Greatland Gold PLC (AIM:GGP) 2023 Half Year Results Summary

Results Summary for the Half Year Ended 31 December 2022

Greatland Gold plc (AIM:GGP; Greatland or Company) is pleased to report its financial results for the half-year ended 31 December 2022.

Financial summary for the six months ended 31 December 2022 (H1 FY23, unaudited)

§ Cash: £59.8 million (30 June 2022: £10.4 million)

§ Total Debt: £43.5 million (30 June 2022: £43.1 million)

§ Investment in the development of Havieron of £12.2 million

§ Operating loss (before share-based payments): £3.5 million (H1 FY22: £2.9 million)

§ Exploration expenditure: £2.7 million (H1 FY22: £3.1 million) including Juri Joint Venture costs, currently fully funded by Newcrest Mining Limited (Newcrest; ASX: NCM), of £1.0 million

Portfolio highlights

§ Havieron Feasibility Study progressing; focus on value enhancing options

§ Updated Mineral Resource for Havieron of 85Mt at 2.0g/t Au and 0.26% Cu for a total of 5.5Moz of Au and 222kt of Cu (100% basis), being over 6.5Moz AuEq

§ Havieron’s underground continues to achieve record advancement with over 1,800 metres now complete (as at March 2023)

§ The second phase of the Juri Joint Venture drilling programme was completed on the Paterson Range East and Black Hills tenements, comprising 2,234 metres and testing three targets

§ Exploration activities progressed across the portfolio including drilling at Scallywag and Rundall

Corporate highlights

§ Greatland strengthened its Board capabilities, announcing the appointments of:

– Mark Barnaba, eminent natural resources investment banker and Deputy Chair of A$70 billion ASX-listed Fortescue Metals Group Limited (Fortescue; ASX:FMG)

– Elizabeth Gaines, former Fortescue Chief Executive Officer

– Jimmy Wilson, former senior executive at BHP including President Iron Ore

§ Gross equity proceeds raised of £63.3 million including £33.5 million from Wyloo Metals (Wyloo), a privately-owned minerals investment company

§ Debt commitment letter for A$220 million (£130 million) signed with ANZ, HSBC and ING to support the future development of Havieron

§ Greatland retained 30% ownership of Havieron at the conclusion of the 5% option process provided for in the Havieron Joint Venture Agreement, an outcome that delivers substantial value to Greatland shareholders

Greatland Managing Director, Shaun Day, commented:

“Greatland has continued to execute on its growth strategy to build a world-class mining company. During the half year, Greatland favourably resolved the Havieron option process, raised equity capital, secured debt commitments and added high quality talent to its board and management team.”

“The Havieron gold-copper project in Western Australia has continued to advance with the Mineral Resource having grown to over 6.5Moz AuEq. The advancement of the underground achieved record advance rates with over 1,800 metres of development complete.”

“Greatland appointed corporate and mining leaders Mark Barnaba, Elizabeth Gaines and Jimmy Wilson to its Board. In addition, the executive team has been augmented with the appointment of Simon Tyrrell as Chief Operating Officer and Jeremy Meynert as Chief Development Officer. The high quality of the team positions the Company to take advantage of opportunities for growth”.

“Together with the recent strategic investment by Wyloo and debt commitments, Greatland is now in a strong financial position as we progress towards production and cashflow from Havieron.”


For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director | [email protected]

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Waldron

[email protected] | +44 203 368 3550

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