Half year report

[Irish24]

Issued by Greatland today

Half-Year Financial Report

for the six months ended 31 December 2024


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") is pleased to announce its interim results for the six months ended 31 December 2024.



Highlights:


Transformational acquisition of 100% of Havieron and Telfer

· Completed acquisition for 100% ownership of the Havieron gold-copper project (Havieron), the Telfer gold-copper mine (Telfer), and other related assets in the Paterson region from Newmont Corporation (NYSE:NEM) (Newmont) (the Havieron-Telfer Acquisition)

· At Completion on 4 December 2024 paid the following acquisition consideration to Newmont:

o US$167.0 million cash (after estimated purchase price adjustments;

o US$167.5 million in the form of 2,669,182,291 Greatland ordinary shares issued to Newmont, representing 20.4% of Greatland shares on issue; and

o Repaid debt of US$52.4 million (£41.4 million), being the entire outstanding balance of the Havieron joint venture loan to Newmont, which has been terminated.

· Greatland expects to pay the following amounts to Newmont on a deferred basis:

o A$32.6 million (£16.6 million) in aggregate estimated purchase price adjustments; and

o Up to a maximum of US$100 million (£79.0 million) in deferred cash consideration which may be payable to Newmont on the first five years' Havieron gold production, through a 50% price upside participation by Newmont above a US$1,850/oz hurdle gold price, subject to an annual cap of US$50 million and aggregate cap of US$100 million.

· Raised US$334 million (c. £255.3 million) through an oversubscribed Institutional Placing and Retail Offer

· Havieron is a world class gold-copper project with a Mineral Resource estimate of 8.4Moz gold equivalent, while Telfer is an operating gold-copper mine generating near-term cash flow

· Acquisition unlocks opportunity to optimise an integrated Telfer-Havieron mining and processing operation



Telfer

· Strong start to production at Telfer during the period of Greatland's ownership from 4 December to 31 December 2024 (approximately 27 days):

o 29,864oz of gold and 1,189t of copper (33,882oz gold equivalent)

o 1,466kt of ore was processed, utilising both processing trains, with an average grade of 0.77g/t Au and 0.11% copper, and recoveries of 82% for gold and 72% for copper

o 639kt of ore was mined at the Telfer West Dome open pit (total material mined of 1,177t) and 95kt of ore was mined at the Telfer underground

· Stockpiles as at 31 December 2024:

o 10.9Mt run-of-mine (ROM) stockpiles, containing 247koz gold and 7.6kt copper; and

o 24.5Mt low grade stockpiles, containing 262koz gold and 12.2kt copper.

· In January 2025, recorded maiden concentrate shipment with proceeds from the sale received of £48.0 million



Havieron

· In September 2024, in connection with the Havieron-Telfer acquisition, Greatland published an independently reviewed 'base case' development and mine plan for Havieron:

o Havieron to operate with a steady state mining throughput rate of 2.8Mtpa and average grade processed of 2.74g/t Au and 0.32% Cu;

o Havieron to produce on average 221koz Au and 8kt Cu (258koz AuEq) annually during steady state operations, for the first 15 years, at an AISC of US$818/oz (A$1,240/oz);

o A steady state operational period of 15 years and total mine life of 20 years; and

o First ore production from Havieron in H2 2026 and first gold in H2 2027.

· During the December 2024 quarter, key activities concerning Greatland's Feasibility Study works were progressed and the Greatland Feasibility Study is being targeted for completion in H2 2025



Financial

· Closing cash position of £71.9 million (30 June 2024: £4.8 million)

· Nil debt balance (30 June 2024: £41.5 million)

· Net assets of £491.5 million (30 June 2024: £41.0 million)

· On 3 December 2024, executed a A$100m Syndicated Facility Agreement with ANZ, HSBC and ING comprising a A$75 million (c.£37.5 million) Working Capital Facility and A$25 million (c.£12.5 million) Contingent Instrument Facility



Strengthened Position

· Transitioned into a significant Australian gold and copper producer with near-term opportunities to extend Telfer mine life

· Owns 100% of Australia's second-largest gold-copper development project at Havieron

· Owns the only operating processing plant in the Paterson region, with a highly prospective regional exploration portfolio



Greatland Managing Director, Shaun Day, commented:



"It has been a transformative period for Greatland, having completed the consolidation of 100% ownership of Havieron and Telfer, establishing us as a gold-copper producer of significance. We are delighted with the strong start to production in December and the combination of a high Australian dollar gold price, very substantial mined stockpiles at surface, Telfer mine life extension targets, and the approaching development of the world class Havieron gold-copper asset presents a unique opportunity for near-term cashflow and medium-term growth. We continue to advance the Havieron Feasibility Study, expected to be completed in the second half of 2025, with development now substantially derisked by our ownership of the Telfer infrastructure.



"Greatland today is the owner and operator of a processing plant that ranks as Australia's third largest gold-copper processing plant by capacity, with a generational opportunity presented by Havieron and a highly prospective exploration portfolio. Our robust cash position and banking facilities ensures sufficient liquidity is in place.



"Preparations for our ASX cross listing are well underway and we continue to target listing in the June 2025 quarter. As a significant Australian gold-copper producer, the ASX listing is intended to provide benefits including an enhanced capital markets profile and increased institutional ownership and index participation."



Contact



For further information, please contact:



Greatland Gold plc

Shaun Day, Managing Director | info@greatlandgold.com

[leslieby101]

Cannot wait to see the Aussie reaction to the ASX listing.