TIDMGGP

RNS Number : 0714S

Greatland Gold PLC

11 November 2021

11 November 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 AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc

("Greatland", "the Group" or "the Company")

Final Results

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces its financial results for the year ended 30 June 2021.

Chairman's Statement

I am pleased to report on the Company's audited results for the year ended 30 June 2021.

It has been another year of considerable progress for Greatland Gold plc ("Company") and the consolidated group ("Greatland" or the "Group"), which has seen its evolution from a junior explorer to a mining development and exploration company. We achieved several significant milestones at our flagship asset Havieron including commencing construction and surface infrastructure activities, taking major steps towards bringing a tier-one gold copper mine into production.

Such has been the pace of development at Havieron, that during the financial year Greatland entered into a new landmark joint venture agreement with Australia's largest gold producer Newcrest Mining Limited (Newcrest, ASX: NCM). This partnership with a tier-one, experienced operator in this region has enabled greater investment in Havieron and an extensive programme of growth drilling which furthered our understanding in the deposit and accelerated its development. In December 2020, we announced a maiden resource of 3.4Moz Au and 160Kt Cu, the first of many graduating studies into the size of Havieron. Subsequent to the year end in October 2021, Greatland was awarded the winner of the 2021 Commodity Discovery Fund award for its Havieron discovery.

The Havieron gold-copper discovery is a world class deposit and continues to deliver excellent results with significant intercepts of high-grade gold and copper outside of the existing resource shell. With over 200,000 metres of drilling now completed, the equivalent distance of London to Sheffield we have significantly enhanced our understanding of the deposit and of the likelihood of continuing to upgrade to the Mineral Resource Estimate in the near-term.

Subsequent to the year end, a Pre-Feasibility study was released on an initial segment of the Havieron deposit which has detailed a development pathway to first gold produced and operating cashflow. The study revealed the tip of the Havieron iceberg with a fraction of the initial resource supporting the total capex of the project, justifying a fast start approach to early cashflow generation and reinvesting back into Havieron development and infrastructure. This supports our belief that the profile of Havieron makes it a globally unique opportunity for bringing a low risk, low capex tier-one gold-copper mine into production.

Capitalising upon the success at Havieron, Greatland also entered into a second joint venture with Newcrest during the year in the prospective Paterson region. The Juri Joint Venture for the Paterson Range East and Black Hills licences represents an affirmation of Greatland's belief in the potential of these areas, maximising the long-term strategic value of these licences. Subsequent to year end Greatland completed the maiden drill programme at Juri and announced intercepting gold mineralisation from the initial four assayed holes, including first gold identified at the Goliath prospect.

The rapid progress seen at Havieron has not lessened our appetite for exploration and new discoveries and we are excited by several other prospects that display similar geophysical characteristics to the Havieron gold-copper deposit, particularly in the Paterson region where Greatland has an expanded strategic footprint. Key developments for the year across Greatland's portfolio of exploration projects are detailed in the Strategic Report, but I would like to briefly note some further highlights.

Exploration portfolio

At Scallywag, adjacent to the Havieron project, exploration work consisted of airborne Electro-Magnetic (EM) surveying, target identification and drilling. The 2021 Scallywag drill programme is currently underway designed to test a series of airborne EM anomalies identified in the 2020 survey and three new targets identified through ongoing geological interpretation.

During the year and post period, Greatland expanded its strategic footprint in the Paterson to over 1,000 square kilometres through the acquisition of the Canning and Rudall exploration licence applications, which contains similar magnetic anomalies to the Havieron deposit, and by acquiring additional tenements in the Paterson South region.

At the Panorama tenement, a 362 line km heliborne electromagnetic and magnetic survey over part of the tenements was undertaken and at Ernest Giles, our land holdings increased as Greatland applied for two additional exploration licences, Mount Smith and Welstead, contiguous to the current live licences of Peterswald and Calanchini.

During the year, a retrospective adjustment has been made to reflect a change in accounting policy of exploration and evaluation expenditure. Note 1.19 within the financial statements provides further details regarding the change in accounting policy.

In addition, the Group transferred GBP17,091,622 of capitalised exploration costs associated with the Havieron project from intangible assets to mine development during the year following the commencement of the construction of the box cut and the decline during the year .

Corporate

Greatland successfully transitioned the leadership and management of the Group to Shaun Day as Chief Executive Officer and Executive Director in February 2021. Shaun has extensive industry experience and the required skillset to maximise Havieron and lead Greatland into the future as a development and mining company. Since his appointment, Shaun has focussed on broadening the capability of the management and technical teams to meet the evolving needs of the Group.

A number of subsequent high quality, new appointments with Otto Richter appointed as Group Mining Engineer, Christopher Toon as Chief Financial Officer and John McIntyre as Exploration Manager has demonstrated Greatland's growing reputation as a business in the industry and desire to work with a world class asset. This evolution continued post period with the establishment of the Technical Advisory Committee and appointment as a Non-Executive Director of Paul Hallam, an industry veteran with more than four decades of Australian and international resource experience. We are grateful to both Gervaise Heddle, our former Chief Executive Officer, and Callum Baxter who has joined our Technical Advisory Committee, who stepped down from the Board on 12 March 2021 and 31 August 2021 respectively, for their significant contribution to the development of the Group.

In May 2021, we appointed Canaccord Genuity as Corporate Brokers and Financial Advisers to complement Berenberg, Hannam & Partners and SI Capital as we continue to expand our institutional investor base in line with the growth of the Company.

The Company is well positioned to fund its portfolio of projects well into the next financial year. For the Havieron project, Greatland entered into a US$50m loan facility during the year with Newcrest to keep pace with an accelerated development timetable up to project Feasibility. For the Juri Joint Venture, Greatland has benefited from Newcrest initially funding the exploration campaign freeing up cash reserves for our own exploration plans in the Paterson region and across our other projects.

Greatland is committed to safe, responsible and sustainable exploration and we continue to focus on improving health and safety training and processes, and on further strengthening our relationships with the indigenous communities in the areas that we operate as well as on our Environmental, Social and Governance (ESG) focus for developing a responsible and sustainable resources company.

Greatland benefits from operating in a tier one jurisdiction in the state of Western Australia. The remote location, coupled with health protocols and tight border controls has resulted into minimal impact of COVID-19 on operations, as the total number of community cases recorded across the entire state is less than 15 for the year. At Havieron, Newcrest have implemented and maintained measures to reduce and mitigate the risk of the COVID-19 pandemic to its project workforce and key stakeholders, and operations have continued without interruption.

Nevertheless, I would like to reiterate that the health and safety of our staff, partners and stakeholders has always been of paramount importance to the board and it is even more so in our focus now.

Looking ahead

Greatland today is a different looking company to a year ago, as demonstrated by the rapid change and accelerated development progress at our flagship Havieron asset. There is lots to do and whilst our success at Havieron provides an exceptional foundation and cornerstone project on which to build, we are not resting on this. In addition, we have several other excellent prospects, including an enviable footprint in the Paterson region, arguably one of the most attractive frontiers in the world for the discovery of tier-one, gold-copper deposits.

The transformation of Greatland over the past few years has been remarkable and we are now in the strongest position we have ever been to capitalise upon our recent success. We remain committed to increasing value for our shareholders and we look forward to continuing along this exciting journey.

On a macro level, a mix of tailwinds and challenges endure for gold prices. Support exists due to the uncertainty in global markets from ongoing COVID-19 and uneven economic recovery with continuing central bank stimulus and higher rates of inflation. We also believe the gold price will be further supported by supply challenges, as major new gold discoveries in safe jurisdictions are becoming less frequent and as reserves at larger deposits are depleted.

I would like to end by thanking my fellow Board members, the management team and our staff, for their hard work and commitment to the Company. The progress we have taken over the past year is a credit to our management team and their strategy. Finally, I would like to thank all our shareholders for their continued support and feedback. We are working tirelessly to ensure Greatland is maximising shareholder value and we expect that the current year will be at least as successful as this last one has been.

Alex Borrelli

Chairman

Strategic Report

Principal activities, strategy and business model

The principal activity of the Group is to explore for and develop precious and base metals with a focus on gold and copper. The Board seeks to increase shareholder value by advancing the development of current projects, the systematic exploration of its existing resource assets, and by acquiring exploration and development opportunities in underexplored areas.

The Group's strategy and business model is developed by the Chief Executive Office and is approved by the Board. The Executive Directors who report to the Board are responsible for implementing the strategy and managing the business with the management team.

The Group's strategy is to develop the Havieron asset, advance projects that have potential for the discovery of large mineralised systems (typically considered in excess of ten million ounces of gold) and pursue opportunities for in-organic growth with a view to safely and sustainably creating wealth for the benefit of all stakeholders.

Business development and performance

The financial year ended 30 June 2021 was a transformational period for the Company. During this period Greatland successfully advanced development and exploration across its portfolio of project assets with significant milestones achieved at the Group's flagship asset, the world-class Havieron gold-copper deposit in the Paterson region of Western Australia.

After the granting of a mining licence at Havieron (M45/4701) on 9 Oct 2020, Greatland entered into a Joint Venture with Newcrest Mining Limited over this 12 block area for the continued development and expansion of this asset.

Infill and step out drilling during the year has continued to return excellent results demonstrating continuity of high-grade mineralisation at Havieron with expansion of the mineralisation in the North West Crescent and Northern Breccia, Eastern Breccia, South East Crest and Breccia areas. This resulted in a maiden resource of 4.2m oz Au eq announced on 10 Dec 2020.

In Feb 2021, construction activities commenced at Havieron with the quick completion of the box cut and portal to enable the start of the decline in May 2021.

Subsequent to year end, a Pre-Feasibility study was completed and announced on 12 Oct 2021 which outlined the pathway to achieve commercial production within two to three years from commencement of an exploration decline, subject to a positive decision to mine

In addition to the Havieron project, the Group also entered into a JV with Newcrest on two other Paterson licences, Black Hills and Paterson Range East, known as the Juri JV, which sees the Group operate exploration on the licences over the next two years. Newcrest earned a 25% interest on both areas on signing with a right to earn up to 75% interest by spending up to A$20m as part of a two-stage farm-in over five years, including a A$3m minimum commitment for Stage 1.

The Group's financial position was further strengthened during the year by a loan agreement with Newcrest where the Group have access to a loan facility totalling US$50million for early works and growth drilling at Havieron from the start of the joint venture and up to the Feasibility study. A further GBP4.4m on the exercise of warrants and options was received by the Group throughout the year. The Group's cash deposits stood at GBP6,212,057 at 30 June 2021 (compared to GBP6,022,745 at 30 June 2020). These funds will be used to accelerate exploration across our key exploration projects, particularly in the Paterson region.

During the year, a retrospective adjustment has been made to the carrying values to reflect a change in accounting policy of exploration and evaluation expenditure.

Previously costs associated with an exploration activity were capitalised if, in management's opinion, the results from that activity led to a material increase in the market value of the exploration asset.

Under the new policy exploration and evaluation expenditure where the commercial viability of extracting the mineral resource has not yet been established will be expensed when incurred . Once management believe the commercial viability of extracting the mineral resource are demonstrable, which is considered to be following a pre-feasability study or similar, the Group will capitalise any further evaluation costs incurred.

This has resulted in costs associated with the Havieron being capitalised from 1 July 2020, with all prior year exploration and evaluation expenditure expensed when incurred on the basis the commercial viability of extracting the mineral resource was not yet established. The Group transferred GBP17,091,622 of capitalised exploration costs associated with the Havieron project from intangible assets to mine development during the year following the commencement of the construction of the box cut and the decline during the yea r . Note 1.19 within the financial statements provides further details regarding the change in accounting policy.

Review of key developmen ts by project

Paterson project (Western Australia), one granted mining licence (Havieron) jointly owned by Newcrest Mining who have a 60% stake. Three granted exploration licences; two (Black Hills, Paterson Range East) 75% owned in JV with Newcrest who own the remaining 25%, one (Scallywag) 100% owned, exploration licence applications (Rudall, Canning) 100% owned. Subsequent to year end, ownership in two exploration licences (Black Hills and Paterson Range East) moved to 49% owned in JV with Newcrest. Acquisition of licence areas from Province Resources in September 2021 added two new licences, Pascalle and Taunton and two licence applications in the Paterson South area.

The Paterson project is located in the Paterson region of northern Western Australia. The licences collectively cover more than 567 square kilometres of ground which is considered prospective for intrusion related gold-copper systems and Telfer style gold deposits along with the Havieron gold-copper resource.

During the 12 months to 30 June 2021, the Company together with JV partner Newcrest was granted a mining licence M45/4701 Havieron (9 Oct 2020) under a 21 year term, which covers the 12 blocks of the previous E45/4701 licence.

The company now retains 100% ownership of the remaining blocks of E45/4701 Scallywag. During the 12 months to 30 June 2021 the Company applied for a further four exploration licences E45/5826 Canning, E45/5929 Salvation Well North, E45/5930 Salvation Well, E45/5931 Salvation Well South East in the Canning area of the Paterson region.

Newcrest expanded the drill campaign at Havieron M45/4701 and continued with infill and step-out drilling with very successful results. Newcrest released an Inferred Resource for a portion of the Crescent Sulphide Zone and adjacent breccias, reporting a 4.2m oz Au equivalent resource.

Exploration work over the Scallywag licence E45/4701 consisted of airborne EM surveying, target identification and drilling.

Exploration continued on the Black Hills licence E45/4512 and Paterson Range East E45/4928, with the completion of airborne EM surveys and the identification of a series of targets that warrant drilling in the FY 2022 exploration program.

All exploration costs, other than those related to the Havieron project, were expensed through the statement of comprehensive income during the year on the basis the commercial viability of extracting the mineral resource was not yet established.

Ernest Giles project (Western Australia), 100% owned

The Ernest Giles project is located in central Western Australia, covering an area of approximately 1950 square kilometres with around 180km of strike of rocks prospective for gold. The eastern Yilgarn Craton is one of the most highly mineralised areas in Western Australia and is considered prospective for large gold deposits.

During the period, Greatland carried out solid geology interpretation and litho-geochemical interpretation of the 2017 and 2019 drilling, with lithogeochemistry used to identify significant alteration and pathfinder patterns at the Meadows target area. The Company was also involved in ongoing Native Title land access agreement negotiations.

A comprehensive review of all data for the Ernest Giles project was carried out later in the year. The Board decided that Greatland should increase its land holdings in the region and applied for two additional exploration licences, E38/3612 Mount Smith and E38/3613 Welstead contiguous to the current live licences of Peterswald and Calanchini.

Panorama project (Western Australia), 100% owned

The Panorama project consists of three adjoining exploration licences, covering 157 square kilometres, located in the Pilbara region of Western Australia, in an area that is considered to be highly prospective for gold and cobalt.

During the period Greatland continued field exploration at Panorama with a 362 line km heliborne electromagnetic and magnetic survey over part of the tenements. Processing and interpretation of data is currently underway.

Bromus project (Western Australia), 100% owned

The Bromus project is located 25 kilometres south-west of Norseman in the southern Yilgarn region of Western Australia. The Bromus project consists of two licences, covering 87 square kilometres of under-explored greenstone and intrusive granites of the Archean Yilgarn Block at the southern end of the Kalgoorlie-Norseman belt.

During the period, Greatland undertook a desktop prospectivity review aimed at collating work done which resulted in resampling historic RC chip, soil sampling, and Minalyze analysis of historic diamond drill core.

Firetower project (Tasmania), 100% owned

The Firetower project is located in central north Tasmania, Australia and covers an area of 62 square kilometers. During the year the Company completed a review of the Firetower Project exploration data, identifying structures potentially controlling the gold mineralisation, and potential down plunge positions that warrant follow up drilling.

Warrentinna project (Tasmania), 100% owned

The Warrentinna project is located 60 kilometres north-east of Launceston in north-eastern Tasmania and covers an area of 37 square kilometres with 15 kilometres of strike prospective for gold. During the period Greatland undertook a review of the Warrentinna Project exploration data and rehabilitation of old drill pads.

Further details regarding developments by project can be found on the Company's website at: www.greatlandgold.com

Main trends and factors likely to impact future business performance

The Board considers the following to be the key trends and factors that are likely to impact future business performance:

-- General commodity cycle - Commodity prices, base and precious metals and gold specifically, have seen a marked improvement over the last year. The Board maintains a positive outlook for commodity prices, and the gold price in particular.

-- Project development - the Company's partnership with a major mining company (Newcrest Mining) on its flagship Havieron project has seen a rapid advancement of the project. The pace of the development will be laid out by Newcrest Mining as lead partners with Greatland closely involved in discussions. Specific business principles designed to maximise the Company's chances of long-term rewards from this project are highlighted in the following section ("Principal risks and uncertainties").

-- Exploration results - Management's ability to successfully execute Greatland's exploration strategy is a key factor in the future business performance of the Company. Specific business principles designed to maximize the Company's chances of long term success in this regard are highlighted in the following section ("Principal risks and uncertainties").

Principal risks and uncertainties

Management of the business and the execution of the Board's strategy are subject to a number of key risks and uncertainties:

-- Mineral exploration - Inherent with mineral exploration is that there is no guarantee that the Company can identify a mineral resource that can be extracted economically. In order to minimise this risk and to maximise the Company's chance of long-term success, we are committed to the following strategic business principles:

-- The board regularly reviews our exploration and development programmes and allocates capital in a manner that it believes will maximise risk-adjusted return on capital.

   --    We apply advanced exploration techniques to areas and regions that we believe are relatively under-explored historically. 

-- Exploration work in conducted on a systematic basis. More specifically, exploration work is carried out in a phased, results-based fashion and leverages a wide range of exploration methods including modern geochemical and geophysical techniques and various drilling methods.

-- We focus our activities on jurisdictions that we believe represent low political and operational risk. Moreover, we strongly prefer to operate in jurisdictions where our team has considerable on the ground experience. At the present time, all of the Company's projects are in Australia, a country with established mining codes, stable government, skilled labour force, excellent infrastructure and a well established mining industry.

-- Commodity price risk - The principal commodities that are the focus on our exploration and development efforts (precious metals and base metals specifically gold and copper) are subject to highly cyclical patterns in global demand and supply, and consequently, the price of those commodities can be highly volatile.

-- Recruiting and retaining highly skilled directors and employees - the Company's ability to execute its strategy is highly dependent on the skills and abilities of its people. We undertake ongoing initiatives to foster good staff engagement and ensure that remuneration packages are competitive in the market.

-- Occupational health and safety - every Director and employee of the Company is committed to promoting and maintaining a safe workplace environment, including adopting COVID safe work practices. The Company regularly reviews occupational health and safety policies and compliance with those policies. The Company also engages with external occupational health and safety expert consultants to ensure that policies and procedures are appropriate as the Company expands its activity levels.

-- COVID-19 - The COVID-19 Coronavirus pandemic has caused a severe adverse effect on the business environment on a global scale. The Group may be affected by disruptions to its operations, particularly for the foreseeable future in light of government responses to the spread of COVID-19 or other potential pandemics. The Board is aware of the various risks that the pandemic presents that include but are not limited to financial, operational, staff and community health and safety, logistical challenges and government regulation. At present the Group believes that there should be no significant material disruption to its operations in the near term, but the Board continues to monitor these risks and the Group's business continuity plans.

-- Havieron Joint Venture - The potential future development of a mine at the Havieron Joint Venture depends upon a number of factors, including but not limited to, results from geotechnical, metallurgical and environmental studies, the grant of necessary permits and other regulatory approvals and the ability to secure finance.

Directors' statement under section 172 (1) of the Companies Act 2006

Section 172 (1) of the Companies Act obliges the Directors to promote the success of the Company for the benefit of the Company's members as a whole. This section specifies that the Directors must act in good faith when promoting the success of the Company and in doing so have regard (amongst other things) to:

   1.    the likely consequences of any decision in the long term, 
   2.    the interests of the Company's employees, 
   3.    the need to foster the Company's business relationship with suppliers, customers and others, 
   4.    the impact of the Company's operations on the community and environment, 

5. the desirability of the Company maintaining a reputation for high standards of business conduct, and

   6.    the need to act fairly as between members of the Company. 

The application of the Section 172 (1) requirements can be demonstrated in relation to some of the key decisions made during the financial year, including :

-- entering into new debt funding to ensure the Group has adequate resources to finance Greatland's share of the Havieron joint venture during mine development up until the Feasibility study,

-- executing a series of agreements to provide a formal framework for the joint venture arrangement and to facilitate the acceleration of early works and further future development and exploration activities at Havieron,

-- entered into a farm-in and joint venture agreement to accelerate exploration at Greatland's Black Hills and Paterson Range East licences without the need for the Company to self fund this activity,

-- committed to ongoing exploration campaigns and approved associated budgets that enabled the Company to conduct exploration across its projects,

-- worked with joint venture partner to make decisions around the development of Havieron including applying for the necessary regulatory approvals to commence early works activities for a box cut and exploration decline and subsequent to year end the delivery of a pre-feasibility study,

-- appointment of an additional corporate broker to expand the reach of potential investors in as part of equity investment activities, and;

-- expanding the organisational capability through hiring experienced personnel and establishing a technical advisory committee to enhance the skills and experience required for the Company as it progresses from an explorer, through development and into production

The Directors believe they have acted in the way they consider most likely to promote the success of the Company for the benefit of its members as a whole, as required by Section 172 (1) of the Companies Act 2006.

Greatland has chosen to adhere to the Quoted Company Alliance's ("QCA") Corporate Governance Code for Small and Mid-Size Quoted Companies (revised in April 2018 to meet the new requirements of AIM Rule 26). At this time, the Board believes that it is compliant with all ten Principles of the QCA Code.

Shaun Day

Chief Executive Officer

Enquiries:

 
 Greatland Gold PLC                                 +44 (0)20 3709 
  Shaun Day                                          4900 
                                                     info@greatlandgold.com 
                                                     www.greatlandgold.com 
 
 SPARK Advisory Partners Limited (Nominated 
  Adviser)                                          +44 (0)20 3368 
  Andrew Emmott/James Keeshan                        3550 
 
 Berenberg (Joint Corporate Broker and Financial 
  Adviser) 
  Matthew Armitt/ Varun Talwar/Alamgir Ahmed        +44 (0)20 3207 
  /Detlir Elezi                                      7800 
 
 Canaccord Genuity (Joint Corporate Broker 
  and Financial Adviser)                            +44 (0)20 7523 
  James Asensio/Patrick Dolaghan                     8000 
 
 Hannam & Partners (Joint Corporate Broker 
  and Financial Adviser)                            +44 (0)20 7907 
  Andrew Chubb/Matt Hasson/Jay Ashfield              8500 
 
 SI Capital Limited (Joint Broker)                  +44 (0)14 8341 
  Nick Emerson/Alan Gunn                             3500 
 
 Luther Pendragon (Media and Investor Relations)    +44 (0)20 7618 
  Harry Chathli/Alexis Gore/Joe Quinlan              9100 
 

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a leading 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.

Group statement of comprehensive income

for the year ended 30 June 2021

 
                                          Notes       Year ended       Year ended 
                                                         30 June     30 June 2020 
                                                            2021              GBP 
                                                             GBP 
 Revenue                                                       -                - 
 Exploration costs                                   (3,470,443)      (3,460,185) 
 Administrative expenses                             (2,204,441)      (1,697,801) 
 Impairment cost                                               -         (38,376) 
 Operating loss                                      (5,674,884)      (5,196,362) 
 Other income                                            365,645           55,438 
 Foreign exchange loss                                 (193,976)                - 
 Finance income                             3                982           17,663 
 Finance costs                              3           (17,415)         (21,734) 
 Loss before taxation                               ( 5,519,648)      (5,144,995) 
 Income tax expense                         5                  -                - 
                                                 ---------------  --------------- 
 Loss for the year                                   (5,519,648)      (5,144,995) 
                                                 ---------------  --------------- 
 
   Other comprehensive income 
   Items that may be reclassified 
   subsequently to profit and 
   loss: 
   Exchange differences on translation 
   of foreign operations                                (48,735)          234,860 
 Other comprehensive income 
  for the year net of taxation                          (48,735)          234,860 
                                                 ---------------  --------------- 
 Total comprehensive income 
  for the year attributable 
  to equity holders of the parent 
  company                                            (5,568,383)      (4,910,135) 
                                                 ---------------  --------------- 
 
   Earnings per share - basic                9      (0.14) pence     (0.14) pence 
   and diluted 
                                                 ---------------  --------------- 
 

All operations are considered to be continuing.

The accompanying notes form part of these financial statements.

Group statement of financial position

as at 30 June 2021

 
                                 Note         30 June            30 June        1 July 2019 
                                                 2021               2020 
                                                  GBP         (Restated)         (Restated) 
                                                                    GBP*               GBP* 
 ASSETS 
 Non-current assets 
  Tangible assets                 10          120,356            132,061            103,114 
  Mine development                 11      17,091,622                  -                  - 
 Right of use asset               13          341,912            414,616                  - 
                                       --------------      -------------      ------------- 
                                           17,553,890            546,677            103,114 
                                       --------------      -------------      ------------- 
 Current assets 
  Cash and cash equivalents       21        6,212,057          6,022,745          2,755,998 
  Trade and other receivables      15          78,198             23,865             26,376 
                                       --------------      -------------      ------------- 
 Prepayments                                  154,215             55,211             51,104 
                                       --------------      -------------      ------------- 
 Total current assets                       6,444,470          6,101,821          2,833,478 
                                       --------------      -------------      ------------- 
 TOTAL ASSETS                              23,998,360          6,648,498          2,936,592 
                                       --------------      -------------      ------------- 
 LIABILITIES 
 Current liabilities 
  Payables and other 
  liabilities                      18     (3,513,512)          (932,759)          (630,369) 
 Total current liabilities                (3,513,512)          (932,759)          (630,369) 
                                       --------------      -------------      ------------- 
 Non-current liabilities 
 Borrowings                       17     (12,189,790)                  -                  - 
 Provisions                       16      (3,813,372)                  -                  - 
 Payables and other 
  liabilities                     18        (326,793)          (390,718)                  - 
                                       --------------      -------------      ------------- 
 Total non-current 
  liabilities                            (16,329,955)          (390,718)                  - 
                                       --------------      -------------      ------------- 
 
 TOTAL LIABILITIES                       (19,843,467)        (1,323,477)          (630,369) 
                                       --------------      -------------      ------------- 
 NET ASSETS                                 4,154,893          5,325,021          2,306,223 
                                       ==============      =============      ============= 
 
 EQUITY 
  Share capital                   19        3,947,270          3,760,207          3,323,420 
  Share premium                            24,064,307         19,878,782         12,554,173 
  Share based payment 
   reserve                         20         177,592            372,953            349,606 
 Retained earnings                       (24,388,861)       (19,090,241)       (14,089,436) 
 Other reserves                               354,585            403,320            168,460 
                                       --------------      -------------      ------------- 
 TOTAL EQUITY                               4,154,893          5,325,021          2,306,223 
                                       ==============      =============      ============= 
 
 
                                        Group statement of changes in equity for the year ended 30 June 
                                                                                                   2021 
                              Share        Share   Share based       Retained       Other         Total 
                            capital      premium       payment       earnings    reserves 
                                                       reserve 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
                             GBP         GBP           GBP           GBP           GBP          GBP 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 As at 30 June 
  2019                    3,323,420   12,554,173       349,606   (12,072,653)     168,460     4,323,006 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Change in accounting 
  policy                                                          (2,016,783)               (2,016,783) 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Restated as 
  at 30 June 2019         3,323,420   12,554,173       349,606   (14,089,436)     168,460     2,306,223 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Loss for the 
  year                            -            -             -    (5,144,995)           -   (5,144,995) 
 Adjustment from 
  the adoption 
  of IFRS 16                      -            -             -         13,045           -        13,045 
 Currency translation 
  differences                     -            -             -              -     234,860       234,860 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Total comprehensive 
  income                          -            -             -    (5,131,950)     234,860   (4,897,090) 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Share option 
  charge                          -            -       154,492              -           -       154,492 
 Transfer on 
  exercise of 
  options and 
  warrants                        -            -     (131,145)        131,145           -             - 
 Share capital 
  issued                    436,787    7,543,487             -              -           -     7,980,274 
 Cost of share 
  issue                           -    (218,878)             -              -           -     (218,878) 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Total contributions 
  by and distributions 
  to owners of 
  the Company               436,787    7,324,609        23,347        131,145           -     7,915,888 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 As at 30 June 
  2020 (restated)*        3,760,207   19,878,782       372,953   (19,090,241)     403,320     5,325,021 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 
 Loss for the 
  year                            -            -             -    (5,519,648)           -   (5,519,648) 
 Currency translation 
  differences                     -            -             -              -    (48,735)      (48,735) 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Total comprehensive 
  income                          -            -             -    (5,519,648)    (48,735)   (5,568,383) 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Share option 
  charge                          -            -        25,667              -           -        25,667 
 Transfer on 
  exercise of 
  options and 
  warrants                        -            -     (221,028)        221,028           -             - 
 Share capital 
  issued                    187,063    4,185,525             -              -           -     4,372,588 
 Cost of share                    -            -             -              -           -             - 
  issue 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 Total contributions 
  by and distributions 
  to owners of 
  the Company               187,063    4,185,525     (195,361)        221,028           -     4,398,255 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 As at 30 June 
  2021                    3,947,270   24,064,307       177,592   (24,388,861)     354,585     4,154,893 
                         ----------  -----------  ------------  -------------  ----------  ------------ 
 

The accompanying notes for part of these financial statements.

*See note 1.19 for details of the restatement as a result of change in accounting policy.

Note: In the previous year the Group adopted IFRS 16 and applied the modified retrospective approach. The cumulative effect of adoption is recognised as an adjustment to retained earnings.

 
 Other reserves                      Merger reserve   Foreign currency     Total other 
                                                           translation        reserves 
                                                               reserve 
                                                GBP                GBP           GBP 
 As at 30 June 2019                         225,000           (56,540)       168,460 
                                    ---------------  -----------------  ------------ 
 Currency translation differences                 -            234,860       234,860 
                                    ---------------  -----------------  ------------ 
 Total comprehensive income                       -            234,860       234,860 
                                    ---------------  -----------------  ------------ 
 As at 30 June 2020                         225,000            178,320       403,320 
                                    ---------------  -----------------  ------------ 
 Currency translation differences                 -           (48,735)      (48,735) 
                                    ---------------  -----------------  ------------ 
 Total comprehensive income                       -           (48,735)      (48,735) 
                                    ---------------  -----------------  ------------ 
 As at 30 June 2021                         225,000            129,585       354,585 
                                    ---------------  -----------------  ------------ 
 
 

The following describes the nature and purpose of each reserve within equity:

   Share capital:                                          Nominal value of shares issued 

Share premium: Amount subscribed for share capital in excess of nominal value, less share issue costs

   Share based payment reserve:       Cumulative fair value of options granted 

Retained losses: Cumulative net gains and losses, recognised in the statement of comprehensive income

Merger reserve: The merger reserve was created in accordance with the merger relief provisions of the Companies Act 1985 (as amended), and 2006, relating to accounting for business combinations involving the issue of shares at a premium. In preparing group consolidated financial statements, the amount by which the fair value of the shares issued exceeded their nominal value was recorded within a merger reserve on consolidation, rather than in a share premium account.

Foreign currency reserve: Gains/losses arising on translation of foreign controlled entities into pounds sterling.

Group statement of cash flows

for the year ended 30 June 2021

 
                                              Notes      Year ended          Year ended 
                                                            30 June             30 June 
                                                               2021                2020 
 
 
                                                                GBP                 GBP 
 Cash flows from operating activities 
  Loss before taxation                                  (5,519,648)         (5,183,317) 
  Increase in trade & other receivables                    (54,333)             (1,596) 
  Increase in payables & other liabilities                2,417,822             293,450 
  Depreciation                                              175,884              67,396 
  Amortisation                                               64,946              65,230 
  Impairment                                                      -              38,376 
  Share option charge                                        25,668             154,492 
 Foreign exchange loss                                      193,976                   - 
 Net decrease in cash and cash 
  equivalents from operating activities                 (2,695,685)         (4,565,969) 
                                                     --------------      -------------- 
 Cash flows from investing activities 
  Interest received                                             982               2,163 
  Interest payable                                         (17,415)            (21,734) 
  Payments to acquire intangible 
   assets                                                         -               9,640 
 Payments to acquire tangible assets                   (13,554,108)            (95,624) 
 Net cash outflows used in investing 
  activities                                           (13,570,541)           (105,555) 
                                                     --------------      -------------- 
 Cash flows from financing activities 
  Proceeds from issue of shares                           4,372,588           7,980,274 
  Transaction costs of issue of 
   shares                                                         -           (218,878) 
 Proceeds on borrowings                                  12,189,790                   - 
 Other income                                                     -              55,438 
 Repayment of lease liabilities                            (63,925)            (67,877) 
                                                     --------------      -------------- 
 Net cash inflows from financing 
  activities                                             16,498,453           7,748,957 
                                                     --------------      -------------- 
 Net increase in cash and cash 
  equivalents                                  21           232,227           3,077,433 
 Cash and cash equivalents at the 
  beginning of period                                     6,022,745           2,755,998 
 Exchange (loss) / gain on cash 
  and cash equivalents                                     (42,915)             189,314 
                                                     --------------      -------------- 
 Cash and cash equivalents at end 
  of period                                    21         6,212,057           6,022,745 
                                                     --------------      -------------- 
 

The accompanying notes form part of these financial statements.

Notes to financial statements

for the year ended 30 June 2021

 
 1     Principal accounting policies 
 
 1.1      Authorisation of financial statements and statement 
           of compliance with IFRS 
           The group financial statements of Greatland Gold plc 
           for the year ended 30 June 2021 were authorised for 
           issue by the board on 11 November 2021 and the statement 
           of financial position signed on the board's behalf 
           by Mr Shaun Day and Mr Alex Borrelli. Greatland Gold 
           plc is a public limited company incorporated and domiciled 
           in England and Wales. The Company's ordinary shares 
           are traded on AIM. 
           The principal accounting policies adopted by the Group 
           and Company are set out below. 
           New standards, amendments and interpretations adopted 
           by the Group 
           There are no IASB and IFRIC standards that have been 
           issued with an effective date after the date of the 
           financial statements which are expected to have a material 
           impact on the Group. 
           New and amended Standards and Interpretations issued 
           but not effective 
 
           At the date of approval of these financial statements, 
           the following standards and interpretations which have 
           not been applied in these financial statements were 
           in issue but not yet effective (and in some cases had 
           not been adopted by the UK): 
 
            *    Amendments to IAS 1 Presentation of Financial 
                 Statements: Classification of Liabilities as Current 
                 or Non-current - effective 1 January 2023* 
 
 
            *    Amendments to IFRS 3: Business Combinations - 
                 Reference to the Conceptual Framework - effective 1 
                 January 2022* 
 
 
            *    Amendments to IAS 16: Property, Plant & Equipment - 
                 effective 1 January 2022* 
 
 
            *    Amendments to IAS 37: Provisions, Contingent 
                 Liabilities and Contingent Assets - effective 1 
                 January 2022* 
 
 
            *    Annual Improvements to IFRS Standards 2018-2020 Cycle 
                 - effective 1 January 2022* 
 
 
            *    Amendments to IAS 1: Presentation of Financial 
                 Statements and IFRS Practice Statement 2: Disclosure 
                 of Accounting Policies - effective 1 January 2023* 
 
 
            *    Amendments to IAS 8: Accounting policies, Changes in 
                 Accounting Estimates and Errors - Definition of 
                 Accounting Estimates - effective 1 January 2023* 
 
 
            *    Amendments to IFRS 16: Leases - Covid-19-Related Rent 
                 Concessions beyond 30 June 2021 - effective 1 April 
                 2021 
 
 
            *    Amendments to IAS 12: Income Taxes - Deferred Tax 
                 related to Assets and Liabilities arising from a 
                 Single Transaction - effective 1 January 2023* 
 
 
           *subject to UK endorsement 
 
           The new and amended Standards and Interpretations which 
           are in issue but not yet mandatorily effective is not 
           expected to be material. 
 
 
 
   1.2     Significant accounting judgments, estimates and assumptions 
 
           Significant accounting estimates and assumptions 
           The carrying amounts of certain assets and liabilities 
           are often determined based on estimates and assumptions 
           of future events. The key estimates and assumptions 
           that have a significant risk of causing a material 
           adjustment to the carrying amounts of certain assets 
           and liabilities within the next annual reporting period 
           are: 
 
           Rehabilitation provision (Note 16) 
           The Group assesses its rehabilitation, restoration 
           and dismantling (rehabilitation) provision at each 
           reporting date. Significant estimates and assumptions 
           are made in determining the provision as there are 
           numerous factors that will affect the ultimate amount 
           payable. These factors include estimates of the extent, 
           timing and costs of rehabilitation activities, technological 
           changes, regulatory changes, cost increases as compared 
           to the inflation rates, and changes in discount rates. 
           These uncertainties may result in future actual expenditure 
           differing from the amounts currently provided. The 
           provision at reporting date represents management's 
           best estimate of the present value of the future rehabilitation 
           costs. The rehabilitation estimate is based on the 
           Pre-Feasibility study. The discount rate used in the 
           calculation of the provision is 4.5%. At this stage 
           the rehabilitation costs are expected to be incurred 
           up to 2033. 
 
           Impairment of mine development (Note 11) 
           The recoverable amount of mine development is dependent 
           on the successful development and commercial exploration, 
           or alternatively, sale of the respective area of interest. 
           The Group's estimate of the Ore Reserve that can be 
           economically and legally extracted. The Group estimates 
           its Ore Reserve and Mineral Resource based on information 
           compiled by appropriately qualified persons relating 
           to the geological data on the size, depth and shape 
           of the ore body, and requires complex geological judgments 
           to interpret the data. The estimation of Ore Reserves 
           is based on factors such as estimates of foreign exchange 
           rates, commodity prices, future capital requirements, 
           and production costs along with geological assumptions 
           and judgments made in estimating the size and grade 
           of the ore body and removal of waste material. Management 
           have determined the mine development asset to be recoverable 
           based on the Pre-Feasibility Study released on the 
           company's website on 21 October 2021. Changes in these 
           estimates may impact upon the carrying value of mine 
           properties, property, plant and equipment, and provision 
           for rehabilitation. 
 
           Impairment of loan due from subsidiary (Note 15) 
           The Company holds a loan due from a 100% owned subsidiary, 
           Greatland Pty Ltd. Greatland Pty Ltd holds the Group's 
           interest in the Havieron Joint Venture. The recoverable 
           amount of the loan is dependent on the successful development 
           and commercial exploration of the Havieron Joint Venture, 
           or alternatively, sale of the respective area of interest. 
           Management have concluded the loan will be recoverable 
           on this basis. 
 
           Share-based payment transactions (Note 20) 
           The Group measures the cost of equity-settled transactions 
           with employees by reference to the fair value of the 
           equity instruments at the date at which they are granted. 
           The fair value is determined using a Black-Scholes 
           model and a 40% discount is applied to that value due 
           to the recent volatility of the share price over the 
           valuation period. 
 
 1.3     Basis of preparation 
          The Group's financial statements have been prepared 
          in accordance with international accounting standards 
          in conformity with the requirements of the Companies 
          Act 2006 and in accordance with the requirements of 
          the Companies Act 2006. 
          The consolidated financial statements have been prepared 
          on the historical cost basis, except for the measurement 
          to fair value of assets and financial instruments as 
          described in the accounting policies below, and on 
          a going concern basis. 
          The amounts presented in the consolidated financial 
          statements are rounded to the nearest GBP1. 
          During the year, the group made the decision to voluntarily 
          change its accounting policy in respect of Exploration 
          assets. Refer to Note 1.19 for more details on the 
          change. 
          Going Concern 
          The consolidated entity has incurred a loss before 
          tax of GBP5,519,648 for the year ended 30 June 2021 
          and had a net cash outflow of GBP16,266,226 from operating 
          and investing activities. At that date there were net 
          current assets of GBP2,930,958. The loss resulted almost 
          entirely from exploration costs and associated administrative 
          related costs. 
         The Group's cash flow forecast for the period ending 
          30 November 2022 highlights adequate funding of projected 
          expenditure to last into 2022 with the Group having 
          access to a loan facility for its share of Havieron 
          Joint Venture expenditure up to US$50 million and is 
          being able to significantly reduce expenditure on its 
          own exploration programs if it wishes to do so. The 
          Group also has the ability to raise capital for expansion 
          purposes, if required and the Group has demonstrated 
          a consistent ability to do so in the past, as well 
          as potential to debt fund its share of Havieron development. 
          Albeit the Board considers that, in a worst case scenario, 
          the Group can continue without a capital raising. 
          Given the Group's current positive cash position, the 
          Directors have a reasonable expectation that the Group 
          has adequate resources to continue in operational existence 
          for the foreseeable future. 
          For these reasons, they continue to adopt the going 
          concern basis in preparing the annual report and accounts. 
          Having prepared forecasts based on current resources, 
          assessing methods of obtaining additional finance and 
          assessing the possible impact of COVID-19, the Directors 
          believe the Group has sufficient resources to meet 
          its obligations for a period of 12 months from the 
          date of approval of these financial statements. Taking 
          these matters into consideration, the Directors continue 
          to adopt the going concern basis of accounting in the 
          preparation of the financial statements. The financial 
          statements do not include the adjustments that would 
          be required should the going concern basis of preparation 
          no longer be appropriate 
 1.4     Basis of consolidation 
          The consolidated accounts combine the accounts of the 
          Company and its sole subsidiary, Greatland Pty Ltd, 
          using the purchase method of accounting. 
          In the Company's statement of financial position, the 
          investment in Greatland Pty Ltd includes the nominal 
          value of shares issued together with the cash element 
          of the consideration. As required by the Companies 
          Act 2006, no premium was recognised on the share issue. 
          The difference between nominal and fair value of the 
          shares issued was credited to the merger reserve. 
          Subsidiary undertakings are those entities controlled 
          directly or indirectly by the Company. The Company 
          controls an investee when it is exposed to, or has 
          rights to, variable returns from its involvement with 
          the entity and has the ability to affect those returns 
          through its power over the entity. The results of the 
          subsidiaries acquired are included in the Consolidated 
          Statement of Comprehensive Income from the date of 
          acquisition using the same accounting policies of those 
          of the Group. The consideration transferred in a business 
          combination is the fair value at the acquisition date 
          of the assets transferred and the liabilities incurred 
          by the Group and includes the fair value of any contingent 
          consideration arrangement. Acquisition-related costs 
          are recognised in the income statement as incurred. 
          Identifiable assets acquired and liabilities and contingent 
          liabilities assumed in a business combination are measured 
          initially at their fair value at the acquisition date. 
          Where necessary, adjustments are made to the financial 
          statements of subsidiaries to bring their accounting 
          policies in line with those used by other members of 
          the Group. 
          All intra-group balances and transactions, including 
          any unrealized income and expenses arising from intragroup 
          transactions, are eliminated in full in preparing the 
          consolidated financial statements. Unrealised gains 
          arising from transactions with equity accounted investees 
          are eliminated against the investment to the extent 
          of the Group's interest in the investee. Unrealised 
          losses are eliminated in the same way as unrealized 
          gains, but only to the extent that there is no evidence 
          of impairment. 
 1.5     Investment in subsidiaries 
          Investments in subsidiary companies are classified 
          as non-current assets and included in the statement 
          of financial position of the Company at cost, less 
          provision for impairment at the date of acquisition 
          irrespective of the application of merger relief under 
          the Companies Act. 
 1.6     Cash and cash equivalents 
          Cash and short-term deposits in the balance sheet comprise 
          cash at bank and in hand and short-term deposits with 
          an original maturity of three months or less. 
          For the purposes of the statement of cash flows, cash 
          and cash equivalents consist of cash and cash equivalents 
          as defined above, net of outstanding bank overdrafts. 
 
 
 1.7    Income tax and deferred taxation 
         Current tax assets and liabilities for the current 
         and prior periods are measured as the amount expected 
         to be recovered from or paid to the taxation authorities. 
         The tax rates and tax laws used to compute the amount 
         are those that are enacted or substantially enacted 
         by the balance sheet date. 
         Full provision is made for deferred taxation resulting 
         from timing differences which have arisen but not reversed 
         at the balance sheet date. 
         Deferred tax assets on carried forward losses are only 
         recorded where it is expected that future trading profits 
         will be generated in which this asset can be offset. 
         The carrying amount of deferred tax assets is reviewed 
         at each balance sheet date and reduced to the extent 
         that it is no longer probable that sufficient taxable 
         profits will be available to allow all or part of the 
         asset to be recovered. 
         Deferred tax is calculated at the tax rates that are 
         expected to apply in the period when the liability 
         is settled or the asset realised. Deferred tax is charged 
         or credited to profit or loss, except when it relates 
         to items charged or credited directly to equity, in 
         which case the deferred tax is also dealt with in equity. 
 1.8         Tangible fixed assets 
              Exploration and evaluation and development assets 
              Exploration and evaluation and development assets includes 
              pre-licence costs, costs associated with exploring, 
              investigating, examining and evaluating an area of 
              mineralisation, and assessing the technical feasibility 
              and commercial viability of extracting the mineral 
              resource from that area. Other than acquisition costs, 
              exploration and evaluation expenditure incurred on 
              licenses where the commercial viability of extracting 
              the mineral resource has not yet been established is 
              generally expensed when incurred. Once the commercial 
              viability of extracting the mineral resource are demonstrable 
              (at which point, the Group considers it probable that 
              economic benefits will be realised), the Group capitalises 
              any further evaluation costs incurred. These costs 
              are classified as property plant and equipment. The 
              recoverability of the exploration and evaluation assets 
              is dependent on the successful development and commercial 
              exploration, or alternatively, sale of the respective 
              area of interest. 
 
              Exploration and evaluation and development assets are 
              assessed for impairment if: 
              -- insufficient data exists to determine commercial 
              viability; or 
              -- other facts and circumstances suggest that the carrying 
              amount exceeds the recoverable amount. 
 
              An exploration and evaluation asset will be reclassified 
              to mine properties when the technical feasibility and 
              commercial viability of extracting a mineral resource 
              are demonstrable and a decision has been made to develop 
              and extract the resource. Exploration and evaluation 
              assets shall be assessed for impairment, and any impairment 
              loss shall be recognised, before reclassification to 
              mine properties. No amortisation is charged during 
              the exploration and evaluation phase. 
 
              Rehabilitation provision 
              The present value of the expected cost for the decommissioning, 
              restoration and dismantling of an asset after its use 
              is included in the cost of the respective asset if 
              the recognition criteria for a provision are met. Refer 
              to Provisions for further information about the recognised 
              decommissioning provision. 
 
              Plant and equipment 
              Plant and equipment including mine development are 
              stated at historical cost, less accumulated depreciation 
              and accumulated impairment losses, if any. Historical 
              cost includes expenditure that is directly attributable 
              to the acquisition of the items and costs incurred 
              in bringing the asset into use. 
 
              Subsequent costs are included in the asset's carrying 
              amount or recognised as a separate asset, as appropriate, 
              only when it is probable that future economic benefits 
              associated with the item flow to the Group and the 
              cost of the item can be measured reliably. The carrying 
              amount of the replaced part is de-recognised. All other 
              repairs and maintenance costs are recognised in the 
              income statement as incurred. 
 
              An item of property, plant and equipment and any significant 
              part initially recognised is derecognised upon disposal 
              or when no future economic benefits are expected from 
              its use or disposal. Any gain or loss arising on derecognition 
              of the asset (calculated as the difference between 
              the net disposal proceeds and the carrying amount of 
              the asset) is included in the income statement when 
              the asset is derecognised 
 
              Depreciation 
              The depreciation methods adopted by the Group are shown 
              in table below : 
               *    Mine properties: units of ore extracted basis over 
                    the life of mine 
 
 
               *    Motor vehicles: straight line basis of 20% per annum 
 
 
               *    Equipment: straight line basis of 7% per annum 
 
 
               *    Leasehold improvements: straight line basis of 11% 
                    per annum 
 1.9    Capitalised borrowing costs 
        Borrowing costs directly attributable to the acquisition, 
         construction or production of assets that necessarily 
         take a substantial period of time to prepare for their 
         intended use or sale, are added to the cost of those 
         assets, until such time as the assets are substantially 
         ready for their intended use or sale. 
         All other borrowing costs are recognised in income 
         in the period in which they are incurred. 
 1.10   Right of use assets 
             At inception of a contract, the Company assesses if 
              the contract contains or is a lease. If there is a 
              lease present, a right-of-use asset and a corresponding 
              lease liability is recognised by the company where 
              the company is a lessee. However, all contracts that 
              are classified as short-term leases (i.e. a lease with 
              a remaining lease term of 12 months or less) and leases 
              of low-value assets are recognised as an operating 
              expense on a straight line basis over the term of the 
              lease. 
              Initially, the lease liability is measured at the present 
              value of the lease payments still to be paid at commencement 
              date. The lease payments are discounted at the interest 
              rate implicit in the lease. If the rate cannot be readily 
              determined, the company uses the incremental borrowing 
              rate. 
              Lease payments included in the measurement of the lease 
              liability are as follows: 
               *    Fixed lease payments less any lease incentives; 
 
 
               *    Variable lease payments that depend on an index rate, 
                    initially measured using the index rate of rate at 
                    the commencement date; 
 
 
               *    The amount expected to be payable by the lessees 
                    under the residual value guarantees; 
 
 
               *    The exercise price of purchase options, if the lessee 
                    is reasonably certain to exercise the options; 
 
 
               *    Lease payments under extension options, if the lessee 
                    is reasonably certain to exercise the options; and 
 
 
               *    Payments of penalties for terminating the lease, if 
                    the lease term reflects the exercise of an options. 
        The right-of-use assets comprise the initial measurement 
         of the corresponding lease liability as mentioned above, 
         any to terminate the lease payments made at or before 
         the commencement date, as well as any initial direct 
         costs. The subsequent measurement of the right-of-use 
         assets is at cost less accumulated depreciation and 
         impairment losses. Right-of-use assets are depreciated 
         over the lease term of useful life of the underlying 
         asset, whichever is the shortest. Where a lease transfers 
         ownership of the underlying asset of the cost of the 
         right-of-use asset reflects that the company anticipates 
         to exercise a purchase option, the specific asset is 
         depreciated over the useful life of the underlying 
         asset. 
 1.11   Foreign currencies 
         Both the functional and presentational currency of 
         Greatland Gold plc is sterling (GBP). Each group entity 
         determines its own functional currency and items included 
         in the financial statements of each entity are measured 
         using that functional currency. 
         The functional currency of the foreign subsidiary, 
         Greatland Pty Ltd, is Australian Dollars (A$). 
         Transactions in foreign currencies are recorded at 
         the rate ruling at the date of the transaction. Monetary 
         assets and liabilities denominated in foreign currencies 
         are translated at the rate of exchange ruling at the 
         balance sheet date. All differences are taken to the 
         income statement. 
         On consolidation of a foreign operation, assets and 
         liabilities are translated at the balance sheet rates, 
         income and expenses are translated at rates ruling 
         at the transaction date. Exchange differences on consolidation 
         are taken to the income statement. 
 1.12   Other income 
         During the year the Parent Company received a 'Small 
         Business Grant' of GBP10,000 from Westminster City 
         Council, London. In the previous year Greatland Pty 
         Ltd received two 'Cash Boost' grants totalling A$100,000 
         (GBP55,438) from the state government of Western Australia. 
         These grants were provided to support businesses during 
         the COVID-19 pandemic. Government grants are recognised 
         only when there is reasonable assurance that the Group 
         will comply with the conditions attaching to the grant 
         and that the grants will be received. Capital grants 
         are recognised to match the related development expenditure 
         and are deducted in arriving at the carrying value 
         of the related assets. Any grants that are received 
         in advance of recognition are deferred. 
         During the year the Group received other income of 
         A$611,050 (GBP336,356) in respect of chargeable costs 
         for its Juri loan (2020: GBPnil). 
         Previous years consisted of a grant from the state 
         government of Western Australia. Government grants 
         are accounted for on a receipts basis. 
 1.13   Finance income 
         Finance income is recognised as interest accrues using 
         the effective interest method. This is a method of 
         calculating the amortised cost of a financial asset 
         and allocating the interest income over the relevant 
         period using the effective interest rate, which is 
         the rate that exactly discounts estimated future cash 
         receipts through the expected life of the financial 
         asset to the net carrying amount of the financial asset. 
 1.14   Trade and other receivables 
         Trade and other receivables are recognised initially 
         at fair value and subsequently measured at amortised 
         cost using the effective interest method, less any 
         allowance for the expected future issue of credit notes 
         and for non-recoverability due to credit risk. The 
         Group applies the IFRS 9 simplified approach to measuring 
         expected credit losses which uses a lifetime expected 
         loss allowance for all trade receivables and contract 
         assets. To measure expected credit losses, trade receivables 
         and contract assets have been grouped based on shared 
         risk characteristics. No such credit loss has been 
         recorded in these financial statements as any effect 
         would be immaterial. 
 1.15   Financial instruments 
         Financial assets and liabilities are recognized in 
         the Group's Statement of Financial Position when the 
         Group becomes a party to the contracted provision of 
         the instrument. The following policies for financial 
         instruments have been applied in the preparation of 
         the consolidated financial statements: 
         The Group and Company's financial assets which comprise 
         loans and receivables and other debtors are measured 
         at amortised cost. 
         The classification depends on the business model for 
         managing the financial assets and the contractual terms 
         of the cash flows. Financial assets are classified 
         as at amortised cost only if both of the following 
         criteria are met: 
          *    the asset is held within a business model whose 
               objective is to collect contractual cash flows; and 
 
 
          *    the contractual terms give rise to cash flows that 
               are solely payments of principal and interest 
 1.16   Trade and other payables 
         Trade payables and other payables are carried at amortised 
         cost and represent liabilities for goods and services 
         provided to the Group prior to the end of the financial 
         year that are unpaid and arise when the Group becomes 
         obliged to make future payments in respect of the purchase 
         of these goods and services. 
 1.17   Provisions 
         Employee benefits 
         Provision for employee entitlements include leave entitlements. 
         These are recognised when the Company has a legal or 
         constructive obligation, as a result of past events, 
         for which it is probable that an outflow of economic 
         benefits will result and that outflow can be reliably 
         measured. 
         Liabilities for wages and salaries, annual leave and 
         any other employee benefits are measured at the amounts 
         expected to be paid when the liabilities are settled. 
         Amounts expected to settle within twelve months are 
         recognised in 'Current Provisions' (for annual leave 
         and salary at risk) and 'Trade and Other Payables' 
         (for all other employee benefits) in respect of employees' 
         services up to the reporting date. Costs incurred in 
         relation to non-accumulating sick leave are recognised 
         when leave is taken and are measured at the rates paid 
         or payable. 
         The liability for long service leave and other long-term 
         benefits is measured at the present value of the estimated 
         future cash outflows resulting from employees' services 
         provided up to the reporting date. 
         Rehabilitation, restoration and dismantling 
         The Group recognises a provision for the estimate of 
         the future costs of restoration activities on a discounted 
         basis at the time of exploration or mining disturbance. 
         The nature of these restoration activities includes 
         dismantling and removing structures, rehabilitating 
         mines, dismantling operating facilities, closure of 
         plant and waste sites, and restoration, reclamation 
         and re-vegetation of affected areas. When the liability 
         is initially recognised, the present value of the estimated 
         costs is capitalised by increasing the carrying amount 
         of the related assets to the extent that it was incurred 
         by the development/construction of the asset. 
         Over time, the discounted liability is increased for 
         the change in the present value based on a discount 
         rate that reflects current market assessments. Additional 
         disturbances or changes in rehabilitation costs will 
         be recognised as additions or changes to the corresponding 
         asset and rehabilitation liability when incurred. The 
         unwinding of the effect of discounting the provision 
         is recorded as a finance cost in the statement of comprehensive 
         income. The carrying amount capitalised as a part of 
         mining assets is depreciated/amortised over the life 
         of the related asset. 
         Rehabilitation and restoration obligations arising 
         from the Group's exploration activities are recognised 
         immediately in the income statement. If a change to 
         the estimated provision results in an increase in the 
         rehabilitation liability and therefore an addition 
         to the carrying value of the related asset, the Group 
         considers whether this is an indication of impairment 
         of the asset. If the revised assets, net of rehabilitation 
         provisions, exceed the recoverable amount, that portion 
         of the increase to the provision is charged directly 
         to the statement of comprehensive income. 
 1.18     Earnings per share 
           Basic earnings per share is calculated as net profit 
           attributable to members of the parent, adjusted to 
           exclude any costs of servicing equity (other than 
           dividends) and preference share dividends, divided 
           by the weighted average number of ordinary shares, 
           adjusted for any bonus element. 
           Diluted earnings per share is calculated as net profit 
           attributable to members of the parent, adjusted for: 
            *    costs of servicing equity (other than dividends) and 
                 preference share dividends; 
 
 
            *    the after tax effect of dividends and interest 
                 associated with dilutive potential ordinary shares 
                 that have been recognised as expenses; and 
 
 
            *    other non-discretionary changes in revenues or 
                 expenses during the period that would result from the 
                 dilution of potential ordinary shares; divided by the 
                 weighted average number of ordinary shares and 
                 dilutive potential ordinary shares, adjusted for any 
                 bonus element. 
 1.19          Change in accounting policy adjustment - Exploration 
                and development expenditure 
                During the year, a retrospective adjustment has been 
                made to the carrying values to reflect a change in 
                accounting policy of exploration and evaluation expenditure. 
                The change in accounting policy was made to align to 
                industry and peer companies. Previously costs associated 
                with an exploration activity were capitalised if, in 
                management's opinion, the results from that activity 
                led to a material increase in the market value of the 
                exploration asset which was determined by management 
                to be following the economic feasibility stage. 
                The new policy is as follows: 
                Exploration, evaluation and development assets includes 
                pre-licence costs, costs associated with exploring, 
                investigating, examining and evaluating an area of 
                mineralisation, and assessing the technical feasibility 
                and commercial viability of extracting the mineral 
                resource from that area. Other than acquisition costs, 
                exploration and evaluation expenditure incurred on 
                licenses where the commercial viability of extracting 
                the mineral resource has not yet been established is 
                generally expensed when incurred. Once the commercial 
                viability of extracting the mineral resource are demonstrable 
                (at which point, the Group considers it probable that 
                economic benefits will be realised), the Group capitalises 
                any further evaluation costs incurred. This probability 
                is assessed through a Pre-Feasbility study or similar. 
                The recoverability of the exploration and evaluation 
                assets is dependent on the successful development and 
                commercial exploration, or alternatively, sale of the 
                respective area of interest. 
 
                Exploration, evaluation and development assets are 
                assessed for impairment if: 
                -- insufficient data exists to determine commercial 
                viability; or 
                -- other facts and circumstances suggest that the carrying 
                amount exceeds the recoverable amount. 
 
                An exploration and evaluation asset will be reclassified 
                to mine properties when the technical feasibility and 
                commercial viability of extracting a mineral resource 
                are demonstrable and a decision has been made to develop 
                and extract the resource. Exploration and evaluation 
                assets shall be assessed for impairment, and any impairment 
                loss shall be recognised before reclassification to 
                mine properties. No amortisation is charged during 
                the exploration and evaluation phase. 
                Impairment reviews are carried out regularly by the 
                Directors of the Company. Where a project is abandoned 
                or is considered not to be of commercial value to the 
                Company, the related costs are written off or provisions 
                are made. 
                The change in accounting policy affected the following 
                items in the balance sheet at 1 July 2020: 
                 *    Intangible assets - decrease by GBP1,989,363 (1 July 
                      2019: GBP2,016,783) 
 
 
                 *    Retained earnings - decrease by GBP1,989,363 (1 July 
                      2019: GBP2,016,783) 
 
 
                There was no impact to the statement of comprehensive 
                income as a result of the change in accou n ting policy, 
                given there were no additions to Intangible Assets 
                in 2020. As a result, there was no change to the earnings 
                per share calculation. 
 1.20   Share based payments 
         The fair value of options granted to directors and 
         others in respect of services provided is recognised 
         as an expense in the profit and loss account with 
         a corresponding increase in equity reserves - the 
         share based payment reserve. 
         On exercise or cancellation of share options, the 
         proportion of the share based payment reserve relevant 
         to those options is transferred to the profit and 
         loss account reserve. On exercise, equity is also 
         increased by the amount of the proceeds received. 
         The fair value is measured at grant date and the 
         charge is spread over the relevant vesting period. 
         The fair value of options is calculated using the 
         Black-Scholes model taking into account the terms 
         and conditions upon which the options were granted. 
         Vesting conditions are non-market and there are no 
         market vesting conditions. The exercise price is 
         fixed at the date of grant and no compensation is 
         due at the date of grant. 
 1.21   Interest in joint operations 
         A joint operation is a joint arrangement whereby the 
         parties of the arrangement have rights to the assets, 
         and obligations for the liabilities, relating to the 
         arrangement. 
         When the Group undertakes its activities under joint 
         operations, the Group as a joint operator recognises 
         in relation to its interest in a joint operation: 
          *    Its assets, including its share of any assets held 
               jointly 
 
 
          *    Its liabilities, including its share of any 
               liabilities incurred jointly 
 
 
          *    Its revenue from the sale of its share of the output 
               arising from the joint operation 
 
 
          *    Its share of the revenue from the sale of the output 
               by the joint operation 
 
 
          *    Its expenses, including its share of any expenses 
               incurred jointly. 
 
 
         The Havieron Project is operated under a Joint Venture 
         Agreement between Greatland Gold and Newcrest Mining 
         Limited (Newcrest) entered into on 30 November 2020. 
         The agreement provides a formal framework for the 
         arrangements between the two parties beyond the existing 
         Farm-in Agreement, and facilitate the expansion of 
         exploration activities at Havieron and the acceleration 
         of early works, including the construction of a box-cut 
         and decline. 
         As at 30 June 2021, Newcrest has now met the Stage 
         3 expenditure requirement (US$45 million) resulting 
         in an overall joint venture interest of 60% (Greatland 
         Gold 40%). Newcrest can earn up to a 70% joint venture 
         interest through total expenditure of US$65 million 
         and the completion of a series of exploration and 
         development milestones (including the delivery of 
         a Pre-Feasibility Study) in a four-stage farm-in over 
         a six year period that commenced in May 2019. 
         The Joint Venture arrangement governs the joint venture 
         ownership and operations of the Havieron project in 
         the area covered by Mining Lease 45/1287 which includes 
         the Havieron gold-copper deposit. The Joint Venture 
         Agreement includes tolling principles reflecting the 
         intention of the parties that, subject to a successful 
         exploration program, Feasibility Study and a positive 
         decision to mine, the resulting joint venture mineralised 
         material will be processed at Newcrest's Telfer Gold 
         Mine ("Telfer"), which sits approximately 45km to 
         the west of Havieron. 
 
 
 
 2    Segmental reporting 
      The Group's prime business segment is mining development 
       and exploration of precious and base metals. 
       The Group operates within two geographical segments, 
       the United Kingdom and Australia. The UK sector consists 
       of the parent company which provides administrative 
       and management services to the subsidiary undertaking 
       based in Australia. 
       The aggregation of these two segments into a single 
       United Kingdom business unit reflects the way information 
       is presented to the Chief Operating Decision Maker, 
       who is the Group's Chief Executive Officer. 
       The following tables present revenue and loss information 
       and certain asset and liability information by geographical 
       segments: 
                                           UK      Australia              Total 
      Year ended 30 June                  GBP            GBP                GBP 
       2021 
      Revenue 
       Total segment revenue                -               -                 - 
                               --------------  --------------  ---------------- 
      Total consolidated                    -               -                 - 
       revenue 
                               --------------  --------------  ---------------- 
  Result 
   Segment results                (1,113,949)     (4,754,911)       (5,868,860) 
                               --------------  --------------  ---------------- 
      Loss before tax and 
       finance income/costs       (1,113,949)     (4,754,911)       (5,868,860) 
   Interest receivable                     20             962               982 
   Interest payable                   (6,100)        (11,315)          (17,415) 
   Other income                        10,000         355,645           365,645 
                               --------------  --------------  ---------------- 
  Loss before taxation            (1,110,029)     (4,409,619)       (5,519,648) 
   Taxation expense                         -               -                 - 
                               --------------  --------------  ---------------- 
  Loss after taxation             (1,110,029)     (4,409,619)       (5,519,648) 
                               --------------  --------------  ---------------- 
 
 
 
                                           UK        Australia            Total 
    As at 30 June 2021                    GBP              GBP              GBP 
  Assets and liabilities 
  Segment assets                    5,359,105       18,639,255       23,998,360 
                                 ------------  --------------- 
  Total assets                      5,359,105       18,639,255       23,998,360 
                                 ------------  ---------------  --------------- 
 
    Segment liabilities             (426,530)     (19,416,936)     (19,843,466) 
                                 ------------  ---------------  --------------- 
  Total liabilities                 (426,530)     (19,416,936)     (19,843,466) 
                                 ------------  ---------------  --------------- 
 
    Other segment information: 
    Capital expenditure                     -       17,270,525       17,270,525 
                                 ------------  ---------------  --------------- 
  Depreciation                              -          175,884          175,884 
                                 ------------  ---------------  --------------- 
  Amortisation                         25,133           39,813           64,946 
                                 ------------  ---------------  --------------- 
  Impairment                                -                -                - 
                                 ------------  ---------------  --------------- 
 
 
 2    Segmental reporting,                     UK       Australia           Total 
       continued 
      Year ended 30 June 2020                 GBP             GBP             GBP 
      Revenue 
       Total segment revenue                    -               -               - 
                                   --------------  --------------  -------------- 
      Total consolidated revenue                -               -               - 
                                   --------------  --------------  -------------- 
  Result 
   Segment results                    (1,061,048)     (4,135,314)     (5,196,362) 
                                   --------------  --------------  -------------- 
      Loss before tax and 
       finance costs                  (1,061,048)     (4,135,314)     (5,196,362) 
   Interest receivable                        275           1,888           2,163 
      Interest payable                      6,229        (12,463)         (6,234) 
   Other income                                 -          55,438          55,438 
                                   --------------  --------------  -------------- 
  Loss before taxation                (1,054,544)     (4,090,451)     (5,144,995) 
   Taxation expense                             -               -               - 
                                   --------------  --------------  -------------- 
  Loss after taxation                 (1,054,544)     (4,090,451)     (5,144,995) 
                                   --------------  --------------  -------------- 
 
 
                                          UK       Australia           Total 
    As at 30 June 2020                   GBP             GBP             GBP 
  Assets and liabilities 
   (restated) 
  Segment assets                   4,374,330       2,274,168       6,648,498 
                                ------------  --------------  -------------- 
  Total assets                     4,374,330       2,274,168       6,648,498 
                                ------------  --------------  -------------- 
 
    Segment liabilities            (229,983)     (1,093,494)     (1,323,477) 
                                ------------  --------------  -------------- 
  Total liabilities                (229,983)     (1,093,494)     (1,323,477) 
                                ------------  --------------  -------------- 
 
    Other segment information 
    Capital expenditure                    -          85,984          85,984 
                                ------------  --------------  -------------- 
  Depreciation                             -          67,396          67,396 
                                ------------  --------------  -------------- 
  Amortisation                        25,133          40,097          65,230 
                                ------------  --------------  -------------- 
  Impairment                               -          38,376          38,376 
                                ------------  --------------  -------------- 
 
 
 3      Net finance costs                                         2021        2020 GBP 
                                                                   GBP 
 
        Finance income Finance costs                               982          17,663 
                                                              (17,415)        (21,734) 
                                                       ---------------  -------------- 
                                                              (16,433)         (4,071) 
                                                       ---------------  -------------- 
 
         Expenses by Nature                                                              2020 
   4                                                                     2021             GBP 
                                                                          GBP 
        Loss on ordinary activities before 
         taxation is stated after charging: 
   Auditors' remuneration - audit Depreciation 
    Amortisation 
   Impairment charge                                                   40,600          17,000 
   Directors' emoluments                                              175,884          67,396 
                                                                       64,946          65,230 
                                                                            -          38,376 
                                                                    1,368,925       1,089,226 
 
          Services provided by the Company's 
          auditor and its associates 
        During the period, the Group (including overseas subsidiaries) 
         obtained the following services from the Company's 
         auditors and its associates: 
                                                                                         2020 
                                                                         2021             GBP 
                                                                          GBP 
  Fees payable to the Company's auditor 
   and its associates for the audit of 
   the Company and Group Financial Statements                          40,600          17,000 
 
    Auditors' remuneration for audit services above excludes 
    AU$11,750 (2020: AU$9,950) charged by Charles Foti 
    Business Services (Australia) relating to the audit 
    of the subsidiary company. 
 
 
 
 5   Taxation 
                                            2021   2020 
     Analysis of charge in year              GBP    GBP 
     Deferred tax                              -      - 
      Current tax                              -      - 
     Tax on profit on ordinary activities      -      - 
                                           -----  ----- 
 
 
       Factors affecting tax charge for year 
       The tax assessed on the loss on ordinary activities 
        for the period differs from the standard rate of corporation 
        tax in the UK of 19% (2020: 19%) and Australia of 
        26%. The differences are explained below: 
                                                    2021          2020 
                                                     GBP           GBP 
  Loss on ordinary activities before 
   tax                                       (5,519,648)   (5,144,995) 
                                            ============  ============ 
 
  Loss multiplied by weighted average 
   applicable rate of tax                    (1,241,921)   (1,196,211) 
       Effects of: 
  Expenses not deductible for tax: 
   Share option charge                             5,775        35,920 
  Tax losses on which no deferred tax 
   asset is recognised                         1,236,146     1,160,291 
                                            ------------  ------------ 
  Income tax expense                                   -             - 
                                            ------------  ------------ 
 
  The weighted average applicable tax rate of 22.50% 
   (2020: 23.25%) used is a combination of the standard 
   rate of corporation tax rate for entities in the United 
   Kingdom of 19% (2020: 19%), and 26.0% (2020: 27.5%) 
   in Australia. 
  No deferred tax asset has been recognised because there 
   is insufficient evidence of the timing of suitable 
   future profits against which they can be recovered. 
 
 
 
 Losses carried forward: 
 Brought forward losses 30 June 2020    17,073,458   12,072,653 
  Currency exchange movements            (221,029)            - 
  Prior year adjustment                  1,989,363            - 
 Current year losses                     5,519,648    5,000,805 
                                       -----------  ----------- 
 Losses carried forward 30 June 2021    24,361,440   17,073,458 
                                       -----------  ----------- 
 
 
 6    Employee information Employee costs         2021        2020 
       comprised:                                  GBP         GBP 
  Wages and salaries                         1,696,082     949,721 
  Bonus                                        338,068     611,854 
  Pension/superannuation Share option          169,723     147,345 
   charge                                       25,668     154,492 
                                            ----------  ---------- 
                                             2,229,541   1,863,412 
                                            ----------  ---------- 
 
                                                Number      Number 
      Exploration Administration                    15           6 
                                                     2           2 
                                            ----------  ---------- 
 

Of the total employee costs in the year, GBP772,804 (2020: GBP669,759) arises from work on the Exploration Properties and has been expensed to the statement of comprehensive income as exploration costs. Refer to Note 8 for details of the Directors' emoluments.

 
 
 7     Dividends 
        No dividends were paid or proposed by the Directors. 
        (2020: GBPNil) 
 
 
 
 8    Directors' emoluments                                                    2021        2020 
                                                                                GBP         GBP 
      Directors' remuneration                                             1,348,676     997,511 
   Share option charge                                                       20,249      91,715 
                                                                     --------------  ---------- 
                                                                          1,368,925   1,089,226 
                                                                     --------------  ---------- 
 
                                 Directors'     Pension       Bonus     Share Based       Total 
                                     salary                                Payments 
      2021                              GBP         GBP         GBP             GBP         GBP 
      Executive directors 
       Callum Baxter 
       Gervaise Heddle              320,721 
    (resigned 12 
    March 2021) 
    Shaun Day                       348,790      40,020     100,540           3,901     465,182 
    (appointed 
    15 December 
    2020) Non-executive 
    directors Alex 
    Borrelli Clive 
    Latcham                                      29,194           -           3,901     381,885 
 
                                    191,760 
                                                 28,031     103,305          11,797     334,893 
 
                                     52,500 
                                     40,000       1,315      52,500               -     106,315 
                                                      -      40,000             650      80,650 
                              -------------  ----------  ----------  --------------  ---------- 
                                    953,771      98,560     296,345          20,249   1,368,925 
                              -------------  ----------  ----------  --------------  ---------- 
 

Of the total Directors' emoluments disclosed above in the statement of comprehensive income, 75% (or GBP348,887) for Callum Baxter and 25% (or GBP259,968) for Gervaise Heddle and Shaun Day has been allocated to exploration costs in the statement of comprehensive income for the year. Directors' remuneration and bonus relates to short term employee benefits. Pension / superannuation payments relate to long term employee benefits.

S hare based payments reflect the Black Scholes value of share options granted during the year. See Note 20.Also, see Note 25 for related party transactions.

 
                                     Directors'    Pension       Bonus   Share Based       Total 
                                         salary                             Payments 
         2020                               GBP        GBP         GBP           GBP         GBP 
         Executive directors 
          Callum Baxter Gervaise 
          Heddle Non-executive 
          directors Alex Borrelli 
          Clive Latcham                 185,024 
                                        185,024     44,278     205,121        30,015     464,438 
                                                    44,278     205,121        30,015     464,438 
                                         43,750 
                                         33,750      1,165      25,000         3,159      73,074 
                                                         -      25,000        28,526      87,276 
                                    -----------  ---------  ----------  ------------  ---------- 
                                        447,548     89,721     460,242        91,715   1,089,226 
                                    -----------  ---------  ----------  ------------  ---------- 
 

Of the total Directors' emoluments disclosed above in the statement of comprehensive income, 75% (or GBP348,329) for Callum Baxter and 25% (or GBP116,110) for Gervaise Heddle has been allocated to exploration costs in the statement of comprehensive income for the year. Directors' remuneration and bonus relates to short term employee benefits. Pension / superannuation payments relate to long term employee benefits.

 
 
   8     Directors' emoluments, continued 
 

The aggregate gains made on the exercise of options during the year was GBP4,827,500 (2020: GBP5,357,450)

Share based payments reflect the Black Scholes value of share options granted during the year. See Note 20.

Also, see Note 25 for related party transactions.

 
               9       Earnings per share 
                       The basic earnings per share is derived by dividing 
                        the loss / profit for the period attributable to ordinary 
                        shareholders by the weighted average number of shares 
                        in issue. 
                                                                                      2021                   2020 
                                                                                       GBP                    GBP 
                       Loss for the period                                     (5,519,648)            (5,144,995) 
                                                                        ------------------  --------------------- 
                        Weighted average number of Ordinary 
                         shares of GBP0.001 in issue                         3,872,578,735          3,593,407,809 
                         Loss per share - basic 
                                                                              (0.14) pence           (0.14) pence 
                                                                        ------------------  --------------------- 
 
                         An inclusion of the potential Ordinary shares would 
                         result in a decrease in the loss per share, they are 
                         considered to be anti-dilutive; as such, a diluted earnings 
                         per share is not included. 
                         If the 103,250,000 outstanding options at 30 June 2021 
                         (2020: 204,500,000) were included to calculate the diluted 
                         loss per share. 
                       Weighted average number of Ordinary 
                        shares of GBP0.001 in issue inclusive                3,975,828,735          3,797,907,809 
                        of outstanding options Loss per 
                        share - diluted                                       (0.14) pence           (0.14) pence 
                                                                        ------------------  --------------------- 
 
 10    Tangible fixed assets - 
        Group 
                                                        Motor       Equipment         Leasehold       Total 
                                                      vehicle                      Improvements 
       Cost                                               GBP             GBP               GBP         GBP 
  At 30 June 2020                                     117,546         120,451             6,320     244,317 
       Disposals Additions                           (32,837)               -                 -    (32,837) 
                                                       49,050         129,853                 -     178,903 
  Foreign exchange rate fluctuations                  (2,858)         (2,929)             (153)     (5,940) 
                                                   ----------  --------------  ----------------  ---------- 
  At 30 June 2021                                     130,901         247,375             6,167     384,443 
                                                   ----------  --------------  ----------------  ---------- 
       Depreciation 
                                                       44,955          67,294                 7     112,256 
  At 30 June 2020 
   Disposals                                         (19,160)               -                 -    (19,160) 
  Charge                                               28,660         147,068               156     175,884 
  Foreign exchange rate fluctuations                  (1,446)         (3,445)               (2)     (4,893) 
                                                   ----------  --------------  ----------------  ---------- 
  At 30 June 2021                                      53,009         210,917               161     264,087 
                                                   ----------  --------------  ----------------  ---------- 
       Net book value 
  At 30 June 2021                                      77,892          36,458             6,006     120,356 
                                                   ----------  --------------  ----------------  ---------- 
  At 30 June 2020                                      72,591          53,157             6,313     132,061 
                                                   ----------  --------------  ----------------  ---------- 
 
 
 
                                      Motor vehicle   Equipment         Leasehold     Total 
                                                                     Improvements 
         Cost                                   GBP         GBP               GBP       GBP 
   At 30 June 2019                           33,310     113,863                 -   147,173 
                                                  -           -                 -         - 
   Disposals Additions                       83,892       5,411             6,320    95,623 
   Foreign exchange rate 
    fluctuations                                344       1,177                 -     1,521 
                                     --------------  ----------  ----------------  -------- 
   At 30 June 2020                          117,546     120,451             6,320   244,317 
                                     --------------  ----------  ----------------  -------- 
         Depreciation 
                                              5,126      38,933                 -    44,059 
 
   At 30 June 2019 Disposals                      -           -                 -         - 
   Charge                                    39,573      27,816                 7    67,396 
   Foreign exchange rate 
    fluctuations                                256         545                 -       801 
                                     --------------  ----------  ----------------  -------- 
   At 30 June 2020                           44,955      67,294                 7   112,256 
                                     --------------  ----------  ----------------  -------- 
         Net book value 
   At 30 June 2020                           72,591      53,157             6,313   132,061 
                                     --------------  ----------  ----------------  -------- 
   At 30 June 2019                           28,184      74,930                 -   103,114 
                                     --------------  ----------  ----------------  -------- 
 
 
 
 
     11             Mine development                                           2021               2020 
                                                                                GBP                GBP 
                    At 30 June 2020                                               -                  - 
 
                    Transferred from exploration properties              17,091,622                   - 
                    At 30 June 2021                                      17,091,622                   - 
                                                                   ----------------        ------------ 
               Mine development reflects the Havieron asset operated 
                by Newcrest under a Joint Venture Agreement with Greatland 
                Pty Ltd. Newcrest has met the Stage 4 expenditure requirement 
                to incur expenditure of US$65m and deliver a Pre-Feasibility 
                Study to earn an additional 10% joint venture interest, 
                resulting in the Group holding a 30% interest in the 
                joint venture. Refer to note 1.2 in regards to significant 
                estimates in relation to mine development. 
 12           Intangible non-current assets                                    2021                2020 
               - Group                                                          GBP                 GBP 
                    Exploration properties 
                    At 30 June 2020                                               -           2,647,577 
  Impairment                                   -                                              (38,376) 
  Foreign exchange rate 
   fluctuations                                -                                                10,956 
                    Change in accounting policy 
                     adjustment                                                   -         (2,620,157) 
                    Havieron: capitalised borrowing                         264,436                   - 
                     costs 
                    Havieron: rehabilitation                              3,813,372                   - 
                    provision 
                    Havieron: evaluation and                             13,013,814                   - 
                    exploration 
                    costs 
                    Transferred to asset under                         (17,091,622)                   - 
                    construction 
                    At 30 June 2021                                               -                   - 
                                                                   ----------------        ------------ 
                    Impairment 
                    At 30 June 2020                                                           (630,794) 
                    Change in accounting policy 
                     adjustment                                                   -             630,794 
                    Foreign exchange rate                                         -                   - 
                     fluctuations 
                                                                   ----------------        ------------ 
                    At 30 June 2021                                               -                   - 
                                                                   ----------------        ------------ 
                    Net book amount 
                    At 30 June 2021                                               -                   - 
                                                                   ----------------        ------------ 
                    At 30 June 2020                                               -                   - 
                                                                   ----------------        ------------ 
 
 
 
 13   Right of use asset 
                                Group        Company 
                             2021   2020   2021   2020 
                              GBP    GBP    GBP    GBP 
 
 
 Properties 
 At 30 June 2020                  414,616    479,846     75,399    100,532 
 Amortisation charge current 
  year                           (64,946)   (65,230)   (25,133)   (25,133) 
 Exchange rate movements          (7,758)          -          -          - 
                                ---------  --------- 
 At 30 June 2021                  341,912    414,616     50,266     75,399 
                                ---------  ---------  ---------  --------- 
 

Greatland Pty Ltd's lease of 5 years for office premises expires on 30 November 2023. The subsidiary Company has the option to extend the lease for a further 5 year term, expiring on 30 November 2028.

Greatland Gold plc's initial lease of 24 months for office premises expired on 30 November 2020. The parent Company has extended the lease for a further 24 month terms, expiring on 30 November 2022.

 
 14    Investments in subsidiary - Company        GBP 
       Cost 
  At 30 June 2020                              50,000 
       Impairment of investment                     - 
                                              ------- 
  At 30 June 2021                              50,000 
       Net book amount 
  At 30 June 2021                              50,000 
                                              ------- 
  At 30 June 2020                              50,000 
                                              ------- 
 
 
   The parent company of the Group holds more than 20% of the 
    share capital of the following company: 
 
 
   Company         Country            Class    Proportion   Nature of business 
                    of registration             held 
   Greatland Pty   Australia          Common   100%         Mining development 
    Ltd                                                      and exploration of 
                                                             precious and base 
                                                             metals 
 

The registered address of Greatland Pty Ltd is Unit B9, 431 Roberts Road, Subiaco, WA, 6008

 
 15    Trade and other receivables                    Group                     Company 
                                                    2021       2020           2021           2020 
                                                     GBP        GBP            GBP            GBP 
  Current trade and other receivables: 
   Other debtors                                  78,198     23,865              -              - 
   Loans due from subsidiary                           -          -     13,846,748     11,346,748 
                                              ----------  ---------  -------------  ------------- 
  Total current trade and other 
   receivables                                    78,198     23,865     13,846,748     11,346,748 
                                              ----------  ---------  -------------  ------------- 
 
    The loan due from subsidiary was interest free throughout 
    the period and has no fixed repayment date. No provision 
    GBPnil (2020: GBPnil) has been made against this loan. Details 
    in regards to s ignificant accounting judgments, estimates 
    and assumptions associated with the recoverability of the 
    loan due from subsidiary are described in note 1.2. 
 
  16   Provisions                          Group           Company 
                                            2021   2020   2021   2020 
                                             GBP    GBP    GBP    GBP 
        Non-current provisions 
        Rehabilitation provision       3,813,372      -      -      - 
        Total non-current provisions   3,813,372      -      -      - 
                                      ----------  -----  -----  ----- 
 
    Movement in rehabilitation                         Group                     Company 
    provision 
                                                    2021       2020           2021           2020 
                                                     GBP        GBP            GBP            GBP 
 
    Opening balance                                    -          -              -              - 
  Arising during the year                      3,813,372          -              -              - 
  Closing balance                              3,813,372          -              -              - 
                                              ----------  ---------  -------------  ------------- 
 
 

Details in regards to s ignificant accounting judgments, estimates and assumptions associated with the rehabilitation provision are described in note 1.2.

 
 17   Borrowings                              Group            Company 
                                               2021   2020   2021   2020 
                                                GBP    GBP    GBP    GBP 
 
        Amount owed to third parties     12,189,790      -      -      - 
                                      -------------  -----  -----  ----- 
      Total borrowings                   12,189,790      -      -      - 
                                      -------------  -----  -----  ----- 
      Opening balance                             -      -      -      - 
      Drawings during the year           11,925,354      -      -      - 
      Accrued interest during the           264,436      -      -      - 
       year 
                                      -------------  -----  -----  ----- 
      Total outstanding                  12,189,790      -      -      - 
                                      -------------  -----  -----  ----- 
 
 
   The amount owing to third parties relates to amounts owing 
    to Newcrest Operations Limited under a loan agreement dated 
    29 November 2020 in respect of the Havieron Joint Venture 
    ("Havieron") 
    In relation to the Havieron Joint Venture, the loan has 
    2 parts being Facility A and Facility B with values of 
    US$20 million and US$30 million respectively. Facility 
    B will come into effect on the date on which the Stage 
    4 commitment is satisfied by the lender. Interest is calculated 
    on the LIBOR rate plus a margin of 8% pa. Interest is calculated 
    every 90 days. The loan balance as at 30 June 2021 in relation 
    to Havieron is GBP12,189,790 (AU$22,420,891). 
 
 
 18     Payables and other liabilities            Group                  Company 
                                                2021        2020        2021       2020 
                                                 GBP         GBP         GBP        GBP 
       Current payables and other 
        liabilities: 
   Trade creditors                         3,136,688     668,514     169,293     73,344 
   Accruals                                   41,175      64,481      41,175     64,481 
   Salaries and social security              113,265      29,700     113,265     29,700 
   Other creditors                            64,830           -      64,830          - 
   Employee benefits                         102,607     114,015         461        511 
   Lease liability                            54,947      56,049      24,107     24,440 
                                         -----------  ----------  ----------  --------- 
  Total current payables and 
   other liabilities                       3,513,512     932,759     413,131    192,476 
                                         -----------  ----------  ----------  --------- 
 
       Non-current payables and 
        other liabilities : 
  Employee benefits                           33,341      34,592           -          - 
  Lease liability                            293,452     356,126      13,399     37,506 
                                         -----------  ----------  ----------  --------- 
  Total non-current trade and 
   other payables:                           326,793     390,718      13,399     37,506 
                                         -----------  ----------  ----------  --------- 
 
  Total payables and other 
   liabilities                             3,840,305   1,323,477     426,530    229,982 
                                         -----------  ----------  ----------  --------- 
 

Current employee benefits relate to annual leave and non-current benefits relates to long service leave.

 
                              Group     Group   Company   Company 
                               2021      2020      2021      2020 
                                GBP       GBP       GBP       GBP 
 Lease payments payable: 
 Current (< 1 year)          54,947    56,049    24,107    24,440 
 2-5 years                  219,278   234,429    13,399    37,506 
 > 5 years                   74,174   121,697         -         - 
                           --------  --------  --------  -------- 
                            348,399   412,175    37,506    61,946 
                           --------  --------  --------  -------- 
 
 
 19   Share capital Called up, allotted, issued and        Number          Share          GBP 
         fully paid                                             issue 
                                                                cost 
        As at 30 June 2020, Ordinary shares 
         of GBP0.001 each                      3,760,206,631   (218,878)   3,760,207 
        Issued during the year 
        On 02 July 2020, at a price of 
         GBP0.014, for cash                       14,000,000           -      14,000 
        On 24 July 2020, at a price of 
         GBP0.02, for cash                         5,000,000           -       5,000 
        On 29 July 2020, at a price of 
         GBP0.025, for cash                        1,250,000           -       1,250 
        On 04 August 2020, at a price 
         of GBP0.025, for cash                     1,591,893           -       1,592 
        On 01 September 2020, at a price 
         of GBP0.025, for cash                    11,891,892           -      11,892 
        On 25 September 2020, at a price 
         of GBP0.02, for cash                      6,000,000           -       6,000 
        On 25 September 2020, at a price 
         of GBP0.007, for cash                     2,500,000           -       2,500 
        On 28 September 2020, at a price 
         of GBP0.025, for cash                    13,000,000           -      13,000 
        On 28 September 2020, at a price 
         of GBP0.03, for cash                      5,000,000           -       5,000 
        On 29 September 2020, at a price 
         of GBP0.025, for cash                     3,000,000           -       3,000 
        On 29 September 2020, at a price 
         of GBP0.03, for cash                      3,000,000           -       3,000 
        On 01 October 2020, at a price 
         of GBP0.025, for cash                    32,816,214           -      32,816 
        On 02 November 2020, at a price 
         of GBP0.025, for cash                    13,763,512           -      13,764 
        On 31 December 2020, at a price 
         of GBP0.025, for cash                     5,645,404           -       5,645 
        On 28 January 2021, at a price 
         of GBP0.025, for cash                     5,000,000           -       5,000 
        On 28 January 2021, at a price 
         of GBP0.03, for cash                      5,000,000           -       5,000 
        On 28 January 2021, at a price 
         of GBP0.007, for cash                     2,500,000           -       2,500 
        On 01 February 2021, at a price 
         of GBP0.025, for cash                     6,996,487           -       6,996 
        On 01 March 2021, at a price of 
         GBP0.025, for cash                        2,351,351           -       2,351 
        On 01 April 2021, at a price of 
         GBP0.025, for cash                        5,216,218           -       5,216 
        On 06 April 2021, at a price of 
         GBP0.025, for cash                        9,000,000           -       9,000 
        On 06 April 2021, at a price of 
         GBP0.03, for cash                         9,000,000           -       9,000 
        On 06 May 2021, at a price of 
         GBP0.02, for cash                         9,000,000           -       9,000 
        On 03 June 2021, at a price of 
         GBP0.02, for cash                        14,000,000           -      14,000 
        On 30 June 2021, at a price of 
         GBP0.025, for cash                          540,541           -         541 
                                              -------------- 
        As at 30 June 2021, Ordinary shares 
         of GBP0.001p each                     3,947,270,143   (218,878)   3,947,270 
                                              --------------  ----------  ---------- 
 
 
       Total share options in issue 
       As at 30 June 2021 there were 103,250,000 unexercised options 
       over Ordinary shares; 25 million exercisable at 0.2 pence 
       per share in issue, 14 million exercisable at 0.28 pence 
       per share in issue, 7.5 million exercisable at 0.7 pence 
       per share in issue, 5.5 million exercisable at 1.4 pence 
       per share in issue, 5.5 million exercisable at 2 pence per 
       share in issue, 25.75 million exercisable at 2.5 pence per 
       share in issue, 15 million exercisable at 3.0 pence per share 
       in issue and 5 million exercisable at 25 pence per share 
       in issue. (2020: 204.5 million). 
 

Total warrants in issue

As at 30 June 2021 there were 17,027,028 million unexercised investor warrants over Ordinary shares at 2.5 pence outstanding. Since the year end all remaining warrants over Ordinary shares at 2.5 pence were exercised. No expense was recorded in the year in respect of these warrants .

 
   20 Share based payments 
 
 
    The Company grants share options to employees as part of the remuneration 
    of key management personnel and directors to enable them to purchase 
    ordinary shares in the Company. Under the plan, 5 million options 
    were granted for no cash consideration for a period of five years 
    expiring on 04 May 2026. The share options outstanding at 30 June 
    2021 had a weighted average remaining contractual life of 1.6 
    years (2020: 2.4 years). Maximum term of new options granted was 
    5 years from the grant date. The weighted average exercise price 
    of share options as at the date of exercise is GBP0.0177 (2020: 
    GBP0.0073). The share options outstanding at 30 June 2021 had 
    a range of exercise prices between GBP0.0020 and GBP0.2500. 
                 Granted      Unexercised   Share         Unexercised       Exercise   Date from      Expiry 
                 during        at 30 June   options        at 30 June        price     which           date 
                 the period    2020         exercised      2021              (pence)   exercisable 
                                                                                       07 Sep        06 Sep 
     C Baxter     -           14,000,000    (14,000,000)      -             1.4p        2019           2022 
                                                                                       07 Sep        06 Sep 
     C Baxter     -           14,000,000    (14,000,000)      -             2.0p        2019           2022 
                                                                                       26 Sep        25 Sep 
     C Baxter     -           9,000,000     -                 9,000,000     2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     C Baxter     -           9,000,000     -                 9,000,000     3.0p        2020           2023 
                                                                                       20 Apr        20 Apr 
     A Borrelli   -           25,000,000    -                 25,000,000    0.2p        2016           2021 
                                                                                       18 Jan        18 Jul 
     A Borrelli   -           14,000,000    -                 14,000,000    0.28p       2017           2022 
                                                                                       18 Aug        16 Feb 
     A Borrelli   -           7,500,000     -                 7,500,000     0.7p        2017           2021 
                                                                                       07 Sep        06 Sep 
     A Borrelli   -           2,500,000     -                 2,500,000     1.4p        2019           2022 
                                                                                       07 Sep        06 Sep 
     A Borrelli   -           2,500,000     -                 2,500,000     2.0p        2019           2022 
                                                                                       07 Sep        06 Sep 
     G Heddle     -           14,000,000    (14,000,000)      -             2.0p        2019           2022 
                                                                                       26 Sep        25 Sep 
     G Heddle     -           9,000,000     (9,000,000)       -             2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     G Heddle     -           9,000,000     (9,000,000)       -             3.0p        2020           2023 
                                                                                       18 Aug        16 Feb 
     G Cryan      -           5,000,000     (5,000,000)       -             0.7p        2017           2021 
                                                                                       07 Sep        06 Sep 
     G Cryan      -           3,000,000     -                 3,000,000     1.4p        2019           2022 
                                                                                       07 Sep        06 Sep 
     G Cryan      -           3,000,000     -                 3,000,000     2.0p        2019           2022 
                                                                                       26 Sep        25 Sep 
     G Cryan      -           1,500,000     -                 1,500,000     2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     G Cryan      -           1,500,000     -                 1,500,000     3.0p        2020           2023 
                                                                                       07 Sep        06 Sep 
     B Wasse      -           6,000,000     (6,000,000)       -             2.0p        2019           2022 
                                                                                       26 Sep        25 Sep 
     B Wasse      -           3,000,000     (3,000,000)       -             2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     B Wasse      -           3,000,000     (3,000,000)       -             3.0p        2020           2023 
                                                                                       21 Mar        20 Mar 
     C Latcham    -           10,000,000    (1,250,000)       8,750,000     2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     C Latcham    -           1,500,000     -                 1,500,000     2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     C Latcham    -           1,500,000     -                 1,500,000     3.0p        2020           2023 
                                                                                       21 Mar        20 Mar 
     M Sawyer     -           10,000,000    (2,000,000)       8,000,000     2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     M Sawyer     -           3,000,000     (3,000,000)       -             2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     M Sawyer     -           3,000,000     (3,000,000)       -             3.0p        2020           2023 
                                                                                       26 Sep        25 Sep 
     T Harris     -           5,000,000     (5,000,000)       -             2.5p        2020           2023 
                                                                                       26 Sep        25 Sep 
     T Harris     -           5,000,000     (5,000,000)       -             3.0p        2020           2023 
                                                                                       08 Jan        07 Jan 
     J Janik      -           5,000,000     (5,000,000)       -             2.5p        2021           2024 
                                                                                       08 Jan        07 Jan 
     J Janik      -           5,000,000     (5,000,000)       -             3.0p        2021           2024 
                                                                                       05 May        04 May 
     S Day        5,000,000   -             -                 5,000,000     25.0p       2024           2026 
                  5,000,000   204,500,000   (106,250,000)     103,250,000 
                 ----------  ------------  ----------------  ------------ 
 
 
     The fair value of the 5 million options granted on 05 May 2021 
      using an adjusted Black-Scholes method and assumptions were 
      as follows: Options issued                   5 million share 
                                         options 
       Grant date                       05 May 2021 
       Fair value at measurement        0.764 pence 
        date 
       Share price at grant date        20.1 pence 
       Exercise price                   25 pence 
       Expected volatility              51% 
        Vesting period: 3 years          05 May 2024 
         after grant 
       Option life                      60 months 
       Expected dividends               0.00% 
       Risk free interest rate          0.50% 
       Discount                         40% 
       Fair value of options granted    GBP229,420 
                                       ---------------- 
 
 
      The fair value of these share options expensed during the year 
      was GBP11,794, being the value of the options attributable to 
      the vesting period to 30 June 2021 (2020: GBP154,492). GBP76,473, 
      GBP76,473 and GBP64,680 will be expensed in the following years, 
      being the value of these options attributable to the end of 
      their vesting dates. GBP221,028 in respect of the exercised 
      share options was transferred to reserves (2020: GBP116,945). 
      The volatility is set by reference to the historic volatility 
      of the share price of the Company. 
 21      Cash and cash equivalents                       30 June                   Currency     Net Cash              30 June 
          - Group                                           2021                adjustments         flow                 2020 
                                                             GBP                        GBP          GBP                  GBP 
  Cash at bank and in hand                             6,212,057                   (42,915)      232,227            6,022,745 
  Total cash and cash equivalents                      6,212,057                   (42,915)      232,227            6,022,745 
                                        ------------------------  -------------------------  -----------  ------------------- 
 
         Cash and cash equivalents                       30 June                   Currency     Net Cash              30 June 
          - Company                                         2021                adjustments         flow                 2020 
                                                             GBP                        GBP          GBP                  GBP 
  Cash at bank and in hand                             5,168,498                          -      910,578            4,257,920 
                                        ------------------------  -------------------------  -----------  ------------------- 
  Total cash and cash equivalents                      5,168,498                          -      910,578            4,257,920 
                                        ------------------------  -------------------------  -----------  ------------------- 
 
          Cash at bank earns interest at floating rates based on daily 
          bank deposit rates. 
          Short-term deposits are made for varying periods of between 
          one day and three months, depending on the immediate cash 
          requirements of the Group, and earn interest at the respective 
          short-term deposit rates. 
 22      Commitments As at 30 June 2021, the Company had entered into the following commitment: 
          Exploration commitments 
          Ongoing exploration expenditure is required to maintain title to the Group mineral exploration 
          permits. No provision has been made in the financial statements for these amounts as 
          the expenditure is expected to be fulfilled in the normal course of the operations of 
          the Group. 
 
         Tenement rental and expenditure commitments 
         The Company is required to maintain current rights of tenure to tenements, which require 
         outlays of expenditure. A tenement will be liable to forfeiture if the expenditure conditions, 
         specified within the terms of the grant, are not complied with. The Company has a 100% 
         share of the tenement rental and expenditure commitments 
         of:                                Group     Group   Company   Company 
                                          2021      2020      2021      2020 
                                           GBP       GBP       GBP       GBP 
 
          Lease payments payable: 
          Current (< 1 year)           314,519   406,673         -         - 
          2-5 years                    527,370   505,079         -         - 
          > 5 years                    805,734         -         -         - 
                                    ----------  --------  --------  -------- 
                                     1,647,623   911,752         -         - 
                                    ----------  --------  --------  -------- 
 23      Significant agreements and transactions 
          On 29 November 2020, Greatland signed a series of agreements 
          in relation to the Havieron project variously between Newcrest 
          Operations Limited ("Newcrest"), Greatland Gold plc ("Greatland") 
          and Greatland Pty Ltd ("GPL") including a Joint Venture and 
          Loan Agreement for the Havieron project and Joint Venture 
          Agreement for the Black Hills and Paterson Range East licences. 
 
          There were no other significant agreements and transactions 
          to report other than those reported in Note 21. 
 24      Events after the reporting period Post-Balance Sheet Capital 
          Raises and issue of options 
          On 1 July 2021 the Company announced that during June 2021, 
          it had issued 540,541 new ordinary shares of 0.1p each from 
          its block listing authority of 10 February 2020 for a total 
          consideration of GBP13,514. 
          On 29 July 2021 the Company received a binding option exercise 
          notice from Clive Latcham for 250,000 options at 3.0 pence 
          per share for a total consideration of GBP7,500. 
          On 2 August 2021 the Company announced that during July 2021, 
          it had issued 6,216,216 new ordinary shares of 0.1p each from 
          its block listing authority of 10 February 2020 for a total 
          consideration of GBP155,405. 
          On 1 September 2021 the Company announced that during August 
          2021, it had issued 10,810,812 new ordinary shares of 0.1p 
          each from its block listing authority of 10 February 2020 
          for a total consideration of GBP270,270. 
          Corporate 
          On 8 July 2021, the Company announced the appointment of Christopher 
          Toon as Chief Financial Officer of the Company, in a non-Board 
          role, with effect from 12 July 2021 
          On 20 July 2021, the Company announced the release of a new 
          corporate presentation. 
          On 11(th) August 2021, the Company announced the appointment 
          of Otto Richter as Group Mining Engineer with effect from 
          16 August 2021 
          On 25 August 2021 the Company announced the appointment of 
          Paul Hallam as a Non-Executive Director and the stepping down 
          of Callum Baxter in his full time role as Chief Technical 
          Officer and Executive Director on 31 August 2021. The Company 
          also announced the establishment of a Technical Advisory Committee. 
          On 16 September 2021, the Company announced it had entered 
          into an agreement with Province resources Limited to acquire 
          the 100% owned Pascalle tenement, the 100% owned Taunton tenement 
          and two tenement applications for exploration licences in 
          the Paterson Province of Western Australia for a consideration 
          of cash and shares. 
          On 7 October 2021, the Company announced the planned release 
          of the pre-feasibility study results at the Havieron gold-copper 
          deposit in the Paterson region of Western Australia on 12 
          October 2021 
          On 12 October 2021, the Company announced the release of a 
          Pre-Feasibility Study on the South-East Crescent of Havieron 
          On 12 October 2021, the Company announced the release of a 
          new corporate presentation 
          On 18 October 2021, the Company announced it has been awarded 
          winner of the 2021 Commodity Discovery Fund award for its 
          Havieron discovery 
          On 19 October 2021, the Company announced it and its joint 
          venture partner Newcrest Mining Limited had advanced to Stage 
          2 of the Juri Joint Venture 
 25      Related party transactions 
          Remuneration of key management personnel 
          The remuneration of the directors, and other key management 
          personnel of the Group, is set out below in aggregate for 
          each of the categories specified in IAS24 Related Party Disclosures. 
          See note 8 for further information. 
                                                                                                    2021             2020 GBP 
                                                                                                     GBP 
         Short-term employee benefits                                                          1,348,676            1,708,920 
   Share based payments                                                                           20,249              154,492 
                                                                             ---------------------------  ------------------- 
                                                                                               1,368,925            1,863,412 
                                                                             ---------------------------  ------------------- 
 26      Financial instruments - Group 
         The Group uses financial instruments comprising cash, liquid 
          resources and debtors/creditors that arise from its operations. 
                                                   Group       Group     Company       Company 
                                                     2021        2020        2021          2020 
                                                      GBP         GBP         GBP           GBP 
           Financial assets at amortised 
            cost 
           Trade and other receivables             78,198      23,865           -             - 
           Cash and cash equivalents            6,212,057   6,022,745   5,168,498     4,257,920 
                                              -----------  ----------  ----------  ------------ 
                                                6,290,255   6,060,810   5,168,498     4,257,920 
                                              -----------  ----------  ----------  ------------ 
 
           Financial liabilities 
           Trade and other payables (at 
            amortised cost)                     3,491,906     911,301     389,024       168,036 
           Lease liabilities (current 
            and non-current)                      348,399     412,175      37,506        61,946 
           Provisions                           3,813,372           -           -             - 
           Borrowings                          12,189,790           -           -             - 
                                              -----------  ----------  ----------  ------------ 
                                               19,843,467   1,323,476     426,530       229,982 
                                              -----------  ----------  ----------  ------------ 
 
 
          The Group's exposure to currency and liquidity risk is not 
          considered significant. The Group's cash balances are held 
          in Pound Sterling and in Australian dollars, the latter being 
          the currency in which the significant operating expenses are 
          incurred. To date the Group has relied upon equity funding 
          to finance operations. The Directors are confident that adequate 
          cash resources exist to finance operations to commercial exploitation, 
          but controls over expenditure are carefully managed. 
         The net fair value of financial assets and liabilities approximates 
          the carrying values disclosed in the financial statements. 
          The currency of the financial assets is as follows: 
         Cash and short term deposits                                                            30 June         30 June 2020 
                                                                                                    2021                  GBP 
                                                                                                     GBP 
  Sterling                                                                                     5,168,498            4,257,920 
  Australian Dollars                                                                           1,043,559            1,764,825 
                                                                             ---------------------------  ------------------- 
  At 30 June 2021                                                                              6,212,057            6,022,745 
                                                                             ---------------------------  ------------------- 
 
    The financial assets comprise interest 
    earning bank deposits. 
         Contingent liabilities 
   27 
 
 

Acquisition of Havieron Project

Under the terms of the agreement for the acquisition of the Havieron Gold Project an initial payment of A$25,000 in cash and 65,490,000 ordinary shares of 0.1 pence each in the Company were made. However, a second payment of 145,530,000 ordinary shares of 0.1 pence each will be made upon a "Decision to Mine".

 
 28   Ultimate Controlling Party 
       There is considered to be no ultimate controlling entity. 
 

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