Greatland Gold plc (AIM: GGP)

E: [email protected]

W: https://greatlandgold.com

: twitter.com/greatlandgold

NEWS RELEASE | 20 February 2025

West Dome Underground Project

Maiden underground drilling results below the Telfer West Dome Open Pit
confirm high grade near-mine underground opportunity

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 (AIM:GGP) (Greatland or the Company) is pleased to provide results from the maiden underground drilling campaign at the West Dome Underground target at Telfer.

Highlights

§ Maiden West Dome Underground diamond drilling program completed in December 2024 quarter with all results now returned and interpreted.

§ 16 of the 19 holes drilled in this program intercepted >50 gram-metres Au (gm), with the average down hole intercept from these 16 holes of 23.2m @ 2.95g/t Au and 1.07% Cu (4.23g/t AuEq¹)

§ Exceptional results included:

‒        14.3m @ 9.06 g/t Au and 8.57% Cu (19.34 g/t AuEq) from 290.4m

‒        59.0m @ 2.83 g/t Au & 0.71% Cu (3.68 g/t AuEq) from 259.0m

§ Mineralisation identified over 700m of strike and remains open along strike and down dip

§ Drilling confirms high grade mineralisation in the West Dome Underground is associated with the same geological units seen at the active Main Dome Underground, which has produced more than 3.1Moz gold and 210kt copper to date

§ Existing infrastructure supports the economics of a potential West Dome Underground Project and would accelerate its development  

§ Second phase drilling program planning underway

Greatland Managing Director, Shaun Day, commented:

"The exceptional drilling results from the maiden underground drilling campaign validate the exciting opportunity we identified at the West Dome Underground during our acquisition due diligence.

"The Main Dome Underground began production in mid 2006 and continues operating today, almost 20 years later, having produced more than 3 million ounces of gold to date. This underground drilling campaign is the first since driving across to gain access beneath the West Dome.

"The West Dome Underground drilling delivered high grades and equally importantly, excellent widths. They confirm that key geological units hosting the Main Dome Underground mineralisation are present in the West Dome Underground. Mineralisation remains open along strike and down dip, and we intend to increase our confidence of the initial body as well as continue to test extensions in our further work.

"A primary focus for us at Telfer is mine life extension, and these results confirm the West Dome Underground Project as a very high priority target for us.  We are planning a second phase drilling program, including geotechnical and hydrogeological testing to support planned mine studies.  If we continue to have exploration success, the ability to leverage the existing underground infrastructure at Telfer, including the haulage shaft, provides the opportunity to rapidly advance development of the West Dome Underground."

West Dome Underground Project

Overview

The first target tested from underground in the West Dome Underground Project is situated approximately 800m below the current West Dome Open Pit.

Figure 1: West Dome Underground Project location

The Main Dome Underground is situated below the Main Dome Open Pit, and to date has produced more than 75Mt for 3.1Moz gold and 210kt copper.  In 2007, construction of an underground crusher and haulage shaft was completed, and has been in continuous use since then. Initially the Main Dome Underground mainly operated as a sub level cave, extracting on average 5Mtpa between 2008 to 2019.  In 2018 long hole open stope production commenced, producing over 6.4Mt to date.

The West Dome Underground Project (WDU) emerged from the recognition that key geological structures hosting mineralisation in the Main Dome Open Pit repeat in the West Dome Open Pit, specifically the E Reefs and the Middle Vale Reef (MVR, refer Figure 1).  Accordingly, it was proposed that the geological features that are key to mineralisation in the Main Dome Underground (refer Figure 1), may also repeat below the West Dome Open Pit. 

This concept was drill tested from surface between 2009 - 2019, with a total of 16 diamond holes drilled along the 3km strike length of the concept target. This drilling confirmed the presence of the key geological features and identified the hinge zone of the Lower Limey Unit (LLU) (Figure 1), which has previously been referred to as the 'West Dome Deeps', as a highly prospective zone.

Following the successful outcome of internal mining studies of the WDU target, in 2019 an exploration drill drive from the Main Dome Underground across to the West Dome Underground was proposed and sporadically progressed (due to very limited budget approved by previous owner Newcrest Mining).  Following Newmont Mining's acquisition of Newcrest Mining, budget was approved and completion of the drill drive achieved in late 2024, enabling a maiden underground drilling program comprising 19 holes for 7,473m to be completed in the December 2024 quarter.

Drill Results

Results from the maiden underground drill program have consistently intercepted high gold and copper grades and thicknesses (Figure 3). High grade mineralisation is predominantly hosted within the LLU which has produced more than 1.0Moz Au and 75kt Cu in the Main Dome Underground.

Drilling has now defined a strike of more than 700 metres of high grade LLU mineralisation, with an average down hole intercept of 23.2 meters at 2.95 g/t Au and 1.07% Cu (4.23 g/t AuEq) from the 16 drill holes (of 19) that intercepted >50gm Au.

High grade gold and copper mineralisation has been consistently intercepted within the LLU geological unit on the West Limb of the main anticlinal fold structure (Figure 2), while results returned from the East Limb are encouraging but less consistent.

Significant down hole intercepts within the LLU domain include:

§ WUC4550022 with 14.3m @ 9.06 g/t Au & 8.57% Cu (19.34 g/t AuEq) from 290.4m

§ WUC4550007 with 59.0m @ 2.83 g/t Au & 0.71% Cu (3.68 g/t AuEq) from 259.0m

§ WUC4550016 with 20.9m @ 4.27 g/t Au & 2.77% Cu (7.59 g/t AuEq) from 300.2m

§ WUC4550040 with 31.6m @ 3.09 g/t Au & 0.60% Cu (3.81 g/t AuEq) from 284.7m

§ WUC4550013 with 15.2m @ 3.31 g/t Au & 3.00% Cu (6.91 g/t AuEq) from 286.6m

§ WUC4550032 with 20.9m @ 4.07 g/t Au & 0.49% Cu (4.66 g/t AuEq) from 305.5m

§ WUC4550009A with 22.7m @ 2.71 g/t Au & 1.43% Cu (4.43 g/t AuEq) from 268.6m

§ WUC4550035 with 22.3m @ 2.41 g/t Au & 1.66% Cu (4.40 g/t AuEq) from 326.7m

§ WUC4550023 with 12.5m @ 5.08 g/t Au & 0.52% Cu (5.70 g/t AuEq) from 317.3m

§ WUC4550012 with 9.3m @ 5.44 g/t Au & 1.41% Cu (7.13 g/t AuEq) from 278.0m

§ WUC4550041 with 14.0m @ 2.55 g/t Au & 1.13% Cu (3.90 g/t AuEq) from 291.0m

Additionally, drilling has intercepted several broad zones of stockwork mineralisation within the core of the anticlinal hinge. These zones are interpreted to be similar in style to the large stockwork systems that formed part of the mineralisation targeted by the sub-level cave at the Main Dome Underground. Since these zones were not the primary focus of the initial drilling phase, they will be targeted in future drilling programs. 

Significant down hole intercepts within these zones include:

§ WUC4550019 with 42.0m @ 1.97 g/t Au & 0.49% Cu (2.56 g/t AuEq) from 294.0m

§ WUC4550020 with 18.4m @ 3.93 g/t Au & 0.92% Cu (5.03 g/t AuEq) from 330.6m

§ WUC4550023 with 36.1m @ 2.14 g/t Au & 0.21% Cu (2.39 g/t AuEq) from 365.9m

§ WUC4550022 with 31.7m @ 1.34 g/t Au & 0.35% Cu (1.76 g/t AuEq) from 366.0m

§ WUC4550030 with 23.3m @ 1.64 g/t Au & 0.54% Cu (2.39 g/t AuEq) from 341.0m

Figure 2:  West Dome Underground Drilling Location

Figure 3: West Dome Underground "Western Limb" Long Section

Figure 4: West Dome Underground Geological Type Section

Next steps

Greatland plans to continue progressing the West Dome Underground Project, with the following planned activities:

§ Phase two drilling program design  targeting both infill of the existing mineralisation and continued extensions along strike and down dip, to support definition of a maiden Mineral Resource estimate.

§ Geotechnical and hydrogeological test work to be incorporated in the phase two drilling program to inform planned mining studies.

Subject to positive outcomes from the above work, the existing infrastructure provides the opportunity to accelerate and support economics of the West Dome Underground Project:

§ 1.9km drill drive from the Main Dome Underground already in place, completed in 2024 prior to Greatland ownership.

§ Main Dome underground crusher and haulage shaft have significant surplus capacity that could be accessed by development of a ~ 1.5km haulage drive.

Table 1:West Dome Underground drill collars and significant down hole intercepts.

Note: Significant Intercepts are calculated using a minimum threshold of 0.5 g/t Au and allowing for up to 5m of internal dilution. Only intercepts exceeding 5gm AuEq are included in this report. (gm = gram metre, interval width multiplied by AuEq grade).

Footnotes:

1 The gold equivalent (AuEq) is based on assumed prices of AUD$3,150/oz Au and AUD$5.30/lb Cu and metallurgical recoveries based on block metal grade, reporting approximately at 85% for Au and 90% for Cu which equates to a formula of approximately AuEq = Au (g/t) + 1.2* Cu (%). It is the company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. 

2 Gold equivalent Gram metres (AuEq GM) are calculated by multiplying the intercept width by the gold equivalent grade.

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director | Rowan Krasnoff, Head of Business Development
[email protected]

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin  |  +44 203 368 3550

Corporate Brokers

Canaccord Genuity  |  James Asensio / George Grainger  |  +44 207 523 8000

SI Capital Limited  |  Nick Emerson / Sam Lomanto  |  +44 148 341 3500

Media Relations

Australia - Fivemark Partners  |  Michael Vaughan  |  +61 422 602 720

UK - Gracechurch Group  | Harry Chathli / Alexis Gore / Henry Gamble  |  +44 204 582 3500

About Greatland

Greatland is a gold and copper mining company listed on the London Stock Exchange's AIM Market (LSE:GGP) and operates its business from Western Australia.

The Greatland portfolio includes the 100% owned Telfer gold-copper mine, the adjacent 100% owned world class Havieron gold-copper project (under development), and a significant exploration portfolio within the surrounding region. The combination of Telfer and Havieron provides for a substantial and long life gold-copper operation in the Paterson Province of Western Australia.

Greatland is targeting a cross listing on the ASX in the June quarter 2025.

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. 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.

Competent Persons Statement

Information in this announcement has been reviewed and approved by Mr Michael Thomson, a Member of the Australian Institute of Geoscientists (AIG), who has more than 20 years relevant industry experience.  Mr Thomson, an employee of the Company, has sufficient experience relevant to the style of mineralisation, 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 Thomson consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. 

JORC 2012 - Table 1

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results