Greatland Gold plc (AIM: GGP)

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NEWS RELEASE | 14 April 2025

March 2025 Quarterly Activities Report

A$253 million free cash flow, debt free and a closing cash balance of A$398 million

90,172oz gold produced at AISC of A$2,126/oz

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 this Quarterly Activities Report for the period from 1 January 2025 to 31 March 2025 (March Quarter), the first full quarter following completion of Greatland's acquisition of 100% of the Telfer gold-copper mine (Telfer) and Havieron gold-copper project (Havieron).

Highlights

§ Operations

‒    Production of 90,172oz of gold (Au) and 3,511t of copper (Cu) at an all-in-sustaining-cost (AISC)¹ of A$2,126/oz Au.

§ Gold production was 21% higher, and AISC lower than Greatland's initial pre-acquisition mine plan (Pre-Acquisition Plan) quarterly average (74,800oz at A$2,203 AISC).

‒    Significantly improved gold recoveries of 86.7% (compared to assumed average gold recoveries of 78% in the Pre-Acquisition Plan). Continued optimisation of processing remains a key focus.

‒    New West Dome Open Pit mining area, Stage 7 Cutback, was approved and commenced mining.

‒    Greatland's first major dual train planned maintenance of the processing plant was successfully completed in late March to early April.

‒    No Lost Time Injuries during the quarter, 12-month Lost Time Injury Frequency Rate (LTIFR) at quarter end was 0.

§ Corporate

‒    Sales of 89,125oz Au and 3,705t Cu at weighted average realised prices of A$4,585/oz gold and A$13,140/t copper, generating revenue of A$458m.

‒    Free cash flow of A$253m and A$398m cash balance at 31 March 2025 (A$145.0m at 31 December 2024).

‒    Debt free with undrawn A$75m working capital facility.

‒    Full upside exposure to the gold price, with downside price protection provided from gold put options at A$3,905/oz (CY25) and A$4,200/oz (CY26).

‒    ASX / AIM cross-listing targeted for June 2025.

§ FY25 guidance

‒    Guidance for FY25:

§ Gold production: 196,000 - 210,000oz

§ AISC¹: A$2,100 - A$2,250/oz Au

§ Growth capital: A$95 - 105 million

‒    FY25 guidance represents approximately seven months of Greatland ownership, from completion of the Telfer acquisition on 4 December 2024 to 30 June 2025.

§ Telfer Mineral Resource (MRE)

‒    Inaugural Telfer MRE completed on 18 March 2025, delivering 3.2Moz Au and 117kt Cu, confirming Telfer life mine life extension potential.

‒    Group MRE including Havieron now totals 10.2Moz Au and 387kt Cu.

‒    Initial Telfer Ore Reserve underway, targeted for completion in April 2025.

§ Telfer Resource development

‒    Drilling results from the maiden underground drilling campaign at West Dome Underground confirmed high grade near-mine underground opportunity: 16 of 19 holes drilled intercepted >50 gram-metres Au, with the average down hole intercept from these 16 holes of 23.2m @ 2.95g/t Au and 1.07% Cu. The drilling program's success led to a second 1.8km development drive from the Main Dome Underground to West Dome Underground being approved and commenced in March 2025.

‒    High priority Main Dome Underground A-Reef extensions and Eastern Stockwork Corridor (ESC) were drilled during the quarter with encouraging results that will be incorporated into mine life extension studies.

‒    Mobilisation of two additional underground drill rigs to Telfer in the June 2025 quarter will increase total rigs on site to six, the most at Telfer since 2020.

Notes:

1.     All-in sustaining cost (AISC) is stated per ounce of gold produced, net of by-product (Cu) credits. AISC excludes inventory movements which mainly relate to stockpiles acquired as part of the Telfer acquisition at 4 December 2024

Greatland Managing Director, Shaun Day, commented:

"Greatland's first full quarter since acquiring 100% ownership of Telfer and Havieron was a tremendous success and is a great credit to the exceptional work of our operational team.

"Production of more than 90,000 ounces of gold and full exposure to the strong gold price resulted in free cash flow of A$253 million for the quarter.

"Closing cash of A$398 million and no debt establishes a very robust balance sheet and importantly allows us to invest significantly in organic growth and extension at Telfer.

"Our confidence in the outlook for Telfer is demonstrated by the approval of investments in a new mining area at the West Dome Open Pit (Stage 7 Cutback), a second development drive to the new West Dome Underground project and an increase to six drill rigs at Telfer."

Overview

Gold production of 90,172 oz was 21% higher than the Pre-Acquisition Plan average (74,800 oz per quarter). AISC of A$2,126/oz Au was 3.5% lower than the Pre-Acquisition Plan average (A$2,203/oz Au). 

This was an excellent quarter relative to historical performance under previous ownership, which is particularly encouraging in Greatland's first full quarter of ownership.

The following figure demonstrates this positive effect of full exposure to a strong gold price coupled with reduced AISC, to deliver enhanced cash flow generation.

Figure 1: Telfer historical and current quarterly data

Notes:

1.     For the historical quarterly periods Sep'22-Sep'23, Telfer quarterly data based on Newcrest Mining Limited (Newcrest) quarterly reports. Average Realised Price and AISC quoted originally in US$/oz basis, converted to A$/oz based on respective A$:US$ exchange rates assumed in the quarterly reports.

2.     AISC reported under Newcrest period based on gold sold whereas Greatland's March Quarter AISC based on gold produced.

3.     Quarters from Dec'23 to Dec'24 not shown, due to processing operations interruptions under Newmont Corporation (Newmont) ownership rendering the periods non-representative. Greatland ownership period commenced from 4 Dec 2024 with the March Quarter being Greatland's first full quarter of ownership.

Table 1: Telfer operating results for the March 2025 quarter (1 Jan 2025 - 31 Mar 2025)

Notes:

1.     Net of treatment charges and refining costs which for the March Quarter represents an inflow of A$1.0m due to favourable market conditions

2.     All-in sustaining cost (AISC) is stated per ounce of gold produced, net of by-product (Cu) credits. AISC excludes inventory movements which mainly relate to stockpiles acquired as part of the Telfer acquisition at 4 December 2024.

Mining

At the Telfer West Dome Open Pit, ore production during the March Quarter was from Stages 2, 4, 7 and 8 (refer Figure 2), totaling 2.6Mt at 0.64g/t Au and 0.05% Cu.

A new mining area in the West Dome Open Pit, Stage 7 Cutback, was approved and commenced in late March, with minor capital cost required to access this cutback. The Stage 7 cutback includes 6.2Mt crusher feed, at 0.64g/t Au & 0.03% Cu, and 3.3Mt dump leach at 0.23g/t Au. The Stage 7 strip ratio is low at 1.4 waste:ore.

At the Telfer Main Dome underground, ore production was from M-reef, A-reef and Rey mining areas (refer Figure 2), totaling 0.28Mt at 1.72g/t Au and 0.70% Cu.

Figure 2: March Quarter Telfer mining areas

Main Dome Underground development metres have increased from below 250m per month prior to ownership to 470m in March 2025, with the objective of de-risking accessible production areas.

Figure 3: Main Dome Underground monthly development metres

Development of a second 1.8km development drive from the Telfer Main Dome Underground to West Dome Underground (WDU) (refer Figure 2 above) commenced during the quarter, this second development drive will provide improved operational flexibility to continue Resource drilling along with establishing key infrastructure that could support future mining.

Cyclone Zelia impacted both Open Pit (OP) and Underground (UG) production, with a 283mm rain event causing OP mining activities and UG mining activities to pause for approximately two days. Due to mitigation strategies in place for high rainfall events, minimal infrastructure damage occurred and both OP and UG were still able to exceed budget tonnes mined for the quarter.

Processing

March Quarter delivered processed tonnes of 4,584kt, 4.6% higher than the Pre-Acquisition Plan average rate. Average head grade was 0.68g/t Au and 0.10% Cu, in line with the Pre-Acquisition Plan.

Optimising open pit ore direct tipping into the primary crushers has reduced rehandle from stockpile and allowed low grade material to be processed at a lower cost without material impact to processed head grades.

Recoveries were 86.7% Au and 80.0% Cu, significantly higher than the Pre-Acquisition Plan assumed average (78% Au and 61% Cu) and historical Telfer recoveries under Newcrest Mining Limited (Newcrest) ownership (refer Figure 4 below). Plant grinding and flotation circuit stability and a focus on the multiple nodes of gold recovery at Telfer was a key driver of this outcome and will continue to be a focus.

Figure 4: Telfer historical and current gold and copper recovery rates (%)

Notes:

1.     For the historical periods FY21-23, Telfer annual recovery rates data based on Newcrest's quarterly reports data which was then converted to a weighted average to translate into FY basis.

2.     Historical data for FY24 is not shown, due to processing operations interruptions under Newmont's ownership rendering the period non-representative. Greatland ownership period commenced from 4 December 2024 onwards with the March Quarter being Greatland's first full quarter of ownership.

3.     Refer to Greatland's announcement on 22 January 2025 titled "December Month Update", reporting Telfer operating results for Greatland's 27-day ownership period from 4 December 2024 to 31 December 2024.

The June 2025 quarter guidance assumes a lower gold recovery of 82% (March Quarter: 86.7%) based on historical models; the new Stage 7 area will be a key driver of the June quarter overall recovery and has historically lower recoveries due to oxidation state and lithology.

During the March Quarter major earthworks were completed for the TSF8 Stage 2 lift, increasing available TSF8 capacity by approximately 12 months at current processing rates. The tailings discharge pipeline commissioning is scheduled to be completed in April 2025. TSF8 Stage 3 lift early works have commenced to derisk the next lift schedule.

Greatland's first major planned maintenance shutdown of the processing plant successfully completed in late March to early April. Safety performance was excellent, and overall planning was well executed.

Cyclone Zelia had minimal impact to the processing plant operations, due to effective operational planning and mitigants, and the availability of stockpiles for processing. Concentrate haulage to port was temporarily delayed as public access road repairs were undertaken, but did not impact concentrate shipments in the quarter.

Stockpiles

ROM stockpiles at 31 March 2025 are estimated at 9.2Mt at an average grade of 0.64g/t Au and 0.06% Cu, for contained metal of 188koz Au and 5.9kt Cu.

Further low-grade stockpiles at 31 March 2025 are estimated at 20.7Mt at an average grade of 0.33g/t Au and 0.04% Cu, for contained metal of 220koz Au and 9.0kt Cu.

In addition to the benefit of the mining costs for this material having already been paid, the availability of significant ore stockpiles materially de-risks and provides flexibility for Telfer operations.

Both ROM and low grade stockpiles will be included in material being assessed for the Telfer Ore Reserve estimate update that is underway and targeted for completion in April 2025.

Figure 5: Stockpiles - ROM and Low Grade at 31 March 2025

FY25 Guidance

Greatland is pleased to provide guidance for FY25, comprising Telfer operations from 4 December 2024 to 30 June 2025:

Table 2: FY2025 Guidance

Notes:

1.     All-in sustaining cost (AISC) is stated per ounce of gold produced, net of by-product (Cu) credits. AISC excludes inventory movements which mainly relates to stockpiles acquired as part of the Telfer acquisition at 4 December 2024.

2.     Estimated growth capital includes approximately A$30 million incurred prior to 31 March 2025. Estimated growth capital for the June 2025 quarter includes the following key items: TSF8 Stage 3 lift to increase capacity for Havieron tailings, Havieron study and early works costs, development of a second development drive from Main Dome Underground to West Dome Underground, Mineral Resource growth and conversion drilling.

2024 Mineral Resource Estimate

On 18 March 2025 Greatland reported its inaugural Telfer Mineral Resource Estimate (MRE) as at 31 December 2024 of 154Mt @ 0.64g/t Au and 0.08% Cu for 3.2Moz Au and 117kt Cu, 46% of which is Measured or Indicated for 1.4Moz Au and 62kt Cu.

The 2024 Telfer MRE resulted in Greatland's Group MRE (including Havieron) increasing by >40%, with 285Mt @ 1.11g/t Au and 0.14% Cu for 10.2Moz Au and 387kt Cu, 55% of which is Measured or Indicated Resource.

Table 3: 2024 Group Mineral Resource Statement

Notes:

Mineral Resources are reported as at 31 December 2024, grades are reported to two decimal places to reflect appropriate precision in the estimate, and this may cause apparent discrepancies in totals. Cutoffs for the Telfer MRE are applied based on a NSR using metal prices of A$3,450/oz Au and A$5.30/lb Cu for the West Dome cutback & stockpiles and A$3,150/oz and A$5.30/lb for the Main Dome underground.  Cutoffs for the Havieron Deposit Mineral Resources were also based on a NSR using metal prices of A$2,360/oz Au and A$5.20/lb Cu.

The 2024 Telfer MRE update focused primarily on the two currently active mining zones, the West Dome Open Pit (primary source of ore mined at Telfer currently) and the Main Dome Underground (Figure 6).

Figure 6: 2024 Telfer Mineral Resources Schematic

Due to the scale of the Telfer deposit and the number of areas to review, the 2024 Telfer MRE only incorporated mineralisation that had gone through a detailed review process with several zones of unclassified mineralisation currently excluded until site wide review has been completed.

Telfer Resource Development

Early in the quarter, a site-wide technical review was conducted, focusing on confirming the Mineral Resources that underpin the current Telfer mine plan, identifying short-term extension opportunities, and defining a long-term growth strategy for both the open-pit and underground operations.

The outcomes of this review focused activities to the following key growth areas during the quarter:

§ West Dome Open Pit: Stage 7 & 2 Extensions

§ Main Dome Underground: A-Reef Extension

§ Main Dome Underground: ESC

§ West Dome Underground

West Dome Open Pit Stage 2 and 7 Extensions

An opportunity to expand the proposed Stage 7 Cutback to the east (Figure 7 - Stage 7 Extension) was identified shortly post-acquisition and was a focal point of surface (RC) drilling during the quarter with a total of 27 holes for 7,225m drilled. Drilling has been aimed at increasing the confidence of the Mineral Resource in these areas to an adequate level to support an economic evaluation.

The following significant results were returned within Stage 7 extension during the quarter.

§ Stage 7 Extension

‒    WR26814 with 8m at 2.25g/t Au & 0.99% Cu from 35m

‒    WR26814 with 31m at 0.66g/t Au & 0.08% Cu from 59m

‒    WR26814 with 25m at 2.86g/t Au & 0.07% Cu from 113m

‒    WR41232 with 4m at 5.15g/t Au & 0.26% Cu from 217m

‒    WR41601 with 11m at 0.95g/t Au & 0.04% Cu from 241m

‒    WR41601 with 10m at 1.01g/t Au & 0.01% Cu from 258m

‒    WR41721 with 2m at 6.33g/t Au & 0.03% Cu from 144m

‒    WR42063 with 8m at 1.33g/t Au & 0.47% Cu from 281m

In addition, drilling to evaluate the depth potential below Stage 2 and Stage 8 cutbacks began late in the quarter with the following significant intercepts:

§ Stage 2 Extension

‒    WR27104 with 37m at 3.44g/t Au & 0.45% Cu from 105m

‒    WR26814 with 25m at 2.86g/t Au & 0.07% Cu from 113m

Figure 7: West Dome Open Pit Drill Location

A-Reefs Extension

The A-Reefs are an active mining front within the Telfer Main Dome Underground (lower mine), adjacent to the existing Telfer haulage shaft. The A Reefs consist of high-grade reefs that have formed within a series of siltstone units, separated by sandstone and carbonates. The reef, with the adjacent stockwork corridors form relatively continuous 1-2 wide lodes that are well suited for extraction via long hole open stoping.

Early in the quarter both underground drill rigs were re-directed to target near mine extension opportunities within the A Reef with a total of 70 holes for 5,168m drilled during the quarter. This drilling has successfully identified high grade extension to the A50, A70, A75 and A80 Reefs (Figure 8).

Figure 8: A Reef Schematic (looking south)

Final assay results were received in mid-March with work underway to assess opportunities to bring these extensions into the Telfer Underground Mine plan.

Significant intercepts were:

§ A50 Reef

‒    MUC4655067 with 3.6m at 8.67g/t Au & 0.14% Cu from 37.7m

‒    MUC4655069 with 5m at 6.14g/t Au & 0.15% Cu from 16m

‒    MUC4695020 with 6.2m at 4.53g/t Au & 1.51% Cu from 34m

‒    MUC4695023 with 8.3m at 4.63g/t Au & 0.23% Cu from 85.7m

‒    MUC4695020 with 1.3m at 20.98g/t Au & 2.54% Cu from 50.8m

§ A70 Reef

‒    MUC4556021 with 1m at 50.29g/t Au & 0.93% Cu from 55.9m

‒    MUC4556015 with 1.1m at 35.54g/t Au & 0.11% Cu from 67.6m

‒    MUC4641007 with 2.2m at 16.49g/t Au & 12.21% Cu from 76.2m

‒    MUC4641011 with 4m at 15.76g/t Au & 0.05% Cu from 46.6m

‒    MUC4641009 with 4.2m at 9.1g/t Au & 0.3% Cu from 57.8m

‒    MUC4641006 with 1.6m at 22.14g/t Au & 0.83% Cu from 53.4m

‒    MUC4695007 with 21.2m at 4.38g/t Au & 0.44% Cu from 0.8m

‒    MUC4695006 with 7.5m at 4.92g/t Au & 0.29% Cu from 0.7m

‒    MUC4695009 with 23.7m at 1.18g/t Au & 0.11% Cu from 0.1m

‒    MUC4710019 with 31.4m at 2.02g/t Au & 0.37% Cu from 4.8m

‒    MUC4710020 with 6.9m at 3.35g/t Au & 1.05% Cu from 24.1m

§ A75 Reef

‒    MUC4695008 with 38m at 1.9g/t Au & 0.2% Cu from 0m

‒    MUC4695006 with 14m at 2.05g/t Au & 0.08% Cu from 25m

§ A80 Reef

‒    MUC4654004 with 4.5m at 8.64g/t Au & 0.17% Cu from 58m

‒    MUC4654006 with 3.8m at 9.76g/t Au & 0.4% Cu from 48.2m

‒    MUC4695010 with 25.8m at 1.63g/t Au & 0.7% Cu from 31m

‒    MUC4710023 with 1.9m at 15.53g/t Au & 0.15% Cu from 13.6m

Eastern Stockwork Corridor (ESC)

Along with the A-Reefs, the ESC was identified and a priority near mine expansion target, situated within the upper mine of the Main Dome Underground (refer Figure 9). The Eastern Stockwork is situated adjacent to existing infrastructure, with limited development required to bring this potential short term growth opportunity online.

The Eastern Stockwork occurs on the eastern limb of the Telfer anticline where the geology sequence locally rolls over from moderate dipping to vertical (parasitic fold), resulting in veining and stockwork forming horizontally within the locally thickened and more brittle sandstone unit.

Figure 9: Eastern Stockwork Corridor Schematic (looking south)

Drilling to date has defined a 100m wide x 40m high x 1,000m long target. During the March Quarter both UG diamond rigs were moved onto the ESC, focused on drill the central section to a high confidence to allow mining evaluation. A total of 16 holes for 3,821m were drilled during the quarter with this program scheduled to be completed in May 2025.

Results to date have been consistent with historical drilling, with zones of lower grade vein stockwork with a dominant set of flatter high grade vein.

Significant results returned to date include:

§ MUC4942011 with 14.5m at 11.53g/t Au & 0.65% Cu from 35.2m

§ MUC4942010 with 17.9m at 6.54g/t Au & 0.73% Cu from 35.1m

§ MUC4942009 with 22.3m at 4.98g/t Au & 0.93% Cu from 48.7m

§ MUC4883055 with 15.3m at 5.54g/t Au & 0.3% Cu from 1.7m

§ MUC5095005 with 52.5m at 1.56g/t Au & 0.32% Cu from 126m

§ MUC4883059 with 15.3m at 3.33g/t Au & 0.19% Cu from 0.7m

§ MUC4883054 with 27.8m at 2.32g/t Au & 0.11% Cu from 0.2m

§ MUC4883062 with 16.9m at 3.98g/t Au & 0.32% Cu from 0.2m

West Dome Underground

The West Dome Underground Project at Telfer is a high grade near-mine underground opportunity, below the West Dome Open Pit.

The Main Dome Underground is situated below the Main Dome Open Pit, and to date has produced more than 75Mt for 3.1Moz Au and 210kt Cu.  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 10).  Accordingly, it was proposed that the geological features that are key to mineralisation in the Main Dome Underground (refer Figure 10), may also repeat below the West Dome Open Pit.

Figure 10: West Dome Underground Project

On 20 February 2025, Greatland announced the maiden West Dome Underground diamond drilling program with six of the 19 holes drilled intercepted >50 gram-metres Au, with the average down hole intercept from these 16 holes of 23.2m @ 2.95g/t Au and 1.07% Cu, confirming high grade mineralisation similar to the active mining area Main Dome Underground.

Exceptional results included:

§ WUC4550022 with 14.3m @ 9.06 g/t Au and 8.57% Cu from 290.4m

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

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

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

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

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

Drilling confirmed high grade mineralisation in the WDU is associated with the same geological units seen at the active Main Dome Underground.

A second phase drill program at the WDU will commence in June 2025 quarter, targeting both infill of the existing mineralisation and continued extensions along strike and down dip, to support definition of a maiden Mineral Resource estimate.

Drilling Outlook

Drilling will continue to target extension opportunities in the West Dome Open Pit (Stage 7 extension, Central and Southern extension opportunities), while in the Main Dome Underground the focus will continue at the near mine extension opportunities in the ESC, lower mine and M-Reefs.

The second phase of underground drilling in the WDU is scheduled to begin early in the June 2025 quarter as additional drill capacity mobilises to site.

Havieron development

The Havieron Feasibility Study continues to progress and remains targeted for completion in H2 CY2025.

Updates from the March Quarter include:

§ All major Feasibility Study consultant packages have been evaluated, awarded and progressed during the quarter.

§ Award of early works package for blind bore ventilation shaft works, this de-risks the project schedule critical path.

§ Environmental permitting and approvals for both State and Federal departments are progressing, with good engagement with the departments during the quarter.

§ Havieron project letter of support for Greatland's approvals received from the Jamukurnu -Yapalikurnu Aboriginal Corporation (JYAC) post quarter end.

Corporate & finance

Sales and revenue

Full upside exposure to the gold price and sales of 89,125oz Au and 3,705t Cu, at average realised prices of A$4,585/oz Au and A$13,140/t Cu, underpinned sales revenues of A$458 million.

Cash and liquidity

Greatland generated exceptional free cashflow of A$253 million in the March Quarter, closing with a cash balance of A$398 million.

Greatland remains debt free with an undrawn A$75m working capital facility providing additional liquidity buffer. 

Figure 11: March Quarter cash and accruals movements

An estimated purchase price adjustment of A$32.6m is due to be paid to Newmont in the June 2025 quarter. 

Hedging profile - downside price protection with full upside exposure

Greatland continues to maintain full upside exposure to the gold price, while achieving downside price protection through gold put options. 

Shortly after completion of the March Quarter, Greatland purchased a further program of gold put options for CY26. Greatland's current gold put options comprise the following.

Table 4: Gold put option program

ASX listing

Greatland has previously announced its intent to undertake a cross-listing of the Greatland group on the ASX, the world's premier stock exchange for metals and mining companies.  The ASX listing is expected to enhance Greatland's capital markets profile, and facilitate increased research coverage and greater institutional ownership to support improved liquidity and interest in Greatland from the Australian market.

On 11 April 2025, after completion of the March Quarter, Greatland formally began the group's ASX listing process, with the filing of documents in the UK Court for a corporate reorganisation to be undertaken in conjunction with the listing, to be effected through a UK scheme of arrangement process.  The reorganisation would result in the Company and its subsidiaries sitting under a new Australian-incorporated parent company, Greatland Resources Limited (Greatland Resources).

The documents filed with the UK Court included a draft UK Scheme circular which, subject to the Court's approval at a hearing scheduled for 23 April 2025, is expected to be dispatched to the Company's shareholders on 24 April 2025, to convene meetings of shareholders on 12 May 2025 to vote on the UK Scheme and related matters (Scheme Meetings). 

Following and subject to approval of Greatland Gold shareholders at the Scheme Meetings, a prospectus will be lodged by Greatland with the Australian Securities & Investments Commission (ASIC) and the ASX in respect of the ASX Listing.  Greatland Resources will also publish and AIM Schedule 1 and Appendix to seek the admission of the Greatland Resources shares to trading on AIM (AIM Admission). The ASX Listing process and AIM Admission of Greatland Resources are currently expected to be completed in late June 2025.

No action is required by Greatland shareholders at this time. Subject to approval of the UK Court, the Company will dispatch the UK Scheme circular to shareholders which will provide details of the Scheme Meetings and contain all information required by shareholders to consider and vote on the reorganisation.

No decision has been made yet as to whether an offer of shares will be conducted as part of the ASX listing of Greatland Resources. A prospectus in respect of any offer of securities in Greatland Resources will be made available when those securities are offered. Anyone who wants to acquire, and who may be eligible to acquire, securities in Greatland Resources, under the Prospectus will need to complete the application form that will accompany the prospectus and otherwise in accordance with the prospectus.

Sustainability

There were no Lost Time Injuries during the March Quarter, and the 12-month moving average lost time injury frequency rate (LTIFR) is 0. There were no environmental non-compliances or significant incidents reported during the quarter.

Greatland continues to work closely with the Martu people, the area's native title holders, signing a landmark 18-month Community Partnership Agreement with Martu non-for-profit organisation, Ngurra Kujungka. Ngurra Kujungka's programs deliver essential health, education, and community development initiatives for Martu people across the Western Desert.

Greatland engages closely with Jamukurnu-Yapalikurnu Aboriginal Corporation (JYAC) (the Martu's prescribed body corporate).  JYAC's executive management recently visited the Telfer mine to gain a greater understanding of the operation and the Havieron project. JYAC are fully supportive of the Havieron project and subsequent to quarter end, provided a letter of support for Greatland's Havieron approvals.

A sustainability materiality assessment will be conducted during the June 2025 quarter, this work will help inform the Company's longer-term sustainability strategy and reporting. Further details on this assessment and Greatland's sustainability strategy will be included in the 2025 Annual Report.

Conference Call

Shaun Day (Managing Director) and Rowan Krasnoff (Head of Business Development) will host a conference call for shareholders, research analysts and interested stakeholders this Wednesday, 16 April 2025 at 1:00 pm AWST (3.00 pm AEST, 6:00 am BST).

To listen in live, please click on this link and register your details:

https://webcast.openbriefing.com/greatlandgold-ann-2025/

It is recommended to log on at least five minutes before the commencement time to ensure you are joined in time for the start of the call.  A recording of the call will be available on the same link after the conclusion of the webcast.

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.

The group is targeting a cross listing on the ASX and AIM 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.

Non-GAAP measures

Some of the financial performance measures used in this announcement are non-IFRS financial measures, including "all-in sustaining cost", "total cash cost", "net cash", "free cash flow", "sustaining capital" and "growth capital". These measures are presented as they are considered to provide useful information to assist investors with their evaluation of the business's underlying performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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. 

Drillhole Data and Au- Cu Significant Intersections

Reporting Criteria: Intercepts reported are downhole drill width (not true width) Au >0.50ppm (0.5g/t Au) and minimum 1m downhole width with maximum consecutive internal dilution of 5m. Average grades are based on length-weighting of samples grade, and only those intercepts with a gram metres (Au_ppm x length) above 10gram metres have been reported. 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. Underground samples are from core drilling which is NQ2 in diameter while open pit samples are from reverse circulation (RC) drilling.

Table (5)

JORC 2012 Table 1: Section 1 - Sampling Techniques and Data

JORC 2012 Table 1: Section 2- Reporting of Exploration Results