Greatland Resources Ltd (ASX: GGP, AIM: GGP) has entered into a multi-stage farm-in and joint venture agreement with Rincon Resources Ltd covering a large portion of Rincon’s Telfer South tenure, expanding Greatland’s exploration footprint south of its Telfer gold-copper mine and within around 30 kilometres of the Telfer processing facility.
Under the agreement, Greatland can earn an initial 51% interest by funding $2 million of exploration over 36 months, including a minimum commitment of $300,000 in the first year. Once this stage is completed, a joint venture will be formed on a 51% Greatland and 49% Rincon basis. Greatland can then lift its stake to 70% by sole-funding a further $2 million of JV expenditure within the following 36 months, and ultimately increase its interest to 75% by funding through to a decision to mine.
If a mining decision is made and Rincon retains a JV interest, any ore produced from the JV area would be toll-processed through Greatland’s Telfer infrastructure under a toll-treatment arrangement. Rincon would either contribute its pro-rata share of funding or dilute, with its interest converting to a 1% net smelter royalty if diluted below 10%. Greatland will manage exploration across the joint venture area.
The broader Telfer South project covers about 215 square kilometres and more than 40 kilometres of prospective strike. The JV area accounts for roughly 200.8 square kilometres, while Rincon retains 100% ownership of the Hasties tenure, including the Hasties Main and Hasties South-East gold-copper deposits located around 10 kilometres south of the Telfer mine.
Greatland managing director Shaun Day said the agreement would help unlock exploration potential in the underexplored Paterson Province and allow discoveries to leverage the scale and efficiency of the Telfer processing facility. Rincon chairman David Lenigas described the deal as highly significant, noting that Greatland’s ownership of the Telfer mine and regional expertise would accelerate exploration, while Rincon continues to focus on drilling and growing resources at Hasties, with updated mineral resource estimates targeted for 2026.
