Informe financiero semestral
Greatland Gold plc (OBJETIVO: GGP)
W: http://greatlandgold.com
: twitter.com/greatlandgold
The following amendments have been made to the 'Half-Year Results' announcement released on 5 March 2024 at 07:00 under RNS No 6095F
The formatting of the headings of each financial table has been amended to ensure that it is at the top of each page and the spacing is consistent throughout.
Todos los demás detalles permanecen sin cambios.
5 Marzo 2024
Informe financiero semestral
por los seis meses terminados el 31 de diciembre de 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Greatland Gold plc (OBJETIVO: GGP) ("Gran terreno" o la "Empresa") is pleased to announce its interim results for the six months ended 31 December 2023.
Actividades principales
The principal activities of the Group during the period consisted of the early works development and feasibility study of the Havieron gold-copper project and the exploration and evaluation of mineral tenements in Australia.
Review of half-year results (unaudited)
§ Closing cash position of £12.7 million (30 June 2023: £31.1 million)
§ Havieron project costs capitalised of £12.3 million during the half-year (31 December 2022: £12.2 million)
§ Closing debt balance of £41.1 million (30 June 2023: £41.5 million)
§ Net assets of £49.9 million (30 June 2023: £52.5 million)
§ Loss before share-based payments and finance items of £5.5 million (31 December 2022: £3.5 million); statutory loss of £5.5 million (31 December 2022: £13.3 million)
§ Exploration expense of £2.7 million (31 December 2022: £1.7 million)
HEALTH, SAFETY AND WELLBEING
Greatland's most important priority is safety, keeping our employees, contractors and communities safe and well. Our goal is to operate with zero fatalities, minimise workplace injuries and prevent catastrophic events. Greatland achieved its goal of maintaining a safe workplace for all in the first half of the financial year 2024. There were no fatalities at the Group's projects during the half year (2023: nil) and the Total Recordable Injury Frequency Rate for the Company (fully owned or operated projects) was nil (2023: nil).
REVISIÓN OPERACIONAL Y FINANCIERA
Havieron Joint Venture, Western Australia (Greatland: 30%)
Havieron is an exciting underground gold-copper development project and is the cornerstone of Greatland's strategic position in the Paterson region of Western Australia, one of the leading frontiers for the discovery of world-class precious and base metals deposits. Discovered by Greatland in 2018, Havieron is currently owned in joint venture with Newmont Corporation (NYSE:NEM; Newmont) which, through a wholly-owned subsidiary, holds a 70% joint venture interest in Havieron and is manager of the Joint Venture. Havieron has a Mineral Resource Estimate of 8.4Moz in total gold equivalent (AuEq1) content, prepared by Greatland in accordance with JORC. Early works commenced in January 2021 and are now significantly advanced, including development of the underground main access decline through 80% of the total depth to the top of the Havieron ore body. A Pre-Feasibility Study was completed in October 2021, and an updated Feasibility Study is currently progressing. |
Newmont became Greatland's joint venture partner and manager of the Havieron joint venture on 6 November 2023, following completion of Newmont's acquisition of Newcrest Mining Limited (previously ASX:NCM).
During the period, development of the decline progressed a further 353 metres, with total development at Havieron having reached in excess of 3,060 metres, including over 2,110 metres of advance in the main access decline (as of 31 December 2023). There is approximately 80 vertical metres of the total 420 metres of vertical distance remaining before the decline reaches the base of the Permian cover and top of the Havieron orebody.
In October 2023, Greatland announced a pause in development of the main access decline prior to development through the lower confined aquifer (LCA) which is the final of three aquifers before the decline reaches the top of the Havieron orebody, to allow depressurisation and dewatering of the aquifer and additional water management data collection and evaluation. The pause commenced in the December 2023 quarter and depressurisation activities were expanded, with six depressurisation holes now drilled into the LCA and pumping water to evaporation facilities at the surface. Data collection and evaluation is continuing in parallel to increase confidence in water management from the LCA and determine the timing of any additional water management infrastructure required at surface.
Preparation of the Feasibility Study continued throughout the period, with several value enhancing options to maximise value and further derisk the project continuing to be assessed by the study work.
On 21 December 2023, Greatland announced an updated Mineral Resource Estimate (MRE) for Havieron, prepared in accordance with JORC, outlining an increase in the total gold equivalent (AuEq1) content to 8.4Moz, a 29% increase from Greatland's previous March 2022 MRE (refer to Greatland's RNS of 21 December 2023 titled 'Havieron Mineral Resource Estimate Update'). The update included a 32% increase in contained gold equivalent metal in the higher confidence Indicated MRE category, which can potentially be considered in the updated Ore Reserve Estimate that will be part of the Feasibility Study. The update confirmed continuous mineralisation between the Eastern Breccia and main Havieron Breccia domains, with the definition of a new high grade "Link Zone".
1 The gold equivalent (AuEq) is based on assumed prices of US$1,700/oz Au and US$3.75/lb Cu for Mineral Resource and metallurgical recoveries based on block metal grade, reporting approximately at 87% for Au and 87% for Cu which in both cases equates to a formula of approximately AuEq = Au (g/t) + 1.6* Cu (%). It is the Company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
On 22 February 2024, Newmont announced an updated Mineral Reserve and Mineral Resource for Havieron, prepared in accordance with the US Securities and Exchange Commission's SK 1300 guidelines (SK 1300), which are different from JORC. Refer to Greatland's RNS of 22 February 2024 titled 'Newmont Annual Reserves & Resources Statement' for further information.
On 22 February 2024, Newmont announced its intention to divest its interest in Havieron in calendar year 2024, as well as its 100% owned Telfer mining operations located 45km west from Havieron, where ore from Havieron is presently contemplated to be processed (subject to a positive feasibility, decision to mine and entry into a toll processing agreement). Greatland discovered the Havieron deposit and maintains its commitment to delivering Havieron's full potential for all stakeholders. Under the Havieron joint venture agreement, Greatland holds a right of last refusal in respect of a sale by Newmont of its joint venture interest in Havieron to a third party.
Paterson South Farm-In and Joint Venture Arrangement, Australia Occidental (Greatland gana hasta el 75%)
In May 2023, Greatland entered into the Paterson South farm-in and joint venture agreement with Rio Tinto Exploration Pty Ltd (extensión RTX), a wholly-owned subsidiary of global mining group Rio Tinto, to accelerate exploration at nine exploration licences (Viviendas del sur de Paterson) which collectively cover 1,537km2 of highly prospective tenure within the Paterson region of Western Australia, near Havieron. Greatland has the right to earn up to a 75% interest in the Paterson South Tenements by spending at least A$21.1 million and completing 24,500 metres of drilling as part of a two-stage farm-in over seven years. During the period, Greatland achieved the stage one minimum commitment under the farm-in arrangement by completing 2,000 metres of drilling and A$1.1 million of expenditure before 31 December 2024. |
In late June 2023, Greatland commenced its maiden exploration drilling campaign at the Paterson South Tenements, testing the Stingray and Decka targets. Results of this drilling were announced in early November 2023. The rapid commencement of drilling on the Paterson South Tenements within four weeks of entering into the farm-in and joint venture arrangement is a testament to both the high quality of the tenure and Greatland's drive to rapidly unlock greater value from its Paterson region exploration portfolio.
Greatland is currently refining the exploration program to be carried out across the remainder of the Paterson South Tenements, and has completed on-ground heritage surveys over several targets on the Skylar, Wilki Lake and Basel tenements. On-ground work including drilling is planned for 2024, along with additional heritage surveys to enable on-ground work on all of the highest priority prospects.
Juri Joint Venture, Australia Occidental (Greatland: 49%)
Juri is a joint venture between Greatland (49%) and Newmont (51%) to explore the Paterson Range East and Black Hills exploration licences located in the Paterson region, near Havieron. Newmont has the right to earn up to a 75% interest in the Juri tenements by spending up to a further A$17 million in Stage 2 of the farm-in. |
Greatland's Juri joint venture partner Newcrest Operations Limited, now a wholly owned subsidiary of Newmont, elected to assume management of the Juri Joint Venture on 1 July 2023. Greatland and Newmont are two of the largest landholders in the Paterson region, and we remain excited about the prospectivity of the Juri Joint Venture tenure. The shift of Juri Joint Venture management to Newmont has provided our exploration team with the opportunity to put greater focus on our portfolio of highly prospective 100% owned tenure, together with our responsibilities as the new manager of the Paterson South farm-in and joint venture arrangement with RTX.
During the period, Newmont carried out an airborne gravity survey over parts of the Juri Joint Venture tenure, the results of which are continuing to be reviewed by the Joint Venture and will be incorporated into future on-ground work plans.
Exploración, Australia Occidental (Greatland: 100%)
Gran Paterson
Greatland's 100% owned Paterson region exploration projects comprise of the Scallywag and Canning projects: § Scallywag comprises four wholly-owned granted exploration licences: Scallywag, Pascalle, Rudall and Black Hills North located adjacent to and around Havieron. Exploration work is focused on the discovery of intrusion related gold-copper deposits similar to Havieron, Telfer and Winu. § Canning comprises two wholly-owned granted exploration licences: Canning and Salvation Well located approximately 175km south-east of Havieron within the south-eastern extensions of the Paterson region in Western Australia. The tenements contain two large magnetic 'bullseye' anomalies similar to the Havieron deposit magnetic signature. |
During the period, Greatland completed diamond core drilling on the Scallywag exploration licence, with 10 holes completed for over 2,500 metres at the A35, A34, Pearl and Swan prospects, the results of which were announced in December 2023. The drilling program effectively tested previously defined electromagnetic and geological targets, building Greatland's understanding of the structure, stratigraphy and geochemistry of the ground.
Greatland also completed ground magneto-telluric (MT) surveys of the Scallywag and Canning exploration licences during the period. MT surveys are considered particularly effective in areas of deep conductive cover when compared to standard electromagnetic techniques as the signal only traverses the conductive cover once, reducing the deleterious effect that this has at the receiver(s). A similar survey conducted in 2022 on the Havieron mining lease successfully detected the Havieron orebody.
Preliminary modelling of the Scallywag MT survey data indicates a conductor at depth within a syncline fold structure along trend from Havieron. Optimisation of the MT modelling is complete and confirms the anomaly as a high priority drill target for 2024. Further work is targeted at improving the understanding of stratigraphy and structure to identify Telfer style targets in the broader Scallywag tenement. Modelling of the Canning MT survey data did not identify a target.
ernesto giles
The Ernest Giles project consists of two granted wholly-owned adjoining exploration licences: Calanchini and Peterswald, and four pending exploration licence applications: Westwood North, Westwood West, Mount Smith and Welstead Hill which are located approximately 250km north-east of the town of Laverton in the Yilgarn region of Western Australia. Ernest Giles is an underexplored Archean greenstone belt which lies within the highly mineralised Yilgarn Craton, to the north of the world-class Tropicana and Gruyere gold operations. |
During the period important progress was made at Ernest Giles.
In September 2023, Greatland entered into a land access agreement with the Manta Rirrtinya Native Title Holders. The agreement provides for the consent to the grant of tenure to, and land access by, Greatland over approximately 75% of the Ernest Giles project area.
In November 2023, Greatland completed two diamond core drill holes at the Meadows prospect at Ernest Giles, co-funded by the Government of Western Australia's Exploration Incentive Scheme drilling grant. The drilling results have provided important geological and structural information. Follow up exploration work including an induced polarization survey and a reverse circulation program are planned for the second half of calendar year 2024.
Panorama
The Panorama project consists of three granted wholly-owned adjoining exploration licences: Panorama, Panorama North and Panorama East, located in the Pilbara region of Western Australia. The tenements are considered by Greatland to be highly prospective for gold and nickel. |
In November 2023, Greatland announced the results of a surface sampling program at Panorama, with results including 27 soil samples from the Ni_04 prospect returning above 0.1% nickel over a 1.4km strike extent, and a peak result of 0.3% nickel in a rock chip sample.
These samples sit within the Dalton Suite ultramafics, which the results confirmed as nickel enriched and a potential primary nickel sulphide host. The large extent of the prospective Dalton Suite ultramafics within the Panorama tenure, and the existence of several untested highly prospective conductors, presents the potential for a substantial nickel discovery at Panorama. Greatland is now planning its next steps to effectively test both the geochemical and geophysical anomalies on the tenure.
Bromo
The Bromus project consists of two granted wholly-owned adjoining exploration licences: Bromus and Bromus West which are considered prospective for nickel, lithium and gold, located approximately 20km southwest of the town of Norseman in southern Western Australia. |
During the period the lithium prospectivity of the Bromus project tenure was assessed and on-ground activities planned for confirmation.
CORPORATIVO
During the period, Greatland continued to advance its preparations for a proposed cross-listing on the ASX, with significant progress made. In September 2023, having regard to the listing timetable and activities and opportunities for the business, Greatland decided to defer the ASX cross-listing until 2024. Greatland continues to assess the opportunity to list on the ASX at the appropriate time and is well positioned by the work undertaken to efficiently resume and complete the ASX listing process.
In September 2023, Greatland entered into a A$50 million (approx. £26 million) unsecured standby debt facility with cornerstone shareholder Wyloo Consolidated Investments Pty Ltd (Wyloo), providing additional flexibility for Greatland's funding requirements through 2024. Wyloo currently holds approximately 8.5% of Greatland shares.
Significant events after the balance date
There were no reportable events since 31 December 2023.
Contacto
Para más información, por favor póngase en contacto con:
Greatland Gold plc
Shaun Day, director general | GME@dhr-rgv.com
Asesor Nominado
Socios asesores de SPARK
Andrew Emmott / James Keeshan / Neil Baldwin | +44 203 368 3550
Sector empresarial Brokers
Berenberg | Mateo Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuidad | James Asensio / George Grainger | +44 207 523 8000
SI Capital Limitado | Nick Emerson / Sam Lomanto | +44 148 341 3500
Relaciones con los medios
Reino Unido - Grupo Gracechurch | Harry Chathli / Alexis Gore / Henry Gamble | +44 204 582 3500
Australia - Socios de Fivemark | Michael Vaughan | +61 422 602 720
Sobre Greatland
Greatland es una compañía de exploración y desarrollo minero enfocada principalmente en metales preciosos y básicos.
El activo emblemático de la Compañía es el proyecto de oro y cobre de clase mundial Havieron en la provincia de Paterson en Australia Occidental, descubierto por Greatland y actualmente en desarrollo en una empresa conjunta con la importante empresa mundial de oro, Newmont Corporation.
Havieron se encuentra aproximadamente a 45 kilómetros al este de la mina de oro Telfer existente de Newmont. El corte de caja y el descenso hacia el yacimiento de Havieron comenzaron en febrero de 2021. El desarrollo total ahora supera los 3,060 m, incluidos más de 2,110 m de avance en el descenso de acceso principal (al 31 de diciembre de 2023). Sujeto a un estudio de viabilidad positivo y a una decisión de minar, Havieron pretende aprovechar la infraestructura y la planta de procesamiento de Telfer existentes. El acceso a Telfer eliminaría el riesgo del desarrollo y reduciría el gasto de capital.
Greatland tiene un historial comprobado de éxito en descubrimientos y exploraciones y está buscando la próxima generación de depósitos minerales de primer nivel mediante la aplicación de técnicas de exploración avanzadas en regiones poco exploradas. Greatland tiene una serie de proyectos de exploración en Australia Occidental y, en paralelo al desarrollo de Havieron, se centra en convertirse en una minera de múltiples productos básicos de escala significativa.
Declaración consolidada de ingreso comprensivo
por el semestre finalizado el 31 de diciembre de 2023
| 31 Dec 2023 | 31 Dec 2022 | |
Ingresos | - | - | |
Gastos de exploración y evaluación | (2,715) | (1,719) | |
Gastos administrativos | 4 | (2,790) | (1,799) |
Gastos de pago basados en acciones | 5 | (1,639) | (9,157) |
Pérdida antes de partidas financieras e impuestos |
| (7,144) | (12,675) |
Ganancias/(pérdidas) netas por tipo de cambio | 1,185 | (750) | |
Otros ingresos | 86 | 149 | |
Ingresos financieros | 594 | 177 | |
Costos financieros | (187) | (180) | |
Pérdida antes de impuestos | (5,466) | (13,279) | |
Ingreso por gastos de impuesto | - | - | |
Pérdida del período | (5,466) | (13,279) | |
|
|
| |
Otro resultado integral: |
|
| |
Diferencias de cambio en la conversión de operaciones en el extranjero | 1,040 | (973) | |
Resultado integral total del período atribuible a los accionistas de la Compañía | (4,426) | (14,252) | |
Utilidad por acción para pérdida atribuible a los accionistas ordinarios de la Compañía: | |||
Pérdida básica y diluida por acción (peniques)(A) | (0.11) | (0.29) |
The Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
(a) For the purpose of calculating basic earnings per share, the weighted average number of the Group shares outstanding during the period was 5,078,896,662 (31 December 2022: 4,637,835,742). Dilutive earnings per share is not included on the basis inclusion of potential ordinary shares would result in a decrease in loss per share, and is considered anti-dilutive.
Estado de Situación Financiera Consolidado
a 31 de diciembre de 2023
| Note | 31 Dec 2023 000 £ | Junio 30 2023 000 £ |
BIENES |
| ||
Activos de exploración y evaluación | 270 | 264 | |
Desarrollo de la mina | 6 | 76,903 | 59,931 |
Activo por derecho de uso | 319 | 418 | |
Propiedad, planta y equipo. | 75 | 84 | |
Activos financieros mantenidos a valor razonable con cambios en pérdidas y ganancias | 83 | 88 | |
Total del activo no corriente |
| 77,650 | 60,785 |
Efectivo y equivalentes de efectivo | 12,666 | 31,149 | |
Contribuciones en efectivo de empresas conjuntas avanzadas |
| 6,409 | 12,576 |
Cuentas comerciales y otras cuentas por cobrar |
| 60 | 116 |
Otros activos corrientes |
| 1,080 | 414 |
Total de activos corrientes |
| 20,215 | 44,255 |
LOS ACTIVOS TOTALES | 97,865 | 105,040 | |
PASIVO | |||
Comerciales y otras cuentas a pagar | 4,465 | 8,511 | |
Pasivos por arrendamiento | 129 | 128 | |
Provisiones | 3 | 186 | |
Total pasivo corriente |
| 4,597 | 8,825 |
Préstamos | 7 | 41,117 | 41,503 |
Pasivos por arrendamiento | 189 | 284 | |
Provisiones | 2,023 | 1,950 | |
Total pasivo no corriente |
| 43,329 | 43,737 |
RESPONSABILIDAD TOTAL |
| 47,926 | 52,562 |
|
| ||
ACTIVOS NETOS |
| 49,939 | 52,478 |
| |||
EQUIDAD | |||
Capital social | 8 | 5,091 | 5,069 |
Compartir premium | 8 | 70,998 | 70,821 |
Reserva de fusión | 8 | 27,494 | 27,494 |
Reserva de conversión de moneda extranjera | (3,219) | (4,259) | |
Reserva de pago basada en acciones | 11,828 | 10,173 | |
Ganancias retenidas | (62,253) | (56,820) | |
EQUIDAD TOTAL | 49,939 | 52,478 |
El Estado de Situación Financiera Consolidado anterior debe leerse junto con las notas adjuntas.
Estado de cambios en el patrimonio neto consolidado
por el semestre finalizado el 31 de diciembre de 2023
| Note | Capital social |
Compartir premium |
Reserva de fusión 000 £ |
Reserva de conversión de moneda extranjera 000 £ |
Reservas de pagos basados en acciones | Ganancias retenidas | Equidad total 000 £ |
Al 1 de julio de 2023 | 5,069 | 70,821 | 27,494 | (4,259) | 10,173 | (56,820) | 52,478 | |
Pérdida del período | - | - | - | - | - | (5,466) | (5,466) | |
Otro resultado integral | - | - | - | 1,040 | - | - | 1,040 | |
Pérdida integral total del período | - | - | - | 1,040 | - | (5,466) | (4,426) | |
Transacciones con propietarios en su calidad de propietarios: | ||||||||
Pagos basados en acciones | - | - | - | - | 1,688 | - | 1,688 | |
Transferencia en ejercicio de opciones | - | - | - | - | (33) | 33 | - | |
Capital social emitido | 8 | 22 | 177 | - | - | - | - | 199 |
Contribuciones totales y distribuciones a los propietarios de la Compañía | 22 | 177 | - | - | 1,655 | 33 | 1,887 | |
Six months ended on 31 December 2023 | 5,091 | 70,998 | 27,494 | (3,219) | 11,828 | (62,253) | 49,939 |
|
| Capital social |
Compartir premium |
Reserva de fusión 000 £ |
Reserva de conversión de moneda extranjera 000 £ |
Reservas de pago basadas en acciones | Ganancias retenidas | Equidad total 000 £ |
Al 1 de julio de 2022 | 4,071 | 36,166 | 225 | 647 | 335 | (35,718) | 5,726 | |
Pérdida del período | - | - | - | - | - | (13,279) | (13,279) | |
Otro resultado integral | - | - | - | (973) | - | - | (973) | |
Pérdida integral total del período | - | - | - | (973) | - | (13,279) | (14,252) | |
Transacciones con propietarios en su calidad de propietarios: | ||||||||
Pagos basados en acciones | - | - | - | - | 9,157 | - | 9,157 | |
Capital social emitido | 945 | 34,119 | 29,393 | - | - | (139) | 64,318 | |
Costo de emisión de acciones | - | (30) | (2,096) | - | - | - | (2,126) | |
Contribuciones totales y distribuciones a los propietarios de la Compañía | 945 | 34,089 | 27,297 | - | 9,157 | (139) | 71,349 | |
Six months ended on 31 December 2022 | 5,016 | 70,255 | 27,522 | (326) | 9,492 | (49,136) | 62,823 |
El Estado de Cambios en el Patrimonio Neto Consolidado anterior debe leerse en conjunto con las notas adjuntas.
Estado consolidado de flujos de efectivo
por el semestre finalizado el 31 de diciembre de 2023
| Note | 31 Dec 2023 000 £ | 31 Dec 2022 000 £ |
flujos de efectivo por actividades operacionales | |||
Pérdida del período | (5,466) | (13,279) | |
Ajustes para: | |||
Gastos de pago basados en acciones | 5 | 1,639 | 9,157 |
depreciación y amortización | 82 | 123 | |
Costos financieros | 162 | - | |
Otras partidas no monetarias | 6 | (57) | |
Ingresos por intereses de inversión | (594) | (177) | |
Relájese de descuento en provisiones | 12 | 174 | |
Unrealised foreign exchange gain / (loss) | (1,208) | 721 | |
Gastos por intereses del pasivo por arrendamiento | 6 | 2 | |
Movimiento de activos/pasivos operativos: | |||
Aumento/(disminución) de cuentas comerciales y otras cuentas por cobrar | 15 | (349) | |
Aumento de otros activos corrientes | (68) | (194) | |
Decrease in payables and other liabilities | (2,199) | (1,383) | |
Aumento de provisiones | 21 | 21 | |
Salida neta de efectivo de las actividades operativas | (7,592) | (5,241) | |
Flujos de efectivo de actividades de inversión | |||
Interés recibido | 646 | 177 | |
Pagos anticipados por aportes de empresas conjuntas | (6,409) | (1,900) | |
Pagos por desarrollo minero y activos fijos | (4,743) | (3,609) | |
Salida neta de efectivo de las actividades de inversión | (10,506) | (5,332) | |
|
|
| |
Flujos de efectivo de actividades de financiación | |||
Producto de la emisión de acciones | 8 | 199 | 63,290 |
Costos de transacción por emisión de acciones | - | (2,126) | |
Reembolso de obligaciones de arrendamiento | (56) | (114) | |
Pagos por costos de préstamos pagados por adelantado por deuda | (823) | (166) | |
Efectivo neto (salida) / entrada de actividades de financiación | (680) | 60,884 | |
|
|
| |
(Disminución) / aumento neto de efectivo y equivalentes de efectivo | (18,778) | 50,311 | |
Efectos de las diferencias de tipo de cambio sobre el efectivo y equivalentes de efectivo |
| 295 | (873) |
Efectivo y equivalentes de efectivo al comienzo del período |
| 31,149 | 10,386 |
Efectivo y equivalentes de efectivo al final del período | 12,666 | 59,824 |
El Estado Consolidado de Flujos de Efectivo anterior debe leerse junto con las notas adjuntas.
Notas a los estados financieros consolidados
por el semestre finalizado el 31 de diciembre de 2023
1. Corporate information
The half-year consolidated financial statements of Greatland Gold plc (Gran terreno o de Empresa) and its subsidiaries (collectively, el grupo) for the six months ended 31 December 2023 were authorised for issue in accordance with a resolution of the Directors on 5 Marzo 2024.
Greatland is a company incorporated in England and Wales whose shares are publicly traded on the AIM market (AIM: GGP). The nature of the operations and principal activities of the Company are described in the Directors' Report.
2 Basis of preparation
The consolidated financial statements for the half-year ended 31 December 2023 are general purpose condensed financial statements prepared in accordance with NIC 34 Información financiera intermedia and UK-adopted international accounting standards and are presented in sterling (£). The financial information does not constitute statutory accounts within the meaning of section 434 of the Ley de Sociedades 2006. The information relating to the half-year periods to 31 December 2023 and 31 December 2022 are unaudited. PKF Littlejohn LLP has issued an independent review report on the half-year periods 31 December 2023 and 31 December 2022. The review report for 31 December 2023 can be found on page 18.
The half-year consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 30 June 2023 and considered together with any public announcements made by Greatland during the half-year ended 31 December 2023. The annual report of the Group for the year ended 30 June 2023 is available at http://greatlandgold.com. The report of auditors on those financial statements was unqualified.
The accounting policies adopted are consistent with those applied by the Group in the preparation of the annual consolidated financial statements for the year ended 30 June 2023. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
The amounts contained in this financial report have been rounded to the nearest £1,000 where noted (£000) under the option available to the Company under the Companies Act 2006.
Preocupación continua
The Group's principal activities include the development of Havieron. At 31 December 2023, the Group had net current assets of £15.6 million, with cash of £12.7 million and advanced Havieron joint venture cash contributions of £6.4 million.
In addition, Greatland has access to a A$50 million (c.£26.8 million) undrawn standby loan facility with Wyloo Consolidated Investments Pty Ltd (Wyloo) and a signed non-legally binding Letter of Support from its banking syndicate comprising of Australian and New Zealand Banking Group Limited, HSBC Bank and ING Bank (Australia) (together, the Bancario Sindicato). The Letter of Support provides that the Banking Syndicate are fully supportive and interested in the provision of A$220 million (c.£117.9 million) seven-year syndicated debt and associated hedging facilities subject to completion of the Havieron Feasibility Study.
Management has prepared cash flow forecasts for the next twelve months under various scenarios. These scenarios anticipate the Group will be able to meet its commitments and pay its debts as and when they fall due subject to an equity raise or utilisation of the Wyloo debt facility and completion of the Havieron Feasibility Study allowing access to project financing from the banking syndicate of A$220 million. The Group is confident that it has the ability to raise additional equity or debt, if required, as it has successfully demonstrated in the past.
Si es necesario, el Grupo tiene una serie de opciones disponibles para gestionar la liquidez que incluyen:
§ Significantly reduce expenditure on its own exploration programmes;
§ Significantly reduce corporate costs;
§ Raising additional funding through debt and equity, or a combination of both, which the Company considers it has the ability to do, should it be required and has demonstrated an ability to do so in the past.
Should the Directors not achieve the matters set out above, there is significant uncertainty as to whether the Company will continue as a going concern and therefore whether they will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.
Having prepared forecasts based on current resources and assessing methods of obtaining additional finance, the Directors believe the Group has sufficient resources to meet its obligations for a period of twelve months from the date of approval of these financial statements. Taking these matters into consideration, the Directors continue to adopt the going concern basis of accounting in the preparation of the financial statements.
The principal risks and uncertainties for the six month period up to 31 December 2023 remained consistent with trends reported in the 2023 Annual Report.
3 Segmental information
Operating segments are reported in a manner that is consistent with the internal reporting to the Board and the executive management team (the chief operating decision makers). Greatland operates one segment being Exploration and Evaluation of Minerals and Mine Development in Australia.
4 Administrative expenses
|
| 31 Dec 2023 000 £ | 31 Dec 2022 000 £ |
Gasto por beneficios a empleados | 1,337 | 761 | |
Gastos de depreciación y amortización | 43 | 112 | |
Other administrative and corporate costs | 1,410 | 926 | |
Gastos administrativos totales | 2,790 | 1,799 |
5 Share-based payments
The total expense arising from share-based payment transactions recognised during the period was as follows:
| Note | 31 Dec 2023 000 £ | 31 Dec 2022 000 £ |
Plan de incentivos a largo plazo para empleados | (A) | 1,542 | 448 |
Opciones de coinversión de los directores | (B) | - | 8,611 |
Otros esquemas | 97 | 98 | |
Gasto total de pago basado en acciones | 1,639 | 9,157 |
(a) Plan de incentivos a largo plazo para empleados (LTIP)
El LTIP aprobado por la Junta de Greatland entró en vigor en febrero de 2022. El LTIP está diseñado para proporcionar incentivos a largo plazo para que los empleados (incluidos los directores ejecutivos) generen retornos a largo plazo para los accionistas. Según el LTIP, a los participantes se les otorgan derechos de desempeño u opciones que se otorgan si se cumplen ciertos estándares de desempeño. La participación en el plan queda a discreción de la Junta y ningún individuo tiene el derecho contractual de participar en el plan o de recibir beneficios garantizados.
Set out below are performance rights and options granted under the Company's Employee Equity Incentive Plan over ordinary shares which are granted for nil cash consideration. Management has assessed that non-market and market conditions are more than probable to be achieved by the expiry date and therefore the total value of the performance rights incorporates all performance rights awarded. The expense recorded as share-based payments is recognised to the service period end date on a straight-line basis as the service conditions are inherent in the award.
Each performance right and option converts to one ordinary share in the Company upon satisfaction of the performance conditions linked to the performance rights. The performance rights do not carry any other privileges. The fair value of the non-market condition performance rights granted is determined based on the number of performance rights awarded multiplied by the Company's share price on the date awarded.
The expense for the period of £1.5 million represents the fair value of the instruments expensed over the vesting period.
The Group granted the following on 19 September 2023:
§ FY23 Performance Rights: 13,306,047 performance rights on 27 July 2022 under the Greatland LTIP which were in respect of the 2023 financial year. The amount of performance rights will vest depending on a number of performance targets during a three year performance period from 1 July 2023 to 30 June 2025. The share-based payment expense to be recognised in future periods is £0.7 million.
§ Employee Retention Rights: 31,100,000 nominally priced share options of £0.001 on a once off basis to incentivise retention through a pivotal period of the Group's growth. Subject to satisfaction of service criteria, the holder must be employed by Greatland on 28 February 2026 to exercise. The share-based payment expense to be recognised in future periods is £1.9 million.
§ Employee Co-Investment Options: 302,700,000 grant of premium priced share options of £0.119 to incentivise retention through a pivotal period in the Group's growth and align their interests to pursue value growth for all shareholders. Subject to satisfaction of service criteria, the holder must be employed by Greatland on 28 February 2026 to exercise. The share-based payment expense to be recognised in future periods is £5.3 million.
5 Share-based payments (continued)
El valor razonable a la fecha de concesión se determina de forma independiente utilizando una forma ajustada del Modelo Black-Scholes que incluye un modelo de simulación Monte Carlo para los derechos TSR. Los supuestos clave fueron los siguientes:
Valor razonable de los derechos de desempeño y suposiciones | LTIP 2023 | Derechos de retención | Opciones de coinversión |
Fecha de concesión | 19 Septiembre 2023 | 19 Septiembre 2023 | 19 Septiembre 2023 |
Fair value - market hurdle | £0.03875 | n / a | n / a |
Fair value - non-market hurdle | £0.07008 | £0.07024 | £0.01964 |
Precio de la acción en la fecha de concesión | £0.071 | £0.071 | £0.071 |
Precio de ejercicio | £0.001 | £0.001 | £0.119 |
Volatilidad esperada | 59.17% | 69.28% | 62.49% |
Fecha de adquisición | 30 de junio de 2025 | 28 de febrero de 2026 | 28 de febrero de 2026 |
Life of performance rights | 10 años | 10 años | 2.9 años |
Dividendos esperados | cero | cero | cero |
Tasa de interés libre de riesgo | 4.69% | 4.23% | 4.49% |
Metodología de valoración | Monte Carlo & Scholes negro | Scholes negro | Scholes negro |
b) Directors' Co-Investment Options
The Group issued 235,000,000 co-investment options on 12 September 2022 to four Directors, Mark Barnaba, Elizabeth Gaines, Paul Hallam and Jimmy Wilson. The co-investment option structure has been designed to create strong and immediate alignment with shareholders to deliver substantial share price growth, with the options being set at £0.119, representing a 45% premium to the equity placement in August 2022 of £0.082. No hay montos futuros asociados con estas opciones que se deban gastar en períodos futuros. The fair value at grant date was independently determined using a Binomial simulation model. The key assumptions were as follows:
Grant date & vesting date | 12 Septiembre 2022 |
Valor razonable | £0.0366 |
Precio de la acción en la fecha de concesión | £0.0902 |
Precio de ejercicio | £0.119 |
Volatilidad esperada | 60% |
Vida de opciones | 4 años |
Dividendos esperados | 0.00% |
Tasa de interés libre de riesgo | 2.92% |
Metodología de valoración | binominal |
Opciones
The following table illustrates the number of, and movements in options during the period:
| Precio de ejercicio promedio ponderado 31 de diciembre 2023 | Semestre finalizado el 31 de diciembre de 2023 | Precio de ejercicio promedio ponderado 30 de junio de 2023 | Año completo terminado 30 de junio de 2023 |
Destacado a principios de año | £0.112 | 261,750,000 | £0.026 | 79,000,000 |
Concedido durante el período | £0.119 | 302,700,000 | £0.119 | 235,000,000 |
Ejercido durante el período | £0.009 | (21,750,000) | £0.012 | (52,250,000) |
Perdido durante el período | - | - | - | - |
Sobresaliente al final del período | £0.120 | 542,700,000 | £0.112 | 261,750,000 |
Adquirido y ejercitable | £0.119 | 235,000,000 | £0.110 | 256,750,000 |
5 Share-based payments (continued)
Derechos de ejecución
The following table illustrates the number of, and movements in performance rights during the period:
Precio de ejercicio promedio ponderado 31 de diciembre 2023 | Semestre finalizado el 31 de diciembre de 2023 | Precio de ejercicio promedio ponderado 30 de junio de 2023 | Año completo terminado 30 de junio de 2023 | |
Destacado a principios de año | £0.001 | 23,500,000 | £0.001 | 23,500,000 |
Concedido durante el período | £0.001 | 44,406,047 | - | - |
Ejercido durante el período | - | - | - | - |
Perdido durante el período | - | - | - | - |
Sobresaliente al final del período | £0.001 | 67,906,047 | £0.001 | 23,500,000 |
Adquirido y ejercitable | - | - | - | - |
6 Mine Development
31 Dec 2023 000 £
| Junio 30 2023 000 £
| ||
Como al comienzo del período. |
| 59,931 | 35,582 |
Adiciones | 12,291 | 23,367 | |
Costos por préstamos capitalizados | 2,893 | 5,406 | |
Ajuste de conversión de moneda | 1,788 | (4,424) | |
Al final del periodo | 76,903 | 59,931 |
7 Borrowings
31 Dec 2023 000 £
| Junio 30 2023 000 £
| ||
Como al comienzo del período. | 41,503 | 43,103 | |
Interés capitalizado | - | 45 | |
Efecto de la revaluación de la moneda extranjera | (1,264) | 1,661 | |
Ajuste de conversión de moneda | 878 | (3,306) | |
Total de préstamos no corrientes | 41,117 | 41,503 |
The borrowings presented above relate to a loan agreement with Newmont Corporation (Newmont), through a wholly owned subsidiary, dated 29 November 2020 in respect of Havieron. The loan is fully drawn down. The key terms of the facility with Newmont include:
§ El préstamo está compuesto por la Línea A y la Línea B con valores de US$20 millones y US$30 millones respectivamente, además de intereses capitalizados;
§ Interest is calculated on SOFR rate plus a margin of 8.26161% annually and is calculated every 90 days;
§ La instalación está garantizada por la participación de Greatland en el activo de Havieron;
§ Repayment of the loan is from 80% of net proceeds from the sale of Havieron products and must be repaid by the earlier of 10 years from the date of the Feasibility Study or 12 years from the date of the Loan Agreement;
§ No existen convenios financieros.
Unrealised foreign exchange gain of £1.3 million (31 December 2022: £0.7 million) was incurred on the US$52.4 million loan balance held by the Australian subsidiary. The functional currency of the Australian subsidiary is Australian dollars while the loan is denominated in US dollars. The exchange rate increased during the period from 0.6630 USD/AUD at 30 June 2023 to 0.6840 USD/AUD at 31 December 2023.
Exchange differences arising on the translation of the functional currency of the Australian subsidiary differing from the Group's presentation currency resulted in an increase to borrowings of £0.9 million during the year (31 December 2023: reduction of £0.4 million). The exchange rate increased during the year from 0.5250 GBP/AUD at 30 June 2023 to 0.5366 GBP/AUD at 31 December 2023.
At the end of the period, the Group had A$50 million (c. £26.8 million) undrawn standby loan facility with Wyloo which is available until 1 December 2024 and matures on 31 December 2024.
8 Equity
| Note | No. de acciones | Capital social | Compartir premium | Reserva de fusión 000 £ | Total 000 £ |
Saldo al 1 de julio de 2022 de acciones autorizadas totalmente pagadas | 4,070,547,171 | 4,071 | 36,166 | 225 | 40,462 | |
Emitido a £0.001 - Havieron contraprestación contingente el 2 de agosto de 2022 | (A) | 138,981,150 | 138 | - | - | 138 |
Emitido a £0.082 - procedente de la recaudación de capital el 25 de agosto de 2022 | (B) | 362,880,180 | 362 | - | 29,393 | 29,755 |
Emitido a £0.078 - desde la suscripción a Wyloo el 7 de octubre de 2022 | (C) | 430,024,390 | 430 | 33,104 | - | 33,534 |
Emitido a £0.0765: havieron una tarifa de opción del 5 % al asesor el 11 de noviembre de 2022 | 13,443,391 | 13 | 1,015 | - | 1,028 | |
Issued at £0.020 - exercise of options on director 9 January 2023 | 25,000,000 | 25 | 25 | - | 50 | |
Issued at £0.025 - exercise of options on director 9 January 2023 | 8,750,000 | 9 | 210 | - | 219 | |
Issued at £0.070 - exercise of options on director 9 January 2023 | 7,500,000 | 8 | 45 | - | 53 | |
Emitido a £0.025 - ejercicio de opciones el 30 de enero de 2023 | 5,000,000 | 5 | 120 | - | 125 | |
Emitido a £0.03 - ejercicio de opciones el 30 de enero de 2023 | 3,000,000 | 3 | 87 | - | 90 | |
Emitido a £0.001 - ejercicio de opciones el 13 de febrero de 2023 | 500,000 | 1 | - | - | 1 | |
Emitido a £0.025 - ejercicio de opciones el 9 de marzo de 2023 | 1,500,000 | 2 | 36 | - | 38 | |
Emitido a £0.03 - ejercicio de opciones el 9 de marzo de 2023 | 1,500,000 | 2 | 43 | - | 45 | |
Menos: costos de transacción en la emisión de acciones | - | - | (30) | (2,124) | (2,154) | |
Saldo al 30 de junio de 2023 de acciones autorizadas totalmente pagadas |
| 5,068,626,282 | 5,069 | 70,821 | 27,494 | 103,384 |
Issued at £0.025 - exercise of director options on 24 September 2023 | 10 | 1,500,000 | 2 | 36 | - | 38 |
Issued at £0.03 - exercise of director options on 24 September 2023 | 10 | 1,250,000 | 1 | 37 | - | 38 |
Issued at £0.0028 - exercise of director options on 1 October 2023 | 10 | 14,000,000 | 14 | 25 | - | 39 |
Issued at £0.014 - exercise of director options on 1 October 2023 | 10 | 2,500,000 | 2 | 32 | - | 34 |
Issued at £0.02 - exercise of director options on 1 October 2023 | 10 | 2,500,000 | 3 | 47 | - | 50 |
Balance at 31 December 2023 of authorised fully paid shares |
| 5,090,376,282 | 5,091 | 70,998 | 27,494 | 103,583 |
(a) Contraprestación contingente de adquisición diferida
En julio de 2022 (antes del resultado del proceso de opción del 5% de Havieron), Greatland renegoció con éxito la contraprestación diferida que debía pagarse con respecto a su adquisición de Havieron en 2016. Los términos originales de la adquisición comprendían un pago inicial de 25,000 dólares australianos en efectivo y 65,490,000 nuevas acciones ordinarias. Otras 145,530,000 nuevas acciones ordinarias serían pagaderas si la participación de propiedad de Greatland en Havieron se redujera al 25% o menos, o si se decidiera explotar en Havieron, lo que ocurra primero.
El pago diferido de 145,530,000 acciones se renegoció de la siguiente manera:
i) 138,981,150 Greatland shares were issued to the vendor nominee, Five Diggers, during the year. This represented a 4.5% reduction in total shares issued relative to the ordinary agreed quantum
ii) In respect of the 138,981,150 shares issued, Five Diggers are subject to the following restrictions:
§ Un bloqueo que prohíbe la enajenación de acciones durante los primeros 12 meses desde la concesión, sujeto a exclusiones (como recomendar adquisiciones), y
§ Acuerdo de mercado ordenado, según el cual las acciones sólo pueden negociarse a través de Greatland broker (sujeto a excepciones habituales)
Las nuevas acciones ordinarias se emitieron en Greatland el 2 de agosto de 2022. El valor razonable de la contraprestación contingente formó parte de la adquisición original en 2016 y, como tal, los instrumentos de capital se emitieron para capital social por £0.001 según lo exige la Ley de Sociedades de 2006. con valor nulo atribuible a prima de emisión en agosto de 2022.
(b) Aumento de capital en agosto de 2022
El 25 de agosto de 2022, Greatland recaudó unos ingresos brutos totales de £29.8 millones mediante la colocación de 362,880,180 nuevas acciones ordinarias a un precio de emisión de £0.082. El aumento se facilitó a través de una empresa registrada en Jersey, Ferdinand (Jersey) Limited. Greatland mantuvo el producto de la emisión de acciones en fideicomiso en nombre de Ferdinand (Jersey) Limited, que luego fue adquirida mediante acciones para canje de acciones en circunstancias que calificaban para alivio de fusión, por lo que no se reconoció ningún monto como prima de emisión sobre la emisión de acciones según lo exige el artículo 612 de la Ley de Sociedades.
El monto reconocido en la reserva de fusión refleja el monto por el cual el valor razonable de las acciones emitidas excedió su valor nominal y se registra dentro de la reserva de fusión en el momento de la consolidación, en lugar de en una cuenta de prima de emisión.
8 Equity (continued)
(c) Ubicación estratégica en Wyloo
On 12 September 2022, Greatland entered into an agreement for a strategic equity investment with Wyloo, a privately owned minerals investment company. Wyloo subscribed for 430,024,390 shares for A$60 million (£33.5 million), an equivalent at the date of the agreement of £0.082 per share. This placement occurred at the same price as the August 2022 raise which equated to a small premium to the five-day VWAP of 9 September 2022. The transaction was approved by shareholders on 7 October 2022. Settlement occurred on 14 October 2022 at a converted share price of £0.078 per share. On settlement, the A$60 million (£33.5 million) consideration received from Wyloo was allocated to share capital and share premium reflecting the fair value of the ordinary shares at settlement date.
Como parte de la suscripción de capital, es posible que Wyloo obtenga otros 35 millones de libras esterlinas en el futuro mediante la conversión de 352,620,000 warrants con un precio de ejercicio de 0.10 libras esterlinas por acción y una fecha de vencimiento del 6 de octubre de 2025. Los warrants se reconocieron en el comunicado. de situación financiera a valor nulo en el momento de la emisión.
(d) Adquisición de derechos en Paterson South de Rio Tinto Exploration
In May 2023, Greatland entered into a farm-in and joint venture agreement with Rio Tinto in respect of the Paterson South Project which comprises of nine exploration licences. Under the farm-in and joint venture arrangement, Greatland is required to make an up-front payment to Rio Tinto Exploration Pty Ltd (extensión RTX) of A$350,000 which Greatland has elected to settle in shares. As the farm-in and joint venture agreement was executed during the year, the up-front payment was capitalised as part of the acquisition costs of the tenements and recognised in share-based payment reserves until the shares are issued. These shares to RTX have not been issued at the date of this report.
9 Capital Commitments
As at 31 December 2023, Greatland had contractual commitments to capital expenditure of £4.8 million (30 June 2023: £4.6 million), including from its share in the Havieron Joint Venture.
10 Related party transactions
Ejercicio de Opciones y Operaciones con Directores
On 1 October 2023, Mr Borrelli, Non-Executive Director, exercised his remaining 14,000,000 options over ordinary shares at a price of £0.0028 per share, 2,500,000 options at £0.014 and 2,500,000 options at £0.02 per share for a total consideration of £124,200. Mr Borrelli retained 9,000,000 of the resulting shares and sold 10,000,000 of the resulting shares to fund the associated exercise cost and tax liabilities. Mr Borrelli's shareholding increased to 35,403,372 ordinary shares representing 0.70% of the total voting rights.
In addition, on 24 September 2023, Mr Latcham, Non-Executive Director, exercised 1,500,000 existing options over ordinary shares at a price of £0.025 per share and 1,250,000 at a price of £0.03 per share, for a total consideration of £75,000. Mr Latcham retained 700,000 of the resulting shares and sold 2,050,000 of the resulting shares to fund the associated exercise cost and tax liabilities. Mr Latcham's shareholding increased to 3,850,000 ordinary shares representing 0.08% of the total voting rights.
11 Significant events after the reporting date
There were no reportable events since 31 December 2023.
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