Greatland Gold has entered into a $50 million unsecured standby debt facility with shareholder Wyloo Metals.
The facility will provide Greatland with enhanced financial flexibility while it progresses the feasibility study and underground development at its Havieron gold-copper project in WA and exploration at the wider Paterson project.
Havieron is located approximately 485km southeast of Port Hedland and 45km east of Telfer.
“We are proud to continue our support of Greatland through this loan facility,” Wyloo chief executive officer Luca Giacovazzi said.
“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.”
The Havieron project is a joint venture with Newcrest Mining and is currently a subject of an agreed takeover by Newmont.
Greatland currently holds a 30 per cent stake in the project and Newcrest, the manager of the project’s interests, holds a 70 per cent stake.
Should the Newmont acquisition of Newcrest be finalised in November 2023 as expected, Greatland has said it 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.