Greatland Gold in ‘strong position’ after 2023 Half Year Results

Greatland Gold PLC (AIM: GGP) reported that it is making strides towards generating production and cashflow from the Havieron mine, as it maintains a strong financial position with £59.8 million in cash and £43.5 million of debt as of its half-year point on 31 December 2022.

The company progressed on its feasibility study for the gold-copper deposit in the Paterson region of Western Australia during the half-year, with an updated mineral resource calculation revealing a total of 5.5 million ounces of gold and 222,000 tonnes of copper.

Underground development also continued, with over 1,800 metres advanced as of March, compared to 1,519m on 18 January 2022.

Greatland Gold spent £12.2 million on the development of Havieron and £2.7 million on exploration during the period. It retained a 30% ownership of the Havieron joint venture after concluding a 5% option process.

Equity issues raised gross funds of £63.3 million, including £33.5 million from Wyloo Metals, and the company signed a debt commitment letter for A$220 million (£130 million) with a group of banks to support Havieron’s development.

However, the company recorded an operating loss of £3.5 million before share-based payments compared to £2.9 million a year ago, with a £13.3 million loss before tax compared to £3.6 million a year earlier.

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