REG - Greatland Gold PLC - Newmont - Newcrest takeover - Progress Update

Greatland GoldAnnouncement

08/09/2023 08:30

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RNS Number : 8572L  Greatland Gold PLC  08 September 2023

Greatland Gold plc (AIM: GGP)

E: info@greatlandgold.com

W: https://greatlandgold.com

: twitter.com/greatlandgold

 

NEWS RELEASE | 8 September 2023

 

 

Newmont - Newcrest takeover

 

Newcrest shareholder materials released, Newcrest shareholder meeting on

13 October 2023 to approve acquisition by Newmont, completion in November 2023

 

 

Greatland Gold plc (AIM:GGP) (Greatland or the Company), a leading precious
and base metals focused mining development and exploration company, provides
an update on the progress of the acquisition of its joint venture partner by
Newmont Corporation.

 

As previously announced, Greatland's joint venture partner in the Havieron
project, Newcrest Mining Limited (ASX:NCM, Newcrest) is currently the subject
of an agreed takeover by Newmont Corporation (NYSE:NEM, Newmont), which is
expected to complete in November 2023.  The Havieron project is held in joint
venture between Greatland (30%) and Newcrest (70%), and Newcrest is the
manager.

 

Greatland notes the release by Newcrest today of a scheme of arrangement
circular, convening a meeting of Newcrest shareholders on 13 October 2023 to
vote on the proposed takeover.  The Newcrest scheme circular is available at:

https://www.newcrest.com/sites/default/files/2023-09/230908_Scheme%20Booklet%20registered%20by%20ASIC%20-%20Market%20Release_1.pdf
(https://www.newcrest.com/sites/default/files/2023-09/230908_Scheme%20Booklet%20registered%20by%20ASIC%20-%20Market%20Release_1.pdf)
.

 

As is customary, the Newcrest scheme circular attaches an independent
assessment by an Australian valuation advisory firm, Grant Samuel &
Associates Pty Ltd (Grant Samuel), as to whether, in their opinion, the
transaction is in the best interests of Newcrest shareholders.  The
assessment was produced by Grant Samuel independently of Newcrest.  The Grant
Samuel assessment includes a valuation for each material project in the
Newcrest portfolio.  In respect of Havieron, it is noted that:

§ The approach taken by Grant Samuel is to assess Newcrest's interest in
Havieron (70%) on an aggregated basis with Newcrest's interest in Telfer
(100%). Accordingly, Havieron has not been separately valued.  The combined
valuation therefore includes significant closure costs and other liabilities
associated with Telfer (which Greatland has no exposure to).

§ Grant Samuel has applied its own assumptions and adjustments to arrive at
their opinion as to the current combined value of hypothetical Telfer (100%)
and Havieron (70%) scenarios.

§ Additionally, because Newcrest did not complete its own planned update to
the Havieron Mineral Resource Estimate (MRE) in August 2023, the Grant Samuel
assessment is based on Newcrest's August 2022 MRE update, which only
incorporated drilling results up to November 2021.

As previously announced, the feasibility study for Havieron is ongoing, with
value enhancing options being assessed to maximise value and de-risk the
project.  The feasibility study will therefore be a up-to-date, comprehensive
and optimised assessment of Havieron.

Assuming that Newmont's acquisition of Newcrest completes in November 2023 as
expected, Greatland looks forward to the opportunity to work constructively
with Newmont to optimise the development of Havieron, finalise the feasibility
study and progress to a decision to mine.

 

 

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

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

Canaccord Genuity  |  James Asensio / Gordon Hamilton  |  +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 Province of Western Australia, discovered by Greatland and
presently under development in joint venture with ASX gold major, Newcrest
Mining Limited (which is the subject of a takeover by Newmont Corporation by
way of a scheme of arrangement).

 

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.  Significant progress continues on the exploration decline with total
development at over 2,600 metres in early August 2023.  Subject to a positive
Feasibility Study and Decision to Mine, Havieron may leverage the existing
Telfer infrastructure and processing plant.

 

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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