Greatland Gold (LON: GGP) (OTCPK: GRLGF) shares are one of the disappointments of the London market. GGP shares just never do seem to soar quite as we’d expect. For there really is a gold mine there. There’s gold in that gold mine too. There’s considerable retail interest in the shares, lots of people both trading and holding. But that Greatland share price just never does take off like people think something sitting on a pot of gold should do.
Part of this is that this is just how mining works. There’s a lot of excitement at the beginning, when there’s all that hope value of an empty field turning into a producing mine. Things can also be very interesting when there’s an actual mine there producing something that can be sold. Of course, by that point, we’re all more interested in the dividend stream than we are any change in hopium values but still. What also happens is that the bit in the middle can be very boring. Years and years of marginal changes in resource counts, reserves, the metal price changes a bit. But there simply are those years of refinement (rather than mineral refining) of the plan to be done. Greatland is in this midstage. So we get a near endless series of minor announcements on this and that. But no grand move in any direction either for the mine or the share price.
Greatland Gold share price from Google Finance
The specific announcement today: “Greatland notes the release of an ASX announcement titled "Annual Mineral Resources and Ore Reserves Statement - as at 30 June 2023" by Newcrest Mining Ltd (Newcrest) earlier today, which provided an annual statement of Newcrest's Resources and Reserves. Greatland notes that this statement, so far as it relates to Havieron, only restates the previously released statement contained within the Havieron Mineral Resource estimate (MRE) from Newcrest's ASX announcement titled "Annual Mineral Resources and Ore Reserves Statement - as at 30 June 2022" dated 19 August 2022.” That is, the Newcrest announcement doesn’t include all the lovely things actually being done at Havieron. Which is true. But it’s also true that the work being done at Havieron is of that boring, fill in the gaps, type.
We’ve discussed Greatland before: “Greatland Gold (LON: GGP) is one of those stocks that speculators and traders have had on their lists for several years now. For good reason too - the Havieron gold deposit seems to be a by modern standards large and rich one.” But all of that information is already in the price. So we get updates on Havieron which move GGP 2%. Or some debt financing which moves Greatland’s share price 7%.
There’s no grand breakout in the Greatland Gold share price because there’s just no grand news to cause a major price change.
