Greatland Gold PLC has released its interim results for the six months ending 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 and 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 and an exploration expense of £2.7 million.
Greatland Gold PLC emphasized its commitment to health, safety, and wellbeing, achieving its goal of maintaining a safe workplace with no fatalities and a Total Recordable Injury Frequency Rate of nil. The company's operational and financial review focused on the Havieron Joint Venture in Western Australia, where significant progress has been made in the development of the underground main access decline. The project has a Mineral Resource Estimate of 8.4Moz in total gold equivalent content and is currently undergoing an updated Feasibility Study.
Newmont Corporation became Greatland's joint venture partner and manager of the Havieron joint venture in November 2023. The company announced a pause in the development of the main access decline to allow for depressurisation and dewatering of the aquifer, with ongoing data collection and evaluation to increase confidence in water management. Additionally, an updated Mineral Resource Estimate for Havieron outlined a 29% increase in the total gold equivalent content, confirming continuous mineralisation and the definition of a new high-grade "Link Zone."
The company's focus on the Havieron project, its joint venture partnerships, and the progress made in the feasibility study and mineral resource estimates demonstrate Greatland Gold PLC's commitment to advancing its strategic position in the Paterson region of Western Australia and its exploration and development efforts in the gold-copper sector.