Greatland
Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
:
twitter.com/greatlandgold
NEWS RELEASE
| 9 December
2024
Telfer operations and hedging update
First gold poured under Greatland ownership at
Telfer
Commercial production underway utilising both
Telfer processing trains
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
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Greatland Gold plc (AIM:GGP) (Greatland or the Company) is pleased to provide an
update on operations at its Telfer gold-copper mine.
First gold
On 8 December 2024, the first gold bars under
Greatland ownership were poured at Telfer.
Figure 1: First Greatland
Telfer gold bars
Commercial production
Greatland completed its acquisition of Telfer and
Havieron from Newmont Corporation on
4 December 2024.
Prior to completion, processing operations were
utilising only one of the two nominal 10Mtpa processing trains,
preserving Telfer ore and stockpiles for Greatland to process after
completion. Shortly following completion of the acquisition,
Greatland resumed dual-train processing operations.
An estimated 30.5Mt to 34.5Mt of stockpiles were
acquired by Greatland on completion. The stockpiles
include an estimated 11.5Mt of high-grade run-of-mine grade ore
stockpiles, plus a further estimated 19.0 to 23.0Mt of low grade
stockpiles.
Mining is continuing in the West Dome open pit and
Main Dome underground.
Gold
puts hedging program
On 3 December 2024, Greatland announced that it had
purchased gold put options purchased from its banking syndicate of
ANZ, HSBC and ING (the Banks) in respect of 100,000 ounces of
Telfer gold production volumes at average strike price of
A$3,887.50 per ounce, and that it expected to purchase put options
for a further 50,000 ounces in due course.
Greatland is pleased to announce that it has purchased
the put options for the further 50,000 ounces of Telfer gold
production volumes, completing a 150,000 ounce hedging program with
an average strike price of A$3,905.17 per ounce as detailed in the
table below.
|
Quarter End Date
|
Gold Volumes
Under
Put Options (koz)
|
Average Blended Strike Price
(A$ per ounce)
|
|
31-Mar-2025
|
33,996
|
3,905.17
|
|
30-Jun-2025
|
46,302
|
3,905.17
|
|
30-Sep-2025
|
38,910
|
3,905.17
|
|
31-Dec-2025
|
30,792
|
3,905.17
|
|
Total
|
150,000
|
3,905.17
|
The put options establish a price level at which
Greatland would have the right, but not obligation, to sell gold,
therefore providing a minimum downside price protection for the
protected ounces while retaining full upside exposure to the gold
price across 100% of Telfer production volumes. Greatland
will continue to review its hedging program as appropriate going
forward.
Greatland Managing Director, Shaun Day,
commented: "Greatland's first ever gold
production at Telfer is a wonderful milestone and a credit to our
team. Equally importantly, we are delighted to have resumed
dual train processing operations in line with our Telfer mine
plan. The combination of a strong gold price and significant
ore stockpiles at surface makes this a tremendous time to own the
Telfer mine."
Contact
For further information, please
contact:
Greatland Gold plc
Shaun Day, Managing Director
| Rowan Krasnoff, Head of Business Development
info@greatlandgold.com
Nominated Advisor
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About Greatland
Greatland is a gold and copper mining company
listed on the London Stock Exchange's AIM Market (LSE:GGP) and
operates its business from Western Australia.
The Greatland portfolio includes the 100% owned
Telfer gold-copper mine, the adjacent 100% owned world class
Havieron gold-copper project (under development), and a significant
exploration portfolio within the surrounding region. The
combination of Telfer and Havieron provides for a substantial and
long life operation in the Paterson Province in the East Pilbara
region of Western Australia.
Greatland is targeting a dual listing on the ASX
in the June quarter 2025.