Havieron Quarterly Update

Greatland Gold PLC

25 January 2024

 

Greatland Gold plc (AIM: GGP)

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W: https://greatlandgold.com

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NEWS RELEASE | 25 January 2024

Havieron Quarterly Update

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 an update on activities and developments at Havieron, the world class gold-copper project located in the Paterson Province, for the December 2023 quarter.

Highlights

§ Development: Total development to date now exceeds 3,060 metres, representing approximately 80% of vertical distance through to the top of the Havieron ore body.

§ Dewatering: Depressurisation and dewatering of the lower confined aquifer is ongoing.

§ Mineral Resource Estimate: Greatland's updated Mineral Resource Estimate (MRE) released in December 2023 increased estimated Mineral Resources (including Ore Reserves) to 8.4Moz total gold equivalent metal (AuEq¹).

§ Newmont: Newmont Corporation (NYSE:NEM) welcomed as Greatland's Havieron joint venture partner following completion of its acquisition of Newcrest Mining Limited.

Development update

Total development at Havieron now exceeds 3,060 metres including over 2,110 metres of advance in the main access decline (as at 31 December 2023).  There is approximately 80 vertical metres of development remaining before the decline reaches the base of the Permian cover and top of the Havieron orebody at around 420 vertical metres. Accordingly, approximately 80% of vertical distance is complete in terms of reaching the top of the Havieron ore body.

As previously announced in October 2023, the decline is approaching the lower confined aquifer (LCA), the third and final aquifer through which the decline passes, and a pause in development is currently underway to allow depressurisation of the LCA. Depressurisation activities are progressing, with six depressurisation holes now drilled into the LCA and pumping water to evaporation facilities at the surface.  Data collection and evaluation is continuing in parallel to increase confidence in water management from the LCA and determine the timing of any additional water management infrastructure that would be required at surface for resumption of the decline development.

The Feasibility Study continued to progress through the quarter, with several value enhancing options being assessed to maximise value and de-risk the project.

Updated Mineral Resource Estimate

Greatland was delighted to release an updated MRE for Havieron during the quarter (refer to RNS announcement titled 'Havieron Mineral Resource Estimate Update' dated 21 December 2023).  Key highlights included:

§ 29% increase in estimated gold equivalent Mineral Resources (including Ore Reserves) to 8.4Moz AuEq¹ (7.0Moz Au plus 275kt Cu) from Greatland's March 2022 MRE.

§ 32% increase in contained gold equivalent metal, delivering 5.0Moz at 3.1g/t AuEq¹, in the higher confidence Indicated MRE category, which can now be considered in the updated Ore Reserve Estimate that will be part of the Feasibility Study.

§ Continuous mineralisation confirmed between the Eastern Breccia and main Havieron Breccia domains with the definition of a new high grade "Link Zone".

§ Significantly increased ounce per vertical metre (OPVM) profile in the lower levels of the Havieron deposit, in line with the upper levels. The updated MRE now averages 7,900 OPVM (gold equivalent¹) over the top 1,000 metres of the deposit vertically.

Table 1: Updated Mineral Resource Statement for the Havieron deposit (100%) ^{# *}

Classification	Tonnage	Grade		Metal		AuEq Metal
	Mt	Au (g/t)	Cu (%)	Au (Moz)	Cu (Kt)	AuEq (Moz)
Indicated	50	2.6	0.33	4.1	168	5.0
Inferred	81	1.1	0.13	2.9	107	3.4
Total Mineral Resource	131	1.7	0.21	7.0	275	8.4

# 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. Results represent 100% of the Mineral Resource for Havieron. Mineral Resources in the South East Crescent and Link Zone are reported within a A$80 Net Smelter Return²/t ("NSR²/t^") shell while Mineral Resources in the Breccias are reported within a A$50 NSR²/t shell. Resources are inclusive of Reserves.

* The updated Mineral Resource Estimate assumes selective mining of the South East Crescent and Link Zone and bulk extraction in the Breccias and are reported inside A$80 or A$50 NSR²/t shells respectively.

Figure 1. Schematic 3D view looking northwest, depicting the Greatland Havieron December 2023 MRE (left hand figure) with OPVM charted to the right. The OPVM for the March 2022 MRE is also charted (light grey dashed line). Drilling intensity (grey horizontal bars) are a visual representation of the extent of drilling that has informed the MRE by vertical level (not plotted to the OPVM scale). The X axis scale (horizontal) is OPVM, while the Y axis (vertical) is plotted as relative depth in metres RL (Reduced Level).

Newmont

Greatland welcomed world gold major, Newmont Corporation (NYSE:NEM) (Newmont), as its Havieron joint venture partner during the quarter, following the successful completion by Newmont of its acquisition of Newcrest Mining Limited.

Newmont operates a global portfolio of world-class projects and is led by a highly experienced management team with a proven track record of project development and value creation.  Greatland and Newmont are engaging constructively on various aspects of the Havieron joint venture, and Newmont's involvement is considered highly additive to delivering the full potential of Havieron for all stakeholders.

Greatland Managing Director, Shaun Day, commented: "The December 2023 Quarter was another busy and productive period for Greatland. The updated Mineral Resource Estimate is a particular highlight, further demonstrating the quality and scale of Havieron. In addition, important work has been progressed to optimise and safeguard development through the lower confined aquifer, which is a key milestone and de-risking event in the underground decline development."

Competent Person Statement

Information in this announcement pertaining to the Reporting of the Havieron December 2023 Mineral Resources estimate was first announced by Greatland on 21 December 2023 (refer to RNS announcement titled 'Havieron Mineral Resource Estimate Update' dated 21 December 2023) and is based on information compiled 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 is a full-time employee of the Company and has a financial interest in Greatland.  Mr Thomson 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.

The Company is not aware of any new information or data that materially affects the information included in the original market announcement and confirms that all material assumptions and technical parameters underpinning the Havieron December 2023 Mineral Resource estimates continue to apply and have not materially changed.

Footnotes:

¹ The gold equivalent (AuEq) is based on assumed prices of US$1,700/oz Au and US$3.75/lb Cu for Mineral Resource and metallurgical recoveries based on block metal grade, reporting approximately at 87% for Au and 87% for Cu which in both cases equates to a formula of approximately AuEq = Au (g/t) + 1.6* 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  The Net Smelter Return ("NSR") is calculated using metal prices of US$1,700/oz Au and US$3.75/lb Cu, metallurgical recoveries based on block metal grade reporting approximately at 87% for Au and 87% for Cu, an USD:AUD exchange rate of 0.72, as well as treatment and refining costs, payables and royalties.

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director  |  [e-mail]

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin  |  [phone]

Corporate Brokers

Berenberg  |  Matthew Armitt / Jennifer Lee  |  [phone]

Canaccord Genuity  |  James Asensio / George Grainger  |  [phone]

SI Capital Limited  |  Nick Emerson / Sam Lomanto  |  [phone]

Media Relations

UK - Gracechurch Group  | Harry Chathli / Alexis Gore / Henry Gamble  |  [phone]

Australia - Fivemark Partners  |  Michael Vaughan  |  [phone]

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 world gold major, Newmont Corporation.

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 3,060m including over 2,110m of advance in the main access decline (as at 31 December 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 would 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.

 

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