Greatland Gold plc (AIM:GGP) is pleased to announce its audited financial results for the year ended 30 June 2024.
Highlights
Transformational acquisition of 100% of Havieron and Telfer (post year end)
- On 10 September 2024, Greatland announced the acquisition of 100% ownership of the Havieron gold-copper project, the Telfer gold-copper mine, and other related assets and interests in the Paterson region from Newmont Corporation (NYSE:NEM) (Acquisition)
- Total consideration and loan repayment of up to US$475 million including US$155.1 million cash, US$52.4 million joint venture loan repayment, US$167.5 million Greatland shares and US$100 million deferred contingent payments
- Greatland successfully raised US$334 million (c. £255.3 million) in equity funding through an institutional placing and retail offer, to fund the Acquisition and other uses
- Debt financing support with Tier 1 banks ANZ, ING and HSBC:
- Commitment letter for A$75 million working capital facility and A$25 million contingent instrument facility
- Letter of support for A$750 million project finance facilities to complete the development of Havieron
- Significant and highly skilled Telfer workforce will join Greatland, preserving the existing capability, expertise and knowledge to enable continuity of efficient operations following Acquisition completion
- Acquisition targeted to complete by early December 2024
- Greatland will emerge from the acquisition as a significant Australian gold and copper producer at Telfer, owner of Australia’s second largest gold-copper development project at Havieron, and owner of the only operating processing plant in the Paterson region with a significant regional exploration portfolio
Havieron
- Welcomed the world’s largest gold miner, Newmont Corporation (NYSE:NEM) as Havieron joint venture partner in November 2023
- Completed an updated Mineral Resource Estimate (MRE) for Havieron in December 2023, outlining an increase in the total gold equivalent (AuEq) content to 8.4Moz, a 29% increase from Greatland’s March 2022 MRE
- Havieron access decline development progressed to over 3,060 meters, including more than 2,110 meters in the main access decline
- Feasibility study to be completed by Greatland within 12 months from Acquisition completion
Greatland Managing Director, Shaun Day, commented: “It has been a truly transformative period for Greatland and our flagship Havieron gold-copper project. Thanks to a huge amount of work by our Greatland team and a highly collaborative approach by our Havieron joint venture partner Newmont throughout the year, we have been able to seize a compelling and strategic opportunity to consolidate 100% ownership of Havieron and Telfer.
“The acquisition, announced on 10 September 2024 and targeted to complete by early December, will make Greatland a significant Australian gold and copper producer with one of the country’s best development projects.”
“The acquisition of Telfer provides a de-risked near term mine plan with substantial ore stockpiles at surface, and attractive mine life extension opportunities. Telfer’s production is expected to generate free cash flow, supporting the development of Havieron.”
“Ownership of the Telfer infrastructure substantially de-risks and reduces the cost of completing Havieron’s development, and enhances the potential value of exploration success in our extensive Paterson exploration portfolio. We are well positioned to build a generational mining complex and create value for our shareholders.”
Publication of Annual Report
The 2024 Annual Report is available for download on our website at https://greatlandgold.com/investors/results/ and will be mailed to registered shareholders.
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | Rowan Krasnoff, Head of Business Development
