Greatland
Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
:
twitter.com/greatlandgold
NEWS RELEASE
| 2 December
2024
Acquisition of Havieron & Telfer -
Completion date update
THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE
REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Greatland Gold plc (AIM:GGP) (Greatland or the Company) announced on 10 September 2024
that it had entered into a binding agreement with
certain Newmont Corporation subsidiaries (Newmont) to acquire a 70% ownership
interest in the Havieron gold-copper project, 100% ownership of the
Telfer gold-copper mine, and other related interests in assets in
the Paterson region (the Acquisition).
Greatland is pleased to announce that completion
of the Acquisition (Completion) has been scheduled to occur
on Wednesday, 4 December 2024.
Greatland Managing Director, Shaun Day,
commented: "We are delighted to have
scheduled completion of Greatland's transformational acquisition of
Telfer and Havieron for Wednesday, 4 December 2024. It is a credit
to the exceptional efforts of the Greatland, Newmont and Telfer
teams that we have been able to move efficiently and quickly
towards completion well inside our target of the December 2024
quarter."
"Completion will mark the beginning of a new chapter for
Greatland as an immediate and significant Australian gold and
copper producer. The combination of immediate production from the
Telfer operations and our planned completion of the development of
the world-class Havieron project provides an exceptional platform
for continued growth.
Acquisition
Conditions
The Acquisition Completion is subject to the
satisfaction (or, where applicable, waiver) of a number of
conditions precedent (Acquisition
Conditions), which are summarised in the Company's Admission
Document dated 10 September 2024 (Admission Document) (refer to Part 2,
paragraph 2, on page 41).
Save for Admission (as defined below) of the
Consideration Shares to be issued to Newmont, which is expected to
occur at 8:00 a.m. on or around Wednesday, 4 December 2024 (as
described below), all of the Acquisition Conditions have been
satisfied or, as described below, waived. Importantly, the
Acquisition Conditions regarding the approval by Greatland
shareholders of the Acquisition, completion of the remediation of
Telfer Tailings Storage Facility 8 and restart of Telfer processing
operations, and approvals by the Australian Foreign Investment
Review Board and Western Australian Minister for Mines and
Petroleum have each been satisfied.
As described in the Admission Document, certain
of the Acquisition Conditions were able to be waived by Greatland.
Having regard to the nature and progress of the outstanding
Acquisition Conditions related to certain third party and
regulatory consents, approvals and licences, Greatland has
determined that realising the commercial benefits of proceeding to
Acquisition promptly outweighed the benefits of waiting for
satisfaction of those Acquisition Conditions. Accordingly,
Greatland has waived the satisfaction of those Acquisition
Conditions as preconditions to Completion.
For those Acquisition Conditions that have not
been satisfied when Completion occurs, Greatland and Newmont will
continue to work towards obtaining the relevant consent, approval
or licence (as applicable) following Completion, and mechanisms are
in place to enable Greatland to access the benefits of the relevant
contracts, approvals and licences, and to mitigate and allocate
liability and risk between Greatland and Newmont, during that
period. Further detail will be provided in a supplementary
admission document to be published prior to Completion.
Waiver of the relevant Acquisition Conditions is not expected to
materially impede Greatland's operational activities or
plans.
Accordingly, Greatland has issued and allotted
the 2,669,182,291 Consideration Shares to Newmont subject only to
Admission. Each of these shares will rank pari
passu with the Company's existing ordinary shares once
issued.
Admission and
Total Voting Rights
The Acquisition constitutes a reverse takeover
pursuant to the AIM Rules for Companies. As such, upon
Acquisition Completion, the admission of the Company's ordinary
shares then in issue (comprising the existing issued ordinary
shares and the Consideration Shares) will be cancelled and
application has been made for the immediate admission of the
Enlarged Share Capital to trading on AIM (Admission). Admission is expected
to occur at 8:00 a.m. on or around Wednesday, 4
December 2024.
Following Admission, the Company's issued share
capital will comprise 13,079,294,602 ordinary shares each with one
voting right per share. There are no shares held in
treasury. When calculating the total
number voting rights, shareholders should use this figure as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
Defined terms in this announcement shall have
the same meaning as in the Company's Admission Document
dated 10 September 2024, unless otherwise
specified.
A further announcement will be made confirming
once Completion and Admission have occurred.
Contact
For further information, please
contact:
Greatland Gold plc
Shaun Day, Managing Director
| Rowan Krasnoff, Head of Business Development
info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil
Baldwin | +44 203 368 3550
Corporate Brokers
Canaccord Genuity |
James Asensio / George Grainger | +44 207 523
8000
Berenberg | Matthew
Armitt / Jennifer Lee | +44 203 368 3550
SI Capital Limited |
Nick Emerson / Sam Lomanto | +44 148 341
3500
Media Relations
UK - Gracechurch Group | Harry
Chathli / Alexis Gore / Henry Gamble | +44 204 582
3500
Australia - Fivemark Partners
| Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a mining development and
exploration company focused primarily on precious and base
metals.
Havieron is located approximately 45km east of
the Telfer gold mine. The box cut and decline to the Havieron
orebody commenced in February 2021. Total development exceeds
3,060m including over 2,110m of advance in the main access decline
(as at 30 June 2024). Havieron is intended to leverage the
existing Telfer infrastructure and processing plant, which would
de-risk the development and reduces capital expenditure.
On 10 September 2024, Greatland announced that
certain of its wholly owned subsidiaries had entered into a binding
agreement with certain Newmont Corporation subsidiaries to acquire,
subject to certain conditions being satisfied, a 70% ownership
interest in the Havieron gold-copper project (consolidating
Greatland's ownership of Havieron to 100%), 100% ownership of the
Telfer gold-copper mine, and other related interests in assets in
the Paterson region. Completion of the acquisition is subject
to the satisfaction of certain conditions precedent and is
scheduled to occur on 4 December
2024.
Greatland has a proven track record of discovery
and exploration success and is pursuing the next generation of
tier-one mineral deposits by applying advanced exploration
techniques in under-explored regions. Greatland has a number of
exploration projects across Western Australia and in parallel to
the development of Havieron is focused on becoming a
multi-commodity miner of significant scale.