Greatland Gold PLC has released its interim results for the six months ending on 31 December 2023. The company's principal activities during this period included the early works development and feasibility study of the Havieron gold-copper project, as well as the exploration and evaluation of mineral tenements in Australia.
The financial review revealed a closing cash position of £12.7 million, Havieron project costs capitalised at £12.3 million, a closing debt balance of £41.1 million, and net assets of £49.9 million. The company reported a loss before share-based payments and finance items of £5.5 million, with an exploration expense of £2.7 million.
Greatland Gold emphasized its commitment to health, safety, and wellbeing, achieving its goal of maintaining a safe workplace with no fatalities and a nil Total Recordable Injury Frequency Rate during the first half of the financial year 2024.
The company provided an operational and financial review of the Havieron Joint Venture in Western Australia, highlighting significant progress in the development of the underground main access decline and the completion of a Pre-Feasibility Study. Newmont Corporation became Greatland's joint venture partner and manager of the Havieron joint venture in November 2023.
The report also outlined the pause in development of the main access decline at Havieron to allow for depressurisation and dewatering of the aquifer, as well as the expansion of depressurisation activities and ongoing data collection and evaluation. Additionally, the preparation of the Feasibility Study continued, with a focus on value-enhancing options and risk mitigation.
Greatland Gold announced an updated Mineral Resource Estimate for Havieron, indicating a 29% increase in the total gold equivalent content to 8.4Moz, with a 32% increase in contained gold equivalent metal in the higher confidence Indicated MRE category. This update is expected to contribute to the updated Ore Reserve Estimate as part of the Feasibility Study.
Overall, the report reflects Greatland Gold's progress and strategic positioning in the Paterson region of Western Australia, underscoring the company's commitment to safety and the advancement of the Havieron project.