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(Sharecast News) - Greatland Gold announced an AUD 50m (£26m) unsecured standby debt facility with Wyloo Consolidated Investments on Thursday.
The AIM-traded firm said Wyloo is one of its cornerstone shareholders, currently holding about 8.5% of its shares.
It said the facility, available until December 2024 and currently undrawn, would bolster its financial standing, especially as projects such as the Havieron feasibility study, the underground development at Havieron, and exploration in the Paterson province were in progress.
As of 30 June, Greatland's unaudited cash reserves stood at AUD 59m.
The company also affirmed the continuation of the letter of support for AUD 220m in Havieron project finance with its syndicate of top banks, including ANZ Group, HSBC, and ING Bank Australia.
Collectively, the current cash balance, the loan facility from Wyloo, and the existing letter of support added to the company's strategic and financial flexibility.
On a different note, despite the progress towards a proposed cross-listing on the ASX in Sydney, Greatland said it had opted to defer the move to the upcoming year.
The decision meant the potential equity fundraising mentioned in May was off the table for now.
However, the company said it remained committed to a successful ASX listing and would resume the process on a robust foundation.
The firm said it would also persist in liaising with the ASX to ensure all requirements were satisfied when the process restarts.
Greatland believed the Australian market represented a viable additional source of interest, reinforced by the substantial Australian institutional participation in its equity raisings in 2023 and its ongoing engagement with Australian investors.
"We are delighted by the continued support of our cornerstone shareholder, Wyloo," said managing director Shaun Day.
"The AUD 50m unsecured facility provides additional flexibility for funding requirements through 2024, including completion of the Havieron feasibility study."
Day said that, after careful reflection on several factors and opportunities, Greatland believed it could 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 for the world-class Havieron gold-copper deposit later this year, which will incorporate 80,000 metres of additional growth drilling since our previous mineral resource estimate update in March 2022."
At 1244 BST, shares in Greatland Gold were up 7.38% at 6.55p.
Reporting by Josh White for Sharecast.com.
