Greatland Gold PLC on Monday said its loss narrowed during its most recent financial year, as share-based payment costs were reduced.

The Western Australia-focused metals exploration and development company said its pretax loss for the financial year that ended June 30 narrowed to £14.9 million from £21.1 million the year before.

This was primarily due to share-based payment expenses reducing 66% to £3.3 million from £9.8 million, and transaction costs related to the group’s proposed initial public offering decreasing 89% to £209,000 from £1.9 million.

Greatland Gold reported no revenue, unchanged from last year.

Exploration & evaluation costs increased 24% to £4.2 million from £3.4 million and administrative expenses rose 26% to £7.2 million from £5.7 million.

Managing Director Shaun Day said: ‘It has been a truly transformative period for Greatland and our flagship Havieron gold-copper project. We have been able to seize a compelling and strategic opportunity to consolidate 100% ownership of Havieron and Telfer.

‘The acquisition, announced on September 10 and targeted to complete by early December, will make Greatland a significant Australian gold and copper producer with one of the country’s best development projects.

‘The acquisition of Telfer provides a de-risked near-term mine plan with substantial ore stockpiles at surface, and attractive mine life extension opportunities. Telfer’s production is expected to generate free cash flow, supporting the development of Havieron.

‘Ownership of the Telfer infrastructure de-risks and reduces the cost of completing Havieron’s development, and enhances the potential value of exploration success in our extensive Paterson exploration portfolio. We are well-positioned to build a generational mining complex and create value for our shareholders.’

Shares in Greatland Gold were up 8.6% at 5.70 pence each in London on Monday afternoon.

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