Greatland Gold PLC's latest Annual General Meeting marked a pivotal moment in the company's trajectory, delivering significant updates on recent acquisitions and strategic initiatives that position the mining firm for substantial growth.
The meeting, held on 18 December 2024, commenced with Chairman Mark Barnaba addressing shareholders virtually from Italy, whilst non-executive director Alex Barelli welcomed attendees both in-person and online. The board's presence, including Elizabeth Gains, Shawn Day, and Paul Halum, demonstrated the company's commitment to robust corporate governance.
The highlight of the proceedings centred on the transformative acquisition of the Havron gold-copper project and Telfer gold-copper mine, completed on 4 December 2024. This strategic move establishes Greatland as a material producer in the precious metals sector, with the Havron ore body expected to emerge as a low-cost, long-life asset of global significance.
Shareholders displayed strong support for the company's direction, approving all eight resolutions presented. Notable among these were authorisations for share issuance, granting the board flexibility to allot shares up to a nominal value of £4,359,765, representing approximately 33% of issued share capital. The special resolutions, requiring a 75% majority, secured approval for potential share allotments without pre-emptive rights for existing shareholders.
The company's ambitious production targets were unveiled during the CEO's presentation, with plans to produce over 425,000 ounces of gold in the next 15 months, capitalising on Telfer's substantial processing capabilities. The integration of the experienced Telfer workforce strengthens the operational framework, bringing valuable expertise to the enlarged group.
During the question-and-answer session, management addressed shareholder enquiries regarding production timelines, cash flow projections, and dividend prospects. The board emphasised its focus on delivering the Havron project and establishing a sustainable financial foundation before considering dividend distributions.
The meeting's outcomes reflect a company poised for significant expansion, with a clear strategic vision and the operational capabilities to execute its growth plans. The successful integration of recent acquisitions, coupled with strong shareholder support, positions Greatland Gold PLC as an emerging force in the global mining sector.
The Greatland Gold PLC Annual General Meeting provided crucial updates on the company's recent acquisitions, strategic plans, and future outlook. This report summarises the key discussions and resolutions from the meeting, offering insights for current and potential investors.
Table of Contents
Welcome and Introductions
As the meeting commenced, the atmosphere was charged with anticipation. The non-executive director, Alex Barelli, welcomed attendees, acknowledging both in-person and virtual participants. The meeting, held on the 18th of December 2024, was noted for its significant attendance, which underscored the importance of the proceedings for shareholders.
Alex introduced the chairman, Mark Barnaba, who joined virtually from Italy. The board members in attendance, both physically and through digital means, included key figures such as Elizabeth Gains, Shawn Day, and Paul Halum. This diverse representation highlighted the company's commitment to engaging with its stakeholders effectively.
Chairman's Address and Company Overview
Chairman Mark Barnaba delivered an address reflecting on the past year. He expressed pride in the achievements of Greatland Gold PLC, particularly the strategic acquisition of the Havron gold-copper project and the Telfer gold-copper mine. This acquisition, completed on December 4, 2024, was described as transformative, positioning Greatland as a material producer of gold and copper.
Mark emphasised the significance of the Havron ore body, which is expected to become a low-cost, long-life asset of global importance. He also highlighted the integration of the Telfer workforce into Greatland's team, noting the extensive experience that many senior management members bring from Telfer.
Formal Proceedings: Resolutions Overview
The formal proceedings commenced with a review of the resolutions to be voted on during the meeting. There were eight resolutions in total, with the first six proposed as ordinary resolutions requiring a simple majority for approval. The final two resolutions were special resolutions that necessitated a 75% majority.
Shareholders were reminded that the notice of the meeting, along with explanatory notes, had been distributed on November 21, 2024. This transparency aimed to ensure that shareholders were well-informed and could engage meaningfully in the voting process.
Resolution 1: Annual Report Presentation
Resolution 1 focused on the presentation of the annual report for the year ending June 30, 2024. The company is legally required to present its report and accounts at the annual general meeting.
Prior to the vote, the chairman invited questions regarding the annual report. The absence of queries indicated shareholder confidence in the company's performance and direction. Following this, the proxy votes were displayed, and the resolution was unanimously approved, marking a positive endorsement of the company's transparency and governance.
Resolution 2: Reappointment of Directors
Resolution 2 pertained to the reappointment of Alex Barelli as a director. The chairman praised Alex's contributions, noting his extensive experience and wisdom, particularly in corporate governance within the mining sector.
Alex expressed gratitude for the support he had received from shareholders. The voting process followed, with the resolution carried by the necessary majority, reaffirming the board's confidence in Alex's leadership.
Resolution 3: Reappointment of Paul Halum
This resolution addressed the reappointment of Paul Halum as a non-executive director. The chairman highlighted Paul's extensive mining experience and his significant contributions since joining the board.
Paul provided a brief overview of his professional background, detailing his involvement with Telfer and his commitment to adding value to Greatland's future. The resolution was subsequently put to a vote and was carried by the necessary majority, further solidifying the board's expertise.
Resolution 4: Reappointment of Auditors
Resolution 4 proposed the reappointment of PKF Littlejohn LLP as the company's auditors until the conclusion of the next annual general meeting. This resolution ensured the continuity of auditing services, which is essential for maintaining investor trust and transparency.
With no questions raised, the resolution proceeded to a vote, where it was carried by the necessary majority. This outcome reflects shareholders' confidence in the auditing process and the integrity of the company's financial reporting.
Resolution 5: Auditor's Remuneration
Resolution 5 sought authorisation for the directors to determine the auditors' remuneration. This resolution is crucial for ensuring that the company can negotiate fees that are commensurate with the services provided by the auditors.
As with previous resolutions, the absence of questions indicated shareholder satisfaction with the proposed approach. The resolution was then voted on and carried unanimously, demonstrating a unified front among shareholders regarding the company's governance practices.
Resolution 6: Authority to Issue Shares
Resolution 6 sought shareholder approval for the directors to issue new shares, reinforcing the company's strategic flexibility. If passed, this resolution would grant authority to allot shares up to a nominal value of £4,359,765, representing approximately 33% of the issued share capital.
This measure allows directors to respond swiftly to opportunities that may arise, enhancing the company's capacity to adapt to market conditions. Although there is currently no intention to exercise this authority, its approval ensures that the board can act in the best interests of the company when necessary.
The resolution was put to a vote and was carried by the necessary majority, reflecting shareholders' support for the company's proactive approach to capital management.
Resolutions 7 and 8: Share Allotment Authorities
Resolution 7
Resolution 7 provided the directors with authority to allot shares for cash without first offering them to existing shareholders. This resolution permits the issuance of shares up to a nominal amount of £1,379,129, which equates to 10% of the issued share capital.
This flexibility is in line with the Pre-emption Group's statement of principles, enabling the company to seize business opportunities as they arise. Shareholders were assured that there is no current intention to issue new shares for cash, but this authority is vital for strategic manoeuvring.
The resolution was unanimously approved, indicating strong confidence from the shareholders in the board's strategic planning.
Resolution 8
Resolution 8 similarly authorised the directors to allot shares for specific capital investments or acquisitions without prior offers to existing shareholders. This resolution also allows for the issuance of shares up to £1,379,129, again representing 10% of the issued share capital.
The ability to swiftly fund acquisitions or capital projects enhances the company's growth potential. Like Resolution 7, there is no current intention to issue shares for cash, but the authority equips the board with the necessary tools to respond to future opportunities.
This resolution was also passed with the requisite majority, further solidifying the company's position for future endeavours.
Conclusion of Formal Proceedings
With the passing of all resolutions, the formal part of the meeting concluded. The chairman expressed gratitude to all shareholders for their participation and support, highlighting the importance of these resolutions for the company's strategic objectives.
The results of the voting were to be communicated to the market through the regulatory information service, ensuring transparency and adherence to governance standards.
CEO's Presentation: Strategic Vision and Future Plans
The meeting transitioned to the CEO's presentation, where the strategic vision and future plans for Greatland Gold PLC were outlined. The CEO emphasised the significant impact of the recent acquisition of Telfer and the completion of the Havron project, which positions Greatland as a key player in the gold and copper markets.
Highlights from the presentation included the immediate goal of producing over 425,000 ounces of gold over the next 15 months, leveraging Telfer's substantial processing capacity. This ambitious target reflects the company's commitment to operational efficiency and maximising resource potential.
The CEO also discussed the integration of the Telfer workforce, which brings invaluable experience and expertise to the company. This merger not only strengthens operational capabilities but also fosters a culture of collaboration and innovation.
Q&A Session: Addressing Investor Concerns
The Q&A session provided shareholders with an opportunity to address their concerns directly with the management team. Key topics included the timeline for production, expected cash flows, and the potential for dividends.
Shareholders expressed appreciation for the transparency in communication and the management's responsiveness to questions. The management team reassured investors of their commitment to delivering consistent results and maintaining open lines of communication.
Several questions focused on the feasibility study for Havron, with the management highlighting its importance in showcasing the project's potential and integration with Telfer operations.
Final Remarks and Meeting Closure
As the meeting drew to a close, the chairman reiterated the company's strategic direction and the importance of shareholder support in achieving its goals. He thanked all participants for their valuable contributions and engagement throughout the meeting.
The formal proceedings concluded with an affirmation of the board's commitment to creating value for shareholders, underpinned by robust governance practices and strategic foresight.
FAQ Section
What are the expected benefits of the Telfer acquisition?
The Telfer acquisition is anticipated to enhance production capabilities, provide substantial infrastructure, and contribute significantly to the company's resource base.
How does the company plan to finance future projects?
Future projects will be financed through a combination of operational cash flows, potential equity raises, and strategic partnerships.
When can shareholders expect dividends?
While the company aspires to pay dividends, the focus remains on delivering the Havron project to establish a sustainable financial base before considering dividend distributions.
What are the long-term plans for the Havron project?
The long-term plan for Havron includes completing the feasibility study and commencing production, with a focus on maximising resource extraction and operational efficiency.
How will the ASX listing impact shareholders?
The ASX listing is expected to enhance visibility and attract a broader investor base, potentially unlocking additional value for shareholders.
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