Between the announcement of a new incoming CEO, and a price upgrade from Berenberg, Tuesday has proven to be an auspicious day for Australia-focused metal mining company, Greatland Gold (AIM:GGP).

Investment bank, Berenberg, noted that GGP’s maiden resource of 4.2Moz on a gold equivalent basis was ahead of it prior projection of 3.75Moz for the company’s Havieron project. This, it said: “demonstrates the deposit’s exploration potential. It also makes it more likely that Newcrest Mining, which is set to earn a 70% interest in the project, ultimately elects to move forward with development with a prefeasibility study guided to be completed by the end of 2021.”

Berenberg added that it had updated its price valuation: “to account for the maiden resource and exploration results that, in our view, suggest a materially larger mineralised system than we had previously envisaged and we now ultimately expect a deposit of 12.5Moz to be delineated based on the current drilling (versus 5.5Moz previously).”

Based on the average EV/reserve ounce for Australian mid-tier gold miners, and assuming a 50% profitability weighting, the bank have decided to upgrade their price target on Greatland Gold shares, up by 50% from 22p, to 33p apiece.

Though Berenberg retained its Hold recommendation on the stock, it said that the next round of results from Havieron, confidence in the resource, results from other projects, and the development of the decline at Havieron, will all act as share catalysts going forwards.

In other news, Greatland Gold announced its new CEO. Effective from 8 February 2020, Shaun Day will take over from Gervaise Heddle as company CEO, with Heddle expected to remain on the company’s Board until 12 March 2021, to ensure a smooth transition.

With more than two decades’ worth of experience in executive and financial positions across mining and infrastructure sectors, Mr Day will enter the role having spent five years as the CFO of Northern Star Resources Limited, five years as CFO of Sakari Resources Limited, and around a year as CFO of Salt Lake Potash.

Commenting on the appointment, outgoing CEO, Gervaise Heddle said that: “With Havieron now at a key inflection point, with both an Initial Inferred Mineral Resource estimate in place and, subject to required approvals, the construction of the box cut and decline due to commence shortly, I feel now is the natural point for me to hand over the running of the Company to someone who can progress it to the next level.”

“It gives me great confidence to welcome Shaun as my successor. Shaun brings the necessary large-scale mining pedigree and is highly respected in the industry with a track record of building major mining companies. He has my full support as the right person to take Greatland forward on the next leg of its exciting journey.”

Following the updates, Greatland Gold shares remained largely subdued, sitting at 32.50p 15/12/20 13:45 GMT. The company currently has a consensus Buy rating from analysts, while the Marketbeat community offers a 50.79% ‘Outperform’ stance on the stock.