Greatland Gold PLC on Thursday deferred plans for a listing in Australia after striking a A$50 million standby facility with cornerstone investor, Wyloo Consolidated Investments Pty Ltd.

The London-based development and exploration company said the facility would provide financial flexibility while the Havieron feasibility study, underground development at Havieron and exploration in the Paterson Province continue to progress.

Wyloo currently holds around 8.5% of Greatland shares.

Greatland said after having carefully considered the current Australian Securities Exchange listing timetable and upcoming activities and opportunities for the business, it does not believe it is optimal to pursue the ASX cross-listing this calendar year.

‘Deferral of the ASX cross-listing and conclusion of the Wyloo Facility also mean that the possible equity fundraising noted in the company’s announcement on May 16 is no longer under consideration at this time,’ Greatland said in a statement.

The firm said it remains committed to achieving a successful listing on the ASX and is confident that investors from the Australian market provide an attractive additional source of interest in Greatland.

A letter of support remains in place for A$220 million, or $141.7 million, seven-year Havieron project finance and associated hedging facilities, the firm said.

The existing cash balance, Wyloo facility and the existing letter of support provide strategic and financial optionality for the company, it added.

Greatland noted that its cash position at the end of June 2023 was A$59 million in reserves.

Shares in Greatland Gold rose 11% to 6.75 pence in London on Thursday.

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