REG - Greatland Gold PLC - Temporary suspension of trading

Greatland GoldAnnouncement

09/09/2024 09:00

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RNS Number : 4141D  Greatland Gold PLC  09 September 2024

Greatland Gold plc (AIM: GGP)

E: info@greatlandgold.com

W: https://greatlandgold.com

: twitter.com/greatlandgold

 

 

NEWS RELEASE | 9 September 2024

 

 

Response to media article

Temporary suspension of trading

 

 

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) refers to an article
published in the Australian Financial Review today titled "Greatland Gold
raising  A $500m to buy Newmont's Telfer" (Media Article).

 

The Media Article reports that Greatland is seeking to raise equity, with
material support from Wyloo Consolidated Investments Pty Ltd (Wyloo), to fund
the acquisition of Newmont Corporation's (Newmont) joint venture interest in
the Havieron gold-copper project (Havieron) and its 100% owned Telfer
gold-copper mine (Telfer), (the Potential Acquisition).

 

The Media Article follows Newmont's announcement on 22 February 2024 of its
intention to divest a number of non-core assets, including Telfer and its
Havieron joint venture interest. This also follows Greatland's comments on 30
April 2024 and 31 July 2024 regarding its last right of refusal to acquire the
remaining 70% interest in Havieron, and that accordingly Greatland considers
itself strongly positioned should an opportunity arise to consolidate
ownership of Havieron on accretive terms for Greatland shareholders.

 

Status of Potential Acquisition

 

Greatland confirms that it is in advanced negotiations with Newmont in respect
of the Potential Acquisition, which remain incomplete, and that existing
cornerstone shareholder Wyloo is intending to provide material support for the
Potential Acquisition.  Greatland and Newmont have entered into a binding
exclusivity agreement which provides for a period of exclusivity to finalise
and enter into binding transaction documentation in respect of the Potential
Acquisition.

 

The proposed terms of the Potential Acquisition remain confidential, however
Greatland notes that the proposed consideration includes a mix of upfront
cash, deferred payments and equity. Settlement of the Potential Acquisition is
proposed to be conditional on completion by Newmont of ongoing remediation
works in respect of the Telfer tailings storage facility.

 

If the Potential Acquisition is ultimately agreed, settlement would be subject
to (among other conditions) Greatland shareholder approval as a reverse
takeover for the purposes of the AIM Rules, on the basis that the Potential
Acquisition is expected to exceed one or more of the financial metric class
tests set out in Schedule Three of the AIM Rules.  Greatland would also be
required to publish an admission document for re-admission to AIM.

 

The Potential Acquisition remains subject to, among other matters, the
agreement of binding documentation and corporate approvals.  There is no
certainty that the Potential Acquisition or any other transaction will proceed
at all (or the terms of any such transaction if it does proceed).

 

 

Temporary suspension of trading

 

In light of this leak, dealings in the Company's ordinary shares will be
temporarily suspended from trading on AIM under AIM Rule 40, with immediate
effect until such time as the admission document in relation to the possible
acquisition and fundraising have been published in compliance with AIM Rule
14.

 

Notwithstanding the temporary suspension of trading in the Ordinary Shares,
the Company will continue to make announcements as and when there are any
developments that require announcement under the AIM Rules.

 

Further developments

 

Greatland will announce any further developments, including the entry into any
binding agreement for the Potential Acquisition, as required by its disclosure
obligations.

 

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 / 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 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 world gold major, Newmont
Corporation.

 

Havieron is located approximately 45km east of Newmont's existing Telfer gold
mine. The box cut and decline to the Havieron orebody commenced in February
2021. Total development now exceeds 3,060m including over 2,110m of advance in
the main access decline (as at 30 June 2023).  Subject to a positive
feasibility study and Decision to Mine, Havieron is intended to leverage the
existing Telfer infrastructure and processing plant.  Access to Telfer would
de-risk the development and reduces capital expenditure.

 

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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