RE: primorus-investments/rns/quarterly-update12 Aug 2020 10:42
Highlights
· Greatland Gold Plc share price up over 155% for the Quarter and 640% year to end Q2 (618% since investment). Further positive drill results from Havieron reported by Newcrest Mining ("Newcrest").
· Completed a programme of sales of a total of 10,500,000 Greatland shares for gross proceeds of approximately 1,030,000 and retains a holding of 26,000,000 Greatland shares with a cost of carry of zero pence per share and a mark-to-market value of circa £3.5 million.
Update on Investment
Greatland began the Quarter at 4.7p and closed on June 30 at 12p representing a Quarterly increase of approximately 155%. At the time of writing the share price was 1 3.6p representing an investment gain to date of over 714%.
Since our last Quarterly update, the Havieron Joint Venture has reported further positive drill results (refer to announcements released by Greatland on 30 April 2020 and 11 June 2020). Furthermore, (post-period) a mining licence has been applied for, covering the Joint Venture Area, and Newcrest drilling has begun to extend the bounds of known mineralisation by some 220m to the north west and remains open in several directions. This success in growing the mineralised footprint at Havieron chimes well with our earlier interpretation of the overall potential of a wider Havieron area to host additional significant mineralised areas.
As announced on 16 June 2020, the Company completed a staged sale programme of some of our holdings in Greatland. Overall this comprised some 10,500,000 shares and grossed circa £1,030,000 in proceeds. This represents a significant pre-tax gross return on our total investment outlay of circa £625,000 made back in 2018.
We retain 26,000,000 shares in Greatland Gold that, as a result of the share sale, have a cost of carry of zero pence per share and mark-to-market value at the time of writing of circa £3. 5 million which equates to approximately 73% of our current market capitalisation.
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