Source - LSE Regulatory
RNS Number : 3442W
Greatland Gold PLC
21 December 2021
 

 

21 December 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc

("Greatland" or "the Company")

 

Update re Havieron Joint Venture

 

 

Greatland Gold plc (AIM:GGP) a mining development and exploration company with a focus on tier-one gold-copper deposits refers to its previous announcements, most recently on 9 December 2021, outlining that Newcrest Mining Limited (Newcrest), Greatland's joint venture partner in the Havieron copper-gold project, has an option to acquire an additional 5% interest in the Havieron Joint Venture from Greatland at fair market value.

 

Newcrest has issued a notice to Greatland informing it that Newcrest would like to begin the process under the joint venture agreement to seek to agree the option exercise price in the period to mid-February 2022.

 

Under the joint venture agreement, if the option exercise price cannot be agreed by this date, each party is thereafter required to notify the other of its assessment of fair market value. If both parties' assessments are within 10% of each other, the option exercise price will be the average of those assessments. If both parties' assessments are not within 10% of each other, the parties will proceed to independent expert determination, with the expert being required to determine which of the values nominated by the parties is to be the fair market value.

 

Following agreement or determination of the fair market value option exercise price, Newcrest has 30 business days to exercise its option to acquire the additional 5% interest. Proceeds from the exercise will first be used to repay the outstanding balance under the existing Newcrest loan facility.

 

As outlined in previous announcements, most recently on 9 December 2021, following delivery of a Pre-Feasibility Study and meeting the relevant expenditure commitment, Newcrest is entitled to an additional 10% joint venture interest, and exercising this entitlement will result in an overall joint venture interest of 70% Newcrest (30% Greatland). If the option referred to above is exercised, Newcrest will be entitled to an overall joint venture interest of 75% (Greatland 25%).

 

 

 



Enquiries:

 

Greatland Gold PLC

Shaun Day


+44 (0)20 3709 4900

info@greatlandgold.com

www.greatlandgold.com




SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott/James Keeshan


+44 (0)20 3368 3550

 




Berenberg (Joint Corporate Broker and Financial Adviser)

Matthew Armitt/ Varun Talwar/Alamgir Ahmed/Detlir Elezi


+44 (0)20 3207 7800

 




Canaccord Genuity (Joint Corporate Broker and Financial Adviser)

James Asensio/Patrick Dolaghan


+44 (0)20 7523 8000

 




Hannam & Partners (Joint Corporate Broker and Financial Adviser)

Andrew Chubb/Matt Hasson/Jay Ashfield


+44 (0)20 7907 8500




SI Capital Limited (Joint Broker)

Nick Emerson/Alan Gunn


+44 (0)14 8341 3500

 




Luther Pendragon (Media and Investor Relations)

Harry Chathli/Alexis Gore


+44 (0)20 7618 9100

 

 

 

 

Notes for Editors:

 

Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on precious and base metals. The Company's flagship asset is the world-class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development in Joint Venture with Newcrest Mining Ltd.

 

Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to positive decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low-cost pathway to development. An extensive growth drilling programme is presently underway at Havieron with a maiden Pre-Feasibility Study released on the South-East crescent on 12 October 2021. Construction of the box cut and decline to develop the Havieron deposit commenced in February 2021.

 

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.

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