Newmont - Newcrest takeover - Progress Update

Greatland Gold PLC

08 September 2023

 

Greatland Gold plc (AIM: GGP)

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W: https://greatlandgold.com

: twitter.com/greatlandgold

NEWS RELEASE | 8 September 2023

Newmont - Newcrest takeover

Newcrest shareholder materials released, Newcrest shareholder meeting on
13 October 2023 to approve acquisition by Newmont, completion in November 2023

Greatland Gold plc (AIM:GGP) (Greatland or the Company), a leading precious and base metals focused mining development and exploration company, provides an update on the progress of the acquisition of its joint venture partner by Newmont Corporation.

As previously announced, Greatland's joint venture partner in the Havieron project, Newcrest Mining Limited (ASX:NCM, Newcrest) is currently the subject of an agreed takeover by Newmont Corporation (NYSE:NEM, Newmont), which is expected to complete in November 2023.  The Havieron project is held in joint venture between Greatland (30%) and Newcrest (70%), and Newcrest is the manager.

Greatland notes the release by Newcrest today of a scheme of arrangement circular, convening a meeting of Newcrest shareholders on 13 October 2023 to vote on the proposed takeover.  The Newcrest scheme circular is available at:

https://www.newcrest.com/sites/default/files/2023-09/230908_Scheme%20Booklet%20registered%20by%20ASIC%20-%20Market%20Release_1.pdf.

As is customary, the Newcrest scheme circular attaches an independent assessment by an Australian valuation advisory firm, Grant Samuel & Associates Pty Ltd (Grant Samuel), as to whether, in their opinion, the transaction is in the best interests of Newcrest shareholders.  The assessment was produced by Grant Samuel independently of Newcrest.  The Grant Samuel assessment includes a valuation for each material project in the Newcrest portfolio.  In respect of Havieron, it is noted that:

§ The approach taken by Grant Samuel is to assess Newcrest's interest in Havieron (70%) on an aggregated basis with Newcrest's interest in Telfer (100%). Accordingly, Havieron has not been separately valued.  The combined valuation therefore includes significant closure costs and other liabilities associated with Telfer (which Greatland has no exposure to).

§ Grant Samuel has applied its own assumptions and adjustments to arrive at their opinion as to the current combined value of hypothetical Telfer (100%) and Havieron (70%) scenarios.

§ Additionally, because Newcrest did not complete its own planned update to the Havieron Mineral Resource Estimate (MRE) in August 2023, the Grant Samuel assessment is based on Newcrest's August 2022 MRE update, which only incorporated drilling results up to November 2021.

As previously announced, the feasibility study for Havieron is ongoing, with value enhancing options being assessed to maximise value and de-risk the project.  The feasibility study will therefore be a up-to-date, comprehensive and optimised assessment of Havieron.

Assuming that Newmont's acquisition of Newcrest completes in November 2023 as expected, Greatland looks forward to the opportunity to work constructively with Newmont to optimise the development of Havieron, finalise the feasibility study and progress to a decision to mine.

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director  |  [e-mail]

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin  |  [phone]

Corporate Brokers

Berenberg  |  Matthew Armitt / Jennifer Lee  |  [phone]

Canaccord Genuity  |  James Asensio / Gordon Hamilton  |  [phone]

SI Capital Limited  |  Nick Emerson / Sam Lomanto  |  [phone]

Media Relations

UK - Gracechurch Group  | Harry Chathli / Alexis Gore / Henry Gamble  |  [phone]

Australia - Fivemark Partners  |  Michael Vaughan  |  [phone]

About Greatland

Greatland is a mining development and exploration company focused primarily on precious and base metals.

The Company's flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, discovered by Greatland and presently under development in joint venture with ASX gold major, Newcrest Mining Limited (which is the subject of a takeover by Newmont Corporation by way of a scheme of arrangement).

Havieron is located approximately 45km east of Newcrest's existing Telfer gold mine. The box cut and decline to the Havieron orebody commenced in February 2021.  Significant progress continues on the exploration decline with total development at over 2,600 metres in early August 2023.  Subject to a positive Feasibility Study and Decision to Mine, Havieron may leverage the existing Telfer infrastructure and processing plant.

Greatland has a proven track record of discovery and exploration success and is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions.  Greatland has a number of exploration projects across Western Australia and in parallel to the development of Havieron is focused on becoming a multi-commodity miner of significant scale.

 

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