Greatland Gold plc has secured a A$50 million (approx. £26 million) unsecured standby debt facility with cornerstone shareholder Wyloo Consolidated Investments Pty Ltd. The facility provides enhanced financial flexibility for Greatland as it progresses with the Havieron Feasibility Study, underground development at Havieron, and exploration in the Paterson Province. The facility is available until December 2024 and is currently undrawn. Greatland also has a Letter of Support for a A$220 million seven-year Havieron project finance and associated hedging facilities with its syndicate of leading banks. The existing cash balance, Wyloo facility, and Letter of Support provide strategic and financial options for the company. Luca Giacovazzi, CEO of Wyloo Metals, commented, "Havieron is an outstanding orebody that we are keen to see developed to its full potential, and we see tremendous exploration potential in the Paterson range as an emerging mineral belt."
Greatland Gold has decided to defer its proposed cross-listing on the Australian Securities Exchange (ASX) until next year. The company believes it is not optimal to pursue the ASX cross-listing this calendar year, considering the current ASX listing timetable and upcoming activities and opportunities for the business. Greatland will continue to support the early works development of Havieron and will announce an updated Mineral Resource Estimate (MRE) targeted for the December quarter of 2023. The company will also consider the expected timing for the Feasibility Study and a Decision to Mine at Havieron in assessing when to resume the ASX listing. The deferral of the ASX cross-listing also means that the possible equity fundraising mentioned in the company's announcement on May 16, 2023, is no longer under consideration at this time. Greatland remains committed to achieving a successful listing on the ASX and will continue to engage with the ASX to ensure its outstanding requirements are met when the process resumes.
Greatland Managing Director, Shaun Day, stated, "We are delighted by the continued support of our cornerstone shareholder, Wyloo. The A$50 million unsecured facility provides additional flexibility for funding requirements through 2024, including completion of the Havieron Feasibility Study. After careful reflection on a number of factors and opportunities, we believe we can achieve a better outcome for existing shareholders by deferring the proposed ASX cross-listing to a later date."