Greatland advances IPO plans

Mark Barnaba-chaired Greatland Gold plc has confirmed its intention to list on the ASX this year but is still evaluating the choice of lead manager and the scope of any equity raising.

Greatland’s proposed listing is highly anticipated as the company holds a 30 per cent stake in Newcrest’s promising Havieron gold project in the Pilbara.

With US company Newmont securing control of Newcrest this week, there is speculation Havieron will be considered a surplus asset.

In that eventuality, Greatland is a logical buyer of the asset.

Greatland’s intention to list on the ASX was flagged last year when the company unveiled a major board restructure, with Mark Barnaba appointed chair and Elizabeth Gaines becoming deputy chair.

It also recruited former BHP iron ore boss Jimmy Wilson as an executive director.

At the same time, it announced a major capital raising backed by Andrew Forrest’s private mining company Wyloo Metals.

Greatland said today it was continuing to advance preparations for a cross-listing on the ASX and this was targeted to occur during the September 2023 quarter.

That is substantially later than its originally announced plan to list in the March quarter.

The company said preliminary discussions have been held with investment banks but it has not made any decision as to whether to conduct a capital raising nor has it formally mandated any investment banks in connection with the ASX listing.

The Financial Review claimed earlier today that the company had appointed Bank of America to assist with its listing and was seeking to raise between $50 million and $100 million.