Greatland
Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
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twitter.com/greatlandgold
NEWS RELEASE
| 15 November
2024
Acquisition of Havieron & Telfer -
Update
THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE
REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Greatland Gold plc (AIM:GGP) (Greatland or the Company) announced on 10 September 2024
that certain of its wholly owned subsidiaries had entered into a
binding agreement with certain Newmont Corporation subsidiaries
(Newmont) to acquire,
subject to certain conditions being satisfied, a 70% ownership
interest in the Havieron gold-copper project, 100% ownership of the
Telfer gold-copper mine, and other related interests in assets in
the Paterson region (the Acquisition).
Completion of the Acquisition is subject to the
satisfaction (or, where applicable, waiver) of a number of
conditions precedent, which are summarised in the Company's
Admission Document dated 10 September 2024 (Admission Document) (refer to Part 2,
paragraph 2, on page 41).
Greatland is pleased to provide an update on the
significant further progress that has been made towards
satisfaction of the following conditions precedent to the
completion of the Acquisition:
§ Telfer Tailings Storage Facility 8:
Remediation of TSF8 has been completed by Newmont and confirmed by
the Telfer Engineer of Record, and Newmont has achieved the
required 14 days of consecutive processing at Telfer, such that all
conditions precedent related to TSF8 are presently satisfied.
Telfer processing operations are running to plan.
§ Foreign Investment Review Board (FIRB)
approval: Newmont has been granted foreign investment
approval by the Treasurer of the Commonwealth of Australia for the
issuance of Greatland shares to Newmont pursuant to the
Acquisition. As previously announced, Greatland has also received
its required FIRB approval for the Acquisition.
§ Pilbara Ports Authority: Consent has
been received from the Pilbara Ports Authority to the transfer of
the Crown Lease at Port Hedland relating to product export
facilities utilised for the storage and export of Telfer
copper-gold concentrate.
Completion of the Acquisition remains subject to
satisfaction (or, where applicable, waiver) of the remaining
conditions described in the Admission Document.
Greatland and Newmont have agreed to target
completion of the Acquisition by early December 2024. This
target date is based on the current status and expected progress of
the outstanding conditions precedent and will continue to be
assessed. The Company will provide further updates as
appropriate.
Greatland is delighted that Telfer employees
have accepted offers of employment by Greatland, securing the
transfer of a significant and highly skilled Telfer workforce, and
preserving the existing capability, expertise and knowledge to
enable continuity of efficient operations following Acquisition
completion. Greatland has appreciated excellent engagement
with the Telfer workforce to date and looks forward to welcoming
them into the Greatland organisation from completion.
Finalisation of the A$75 million working
capital facility and A$25 million contingent instrument facility
with the banking syndicate ANZ, HSBC and ING, as contemplated by
the Commitment Letter entered into on 10 September 2024, continues
to progress. The facilities are expected to be finalised and
executed by the end of November 2024.
Greatland Managing Director, Shaun Day,
commented: "We are delighted to be
nearing completion of Greatland's transformational acquisition of
Telfer and Havieron. The significant and collaborative efforts of
the Greatland, Newmont and Telfer teams have enabled the continued
progress towards the satisfaction of the transaction conditions and
our integration work. We congratulate Newmont on the
successful restart of processing operations and are excited to take
over in a matter of weeks and emerge as a significant Australian
gold and copper producer, with completion targeted by early
December 2024."
Contact
For further information, please
contact:
Greatland Gold plc
Shaun Day, Managing Director
| Rowan Krasnoff, Head of Business Development
info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil
Baldwin | +44 203 368 3550
Corporate Brokers
Canaccord Genuity |
James Asensio / George Grainger | +44 207 523
8000
Berenberg | Matthew
Armitt / Jennifer Lee | +44 203 368 3550
SI Capital Limited |
Nick Emerson / Sam Lomanto | +44 148 341
3500
Media Relations
UK - Gracechurch Group | Harry
Chathli / Alexis Gore / Henry Gamble | +44 204 582
3500
Australia - Fivemark Partners
| Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a mining development and
exploration company focused primarily on precious and base
metals.
Havieron is located approximately 45km east of
the Telfer gold mine. The box cut and decline to the Havieron
orebody commenced in February 2021. Total development exceeds
3,060m including over 2,110m of advance in the main access decline
(as at 30 June 2024). Havieron is intended to leverage the
existing Telfer infrastructure and processing plant, which would
de-risk the development and reduces capital expenditure.
On 10 September 2024, Greatland announced that
certain of its wholly owned subsidiaries had entered into a binding
agreement with certain Newmont Corporation subsidiaries to acquire,
subject to certain conditions being satisfied, a 70% ownership
interest in the Havieron gold-copper project (consolidating
Greatland's ownership of Havieron to 100%), 100% ownership of the
Telfer gold-copper mine, and other related interests in assets in
the Paterson region. Completion of the acquisition is subject
to the satisfaction of certain conditions precedent and is targeted
to occur during Q4 2024.
Greatland has a proven track record of discovery
and exploration success and is pursuing the next generation of
tier-one mineral deposits by applying advanced exploration
techniques in under-explored regions. Greatland has a number of
exploration projects across Western Australia and in parallel to
the development of Havieron is focused on becoming a
multi-commodity miner of significant scale.