Greatland reports decent progress in interim report

5th Mar 2024 12:25

(Sharecast News) - Greatland Gold reported progress at its flagship Havieron gold-copper project in an interim report on Thursday, and updates on exploration activities across its Australian portfolio.

The AIM-traded firm, which remains pre-revenue, said the development of the Havieron decline reached 80% completion in the six months ended 31 December, before being paused to prioritise dewatering efforts.

An updated mineral resource estimate revealed a 29% increase in gold equivalent content, further enhancing the project's potential.

Joint venture partner Newmont intended to divest its interest in Havieron during 2024, Greatland said, with the company retaining the right of last refusal.

Greatland initiated its maiden drilling campaign at the Paterson South farm-in with Rio Tinto in the half-year.

Exploration also continued at the Juri joint venture with Newmont, along with Greatland's wholly-owned projects across the Paterson, Ernest Giles, Panorama, and Bromus regions.

Financially, Greatland reported a closing cash position of £12.7m and net assets of £49.9m.

The company secured an AUD 50m (£25.58m) standby debt facility with Wyloo to bolster its financial position.

While plans to cross-list on the ASX were initially considered, the decision had been deferred until 2024.

Greatland said it remained focussed on advancing Havieron towards production while actively exploring its extensive landholdings in Western Australia.

At 1308 GMT, Greatland Gold shares were down 0.76% at 6.5p.

Reporting by Josh White for Sharecast.com.