 6 6
Movement in operating assets / liabilities:
Increase in other current assets (4,605) (68)
(Increase) / decrease in trade and other receivables (5,684) 15
(Increase) / decrease in inventories (20,822) -
(Increase) in deferred tax asset 8 (22,194) -
Increase / (decrease) in payables & other liabilities 27,567 (2,199)
Increase in provisions 5,019 21
Net cash outflow from operating activities (7,151) (7,592)
Cash flows from investing activities
Cash consideration for Telfer-Havieron acquisition 21 (130,177) -
Interest received 1,902 646
Payments for mine development and fixed assets (7,075) (4,743)
Payments in advance for joint venture contributions (210) (6,409)
Net cash outflow from investing activities (135,560) (10,506)
Cash flows from financing activities
Proceeds from issue of shares 19 255,348 199
Transaction costs from issue of shares 19 (7,236) -
Proceeds from borrowings 3,588 -
Repayment of borrowings (44,517) -
Repayment of lease obligations (927) (56)
Payments for prepaid borrowing costs and interest paid (478) (823)
Net cash inflow / (outflow) from financing activities 205,778 (680)
Net increase / (decrease) in cash and cash equivalents 63,067 (18,778)
Effects of exchange rate differences on cash and cash equivalents 4,067 295
Cash and cash equivalents at the beginning of the period 4,808 31,149
Cash and cash equivalents at the end of the period 71,942 12,666
The above Consolidated Statement of Cash Flows should be read in conjunction
with the accompanying notes.
Notes to the Consolidated Financial Statements
for the half-year ended 31 December 2024
1 CORPORATE INFORMATION
The half-year consolidated financial statements of Greatland Gold plc and its
subsidiaries (collectively, the Group) for the six months ended 31 December
2024 were authorised for issue in accordance with a resolution of the
Directors on 4 March 2025.
Greatland is a company incorporated in England and Wales whose shares are
publicly traded on the AIM market (AIM: GGP). The nature of the operations and
principal activities of the Company are described in the Directors' Report.
2 BASIS OF PREPARATION
The consolidated financial statements for the half-year ended 31 December 2024
are general purpose condensed financial statements prepared in accordance with
IAS 34 Interim Financial Reporting and UK-adopted international accounting
standards and are presented in sterling (£). The financial information does
not constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006. The information relating to the half-year periods to 31
December 2024 and 31 December 2023 are unaudited. PKF Littlejohn LLP has
issued an independent review report on the half-year periods 31 December 2024
and 31 December 2023.
The half-year consolidated financial statements do not include all the
information and disclosures required in the annual financial statements, and
should be read in conjunction with the Group's annual financial statements as
at 30 June 2024 and considered together with any public announcements made by
Greatland during the half-year ended 31 December 2024. The annual report of
the Group for the year ended 30 June 2024 is available at
http://greatlandgold.com. The report of auditors on those financial statements
was unqualified.
The accounting policies adopted are consistent with those applied by the Group
in the preparation of the annual consolidated financial statements for the
year ended 30 June 2024 except as noted below relevant notes. The Group has
not early adopted any standard, interpretation or amendment that has been
issued but is not yet effective.
The amounts contained in this financial report have been rounded to the
nearest £1,000 where noted (£000) under the option available to the Company
under the Companies Act 2006.
3 SEGMENTAL INFORMATION
Operating segments are reported in a manner that is consistent with the
internal reporting to the Board and the executive management team (the chief
operating decision makers). Greatland operates two segments being:
§ Telfer operations and Havieron mine development in Western Australia
§ Exploration and evaluation of minerals in Australia
Segment Results for the half year ended 31 December 2024 Telfer and Havieron Exploration and Evaluation Total
£'000 £'000 £'000
Revenue 8,291 - 8,291
Cost of sales, excluding depreciation (2,923) - (2,923)
Segment gross profit 5,368 - 5,368
Exploration and evaluation costs (15) (2,365) (2,380)
Segment EBITDA 5,353 (2,365) 2,988
Segment Results for the half year ended 31 December 2023 Telfer and Havieron Exploration and Evaluation Total
£'000 £'000 £'000
Revenue - - -
Cost of sales - - -
Segment gross profit - - -
Exploration and evaluation costs (126) (2,589) (2,715)
Segment EBITDA (126) (2,589) (2,715)
3 SEGMENTAL INFORMATION (CONTINUED)
Segment EBITDA is a non-IFRS measure, being earnings before interest, tax,
depreciation and amortisation and is calculated as follows: profit before
income tax plus depreciation, amortisation, impairment, share based payments,
corporate, projects and finance costs, less interest income.
Interest income, corporate related finance costs and acquisition costs are not
allocated to the operating segments as this type of activity is driven by the
central finance function which manages the cash position of the Group.
Segment EBITDA reconciles to profit before income tax from continuing
operations for the half year ended 31 December 2024 as follows:
Results for the half year ended 31 December 2024 31 Dec 2024 31 Dec 2023
£'000 £'000
Segment EBITDA 2,988 (2,715)
Administrative expenses (4,984) (2,704)
Share-based payment expense (2,070) (1,639)
Acquisition and integration costs (6,757) -
Foreign exchange gains 7,591 1,185
Depreciation and amortisation (2,584) -
Finance income 2,058 594
Finance costs (403) (187)
Loss before income tax (4,161) (5,466)
Assets and liabilities as at 31 December 2024 Telfer and Havieron Exploration and Evaluation Total
£'000 £'000 £'000
Segment assets 739,061 929 739,990
Segment liabilities (303,987) (8,230) (312,217)
Net assets / (liabilities) 435,074 (7,301) 427,773
Assets and liabilities as at 30 June 2024 Telfer and Havieron Exploration and Evaluation Total
£'000 £'000 £'000
Segment assets 84,429 787 85,216
Segment liabilities (41,245) (6,099) (47,344)
Net assets / (liabilities) 43,184 (5,312) 37,872
Assets 31 Dec 2024 30 Jun 2024
£'000 £'000
Segment assets 739,990 85,216
Unallocated:
Right of use assets 161 210
Property, plant and equipment 29 7
Cash & cash equivalents 64,777 4,169
Trade and other receivables 147 5
Other current assets 1,286 357
Total assets 806,390 89,964
3 SEGMENTAL INFORMATION (CONTINUED)
Liabilities 31 Dec 2024 30 Jun 2024
£'000 £'000
Segment liabilities (312,217) (47,344)
Unallocated:
Trade and other payables (2,322) (1,338)
Lease liabilities (94) (210)
Provisions (214) (117)
Total liabilities (314,847) (49,009)
4 REVENUE
31 Dec 2024 31 Dec 2023
£'000 £'000
Revenue from contracts with customers
Gold - Bullion 8,280 -
Silver - Bullion 11 -
Total revenue 8,291 -
Revenue recognition
Revenue from the sale of goods is recognised when the Group satisfies its
performance obligations under its contract with the customer, by transferring
such goods to the customer's control. Control is generally determined to be
when risk and title to the goods pass to the customer.
Bullion revenue is recognised at a point in time upon transfer of control to
the customer and is measured at the amount to which the Group expects to be
entitled which is based on the deal agreement.
Concentrate revenue is generally recognised upon receipt of the bill of lading
when the goods are delivered for shipment under Cost, Insurance and Freight
(CIF) Incoterms. The freight service on export concentrate contracts with CIF
Incoterms represents a separate performance obligation to the transfer of the
concentrate product itself and is separately disclosed where material.
The terms of metal in concentrate sales contracts with third parties contain
provisional pricing arrangements whereby the selling price for metal in
concentrate is based on prevailing spot prices on a specified future date
after shipment to the customer (quotation period). Adjustments to the sales
price occur based on movements in quoted market prices up to the date of final
settlement. The period between provisional invoicing and final settlement is
typically between one and four months. Revenue on provisionally priced sales
is recognised based on the estimated fair value of the total consideration
receivable and is net of deductions related to treatment and refining charges.
Subsequent changes in fair value are recognised in the Income Statement each
period until final settlement and presented as part of 'Other
Income/Expenses'.
5 COST OF SALES
31 Dec 2024 31 Dec 2023
£'000 £'000
Site production costs 24,119 -
Royalties 115 -
Selling costs 44 -
Inventory movements (21,355) -
Depreciation and amortisation 2,584 -
Total cost of sales 5,507 -
6 ADMINISTRATIVE EXPENSES
Note 31 Dec 2024 31 Dec 2023
£'000 £'000
Employee benefits 2,658 1,337
Corporate depreciation and amortisation 43 43
Share-based payment expense 20 2,070 1,639
Other administrative 2,283 1,324
Total administrative expenses 7,054 4,343
7 FINANCE INCOME AND FINANCE COSTS
31 Dec 2024 31 Dec 2023
£'000 £'000
Finance income
Interest income 2,058 594
Total finance income 2,058 594
Finance costs
Interest on lease liabilities (6) (6)
Finance facility fees (773) (162)
Unwinding of discount on provisions(1) 376 (12)
Other - (7)
Total finance costs (403) (187)
(1) Amount relates to the adjustment of rehabilitation, restoration and
dismantling provisions as part of the Telfer-Havieron acquisition.
8 INCOME TAX
31 Dec 2024 31 Dec 2023
£'000
£'000
a) Income tax recognised in profit or loss expense
Current tax - -
Deferred tax (22,194) -
Total income tax expense / (benefit) relating to the continuing operations (22,194) -
31 Dec 2024 31 Dec 2023
£'000 £'000
b) Tax reconciliation
Loss before income tax (4,161) (5,466)
Weighted average applicate rate of tax of 19% (2023: 17%) (771) (916)
Increase / (decrease) in income tax expense due to:
Share-based payment expense 621 492
Other non-deductibles 598 -
Temporary differences (23,031) (1,233)
Net deferred tax assets not brought to account 389 1,657
Total current year income tax (benefit) / expense (22,194) -
8 INCOME TAX (CONTINUED)
31 Dec 2024 31 Dec 2023
£'000 £'000
c) Temporary Differences Brought to Account
Deferred Tax Assets
Australian tax losses 20,125 -
Provisions & accruals 10,492 -
Right of use asset / lease liabilities 63 -
Other temporary differences 2,706 -
Deferred Tax Liabilities
Property, plant and equipment (4,910) -
Mine development (8,424) -
Exploration and evaluation assets (5,344) -
Resource development (3,711) -
Prepayments (30) -
Net deferred tax asset / (liability) recognised 10,967 -
31 Dec 2024 30 Jun 2024
£'000 £'000
d) Deferred Tax Recognised Directly in Equity
Relating to investments / financial instruments 817 -
Net deferred tax asset / (liability) recognised 817 -
Items for which no deferred tax assets have been recognised are attributable
to the following:
Unrecognised deferred tax assets 31 Dec 2024 30 Jun 2024
£'000 £'000
Unused tax losses for which no deferred tax asset has been recognised(1) 3,580 23,761
Rehabilitation, restoration and dismantling provision 41,865 -
Potential tax benefit - average effective tax rate of 29% 45,445 23,761
(1) Losses relate to unrecognised UK revenue losses, unrecognised Australian
revenue losses for which no deferred tax assets have been recognised are nil.
9 TRADE AND OTHER RECEIVABLES
31 Dec 2024 30 Jun 2024
£'000 £'000
Trade receivables 4,507 -
GST receivable 330 29
Sundry debtors(1) 16,288 108
Total trade and other receivables 21,125 137
(1) Included in sundry debtors is £15.2 million of employee accrued
entitlements relating to employees who transferred as part of the
Telfer-Havieron Acquisition which Newmont is contractually obliged under the
Sale and Purchase Agreement to reimburse 70% of these benefits if they are
crystallised before 30 June 2026. The provision for 100% of these employee
entitlements is included in Note 16.
10 INVENTORIES
31 Dec 2024 30 Jun 2024
£'000 £'000
Ore stockpiles 100,717 -
Gold in circuit 20,484 -
Finished goods 2,053 -
Consumable stores 36,587 -
Total inventories 159,841 -
Inventories
Ore stockpiles, gold in circuit, and finished goods are physically measured or
estimated and valued at the lower of cost and net realisable value. Cost
represents the weighted average cost and includes direct costs and an
appropriate portion of fixed and variable production overhead expenditure,
including depreciation and amortisation, incurred in converting materials into
finished goods. Net realisable value is the estimated selling price in the
ordinary course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
Ore stockpiles which are not scheduled to be processed in the twelve months
after the reporting date are classified as non-current inventory. The Group
believes the processing of these stockpiles will have a future economic
benefit to the Group and accordingly values these stockpiles at the lower of
cost and net realisable value.
Materials and supplies are valued at the lower of cost and net realisable
value. Any allowance for obsolescence is determined by reference to stock
items identified.
11 EXPLORATION AND EVALUATION ASSETS
Note 31 Dec 2024 30 Jun 2024
£'000 £'000
Opening balance 1 July 2024 237 264
Acquired as part of Telfer-Havieron acquisition 21 59,155 -
Additions - -
Disposals - (27)
Exchange differences (1,423) -
Closing balance at 31 December 2024 57,969 237
12 MINE DEVELOPMENT
Note 31 Dec 2024 30 Jun 2024
£'000 £'000
Opening balance 1 July 2024 82,174 59,931
Acquired as part of Telfer-Havieron acquisition 21 296,042 -
Additions 1,356 16,386
Amortisation (405) -
Capitalised borrowing costs 2,407 5,767
Exchange differences (11,689) 90
Closing balance at 31 December 2024 369,885 82,174
Depreciation and Amortisation
Items of mine development are depreciated over their estimated useful lives.
The Group uses the units of production basis when depreciating mine-specific
assets which results in a depreciation charge proportional to the depletion of
the anticipated remaining life of mine production. Each item's economic life
has due regard to both its physical life limitations and to present
assessments of economically recoverable reserves of the mine property at which
it is located.
13 PROPERTY, PLANT AND EQUIPMENT
Property, Plant & Equipment IT Equipment
Motor Vehicles £'000 £'000 Assets Under Construction Total
£'000 £'000 £'000
Opening net book amount 1 July 2023 47 22 15 - 84
Additions 57 - 12 - 69
Disposals (2) - - - (2)
Depreciation (11) (10) (8) - (29)
Exchange differences (5) - - - (5)
Closing net book value 30 June 2024 86 12 19 - 117
Cost 179 191 32 - 402
Accumulated depreciation (93) (179) (13) - (285)
Net book amount 30 June 2024 86 12 19 - 117
Acquired as part of Telfer-Havieron acquisition (Note 21) - 92,604 132 - 92,736
Additions - - 27 6,064 6,091
Disposals - - - - -
Depreciation (7) (1,453) (7) - (1,467)
Exchange differences (4) (2,160) (6) (200) (2,370)
Closing net book value 31 December 2024 75 89,003 165 5,864 95,107
Cost 91 90,418 181 5,864 96,554
Accumulated depreciation (16) (1,415) (16) - (1,447)
Net book amount 31 December 2024 75 89,003 165 5,864 95,107
14 TRADE AND OTHER PAYABLES
Note 31 Dec 2024 30 Jun 2024
£'000 £'000
Trade and other payables 7,306 624
Payroll tax and other statutory liabilities 557 171
Accruals 33,100 4,399
Deferred consideration 21 16,199 -
Deferred put option premium 4,943 -
Total trade and other payables 62,105 5,197
15 BORROWINGS
31 Dec 2024 30 Jun 2024
£'000 £'000
Borrowings - 41,493
Total non-current borrowings - 41,493
During the period Greatland made a US$52.4 million cash repayment of the
entire outstanding balance of the loan with Newcrest Operations Limited, a
wholly owned subsidiary of Newmont Corporation (Newmont), which has now been
terminated as part of the Telfer-Havieron Acquisition. Refer to Note 21 for
further details.
On 3 December 2024, the Company executed a Syndicated Facility Agreement and
related documentation with ANZ, HSBC and ING for a A$75 million (c.£37.5
million) Working Capital Facility and A$25 million (c.£12.5 million)
Contingent Instrument Facility. As at 31 December 2024 the Working Capital
Facility was undrawn.
At 31 December 2024, the Group had drawn £7.9 million in bank guarantees
under the Contingent Instrument Facility.
16 PROVISIONS
31 Dec 2024 30 Jun 2024
£'000 £'000
Current provisions
Employee entitlements 28,701 -
Other provisions(1) 25,390 -
Total current provisions 54,091 -
Non-current provisions
Employee entitlements 2,399 98
Rehabilitation, restoration and dismantling 139,008 1,898
Other provisions 13 14
Total non-current provisions 141,420 2,010
Total provisions 195,511 2,010
(1) Other provisions include estimates of stamp duty payable of £17.6 million
on the Telfer-Havieron acquisition. Refer to Note 21 for further details.
17 DERIVATIVE FINANCIAL INSTRUMENTS
31 Dec 2024 30 Jun 2024
£'000 £'000
Current assets
Commodity put options - cash flow hedges 2,269 -
During the period, subsidiary Greatland Pty Ltd entered into AUD denominated
gold put option contracts for a premium of A$9.9 million (£4.9 million) (from
the Banking Syndicate in respect of 150,000oz of gold from 1 February 2025 to
31 December 2025.
31 Dec 2024 30 Jun 2024
£'000 £'000
Carry amounts 2,269 -
Notional amount (oz) 150,000 -
Average strike price / oz A$3,905 -
Maturity dates Feb-25 to -
Dec-25
Hedge ratio 1:1 -
Change in intrinsic value of outstanding hedge instruments since inception - -
Change in value of hedged item used to determine hedge ineffectiveness - -
Derivative financial instruments
The Group uses derivative financial instruments to manage certain market
risks. Derivatives are initially recognised at fair value on the date a
derivative contract is entered into and are subsequently remeasured to their
fair value at each reporting date. The resulting gain or loss is recognised in
the Income Statement immediately unless the derivative is designated and
effective as a hedging instrument, in which event, the timing of recognition
in the Income Statement depends on the nature of the hedge relationship.
For instruments in hedging transactions, the Group formally designates and
documents the relationship between hedging instruments and hedged items at the
inception of the transaction, as well as its risk management objective and
strategy for undertaking various hedge transactions.
The effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow hedges are recognised in Other
Comprehensive Income (OCI) and accumulated in the Cash Flow Hedge Reserve in
equity. Any gain or loss relating to an ineffective portion is recognised
immediately in the Income Statement. Amounts accumulated in the Hedge Reserve
are transferred to the Income Statement in the periods when the hedged item
affects the Income Statement, for instance when the forecast sale that is
hedged takes place.
17 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Hedge accounting is discontinued when the hedging instrument expires or is
sold, terminated or exercised, if it no longer qualifies for hedge accounting
or if the Group changes its risk management objective for the hedging
relationship. At that point in time, any cumulative gain or loss on the
hedging instrument recognised via OCI remains deferred in the Cash Flow Hedge
Reserve until the original forecasted transaction occurs. When the forecasted
transaction is no longer expected to occur, the cumulative gain or loss that
was deferred in the Cash Flow Hedge Reserve is recognised immediately in the
Income Statement.
If a hedging instrument being used to hedge a commitment for the purchase or
sale of gold or copper is redesignated as a hedge of another specific
commitment and the original transaction is still expected to occur, the gains
and losses that arose on the hedging instrument prior to its redesignation are
deferred and included in the measurement of the original purchase or sale when
it takes place. If the hedging instrument is redesignated as a hedge of
another commitment because the original purchase or sale transaction is no
longer expected to occur, the gains and losses that arose on the hedge prior
to its redesignation are recognised in the Income Statement at the date of the
redesignation.
18 DEFERRED TAX
Deferred Tax Asset Tax losses Provisions Right of use asset / lease liabilities Other Total
£'000
£'000
£'000
£'000 £'000
At 1 July 2024 - - - - -
Acquired as part of Telfer-Havieron Acquisition (Note 21) - 6,996 3,826 - 10,822
(Charged) / credited to profit or loss 20,125 3,496 (3,762) 2,706 22,565
Recognised directly in equity - - - 817 817
At 31 December 2024 20,125 10,492 64 3,523 34,204
Deferred Tax Liabilities Property, plant and equipment Mine development Exploration and evaluation assets Resource development Total
£'000
£'000
£'000
£'000 £'000
Prepayments
£'000
At 1 July 2024 - - - - - -
Acquired as part of Telfer-Havieron Acquisition (Note 21) (8,755) (8,133) (5,160) - - (22,048)
(Charged) / credited to profit or loss 3,845 (291) (184) (3,711) (30) (371)
At 31 December 2024 (4,910) (8,424) (5,344) (3,711) (30) (22,419)
Net deferred tax assets 11,785
Key estimate and judgements
Judgement is applied in determining whether a deferred a deferred tax asset is
recognised for deductible temporary differences and unused tax losses.
Deferred tax assets are recognised only if it is probable that future forecast
taxable profits are available to utilise those temporary differences and
losses, and the tax losses continue to be available having regard to relevant
tax legislation associated with their recoupment.
The Group recognises deferred income tax assets on carried forward tax losses
to the extent there are sufficient estimated future taxable profits and/or
taxable temporary differences against which the tax losses can be utilised and
that the Group is able to satisfy the continuing ownership test. During the
year tax losses were recognised for the first time commensurate with the
Telfer-Havieron Acquisition, Greatland generating revenue and anticipated
future taxable profits.
19 EQUITY
Note No. of Shares Share Capital Share Premium Merger Reserve Total
£'000
£'000
£'000 £'000
Balance at 1 July 2023 of authorised fully paid shares 5,068,626,282 5,069 70,821 27,494 103,384
Issued at £0.025 - exercise of director options on 24 September 2023 1,500,000 2 36 - 38
Issued at £0.030 - exercise of director options on 24 September 2023 1,250,000 1 37 - 38
Issued at £0.003 - exercise of director options on 1 October 2023 14,000,000 14 25 - 39
Issued at £0.014 - exercise of director options on 1 October 2023 2,500,000 2 32 - 34
Issued at £0.020 - exercise of director options on 1 October 2023 2,500,000 3 47 - 50
Balance at 30 June 2024 of authorised fully paid shares (a) 5,090,376,282 5,091 70,998 27,494 103,583
Issued at £0.048 - from equity raise on 30 September 2024 (b) 5,319,736,029 5,320 250,028 - 255,348
Issued at £0.048 - from consideration shares on 4 December 2024 (c) 2,669,182,291 2,669 197,519 - 200,188
Less: transaction costs on share issue - - (8,007) - (8,007)
Balance at 31 December 2024 of authorised fully paid shares 13,079,294,602 13,080 510,538 27,494 551,112
(a) Farm-in to Rio Tinto Exploration's Paterson South
In May 2023, Greatland entered into a farm-in and joint venture agreement with
Rio Tinto in respect of the Paterson South Project which comprises of nine
exploration licences. Under the farm-in and joint venture arrangement,
Greatland is required to make an up-front payment to Rio Tinto Exploration Pty
Ltd (RTX) of A$350,000 which Greatland has elected to settle in shares. The
farm-in and joint venture agreement was executed in prior years, the up-front
payment was capitalised as part of the acquisition costs of the tenements and
recognised in share-based payment reserves until the shares are issued. These
shares to RTX have not been issued at the date of this report.
(b) September 2024 equity raise
On 10 September 2024, in connection with the Havieron-Telfer Acquisition, a
fully underwritten institutional placing to raise US$325 million (c. £248.6
million) and retail offer to raise US$8.8 million (c. £6.7 million), both
before costs, were announced. The Institutional Placing was oversubscribed and
successfully closed on 11 September 2024, and the Retail Offer was
oversubscribed and successfully closed on 12 September 2024. On 30 September
2024, a general meeting of shareholders approved the issue of shares under the
Institutional Placing and the Retail Offer.
(c) Newmont consideration shares
As part of the Havieron-Telfer Acquisition, Greatland issued 2,669,182,291
ordinary shares to Newmont, representing 20.4% of Greatland shares in issue.
The shares were issued at £0.048 (US$167.5 million) as per the Sale and
Purchase Agreement with Newmont and aligned to the share price from the equity
raise on transaction announcement (10 September 2024). The fair value of the
shares issued at Completion was £200.2 million based on the share price on 4
December 2024. Refer to Note 21 acquisition of Havieron project and Telfer
gold-copper mine for further detail.
20 SHARE-BASED PAYMENTS
The total expense arising from share-based payment transactions recognised
during the period was as follows:
Note 31 Dec 2024 31 Dec 2023
£'000 £'000
Employee long term incentive plan (a) 2,070 1,542
Other schemes - 97
Total share-based payment expense 2,070 1,639
(a) Employee Long Term Incentive Plan (LTIP)
Greatland's Board approved LTIP became effective in February 2022. The LTIP is
designed to provide long-term incentives for employees (including executive
directors) to deliver long-term shareholder returns. Under the LTIP,
participants are granted performance rights or options which vest if certain
performance standards are met. Participation in the plan is at the Board's
discretion and no individual has a contractual right to participate in the
plan or to receive any guaranteed benefits.
Set out below are performance rights and options granted under the Company's
Employee Equity Incentive Plan over ordinary shares which are granted for nil
cash consideration. Management has assessed that non-market and market
conditions are more than probable to be achieved by the expiry date and
therefore the total value of the performance rights incorporates all
performance rights awarded. The expense recorded as share-based payments is
recognised to the service period end date on a straight-line basis as the
service conditions are inherent in the award.
Each performance right and option converts to one ordinary share in the
Company upon satisfaction of the performance conditions linked to the
performance rights. The performance rights do not carry any other privileges.
The fair value of the non-market condition performance rights granted is
determined based on the number of performance rights awarded multiplied by the
Company's share price on the date awarded.
The expense for the period of £2.1 million represents the fair value of the
instruments expensed over the vesting period.
The Group granted the following on 16 October 2024:
§ FY24 Performance Rights: 17,496,137 performance rights under the Greatland
LTIP which were in respect of the 2024 financial year. The amount of
performance rights will vest depending on a number of performance targets
during a three year performance period from 1 July 2023 to 30 June 2026. The
share-based payment expense to be recognised in future periods is £0.8
million.
§ FY25 Performance Rights: 39,855,249 performance rights under the Greatland
LTIP which were in respect of the 2025 financial year. The amount of
performance rights will vest depending on a number of performance targets
during a three year performance period from 1 July 2024 to 30 June 2027. The
share-based payment expense to be recognised in future periods is £2.0
million.
§ Employee Co-Investment Options: 25,000,000 grant of premium priced
co-investment options of £0.119 to incentivise retention through a pivotal
period in the Group's growth and align their interests to pursue value growth
for all shareholders to its then Chief Financial Officer, Mr Dean Horton. Mr
Horton subsequently resigned from his position during the period to pursue
other opportunities, with effect from 13 December 2024. Mr Horton's FY25
Performance Rights lapsed with immediate effect on 13 December 2024, and his
Co-Investment Options will lapse automatically on the six month anniversary of
13 December 2024 (accordingly, they remained on issue at 31 December 2024 but
will automatically lapse on 13 June 2025). Subject to satisfaction of service
criteria, the holder must be employed by Greatland on 31 January 2027 to
exercise. There is nil share-based payment expense to be recognised in future
periods.
20 SHARE-BASED PAYMENTS (CONTINUED)
The fair value at grant date is independently determined using an adjusted
form of the Black-Scholes Model which includes a Monte Carlo simulation model
for the TSR rights. The key assumptions were as follows:
2024 LTIP 2025 LTIP Co-Investment Options
Grant date 16 October 2024 16 October 2024 16 October 2024
Fair value - market hurdle £0.03420 RTSR1: £0.04180
RTSR2: £0.03640 n/a
Fair value - non-market hurdle £0.06320 £0.06320 £0.01351
Share price at grant date £0.064 £0.064 £0.064
Exercise price £0.001 £0.001 £0.119
Expected volatility 60.00% 60.00% 60.00%
Vesting date 30 June 2026 30 June 2027 31 July 2027
Life of performance rights 10 years 10 years 2.5 years
Expected dividends nil nil nil
Risk free interest rate 3.80% 3.82% 3.76%
Valuation methodology Monte Carlo & Monte Carlo & Black Scholes
Black Scholes Black Scholes
Options
The following table illustrates the number of, and movements in options during
the period:
Weighted average exercise price Half year ended 31 December 2024 Weighted average exercise price Full year ended
31 December 2024 30 June 2024 30 June 2024
Outstanding at the beginning of the year £0.116 542,700,000 £0.112 261,750,000
Granted during the period £0.119 25,000,000 £0.119 302,700,000
Exercised during the period - - £0.009 (21,750,000)
Forfeited during the period - - - -
Outstanding at the end of the period £0.116 567,700,000 £0.116 542,700,000
Vested and exercisable £0.119 240,000,000 £0.119 240,000,000
Performance Rights
The following table illustrates the number of, and movements in performance
rights during the period:
Weighted average exercise price Half year ended 31 December 2024 Weighted average exercise price Full year ended
31 December 2024 30 June 2024 30 June 2024
Outstanding at the beginning of the year £0.001 62,686,575 £0.001 23,500,000
Granted during the period £0.001 57,351,386 £0.001 44,406,047
Exercised during the period - - - -
Forfeited during the period - - £0.001 (5,219,472)
Outstanding at the end of the period £0.001 120,037,961 £0.001 62,686,575
Vested and exercisable - - - -
21 ACQUISITION OF HAVIERON PROJECT AND TELFER GOLD-COPPER MINE
On 4 December 2024, certain wholly owned subsidiaries of Greatland Gold plc,
including Greatland Pty Ltd, completed the acquisition from certain Newmont
Corporation subsidiaries of 70% ownership interest in the Havieron 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.
(a) Consideration
Greatland paid the following upfront consideration upon completion of the
Havieron-Telfer Acquisition:
§ £130.2 million cash consideration, comprising of original US$155.1m
(£122.5 million) cash consideration and estimated purchase price adjustments;
and
§ £200.2 million in the form of 2,669,182,291 Greatland ordinary shares
issued to Newmont (Consideration Shares), representing 20.4% of Greatland
shares on issue. This represents the fair value of the shares based on the
share price on 4 December 2024 of £0.075.
In addition, Greatland has made a US$52.4 million (£41.4 million) cash
repayment of the entire outstanding balance of the Havieron joint venture
loan, which was terminated on completion of the Havieron-Telfer Acquisition.
Greatland incurred acquisition-related costs of £27.1 million associated with
the acquisition, including legal fees, due diligence costs and stamp duty.
£'000
Cash consideration paid 130,177
Shares issued 200,188
Deferred consideration 16,595
Deferred contingent consideration 50,699
Capitalised acquisition costs 18,759
Net purchase consideration 416,418
Acquisition related costs of £6.8 million are included in acquisition and
integration expense in the consolidated statement of profit and loss related
to the Telfer business combination.
Greatland will pay the following amounts to Newmont on a deferred basis:
§ A$32.6 million (£16.6 million) in aggregate estimated purchase price
adjustments, for:
(i) ore mined and stockpiled between 1 October 2024 and Completion and
acquired by Greatland at Completion;
(ii) to compensate Newmont for running only one of the two Telfer processing
trains from 27 October 2024 until Completion (thus preserving ore and
stockpiles for Greatland to process after Completion) due 180 days after
Completion; and
(iii) final purchase price adjustments per the Sale and Purchase Agreement;
and
§ Up to a maximum of US$100 million (c. £79.0 million) in deferred cash
consideration which may be payable to Newmont on the first five years of
Havieron gold production, through a 50% price upside participation by Newmont
above a US$1,850/oz hurdle gold price, subject to an annual cap of US$50
million and aggregate cap of US$100 million. The deferred contingent
consideration will be revalued and reassessed at each reporting date. At 31
December 2024 it was fair valued at £49.5 million reflecting the foreign
currency rate at 31 December 2024.
21 ACQUISITION OF HAVIERON PROJECT AND TELFER GOLD-COPPER MINE
(CONTINUED)
(b) Assets and liabilities recognised as part of the acquisition
The carrying amounts based on relative fair values attributed to the assets
and liabilities at the date of acquisition are set out below. These reflect
the Havieron-Telfer net identifiable assets of which a single purchase price
was paid and which are reported as a single segment for reporting purposes.
Assets and Liabilities Acquired
The net assets recognised in the 31 December 2024 half year financial
statements have been based on a provisional assessment of their fair value in
accordance with IFRS 3 Business Combinations. Greatland has 12 months from the
date of acquisition to finalise the fair values of the net assets acquired.
Fair value recognised on acquisition
£'000
Exploration and evaluation assets 59,155
Mine development 296,042
Right of use asset 8,254
Property, plant and equipment 92,736
Financial assets held at fair value through profit and loss 2,055
Trade and other receivables 16,904
Inventories 142,613
Trade and other (884)
payables
Deferred tax liability (11,500)
Provisions - employee benefits and other (39,496)
Provisions for mine rehabilitation (140,938)
Lease liabilities (8,523)
Net identifiable assets acquired 416,418
Asset Acquisition
Greatland has considered the acquisition of Havieron and Telfer as separate
transactions, consistent with the requirements of IFRS 3 Business
Combinations. The acquisition of the 70% interest in Havieron has been treated
as an asset acquisition rather than a business combination having determined
the concentration test in IFRS 3 was met. The concentration test is met if
substantially all of the fair value of the gross assets acquired is
concentrated in a single identifiable asset or group of similar identifiable
assets. The determination of the fair value for such assets and thus both the
concentration test and any subsequent asset acquisition accounting involves
the use of significant estimates and judgements. The value paid for Havieron
was determined to be concentrated in the value of acquired mine properties and
exploration and evaluation assets.
When an asset acquisition does not constitute a business combination, the
assets and liabilities are assigned to carrying amount based on their relative
fair values and no deferred tax will arise in relation to the acquired assets
and assumed liabilities, as the initial recognition exemption for the deferred
tax under IAS 12 Income Taxes is applied. No goodwill arises on the
acquisition and transaction costs of the acquisition are included in the
capitalised cost of the asset.
Business Combination
The acquisition of the Telfer gold-copper mine has been accounted for as a
business combination.
The acquisition method of accounting is used to account for all business
combinations, regardless of whether equity instruments or other assets are
acquired. The consideration transferred for the acquisition of a subsidiary
comprises the fair values of the assets transferred; liabilities incurred to
the former owners of the acquired business; equity interests issued by the
Group; fair value of any asset or liability resulting from a contingent
consideration arrangement; and fair value of any pre-existing equity interest
in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are, with limited exceptions, measured
initially at their fair values at the acquisition date. The application of
acquisition accounting requires significant judgement and estimates to be
made. The Group engages independent third parties to assist with the
determination of the fair value of assets acquired, liabilities assumed,
non-controlling interest, if any, and goodwill, based on recognised business
valuation methodologies. The income valuation method represents the present
value of future cash flows over the life of the asset using:
§ financial forecasts, which rely on management's estimates of reserve
quantities and exploration potential, costs to produce and develop reserves,
revenues, and operating expenses;
§ long-term growth rates;
§ appropriate discount rates; and
§ expected future capital requirements.
21 ACQUISITION OF HAVIERON PROJECT AND TELFER GOLD-COPPER MINE
(CONTINUED)
The market valuation method uses prices paid for a similar asset by other
purchasers in the market, normalised for any differences between the assets.
The cost valuation method is based on the replacement cost of a comparable
asset at the time of the acquisition adjusted for depreciation and economic
and functional obsolescence of the asset and estimates of residual values.
Acquisition related costs are expensed as incurred.
The excess of the consideration transferred over the acquisition date fair
value of the net identifiable assets acquired is recorded as goodwill. If
those amounts are less than the fair value of the net identifiable assets of
the subsidiary acquired and the measurement of all amounts has been reviewed,
the difference is recognised directly in profit or loss as a bargain purchase.
If the initial accounting for the business combination is not complete by the
end of the reporting period in which the acquisition occurs, an estimate will
be recorded. Subsequent to the acquisition date, but not later than one year
from the acquisition date, the Group will record any material adjustments to
the initial estimate based on new information obtained that would have existed
as of the date of the acquisition.
Significant accounting estimate - deferred contingent consideration
Additional consideration may be payable in cash to Newmont of up to a maximum
of US$100 million (c. £79.0 million) on the first five years of Havieron gold
production, through a 50% price upside participation by Newmont above a
US$1,850/oz hurdle gold price, subject to an annual cap of US$50 million and
aggregate cap of US$100 million. This has been calculated to have a fair value
of US$64.2 million (£50.7 million) using a deterministic approach based on
base case projections (including consensus gold prices).
(c) Other Information
From the date of acquisition, Telfer contributed £8.3 million of revenue and
£2.8 million to profit before tax.
22 CAPITAL COMMITMENTS
As at 31 December 2024, Greatland had contractual commitments to capital
expenditure of £6.4 million (30 June 2024: £2.8 million).
23 RELATED PARTY TRANSACTIONS
The following directors and officers of the Company participated in the share
placing on 10 September 2024 at an issue price of £0.048 per share, as
follows:
Number of Shares Subscribed
£
Directors / Officers
Mark Barnaba 1,589,303 76,287
Elizabeth Gaines 1,059,535 50,858
Shaun Day 1,589,303 76,287
James (Jimmy) Wilson 794,651 38,143
Yasmin Broughton 529,767 25,429
Paul Hallam 794,651 38,143
Dean Horton(1) 211,773 10,165
Damien Stephens 317,661 15,248
Total 6,886,644 330,560
(1) Mr Horton subsequently resigned from his position with effect from 13
December 2024, he held his shares at 31 December 2024.
During the half year ended 31 December 2024, Greatland entered into a contract
for a Transitional Services Agreement (TSA) with Newmont NOL Pty Ltd (Newmont)
in connection with the Havieron-Telfer Acquisition. The TSA is based on
conditions upon which Newmont will provide transitional services to Greatland
for a period of up to 12 months to assist with the transition and integration
of the Havieron and Telfer assets. The fees to be paid for the transitional
services are calculated on a cost-pass through basis (including the cost of
internal time and third party disbursements incurred in the provision of the
transitional services) and at no margin. At 31 December 2024, £0.6 million
was accrued to Newmont in relation to the TSA.
24 SIGNIFICANT EVENTS AFTER THE REPORTING DATE
In January 2025, financial close was achieved in respect of the A$75.0 million
(£38.1 million) Working Capital Facility.
In January 2025, the Group recorded its maiden concentrate shipment, the
proceeds from the sale were £48.0 million and were received on 23 January
2025.
In February 2025, the Group sold its Bromus Exploration Licence E63/1952 to a
subsidiary of Ordell Minerals Limited (ASX:ORD) in exchange for the allotment
and issue of 125,000 fully paid ordinary shares in Ordell Minerals Limited.
Additionally, as part of the tenement sale the Group surrendered Exploration
Licence E63/1506 to Ricochet Romance the same subsidiary of Ordell Minerals
Limited for cash consideration of £0.1 million.
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