Greatland Resources Limited

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NEWS RELEASE | 1 December 2025

Havieron Project - Feasibility Study

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.

Study confirms Havieron pathway to a world-class, long-life, lowest quartile cost Australian gold-copper mine, leveraging existing Telfer infrastructure

Steady state operations to generate pre-tax free cash flow of $739m p.a.¹ ($1,197m p.a. at spot gold²) from annual production target³ of 266koz Au & 9.6kt Cu, at $1,610/oz Au AISC⁴

Updated Ore Reserve of 38.5Mt at 2.63g/t Au & 0.33% Cu for 3.3Moz Au & 128kt Cu, the largest Australian underground gold reserve outside of a global major gold producer

$1,065m pre-production capex expected to be fully funded from existing $750m cash, ongoing Telfer cash flows and $500m debt commitment from Tier 1 lending syndicate^5,6

Base case $2.9b post-tax NPV_5% and 22.5% IRR ($5.4b NPV_5% and 31.5% IRR at spot gold)

Conservative base case assumes standalone Havieron processing; potential for material operating cost savings if Telfer mine life is extended and co-processed⁹

+3Moz residual Mineral Resources outside mine plan supports future extension potential⁷

Highlights^1,3

§ Undiscounted free cash flow of $7.7b pre-tax and $5.4b post-tax at base case metal price assumptions (A$4,500/oz long-term gold)¹

-  Steady state operation averages $739m pre-tax and $550m post-tax cash flow annually

§ Net present value (NPV_5%) of $4.2b pre-tax and $2.9b post-tax at base case metal pricing¹

-  NPV_5% increases to $7.9b pre-tax and $5.4b post-tax at the spot gold pricing (A$6,250/oz gold)²

§ Internal rate of return (IRR) post-tax of 22.5% (31.5% at spot gold price)

§ Steady state average annual production target³ of 266koz gold and 9.6kt copper, at an All-In-Sustaining-Cost (AISC) of $1,610/oz

-  Base case is a 'Havieron Standalone' conservative operating cost model that assumes no extension of current Telfer mine life, processing only Havieron ore through Telfer mill.

§ Havieron is Australia's 3^rd largest underground Ore Reserve, with an updated Ore Reserve of 38.5Mt at 2.63g/t Au & 0.33% Cu, for 3.3Moz gold and 128kt copper:

-  Largest Australian underground gold reserve outside of Newmont's Cadia and Tanami

-  Increase of 55% tonnage and 36% contained metal from previous estimates

§ Based on conservative metal pricing of A$2,500/oz gold and A$10,141/t copper

§ Feasibility Study (FS) Mine Plan (Production Target³):

-  50.3Mt mined at 2.52g/t Au & 0.30% Cu, for 4.1Moz gold and 153kt copper contained⁷

-  First gold expected ~2.5 years from final investment decision (FID), to be taken following receipt of requisite environmental approvals targeted in FY26

-  Pre-production capital expenditure of $1,065m (including 11% and 3.5% growth allowance)

-  Post-production expansion capital expenditure of $673m largely self-funded from Havieron cash flows

-  Initial mine life of 17 years total life of mine (LOM) including initial nine year steady state

§ Havieron ore to be processed through existing Telfer processing plant, with $200m capital expenditure (budgeted within the Havieron Pre-production capital expenditure) for plant upgrades that could also enhance recovery of Telfer ore once installed.  Plant upgrades will not interrupt the processing of Telfer ore during construction

§ Significant further upside potential at Havieron through:

-  Extending Telfer and co-processing with Havieron ore, under a targeted Telfer Hub scenario⁹, would potentially result in a lower Havieron AISC due to fixed cost savings

-  Significant residual Havieron Mineral Resource outside Mine Plan to expand / extend Havieron including 87Mt at 1.1g/t Au & 0.15% Cu, for 3.1Moz gold and 130kt copper

-  Havieron Mineral Resource growth and conversion from further drilling from underground:

§ Breccias and Link Zone (outside FS Mine Plan) are relatively less drilled as surface drilling has focused on the higher grade Crescent Zone

§ Deposit remains open at depth

-  Installation of underground conveyor haulage and crushing infrastructure will enhance the economics of additional inventory for future extension of steady state period / LOM

-  Business improvement opportunities such as autonomous haulage from Havieron to Telfer

§ Completion of Havieron's development expected to be fully funded from:

-  Greatland cash reserves ($750m at 30 September 2025, nil debt)

-  Ongoing cash flow from Telfer operations

-  $500m corporate debt commitments with Tier 1 lending syndicate of ANZ, HSBC, ING, NAB and Westpac⁶

§ Greatland is targeting further multi-year extension of Telfer mine life and integration of Telfer and Havieron ore feeds, with the following key upcoming activities and milestones:

-  Record 240,000m Telfer FY26 drill program, targeting life extensions in the West Dome Open Pit, Main Dome Underground, and growth in the new West Dome Underground Project

-  Updated Telfer Mineral Resource targeted in the March 2026 quarter

-  Updated Telfer Ore Reserve targeted in the June 2026 quarter

-  Multi-year integrated Telfer-Havieron production outlook targeted in FY27

Notes to Highlights section:

All figures are expressed in Australian dollars unless otherwise stated.

1.     Base case assumes: Consensus based gold pricing to FY31, then A$4,500/oz long-term gold price in FY32 and subsequent years. Copper price is based on US$5/lb converted at consensus based AUD:USD, equal to A$15,747/t long-term copper. Refer to Table 17 in Section 20.2 of the Full Announcement which sets out macroeconomic assumptions by year.

2.     Spot case assumes A$6,250/oz gold price in all years, same US$5/lb copper price as the base case, with AUD:USD 0.65. Refer to Table 17 in Section 20.2 of the Full Announcement which sets out macreconomic assumptions by year.

3.     The FS Mine Plan is a production target underpinned by approximately 80% Probable Ore Reserves, 2% Indicated Mineral Resources, 13% Inferred Mineral Resources and 5% Exploration Target (on a contained gold basis over the Life of Mine (LOM)). There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources. The potential quantity and grade of an Exploration Target is conceptual in nature, there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources. Accordingly there is no certainty that the FS Mine Plan Production Target (or the forecast financial information derived from it) will be realised. The Inferred Mineral Resources and Exploration Target included in the FS Mine Plan Production Target are predominantly in the later years of the LOM. Refer to Section 7 of the Full Announcement for further explanation and key assumptions.

4.     AISC is stated per ounce of gold produced, net of by-products (copper) credits, assuming a long term copper price of A$15,747/t (US$5.00/lb).

5.     $750 million cash (nil debt) as at 30 September 2025

6.     The debt commitments are subject to certain conditions precedent. Refer to Section 1.9 for further details.

7.     Residual Mineral Resource outside Mine Plan: 87Mt at 1.1g/t Au & 0.15% Cu, for 3.1Moz gold and 130kt copper. Refer to Section 7 of the Full Announcement for further information.

8.     Refer to Section 7 of the Full Announcement for further information in relation to the mining inventory within the FS Mine Plan.

9.     Refer Section 22.2 of the Full Announcement for further explanation and key assumptions in relation to the Telfer Hub.

Greatland Managing Director, Shaun Day, commented:

"Greatland discovered Havieron in 2018 and returned to 100% ownership of the project 12 months ago.

Today, we are delighted to deliver our Feasibility Study which confirms Havieron's world-class quality and sets the pathway for its development into a long-life, low cost, leading Australian gold-copper mine that will integrate efficiently with the existing infrastructure at Telfer.

The results of the study are robust, generating an IRR³ of 22.5% at a long term $4,500/oz gold price. At a long term price equal to the current spot gold price, this rises to 31.5% IRR.

The assessed steady state average production target³ of 266koz gold and 9.6kt copper annually would generate significant after tax free cash flow of $550 million per annum at our base case pricing, or $870 million per annum at spot gold pricing.

We approach this development phase with an exceptionally strong balance sheet, substantial ongoing production from Telfer, and new corporate debt finance commitments⁶ with a Tier 1 lending syndicate, that together provide us confidence that Havieron's development is expected to be fully funded.

The delivery of Havieron positions Greatland for long-term success, complementing the ongoing, strong operational performance of Telfer. Looking ahead, we look forward to obtaining the final permits required to take final investment decision and resume full development at Havieron, and to outlining our integrated Telfer-Havieron production plan.

The potential is to deliver Havieron and in parallel extend the mine life of Telfer to achieve the full potential of the Greatland platform."

Full Announcement & Presentation

A full version of the FS Announcement and Presentation are available for download at the links below:

·      Havieron Feasibility Study (Full Announcement)

·      Havieron Feasibility Study - Presentation

1.   Havieron Project - Feasibility Study Outcomes - Summary

1.1       Introduction

Havieron is a world-class, underground gold-copper project with considerable mine development already completed.  Havieron is located ~45km east of Greatland's Telfer gold-copper operations. 

Telfer is 100% owned by Greatland. Telfer comprises open pit and underground mine operations, with ore processed through two trains, each with 10 million tons per annum (Mtpa) nominal processing capacity (Telfer Mill).  Telfer is expected to produce between 260,000 - 310,000 ounces of gold in FY26 at an AISC of $2,400 - $2,800 per ounce¹.

In December 2024 Greatland acquired Newmont's joint venture interest in the Havieron Project, consolidating 100% ownership, Greatland established a team to conduct the Feasibility Study (FS). The FS has leveraged pre-existing joint venture work that had been led by Newcrest, prior to it being acquired by Newmont in 2023.

The FS is based on the processing of Havieron ore through the existing Telfer processing infrastructure, and evaluated two alternative operating cost scenarios:

§ Havieron Standalone (base case): Conservative scenario where Havieron operates on a standalone basis with ore processed at the Telfer Mill, with no extension of the current Telfer mine life assumed. In this scenario, Havieron steady state utilises ~35% of the total Telfer Mill processing capacity.

§ Telfer Hub²: Greatland's targeted scenario where ore from Telfer and Havieron is co-processed together at the Telfer Mill. This illustrative case assumed that the combined feed from Havieron and Telfer utilises the full 20Mtpa nominal processing capacity, with resulting reduction in Havieron AISC by sharing of fixed costs (particularly for processing, site services and sustaining capital).

The Havieron Standalone is adopted as the base case and reflected in all reported FS outcomes.

Notes:

1.   Refer to Greatland's ASX and RNS announcements on 29 July 2025 titled "June 2025 Quarterly Activities Report" and "Quarterly Activities Report - June Quarter 2025" respectively, for details on this gold production and AISC guidance, including the assumptions relating to the guidance

2.   Refer to Section 22.2 of the Full Announcement for further explanation and key assumptions in relation to the Telfer Hub.

1.2       Outcomes

Greatland has now completed the FS, which has demonstrated Havieron's compelling economics.  The results of the FS are summarised in Table 1.

Table 1: FS Mine Plan Production Target, Financial Outcomes and Economic Assumptions

Notes:

·        The FS Mine Plan (and the forecast financial information derived from) is a Production Target underpinned by approximately 80% Probable Ore Reserves, 2% Indicated Mineral Resources, 13% Inferred Mineral Resources and 5% Exploration Target (on a contained gold basis over the LOM). Refer to the cautionary statement in note 3 of the Highlights section of this announcement. The Inferred Mineral Resources and Exploration Target included in the FS Mine Plan Production Target are predominantly in the later years of the LOM, with only ~8% Inferred Mineral Resources and 3% Exploration Target (on a cumulative contained metal basis) in the first eight years of production. Refer to Section 7 of the Full Announcement for further information regarding the mining inventory.

·        Base case assumes: Consensus based gold pricing to FY31, then A$4,500/oz long-term gold price in FY32 and subsequent years. Copper price is based on US$5/lb converted at consensus AUD:USD, equal to A$15,747/t long-term copper. Refer to Table 17 in Section 20.2 of the Full Announcement which sets out macreconomic assumptions by year.

·        Spot case assumes A$6,250/oz gold price in all years, same US$5/lb copper price as the base case, with AUD:USD 0.65. Refer to Table 17 in Section 20.2 of the Full Announcement which sets out macreconomic assumptions by year.

1.3       Mineral Resource

The FS Mine Plan and updated Havieron Ore Reserve estimate are based on the Havieron Mineral Resource estimate as at 20 December 2023.

Table 2: Havieron Mineral Resource Estimate (at 20 December 2023)

Notes:

·        Grades are reported to one (gold) and two (copper) decimal places to reflect appropriate precision in the estimate, and this may cause apparent discrepancies in totals. Mineral Resources in the Crescent Zone and Link Zone are reported within a A$80 Net Smelter Return/t ("NSR/t") shell while Mineral Resources in the Breccias are reported within a A$50 NSR/t shell. Resources are inclusive of Reserves.

·        The updated Mineral Resource Estimate assumes selective mining of the Crescent Zone and Link Zone using the Sub-Level Open Stoping technique and bulk extraction in the Breccias and are reported inside A$80 or A$50 NSR/t shells respectively.

Further information regarding the Mineral Resource Estimate is set out in Section 5 of the Full Announcement.

1.4       Ore Reserve

In conjunction with the FS, the Havieron Ore Reserve estimate has been updated. The Havieron Ore Reserve is based on the Havieron Mineral Resource in Section 1.3.

The Ore Reserve estimate is based on conservative metal pricing of A$2,500/oz Au and A$10,141/t Cu.

Table 3: Havieron Ore Reserve Estimate (at 1 December 2025)

Note: Ore Reserves are reported as at 1 December 2025 and is based on the Havieron Mineral Resources detailed above. Grades are reported to two decimal places to reflect appropriate precision in the estimate, and this may cause apparent discrepancies in totals. Cut-offs for the Havieron Ore Reserve are applied on a break-even cut-off NSR of A$82/t processed, and metal prices of A$2,500/oz gold and A$10,141/t copper, average metallurgical recovery of 86.6% gold and 84.4% copper. Ore Reserves are reported within mining shapes based on a sub-level open stoping mining method with cemented paste fill. Reported metal was derived primarily from the Crescent Zone, and only the Indicated Mineral Resource component thereof. All Havieron Ore Reserves are reported as Probable Ore Reserves, no Proved Ore Reserves are reported.

Further information regarding the Ore Reserve Estimate is set out in Section 5 of the Full Announcement, and JORC Table 1 information is set out in Appendix B of the Full Announcement.

The updated Havieron Ore Reserve represents a significant increase to Greatland's previous March 2022 Ore Reserve; 55% greater tonnage and 36% greater contained gold.

The Havieron Ore Reserve demonstrates a very high conversion rate of 90% of Indicated Resources within the Crescent Zone (the highest grade mineralised domain that hosts all of the FS Mine Plan inventory) into Ore Reserves (based on contained gold metal).

1.5       Mine Plan³

Havieron will employ a sub-level open stoping (SLOS) mining method with paste back fill of primary stopes to allow mining of secondary stopes, to maximise mining inventory and production rate and minimise operating and capital costs.

A standard sub-level spacing of 50m was selected, with maximum stope dimensions of 50m (H) x 30m (W) x 20m (L) and average stope size of ~100kt. The mine design consists of 12 independent mining sequences (six panels, separated into east and west), based on both horizontal and vertical mining fronts.

Ore will initially be trucked to surface through the primary (access) decline, prior to completion of the additional conveyor decline, underground crusher and material handling system, after which all ore will be transported to surface by conveyor. Waste is planned to be trucked only, but campaign conveying will be considered during operation.

The FS Mine Plan has a LOM of 17+ years, with 50.3Mt mined at an average grade of 2.52g/t Au and 0.30% Cu, for total mined metal of 4.1Moz gold and 153kt copper.

The production profile includes an approximately three-year ramp-up period (ore trucked to surface), followed by a nine-year steady state production period (ore transported to surface by conveyor), during which average annual ore mined is 3.9Mtpa. In steady state, average annual mined metal of 307koz gold and 11.4kt copper is achieved.

The underground mine ventilation system to support the planned production rate and associated mining activities will be underpinned by the construction of four vertical blind bore ventilation shafts.

Note 3: The FS Mine Plan is a production target. Refer to cautionary statement in note 3 of the Highlights session

1.6       Processing

Havieron ore will be hauled by truck to Telfer and processed through the Telfer Mill, taking advantage of the existing infrastructure and similar flowsheet requirements of the two ores,  minimising capital expenditure. 

The Telfer Mill has a nominal capacity of 20Mtpa (expressed in tonnes of Telfer ore) and is currently being operated at approximately that rate. Havieron ore will be campaigned through Train 1 of the Telfer Mill, utilising ~7Mtpa of the nominal 10Mtpa Train 1 processing capacity in steady state (processing ~4Mpta Havieron ore), due to a finer grind size when processing Havieron ore relative to Telfer ore. Accordingly, steady state Havieron processing will utilise ~70% of the Train 1 capacity, or ~35% of the total Telfer Mill capacity.

To optimise recoveries from Havieron ore, a Havieron process flowsheet was developed taking account of the existing Telfer flowsheet and extensive metallurgical testwork on Havieron ore. Some upgrades and modifications to the Telfer Mill Train 1 are planned, with a budgeted capital cost of $200m.  These additions include: changes to the primary cyclones; a new magnetic separation step for copper concentrate, a new flotation tailings leach circuit, and a new pyrite concentrate leach and adsorption circuit. 

Havieron ore processing will continue to produce both doré and a copper-gold concentrate, with ~60% of recovered gold reporting to doré and the remainder to concentrate. Modelled LOM recovery rates are 86.6% for gold and 84.4% for copper.

In steady state, the average annual processing rate is 3.9Mtpa with recovered metal of 266koz gold and 9.6kt copper⁴.

Tailings storage facility (TSF) 8, which is located proximate to the Telfer Mill, will continue to be used for tailings deposition.  In the Havieron Standalone base case scenario, there is sufficient capacity in TSF 8 to contain the Havieron life of mine tailings output, provided its wall height is progressively raised in line with production.

Note 4: The FS Mine Plan is a production target. Refer to cautionary statement in note 3 of the Highlights section

1.7       Infrastructure

The following key infrastructure will be developed to support the Havieron Project:

§ Underground Infrastructure: Underground crusher and conveyor system, primary and secondary ventilation, paste reticulation, underground workshop for servicing and refuelling of underground fleet and equipment, dewatering infrastructure and distributed underground utilities

§ Surface Infrastructure: ROM stockpile, refrigeration plants, electrical infrastructure including a 33kV high voltage distribution network for surface and underground loads (and enable a future potential electrification of the mining fleet), services reticulation, workshops and stores, administration complex, evaporation ponds and IT/OT facilities and systems, village

§ Haul Road: Havieron ore will be transported to the Telfer Mill via a new sealed haul road, ~55km in length

§ Power Transmission Line: A high voltage (132kV) transmission line will be constructed to allow Havieron to utilise latent power generation capacity at Telfer

§ Raw Water Pipeline: Havieron's longer term water requirements will be serviced by pumping surplus raw water from Telfer to Havieron via a newly constructed raw water pipeline

In addition to the Telfer Mill and TSF 8, Havieron will leverage existing infrastructure at Telfer, including the power station, aerodrome, and various water infrastructure.

1.8       Capital Expenditure

Capital expenditure comprises:

§ Pre-Production: $1,065m in the period from FID until first gold; and

§ Expansion: $673m in the period from first gold until commissioning of the underground crusher and conveyor system to enable steady state production rate of ~4Mtpa, expected to be largely self-funded from Havieron ramp-up production.

Capital expenditure for the Havieron Project compares favourably with other Australian underground mine developments of similar scale because of the ability to utilise existing infrastructure at Telfer.

Approximately 75% of Pre-Production and Expansion capital expenditure relates to underground mine development and infrastructure/utilities.

Capital cost estimates were developed for packages and/or work breakdown structure areas by a variety of consultants and Greatland. The base date for the capital cost estimates is June 2025. The capital cost estimate, including direct and indirect costs, was developed to an accuracy of AACE Class 3.

The Havieron Project has allowed for contingency (11% of Pre-Production capital expenditure), with a further 3.5% allowance for design and rate growth embedded in the Pre-Production capital estimate.

1.9       Debt Finance

Greatland is pleased to announce concurrently with the FS, that the Company has entered into a binding commitment letter for $500m in corporate debt facilities with a Tier 1 lending syndicate of ANZ, HSBC, ING, NAB and Westpac. The corporate debt facilities comprise the following:

§ $250m Revolving Credit Facility (Facility A)

§ $225m Revolving Credit Facility (Facility B)

§ $25m Contingent Instrument Facility (CIF)

The key terms of the Revolving Credit Facilities are:

§ Purpose: working capital and general corporate purpose of the group including construction, development and operation of Havieron (Facility A and Facility B), and the issue of bank guarantees, performance guarantees and other contingent instruments in favour of third parties (CIF).

§ Borrower: Greatland Holdings Group Pty Ltd.

§ Guarantors: Greatland Resources Limited, Greatland Holdings Group Pty Ltd, Greatland Pty Ltd and Greatland Gold plc and other subsidiaries subject to a customary guarantor group coverage test.

§ Commitment: $250m (Facility A), $225m (Facility B), $25m (CIF).

§ Conditions Precedent: financial close under the facilities is subject to the finalisation and execution of a facility agreement (on terms consistent with an agreed long form term sheet), finalisation of technical and environmental due diligence by the lenders, financial close of Facility A occurring within three months from execution of the facility agreement and other customary conditions precedent.  Financial close under Facility B is additionally subject to conditions precedent relating to the receipt of primary environmental approvals for Havieron, the announcement of a FID relating to the development of Havieron and completion of the update on Telfer JORC resources and reserves, within 12 months of the execution of the facility agreement.

§ Maturity:

-  Facility A - five years from financial close of Facility A;

-  Facility B - seven years from financial close of Facility A; and

-  CIF - five years from financial close of Facility A and, from the occurrence of financial close of Facility B, automatically extended to seven years from financial close of Facility A.

§ Repayment of Facility A and Facility B: Bullet repayment at maturity. Voluntary prepayments may be made and, if made, amounts will be available for redraw until the end of the availability period.

§ Interest rate: Interest will be payable on drawn amounts under facilities Facility A and Facility B at BBSY plus an agreed margin.  The CIF has fixed rates in respect of financial guarantees and performance guarantees.

§ Fees: Upfront fees and undrawn commitment fees at market rates.

§ Security: All asset security from the Borrower and the Guarantors, subject to featherweight security only for distribution account and shares of Greatland Gold plc, and no security over assets of Greatland Gold plc.  The security includes mining mortgages over certain key tenements.

§ Financial Covenants: Financial covenants typical for debt facilities of this nature.

§ Other terms: Customary provisions relating to representations, undertakings, review events and events of default.

The Revolving Credit Facilities increase Greatland's financial flexibility, with competitive pricing and terms:

§ Revolving facilities with long five and seven-year tenors, providing flexibility for utilisation and repayment

§ Dual tranche facilities provide flexibility to right-size debt funding having regard to future cashflows

§ Facilities that may be applied to general corporate purposes across both Havieron and Telfer

The $500m in corporate debt commitments was reduced from the previous $775m non-binding letter of support for project finance facilities (signed in September 2024), having regard to Greatland's substantial cash reserves.

In addition, the Company has also agreed the extension of the maturity date from 1 December 2025 to 30 June 2026 for its $75m working capital facility provided by ANZ, HSBC and ING⁵.  The facility provides additional liquidity and working capital flexibility for the operation of Telfer.  The facility remains undrawn at today's date and is expected to be cancelled on or about financial close of Facility A.

Note 5: Further details of the working capital facility are contained in Section 3.8(o) of the Company's replacement prospectus dated 30 May 2025

1.10     Funding

Greatland approaches the Havieron development in a strong financial position, with $750m cash and no debt (as at 30 September 2025), substantial continuing production from Telfer in strong gold and copper price environments, and $500m in corporate debt commitments described above.

Pre-production capital expenditure of $1,065m (including contingency) is expected to be funded from a combination of cash reserves, ongoing cash flows from Telfer, and debt.

The subsequent expansion capital expenditure is expected to be largely self-funded from Havieron cashflows.

At the base case metal price assumptions (set out in the Full Announcement in Table 17 in Section 20.2), Havieron's peak funding requirement is $1,130m, which is projected approximately 12 months following first gold.

1.11     Operating Costs⁶

As described above, two alternative operating cost scenarios were assessed, with the conservative Havieron Standalone scenario adopted as the base case, with the following outcomes.

Table 4: Havieron Standalone base case operating cost scenario and outcomes

The underground mining cost of $66.96/t ore at steady state reflects the Havieron deposit's advantageous geometry and geotechnical characteristics, which allow for average stope sizes of approximately ~100kt utilising a SLOS mining method.

The conservative Havieron Standalone case has been adopted as the base case for the FS financial outcomes. However, Greatland is targeting a further multi-year Telfer mine life extension, a benefit of which would be reduction of Havieron operating costs by co-processing Havieron ore with feed from Telfer, increasing utilisation of the Telfer processing capacity. In this scenario the sharing of fixed costs (particularly for processing, site services and sustaining capital) would reduce Havieron unit costs and AISC. Further information about this potential upside is set out in Section 22.1 of the Full Announcement.

AISC is stated per ounce of gold produced, net of by-products (copper) credits, assuming a long-term copper price of A$15,747/t (US$5/lb) (refer Section 20 of the Full Announcement).  All AISC outcomes for both scenarios result in a lowest quartile cost Australian gold mine.

The operating cost estimates were prepared by Greatland with input from certain consultants, with many input costs based on actual costs from the existing Telfer operation. The estimate was developed to an accuracy of AACE Class 3 with an expected accuracy of ±10 - 15%. The base date is June 2025.

Note 6: The Mine Plan is a production target. Refer to cautionary statement in note 3 of the Highlights section

1.12     Environmental Approvals

Environmental Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC) and Environmental Protection Act 1986 (WA) (EP Act) approvals are required for Havieron's development, including construction of three additional evaporation ponds that are required before restarting the Permian decline development.  Hence, these approvals are critical path for the Havieron Project. 

These approvals are targeted for FY26, however the timing for their receipt is dependent on completion of the ongoing approval processes with the Western Australian Environmental Protection Authority (WA EPA) and the Australian Department of Climate Change, Energy, the Environment and Water (DCCEEW). Works approval for construction of additional evaporation ponds has already been granted.

1.13     Upside to the FS

Given Greatland has only had full ownership of Havieron for less than 12 months, certain upside opportunities were not able to be incorporated into the FS. 

Key opportunities include:

§ Havieron residual Mineral Resources outside Mine Plan⁷: The FS Mine Plan considers mining inventory of 50.3Mt sourced from the high-grade Crescent Zone.

Significant residual Mineral Resources of 87Mt at 1.1g/t Au & 0.15% Cu, for 3.1Moz gold and 130kt copper, lie outside the FS Mine Plan, including:

-  The large Breccia ore zones (Breccias), which although lower grade than the Crescent Zone, spans the same vertical length as the Crescent Zone and can be accessed from the same vertical levels to be developed to access the Crescent Zone stopes.

-  The Link Zone, which is higher grade than the Breccias and situated predominantly below the FS Mine Plan.

As such, an opportunity exists to extend the Havieron steady state period and/or total mine life, and/or accelerate mining rates, with minimised incremental capital expenditure by leveraging the underground crushing and conveying system that will be installed as part of the Havieron development.

§ Havieron growth: Drilling at Havieron to date has been from surface and focused on the Crescent Zone. Mineralisation has been defined over a 1,000m vertical extent, with the deposit remaining open at depth. Drilling from underground is significantly more productive, efficient and cost effective than surface drilling. Once the main decline has been developed to a sufficient depth, Greatland intends to establish underground drilling platforms from the basement to resume resource growth and conversion drilling at Havieron, focused on the Breccias and Link Zone.

§ Telfer mine life extension: Updated Telfer Mineral Resource and Ore Reserve Statements are targeted for March and June 2026 quarters respectively.  Based on these results, Telfer's mine life may be extended.  The operation of a 'Telfer Hub', where it is assumed that ore from Haverion is co-processed through the Telfer Mill with feed from Telfer, has the potential to reduce fixed operating cost savings (particularly for processing, site services and sustaining capital) relative to the Havieron Standalone base case.

Additional capital expenditure and operating cost synergies may also be identified between the two operations that will further enhance the outcomes of the Havieron FS. These may include:

-  Continuation of Telfer would include seeking to permit and reactivate TSF 7 upon successful completion of remediation, which is a lower cost tailings storage solution than TSF 8, the base case solution for the Havieron FS.

-  Recoveries from Telfer ore processed through the residual capacity of Train 1 of the Telfer Mill will likely improve with the installation of the new leaching circuits for Havieron ore.

§ Additional technology deployment: The FS does not factor in technologies being deployed elsewhere in the mining industry such as autonomous haulage and adoption of renewable energy.  Greatland expects to consider these at a later stage, although any decision to utilise these technologies would have to be value accretive.

Note 7: The Mine Plan is a production target. Refer to cautionary statement in note 3 of the Highlights section

1.14     Risks

The following have been identified as the key risks to the development of the Havieron Project and achievement of the outcomes of the FS:

§ Mine schedule: Haverion's mine schedule is predicated on a development rate through the Permian cover sequence of ~2.75m/day, relative to a historical development rate for the main decline development of ~3.3m/day.  Once in the basement, the total estimated decline face advance for a single heading is generally less than ~4.0m/day and averages ~3.7m/day. Based on these and other assumed underground mining productivities, Greatland expects to achieve first gold ~2.5 years from FID, with ramp-up to the steady state production rate achieved in a further ~3 years.  Benchmarking against other Australian underground mine supports that the estimated development rates and productivities are achievable, however there is a risk that Greatland is unable to achieve said rates and/or productivities. If this were to eventuate, revenue generation maybe be less and/or be deferred, adversely impacting project economics.

§ Ventilation development: The underground mine ventilation system is underpinned by the construction of four new vertical blind bore shafts, each with a finished internal diameter of 5.0m and an approximate depth of 450m. One blind bore (VR1) has been constructed at Havieron using the same method, although encountered issues resulting in a smaller completed internal diameter than planned. The further four new shafts will incorporate a superior composite liner system (combining steel plate with a reinforced concrete inner layer) and be constructed by a highly experienced contractor. However, there remains a risk that technical issues may be encountered in the construction of any of these blind bores that could delay or necessitate abandonment of that bore, compromising the underground ventilation system. This would put a limit on the amount of underground activity that could be undertaken and, in turn, mine output until the issue is resolved or an alternative ventilation solution developed.

§ Approvals: Greatland is awaiting EPBC Act and WA EP Act approval for Havieron and these are on the critical path.  Without these primary approvals , development of the main decline through the Lower Confined Aquifer cannot occur. Greatland is confident that these approvals will be granted and targets their receipt in FY26, however if they are delayed then production from Havieron will be delayed.

§ Contingency: The combined contingency and growth allowance for pre-production capital expenditure is 14.5% (11.0% general contingency plus 3.5% growth allowance).  Although Greatland believes that this provision is adequate, especially given the intended contracting strategy with the underground mining contractor, there is a risk that it is insufficient and additional capital would be required for Havieron, given the size and scope of the project.

§ Volume of mining activity: Development and operation of Havieron will entail a large volume of mining activity.  There will be multiple active mining fronts at any given time, over an increasing lateral and vertical expanse through the mine life.  Although mine production rates have been estimated by reference to benchmarking against comparable operations and production simulation modelling and are considered achievable, there is a risk that the assumed rates and volume of activity cannot be consistently achieved over Havieron's mine life. If this were to eventuate, the likely consequence is that the achievement or maintenance of steady state mining rates at Havieron may be delayed or prevented, which may also result in higher unit costs than set out in the FS.

§ Personnel: Achieving the development and production outcomes assumed in the FS will rely on suitably qualified personnel both from Greatland and the contractors it engages.  This extends from the management level to operators and supervisors.  If Havieron cannot attract suitably qualified personnel for key roles, attaining targeted productivities for development and operations could be impacted.  There will likely be competition for securing these services in the Western Australian underground mining market given competing projects.

§ Financial assumptions: Of all financial assumptions, the long-term gold price (and to a lesser extent the copper price) has the most significant impact on the financial outcomes of the FS.  Prices below those assumed will negatively impact cash flow generation from the Havieron Project and, in turn, NPV and IRR.  Similarly, if the AUD:USD exchange rate is higher than forecast, then this will adversely affect the predicted cash flows for Havieron (which are denominated in AUD).

The risks above are not exhaustive. Refer to Section 23 of the Full Announcement for additional risks related to Havieron's development.

The Full Announcement and the FS Presentation are available for download at https://www.greatland.com.au/investors/announcements/.

1.15     Board Approval

The Greatland Board has endorsed the outcomes of the FS and reaffirmed its support for the continuation of the early works activities in respect of Havieron.  It is anticipated that Greatland will take FID to be taken once primary environmental approvals for Havieron are obtained.

1.16     Key Milestones

Receipt of requisite primary environmental approvals: Targeted in FY26

§ FID: Following receipt of primary environmental approvals

§ First gold: ~2.5 years from FID

1.17     Conference Call

Greatland presented the FS outcomes and funding strategy via a webcast for shareholders, research analysts, media and other interested stakeholders on 1 December 2025 at 6.30 am AWST / 9.30 am AEST (10.30 pm GMT on 30 November 2025) followed by a Q&A session.

A recording of the call is available here: https://webcast.openbriefing.com/webcast-2025-2/

This announcement is approved for release by the Greatland Board of directors.

Contact

For further information, please contact:

Greatland Resources Limited
Shaun Day, Managing Director  |  Rowan Krasnoff, Chief Development Officer
[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
RBC Capital Markets  |  James Agnew / Jamil Miah  |  Scott Redwood  |  +44 207 029 0528

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

About Greatland

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

The Greatland portfolio includes the 100% owned Telfer mine, the adjacent 100% owned brownfield world-class Havieron gold-copper development project, 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 in the East Pilbara region of Western Australia.

1.18     Information and notices

Competent Persons Statements

Mineral Resources and Exploration Target

The information in this announcement pertaining to estimation and reporting of the Havieron Mineral Resource estimate and Exploration Target is based on, and fairly reflects, information and supporting documentation compiled under the supervision of Michael Thomson, Principal Geologist at Greatland. Mr Thomson is a full-time employee of the Greatland Group and has a financial interest in the Company. Mr Thomson is a member of the Australian Institute of Geology (AIG) and has over 23 years' relevant industry experience. Mr Thomson has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Thomson consents to the inclusion in this announcement of the matters based on that information and supporting documentation in the form and context in which it appears.

Ore Reserves

The information in this announcement pertaining to estimation and reporting of the Havieron December 2025 Ore Reserve Estimate is based on, and fairly reflects, information and supporting documentation compiled by Otto Richter, Group Mining Engineer. Mr Richter is a full-time employee of the Greatland Group and has a financial interest in the Company. Mr Richter is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM 301723) and has over 25 years relevant industry experience. Mr Richter has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Richter consents to the inclusion in this announcement of the matters based on that information and supporting documentation in the form and context in which it appears.

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", "operating 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.