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9 September 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc

("Greatland" or "the Company")

Havieron Development and Exploration Update

Excellent Growth Drilling results continue to support potential for resource expansion with additional mineralisation identified below the Crescent Zone and in the Northern and

Eastern Breccias

New growth drilling results outside initial resource area include:

§ 133m @ 7.0g/t Au & 0.05% Cu - HAD133W1

§ 29.1m @ 9.7g/t Au & 0.29% Cu - HAD140

§ 87m @ 1.8g/t Au & 0.05% Cu - HAD141

Early works progressing well with the decline advanced to over 120m from Portal

Highlights

§ Further significant results from Growth Drilling under the Crescent Sulphide Zone and around the Northern Breccia continue to support potential for resource expansion.

§ HAD133W1 reported 133m @ 7.0g/t Au & 0.05% Cu from 1,446m, including 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m, from within the South East Crescent  ~250m below the base of the initial Inferred Mineral Resource estimate. This intercept at 945 grams meters constitutes a top four Havieron intercept.

§ Higher grade zones in the Northern Breccia to the north west of the initial Inferred Mineral Resource estimate were returned from HAD140: 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m; and HAD141: 87m @ 1.8g/t Au & 0.05% Cu from 1,328m including 17.8m @ 5.7g/t Au & 0.14% Cu from 1,378.5m.

§ Eastern Breccia extended to over 600m in strike length.

§ Growth Drilling progressing into FY22

§ A further eight growth drill holes have been completed with samples awaiting assay, anticipated to be received and reported in the next update.

§ These holes are part of the ongoing Growth Drilling programme, targeting:

§ Northern Breccia: Zone of initial focus aimed at providing support for the potential expansion of the existing Inferred Mineral Resource.

§ Eastern Breccia: Drill testing and interpretation of the geological and mineralisation controls.

§ South East Crescent and Breccia: Ongoing targeting of potential resource definition below the existing resource shell and lateral extensions adjacent to the existing high-grade resource shell.

§ 10 Infill holes have been completed in the South East Crescent, with samples awaiting assay, anticipated to be received and reported in the next update.

§ Early Works advancing: Construction activities are progressing well with achievements including:

§ Exploration decline commenced on 14 May 2021 and has advanced over 120 metres.

§ Power station and magazine are operational.

§ Refuelling station and workshop nearing completion. 

Best New Results¹ (not previously reported)

South East Crescent and Breccia

§ HAD133W1

§ 133m @ 7.0g/t Au & 0.05% Cu from 1,446m, including

§ 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m

Northern Breccia

§ HAD140

§ 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m

§ HAD141

§ 87m @ 1.8g/t Au & 0.05% Cu from 1,328m, including

§ 17.8m @ 5.7g/t Au & 0.14% Cu from 1,378.5m

§ HAD057W7

§ 23m @ 5.7g/t Au & 0.70% Cu from 613m (South East Crescent), including

§ 15m @ 8.6g/t Au & 0.96% Cu from 613m

§ 70m @ 2.2g/t Au & 0.03% Cu from 906m (Northern Breccia), including

§ 12.8m @ 5.3g/t Au & 0.02% Cu from 962.7m

¹ All widths reported here and below are downhole widths, generally greater than true widths.

Greatland Gold plc (AIM:GGP), a leading mining development and exploration company with a focus on precious and base metals, is pleased to provide an update on the drilling campaign at the Havieron gold-copper deposit in the Paterson region of Western Australia. The Company notes the release of an ASX announcement titled "Exploration Update" by Newcrest Mining Ltd ("Newcrest") earlier today.

Drilling activities since the last update include new results from the Growth Drilling programme, which continue to support the potential for resource expansion of the Havieron gold-copper system. 

The latest results comprise assays for twelve new drill holes from the Growth Drilling programme (not previously reported), with six holes returning significant assay intercepts in excess of 100 gram metres Au (Au ppm grade x length metres) with HAD133W1 at 133m @ 7.0g/t Au & 0.05% Cu for 945 gram meters being a top four Havieron intercept, and all holes intersecting mineralisation. A further 18 holes have been completed and await assays, anticipated to be received and reported in the next update.

A total of 194,456m of drilling from 230 drill holes has been completed since Newcrest commenced exploration activity (excluding holes in progress or drill holes which have not been sampled).

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "The Growth Drilling campaign at Havieron continues to deliver excellent results with significant intercepts of high-grade gold and copper outside the existing resource shell. These assay results have once again extended known mineralisation below the main South East Crescent zone and to the north-west in the Northern Breccia, adding further scale and value to the Havieron orebody.

With nearly 200,000 metres of drilling now completed, including extensive Growth Drilling in recent months, we have significantly enhanced our understanding of the orebody and the likelihood of delivering an upgrade to the Mineral Resource Estimate in the near-term.

Early works for the mine development are progressing to plan with the decline now advanced to over 120 metres from the Portal towards the top of the orebody.

The pace of construction activities and surface infrastructure at Havieron is intended to expedite future mining operations, enabling early free cash flows to be re-invested into further development. This supports our belief that the low-risk profile of Havieron makes it a globally unique opportunity for bringing a tier-one gold-copper mine into production."

In addition to this release, a PDF version of this report with supplementary information can be found at the Company's website: www.greatlandgold.com/media/jorc/ 

Enquiries:

Further Information on Newcrest Drilling and Operations at Havieron

Exploration activities at Havieron are operated by Newcrest under a Joint Venture Agreement with Greatland. The Havieron copper-gold deposit is centered on a magnetic anomaly located 45km east of Telfer, and where exploration drilling by Greatland during 2018 resulted in the discovery of gold and copper mineralisation under 420m of post mineralisation cover. Newcrest commenced drilling at Havieron during the June 2019 quarter and has completed 194,456m of drilling from 230 drill holes to date (excluding holes in progress, abandoned holes, or drill holes which have not been sampled).

Drilling activities have produced a further 10,375m of drilling from 18 drill holes, all awaiting assays. The latest assay results include results for twelve drill holes drilled in the previous period, with six holes returning significant assay intercepts in excess of 100 gram metres Au (Au ppm grade x length metres).

Drilling activity during the period utilised up to eight drill rigs and was focused on potential resource growth at the South East Crescent, Northern Breccia and Eastern Breccia, with infill drilling in the South East Crescent Zone to support the potential conversion of the existing Inferred Resource to Indicated. 

Drilling completed included:  

§ South East Crescent Zone Growth - assay results reported for two drill holes, with one new drill hole completed, awaiting assays;

§ South East Crescent Zone Infill - ten new drill holes completed, awaiting assays;

§ Northern Breccia - assay results reported for eight drill holes, four new drill holes completed, awaiting assays; and

§ Eastern Breccia - assay results reported for two drill holes, three new drill holes completed, awaiting assays.

Significant new results are presented in the highlights above, and full drilling results are presented in Appendix II.

At the South East Crescent growth drilling targeting higher grade mineralisation at depth was conducted during the reporting period. Drilling is being conducted on 75m x 75m spacing and has been extended to 250m below the initial Inferred Mineral Resource extents. Results from two drill holes have been received, with significant results returned from HAD133W1.

Results include:

§ HAD133W1

§ 133m @ 7.0g/t Au & 0.05% Cu from 1,446m. This intercept at 945 grams meters constitutes a top four Havieron intercept

§ including 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m

§ including 20m @ 11g/t Au & 0.04% Cu from 1,519m

HAD133W1 has extended the high-grade mineralisation ~250m below the base of the Inferred Mineral Resource estimate. This intercept is ~150m below previously reported hole HAD133 (85m @ 11g/t Au & 0.29% Cu from 1,345m including 13m @ 32g/t Au & 0.46% Cu from 1,363m and including 14.5m @ 32g/t Au & 0.33% Cu from 1,396.5m).  Assay results from one further hole HAD086W2 are pending. Drilling to assess the extent of the mineralisation below the South East Crescent Inferred Resource is ongoing.

HAD057W7 drilled to test lower target positions in the Northern Breccia also traversed the South East Crescent Zone within the initial Inferred Mineral Resource footprint. Results from this hole demonstrates good alignment with modelled grade and thickness within the South East Crescent zone, and supports the geological model including continuity of high grade.

Results include:

§ HAD057W7

§ 23m @ 5.7g/t Au & 0.70% Cu from 613m (in the South East Crescent zone)

§ including 15m @ 8.6g/t Au & 0.96% Cu from 613m

§ 70m @ 2.2g/t Au & 0.03% Cu from 906m (in the Northern Breccia)

§ Including 12.8m @ 5.3g/t Au & 0.02% Cu from 962.7m

A further 10 infill holes within the South East Crescent zone were completed, all awaiting assays. This drilling is designed to infill the South East Crescent Inferred Resource volume to 50m x 50m spacing to support the potential upgrade of a significant portion of the Inferred Resource to Indicated.

At the Northern Breccia, results from eight drill holes were returned and a further four new drill holes were completed (currently awaiting assays). The focus of the drilling in this zone is to expand the mineralisation and support potential resource growth. The latest drilling (75m x 75m) has extended the mineralised breccia footprint around the Inferred Mineral Resource extents with reported drill holes supporting extensions to breccia mineralisation. Drilling has confirmed and increased the continuity of mineralisation as a north-west mineralised corridor which has been identified up to 300m in length, and 100m wide, between 4300 - 4100mRL and remains open at depth. Higher grade mineralisation has been identified internal to the mineralised breccia corridor.

Results include:

§ HAD089W3

§ 106.8m @ 0.96g/t Au & 0.12% Cu from 911.2m

§ including 15m @ 2.8g/t Au & 0.21% Cu from 978m

§ HAD099W2

§ 126.7m @ 0.66g/t Au & 0.07% Cu from 643.3m

§ including 12.1m @ 1.3g/t Au & 0.12% Cu from 647.1m

§ HAD138W1

§ 157.4m @ 0.93g/t Au & 0.21% Cu from 937.6m

§ including 16.1m @ 5.9g/t Au & 0.12% Cu from 1,043m

§ HAD140

§ 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m

§ HAD141

§ 87m @ 1.8g/t Au & 0.05% Cu from 1,328m

§ including 17.8m @ 5.7g/t Au & 0.14% Cu from 1,378.5m

At the Eastern Breccia two holes have returned assays (HAD084W1 and HAD141) with results from three drill holes pending. Drilling has targeted along strike from prior reported drill holes HAD083 and HAD084, over a strike length of approximately 600m. HAD141 has returned a mineralised intercept ~200m to the north west of HAD084. Drill testing and interpretation of the geological and mineralisation controls of the Eastern Breccia Zone is ongoing.

Results include:

§ HAD141

§ 23m @ 1.7g/t Au & 0.01% Cu from 1,875m

Havieron Resource and Background Information

Drilling since May 2019 has outlined an ovoid shaped zone of variable brecciation, alteration and sulphide mineralisation with dimensions of 650m x 350m trending in a north west orientation. Breccia mineralisation has been identified internally and externally to the Crescent zones, including targets which remain open to the east, northwest and southeast. Mineralisation has been observed to greater than 1,000m in vertical extent below the around 420m thick post mineral cover sequence and remains open at depth. Within this ovoid shaped zone (at this stage) exploration has identified four key target regions, which are:

§ South East Crescent and Breccia

§ North West Crescent

§ Northern Breccia; and

§ Eastern Breccia

Drill data density in the South East Crescent and adjacent Breccia and a portion of the Northern Breccia has been sufficient for the definition of an Inferred Mineral Resource Estimate² for these domains. Reported inside an A$50/t Net Smelter Return ("NSR") shell, the volume of identified mineralised geological domains where information to estimate the metal inventory and grades is at a sufficient magnitude and having the reasonable prospects of eventual economic extraction comprises:

§ 52Mt @ 2.0g/t Au and 0.31% Cu for 3.4Moz Au and 160Kt Cu for 4.2Moz gold equivalent³, included in geological domains:

§ Crescent Zone containing 18Mt @ 3.8g/t Au and 0.61% Cu for 2.2Moz Au and 110Kt Cu; and

§ Breccia Zone containing 34Mt @ 1.1g/t Au and 0.15% Cu for 1.2Moz Au and 50Kt Cu.

Mineralisation in the Havieron deposit is hosted by metasedimentary (meta-sandstones, meta-siltstones and meta-carbonate) and intrusive rocks. Gold and copper mineralisation is hosted in breccia, vein and massive sulphide replacement styles, typical of intrusion-related and skarn types of mineralisation. The main sulphide mineral assemblage contains well developed pyrrhotite-chalcopyrite and pyrite. Alteration assemblages associated with mineralisation are amphibole-carbonate-biotite-sericite-chlorite. Higher-grade gold zones (+10g/t Au) are often associated with quartz/chalcopyrite-pyrite veining.

Outside of the Initial Inferred Mineral Resource Estimate, mineralisation remains open with encouraging results identified from below the South East Crescent and Breccia Zone, and around the Northern Breccia Zone (including the new results reported here), and the Eastern Breccia Zone. The extents of the Havieron system are still to be defined.

Eight drill rigs are currently operational, including testing extensions of the South East Crescent Zone below 4,200mRL, extension and definition of the Northern Breccia and associated internal higher-grade zones to support potential expansion of the existing Inferred Mineral Resource. Additionally, infill drilling is being completed within the Inferred Mineral Resource limits to support ongoing mining studies.

Further targets outside of Havieron, but within the Havieron Joint Venture area, have been identified with the potential to conduct drilling to test these targets in the future.

² Refer to Newcrest announcement titled "Newcrest announces initial Inferred Mineral Resource estimate for Havieron of 3.4Moz of gold and 160Kt of Copper" dated 10 December 2020 and available on www.asx.com.au under the code "NCM".

³ The gold equivalent (AuEq) is based on assumed prices of US$1,400/oz Au and US$3.40/lb Cu, gold recoveries of 94% (Crescent) and 84% (Breccia), and copper recoveries of 84% (Crescent) and 82% (Breccia), which equates to a formula of approximately AuEq = Au (g/t) + 1.65 * Cu (%).  In Greatland's opinion all elements (gold and copper) have a reasonable potential to be recovered and sold

Construction update
Newcrest received the required regulatory approvals to commence construction of an exploration decline at Havieron following approval of the Water Management Plan on 30 April 2021.

Construction activities are progressing to plan with achievements including:

§ Exploration decline commenced on 14 May 2021 and has advanced over 100 metres

§ Power station and magazine are operational

§ Refuelling station and workshop nearing completion  

Works to progress the necessary approvals and permits that are required to commence, subject to a positive decision to mine, the potential development of an underground mine and associated infrastructure at the Project are ongoing⁴.

The Havieron Pre-Feasibility Study focussed on supporting the quick-start mine development is expected to be released in the second half of CY21.

⁴ The development of any underground mine at the Havieron Project will also be subject to the completion of a successful exploration programme and further studies, market and operating conditions, Board approvals, and a positive decision to mine.

Background to Havieron and Joint Venture Agreement with Newcrest

The Havieron copper-gold project is operated by Newcrest under a Joint Venture Agreement with Greatland. As announced on 30 November 2020, Newcrest has now met the Stage 3 expenditure requirement (US$45 million) and is entitled to earn an additional 20% joint venture interest, resulting in an overall joint venture interest of 60% (Greatland 40%). Newcrest can earn up to a 70% joint venture interest through total expenditure of US$65 million and the completion of a series of exploration and development milestones in a four-stage farm-in over a six-year period that commenced in March 2019. Newcrest may acquire an additional 5% interest following completion of Stage 4 at fair market value.

The Joint Venture Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study and a positive decision to mine, the resulting joint venture mineralised material will be processed at Telfer, located 45km west of Havieron.

Additional information on the project can be found on the Company's website at www.greatlandgold.com/paterson/ 

In addition to this release, a PDF version of this report with supplementary information can be found at the Company's website: www.greatlandgold.com/media/jorc 

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a leading mining development and exploration company with a focus on precious and base metals. The Company's flagship asset is the world-class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development in Joint Venture with Newcrest Mining Ltd.

Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to positive decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low cost pathway to development. An extensive growth drilling programme is presently underway at Havieron with a Pre-Feasibility Study due for release in the second half of CY21. Construction of the box cut and decline to develop the Havieron orebody commenced in February 2021.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.