TIDMGGP
RNS Number : 9818R
Greatland Gold PLC
06 March 2023
Greatland Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: http://greatlandgold.com
: twitter.com/greatlandgold
NEWS RELEASE 6 March 2023
Results Summary for the Half Year Ended 31 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN .
Greatland Gold plc (AIM:GGP; Greatland or Company) is pleased to
report its financial results for the half-year ended 31 December
2022.
Financial summary for the six months ended 31 December 2022 (H1
FY23, unaudited)
-- Cash: GBP59.8 million (30 June 2022: GBP10.4 million)
-- Total Debt: GBP43.5 million (30 June 2022: GBP43.1
million)
-- Investment in the development of Havieron of GBP12.2
million
-- Operating loss (before share-based payments): GBP3.5 million
(H1 FY22: GBP2.9 million)
-- Exploration expenditure: GBP2.7 million (H1 FY22: GBP3.1
million) including Juri Joint Venture costs, currently fully funded
by Newcrest Mining Limited (Newcrest; ASX: NCM), of GBP1.0
million
Portfolio highlights
-- Havieron Feasibility Study progressing; focus on value
enhancing options
-- Updated Mineral Resource for Havieron of 85Mt at 2.0g/t Au
and 0.26% Cu for a total of 5.5Moz of Au and 222kt of Cu (100%
basis), being over 6.5Moz AuEq
-- Havieron's underground continues to achieve record
advancement with over 1,800 metres now complete (as at March
2023)
-- The second phase of the Juri Joint Venture drilling programme
was completed on the Paterson Range East and Black Hills tenements,
comprising 2,234 metres and testing three targets
-- Exploration activities progressed across the portfolio
including drilling at Scallywag and Rundall
Corporate highlights
-- Greatland strengthened its Board capabilities, announcing the
appointments of:
- Mark Barnaba, eminent natural resources investment banker and
Deputy Chair of A$70 billion ASX-listed Fortescue Metals Group
Limited (Fortescue; ASX:FMG)
- Elizabeth Gaines, former Fortescue Chief Executive Officer
- Jimmy Wilson, former senior executive at BHP including
President Iron Ore
-- Gross equity proceeds raised of GBP63.3 million including
GBP33.5 million from Wyloo Metals (Wyloo), a privately-owned
minerals investment company
-- Debt commitment letter for A$220 million (GBP130 million)
signed with ANZ, HSBC and ING to support the future development of
Havieron
-- Greatland retained 30% ownership of Havieron at the
conclusion of the 5% option process provided for in the Havieron
Joint Venture Agreement, an outcome that delivers substantial value
to Greatland shareholders
Greatland Managing Director, Shaun Day, commented:
"Greatland has continued to execute on its growth strategy to
build a world-class mining company. During the half year, Greatland
favourably resolved the Havieron option process, raised equity
capital, secured debt commitments and added high quality talent to
its board and management team."
"The Havieron gold-copper project in Western Australia has
continued to advance with the Mineral Resource having grown to over
6.5Moz AuEq. The advancement of the underground achieved record
advance rates with over 1,800 metres of development complete."
"Greatland appointed corporate and mining leaders Mark Barnaba,
Elizabeth Gaines and Jimmy Wilson to its Board. In addition, the
executive team has been augmented with the appointment of Simon
Tyrrell as Chief Operating Officer and Jeremy Meynert as Chief
Development Officer. The high quality of the team positions the
Company to take advantage of opportunities for growth".
"Together with the recent strategic investment by Wyloo and debt
commitments, Greatland is now in a strong financial position as we
progress towards production and cashflow from Havieron."
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Waldron
greatlandgold@sparkapl.com | +44 203 368 3550
Corporate Brokers
Berenberg | Matthew Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuity | James Asensio / Patrick Dolaghan | +44 207
523 8000
SI Capital Limited | Nick Emerson / Sam Lomanto | +44 148 341
3500
Media Relations
UK - Gracechurch Group | Harry Chathli / Alexis Gore / Henry
Gamble | +44 204 582 3500
Australia - Fivemark Partners | Michael Vaughan | +61 422 602
720
About Greatland
Greatland is a mining development and exploration company
focused primarily on precious and base metals.
The Company's flagship asset is the world-class Havieron
gold-copper project in the Paterson region of Western Australia,
discovered by Greatland and presently under development in joint
venture with ASX gold major, Newcrest Mining Limited.
Havieron is located approximately 45km east of Newcrest's
existing Telfer gold mine. The box cut and decline to the Havieron
orebody commenced in February 2021 and continues to accelerate with
record advancement achieved in the December 2022 quarter. Havieron
is intended to leverage the existing Telfer infrastructure and
processing plant. Access to Telfer will de-risk the development,
reduces capital expenditure and lowers the project's carbon
footprint.
Greatland has a proven track record of discovery and exploration
success and is pursuing the next generation of tier-one mineral
deposits by applying advanced exploration techniques in
under-explored regions. Greatland has a number of exploration
projects across Western Australia and in parallel to the
development of Havieron is focused on becoming a multi-commodity
miner of significant scale.
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