Greatland Gold defers Aussie listing until Havieron final decision
Thu Sep 14 2023
Greatland Gold has deferred plans for a listing in Australia and instead agreed an A$50 million (£26m) standby facility with Wyloo, a major shareholder.
Already listed in London on AIM, the gold junior said having looked at the current ASX listing timetable and ongoing activity at the Havieron development, the timing for the listing is 'not optimal'.
Shaun Day, Greatland’s managing director, added: “After careful reflection on a number of factors and opportunities, we believe we can achieve a better outcome for existing shareholders by deferring the proposed ASX cross-listing to a later date.”
“Deferral of the ASX cross-listing and conclusion of the Wyloo facility also means that the possible equity fundraising noted in the company's announcement on 16 May 2023 is no longer under consideration,” added Greatland’s statement.
An updated mineral resource for Havierion is still targeted for the final quarter of this calendar year but Gretaln said the decision on the listing now revolves around the timing for the feasibility study and the final decision on the project.
Havieron is a 30/70 joint venture with Newcrest, which is being taken over by US mining giant Newmont and its view on Havieron is not known, though earlier this week Greatland said the managerial duties of the Havieron project were under the direct oversight of Newcrest.
Newmont is expected to complete the Newcest deal in November.
Greatland added that its cash position at the end of June 2023 was A$59m in reserves.
Adding the Wyloo facility gives flexibility, it added, while the feasibility study and underground development at Havieron continue and also for exploration elsewhere in the Paterson province of Western Australia.
A letter of support remains in place for A$220 million seven-year Havieron project finance and associated hedging facilities.
Wyloo currently holds approximately 8.5% of Greatland shares and chief executive Luca Giacovazzi, stated: "Havieron is an outstanding orebody that we are keen to see developed to its full potential, and we see tremendous exploration potential in the Paterson range as an emerging mineral belt."
Source: https://www.proactiveinvestors.co.uk