Dear Shareholders, Stakeholders and Friends,
As we approach the close of 2024, we would like to take a moment to express our gratitude for your continued support. This year has been one of tremendous growth for Greatland, and we are delighted to recap the progress we have made and the exciting opportunities that lie ahead.
Transformative Acquisition
Earlier this month we acquired 100% ownership of the Telfer gold-copper mine and Havieron gold-copper project, by acquisition from Newmont Corporation (NYSE:NEM). This transaction immediately transformed Greatland into a significant Australian gold-copper producer at Telfer, with a world class development project in Havieron. Combining Havieron and Telfer under Greatland’s single ownership provides the opportunity to operate efficiently and deliver an exceptional platform for continued growth, and a compelling opportunity to create value for our shareholders.
Key achievements of 2024:
Acquisition signed and announced (10 September)
Greatland announced entry into a binding agreement to consolidate 100% ownership of Telfer, Havieron and other related assets in the Paterson region, for total consideration of up to US$423 million, plus a US$52 million debt repayment. This important milestone was the result of significant collaborative and constructive bilateral engagement between Greatland and Newmont.
Successful equity raising (13 September)
We successfully closed an equity raising of US$334 million to fund the Acquisition, including a US$325 million institutional placing and US$9 million retail offer. This is the largest equity raising by a mining company on a London exchange since 2017, and we are delighted and grateful for the strong support of both existing and new shareholders.
Shareholder approval of the Acquisition (30 September)
Greatland’s existing shareholders overwhelmingly approved the Acquisition and associated equity raising, with 99.75% of shareholders who voted voting in favour.
Debt facilities executed (3 December)
Greatland executed A$100 million in debt facilities with its leading Australian and international natural resource banking syndicate of ANZ, HSBC and ING. The banks have been important partners of Greatland since 2022, and the facilities provide additional liquidity and flexibility for working capital requirements for operating Telfer.
Acquisition successfully completed (4 December)
Greatland successfully completed the Acquisition of Telfer and Havieron on 4 December 2024, emerging as a material Australian producer of gold and copper. The acquisition of Telfer provides a defined mine plan that is materially de-risked with substantial already-mined ore stockpiles and significant mine life extension prospects. Havieron is a world class orebody with a defined pathway to become a low-cost long life gold-copper asset of significant scale.
We poured our first gold bars at Telfer, marking a significant milestone in Greatland’s evolution from an explorer to developer, and now a producer.
Looking Ahead to 2025
The future of Greatland has never looked brighter, with a number of important value catalysts in 2025.
At Telfer, we have resumed dual train processing and production, and in the meantime we are busy pursuing mine life extension opportunities. In the March 2025 quarter we will release an updated Mineral Resource estimate for Telfer, and an updated Ore Reserve will follow later in the year.
At Havieron, work on Greatland’s feasibility study is well underway, seeking to refine our present development and mine plan which delivers a lowest quartile all-in sustaining cost and 20-year mine life. Our feasibility study is targeted to be completed in the second half of 2025.
From a corporate perspective, we are preparing for Greatland’s ASX cross listing, targeted in the June 2025 quarter. There is strong and growing interest in the Greatland story among ASX investors, and we believe the ASX listing will provide for additional institutional ownership of Greatland shares.
On behalf of the entire Greatland team, thank you once again for your support and engagement. We wish you and your loved ones a Merry Christmas and a prosperous New Year. We look forward to updating you in 2025 on our continued progress.
Regards,
Shaun Day
Managing Director
