Greatland Gold secures A$340mn funding for development of Havieron

LONDON, UK: Greatland Gold plc (AIM:GGP), has executed debt and equity agreements to secure up to total of A$340 million in new funding that is expected to enable Greatland to fully fund its 30 per cent share of Havieron into production.

Shaun Day, Managing Director of Greatland Gold plc, commented: “This is a tremendous announcement for Greatland to have a pathway to being fully funded for its share of the development costs of Havieron. This outcome has been achieved through a combination of equity market support, including today’s execution of strategic investment agreements with Wyloo and with the support from a syndicate of high-quality banks providing a commitment letter in respect of A$220m of debt funding.

“The significant size of each bank’s commitment together with the strategic support from Wyloo highlights the long-term confidence in the Havieron gold-copper project and the strength of this world class asset.

“The selection of ANZ, HSBC and ING as our banking partners reflects their quality as financial institutions, commitment to supporting high-quality asset development and their strong relationship commitment throughout the banking process.

“Following shareholder approval, we look forward to welcoming Wyloo as our strategic partner and largest shareholder to complete the Havieron funding package.

“Completing the debt facilities and Wyloo investment will enable Greatland to be fully funded for its share of costs in developing the Havieron project into first production and potential free cash flow which will provide long-term financial stability and create significant value for Greatland and its shareholders.”

Luca Giacovazzi, CEO of Wyloo Metals, commented: “Havieron is one of the most exciting discoveries in Western Australia’s emerging Paterson Range that continues to grow in scale and quality as the understanding of this tier-one system evolves.

We are proud to be supporting Greatland to develop WA’s next copper-gold mine into a low cost, modern mining operation with very high environmental and social standards.

“We are equally as excited to be supporting the Company’s ongoing exploration of its expansive tenement package, which we think has great potential for further discovery.”

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