Greatland Gold plc (AIM: GGP)

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NEWS RELEASE | 24 October 2023

Havieron Update

Program alterations to optimise and de-risk development through the lower aquifer

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) provides the following update on activities and progress at Havieron, the world class gold-copper project located in the Paterson Province of Western Australia.

Decline development at Havieron now exceeds 2,030 metres (as at 8 October 2023). There are 770 metres of development remaining before the decline reaches the base of the Permian cover and top of the Havieron orebody. The decline is now approaching the lower confined aquifer (LCA), with approximately 280 metres of development remaining before it is intersected.

The decline has previously successfully developed through two shallower aquifers at vertical depths of 50 and 250 metres. Water from these aquifers has been pumped to surface evaporation facilities. Ground conditions encountered outside of these aquifers, which represents the majority of the decline, have allowed good development progress. The LCA is the final aquifer that the underground decline passes through before reaching the Havieron orebody. Advancement through the LCA is a key milestone and de-risking event in the decline development.

Ahead of the decline reaching the LCA, depressurisation drilling has commenced and groundwater is being pumped to the surface. This water management has indicated potential for greater volumes of water to be managed at surface than originally modelled. In order to increase the confidence in water management from the LCA, further hydrological drilling, data collection and evaluation will be completed.

To allow this work to occur prior to the decline intersecting the LCA, development will continue to advance in the short term before a temporary pause in decline development prior to entering the LCA, commencing later this quarter. This work should ensure a more efficient entry into, and development through, the LCA and likely reduce subsequent water management operating costs. Depressurisation works will continue and be expanded, which experience from the upper two aquifers has demonstrated is highly effective in improving the aquifer ground conditions prior to decline development. In terms of underground activities, ventilation system development will continue to be advanced in parallel with LCA water management, which is another key milestone and de-risking event.

Feasibility Study works will continue, incorporating the further hydrological drilling, data collection, and enhanced understanding of the LCA and water management requirements. Various other value enhancing workstreams continue to be progressed as part of the Feasibility Study which Greatland now expects to be completed by the September 2024 quarter given Newcrest's continued preference for the study to incorporate the understandings from development through the LCA.

Figure 1: Havieron decline development schematic (looking northwards). The stope design shown is Greatland's draft Havieron March 2022 Ore Reserve mine design.

Greatland Managing Director, Shaun Day, commented: "Havieron is an outstanding orebody which has been developed on an expedited basis in parallel with finalisation of the Feasibility Study. Through this approach production can be brought forward to enhance the value of the asset. At the same time it is essential that we continue to set the project up for long-term success by optimising and de-risking the current development phase, while maintaining an accelerated pathway to production."

"We view Newmont's imminent involvement as our Havieron Joint Venture partner as a tremendous positive and look forward to working together to deliver the full potential of Havieron for all stakeholders."

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director | info@greatlandgold.com

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin

greatlandgold@sparkapl.com | +44 203 368 3550

Corporate Brokers

Berenberg | Matthew Armitt / Jennifer Lee | +44 203 368 3550

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

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

Media Relations

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

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

About Greatland

Greatland is a mining development and exploration company focused primarily on precious and base metals.

The Company's flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, discovered by Greatland and presently under development in joint venture with ASX gold major, Newcrest Mining Limited (which is the subject of an approved takeover by Newmont Corporation that is due to complete on 6 November 2023).

Havieron is located approximately 45km east of Newcrest's existing Telfer gold mine. The box cut and decline to the Havieron orebody commenced in February 2021. Total development now exceeds 2,820m including over 2,030m of advance in the main access decline (as at 8 October 2023). Subject to a positive feasibility study and Decision to Mine, Havieron is intended to leverage the existing Telfer infrastructure and processing plant. Access to Telfer will de-risk the development and reduces capital expenditure.

Greatland has a proven track record of discovery and exploration success and is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. Greatland has a number of exploration projects across Western Australia and in parallel to the development of Havieron is focused on becoming a multi-commodity miner of significant scale.