Greatland Gold PLC (AIM:GGP, OTC:GRLGF) hailed the 'transformational' impact of securing full stewardship of the Havieron gold-copper project, and noted the strong start to production at the Telfer mine as it rounded up a whirlwind six months.
Together, the two Western Australia assets will turn the UK-listed group into a significant gold and copper producer.
The Havieron deal, completed in December, saw Greatland pay Newmont $167 million in cash and issue $167.5 million in shares, making Newmont a 20.4% shareholder.
It also repaid a $52.4 million joint venture loan, leaving the company debt-free. Additional payments of up to $100 million are tied to future gold production at Havieron. The acquisition unlocks major opportunities to integrate and optimise mining operations between Havieron and Telfer.
Telfer, meanwhile, is already producing solid results, delivering nearly 30,000 ounces of gold and over 1,100 tonnes of copper in the six months ended December 31.
The processing plant ran at full capacity, and stockpiles at year-end contained almost 500,000 ounces of gold. January saw the first concentrate shipment, generating £48 million in revenue.
At Havieron, Greatland is pushing ahead with plans for development. The project is set to become one of Australia’s largest gold-copper mines, with steady-state production expected to reach 221,000 ounces of gold per year over 15 years.
A feasibility study is on track for completion in the second half of 2025, with first ore expected in 2026.
Financially, the company is in its strongest position yet. Greatland ended 2024 with £71.9 million in cash and no debt, a major turnaround from mid-year when it had just £4.8 million and £41.5 million in debt.
It also secured a new A$100 million credit facility with ANZ, HSBC, and ING, providing additional financial flexibility.
With full control of two major assets, Greatland has established itself as a serious player in Australian mining. The company owns the only operating processing plant in the Paterson region and holds an extensive exploration portfolio, putting it in a strong position for future growth.
CEO Shaun Day said: "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."