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Alliance News

Greatland Gold Financially Strong Ahead Of Drilling In Australia

Tue, 13th Mar 2018 13:43

LONDON (Alliance News) - Mineral explorer Greatland Gold PLC reported a slightly wider loss on Tuesday for the first half of its financial year, as it progresses its projects in Australia.

Greatland's three projects are the Ernest Giles gold project, the Paterson copper/gold project, and the Panorama gold project, all of which are in the exploration phase.

As a result, Greatland posted no revenue in the six months to December, with its pretax loss widening to GBP716,988 from GBP607,419 the same period a year earlier.

Exploration expenses increased to GBP350,544 from GBP312,549, and administrative expenses climbed to GBP367,552 from GBP295,872.

In 2018, Greatland will use its "strong" finances to move forward its exploration portfolio, and it is to start new drilling at Ernest Giles and Paterson in the second quarter of 2018.

Greatland reported cash of GBP4.5 million as of December 31, up from GBP547,713 a year before.

Chief Executive Gervaise Heddle said: "The first half of the year was characterised by operational progress across all the company's key projects as well as achieving financial stability through successful fundraising. Specifically, the first half saw strong progress and encouraging results at Ernest Giles, Paterson and Panorama projects.

"Looking ahead, the company is in a very strong financial position to pursue its strategy of advancing exploration across its portfolio of quality projects and identifying and acquiring new under explored projects, such as the Black Hills gold project in the Paterson region."

Heddle added: "The next 12 to 18 months will see the company pursue multiple targeted exploration campaigns across its portfolio, including at Ernest Giles where encouraging gold anomalies were identified during Newmont's examination of the project."

Shares were up 9.2% on Tuesday at 0.590 pence each.

By George Collard;

Copyright 2018 Alliance News Limited. All Rights Reserved.

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