Who came close to nabbing a spot on Argonaut’s top undeveloped projects list? - STOCKHEAD 20th November 2023

[CanisLycaon]

Who came close to nabbing a spot on Argonaut’s top undeveloped projects list?

GREATLAND GOLD (AIM:GGP) – Havieron (30%) gold-copper project

Greatland’s London listed but after delaying a run at the ASX boards this year a secondary listing is on the cards in Australia in 2024.

It makes sense for Greatland to have a bit of skin in the game in Australia.

Boss Shaun Day was the Northern Star Resources (ASX:NST) CFO for many years, while the board is littered with Fortescue (ASX:FMG) identities and Andrew Forrest’s Wyloo Metals is a major shareholder.

It will also give Aussie investors easy access to all parts of the Havieron discovery in WA, the saving grace of the ageing Telfer mine held by Newmont (until a couple weeks ago Newcrest).

Newmont (ASX:NEM) holds 70% of Havieron, a large underground deposit that will be the lifeblood of the near 50-year old Telfer gold and copper operations in WA’s inland Pilbara.

Greatland has 30% of the project, one of the few major gold and copper finds in WA in recent years along with De Grey’s Hemi (9.5Moz) and Rio’s Winu (7.8Moz gold, 2.9Mt copper at a 0.2% CuEq cutoff).

There has long been speculation that Greatland would look to raise cash to acquire the other 70% of Havieron and Telfer with Newmont likely to trim the fat after adding Newcrest and its prized Cadia and Lihir mines to a now more than 8Mozpa global portfolio.

Though on a recent tour of Australia to ring the bell on Denver-based Newmont’s ASX listing, its Aussie-born boss Tom Palmer dulled speculation the company wanted to kick Telfer to the curb.

For Greatland, it remains a key player in a mine likely to be developed as demand for gold and copper runs higher.

“Greatland Gold’s Havieron discovery in the Paterson Region in northern WA has been the real success story of the Paterson in the last 10 years,” Argonaut’s Streater said.

“From the initial discovery hole in November 2018, development progress has been rapid, aided by the participation of major producer Newcrest (now Newmont) who now own a 70% interest in Havieron.

“Newcrest’s August 2022 Resource Statement for Havieron totalled 85Mt at 2.0g/t Au and 0.26% Cut for a total of 5.5Moz of gold and 222kt of copper.

“Completed drilling since then continues to expand the resource at depth at the SE Crescent, Northern Breccia and Eastern Breccia areas.”

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