Greatland
Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
:
twitter.com/greatlandgold
NEWS RELEASE
| 9 September
2024
Response to media article
Temporary suspension of trading
THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE
REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Greatland Gold plc (AIM:GGP) (Greatland or the Company) refers to an article published
in the Australian Financial Review today titled "Greatland Gold
raising [A]$500m to buy Newmont's Telfer" (Media Article).
The Media Article reports that Greatland is seeking to
raise equity, with material support from Wyloo Consolidated
Investments Pty Ltd (Wyloo), to fund the acquisition of
Newmont Corporation's (Newmont) joint venture interest in the
Havieron gold-copper project (Havieron) and its 100% owned Telfer
gold-copper mine (Telfer),
(the Potential
Acquisition).
The Media Article follows Newmont's announcement on 22
February 2024 of its intention to divest a number of non-core
assets, including Telfer and its Havieron joint venture interest.
This also follows Greatland's comments on 30 April 2024 and 31 July
2024 regarding its last right of refusal to acquire the remaining
70% interest in Havieron, and that accordingly Greatland considers
itself strongly positioned should an opportunity arise to
consolidate ownership of Havieron on accretive terms for Greatland
shareholders.
Status of Potential Acquisition
Greatland confirms that it is in advanced negotiations
with Newmont in respect of the Potential Acquisition, which remain
incomplete, and that existing cornerstone shareholder Wyloo is
intending to provide material support for the Potential
Acquisition. Greatland and Newmont have entered into a
binding exclusivity agreement which provides for a period of
exclusivity to finalise and enter into binding transaction
documentation in respect of the Potential Acquisition.
The proposed terms of the Potential Acquisition remain
confidential, however Greatland notes that the proposed
consideration includes a mix of upfront cash, deferred payments and
equity. Settlement of the Potential Acquisition is proposed to be
conditional on completion by Newmont of ongoing remediation works
in respect of the Telfer tailings storage facility.
If the Potential Acquisition is ultimately agreed,
settlement would be subject to (among other conditions) Greatland
shareholder approval as a reverse takeover for the purposes of the
AIM Rules, on the basis that the Potential Acquisition is expected
to exceed one or more of the financial metric class tests set out
in Schedule Three of the AIM Rules. Greatland would also be
required to publish an admission document for re-admission to
AIM.
The
Potential Acquisition remains subject to, among other matters, the
agreement of binding documentation and corporate approvals.
There is no certainty that the Potential Acquisition or any other
transaction will proceed at all (or the terms of any such
transaction if it does proceed).
Temporary suspension of trading
In light of this leak, dealings in the Company's
ordinary shares will be temporarily suspended from trading on AIM
under AIM Rule 40, with immediate effect until such time as the
admission document in relation to the possible acquisition and
fundraising have been published in compliance with AIM Rule 14.
Notwithstanding the temporary suspension of trading in
the Ordinary Shares, the Company will continue to make
announcements as and when there are any developments that require
announcement under the AIM Rules.
Further developments
Greatland will announce any further
developments, including the entry into any binding agreement for
the Potential Acquisition, as required by its disclosure
obligations.
Contact
For further information, please
contact:
Greatland Gold plc
Shaun Day, Managing Director
| info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil
Baldwin | +44 203 368 3550
Corporate Brokers
Berenberg | Matthew
Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuity |
James Asensio / George Grainger | +44 207 523
8000
SI Capital Limited |
Nick Emerson / Sam Lomanto | +44 148 341
3500
Media Relations
UK - Gracechurch Group | Harry
Chathli / Alexis Gore / Henry Gamble | +44 204 582
3500
Australia - Fivemark Partners
| Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a mining development and
exploration company focused primarily on precious and base
metals.
The Company's flagship asset is the world-class
Havieron gold-copper project in the Paterson Province of Western
Australia, discovered by Greatland and presently under development
in joint venture with world gold major, Newmont
Corporation.
Havieron is located approximately 45km east of
Newmont's existing Telfer gold mine. The box cut and decline to the
Havieron orebody commenced in February 2021. Total development now
exceeds 3,060m including over 2,110m of advance in the main access
decline (as at 30 June 2023). Subject to a positive
feasibility study and Decision to Mine, Havieron is intended to
leverage the existing Telfer infrastructure and processing
plant. Access to Telfer would de-risk the development and
reduces capital expenditure.
Greatland has a proven track record of discovery
and exploration success and is pursuing the next generation of
tier-one mineral deposits by applying advanced exploration
techniques in under-explored regions. Greatland has a number of
exploration projects across Western Australia and in parallel to
the development of Havieron is focused on becoming a
multi-commodity miner of significant scale.
