Greatland Gold PLC (GGP.L) Final results for the year ended 30 June 2020.

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces its financial results for the year ended 30 June 2020.

Chairman’s Statement

I am pleased to report on the Company’s audited results for the year ended 30 June 2020.

It has been a transformational year for Greatland Gold plc (“Greatland” or the “Group”). The Havieron gold-copper deposit, purchased as an early stage exploration project in September 2016, has been a game changer for the Company and, as we look to the year ahead, we remain excited by the exploration potential at both Havieron and our other key prospects in the Paterson region.

Greatland completed two successful exploration campaigns at Havieron in 2018, which were instrumental in securing a US$65 million Farm-In Agreement with Newcrest Operations Limited (“Newcrest”), a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM). Since Newcrest commenced its exploration programme at Havieron in May 2019, it has completed more than 100,000 meters of drilling at the project.

A series of excellent drill results to date from Havieron have continued to extend the footprint of mineralisation, and an initial resource is on track to be delivered before the end of calendar 2020. Subsequent to the year end, a Mining Lease was granted for the Havieron deposit and work continues at a rapid pace to support the potential commencement of early works activities at Havieron in late 2020 or early 2021.

Our success at Havieron has not dimmed our appetite for discoveries and we are excited by our other exploration prospects, particularly in the Paterson region where Greatland has an entrenched position and is leading a wave of new investment and exploration in the region. Key developments for the year across Greatland’s portfolio of exploration projects are detailed in the Strategic Report, but I would like to briefly note some further highlights.

Havieron and the Paterson region

Excellent progress was made at Havieron over the past 12 months, with Newcrest completing the first two stages of the Farm-in Agreement to earn a 40% interest in the project. Stage three is currently progressing with the exploration programme focused on both infill drilling to deliver an initial resource before the end of this calendar year and step out drilling to define the extent of the mineralised system.

During the year, Newcrest reported a series of excellent exploration results from the drilling campaign at Havieron, with multiple exceptional results from infill drilling, including 109m @ 6.3g/t Au, 0.71% Cu (HAD059). By the end of the financial year, drill results from Havieron had demonstrated improved continuity in the high-grade crescent sulphide zone and extended the strike length of mineralisation to 550 metres in the upper 200 metres of that zone.

Subsequent to the year end, Newcrest has reported three further sets of excellent drilling results which have highlighted the potential for a broad bulk tonnage target at Havieron in the new Northern Breccia zone. The latest set of drilling results included the best intercept to date at Havieron (120.7m @ 9.3g/t Au and 0.18% Cu from 1349.3m – HAD065W2) and identified a potential new target area, the Eastern Breccia. Additionally, infill drilling results since year end have continued to demonstrate geological and grade continuity within the high-grade crescent sulphide zone and surrounding breccia in the south east.

An initial resource for Havieron is expected to be delivered in calendar Q4 2020. Results from Havieron continue to support the ongoing investigation of both high-grade selective and bulk mining methods. Environmental and baseline studies are progressing to support the potential commencement of a decline at Havieron by end of calendar year 2020 or early 2021, subject to market and operating conditions and receipt of all necessary permits, consents and approvals. Newcrest continues to investigate the potential to achieve commercial production within two to three years from commencement of decline.

In addition to exploration activities, progress has been made towards securing the necessary permissions for the commencement of early works activities at Havieron. Notably, in September 2020, the Western Australian Department of Mines, Industry Regulation and Safety (“DMIRS”) granted Mining Lease application 45/1287 for the Havieron gold-copper deposit. Subsequently, a Mining Proposal for early works activities, including the construction of a boxcut and decline at the Havieron deposit, has been lodged with DMIRS.

The intention remains, subject to a positive Feasibility Study outcome, for the ore from Havieron to be toll processed at Newcrest’s Telfer Gold Mine, 45 kilometres to the west of Havieron. There is a clear advantage here for both parties as it lowers upfront capital costs, reduces time to production, and potentially delivers a significantly higher net present value for the project.

In addition to Havieron, Greatland holds an impressive footprint in the highly prospective Paterson region, including several other prospects that display similar geophysical characteristics to the Havieron gold-copper deposit. Our current exploration campaign in the Paterson region, which commenced in late-August 2020, is focused on drill testing high-priority targets within the Scallywag prospect area including Kraken, Blackbeard and London.


Greatland continues to invest in its team and infrastructure to ensure we have the right people and processes in place, befitting of the significant leap forward that our company has taken and to match our ambitious plans as we look into the future.

In July 2020, we appointed Berenberg and Hannam & Partners as Joint Corporate Brokers and Financial Advisers as we continue to expand our institutional investor base in line with the development of the Company.

The Company is well capitalised to accelerate its exploration plans in the Paterson region and across its other projects, supported by both a successful fundraise in August 2019 (£3,958,672 net of costs) as well as the exercise of warrants and options through the year (an additional £3,802,724). The Group’s cash deposits stood at £6,022,745 at 30 June 2020.

Greatland is committed to safe, responsible and sustainable exploration and we continue to focus on improving health and safety training and processes, and on further strengthening our relationships with the indigenous communities in the areas that we operate.


On 11 March 2020, the World Health Organisation declared the COVID-19 Coronavirus outbreak to be a pandemic in recognition of its rapid spread across the globe, with over 200 countries now affected. Many governments are taking increasingly stringent steps to help contain or delay the spread of the virus and as a result there is a significant increase in economic uncertainty.

For the Group’s 30 June 2020 financial statements, the Directors have taken into consideration the Coronavirus outbreak and the related impacts concluded there to be no material impact on the recognition and measurement of assets and liabilities. Due to the uncertainty of the outcome of current events, the Group will continue to assess the impact on the Group’s financial position, results of operations or cash flows.

Due to the COVID-19 pandemic, the business experienced some minor delays to exploration activities in some jurisdictions during the year. All projects have followed government requirements and health guidelines while focusing on protecting the well-being of local and indigenous communities. The Company is committed to a safe working environment and has implemented monitoring and preventative measures to mitigate the impact of COVID-19 on its workforce and stakeholders to develop a COVID safe environment that adheres to health and Government advice and restrictions.

Fortunately, Greatland benefits from the remote location of its key operations in Western Australia, where the total number of cases recorded across the entire state is less than 800 in total and daily new cases are in the single figures at present. At Havieron, Newcrest have implemented and maintained measures to reduce and mitigate the risk of the COVID-19 pandemic to its project workforce and key stakeholders, and operations have continued without interruption. Nevertheless, I would like to reiterate that the health and safety of our staff, partners and stakeholders has always been of paramount importance to the board and it is even more so in our focus now.

Looking ahead

Greatland today is a vastly different looking company to what it was a year ago. There is still much work to do, but at Havieron tremendous progress has been made in advancing a potential world class discovery. In addition to our cornerstone project at Havieron, we have several other excellent prospects, including an enviable footprint in the Paterson region, arguably one of the most attractive frontiers in the world for the discovery of tier-one, gold-copper deposits.

On a macro level, strong tailwinds appear to be supporting gold prices, with the increasing uncertainty in global markets due to COVID-19 driving unprecedented fiscal and monetary stimulus. We also believe the gold price will be further supported by supply challenges, as major new gold discoveries in safe jurisdictions become less frequent and reserves at larger deposits are depleted.

The massive strides we have taken over the past year are a credit to our management team and their strategy. With a proven expertise and track record of identifying underdeveloped opportunities in the region, we are in an excellent position to maximise shareholder value.

I would like to end by thanking my fellow Board members, the management team and our staff, for their hard work and commitment to the Company over the past year. Finally, I would like to thank all our shareholders for their support and feedback, and we are delighted that you have been able to share in the Company’s success. We promise we are working tirelessly to ensure the following year will be as successful as this last one has been.

Alex Borrelli


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