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12 October 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 South-East Crescent - Pre-Feasibility Study released

Outstanding economics delivered from just the first 14Mt of Havieron's South-East Crescent Zone

Greatland forecasted to become the 2^nd lowest cost gold company globally¹

Starter Mine carries the full project capex and provides a launchpad for early cashflow and

 long-term growth

Greatland Gold plc (AIM:GGP), a leading mining development and exploration company with a focus on precious and base metals, is pleased to provide the Stage 1 Pre-Feasibility Study ("PFS" or "Stage 1 Study") results at the Havieron gold-copper deposit in the Paterson region of Western Australia.

Havieron Maiden South-East Crescent PFS Highlights

§ This Stage 1 Study of the South-East Crescent reflects the 'staged approach' to the evaluation and development of Havieron and does not consider bulk mining methods

§ Economics² of maiden PFS supports the total capex while generating strong early cash flow, IRR and payback.

§ Low upfront capital, Greatland share US$73m³

§ Outstanding low-cost operations, AISC US$643/oz^2,4 with further opportunity to reduce

§ Internal Rate of Return 27% (real IRR, after tax)^2,5

§ Payback 3.0 yrs^2,6

§ High Grade 4.58g/t Au Eq^2,7

§ Capital efficient, low environmental impact with underground mining and use of existing Telfer processing facility for majority of plant infrastructure

§ 17% of revenues estimated to be generated from copper production

§ The Stage 1 Study demonstrates that including additional existing Inferred Mineral Resource allows for an ~3Mtpa or greater operation

Havieron Growth

§ The Stage 1 Study is at a 'point in time', with a February 2021 cut-off for drilling information; with significant additional information now available which is expected to be incorporated into future studies

§ 14Mt of Probable Ore Reserves² mined over an initial 9-year life, from a throughput of 2Mtpa

§ The PFS does not consider 37Mt of the current Inferred Mineral Resource or any potential new resources that may be defined in Northern Breccia and Eastern Breccia

§ Continue to assess the broader Havieron breccia system which may be suitable for a bulk mining method

§ Concurrent studies underway to assess production rates greater than 3Mtpa

§ Targeting 90,000m of growth drilling over the next 12 months

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "This maiden Pre-Feasibility Study focuses on the South-East Crescent and should be viewed as the first stage. The study covers just a small fraction of the resource and the broader mineralised breccia system but is a tremendous first step towards creating a mine and unlocking our understanding and the value of Havieron.

The investment proposition of Greatland is compelling, with Havieron confirmed as a world class ore body, being developed with a Tier 1 partner in Newcrest and all within a Tier 1 mining jurisdiction of Western Australia.

The Stage 1 Study indicates a very modest capex hurdle for Greatland and thereafter the generation of cash flow. This provides the opportunity for Greatland to reinvest this cash flow into Havieron such that the Company can self-fund the full potential of Havieron. This capital profile is ideal for Greatland as a mid-cap miner.

The quality of Havieron is observable in the AISC of just US$643/oz Au. This outcome will propel Greatland to the second lowest cost producer globally, with this low cost structure driving a high-margin, high IRR and fast pay-back development.

Notwithstanding the tremendous outcome of this Stage 1 Study, the opportunity at Havieron remains ahead of us. A further 90,000 meters of growth drilling is planned to June 2022, to better understand the extent of the South East Crescent, the Northern Breccia and the recently identified Eastern Breccia. This growth drilling creates the opportunity to potentially apply bulk mining methods to the balance of the Havieron breccia system to complement the mining of the South East Crescent."

Summary of South East Crescent Pre-Feasibility Study (in 100% terms) ²

·    Initial Probable Ore Reserve estimate⁸:

§ 14Mt @ 3.72 g/t Au and 0.54% Cu (4.58 g/t Au Eq) for 1.6Moz Au and 73kt Cu

·    Low-cost production in a Tier 1 jurisdiction, with further growth upside

§ LOM average All-In Sustaining Cost (AISC) of A$893/oz (US$643/oz)³ 

§ Life of Mine (LOM) average annual gold production of 160koz and copper production of 6.9kt

§ Stage 1 Study represents only ~28% of the Havieron Mineral Resource

·    Attractive investment opportunity

§ Total development capital expenditure of A$529 million (US$381 million)

§ Internal Rate of Return (IRR) of 27% (real, after tax)

§ Payback of 3 years⁵

§ South-East Crescent Net Present Value (NPV) of A$706 million (US$508 million)⁴

·    Uses Newcrest's existing Telfer milling and support infrastructure to process and treat Havieron ore

·    Growth opportunity

§ Potential to expand the Project and increase the mining rate to 3Mtpa or more through the conversion of Inferred to Indicated Mineral Resources through an infill drilling program

§ Potential to lower mining costs by considering alternative, higher production rate, mining methods

§ Ongoing growth drilling continues to show potential for resource additions outside of the existing Inferred Mineral Resource boundaries

Key milestones

Note: Subject to market and operating conditions and no unforeseen delays due to COVID-19

Potential Exploration Upside

The Stage 1 Study considers only the Indicated Mineral Resource, reflecting only a small portion of the existing resource inventory. The Havieron Project has significant additional growth potential, including:

§ Mineralisation open at depth and along strike

§ Extension of the South East Crescent Zone below the current Mineral Resource, where increasing grade and thickness of mineralisation has been observed in recent drilling 

§ Expansion of multiple higher-grade targets within the main Havieron north west corridor

§ Northern Breccia and North West Crescent

§ Potential for additional north west trending corridors including the Eastern Breccia; and

§ Potential to discover additional mineralisation centres (at Havieron North, Zipa and Meco)

In addition to the active testing of the above higher-grade targets, drilling continues in the northern and eastern breccia corridors to assess the bulk mining potential.

Table of Key Stage 1 Study Findings (100% terms)^2,4,5,6 

The Production results in the table are based on the Ore Reserve Revenue Factor assumptions as discussed in Appendix 1 (JORC Table 1 - Schedule 4).  The financial and valuation results shown above are based on different economic assumptions in metal prices and exchange rates. Greatland metal price assumptions were US$1,750/oz Au and US$4.08/Ib Cu, and an USD:AUD exchange rate of 0.72.

Havieron Feasibility Study

The Havieron Feasibility Study is estimated to be completed in the December 2022 Quarter and the study scope is expected to include:

§ Completion of a further infill drilling program by end CY21 to increase the Indicated Mineral Resource base for potential Ore Reserve expansion

§ Completion of the growth drill program immediately below the Crescent Zone for potential Mineral Resource expansion

§ Further investigation and optimisation of the Sub-Level Open Stoping (SLOS) design and sequence, including using any new Indicated Mineral Resources converted from existing Inferred Mineral Resources through current and ongoing drilling that can support production rates of 3Mtpa or higher

§ Initial assessment of future development options with further resource growth in the Northern and Eastern Breccia including evaluation of lower cost bulk mining methods.

¹   Based on Kitco 2020 Report - "Lowest cost gold companies in 2020". https://www.kitco.com/news/2021-03-25/Lowest-cost-gold-mining-companies-in-2020-report.html

²   PFS economics are on 100% project basis unless otherwise specified. All assumptions are consistent with Newcrest PFS figures except for macro price assumptions of US$1,750 Gold, US$4.08Ib Copper, and USD:AUD 72c, applied by Greatland. The project economics do not include any estimate the tolling arrangement whereby capital expenditure such as upgrades to the processing plant at Telfer will be paid for by Newcrest 100% and Greatland will pay a capital contribution and tolling margin to Newcrest as part of the proposed tolling arrangement.  

³   Net of Greatland's US$ 50m existing debt facility

⁴   Total operating costs includes mining costs, processing costs, infrastructure costs and general and administrative costs

⁵   Using a discount factor of 4.5% (real)

⁶   Payback is the earliest date that net accumulated free cash flow is equal to zero. This is calculated from first commercial production which is defined as the expected commencement date of saleable gold production

⁷ The gold equivalent (AuEq) is based on assumed prices of US$1,300/oz Au and US$3.00/lb Cu for Ore Reserve and assumed prices of US$1,400/oz Au and US$3.40/lb Cu for Mineral Resource, which equates to a formula of approximately AuEq = Au (g/t) + 1.6 * Cu (%)

⁸   Represents 100% of ore reserves at Havieron

Forward Looking Statements 

This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "targets", "outlook" and "guidance", or other similar words and may include, without limitation, statements regarding estimated reserves and resources, certain plans, strategies, aspirations and objectives of management, anticipated production, study or construction dates, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines. 

These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Greatland operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Greatland's business and operations in the future. Greatland does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Greatland. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward looking statements in this document speak only at the date of issue. Greatland does not undertake any obligation to update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.

Project Details

The Havieron Project is centred on a deep magnetic anomaly 45km east of Telfer in the Paterson Province on the traditional lands of the Martu people. The target is overlain by approximately 420m of post mineralisation Permian cover. The joint venture commenced drilling during mid-2019 and has progressively increased its drilling activities with up to eight drill rigs now in operation.

The Martu people and the Western Desert Land Aboriginal Corporation (WDLAC) are key project stakeholders. The Martu hold exclusive possession native title rights and interests over more than 130,000 km² of land, including to all points around the Telfer mine and Havieron Project. The Indigenous Land Use Agreement (ILUA) with WDLAC, centred on the Telfer mine, extends to the Havieron project.

The Project has received the necessary regulatory approvals for the construction of a box cut, exploration decline and associated surface infrastructure, with these works formally commencing in January 2021. The Stage 1 Study has assessed the next stage of the Project which comprises the underground and surface development to establish the initial mining area at Havieron and ore processing modifications at Telfer.

Gold and copper mineralisation in the current resources are located within the South East Crescent and the Breccia Zones. High grade gold mineralisation is associated with a massive sulphide zone termed the South East Crescent Zone which occurs on the margin of the Breccia zones. The South East Crescent Zone is characterised by a series of massive to semi-massive sulphide replacement units that have a subvertical dip and are best developed on the south-east of the system forming an arcuate, crescent like geometry. The Breccias are still being defined through exploration drilling and early-stage evaluations will be completed to test the potential to develop additional mining fronts and utilise bulk mining methods.

The South East Crescent Zone is 5-40m wide, extending 550m in length in unfolded section from the basement contact and defined over 900m vertically, tapering to ~300m in length and open at that depth. The South East Crescent Zone has been the focus of drilling and has been infilled to a nominal drill spacing of 50-100m laterally (with at least part being infilled to a 50m x 50m spacing to satisfy the requirements for an Indicated Mineral Resource), and 100m vertically.

The Stage 1 Study assessed mining production methods including SLOS with mining rates of 2Mtpa to 3Mtpa and caving options up to 6Mtpa. Surface infrastructure studies were focused on the transportation of ore back to the Telfer processing plant with a range of options considered in early-stage evaluations including conveyor, rail, pipeline and truck haulage, with the latter adopted for the Ore Reserve case. Processing studies evaluated a modified Telfer process plant to accommodate the Havieron ore.

The initial Ore Reserve case is based on a ~2Mtpa production rate from SLOS mining method limited to the Indicated Mineral Resources within the South East Crescent Zone. The Stage 1 Study demonstrates the potential to expand the Project and increase the mining rate to 3Mtpa or more based on the upgrading of the current Inferred Mineral Resources and additional potential Mineral Resource growth from immediately below the South East Crescent Zone as seen in recent drill results (refer to Section titled Potential Exploration Growth for a summary of drill results).

Indicative Production Profile (100% terms)

The Ore Reserve Case for the Stage 1 Study is based on the currently defined Indicated Mineral Resource estimate which incorporates a ~2Mtpa underground SLOS operation with an expected mine life of 9 years. Ore will be transported in trucks along a new 55km long haul road to the modified processing plant at the Telfer mine and tailings deposited at Telfer's existing tailings storage facility (TSF). 

Multiple stope priority runs were conducted to determine the optimal sequence which maximised the number of years at peak production while reducing and compressing the production tail as much as practical. The production rate of ~2Mtpa for the Havieron SLOS was determined by maximising the steady state production of the sequence.

Indicative Havieron Mine Production Profile

Estimated Development Capital Profile (100% terms) 

The capital profile for the Project contemplates a 2Mtpa SLOS operation. Pursuant to the terms of the Joint Venture post-delivery of a Pre-Feasibility Study, Greatland is obliged to fund 30% of all project expenditure going forward and Newcrest is obliged to fund 70%.

Metal Price and Exchange Rate Sensitivity Analysis   

The actual IRR of the Project will vary according to the gold and copper prices realised. Base Case assumptions include a gold price of US$1,750/oz, copper price of US$4.08/lb, and an USD:AUD exchange rate of 0.72 based on current market observed rates.

The table below outlines how the estimated Base Case Project IRR of 27% remains robust using different price assumptions:

Mine Development and Sequence

SLOS is a large-scale open stoping method that is conducted over multiple levels at once. Once the stope has been mined out it is backfilled with paste to maintain the overall stability of the opening and enable mining of adjacent stopes. This method is typically applied to strong orebodies that require minimal support and are surrounded by strong country rock, such as the Havieron deposit. Stopes are mined in a checkerboard fashion with all primary stopes first, followed by the intermediate secondary stopes. The mining sequence is top down overall, divided into a number of different lifts separated by horizontal sill levels which are recovered after the upper and lower level have been mined and filled.

A sub-level spacing of 50m with sill drill levels located 20m below a mining front were selected. Some sub-level spacings are increased to 60m to accommodate the inclusion of ore minimising additional level development. The design consists of nine semi-independent mining sequences, based on both horizontal and vertical mining fronts. The horizontal fronts are determined by the orebody orientations as outlined in Figure 4.

Infrastructure

The Stage 1 Study contemplates the transport of ore from the mine to Telfer via road trains on an all-weather unsealed road. The road has been designed to withstand a 1-in-a-100-year flood event and maintain access to Havieron.

Power will be supplied to Havieron from Telfer's existing gas power station via a 66 kilovolt (kV) overhead line running parallel to the nominated haul road corridor. Further opportunities to replace these with non-fossil fuel power generation will be evaluated as part of the Feasibility Study.

Telfer currently operates two processing trains with a total capacity of ~22Mtpa. The Havieron ore is expected to be processed through a modified Telfer Processing Plant which will operate a single train at 6Mtpa rate on a campaign basis. The Plant modifications are expected to include magnetic separation within the flotation circuit to reduce the amount of pyrrhotite in the final Cu Concentrate and a Carbon in Pulp (CIP) circuit on the flotation tail and cyanide detoxification circuit. The expected cost of the plant modifications is included in the US$381 million project capital estimate. A single train operation provides optionality if higher mining rates are achieved from Havieron or through the extension of Telfer's current mine life (i.e. Telfer ore can be run through the other train with the existing flowsheet). Tailings from ore processed will be deposited at the existing Telfer TSF.

Mineral Resource Estimate

The updated Mineral Resource is estimated to contain an Indicated Mineral Resource of 1.9 million ounces of gold and 99 thousand tonnes of copper and an Inferred Mineral Resource of 1.7 million ounces of gold and 67 thousand tonnes of copper. This Mineral Resource estimate is based on drilling completed by February 2021. 

Since the initial Mineral Resource estimate an additional 45 drill holes were completed between November 2020 and February 2021, primarily as infill drilling to increase the resource confidence of the Crescent Zone, that transferred 1.9 million ounces of gold and 67 thousand tonnes of copper from Inferred Mineral Resources to Indicated Mineral Resources. Results from drilling undertaken in the area of these Mineral Resources since the cut-off date for resource estimation (Feb-21) support the Mineral Resources and Ore Reserves in this PFS.

Mineral Resource estimate tabulation for the Havieron Deposit (100%)*: 

*Data is reported to two significant figures to reflect appropriate precision in the estimate, and this may cause some apparent discrepancies in totals. Data represents 100% of the Mineral Resource for Havieron. Mineral Resources in the Crescent are calculated on a A$100 NSR cut-off while Mineral Resources in the Breccias are calculated on a A$50 NSR cut-off. 

The Havieron Mineral Resource estimate is reported as an Indicated Mineral Resource and Inferred Mineral Resource in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The reported Havieron Mineral Resources are inclusive of Ore Reserves. Refer to details in Appendix 1 for information relating to data collection and resource estimation.  

Drilling has outlined an ovoid shaped zone of variable brecciation, alteration and sulphide mineralisation with dimensions of approximately 650m x 350m x 1000m trending in a north-west orientation below 420m of Permian cover.

Gold and copper mineralisation at Havieron consists of breccia, vein and massive sulphide replacement gold and copper mineralisation typical of intrusion-related styles of mineralisation. Mineralisation is hosted by metasedimentary rocks (meta-sandstones, meta-siltstones and meta-carbonate) and intrusive rocks of an undetermined age. The main mineral assemblage contains well developed pyrrhotite-chalcopyrite and pyrite sulphide mineral assemblages as breccia and vein infill, and massive sulphide lenses.

The Indicated Mineral Resource estimate is restricted to the South East Crescent Zone only, with the Inferred Mineral Resource estimate comprised of some part of the South East Crescent Zone, the adjacent Breccia zones, and a portion of the Northern Breccia to an RL of 4060m (~750m below the unconformity) where drill data provides sufficient support to define an appropriate level of geological control and statistical confidence.

Ordinary Kriging of 5m composites of gold and copper was undertaken into 10m x 10m x 10m blocks for the South East Crescent Zone and 20m x 20m x 20m blocks for Breccia and re-blocked into 5m x 5m x 5m blocks. The resource model was domained utilising the geological units defining the South East Crescent Zone, the Calcite Cemented Breccia, Actinolite Cemented Breccia and Crackle Breccia. Hard boundaries were used between the South East Crescent Zone and the Breccia zones with semi soft boundaries used between the Breccia zones. Kriging Neighbourhood Analysis was used to define the search neighbourhood for gold and copper. Gold and copper were estimated independently of each other. Composite copper and gold grades were capped prior to estimation. The resource estimation is based entirely on interpolation. The resource model was validated via visual, statistical, and geostatistical methods.

Reasonable prospects for eventual economic extraction have been assessed through ongoing mining and processing studies which suggest that selective underground mining would be appropriate for exploitation of the South East Crescent Zone. The Indicated and Inferred Mineral Resource estimate has been constrained using appropriate drill hole data spacing parameters and geological control. The Indicated Mineral Resource estimate is reported based on the A$100/t Net Smelter Return (NSR) value cut-off and the average weighted distance of 45 metres within the South-East Crescent Zone which assumes selective underground mining. The Inferred Mineral Resource estimate is reported within an A$50/t NSR value shell with no internal selectivity, which assumes bulk mining and therefore includes internal waste. The NSR uses metals prices of US$1,400/oz Au and US$3.40/lb Cu, domain-specific metallurgical recoveries of 84-94% for Au and 82-92% for Cu, an USD:AUD exchange rate of 0.75, as well as treatment and refining costs, payables and royalties, similar to those at Telfer.

Ore Reserve Estimate

The Havieron Ore Reserve estimate is outlined below and reported as a Probable Ore Reserve in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Ore Reserve estimate tabulation for the Havieron Deposit (100%)⁹: 

A summary of the material assumptions is outlined below. Refer to details in Appendix 1 (JORC Table 1 - Section 4) for more information relating to the Ore Reserve estimation.

The Havieron Pre-Feasibility Study (on which this Ore Reserve statement is based) defined a SLOS mining method with paste fill and truck ore haulage at a 2Mtpa mining rate. Metallurgical test-work has been executed on samples taken from the Havieron deposit during the Pre-Feasibility Study and in preceding studies. The test-work undertaken is of an adequate level to ensure an appropriate representation of metallurgical characterisation and the derivation of corresponding metallurgical recovery factors.

The Havieron site does not currently have infrastructure to support mining operations. Major infrastructure requirements are included in the Pre-Feasibility Study capital cost estimates, which are based on multiple market prices across all technical disciplines. Provision has been made for capital expenditure requirements for new equipment, infrastructure and replacement of infrastructure and equipment during the life of the mine is based on the Study. A contingency has also been factored into the capital cost estimate consistent with the level of accuracy of the Study.

The operating cost estimate has been built up from a combination of existing Telfer site costs scaled for the Havieron material throughput rate, first principles cost modelling and quotations where practicable.

The Probable Ore Reserve is based on Indicated Mineral Resources and diluting material. No Measured Mineral Resources are stated for this deposit. This classification is based on geological confidence as a function of continuity and complexity of geological features, data quality, data spacing and distribution and estimation quality parameters including distance to informing samples for block grade estimation.

Underground mining at Havieron is planned to be undertaken using a SLOS mining method at a 2Mtpa mining rate. The Stage 1 Pre-Feasibility Study has been prepared on the basis of:

§ decline, accesses to the levels, ore passes, ventilation raises and other underground excavations

§ SLOS stopes with paste fill

§ paste fill plant and underground distribution system

§ ventilation shafts, fans, regulators and refrigeration equipment

§ dewatering, electrical and other service equipment

§ truck haulage of ore to surface via the access decline

⁹ Data is reported to two significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals. Data represents 100% of the Ore Reserve for Havieron.

The following Modifying Factors have been applied to all mining shapes to accurately represent the expected mined tonnes and grades:

§ Dilution factors for unplanned overbreak in primary, secondary and tertiary stopes (average 9%) consisting of waste (average 6%) and stope paste (average 3%);

§ Dilution included at zero grade; and

§ Mining recovery factor of 97.5%

The total Ore Reserve includes approximately 0.6Mt of Inferred Mineral Resource as dilution. This material contains 2% of the gold metal and 1.6% of the copper metal in the Ore Reserve and does not have a material impact upon the estimate.  As this is dilution material associated with the SLOS mining method, it has been incorporated into the Ore Reserve estimate.

Havieron ore will be processed on a campaign basis through the Telfer Train 2 Treatment Plant circuit at a throughput of approximately 2Mtpa.  Metal recovery will be through conventional flotation to produce a copper/gold concentrate and doré through a newly installed flotation tails leach circuit. The technology associated with the ore processing is conventional and the flowsheet is similar to that utilised by other operations.

Metallurgical recovery assumptions are based on detailed analysis and laboratory flotation and leach test work completed on 38 variability samples during the Havieron Concept (2020) and Pre-Feasibility (2021) studies with good spatial coverage of the South-East Crescent Zone. Of the 38 samples, 8 samples are located in the Breccia zones and 30 samples are located in the South-East Crescent Zone, of which 21 samples are located within the South-East Crescent Zone Indicated Mineral Resources.  Based on these samples metallurgical recoveries for gold are anticipated to average approximately 88% and recoveries of copper are expected to average approximately 84% throughout the life of the project.

Bismuth is the key deleterious element for the gold/copper concentrate product with smelter penalties incurred on the basis of bismuth content. The impact of bismuth in concentrate will be managed by mine sequencing and concentrate blending.

The Havieron Ore Reserve employs a value based cut-off determined from the Net Smelter Return (NSR) value equal to the site operating cost included within the Pre-Feasibility Study. The NSR calculation takes into account revenue factors, metallurgical recovery assumptions, transport costs, refining charges, and royalty charges.

The site operating costs include mining cost, processing cost, relevant site general and administration costs and relevant sustaining capital costs. These costs equate to a break even cut off value of approximately A$130/t milled, and a marginal cut off value of approximately A$115/t milled.

Estimation of the Havieron Ore Reserve involved standard steps of mine optimisation, mine design, production scheduling and financial modelling. Factors and assumptions have been based on benchmarked performance from similar SLOS operations. The Ore Reserve has been evaluated through a financial model. All operating and capital costs as well as Ore Reserve revenue factors stated in this document were included in the financial model. A discount factor of 4.5% real was applied. This process demonstrated that the Havieron Ore Reserve has a positive NPV. Sensitivities were conducted on the key input parameters including commodity prices, capital and operating costs, ore grade, mined tonnes and mining rate, exchange rate and metallurgical recoveries confirming the estimate to be robust.

A staged approach for approvals is being undertaken with Phase 1 currently approved which has allowed the development of the box cut, decline and service corridor. These approvals also allow for a waste rock dump, evaporation ponds and supporting infrastructure such as offices and workshops.

Phase 2 approvals will consist of a SLOS underground mine, permanent infrastructure corridor, associated infrastructure and changes to Telfer approvals to accept Havieron tailings in existing tailings storage facilities. The approval strategy for Phase 2 consists of both Commonwealth and State level approvals with engagement well advanced with all regulatory bodies. The timelines outlined in the Pre-Feasibility Study are considered achievable.

A Mining Lease has been granted over the orebody, and miscellaneous leases granted along the existing service corridor. For Phase 2 approvals an application will be made for an additional miscellaneous lease to secure access for an infrastructure corridor to connect Telfer and Havieron (haul road, powerlines, water pipes). This is not considered a risk to the timelines or project.

Potential Exploration Growth

The Havieron mineral system as outlined by drill testing to date, is an 650m by 350m ovate shaped north west trending alteration zone in which mineralisation is hosted by variable brecciation, and sulphide accumulations centred on a complex of nested diorite intrusions. Higher grade zones are associated with increases in sulphide accumulations including pyrrhotite, chalcopyrite and pyrite with quartz. The South-East Crescent Zone is a geological domain characterised by massive sulphide accumulations. Mineralisation has been observed to over 1,000m in vertical extent below the 420m of post mineralisation cover sequence.

The Stage 1 Study only considers the current Indicated Mineral Resource which is a relatively small proportion of the existing resource inventory. The Havieron project has significant additional growth potential including:

§ Conversion of existing Inferred Mineral Resources

§ Mineralisation open at depth and long strike

§ Extension of the South-East Crescent Zone below the current Mineral Resource, where increasing grade and thickness of mineralisation has been observed in recent drilling 

§ Expansion of multiple higher-grade targets within the main Havieron north-west corridor including the Northern Breccia and North West Crescent

§ Potential for additional north west trending corridors including the Eastern Breccia; and

§ Potential to discover addition mineralisation centres (at Havieron North, Zipa and Meco).

In addition to the active testing of the above higher-grade targets, drilling continues in the northern and eastern breccia corridors to assess the bulk extraction potential.

At the South-East Crescent, drilling has extended the high-grade mineralisation ~250m below the base of the current Mineral Resource with two recent drillholes (HAD133 and HAD133W1) returning intervals >900 gram metres (Au ppm x length). These new intercepts show an increase in both grade and thickness with increasing depth. Drilling continues to assess the depth extents of South-East Crescent which now has a vertical extent of over 900m.

Results external to the Mineral Resource include¹⁰:

·      HAD133

o  85m @ 11g/t Au & 0.29% Cu from 1,345m

o  including 13m @ 32g/t Au & 0.46% Cu from 1,363m

o  including 14.5m @ 32g/t Au & 0.33% Cu from 1,396.5m

·      HAD133W1

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

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

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

·      HAD086W1

o         99.7 m @ 2.5g/t Au & 0.85% Cu from 1,308m

o     50.4 m @ 4.3g/t Au & 1.6% Cu from 1,313.6m

¹⁰ The Havieron drill results included in this document have been extracted from Greatland's release titled "Havieron Development and Exploration Update" dated 9 September 2021 and other prior exploration releases. These releases include the exploration results for all material drill holes (including those referred to in this document).

At the Northern Breccia, drilling has extended the mineralised breccia footprint around the Mineral Resource extents. Drilling has confirmed and increased the confidence in the continuity of internal higher grade Crescent-like mineralisation in a north-west mineralised corridor which now extends up to 300m in length, and 100m wide, between 4,300 - 4,100mRL, and remains open at depth. Results of greater than 150 gram metres (Au ppm x length) outside of the current Mineral Resource include:

§ HAD047

§ 309m @ 0.99g/t Au & 0.07% Cu from 915m

§ including 44m @ 3.3g/t Au & 0.15% Cu from 1,157m

§ HAD101

§ 147.2m @ 1.1g/t Au & 0.18% Cu from 1,083.8m

§ including 51.8m @ 1.6g/t Au & 0.25% Cu from 1,129.2m

§ 92.5m @ 1.9g/t Au & 0.06% Cu from 1,296m

§ including 15.6m @ 4.8g/t Au & 0.02% Cu from 1,350m

§ including 14m @ 6.2g/t Au & 0.10% Cu from 1,373m

§ HAD103

§ 90.6m @ 2.3g/t Au & 0.18% Cu from 776.4m

§ including 2.4m @ 67g/t Au & 0.33% Cu from 822.7m

§ HAD083W4

§ 156.6m @ 1.1g/t Au & 0.22% Cu from 805.8m

§ HAD140

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

§ HAD083

§ 183.7m @ 1.8g/t Au & 0.18% Cu from 1,098m

§ including 17.2m @ 8.8g/t Au & 0.47% Cu from 1,165.2m

Higher grade mineralisation external to the Mineral Resource has also been identified on the north west margin of the breccia, previously referred to as the North West Crescent, with additional intercepts showing a vertically extensive high grade pod (NW Pod Target) which remains open at depth and to the north west. Drilling is ongoing to confirm the extents and continuity of this zone. Results from this zone outside the current Mineral Resource include:

§ HAD085

o  74.2m @ 2g/t Au & 0.09% Cu from 568.8m

o  including 19.1m @ 7g/t Au & 0.23% Cu from 594m

§ HAD089

o  116m @ 2.9g/t Au & 0.07% Cu from 1,136m

o  including 13m @ 13g/t Au & 0.17% Cu from 1,136m

§ HAD138

o  84.5m @ 2g/t Au & 0.05% Cu from 683m

o  including 12.7m @ 6.0g/t Au & 0.01% Cu from 685.3m

§ HAD141

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

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

At the Eastern Breccia drilling has targeted extensions of previously reported drill holes HAD083 and HAD084, identifying a separate north west trending corridor with an alteration footprint of over 600m. Crescent like higher grade zones are observed internal to this Eastern Breccia. Results outside of the current Mineral Resource include:

§ HAD083

o  134m @ 1.4g/t Au & 0.04% Cu from 1,529m

o  98.2m @ 1.9g/t Au & 0.14% Cu from 1,677m

o  including 41.1m @ 3.7g/t Au & 0.1% Cu from 1,723.9m

§ HAD084

o  342.2m @ 2g/t Au & 0.11% Cu from 1,536.8m

o  including 14m @ 19g/t Au & 0.20% Cu from 1,572m

o  including 11.1m @ 6.6g/t Au & 0.11% Cu from 1,629.9m

o  including 19.5m @ 4.2g/t Au & 0.04% Cu from 1,726.3m

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:

Competent Person:

Information in this announcement that relates to exploration results has been extracted from the following announcements:

"Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021 (Newcrest)

"Havieron Development and Exploration Update" dated 9 September 2021 (Greatland)

"Exploration Update", dated 9 September 2021 (Newcrest)

"Havieron Development and Exploration Update" dated 22 July 2021 (Greatland)

"Quarterly Exploration Report", dated 22 July 2021 (Newcrest)

"Further Excellent Growth Drilling Results at Havieron", dated 10 June 2021 (Greatland)

"Exploration Update", dated 10 June 2021 (Newcrest)

"Excellent Growth Drilling Results at Havieron", dated 29 April 2021 (Greatland)

"Quarterly Exploration Report", dated 29 April 2021 (Newcrest)

"Further Outstanding Infill Drilling Results at Havieron", dated 11 March 2021 (Greatland)

"Exploration Update", dated 11 March 2021 (Newcrest)

"Newcrest Reports Further Drilling Results at Havieron", dated 28 January 2021 (Greatland)

"Quarterly Exploration Report", dated 28 January 2021 (Newcrest)

"Newcrest Reports Further Drilling Results at Havieron", dated 10 December 2020 (Greatland)   

"Exploration Update", dated 10 December 2020 (Newcrest)

"Initial Inferred Mineral Resource Estimate for Havieron", dated 10 December 2020 (Greatland) 

"Initial Inferred Mineral Resource Estimate for Havieron", dated 10 December 2020 (Newcrest) 

"Drilling Results at Havieron Highlight Potential New Eastern Breccia Target", dated 29 October 2020 (Greatland)

"Quarterly Exploration Report", dated 29 October 2020 (Newcrest)

"Latest Drilling Results at Havieron Highlight Potential Bulk Tonnage Target", dated 10 September 2020 (Greatland) 

"Exploration Update", dated 10 September 2020 (Newcrest) 

"Newcrest Identifies New Zone of Breccia Mineralisation at Havieron", dated 23 July 2020 (Greatland)

"Quarterly Exploration Report", dated 23 July 2020 (Newcrest)

"Further Outstanding Drill Results from Havieron", dated 11 June 2020 (Greatland)

"Exploration Update", dated 11 June 2020 (Newcrest)

"Newcrest Reports Further Outstanding Drill Results at Havieron", dated 30 April 2020 (Greatland)

"Quarterly Exploration Report", dated 30 April 2020 (Newcrest)

"Newcrest Reports Further Outstanding Drill Results at Havieron", dated 11 March 2020 (Greatland)

"Exploration and Guidance Update", dated 11 March 2020 (Newcrest)

"Further Outstanding Drill Results at Havieron", dated 30 January 2020 (Greatland)

"Quarterly Exploration Report", dated 30 January 2020 (Newcrest)

"New Outstanding Drill Results at Havieron Extend the Strike Length of High-Grade Mineralisation", dated 2 December 2019 (Greatland)

"Exploration Update - Havieron", dated 2 December 2019 (Newcrest)

"Further High-Grade Drilling Results from Newcrest's Campaign at Havieron", dated 24 October 2019 (Greatland)

"Quarterly Exploration Report - September 2019", dated 24 October 2019 (Newcrest)

"Update on Newcrest Drilling Results at Havieron", dated 10 September 2019 (Greatland)

"Exploration Update - Havieron", dated 10 September 2019 (Newcrest)

"First Results from Newcrest's Drilling Campaign at Havieron", dated 25 July 2019 (Greatland)

"Newcrest Quarterly Exploration Report - June 2019", dated 25 July 2019 (Newcrest)

Information in this announcement pertaining to Reporting of Exploration Results, including Sampling Techniques and Data, which has been taken from Newcrest Mining Limited's announcement "Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021, has been reviewed and approved by Mr John McIntyre, a Member of the Australian Institute of Geoscientists (MAIG), who has more than 30 years relevant industry experience. Mr McIntyre is an employee of the Company and has no financial interest in Greatland Gold plc or its related entities. Mr McIntyre has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies, which outline standards of disclosure for mineral projects. Mr McIntyre consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr McIntyre confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

Information in this announcement pertaining to Estimation and Reporting of Mineral Resources, which has been taken from Newcrest Mining Limited's announcement "Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021, has been reviewed and approved by Mr Stuart Masters, a Member of the Australian Institute of Geoscientists (MAIG) and a Fellow of The Australasian Institute of Mining and Metallurgy (FAusIMM), who has more than 35 years relevant industry experience. Mr Masters is the Principal Consultant and Director of CS-2 Pty Ltd, and has no financial interest in Greatland Gold plc or its related entities. Mr Masters has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies, which outline standards of disclosure for mineral projects. Mr Masters consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr Masters confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

Information in this announcement pertaining to Estimation and Reporting of Ore Reserves, which has been taken from Newcrest Mining Limited's announcement "Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021, has been reviewed and approved by Mr Otto Richter, a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM), who has more than 20 years relevant industry experience. Mr Richter is an employee of the Company and has no financial interest in Greatland Gold plc or its related entities. Mr Richter has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies, which outline standards of disclosure for mineral projects. Mr Richter consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr Richter confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

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 program is presently underway. Construction of the box cut and decline to develop the Havieron deposit commenced in February 2021.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of Tier 1 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.

Appendix 1

JORC Code, 2012 Edition - Table 1

Section 1: Sampling Techniques and Data

Section 2: Reporting of Exploration Results

Section 3: Estimation and Reporting of Mineral Resources

Section 4: Estimation and Reporting of Ore Reserves