Greatland Gold, a part-owner of the promising Havieron gold project, is gearing up for an ASX listing to streamline its Australian operations.
The company will maintain its listing on the London Stock Exchange’s (LSE) Alternative Investment Market (AIM), with the ASX listing providing increased flexibility for pursuing growth opportunities in Australia, such as farm-ins and joint ventures.
In addition to its Havieron project, jointly owned with Newcrest Mining, Greatland Gold’s portfolio comprises the Juri gold-copper project and a collection of assets in the burgeoning gold jurisdiction of Tasmania. In September of the previous year, Wyloo Metals, backed by Andrew Forrest, acquired an 8.6% stake in Greatland Gold, making it the largest shareholder of the UK-based gold firm.
To achieve its ASX listing goal, Greatland is assessing a corporate reorganization to place the Greatland Group under a new Australian-incorporated parent company. According to Greatland, this reorganization would facilitate the following:
- Better alignment between Greatland’s corporate structure and its assets and operations
- Decreased costs and complexity resulting from Greatland owning assets and conducting operations in Australia while being based in the UK
- Enhanced flexibility for pursuing growth initiatives
- Increased institutional ownership of Greatland, as confident institutional investors may be more inclined to invest in an Australian-domiciled company listed on both the ASX and AIM.
Greatland’s managing director, Shaun Day, emphasized the company’s ambitious growth plans, stating that an ASX listing is crucial for fostering long-term shareholder value. However, he also noted that the UK market remains important for Greatland, and shareholders will continue to have the option to trade on the LSE’s AIM. The ASX listing is anticipated to occur in the September quarter of the current year.
