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Greatland secures Wyloo funding, defers ASX listing

14th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Australia’s Wyloo Consolidated Investments has provided Aim-listed metals developer Greatland Gold with a A$50-million unsecured standby debt facility, as Greatland announced the deferral of its ASX listing.

Greatland told shareholders that the funding from shareholder Wyloo, which currently holds an 8.5% interest in Greatland, would provide the company with enhanced financial flexibility while it undertook the feasibility study on its Havieron project, as well as underground development at Havieron and exploration in the Paterson Province of Western Australia.

The facility is available to December 2024 and is undrawn. 

“We are proud to continue our support of Greatland through this loan facility. Havieron is an outstanding orebody that we are keen to see developed to its full potential, and we see tremendous exploration potential in the Paterson range as an emerging mineral belt,” said Wyloo Metals CEO Luca Giacovazzi.

Meanwhile, Greatland said on Thursday that the company had "carefully considered" the timetable for its ASX listing aspirations, as well as upcoming activities and opportunities, and believed that it was not optimal to pursue an ASX cross-listing in the current calendar year.

The company has decided to defer the ASX cross-listing until next year.

After careful reflection on a number of factors and opportunities, we believe we can achieve a better outcome for existing shareholders by deferring the proposed ASX cross-listing to a later date. In particular, we look forward to completing an updated mineral resource estimate (MRE) for the world-class Havieron gold/copper deposit later this year, which will incorporate 80 000 m of additional growth drilling since our previous MRE update in March 2022,” said Greatland MD Shaun Day.

Greatland will continue to support the early works development of Havieron and will complete and announce an updated MRE which is targeted for the December quarter of this year. The company will also consider the expected timing for the feasibility study and a decision to mine at Havieron in assessing when to resume the ASX listing. 

Deferral of the ASX cross-listing and conclusion of the Wyloo facility also means that the possible equity raising flagged in May this year is no longer under consideration.

Edited by Creamer Media Reporter

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