REG - Greatland Gold PLC - Update re Havieron Joint Venture

Greatland GoldAnnouncement

21/12/2021 10:30

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RNS Number : 3442W  Greatland Gold PLC  21 December 2021

 
21 December 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc
("Greatland" or "the Company")

 

Update re Havieron Joint Venture

 

 

Greatland Gold plc (AIM:GGP) a mining development and exploration company with
a focus on tier-one gold-copper deposits refers to its previous announcements,
most recently on 9 December 2021, outlining that Newcrest Mining Limited
(Newcrest), Greatland's joint venture partner in the Havieron copper-gold
project, has an option to acquire an additional 5% interest in the Havieron
Joint Venture from Greatland at fair market value.

 

Newcrest has issued a notice to Greatland informing it that Newcrest would
like to begin the process under the joint venture agreement to seek to agree
the option exercise price in the period to mid-February 2022.

 

Under the joint venture agreement, if the option exercise price cannot be
agreed by this date, each party is thereafter required to notify the other of
its assessment of fair market value. If both parties' assessments are within
10% of each other, the option exercise price will be the average of those
assessments. If both parties' assessments are not within 10% of each other,
the parties will proceed to independent expert determination, with the expert
being required to determine which of the values nominated by the parties is to
be the fair market value.

 

Following agreement or determination of the fair market value option exercise
price, Newcrest has 30 business days to exercise its option to acquire the
additional 5% interest. Proceeds from the exercise will first be used to repay
the outstanding balance under the existing Newcrest loan facility.

 

As outlined in previous announcements, most recently on 9 December 2021,
following delivery of a Pre-Feasibility Study and meeting the relevant
expenditure commitment, Newcrest is entitled to an additional 10% joint
venture interest, and exercising this entitlement will result in an overall
joint venture interest of 70% Newcrest (30% Greatland). If the option referred
to above is exercised, Newcrest will be entitled to an overall joint venture
interest of 75% (Greatland 25%).

 

 

 

Enquiries:

 

 Greatland Gold PLC                                                      +44 (0)20 3709 4900

 Shaun Day                                                               info@greatlandgold.com (mailto:info@greatlandgold.com)

                                                                         www.greatlandgold.com (http://www.greatlandgold.com)

 SPARK Advisory Partners Limited (Nominated Adviser)                     +44 (0)20 3368 3550

 Andrew Emmott/James Keeshan

 Berenberg (Joint Corporate Broker and Financial Adviser)                +44 (0)20 3207 7800

 Matthew Armitt/ Varun Talwar/Alamgir Ahmed/Detlir Elezi

 Canaccord Genuity (Joint Corporate Broker and Financial Adviser)        +44 (0)20 7523 8000

 James Asensio/Patrick Dolaghan

 Hannam & Partners (Joint Corporate Broker and Financial Adviser)        +44 (0)20 7907 8500

 Andrew Chubb/Matt Hasson/Jay Ashfield

 SI Capital Limited (Joint Broker)                                       +44 (0)14 8341 3500

 Nick Emerson/Alan Gunn

 Luther Pendragon (Media and Investor Relations)                         +44 (0)20 7618 9100

 Harry Chathli/Alexis Gore

 

 

 

Notes for Editors:

 

Greatland Gold plc (AIM:GGP) is a mining development and exploration company
with a focus on precious and base metals. The Company's flagship asset is the
world-class Havieron gold-copper deposit in the Paterson region of Western
Australia, discovered by Greatland and presently under development in Joint
Venture with Newcrest Mining Ltd.

 

Havieron is located approximately 45km east of Newcrest's Telfer gold mine
and, subject to positive decision to mine, will leverage the existing
infrastructure and processing plant to significantly reduce the project's
capital expenditure and carbon impact for a low-cost pathway to development.
An extensive growth drilling programme is presently underway at Havieron with
a maiden Pre-Feasibility Study released on the South-East crescent on 12
October 2021. Construction of the box cut and decline to develop the Havieron
deposit commenced in February 2021.

 

Greatland has a proven track record of discovery and exploration success. It
is pursuing the next generation of tier-one mineral deposits by applying
advanced exploration techniques in under-explored regions. The Company is
focused on safe, low-risk jurisdictions and is strategically positioned in the
highly prospective Paterson region. Greatland has a total six projects across
Australia with a focus on becoming a multi-commodity mining company of
significant scale.

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