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FINALIST: EXPLORER
Gold Mining Journal 2022 - Strip ad - 20 x 420.indd 1 18/10/22 10:45 am
18/10/22 10:45 am
Gold Mining Journal 2022 - Strip ad - 20 x 420.indd 1

The mighty fightin’

Havieron

by Michael Washbourne

ike a world champion pole vaulter, Greatland Gold plc continues syndicated debt facility of
Lto raise the bar in pursuit of the best possible outcome for its $220 million from the likes
remarkable Havieron discovery. of ANZ, HSBC and ING.
Expectations at Greatland were significantly higher in 2022 Greatland then unveiled
following what managing director Shaun Day described as a a strategic investment of
defining year for the London-listed company in 2021. Ongoing up to $120 million from
exploration success at Havieron, coupled with a landmark Andrew Forrest’s Wyloo
Havieron hosts a 2.9 moz @ 3.7
funding outcome and board restructure, all but ensured that new Metals and subsequently
g/t gold equivalent reserve
benchmark was comfortably cleared. appointed respected
Without the slightest hesitation, Day believes the best is still to Perth businessman Mark
come for Greatland as expectations are lifted yet again in 2023. Barnaba as the company’s new chair and former Fortescue
Metals Group Ltd chief executive Elizabeth Gaines as deputy
“Everything we are doing is positioning us towards the delivery of
chair.
that first ore in early 2024,” Day told GMJ.
The new-look Greatland board was rounded out with the addition
“We continue to invest in the team and we continue to invest in the
of experienced mine operator Jimmy Wilson.
drill bit, both at Havieron but also in our exploration footprint. If we
are successful in those areas, we will continue to create value for “I think the willingness of Jimmy, Elizabeth and Mark to join the
Greatland shareholders from what is a truly world-class asset.” team and share the vision that we have for Havieron and the
broader Greatland entity is testament to the quality we have in
Greatland had seven rigs spinning at Havieron in Western
place,” Day said.
Australia’s Paterson province for most of 2022, delivering an
enhanced resource of 6.5 moz @ 2.2 g/t gold equivalent. A further “It is still a very challenging market but I think all of those elements
resource update and DFS are expected in the coming months. combined have allowed us to distinguish ourselves and achieve
the best possible financing outcome for Havieron.”
Arguably, the company’s biggest win in the past 12 months was
the decision by JV partner Newcrest Mining Ltd not to exercise Greatland was recently buoyed by new intersections between
an option for an additional 5% of the project, which lies just 45km South East Crescent and the Eastern Breccia which have
west of the Telfer mine. It followed an extensive review process by increased the potential for a continuous, high-grade mineralised
Greatland which ultimately placed a higher option price of $US60 zone now linking what the company previously believed were two
million on that small but valuable slice of Havieron. separate areas.
“It was a legacy issue in the JV agreement which gave Newcrest Exploration drilling also continues to test regional geophysical
an option to acquire an additional 5% of the asset at a PFS value,” targets outside of the main Havieron system on the existing
Day said. mining lease.
“Obviously Greatland wanted that 5% option to be fully valued so, “We think the best place to look for gold and copper is where
pursuant to the JV, we decided to take that through an arbitration it’s already been found and we have some really fantastic
process and we effectively produced our own PFS with an geophysical targets along strike from Havieron,” Day said.
updated resource, updated reserve and effectively the whole Meanwhile, the Perth-headquartered Greatland is poised to
mine plan. We supported that with a raft of independent technical officially unveil plans for an ASX listing in early 2023.
analysis and independent expert reports which demonstrated “London has been a great market for us and we really appreciate
just over a fivefold increase from that PFS value. the ongoing support we have up there, but there is also a sense
“Holding on to the full 30% of a world-class asset was the best that we would be more highly valued on the Australian market,”
possible outcome for Greatland.” Day said.
With the long-term ownership structure resolved, Greatland “The Australian market understands Australian resources
was able to quickly lock away the funding requirements for its projects very well, it’s where our peer group sits and we think the
share of the Havieron development, headlined by a seven-year ASX has a demonstrated capacity to support equity raises.”

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