Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, ASX:GGP) has entered a multi-stage farm-in and joint venture with Rincon Resources Ltd (ASX:RCR) over a large portion of Rincon’s Telfer South tenure, extending Greatland’s exploration footprint south of its Telfer gold-copper mine and within about 30 kilometres of the Telfer processing facility.
Greatland can earn an initial 51% interest by funding $2 million of exploration within 36 months, including a minimum $300,000 commitment in the first 12 months. Once earned, a JV would be formed on a 51%/49% basis (Greatland/Rincon).
Greatland can then increase to 70% by sole-funding a further $2 million of JV expenditure within 36 months of completing the second stage, and can lift to 75% by sole-funding through to a decision to mine.
If a decision to mine is made and Rincon still holds a JV interest, ore from the JV area would be toll-processed through Greatland’s Telfer infrastructure under a toll-processing agreement to be documented under principles set out in the farm-in agreement. Rincon would contribute pro rata or dilute; if its interest falls below 10%, it would convert to a 1% net smelter royalty. Greatland will manage exploration across the JV area.
"We are pleased to enter into this farm-in joint venture with Rincon at Telfer South, which has the potential to be beneficial for both groups,” Greatland managing director Shaun Day said.
“The Paterson Province is relatively underexplored and highly prospective, and we want to champion and enable increased exploration activity in the region. The Telfer South JV ground borders our own South-East Hub project (a series of satellite deposits on existing mining leases) where we are busy drilling this year, so we welcome the ability to extend that opportunity further south along strike.
“The Telfer South ground is within approximately 30km of our Telfer mill, which is one of the largest in Australia and provides for very cost effective processing. If our exploration at Telfer South is successful, it presents an opportunity to leverage our substantial infrastructure for the benefit of the JV, including through toll processing ore. We look forward to getting an exploration program underway.”
Tenure split and Rincon’s retained focus at Hasties
The broader Telfer South project comprises six exploration licences and two prospecting licences covering about 215km² and more than 40 kilometres of prospective strike.
Telfer South Project Location.
The Greatland JV would cover about 200.8 km², while Rincon retains 100% ownership of the Hasties tenure (about 15.2km²), including the Hasties Main and Hasties SE gold/copper deposits located about 10km south of the Telfer mine.
"To secure a farm-in joint venture with Greatland Resources over our exploration ground near Telfer is highly significant and material for Rincon. Greatland, with their ownership of the world-class Telfer mine, have certain home ground advantage that Rincon doesn't have, and their expertise in the area will add significant momentum to the drilling and discovery efforts on the ground far more expeditiously than Rincon could look at achieving," Rincon chairman David Lenigas said.
"Our plans at Telfer South are to assist Greatland as best we can on these 200 square kilometres of JV ground whilst we concentrate on drilling up our Hasties Main and Hasties South-East gold/copper resources further through 2026, where we see considerable upside after the results just received from the recent drilling there.
"If a decision to mine is made and Rincon maintains a Joint Venture interest, specific terms have been included in the agreement that Joint Venture ore will be toll-processed at Greatland’s Telfer mine and infrastructure, pursuant to a toll-processing agreement based on principles that are to be set out in the Farm-In Agreement. This would give the JV the opportunity to leverage the significant and efficient Telfer infrastructure for the benefit of both parties."
Rincon will continue focusing on drilling and resource growth at Hasties, targeting a mineral resource estimate update in Q1 2026 and again later in 2026 after further drilling.