21 July 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS.  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 Exploration and Development Update

Extensive Growth Drilling programme continues to identify high grade mineralised extensions in the Eastern Breccia, South-East Crescent Zone and Northern Breccia

New high-grade intercepts outside the Eastern Breccia Mineral Resource support its potential to host multiple northwest trending high grade sulphide dominated domains

High grade results in the Northern Breccia demonstrate the potential for

further high-grade sulphide mineralisation outside the South-East Crescent Zone

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, is pleased to provide an exploration and development update at the Havieron gold-copper project in the Paterson region of Western Australia. The Company notes the release of an ASX announcement titled "Quarterly Exploration Report" and "Quarterly Report" by Newcrest Mining Ltd ("Newcrest") earlier today that included results previously released in Greatland's announcement of 9 June 2022 along with the following new results.

Highlights

§ Seven drill rigs currently on site, all focused on growth targeting:

§ Eastern Breccia: drilling continuing to expand the mineralised footprint of the Eastern Breccia, including further defining higher-grade zones

§ South-East Crescent: continuous mineralisation identified across 1,000 vertical meters and remains open. Drilling continuing to progressively test for extensions to the South-East Crescent, with drilling planned up to 400 metres below the Updated Mineral Resource¹

§ Northern Breccia: drilling aimed at extending high-grade zones of mineralisation at depth

§ New Targets: drilling continuing to test geophysical targets outside of the main Havieron system, with follow-up drilling planned at regional targets on the Havieron mining lease  

New drilling results

§ Eastern Breccia drilling further highlights the geological continuity of higher grade mineralisation. Recent intercepts reinforce the potential for the Eastern Breccia corridor to host Crescent style high grade mineralisation. The Eastern Breccia remains open at depth:

§  HAD145AW4 returned 54m @ 3.8g/t Au & 0.02% Cu from 1,854m including 19.6m @ 9.9g/t Au & 0.02% Cu from 1,854m

§  HAD141W2^ returned 39m @ 2.9g/t Au & 0.15% Cu from 1,824.6m including 13.8m @ 7.8g/t Au & 0.15% Cu from 1,849.8m

§  HAD152W1 returned 82.3m @ 1.7g/t Au & 0.96% Cu from 1,829.2m including 15.9m @ 1.9g/t Au & 1.6% Cu from 1,853.1m

§  HAD104W2 returned 51m @ 1.1g/t Au & 0.07% Cu from 1,496m

§ South-East Crescent drilling has extended the high grade zone down a further 100 metres with Crescent zone having now been continuously intersected to over 1,000 vertical metres (3800m RL²) and remaining open at depth:

§ HAD108AW1 returned 93.3m @ 3.6g/t Au & 0.11% Cu from 599.7m including 12.4m @ 10.0g/t & 0.38% Cu.

§ HAD153 returned 44.9m @ 2.5g/t Au & 0.14% Cu from 1,577.1m including 25m @ 4.1g/t Au & 0.09% Cu from 1,585m

§ Northern Breccia intersected high grade results to demonstrate the potential for further high grade sulphide mineralisation outside the South-East Crescent Zone:

§ HAD055W7 intersected 70.9m @ 2.0g/t Au & 0.11% Cu from 973.8m including 1.4m @ 45.0g/t Au & 0.21% Cu from 1,043.3m

§ HAD055W9 intersected 89.0m @ 0.86g/t Au & 0.16% Cu from 835m including 10m @ 1.7g/t Au & 0.37% Cu from 873m

§ Early Works improvements: Construction activities are progressing including:

§ An exploration decline advance of 489 metres as at 13 July 2022

§ 111.5 metres advanced since the last report on 9 June 2022 reflecting the highest daily advancement rate during a single reporting period since commencement of the exploration decline

§ The infrastructure construction programme to support the early works decline progression is largely complete. Establishment of the site administration facilities, supporting mine and water management infrastructure has been successfully completed

Poor ground conditions were experienced during the previous quarter, changes in the design of the decline during the quarter brought forward the first downward spiral to the current advance position which has allowed the decline to transition into better ground conditions as forecasted, which accelerated decline advancement rates.

Works are ongoing to progress the necessary approvals and permits required to commence construction of the infrastructure which will support production at Havieron. Newcrest is reviewing the impact of inflationary pressures on future capital expenditure and operating costs as part of the Feasibility Study, with value engineering and other cost mitigation strategies underway.

Feasibility Study The schedule for first ore continues to be reviewed and will be updated with the release of the Feasibility Study, which remains on track for completion during the December 2022 quarter³.

Shaun Day, Managing Director of Greatland Gold plc, commented: "Havieron's extensive growth drilling program continues to identify and expand high grade extensions to the mineralisation in the Eastern Breccia, South-East Crescent Zone and Northern Breccia.

"Eastern Breccia growth drilling continues to expand and define the mineralised footprint and extensions of the zonation. This Eastern Breccia drilling includes a new northern-most high grade intercept. The observed grade from this drilling reinforces the potential for the Eastern Breccia corridor to host Crescent style high grade mineralisation.

"With seven drill rigs all focusing on growth this demonstrates the ongoing potential for the continued expansion of the Havieron system footprint below and adjacent to the existing resource.

The observed acceleration of the decline advancement is particularly pleasing. The improved advancement productivity is consistent with the expected improvement of ground conditions with depth."

¹ Refers to Greatland's Updated Mineral Resource as announced on 3^rd March 2022

² Relative depth. All relative depth (RL) information is reported in Australian Height Datum (AHD) +5,000 metres

³  Newcrest market update to Australian Stock Exchange on 12^th October 2021

Significant New Results (intercepts are reported as downhole width not true width)

Eastern Breccia

§ HAD104W2

§ 51m @ 1.1g/t Au & 0.07% Cu from 1,496m

§ HAD141W2^

§ 39m @ 2.8g/t Au & 0.15% Cu from 1,824.6m

§ including 13.8m @ 7.6g/t Au & 0.15% Cu from 1,849.8m

§ HAD145AW4

§ 54m @ 3.8g/t Au & 0.02% Cu from 1,854m

§ including 19.6m @ 9.9g/t Au & 0.02% Cu from 1,854m

§ HAD152W1

§ 82.3m @ 1.7g/t Au & 0.96% Cu from 1,829.2m

§ including 15.9m @ 1.9g/t Au & 1.6% Cu from 1,853.1m.

South-East Crescent

§ HAD108AW1

§ 93.3m @ 3.6g/t Au & 0.11% Cu from 599.7m

§ including 12.4m @ 10.0g/t & 0.38% Cu.

§ HAD153

§ 44.9m @ 2.5g/t Au & 0.14% Cu from 1,577.1m

§ including 25m @ 4.1g/t Au & 0.09% Cu from 1,585m.

Northern Breccia

§ HAD055W7

§ 70.9m @ 2.0g/t Au & 0.11% Cu from 973.8m

§ including 1.4m @ 45.0g/t Au & 0.21% Cu from 1,043.3m

§ HAD055W9

§ 89.0m @ 0.86g/t Au & 0.16% Cu from 835m

§ including 10m @ 1.7g/t Au & 0.37% Cu from 873m

In addition to this release, a PDF version of this report with supplementary information can be found at the Company's website: https://greatlandgold.com/investors/regulatory-news/

Enquiries:

Further Information on Drilling and Operations at Havieron

The Havieron gold-copper deposit is centered on a deep magnetic anomaly located 45km east of Telfer in the Paterson Province where exploration drilling by Greatland during 2018 resulted in the discovery of gold and copper ore under 420 metres of post mineralisation cover. The Joint Venture commenced drilling during the June 2019 quarter and has completed 249,240 metres of drilling from 306 drill holes to date (excluding holes in progress, abandoned holes or drill holes not yet sampled).

A further 5,622 metres of drilling from 11 new holes and extensions to one previously reported hole have been completed since the last update ("Havieron Exploration and Development Update", RNS dated 9 June 2022). Assay results are reported from 11 new holes and one previously reported hole. (Figures 1 and 2). 9 holes returned significant assay intercepts in excess of 50 gram metres Au (Au ppm x length metres).

Growth drilling is focused on potential extensions at the Southeast Crescent Zone, Northern Breccia and Eastern Breccia, while regional exploration holes are planned to locate new discoveries outside the main Havieron mineralised system. Assays reported include drilling from:

§ South East Crescent Deeps - assay results reported for two drill holes with one hole awaiting assays.

§ Northern Breccia - assay results are reported for four drill holes with one hole awaiting assays.

§ Eastern Breccia - assay results reported for six drill holes, with five holes awaiting assays.

There are now seven drill rigs on site all focused on growth drilling. The JV is targeting an extensive growth drilling programme in the 12 months to 30 June 2023 which has the potential to again expand the Havieron resource. Refer to Appendix 2 for all reported results.

At the South East Crescent Deeps Target, growth drilling continued, defining high grade mineralisation below the Updated Mineral Resource, which remains open at depth. Results were received from one drill hole - HAD153.

The results returned from HAD108AW1 occurs in the upper part of the deposit (4650mRL), this area was opportunistically targeted in the design of HAD108AW1, who's main  purpose was  testing the upper limits of the Eastern Breccia.  No significant mineralisation was identified in the Eastern Breccia position of this hole.

Results include:

§  HAD153

§ 44.9m @ 2.5g/t Au & 0.14% Cu from 1,577.1m

§ including 25m @ 4.1g/t Au & 0.09% Cu from 1,585m

§  HAD108AW1

§ 93.3m @ 3.6g/t Au & 0.11% Cu from 599.7m

§ including 12.4m @ 10.0g/t & 0.38% Cu.

At the Northern Breccia infill drilling has confirmed the known high-grade mineralisation within the core of the Northern Breccia, adjacent to the high grade South-East Crescent (3500m RL).

Results include:

§ HAD055W7

§ 70.9m @ 2.0g/t Au & 0.11% Cu from 973.8m

§ including 1.4m @ 45.0g/t Au & 0.21% Cu from 1,043.3m

§ HAD055W9

§ 89.0m @ 0.86g/t Au & 0.16% Cu from 835m

§ including 10m @ 1.7g/t Au & 0.37% Cu from 873m

At the Eastern Breccia, assays for 6 holes targeting strike and depth extensions from previously reported drill holes have been received, with assays for 5 holes awaited. The Eastern Breccia is developed below the 4,100RL with a footprint of over 500m in strike, up to 200m in width, and over 250m in vertical extent. The Eastern Breccia remains open at depth. Within this zone multiple northwest trending internal higher-grade sulphide dominated domains are observed. Results for the quarter further highlight geological continuity of higher grade within the Eastern Breccia.

Results include:

§ HAD104W2

§ 51m @ 1.1g/t Au & 0.07% Cu from 1,496m

§ HAD141W2^

§ 39m @ 2.8g/t Au & 0.15% Cu from 1,824.6m

§ including 13.8m @ 7.6g/t Au & 0.15% Cu from 1,849.8m

§ HAD145AW4

§ 54m @ 3.8g/t Au & 0.02% Cu from 1,854m

§ including 19.6m @ 9.9g/t Au & 0.02% Cu from 1,854m

§ HAD152W1

§ 82.3m @ 1.7g/t Au & 0.96% Cu from 1,829.2m

§ including 15.9m @ 1.9g/t Au & 1.6% Cu from 1,853.1m.

The JV is targeting an extensive growth drilling programme in the 12 months to 30 June 2023 which has the potential to further expand the Havieron resource. Growth drilling continues to show potential for resource additions outside of the existing Inferred Mineral Resource limits, including:

§ Extension of the South-East Crescent Zone at depth below the Updated Mineral Resource;

§ Potential for additional material in the Eastern Breccia, including higher grade "Crescent" like material, currently open along strike and at depth;

§ Expansion of multiple higher-grade zones including Northern Breccia and North-West Pod; and,

§ Additionally, drilling is continuing to test geophysical targets outside of the main Havieron system.

Refer to Appendix 1 for additional information and Appendix 2 for all drillhole results reported during the period.

Development Update

Newcrest has advised advance rates associated with the exploration decline have increased after changes in the design of the decline brought forward the first downward spiral to the current advance position. This has allowed the decline to transition into better ground conditions earlier.

Works are also ongoing to progress the necessary approvals and permits required to commence construction of the infrastructure which will support production at Havieron. Newcrest is reviewing the impact of inflationary pressures on future capital expenditure and operating costs as part of the Feasibility Study, with value engineering and other cost mitigation strategies underway.

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.  Newcrest has earned a joint venture interest of 70% (30% Greatland).  Newcrest may also acquire an additional 5% joint venture interest at fair market value (under the principles of the Joint Venture Agreement) and, if exercised, Newcrest will be entitled to an overall joint venture interest of 75% (Greatland 25%).  Greatland and Newcrest continued to progress the process to determine the option price for the 5% interest in accordance with the Joint Venture Agreement during the period.

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.

A regional map showing the Havieron licence area with regional targets and adjacent landholdings can be found at: www.greatlandgold.com/paterson

A version of this release with the full images and diagrams can be found on the Company's website: https://greatlandgold.com/investors/regulatory-news/

Figure 1. 3D Plan view schematic showing the spatial association of the current growth targets, SE Crescent, Northern Breccia, NW Pod and Eastern Breccia targets in relation to the existing mineralised extents. Also highlighted are selected newly reported growth drilling results.

Figure 2. Schematic plan view map showing drill hole locations and significant intercepts reported in this release superimposed on the interpreted geology. Previously reported holes are not shown for the sake of clarity. Note some holes and results appear on multiple sections due to the sections orientation and sections overlap.

Figure 3. Plan view schematic of a horizontal slice at 3850mRL through the Crescent Sulphide Zone and Breccia-hosted Zones, showing the extents of the 0.5 and 1.0 g/t Au LeapfrogTM grade shells with highlighted newly reported intercepts for this period. This diagram highlights >50gram metres intersections drilled during the period, refer to inset diagram for relationship to all Havieron drilling.

Figure 4. Schematic cross section of geology and significant new drillhole intercepts (looking northwest, Section Line S1, +/-100m section width, as shown in Figure 2). Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

Figure 5. Schematic cross section of geology and significant new drillhole intercepts (looking northeast, Section Line S2, +/-75m section width, as shown in Figure 2. Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

Figure 6. Schematic cross section of geology and significant new drillhole intercepts (looking northeast, Section Line S3, +/-75m section width, as shown in Figure 2). Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

APPENDIX I

Havieron Project (Greatland Gold plc - Newcrest Joint Venture ): JORC Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

APPENDIX II

Drillhole Data and Au- Cu Significant Intersections

Havieron Project, Paterson Province, Western Australia

Reporting Criteria: Intercepts reported are downhole drill width (not true width) Au >0.20ppm (0.2g/t Au) and minimum 20m downhole width with maximum consecutive internal dilution of 10m. Average grades are based on length-weighting of samples grades. Also highlighted are high grade intervals of Au >1.0ppm (1g/t Au) and minimum 10m downhole width with maximum consecutive internal dilution of 5m, and intervals of >30g/t which are greater or equal to 30 gram metres (Au_ppm x length) are tabled. Gold and copper grades are reported to two significant figures, the downhole lengths are rounded to 0.1m which may cause some apparent discrepancies in interval widths. Samples are from core drilling which is PQ, HQ or NQ in diameter. Core is photographed and logged by the geology team before being cut. Half core PQ, HQ and NQ samples are prepared for assay and the remaining material is retained in the core farm for future reference. Each assay batch is submitted with duplicates and standards to monitor laboratory quality. Total depth (end of hole) is rounded to one decimal place for reporting purposes. Collars denoted with a * show partial results, with further significant assays to be reported in subsequent exploration updates.

^#drilling in progress. **partial intercept, assays pending. ^updated intercept. ^^previously reported intercept.