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Greatland Gold in 'strong position' after first half

Published: 03:30 06 Mar 2023 EST

Greatland Gold PLC -

Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said it is in a “strong financial position as its moves towards production and cashflow” from the Havieron mine, with £59.8mln cash and £43.5mln of debt at its 31 December 2022 half-year point.

During the half-year, the company made progress on its feasibility study for the gold-copper deposit in the Paterson region of Western Australia, where an updated mineral resource calculated a total of 5.5 mln oz of gold and 222,000 tonnes of copper.

Development underground also continued, with over 1,800 metres (m) advanced as of March, compared to 1,519m on 18 January 2022.

Greatland said it spent £12.2mln on the development of Havieron and £2.7mln on exploration in the period.

It retained a 30% ownership of the Havieron joint venture after concluding a 5% option process.

Gross funds of £63.3mln were raised from equity issues, including £33.5mln from Wyloo Metals, and it signed a debt commitment letter for A$220mln (£130mln) with a group of banks to support Havieron’s development.

The company recorded an operating loss of £3.5mln before share-based payments compared to £2.9mln a year ago, with a £13.3mln loss before tax compared to £3.6mln a year earlier.

Greatland Gold discusses updated Havieron resource and reserve estimate from...

Greatland Gold PLC (AIM:GGP, OTC:GRLGF) managing director Shaun Day joined Proactive's Stephen Gunnion to discuss an updated Reserve and Resource for the Havieron gold-copper project released by joint venture partner Newmont. Newmont’s update includes 4.9 million gold equivalent ounces in the...

on 02/22/2024