TIDMGGP

RNS Number : 5140D

Greatland Gold PLC

03 March 2022

--

3 March 2022

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

( " Greatland " or "the Company " )

Updated Mineral Resource substantially increases Havieron Resource and Reserve

Mineral Resources (including Ore Reserves) increase to 5.5M oz Au and 218kt Cu or 6.5M oz AuEq(1) ,

an increase of 2.1M oz AuEq(1) since the last Mineral Resource update

Probable Ore Reserves now stand at 2.4M oz Au and 109kt Cu or 2.9M oz AuEq(1) ,

compared to the 1.7M oz AuEq(1) in the Initial Ore Reserve estimation

Initial Mineral Resource estimated in the Eastern Breccia

Updated Mineral Resource incorporates an additional 10 months of consistently impressive drilling results since the February 2021 drilling cut-off used for the last Mineral Resource update

Havieron Mineral Resource Update Highlights*

-- A 53% increase in total gold content to 5.5M oz Au (6.5M oz AuEq (1) )

-- A 63% increase in Indicated Mineral Resource gold ounces to 3.1M oz Au

-- An Initial Inferred Mineral Resource estimated at the Eastern Breccia

-- Mineral Resources include 33Mt @ 3.28 g/t Au and 0.48% Cu (containing 3.5M oz Au and 158kt Cu or 4.2M oz AuEq (1) ) in the South East Crescent Zone

-- Update has been subject to a detailed analysis and review, independently assessed by SRK Consulting and are reported in compliance with JORC (2012) guidelines

Updated Mineral Resource estimate for the Havieron Deposit (100%)(#)

 
 Classification            Tonnage         Grade          Metal Content    AuEq (1) 
                                                                             Metal 
                             Mt      Au (g/t)   Cu (%)   Au (M   Cu (kt)     AuEq 
                                                          oz)               (M oz) 
                          --------  ---------  -------  ------  --------  --------- 
 Indicated                   35        2.8       0.42     3.1      146       3.8 
                          --------  ---------  -------  ------  --------  --------- 
 Inferred                    57        1.3       0.13     2.4      72        2.7 
                          --------  ---------  -------  ------  --------  --------- 
 Total Mineral Resource      92        1.9       0.24     5.5      218       6.5 
                          --------  ---------  -------  ------  --------  --------- 
 

(#) Results are reported to one (gold) and two (copper) significant figures to reflect appropriate precision in the estimate, and this may cause some apparent discrepancies in totals. Results represent 100% of the Mineral Resource for Havieron. Mineral Resources in the Crescent are reported within a A$80 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 Estimates assume selective mining of the South East Crescent Zone and bulk extraction in the Breccias and are reported inside A$80 or A$50 Net Smelter Return/t(2) ("NSR/t") shells respectively.

Havieron Ore Reserve Update Highlights

-- 50% increase in contained gold ounces to 2.4M oz Au (2.9M oz AuEq), including an 86%(3) conversion of Indicated Mineral Resources to Probable Ore Reserves

-- The conversion rate of the South East Crescent Zone reiterates the robust nature of the South East Crescent Zone within the Havieron deposit while providing confidence in the ongoing conversion of further South East Crescent Zone material as drilling continues

-- Update has been subject to a detailed analysis and review, independently assessed by SRK Consulting and are reported in compliance with JORC (2012) guidelines

Updated Ore Reserve estimate tabulation for the Havieron Deposit (100%)^

 
                      Tonnage         Grade          Metal Content    AuEq (1) 
                                                                        Metal 
                        Mt      Au (g/t)   Cu (%)   Au (M   Cu (kt)   AuEq (M 
                                                     oz)                 oz) 
                     --------  ---------  -------  ------  --------  --------- 
 Proved                  -         -         -        -        -         - 
                     --------  ---------  -------  ------  --------  --------- 
 Probable               25        3.0       0.44     2.4      109       2.9 
                     --------  ---------  -------  ------  --------  --------- 
 Total Ore Reserve      25        3.0       0.44     2.4      109       2.9 
                     --------  ---------  -------  ------  --------  --------- 
 

^ Data is reported to one (gold) or two (copper) significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals. Data represents 100% of the Ore Reserve for Havieron. Ore Reserves are reported above a cut-off of A$95 NSR/t and reported within mining shapes based on a sub-level open stoping mining method. All reported metal was derived from the South East Crescent Zone only.

Greatland Gold plc (AIM:GGP), a leading mining development and exploration company with a focus on precious and base metals, is pleased to provide an independently assessed update on the Mineral Resources and Ore Reserves at the Havieron gold-copper deposit in the Paterson region of Western Australia. The update is based on increased drill density throughout the deposit with a further 87 drill holes for 59,270m completed since the last Resources and Reserves update published in the Pre-Feasibility Study ("Stage 1 PFS"), which used drill data up to February 2021.

Havieron Growth

-- This Resource update is at a 'point in time', with a 2 December 2021 cut-off for drilling information used to inform the Mineral Resource Estimate

-- Drilling is ongoing, with extension drilling targeting the South East Crescent Zone at depth, while growth drilling targeting the Eastern Breccia is underway with initial high grade intersections, evidenced by HAD104(6) being comparable to those seen at the South East Crescent Zone, demonstrating a promising start

-- Drilling is also underway to continue to assess the broader Havieron breccia system's suitability for a bulk mining approach

-- Concurrent studies underway to assess production rates greater than 3 million tonnes per annum ("Mtpa")

-- Targeting a further 40,000m of growth drilling in the year to 30 June 2022 which has the potential to further expand the Havieron resource

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "This Mineral Resource and Ore Reserve update represents a considerable increase on that which was defined in the Stage 1 PFS. The update has unearthed further aspects of the Havieron system and validates that Havieron is a world class deposit with significant growth potential. Through an independently verified analysis, the total Mineral Resource at Havieron has increased to 6.5M oz of gold equivalent, an increase of almost 50% in 10 months of drilling.

The exceptional 86% rate of conversion of Mineral Resources to Ore Reserves demonstrates the quality of the high grade South East Crescent Zone at Havieron.

The South East Crescent Zone Mineral Resource is now defined to around 1,000m vertical extent below the Permian and still open at depth. In addition, high grade intercepts are delineated below this level, which further supports the potential for future Mineral Resource and Ore Reserve growth.

In addition to the Mineral Resources within the Havieron Breccia complex, growth drilling has now defined an initial Mineral Resource within the separate Eastern Breccia complex. This is the first Mineral Resource in a mineralised system outside the Havieron Breccia system and remains open at depth and to the south. This Eastern Breccia Mineral Resource does not capture the recent high grade intercepts to its south, which is of similar grade to the South East Crescent Zone.

With an ongoing and substantial expansion drilling campaign continuing, there is every opportunity to deliver more growth to the Mineral Resource and Ore Reserve as we continue to better understand the extent of mineralisation across the broader Havieron zonation.

The investment proposition for Greatland remains compelling, with this further understanding of the quality and scale of Havieron supported by this new Mineral Resource update. With Havieron in a Tier One mining jurisdiction, under development with a major partner in Newcrest, located near existing infrastructure and a study indicating modest capex and low operating cost, this confluence of factors position Havieron as a tremendous and globally unique asset."

Company's updated Mineral Resource and Ore Reserve estimate

Mineral Resource and Ore Reserve estimates are expressions of judgement based on knowledge, experience and industry practice. They are also based on a number of material assumptions (such as future commodity prices and foreign exchange, cut off grades, future capital and operating costs and development timeline) which may prove to be incorrect. Estimates which were valid when originally made may alter significantly when new information or techniques becomes available. In addition, by their very nature, Mineral Resource and Ore Reserve estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate. Unless and until actually mined and processed, no assurance can be given that any estimated tonnage, grades and recovery levels will be realised or that any Ore Reserves will be mined or processed economically.

This announcement and the updated Mineral Resource and updated Ore Reserve estimates for the Havieron Project contained in it have been prepared solely by Greatland based on relevant available information and has not been reviewed by Newcrest Mining Limited ("Newcrest"). A subsidiary of Newcrest is the manager of the Havieron Joint Venture and holds the majority participating interest in that joint venture (currently 60% with an entitlement (subject to the terms of the Joint Venture Agreement) to an additional 10% interest and an option to acquire a further 5% interest at fair market value). Whilst the information in this announcement pertaining to the estimation and reporting of Mineral Resources and Ore Reserves has been reviewed and approved by relevant Competent Persons (4) and the updated Mineral Resource and updated Ore Reserve estimates have been independently assessed by SRK Consulting (Australasia) Pty Ltd5, the Company considers that it is possible that: (i) in preparing any future resource and reserve estimates for the Havieron Project, Newcrest may adopt different interpretations, assumptions, parameters or plans, or make different judgements, to those used or made by Greatland in the updated Mineral Resource and Updated Ore Reserve estimates contained in this announcement and (ii) the Havieron Joint Venture may choose to carry out its operations (including the development of the Havieron Project) in a manner different to the assumptions used in the updated Mineral Resource and updated Ore Reserve estimates contained in this announcement.

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. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. 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.

(1) The gold equivalent (AuEq) is based on assumed prices of US$1,450/oz Au and US$3.23/lb Cu for Ore Reserve and assumed prices of US$1,600/oz Au and US$3.50/lb Cu for Mineral Resource and metallurgical recoveries based on block metal grade, reporting approximately at 88% for Au and 84% for Cu which in both cases equates to a formula of approximately AuEq = Au (g/t) + 1.5 * 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 metals prices of US$1,600/oz Au and US$3.50/lb Cu, metallurgical recoveries based on block metal grade reporting approximately at 88% for Au and 84% for Cu, an USD:AUD exchange rate of 0.73, as well as treatment and refining costs, payables and royalties, similar to those in the Stage 1 PFS.

(3) The Mineral Resource Conversion rate is based on the conversion of contained metal within the Indicated Mineral Resource to contained metal within the Ore Reserves, this calculates to 86%.

(4) See Competent Persons Statement below for details.

(5) See Sections 3 and 4 of Appendix 1 below for details.

(6) Refer to announcement "Havieron Exploration Update" dated the 28 January 2022.

Enquiries:

 
 Greatland Gold PLC                                 +44 (0)20 3709 4900 
  Shaun Day                                          info@greatlandgold.com 
                                                     www.greatlandgold.com 
 
 SPARK Advisory Partners Limited (Nominated 
  Adviser) 
  Andrew Emmott/James Keeshan                       +44 (0)20 3368 3550 
 
 Berenberg (Joint Corporate Broker and Financial 
  Adviser) 
  Matthew Armitt/ Varun Talwar/ Detlir Elezi        +44 (0)20 3207 7800 
 
 Canaccord Genuity (Joint Corporate Broker and 
  Financial Adviser) 
  James Asensio/Patrick Dolaghan                    +44 (0)20 7523 8000 
 
 Hannam & Partners (Joint Corporate Broker and 
  Financial Adviser) 
  Andrew Chubb/Matt Hasson/Jay Ashfield             +44 (0)20 7907 8500 
 
 SI Capital Limited (Joint Broker) 
  Nick Emerson/Alan Gunn                            +44 (0)14 8341 3500 
 
 Luther Pendragon (Media and Investor Relations) 
  Harry Chathli/Alexis Gore                         +44 (0)20 7618 9100 
 

Further Information on the Updated Mineral Resource and Updated Ore Reserve at Havieron

Project Details

The Project containing the Havieron Au-Cu deposit is centred on a deep magnetic anomaly 45km east of Telfer in the Paterson Province on the traditional lands of the Martu people. The Project is held in a joint venture between Greatland and Newcrest Mining Limited ("Newcrest"), where Newcrest currently holds a 60% joint venture interest and is entitled (subject to the terms of the Joint Venture Agreement) to an additional 10% interest, giving an aggregate interest of 70% (Greatland 30%).

Newcrest may also acquire an additional 5% joint venture interest at fair market value (under the principles of the Joint Venture Agreement) and, if exercised, Newcrest will be entitled to an overall joint venture interest of 75% (Greatland 25%). As detailed in the announcement of 21 December 2021, Newcrest has issued a notice to Greatland informing it that Newcrest would like to begin the process under the joint venture agreement to seek to agree or, failing agreement, determine the option exercise price. The Joint Venture commenced drilling during mid-2019 and has completed 272 drill holes for 226,492m (at 28 January 2022), with up to eight drill rigs in operation on the Project.

The Martu people and the Western Desert Land Aboriginal Corporation (WDLAC) are key project stakeholders. The Martu hold exclusive possession native title rights and interests over more than 130,000 km(2) of land, including to all points around the Telfer mine and Havieron Project. The Indigenous Land Use Agreement (ILUA) with WDLAC, centred on the Telfer mine, extends to the Havieron project.

The Project is located within granted Mining Lease M45/1287 and has received the necessary regulatory approvals for the construction of a box cut, exploration decline and associated surface infrastructure, with these works formally commencing in January 2021. The Stage 1 PFS released 12 October 2021 has outlined the next stage of the Project which comprises a Feasibility Study into the underground and surface development to establish the initial mining area at Havieron and ore processing at Telfer.

The Stage 1 PFS assessed mining production methods including Sub Level Open Stoping ("SLOS") with mining rates of 2 Mtpa to 3 Mtpa and caving options up to 6 Mtpa. Surface infrastructure studies were focused on the transportation of ore to the Telfer processing plant with a range of options considered in early-stage evaluations including conveyor, rail, pipeline and truck haulage, with the latter adopted for the Ore Reserve estimate used in the Stage 1 PFS. Processing studies evaluated a modified Telfer process plant to accommodate the Havieron ore.

The Stage 1 PFS demonstrated the potential to expand the Project and increase the mining rate to 3 Mtpa or more based on the upgrading of the October 2021 Inferred Mineral Resources and additional potential Mineral Resource growth from immediately below the South East Crescent Zone.

This release documents an update prepared solely by Greatland to the Resources and Reserves documented in the Stage 1 PFS and has not been reviewed by Newcrest. It is the preference of Greatland to update the Project's Mineral Resource and Ore Reserve estimates in line with Newcrest; however, in the context of Greatland's current investigation of potential financing options, and other Project decisions it may be required to make, it was considered necessary for the Company to undertake its own analysis (the last Havieron Mineral Resource and Ore Reserve update being released as part of the Stage 1 PFS with a 5 February 2021 cut-off for drilling information ).

Updated Mineral Resource Estimate

The updated Mineral Resource estimate for the Havieron Deposit prepared by Greatland (Table One) ("Updated Mineral Resource") is based on drilling completed to 2 December 2021, comprising 311 holes for 209,911m, inclusive of 87 holes for 59,270m which are additional to the drilling data used in the Stage 1 PFS Mineral Resource and Ore Reserve estimates released on 12 October 2021.

Table One: Updated Mineral Resource estimate tabulation for the Havieron Deposit (100%)#:

 
 Domain              Classification    Tonnage         Grade          Metal Content       AuEq 
                                                                                        (1) Metal 
                                         Mt      Au (g/t)   Cu (%)   Au (M   Cu (kt)      AuEq 
                                                                      oz)                (M oz) 
                    ----------------  --------  ---------  -------  ------  --------  ----------- 
 South East 
  Crescent           Indicated           26        3.3       0.52     2.8      136        3.4 
                    ----------------  --------  ---------  -------  ------  --------  ----------- 
  Inferred                                7        3.2       0.33     0.7      22         0.8 
 -----------------------------------  --------  ---------  -------  ------  --------  ----------- 
 Northern Breccia    Indicated            9        1.1       0.11     0.3      10         0.4 
                    ----------------  --------  ---------  -------  ------  --------  ----------- 
  Inferred                               36        1.0       0.1      1.2      37         1.3 
 -----------------------------------  --------  ---------  -------  ------  --------  ----------- 
 Eastern Breccia     Indicated           0.0       0.0       0.0      0.0      0.0        0.0 
                    ----------------  --------  ---------  -------  ------  --------  ----------- 
  Inferred                               14        1.2       0.09     0.5      13         0.6 
 -----------------------------------  --------  ---------  -------  ------  --------  ----------- 
 Total               Indicated           35        2.8       0.42     3.1      146        3.8 
                    ----------------  --------  ---------  -------  ------  --------  ----------- 
  Inferred                               57        1.3       0.13     2.4      72         2.7 
 -----------------------------------  --------  ---------  -------  ------  --------  ----------- 
                     Indicated 
 Grand Total          + Inferred         92        1.9       0.24     5.5      218        6.5 
                    ----------------  --------  ---------  -------  ------  --------  ----------- 
 

(#) Results are reported to one (gold) and two (copper) significant figures to reflect appropriate precision in the estimate, and this may cause some apparent discrepancies in totals. Results represent 100% of the Mineral Resource for Havieron. Mineral Resources in the South East Crescent Zone are reported within a A$80 NSR/t shell while Mineral Resources in the Breccias are reported within a A$50 NSR/t shell.

The Updated Mineral Resource estimates are reported as Indicated and Inferred Mineral Resources in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The reported Updated Mineral Resources are inclusive of Ore Reserves. Refer to details in Appendix 1 (JORC Table 1 - Sections 1 to 3) for more information relating to data collection and resource estimation.

The Updated Mineral Resource represents a significant increase on the Mineral Resources defined in the Stage 1 PFS (which was prepared at a 'point in time' using a 5 February 2021 cut-off for drilling information) including:

-- A 75% increase in total (Indicated plus Inferred) tonnes;

-- A 53% increase in total gold content; and

-- A 63% increase in gold ounces in the Indicated category.

Material differences between the Updated Mineral Resource and the previously announced Stage 1 PFS Mineral Resource are as follows:

-- A further 38,088 metres of infill drilling completed in the approximately 10 months since 5 February 2021 to 2 December 2021 within the South East Crescent Zone. This drilling validated both geological and grade continuity of the Stage 1 PFS South East Crescent Zone Mineral Resource, converting some Inferred Resource to Indicated Resource;

-- Growth drilling (21,182 metres completed since 5 February 2021 to 2 December 2021) which returned further high-grade results with the South East Crescent Zone now having a vertical extent of over 1,000 metres and extending to over 200 metres below the earlier Stage 1 PFS Mineral Resource;

-- The Updated Mineral Resource has been calculated using an A$80 NSR/t value cut-off for the Crescent material, compared with a A$100 NSR/t cut-off used in the Stage 1 PFS estimation. Due to the high NSR value of the majority of the South East Crescent Zone material this change is not considered to have resulted in a material change in the resources;

-- While different commodity prices have been used (US$1,600/oz Au and US$3.50/lb Cu and a USD:AUD exchange rate of 0.73 for the Updated Resource estimate compared with US$1,400/oz Au and US$3.40/lb Cu and a USD:AUD exchange rate of 0.75 used in the Stage 1 PFS), due to the high NSR value of most of the South East Crescent Zone material this change is not considered to resulted in a material change in the South East Crescent Zone Resources. The increase in the Breccia Mineral Resources within the Havieron Breccia are a result of additional drilling and some effect of the commodity price variation between the models; and,

-- The Eastern Breccia Resource, which forms part of the Updated Mineral Resource was not part of the previous Stage 1 PFS Mineral Resource.

Based on d rilling to date the Havieron deposit comprises an ovoid shaped body of variable brecciation, alteration and sulphide mineralisation with dimensions of approximately 650m x 350m trending in a north-west orientation, extending to over 1,100m in depth below 420m of Permian cover.

Within this ovoid body a sulphide rich South East Crescent Zone has been defined, it is 5-40m wide, extending over 700m in length (when unfolded in plan just below the basement contact) and defined over 1,000m vertically, tapering to 600m in length (unfolded) at this depth and still open at depth. The South East Crescent Zone has continued to be the focus of drilling and has been progressively infilled to a nominal drill spacing of 50m for the Indicated Mineral Resources, and 75m spacing for the Inferred Mineral Resources.

Gold and copper mineralisation at Havieron consists of breccia, vein and massive sulphide replacement gold and copper mineralisation typical of intrusion-related styles of mineralisation. Mineralisation is hosted by metasedimentary rocks (meta-sandstones, meta-siltstones and meta-carbonate) and intrusive rocks of an undetermined age. The main mineral assemblage contains well developed pyrrhotite-chalcopyrite and lesser pyrite sulphide mineral assemblages as breccia and vein infill, and massive sulphide lenses.

The Eastern Breccia complex comprises a second, separate body of mineralisation located on the northeast margin of the ovoid body developing around the 4000mRL (850m below the Permian unconformity), but open at depth and along strike. The Eastern Breccia comprises broad zones of actinolite cemented breccia hosted in metasediment rocks, with more abundant vein quartz and less calcite breccia than the main Havieron deposit breccias. The Eastern Breccia Mineral Resource is drilled to a nominal 75m x 75m spacing. Infill and extension drilling of the Eastern Breccia is ongoing.

The Indicated Mineral Resource estimate includes material from the South East Crescent Zone and adjacent Breccias only. The Inferred Mineral Resource estimate is comprised of some South East Crescent Zone, the adjacent Breccia Zones, a portion of the Northern Breccia to an RL of 3950m (850m below the Permian unconformity) and the Eastern Breccia where drill data provides sufficient support to define an appropriate level of geological control and statistical confidence .

Ordinary Kriging of 5m composites of gold and copper was undertaken into 20m x 20m x 20m blocks and re-blocked into 4m x 4m x 4m blocks where required. The Mineral Resource model was domained utilising the geological units defining the South East Crescent Zone, the Cemented Breccia and Crackle Breccia. Hard boundaries were used between the Crescent Zone and the Breccia Zones and a transitional boundary of around 20m was used between the Breccia Zones. Kriging Neighbourhood Analysis was used to define the search neighbourhood for gold. Gold, copper and bismuth were estimated independently of each other. Composite copper, gold and bismuth grades were capped prior to estimation. Within the Havieron Breccia complex the resource estimation is based entirely on interpolation while the Eastern Breccia complex, which is considered a separate system, is based on 70% interpolated and 30% extrapolated blocks (which is defined as the nearest informing composite being more than 30m away and estimated by data from fewer than 4 drillholes) representing the early stage of resource definition in this area. The Mineral Resource

model was validated via visual, statistical, and geostatistical methods.

The Indicated and Inferred Mineral Resource estimate has been constrained using appropriate drill hole data spacing parameters and geological control. Resource classification is based on average weighted distance and slope of regression statistics for estimated gold grades. The Indicated Mineral Resource classification within the South East Crescent Zone is reported based on the evaluation of nominal thresholds of the average weighted distance (45m) and slope of regression (>0.6) and with blocks lying within an A$80 NSR/t shell. The Inferred Mineral Resource classification within the South East Crescent Zone is reported based on the evaluation of nominal thresholds of the average weighted distance (75m) and slope of regression (>0.3) and with blocks lying within an A$80 NSR/t shell.

The Indicated Mineral Resource classification within the Breccias is reported on the evaluation of nominal thresholds of the average weighted distance (30m) and slope of regression (>0.6) within an A$50 NSR/t value shell with no internal selectivity, which assumes bulk mining and therefore includes internal waste. The Inferred Mineral Resource classification within the Breccias is reported on the evaluation of nominal thresholds of the average weighted distance (75m) and slope of regression (>0.3) within an A$50 NSR/t value shell with no internal selectivity, which assumes bulk mining and therefore includes internal waste.

The NSR uses metals prices of US$1,600/oz Au and US$3.50/lb Cu, metallurgical recoveries based on block metal grade, reporting approximately at 88% for Au and 84% for Cu, an USD:AUD exchange rate of 0.73, as well as treatment and refining costs, payables and royalties, similar to those used in the Stage 1 PFS .

Reasonable prospects for eventual economic extraction have been assessed through ongoing mining and processing studies which suggest that selective underground mining would be appropriate for exploitation of the South East Crescent Zone, while less selective underground mining would be appropriate for the exploitation of the mineralised Breccia Zones. There are no known environmental, social, governmental / regulatory or legal barriers to declaring this Mineral Resource.

Updated Ore Reserve Estimate

The updated Havieron Ore Reserve estimate prepared by Greatland ("Updated Ore Reserve") is reported as a Probable Ore Reserve in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). For more details regarding the Ore Reserve estimation process, refer to Appendix 1 (JORC Table 1 - Sections 4) . The Updated Ore Reserve contains 25 Mt at 3.0 g/t Au and 0.44% Cu for 2.4M oz of gold and 109 kt of copper (Table Two).

Table Two: Updated Ore Reserve estimate tabulation for the Havieron Deposit (100%)(^) :

 
                      Tonnage         Grade          Metal Content    AuEq (1) 
                                                                        Metal 
                        Mt      Au (g/t)   Cu (%)   Au (M   Cu (kt)   AuEq (M 
                                                     oz)                 oz) 
                     --------  ---------  -------  ------  --------  --------- 
 Proved                  -         -         -        -        -         - 
                     --------  ---------  -------  ------  --------  --------- 
 Probable               25        3.0       0.44     2.4      109       2.9 
                     --------  ---------  -------  ------  --------  --------- 
 Total Ore Reserve      25        3.0       0.44     2.4      109       2.9 
                     --------  ---------  -------  ------  --------  --------- 
 

(^) Data is reported to one (gold) or two (copper) significant figures to reflect appropriate precision in the estimate and this may cause some apparent discrepancies in totals. Data represents 100% of the Ore Reserve for Havieron. Ore Reserves are reported above a cut-off of A$95 NSR/t and reported within mining shapes based on a sub-level open stoping mining method. All reported metal was derived from the South East Crescent Zone only.

This is a significant increase to the Ore Reserves contained in the Stage 1 PFS (prepared at a 'point in time' using a 5 February 2021 cut-off for drilling information), including:

-- A 50% increase in total gold content;

-- A 84% increase in Reserve tonnes; and,

-- A 86% conversion of Au Metal within the South East Crescent Zone Indicated Resource to Probable Reserve.

Material differences between the Updated Ore Reserve and the previously announced Stage 1 PFS Ore Reserve are as follows:

-- The increased drilling completed in the period 5 February 2021 to 2 December 2021, both infilling and extending the Indicated Mineral Resources defined in the South East Crescent Zone and adjacent Breccias;

-- The Updated Ore Reserve has been calculated using a break even cut off value of approximately A$95/t milled, and a marginal cut off value of approximately A$80/t milled, compared to a A$130 NSR/t cut-off used in the Stage 1 PFS Ore Reserve. The reduced cut-off was calculated from first principles and the reduction is primarily as a result of increased throughput from 2 Mtpa to 3 Mtpa, the latter being in line with the Stage 1 PFS Investment Case carried forward into the Feasibility Study as part of the Forward Works Program; and

-- Metal price changes from U$1,300/oz to U$1,450/oz for gold, U$3.0/lb to U$3.23/lb for copper and exchange rate from 0.75 to 0.73 USD per AUD. These changes had a non-material impact on the overall Ore Reserve as the majority of the South East Crescent Zone material are well above cut-off value at both price points. Lower grade material is more sensitive to price assumptions but makes up a non-material portion of the Ore Reserve.

The Updated Ore Reserve is based on a SLOS mining method with paste fill and truck ore haulage at a 3 Mtpa mining rate . Metallurgical test-work has been executed on samples taken from the Havieron deposit during the Stage 1 PFS and in preceding studies. The test-work undertaken is of an adequate level to ensure an appropriate representation of metallurgical characterisation and the derivation of corresponding metallurgical recovery factors.

The Havieron site does not currently have infrastructure to support mining operations. Major infrastructure requirements are included in the Stage 1 PFS capital cost estimates, which are based on multiple market prices across all technical disciplines. Provision has been made for capital expenditure requirements for new equipment, infrastructure and replacement of infrastructure and equipment during the life of the mine is based on the Stage 1 PFS. A contingency has been factored into the capital cost estimate consistent with the level of accuracy of the Stage 1 PFS.

The Updated Ore Reserve is based on the Stage 1 PFS cost estimates. The Stage 1 PFS cost estimates have been built up from a combination of existing Telfer site costs scaled for the Havieron material throughput rate, first principles cost modelling and quotations where practicable.

The Probable Ore Reserve is based on Indicated Mineral Resources and diluting material only. Metal for Inferred Mineral Resource material was not considered for the Updated Ore Reserve and did not contribute to the mine design or economic evaluation. No Measured Mineral Resources are stated for this deposit and therefore no Proved Ore Reserves were estimated.

The Updated Ore Reserve has been prepared in line with the following bases used in the Stage 1 PFS:

-- decline, accesses to the levels, ore passes, ventilation raises and other underground excavations;

-- Sub-level open stoping (SLOS) stopes with paste fill;

-- paste fill plant and underground distribution system;

-- ventilation shafts, fans, regulators and refrigeration equipment;

-- dewatering, electrical and other service equipment; and

-- truck haulage of ore to surface via the access decline.

The following Modifying Factors have been applied to all production shapes to accurately represent the expected mined tonnes and grades :

-- dilution factors for unplanned overbreak in primary, secondary and tertiary stopes (average 9%) consisting of waste (average 6%) and stope paste (average 3%);

-- dilution included at zero grade; and

-- mining recovery factor of 97.5%.

The Updated Ore Reserve includes approximately 2.4 Mt of Inferred Mineral Resource as dilution. The metal contained in this material was not considered and did not contribute to the economic assessment or metal reported in the Updated Ore Reserve.

Havieron ore is anticipated to be processed on a campaign basis through the existing Telfer Train 2 Treatment Plant circuit (consistent with the Stage 1 PFS ) and at a throughput of approximately 3 Mtpa. Metal recovery is expected to be through conventional flotation to produce a copper/gold concentrate and gold doré through a newly installed flotation tails carbon-in- leach (CIL) circuit. The technology associated with the ore processing is conventional and the flowsheet is similar to that utilised by other operations.

Metallurgical recovery assumptions are based on detailed analysis and laboratory flotation and leach test work completed on 38 variability samples during the Havieron Concept Study (2020) and Stage 1 PFS (2021) with good spatial coverage of the South East Crescent Zone. Of the 38 samples, 8 samples are located in the Breccia Zones and 30 samples are located in the South East Crescent Zone, of which 21 samples are located within the Stage 1 PFS South East Crescent Zone Indicated Mineral Resources. Based on these samples metallurgical recoveries for gold are anticipated to average approximately 88% and recoveries of copper are expected to average approximately 84% throughout the life of the project.

Bismuth is the key deleterious element for the gold/copper concentrate product with potential smelter penalties incurred on the basis of bismuth content above a threshold level. The impact of bismuth in concentrate is anticipated to be managed by mine sequencing and concentrate blending.

The Updated Ore Reserve employs a value-based cut-off determined from the NSR value equal to the site operating cost included within the Stage 1 PFS. The NSR calculation takes into account revenue factors, metallurgical recovery assumptions, transport costs, refining charges, and royalty charges.

The NSR uses metals prices of US$1,450/oz Au and US$3.23/lb Cu, metallurgical recoveries based on block metal grade, reporting approximately at 88% for Au and 84% for Cu, an USD:AUD exchange rate of 0.73, as well as treatment and refining costs, payables and royalties, similar to those used in the Stage 1 PFS.

Detailed environmental studies have been undertaken in the Havieron project area and include flora and vegetation, fauna, subterranean fauna, waste rock characterisation, soil and landform study, surface hydrology assessment, a basic hydrogeological assessment and a greenhouse gas emissions study.

The Havieron project has been designed to recognise biodiversity values and, through consultation with Martu and their native title corporation (WDLAC), minimise the impacts to sites and landscapes of cultural significance. The footprint for the Project has been minimised through the use of existing tracks and areas of disturbance, as well as utilising the existing Telfer Gold Mine infrastructure to process the ore and dispose of the tailings material.

Waste rock characterisation has been undertaken and shows that it contains material which has potentially acid forming (PAF) and metalliferous drainage, in addition to dispersive or saline material. The portion of PAF material is less than 1% of total waste volumes. Waste dumps have been designed for the life of mine that have incorporated cells to safely encapsulate the PAF material. The waste dump is to be located near the boxcut to minimise haulage distance and considering the local surface terrain and environmental and cultural aspects.

The site operating costs include mining cost, processing cost, relevant site general and administration costs and relevant sustaining capital costs. These costs equate to a break even cut off value of approximately A$95/t milled, and a marginal cut off value of approximately A$80/t milled.

Estimation of the Updated Ore Reserve involved standard steps of mine optimisation, mine design, production scheduling and financial modelling. Factors and assumptions have been based on benchmarked performance from similar SLOS operations. The Updated Ore Reserve has been evaluated through a financial model. All operating and capital costs as well as Ore Reserve revenue factors stated in this document were included in the financial model. A discount factor of 4.5% real was applied. This process demonstrated that the Updated Ore Reserve has a positive NPV. Sensitivities were conducted on the key input parameters including commodity prices, capital and operating costs, ore grade, mined tonnes, exchange rate and metallurgical recoveries confirming the estimate to be robust.

Newcrest stated on 17 February 2022 as part of their Half Year Results Update that the decline experienced difficulty in poor ground conditions during the early stages. The team is working to understand the impact on the development schedule and this may also impact on vertical development. First production ore is expected in FY24 (rather than H1 FY24) and more updates will be provided as information comes to hand.

Approvals

A mining lease has been granted over the orebody and a miscellaneous licence granted along the existing service corridor.

A staged approach for approvals is being undertaken with Stage 1 currently approved which has allowed the development of the box cut, decline and service corridor. These approvals also allow for a waste rock dump, evaporation ponds and supporting infrastructure such as offices and workshops.

Stage 2 approvals are expected to consist of a SLOS underground mine, permanent infrastructure corridor, associated infrastructure and changes to Telfer approvals to accept Havieron tailings in existing tailings storage facilities. The approvals for Stage 2 consist of both Commonwealth and State level approvals with engagement well advanced with all regulatory bodies. The approval timelines outlined in the Stage 1 PFS are considered achievable.

For Stage 2 approvals an application is expected to be made for an additional miscellaneous licence to secure access for an infrastructure corridor to connect Telfer and Havieron (including haul road, powerlines and water pipes). This is not considered a risk to the timelines or project.

Indicative Production Profile (100% terms)

The Updated Ore Reserve is based on the updated Indicated Mineral Resource estimate and approximately 3 Mtpa underground SLOS operation with an expected mine life of 10 years. Ore is proposed to be transported in trucks along a new 55km long haul road to the modified processing plant at the Telfer mine and tailings deposited at Telfer's existing tailings storage facility (TSF).

Multiple stope priority runs were conducted to determine the optimal sequence which maximised the number of years at peak production while reducing and compressing the production tail as much as practical. The production rate of 3 Mtpa for the Havieron SLOS was determined by maximising the steady state production of the sequence.

Table Three : Indicative Updated Ore Reserve Production Profile*:

 
  Year    Plant Feed      Average Gold        Average Copper 
             (Mt)             Grade                Grade 
                        (g/t Au contained)    (% Cu contained) 
  FY24       0.70              3.26                 0.69 
  FY25       2.16              3.03                 0.67 
  FY26       2.69              3.10                 0.47 
  FY27       2.83              2.78                 0.46 
  FY28       2.90              2.52                 0.39 
  FY29       2.74              2.78                 0.37 
  FY30       2.74              3.21                 0.37 
  FY31       3.03              3.28                 0.42 
  FY32       2.92              3.17                 0.35 
  FY33       1.76              2.82                 0.37 
  FY34       0.47              3.25                 0.49 
 Total      24.92             2.98                 0.44 
 

(*) Data is rounded to two decimal places, which may cause some apparent discrepancies in totals. Data represents 100% of the Ore Reserve for Havieron.

Mine Development and Sequence

Sub-Level Open Stoping (SLOS) is a large-scale open stoping method that is conducted over multiple levels at once. Once the stope has been mined out it is backfilled with paste to maintain the overall stability of the opening and enable mining of adjacent stopes. This method is typically applied to strong orebodies that require minimal support and are surrounded by competent country rock, such as the Havieron deposit. Stopes are mined in a checkerboard fashion with primary stopes mined first, followed by the intermediate secondary stopes. The mining sequence is globally top down, divided into a number of different vertical fronts, separated by temporary horizontal sill levels which are recovered after the levels immediately above and below have been mined and filled.

A sub-level spacing of 50m with temporary sill levels located 20m below a mining front were selected. Some sub-level spacings are increased by up to 10m to accommodate the inclusion of ore, minimising additional level development. The design consists of ten semi-independent mining sequences, based on both horizontal and vertical mining fronts.

Infrastructure

The Infrastructure requirements are based on the Stage 1 PFS and contemplate the transport of ore from the mine to Telfer via road trains on an all-weather unsealed road. The road has been designed to withstand a 1-in-a-100-year flood event and maintain access to Havieron.

Power is expected to be supplied to Havieron from Telfer's existing gas power station via a 66 kilovolt (kV) overhead line running parallel to the nominated haul road corridor. Further opportunities to replace these with non-fossil fuel power generation are expected to be evaluated as part of the Feasibility Study during the Forward Works Program.

Telfer currently operates two processing trains with a total capacity of 22 Mtpa. The Havieron ore is expected to be processed through a modified Telfer Train 2 Processing Plant which is expected to operate a single train at 6Mtpa rate on a campaign basis. The Plant modifications are expected to include magnetic separation within the flotation circuit to reduce the amount of pyrrhotite in the final Cu Concentrate and a carbon-in-leach (CIL) circuit on the flotation tail and cyanide detoxification circuit. The expected cost of the plant modifications is included in the project capital estimate. A single train operation provides optionality if higher mining rates are achieved from Havieron or through the extension of Telfer's current mine life (i.e. Telfer ore can be run through the other train with the existing flowsheet). Tailings from ore processed is anticipated to be deposited at the existing Telfer TSF.

Independent Review of the Mineral Resource and Ore Reserve Update

SRK Consulting (Australasia) Pty Ltd has completed an independent technical assessment of the Updated Mineral Resource and Updated Ore Reserve estimates completed by Greatland for the Havieron deposit. As part of that assessment SRK reviewed the Resource and Reserve modelling methods and parameters and found them to be reasonable and to take into consideration all of the current exploration data and levels of technical knowledge of the Havieron deposit.

SRK considers that the Mineral Resources and Ore Reserves have been reported in accordance with guidelines and principles outlined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 edition).

Potential Growth with Ongoing Exploration

The Havieron mineral system as outlined by drill testing to date is a 650m by 350m ovate shaped north west trending alteration zone in which mineralisation is hosted by variable brecciation and sulphide accumulations centred on a complex of nested diorite intrusions. Higher grade zones are associated with increases in sulphide accumulations including pyrrhotite, chalcopyrite and pyrite with quartz. The South East Crescent Zone is a geological domain characterised by massive sulphide accumulations. Mineralisation has been observed to over 1,000m in vertical extent below the 420m of post mineralisation cover sequence.

The Havieron project has significant additional growth potential including:

-- Upgrading of existing Inferred Mineral Resources in both the South East Crescent Zone and adjacent Breccias;

-- Extension of the South East Crescent Zone below the Updated Mineral Resource, where increasing grade and thickness of mineralisation has been observed in recent drilling;

-- Expansion and infill drilling in the Eastern Breccia; and

-- Potential to discover addition mineralisation centres outside of the immediate ovoid pipe

At the South East Crescent Zone, growth drilling has reported significant intersections 200m below the Updated Mineral Resource. Drilling continues to assess the depth extents of South East Crescent Zone which now has a vertical extent of over 1,000m.

The deepest drill hole within the resource is HAD133W1, approximately 850m below the unconformity, with the system open beneath this hole.

-- HAD133W1

-- 133m @ 7.0g/t Au & 0.05% Cu from 1,446m

-- including 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m

-- including 20m @ 11g/t Au & 0.04% Cu from 1,519m

The true width of this intersection is approximately 60m.

Results external to or below the Mineral Resource include HAD86W3 and HAD029:

-- HAD086W3

-- 44.7m @ 7.1g/t Au & 0.17% Cu from 1,412m

-- including 20.2m @ 15g/t Au & 0.29% Cu from 1,421m

-- 48m @ 2.2g/t Au & 0.15% Cu from 1,525m

-- including 26.9m @ 3.7g/t Au & 0.26% Cu from 1,538.1m

-- HAD029

-- 134.2m @ 0.81g/t Au & 0.23% Cu from 1,460m

-- including 23m @ 2.7g/t Au & 0.14% Cu from 1,473m

As announced by Greatland on 28 January 2022, HAD086W3 returned two Crescent Sulphide Zone intersections, with assays for the lower portion of the drill hole reporting 48m @ 2.2g/t Au & 0.15% Cu from 1,525m, including 26.9m @ 3.7g/t Au & 0.26% Cu from 1,538.1m. These results along with high grade hole HAD133W1, approximately 100m to the southeast continue to support extensions of the South East Crescent Zone at depth. Drilling continues to assess the depth extents of the South East Crescent Zone which now has a vertical extent of over 1000m.

At the Eastern Breccia, drilling targeting strike extensions from previously reported drill holes HAD083 and HAD084 indicate the potential for the Eastern Breccia to represent a separate North West trending mineralised corridor, with an alteration footprint of approximately 600m in strike, adjacent to the ovoid Havieron breccia system and associated South East Crescent Zone.

Recently reported sulphide rich, Crescent Zone like higher grade zones appear to be developed internal to this Eastern Breccia Complex. The most significant intercept to date was returned from HAD104, reporting 62.5m @ 5.9g/t Au & 0.30% Cu from 1,546.5m, including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m. The intercept is related to massive sulphide and quartz infill, which is characteristic of the South East Crescent Zone. The intercept is 200m south east of the previously reported Eastern Breccia drillholes. HAD104 has highlighted the potential for this separate NW trending Eastern Breccia corridor to host Crescent Sulphide Zone style high grade mineralisation. Drilling is now focussed on defining the extents of this higher grade mineralisation seen in HAD104 which remains open in all directions.

Results For HAD104 include:

-- HAD104

-- 62.5m @ 5.9g/t Au & 0.30% Cu from 1,546.5m

-- including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m

In addition to this release, a PDF version of this report with supplementary information can be found at the

Company's website:   www.greatlandgold.com/media/jorc/ . 

Competent Persons Statements:

Information in this announcement that relates to exploration or development results has been extracted from the following announcements:

"Havieron Exploration and Development Update", dated 28 January 2022 (Greatland)

"Quarterly Exploration Report", dated 28 January 2022 (Newcrest)

"Havieron Exploration and Development Update", dated 9 December 2021 (Greatland)

"Exploration Update", dated 9 December 2021 (Newcrest)

"Havieron Exploration and Development Update", dated 28 October 2021 (Greatland)

"Quarterly Exploration Report", dated 28 October 2021 (Newcrest)

"Havieron Maiden Pre Feasibility Study", dated 12 October 2021 (Greatland)

"Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021 (Newcrest)

"Havieron Development and Exploration Update" dated 9 September 2021 (Greatland)

"Exploration Update", dated 9 September 2021 (Newcrest)

"Havieron Development and Exploration Update" dated 22 July 2021 (Greatland)

"Quarterly Exploration Report", dated 22 July 2021 (Newcrest)

"Further Excellent Growth Drilling Results at Havieron", dated 10 June 2021 (Greatland)

"Exploration Update", dated 10 June 2021 (Newcrest)

"Excellent Growth Drilling Results at Havieron", dated 29 April 2021 (Greatland)

"Quarterly Exploration Report", dated 29 April 2021 (Newcrest)

"Further Outstanding Infill Drilling Results at Havieron", dated 11 March 2021 (Greatland)

"Exploration Update", dated 11 March 2021 (Newcrest)

"Newcrest Reports Further Drilling Results at Havieron", dated 28 January 2021 (Greatland)

"Quarterly Exploration Report", dated 28 January 2021 (Newcrest)

"Newcrest Reports Further Drilling Results at Havieron", dated 10 December 2020 (Greatland)

"Exploration Update", dated 10 December 2020 (Newcrest)

"Initial Inferred Mineral Resource Estimate for Havieron", dated 10 December 2020 (Greatland)

"Initial Inferred Mineral Resource Estimate for Havieron", dated 10 December 2020 (Newcrest)

"Drilling Results at Havieron Highlight Potential New Eastern Breccia Target", dated 29 October 2020 (Greatland)

"Quarterly Exploration Report", dated 29 October 2020 (Newcrest)

"Latest Drilling Results at Havieron Highlight Potential Bulk Tonnage Target", dated 10 September 2020 (Greatland)

"Exploration Update", dated 10 September 2020 (Newcrest)

"Newcrest Identifies New Zone of Breccia Mineralisation at Havieron", dated 23 July 2020 (Greatland)

"Quarterly Exploration Report", dated 23 July 2020 (Newcrest)

"Further Outstanding Drill Results from Havieron", dated 11 June 2020 (Greatland)

"Exploration Update", dated 11 June 2020 (Newcrest)

"Newcrest Reports Further Outstanding Drill Results at Havieron", dated 30 April 2020 (Greatland)

"Quarterly Exploration Report", dated 30 April 2020 (Newcrest)

"Newcrest Reports Further Outstanding Drill Results at Havieron", dated 11 March 2020 (Greatland)

"Exploration and Guidance Update", dated 11 March 2020 (Newcrest)

"Further Outstanding Drill Results at Havieron", dated 30 January 2020 (Greatland)

"Quarterly Exploration Report", dated 30 January 2020 (Newcrest)

"New Outstanding Drill Results at Havieron Extend the Strike Length of High-Grade Mineralisation",

dated 2 December 2019 (Greatland)

"Exploration Update - Havieron", dated 2 December 2019 (Newcrest)

"Further High-Grade Drilling Results from Newcrest's Campaign at Havieron", dated 24 October 2019 (Greatland)

"Quarterly Exploration Report - September 2019", dated 24 October 2019 (Newcrest)

"Update on Newcrest Drilling Results at Havieron", dated 10 September 2019 (Greatland)

"Exploration Update - Havieron", dated 10 September 2019 (Newcrest)

"First Results from Newcrest's Drilling Campaign at Havieron", dated 25 July 2019 (Greatland)

"Newcrest Quarterly Exploration Report - June 2019", dated 25 July 2019 (Newcrest)

Information in this announcement pertaining to Reporting of Exploration Results, including Sampling Techniques and Data, has been reviewed and approved by Mr John McIntyre, a Member of the Australian Institute of Geoscientists (MAIG), who has more than 30 years relevant industry experience. Mr McIntyre is an employee of the Company and has a shareholding in Greatland Gold plc. Mr McIntyre has sufficient experience relevant to the style of mineralisation and 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 McIntyre consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr McIntyre confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

Information in this announcement pertaining to Estimation and Reporting of Mineral Resources, has been reviewed and approved by Mr Stuart Masters, a Member of the Australian Institute of Geoscientists (MAIG) and a Fellow of The Australasian Institute of Mining and Metallurgy (FAusIMM), who has more than 35 years relevant industry experience. Mr Masters is the Principal Consultant and Director of CS-2 Pty Ltd, and has no financial interest in Greatland Gold plc or its related entities. Mr Masters has sufficient experience relevant to the style of mineralisation and 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 Masters consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr Masters confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

Information in this announcement pertaining to Estimation and Reporting of Ore Reserves, has been reviewed and approved by Mr Otto Richter, a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM), who has more than 20 years relevant industry experience. Mr Richter is an employee of the Company and has no financial interest in Greatland Gold plc or its related entities. Mr Richter has sufficient experience relevant to the style of mineralisation and 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 Richter consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr Richter confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a leading mining development and exploration company with a focus on precious and base metals . The Company's flagship asset is the world-class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development in Joint Venture with Newcrest Mining Ltd.

Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to a positive decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low cost pathway to development. An extensive growth drilling program is presently underway. Construction of the box cut and decline to develop the Havieron deposit commenced in February 2021.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of Tier 1 mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.

Appendix 1

JORC Code, 2012 Edition - Table 1

Section 1: Sampling Techniques and Data

 
 
 Sampling techniques   Diamond drilling core samples are obtained from core 
                        drilling in Proterozoic basement lithologies. 
                        Core is cut along the orientation line and one half 
                        consistently sampled. 
                        PQ-HQ and NQ diameter core was drilled on a 6m run. 
                        Core was cut using an automated core-cutter and half 
                        core sampled at 1m intervals or at breaks for major 
                        geological changes. Sampling intervals range from 0.2 
                        - 2.0m. Sample weights were typically between 0.6 and 
                        5.9 kg. Cover sequences were not sampled. 
--------------------  -------------------------------------------------------------------- 
 Drilling techniques   Permian Paterson Formation cover sequence was drilled 
                        using mud rotary drilling. Depths of cover typically 
                        observed to approximately 420m vertically below surface. 
                        Steel casing was emplaced to secure the pre-collar. 
                        Core drilling was advanced from the base of the cover 
                        sequence with PQ3, HQ3 and NQ2 diameter double tube 
                        coring configuration with minor HQ and PQ triple tube 
                        configuration. Navi drilling was undertaken to start 
                        wedged holes from parent holes. 
                        Core from inclined drill holes are oriented on 3m and 
                        6m runs using an electronic core orientation tool (Reflex 
                        ACTIII). At the end of each run, the bottom of hole 
                        position is marked by the driller, which is later transferred 
                        to the whole drill core run length with a bottom of 
                        hole reference line. 
--------------------  -------------------------------------------------------------------- 
 Drill sample          Core recovery is systematically recorded from the commencement 
  recovery              of coring to end of hole, by reconciling recovered core 
                        measurements against driller's depth blocks in each 
                        core tray, as recorded in the database. Driller's depth 
                        blocks provided the depth, interval of core recovered, 
                        and interval of core drilled. Core recoveries below 
                        the cover sequence were typically 100%, with isolated 
                        zones of lower recovery. Cover sequence drilling by 
                        the mud-rotary drilling did not yield recoverable samples. 
                        Those sections of wedge holes that were Navi drilled 
                        did not produce recoverable sample material and have 
                        not been sampled. 
                        No specific measures have been taken to maximise recovery, 
                        other than employing professional and well respected 
                        drillers; 
                        There is no discernible relationship between sample 
                        recovery and the grade of any important variable. 
--------------------  -------------------------------------------------------------------- 
 Logging               Geological logging recorded qualitative descriptions 
                        of lithology, alteration, mineralisation, veining, and 
                        structure (for all core drilled, 209,911 of drilling 
                        from 311 holes drilled up until 2 December 2021, all 
                        intersecting mineralisation), including orientation 
                        of key geological features. 
                        Geotechnical measurements including Rock Quality Designation 
                        (RQD) fracture frequency, solid core recovery and qualitative 
                        rock strength measurements were recorded by Geologists 
                        or Geotechnical Engineers. 
                        All geological and geotechnical logging was conducted 
                        at the Havieron site. 
                        Magnetic susceptibility measurements were recorded every 
                        metre. The bulk density of selected drill core intervals 
                        was determined at site on whole core samples. 
                        Digital data logging was captured on diamond drill core 
                        intervals only, and all data validated and stored in 
                        a Datashed database. 
                        All drill cores were photographed (wet and dry), prior 
                        to cutting and/or sampling the core. 
                        The logging is of sufficient quality to support Mineral 
                        Resource estimates, mining studies and metallurgical 
                        studies 
                        100 percent of recovered core in the basement rocks 
                        has been logged. 
--------------------  -------------------------------------------------------------------- 
 Sub-sampling          Core was cut and sampled at the Telfer or Havieron core 
  techniques            processing facilities. Half core samples were collected 
  and sample            in pre-numbered calico bags and grouped into bulk bags 
  preparation           for dispatch to the laboratory. Sample weights typically 
                        varied from 0.7 to 5.6kg. Sample sizes are considered 
                        appropriate for the style of mineralisation. Sample 
                        lengths typically ranged from 0.24 to 2m with 54% of 
                        sample being 1m in length. Drill core samples were freighted 
                        by air and road to the laboratory. 
                        Navi drill holes did not produce recoverable material 
                        and have not been sampled. 
                        Sample preparation was conducted at the independent 
                        ISO17025 accredited Intertek Laboratory, Perth (Intertek). 
                        Samples were dried at 105(o) C, and crushed to 95% passing 
                        4.75mm, and then split to obtain up to 3kg sub-sample, 
                        which was pulverised (using LM5) to produce a pulped 
                        product with the minimum standard of 95% passing 106<MU>m. 
                        Routine grind size analysis is conducted. Duplicate 
                        samples were collected from crush and pulp samples at 
                        a rate of 1:20. 
 
                        Coarse Crush and Pulp Duplicate results show an acceptable 
                        level of variability for the material sampled and style 
                        of mineralisation. 
                        Periodic size checks (1:20) for crush and pulp samples 
                        and sample weights are provided by the laboratory and 
                        recorded in the Datashed database. Field Duplicate samples 
                        are not (routinely) taken. 
                        Sampling and sample preparation sizes and quality control 
                        protocols are considered appropriate to the grain size 
                        of the material being sampled. 
                      -------------------------------------------------------------------- 
 Quality of            Assaying of drill core samples was conducted at Intertek. 
  assay data            All samples were assayed for 48 elements using a 4-acid 
  and laboratory        digestion followed by ICP-AES/ICP-MS determination (method 
  tests                 4A/MS907), which is considered to provide a total assay 
                        for copper. Gold analyses were determined by 50g fire 
                        assay with AAS finish (method FA50N/AA), which is considered 
                        to provide a total assay for gold. 
                        No other analytical methods or tools have been used 
                        in the estimation. 
                        Sampling and assaying quality control procedures consisted 
                        of inclusion of certified reference material (CRMs), 
                        coarse residue and pulp duplicates with each batch (at 
                        least 1:20). Assays of quality control samples were 
                        compared with reference samples in the Datashed database 
                        and verified as acceptable prior to use of data from 
                        analysed batches. Batches failing QA/QC tests were re-submitted 
                        for assay. 
                        Laboratory quality control data, including laboratory 
                        standards, blanks, duplicates, repeats and grind size 
                        results are captured in the Datashed database and assessed 
                        for accuracy and precision for recent data. 
                        Extended quality control programs including pulp samples 
                        submitted to an umpire laboratory. 
                        Analysis of the available quality control sample assay 
                        results indicates that an acceptable level of accuracy 
                        and precision has been achieved and the database contains 
                        no analytical data that has been numerically manipulated. 
                        The assaying techniques and quality control protocols 
                        used are considered appropriate for the data to be used 
                        for reporting Exploration Results and Mineral Resources. 
                      -------------------------------------------------------------------- 
 Verification          Assessment of reported significant assay intervals was 
  of sampling           verified by re-logging of diamond drill core intervals 
  and assaying          and assessment of high-resolution core photography. 
                        The verification of significant intersections has been 
                        completed by Newcrest personnel and Newcrest's Competent 
                        Person/Qualified Person. 
                        No twinned holes have been drilled, however there are 
                        many 'wedge/daughter' holes that provide close-spaced 
                        intersections in adjacent holes. 
                        Sampling intervals defined by the geologist are electronically 
                        assigned sample identification numbers prior to core 
                        cutting. Corresponding sample numbers matching pre-labelled 
                        calico bags are assigned to each interval. Electronically 
                        generated sample submission forms providing the sample 
                        identification number accompany each submission to the 
                        laboratory. Assay results from the laboratory with corresponding 
                        sample identification are loaded directly into the Datashed 
                        database. 
                        No adjustments are made to any assay data. 
                        There are no currently known drilling, sampling, recovery, 
                        or other factors that could materially affect the accuracy 
                        or reliability of the data. 
                      -------------------------------------------------------------------- 
 Location of           Drill hole collar locations were surveyed using a differential 
  data points           GPS with GNSS with a stated accuracy of +/- 0.5m for 
                        all drill holes reported. 
                        Drill rig alignment was attained using an electronic 
                        azimuth aligner. 
                        Downhole survey was collected at 6-12m intervals in 
                        the cover sequence, and every 6 to 30m in diamond drill 
                        core segments of the drill hole using single shot (Axis 
                        Mining Champ Gyro). The single shot surveys have been 
                        validated using continuous survey to surface (Axis Mining 
                        Champ) along with a selection of drill holes re-surveyed 
                        by an external survey contactor using a DeviGyro tool 
                        - confirming sufficient accuracy for downhole spatial 
                        recording. 
 
                        All collar coordinates are provided in the Geocentric 
                        Datum of Australian (GDA20 Zone 51). All relative depth 
                        information is reported in AHD +5000m. 
                        A LIDAR survey was completed over the project area in 
                        Nov 2019 which was used to prepare a DEM / topographic 
                        model for the project with a spatial accuracy of +/- 
                        0.1m vertical and +/- 0.3m horizontal. The topography 
                        is generally low relief to flat, elevation within the 
                        dune corridors in ranges between 250-265m Australian 
                        Height Datum (AHD) steepening to the southeast. Easting 
                        and Northing coordinates are provided in the Geocentric 
                        Datum of Australian (GDA20 Zone 51) and all vertical 
                        level information is reported in AHD +5000m. 
--------------------  -------------------------------------------------------------------- 
 Data spacing          Within the South East Crescent Zone and Breccia Zone 
  and distribution      and Eastern Breccia drill hole spacing ranges from 50 
                        by 100m, to 50 by 50m within the current resource extents. 
                        Outside the resource boundary drill hole spacing ranges 
                        from 50 to 200m in lateral extent within the Breccia 
                        Zone over an area of 2km2. 
                        The data spacing is sufficient to establish the degree 
                        of geological and grade continuity appropriate for the 
                        Mineral Resource and Ore Reserve estimation procedure(s) 
                        and classifications applied. 
                        Samples have not been composited. 
--------------------  -------------------------------------------------------------------- 
 Orientation           Drill holes targeting the Crescent Zone are oriented 
  of data in            to intersect the steeply dipping high-grade sulphide 
  relation to           mineralisation zones at an angle of greater than 40 
  geological            degrees. As such, the drilled length of reported intersections 
  structure             is typically greater than true width of mineralisation 
                        in this Zone. Most of these holes also intersect the 
                        adjacent Breccia Zones. 
                        Drill holes targeting the Breccia Zones are oriented 
                        to intersect at angles either broadly perpendicular 
                        to the adjacent Crescent Sulphide Zones, or if drilling 
                        away from the South East Crescent Zone area, at intersections 
                        broadly perpendicular to the elongation of the ovoid 
                        breccia body. Given the lower level of understanding 
                        of the breccia geometries it is not possible to quantify 
                        the relationship between drilled and true length of 
                        reported intersections in these Zones. 
                        The attitudes of the South East Crescent Zone and Main 
                        (Northern) Breccia Zone and the variety in drilling 
                        orientations through such suggest no sample orientation 
                        related biases affect these zones. 
                        The Eastern Breccia, which is interpreted to strike 
                        north-westerly and dip steeply, is intersected almost 
                        exclusively with moderate-steep west-to-east drilling. 
--------------------  -------------------------------------------------------------------- 
 Sample security       The security of samples is controlled by tracking samples 
                        from drill rig to database. 
                        Drill core was delivered from the drill rig to the Havieron 
                        core yard every shift. On completion of geological and 
                        geotechnical logging, core processing was initially 
                        completed by Newcrest personnel at the Telfer facility 
                        but later done at the Havieron facility once it was 
                        operational. 
 
                        Samples were freighted in sealed bags by air and road 
                        to the Laboratory, within the custody of Newcrest representatives. 
                        Sample numbers are generated directly from the database. 
                        All samples are collected in pre-numbered calico bags. 
 
                        Verification of sample numbers and identification is 
                        conducted by the laboratory on receipt of samples, and 
                        sample receipt advice issued to Newcrest. 
                        Details of all sample movement are recorded in a database 
                        table. Dates, Hole ID sample ranges, and the analytical 
                        suite requested are recorded with the dispatch of samples 
                        to analytical services. Any discrepancies logged at 
                        the receipt of samples into the analytical services 
                        are validated. 
--------------------  -------------------------------------------------------------------- 
 Audits or             Internal reviews by Newcrest (JV Manager) of the core 
  reviews               handling, sample preparation and assays laboratories 
                        are conducted on a regular basis by both project personnel 
                        and owner representatives and have not identified any 
                        material issues affecting the reliability of the sampling 
                        techniques and data. 
                        In the Competent Person's opinion, the sample preparation, 
                        security and analytical procedures are consistent with 
                        current industry standards and are appropriate and acceptable 
                        for the styles of mineralisation identified and will 
                        be appropriate for use in the reporting of Exploration 
                        Results and Mineral Resource estimates. No drilling, 
                        sampling or recovery factors that materially impact 
                        the reliability of the results of the drilling programme 
                        have been identified. 
--------------------  -------------------------------------------------------------------- 
 

Section 2: Reporting of Exploration Results

 
 
 Mineral tenement          The Havieron Project is located within mining tenement 
  and land tenure           M45/1287 and is jointly owned by Greatland Pty Ltd and 
  status                    Newcrest Operations Limited ("Newcrest") . Newcrest 
                            has entered into a Joint Venture Agreement (effective 
                            30 November 2020) and Farm-In Agreement (effective 12 
                            March 2019) with Greatland Pty Ltd and Greatland Gold 
                            plc. Newcrest currently holds a 60% joint venture interest 
                            and is entitled (subject to the terms of the Joint Venture 
                            Agreement) to an additional 10% interest, giving an 
                            aggregate interest of 70% (Greatland 30%). Newcrest 
                            also has an option to acquire a further 5% joint venture 
                            interest at fair market value. 
                            Newcrest and the WDLAC are parties to an ILUA which 
                            relates to the use of native title land for Newcrest's 
                            current operations at Telfer and its activities within 
                            a 60-km radius around Telfer and includes its exploration 
                            activities at Havieron. The parties have agreed that 
                            the ILUA will apply to any future development activities 
                            by the Joint Venture Participants (Newcrest and Greatland) 
                            at Havieron. 
                            The mining tenement M45/1287 was granted on 10 September 
                            2020. 
                          ------------------------------------------------------------------- 
 Exploration               Newcrest completed six core holes in the vicinity of 
  done by other             the Havieron Project from 1991 to 2003. Greatland Gold 
  parties                   completed drill targeting and drilling of nine Reverse 
                            Circulation (RC) drill holes with core tails for a total 
                            of approximately 6,800m in 2018. Results of drilling 
                            programs conducted by Greatland have previously been 
                            reported on the Greatland website. 
                          ------------------------------------------------------------------- 
 Geology                   The Havieron Project is located within the north-western 
                            exposure of the Palaeo-Proterozoic to Neoproterozoic 
                            Paterson Orogen (formerly Paterson Province), 45 km 
                            east of Telfer. The Yeneena Supergroup hosts the Havieron 
                            prospect and consists of a 9km thick sequence of marine 
                            sedimentary rocks and is entirely overlain by approximately 
                            420m of Phanerozoic sediments of the Paterson Formation 
                            and Quaternary aeolian sediments. 
                            Gold and copper mineralisation at Havieron consist of 
                            breccia, vein and massive sulphide replacement gold 
                            and copper mineralisation typical of intrusion-related 
                            and skarn styles of mineralisation. Mineralisation is 
                            hosted by metasedimentary rocks (meta-sandstones, meta-siltstones 
                            and meta-carbonate) and intrusive rocks of an undetermined 
                            age. The main mineral assemblage contains well developed 
                            pyrrhotite-chalcopyrite and pyrite sulphide mineral 
                            assemblages as breccia and vein infill, and massive 
                            sulphide lenses. The main mineralisation event is associated 
                            with amphibole-carbonate-biotite-sericite-chlorite wall 
                            rock alteration. Drilling has partially defined the 
                            extents of mineralisation which are observed over a 
                            650m by 350m ovoid area, and to depths of up to 1500m 
                            below surface. 
                          ------------------------------------------------------------------- 
 Drill hole                Not applicable as this release does not include new 
  Information               Exploration Results. Refer to previous exploration releases 
                            for drillhole information of the previously reported 
                            intercepts highlighted in this report and used in the 
                            Mineral Resource Estimate. 
                          ------------------------------------------------------------------- 
 Data aggregation          Not applicable as this release does not include new 
  methods                   Exploration Results. Refer to previous exploration releases 
                            for drillhole information of the previously reported 
                            intercepts highlighted in this report and used in the 
                            Mineral Resource Estimate. 
                          ------------------------------------------------------------------- 
 Relationship              Not applicable as this release does not include new 
  between mineralisation    Exploration Results. Refer to previous exploration releases 
  widths and                for drillhole information of the previously reported 
  intercept                 intercepts highlighted in this report and used in the 
  lengths                   Mineral Resource Estimate. 
                          ------------------------------------------------------------------- 
 Diagrams                  Diagrams outlining the extent of the Updated Mineral 
                            Resources and Updated Ore Reserves compared to the Stage 
                            1 PFS Resources and Reserves are shown in the body of 
                            the announcement. 
                            Otherwise not applicable as this release does not include 
                            new Exploration Results. 
                          ------------------------------------------------------------------- 
 Balanced reporting        This report includes highlights of drilling from previously 
                            released drillhole intercepts. There have been twenty 
                            one Exploration Results releases for this project made 
                            by Newcrest and Greatland. Previous release dates are 
                            25 July 2019, 10 September 2019, 24 October 2019, 2 
                            December 2019, 30 January 2020, 11 March 2020, 30 April 
                            2020, 11 June 2020, 23 July 2020, 10 September 2020, 
                            29 October 2020, 10 December 2020, 28 January 2021, 
                            11 March 2021, 29 April 2021, 10 June 2021, 22 July 
                            2021, 9 September 2021, 28 October 2021, 9 December 
                            2021 and 28 January 2022. 
                            Previous exploration programs conducted by Newcrest 
                            and Greatland have been reported. Exploration drilling 
                            programs are ongoing and further material results will 
                            be reported in subsequent releases. 
                          ------------------------------------------------------------------- 
 Other substantive         Not applicable as this release does not include Exploration 
  exploration               Results. 
  data 
                          ------------------------------------------------------------------- 
 Further work              Infill and/ or extension drilling is underway on the 
                            Inferred Mineral Resource portion of the South East 
                            Crescent Zone, looking to upgrade a significant portion 
                            of the Inferred Mineral Resource to Indicated Mineral 
                            Resource; extension and infill of the Eastern Breccia. 
                            Growth drilling is underway to extend the limits of 
                            the mineralised system down depth and looking to establish 
                            additional resources outside those stated in this announcement. 
                          ------------------------------------------------------------------- 
 

Section 3: Estimation and Reporting of Mineral Resources

 
 
 Database integrity   Data logged or received by Newcrest are stored in a 
                       SQL acQuire database. Assay and geological data are 
                       electronically loaded into acQuire and the database 
                       is replicated in Newcrest's centralised database system 
                       in Melbourne. In-built validation tools are used in 
                       the acQuire(TM) database and data loggers are used to 
                       minimise keystroke errors, flag potential errors and 
                       validate against internal library codes. Regular reviews 
                       of data quality are conducted by site and corporate 
                       teams prior to resource estimation. Final surveyed collars 
                       are checked against the original collar GPS pickup and 
                       the Lidar topographic surface. Downhole surveys are 
                       checked visually and statistically for outliers. Assay 
                       data is checked for negative, extreme, missing and overlapping 
                       samples. Below detection assay values are set to half 
                       the lower detection limit for estimation. Geological 
                       domains are reviewed against core photography, geochemistry 
                       and Corescan data and checked for overlaps and missing 
                       intervals. Data that is found to be in error is investigated 
                       and corrected where possible. If the data cannot be 
                       corrected it is removed from the data set used for resource 
                       modelling and estimation. 
 
                       Newcrest provides Greatland with a 'data pack' approximately 
                       every 6 weeks containing new drilling data and assay 
                       results. Assay data is imported into Greatland's Datashed 
                       database directly from the Laboratory assay reports, 
                       including laboratory QA/QC data. 
-------------------  ------------------------------------------------------------------- 
 Site visits          The Competent Person for Mineral Resources visited Havieron 
                       site in November 2021, during which he inspected drilling, 
                       sampling, logging, selected drill core, the core cutting 
                       facility which was inactive at the time and is satisfied 
                       that the data and information generated and is suitable 
                       for resource estimation and subsequent reporting in 
                       compliance with the JORC Code (2012). 
-------------------  ------------------------------------------------------------------- 
 Geological           The geology model defines several mineralised zones, 
  interpretation       including a Crescent Zone (containing the sulphide rich 
                       material in the area named the "South East Crescent 
                       Zone") and several Breccia types (Cemented Breccia (CB) 
                       and Crackle Breccia (CBX)) and domains (Havieron and 
                       Eastern breccias), and several unmineralised zones (Dolerite 
                       Dyke, Calc-silicate country rocks, Permian sequence 
                       and Cover). These zones are based on grouped primary 
                       logging domain codes interpreted from drill cores, mineralogical 
                       logs and assay data. GPL has incorporated much of the 
                       previously reported Actinolite Breccia (ACBX) zone into 
                       its CB and CBX zones on the bases of their similarity 
                       of spatial grade distributions and geometries, and absence 
                       of sharp contrasts in gold and copper grades between 
                       them. These zones have been modelled into 3D solids 
                       in Leapfrog Geo 6.1 using vein, intrusive and erosional 
                       implicant models. 
 
                       The increased presence of northwest trending, steeply 
                       dipping diorites in the breccias corresponds to a increase 
                       in grade, but these diorites have not been modelled. 
                       However, their impact is represented to a large extent 
                       by the choice of search neighbourhood parameters. 
 
                       The confidence in the location and geometry of Crescent 
                       Zone is generally high but decreases as the informing 
                       data become more sparse. In some places there is no 
                       distinct grade boundary with the adjacent breccias (especially 
                       for gold, copper and sulphur) and a "buffer" zone was 
                       interpreted to represent such, but analysis of this 
                       zone did not support its use in the final model. 
 
                       The confidence in the location and geometry of the breccias 
                       in the Havieron Breccia zones is variable, but considered 
                       moderate in the densely drilled parts of such. However, 
                       the confidence decreases markedly as the scale is decreased. 
                       As such, this model is not a suitable basis for assessing 
                       selective mining options for these zones. 
 
                       The confidence in the location and geometry of the breccias 
                       in the Eastern Breccia zones is variable, but decreases 
                       as the informing data become more sparse. As such, this 
                       model is not a suitable basis for assessing selective 
                       mining options for these zones. In addition, almost 
                       all of the drill holes intersecting these breccias trend 
                       from west-to-east. 
 
                       The confidence in the location and geometry of the Dolerite 
                       Dyke, Calc-Shales and Base of Permian is very high given 
                       their relative importance to the resource estimates. 
 
                       The interpretation is based mainly on drill hole logging 
                       and assay data as previously described in this Table. 
                       In addition, Greatland acknowledges the extensive ground 
                       work undertaken by Newcrest in identifying and interpreting 
                       the geology and agrees with the broad geological domains 
                       defined in the geological model. 
 
                       The Crescent Zone is generally very well defined and 
                       it is difficult to generate an alternative, plausible 
                       and materially different zone from the available data. 
                       The zone is typically intersected where expected by 
                       new drilling. 
 
                       The Breccia zones are reasonably well defined at a large 
                       scale but are much less well defined at the short scale 
                       owing to the low geological and grade continuity of 
                       such. However, it is difficult to generate alternative, 
                       plausible and materially different zones from the available 
                       data. 
 
                       Geological controls on estimation are implicit in the 
                       domaining and the nature of their boundaries. In addition, 
                       the northwest striking , steeply dipping trend of the 
                       diorites is reflected in the choice of search parameters 
                       within the breccia. 
 
                       Factors affecting continuity both of grade and geology 
                       include the change in type and intensity of brecciation 
                       and breccia fill (veining) across the Havieron system. 
                       Greatland considers the brecciation is logged and modelled 
                       in sufficient detail to be used in the estimation. 
-------------------  ------------------------------------------------------------------- 
 Dimension            Variable brecciation, alteration and sulphide mineralisation 
                       are observed with a footprint with dimensions of 650m 
                       x 350m trending in a north west orientation and over 
                       1100m in vertical extent below 420m of cover. The Crescent 
                       Zone Mineral Resource extents are 550m in unfolded 
                       plan section, between 5-40m true width and 1000m in 
                       vertical extent, mineralisation remains open at depth. 
 
                       The Breccia Mineral Resource extents occurs as a 50-100m 
                       sleeve marginal to the Crescent Zone Mineral Resource 
                       and also a 250x50x300 NW trending zone in the north 
                       western half on the breccia complex, the "Northern Breccia" 
                       which remains open at depth and to the northwest. 
 
                       The Eastern Breccia Mineral Resource has dimensions 
                       of 200m strike x150m width x 250m vertical extent. 
-------------------  ------------------------------------------------------------------- 
 Estimation           Greatland used nominal 5m composites on a domain-wise 
  and modelling        basis for variography, search neighbourhood optimisation 
  techniques           and estimation, with the actual composite length for 
                       each intersection adjusted to minimise the amount of 
                       'short tails'. 
 
                       A geostatistical review using the data up to 2 December 
                       2021 confirmed that the gold and copper grade distributions 
                       showed that the Breccia Zones are moderately diffusive 
                       in nature, and the Crescent Zone is relatively weakly 
                       diffusive in nature. Even though the Crescent Zone is 
                       weakly diffusive in nature, Ordinary Kriging (OK) is 
                       considered an appropriate estimator given the geological 
                       setting, geological observations from the logging data, 
                       geometry of the domain and its tenor relative to the 
                       likely operating cut-off grade. That review also broadly 
                       confirmed the validity of the variogram models and search 
                       neighbourhoods used by Newcrest for the Stage 1 PFS 
                       Model, although Greatland refined the parameters based 
                       on the more extensive data set and an improved approach 
                       to unfolding for the Crescent Zone. 
 
                       Composite data for gold, copper and bismuth were declustered 
                       using a cell-declustering approach for each domain. 
 
                       Outlier grades were dealt with through top cutting for 
                       each variable on a domain-basis, with top-cuts generally 
                       around the 99th percentile of the declustered distribution. 
 
                       Greatland used a 'manual unfolding' method (undertaken 
                       in Micromine) for the Crescent Zone that yielded more 
                       robust variograms and subsequently greater confidence 
                       in the variogram models and estimates of gold and copper 
                       for this zone (note that the model blocks were also 
                       unfolded, but this meant that parent-cell estimation 
                       could not be used for this zone). This method uses an 
                       underlying controlling surface that represents the mid-surface 
                       of the solid that was created by GPL. Whilst the unfolding 
                       was not perfect, it was considered to be an improvement 
                       on the previous approach. 
 
                       Greatland used a 'trend model' method (undertaken in 
                       Micromine) to guide the estimation of grade and density 
                       for the Breccia zones. This approach generates a locally 
                       varying anisotropy (LVA) for each block that orients 
                       the search ellipse and variogram model to the local 
                       geometry. This approach does not explicitly unfold the 
                       composite data or block model. 
 
                       A quantitative kriging neighbourhood analysis (QKNA) 
                       was undertaken on gold for each domain with the aim 
                       to maximise the slope-of-regression and kriging efficiency, 
                       whilst minimising the percentage of negative weights. 
                       Large search radii were used but with maximum number 
                       of points constraints to meet these aims. Search ellipsoids 
                       were aligned with variogram model ellipses. 
 
                       All estimates used a hard boundary between the Crescent 
                       Zone and other domains. A transitional boundary of around 
                       20m was used between the Cemented and Crackle Breccias 
                       to reflect the variable nature of this boundary. Only 
                       blocks 10m either side of the Cement and Crackle Breccia 
                       boundaries were allowed to utilise the transitional 
                       boundary data, the remainder of the breccia was estimated 
                       from only data within their respective domains. 
 
                       Density was estimated by OK (rather than IDW previously) 
                       on a domain-wise basis owing to the more extensive database 
                       for this model. Whilst density is most strongly correlated 
                       with iron (Fe) and, to a lesser extent, sulphur (S), 
                       it is also significantly influenced by the domain, with 
                       the Crescent domain capturing the high iron and sulphur 
                       grades, and thus density, very well. 
 
                       Gold and copper were estimated in a single pass for 
                       each domain, whereas bismuth and density were estimated 
                       using two-passes. Bismuth was primarily estimated in 
                       2 passes to better honour its spatially bimodal distribution. 
 
                       Around 30% of the Inferred resources in the Eastern 
                       Breccia are based on composites with a closest distance 
                       to the block of more than 30m and data from less than 
                       4 holes, which GPL has used to define extrapolation. 
 
                       These blocks are mainly on the edges of the domain as 
                       exhibited in the following plan views at 60m intervals 
                       of the extrapolated blocks colour coded by distance 
                       to nearest informing composite (interpolated blocks 
                       not shown for clarity), as well as the location of the 
                       informing composites (window +/-10m) 
 
 
 
                       The following table shows the proportion of resource 
                       tonnage where the nearest informing composite is more 
                       than 30m away from the block by domain and category: 
 
 
 
                       Grades and density were estimated in Micromine 2022 
                       software. 
 
                       The sensitivity of the Crescent Zone gold estimates 
                       to various top cut, search neighbourhood and variogram 
                       model parameters was assessed with variations commensurate 
                       with that implied by the resource classification. 
 
                       There has been no production from Havieron. 
 
                       Gold and copper are the only revenue generating products 
                       assumed to be recovered. There is sufficient metallurgical 
                       testwork to support these assumptions for the Crescent 
                       and Havieron Breccia domains. The Eastern Breccia domain 
                       is assumed to have similar metallurgical properties 
                       to the Havieron Breccia domain. The resource does not 
                       include any by-products. 
 
                       Bismuth has been estimated into the gold-based domains 
                       using a similar approach as for estimating gold and 
                       copper, but with bismuth-specific parameters and a two-pass 
                       search plan. 
 
                       A parent block size of 20x20x20m (East, North, RL) with 
                       sub-blocks down to 4x4x4m has been used for all mineralised 
                       domains. This is geostatistically acceptable for the 
                       Crescent Zone, where the data density ranges from 50-100m 
                       . Whilst Micromine does not currently support parent-cell 
                       estimation for an unfolded model such as this, the impact 
                       of such is deemed negligible. However, this size is 
                       considered small for the Breccia Zones, even though 
                       parent-cell estimation was used for such. Having said 
                       this, resources in this domain have been reported using 
                       NSR-based shells that mitigate most of the detrimental 
                       effects of the block size. 
 
                       The Crescent Zone is almost exclusively estimated to 
                       be above the cut-off grade and minimum stoping thickness 
                       (around 4m). Planned stope heights are well above the 
                       block vertical dimension (20m). Change-of-support tests 
                       over various block dimensions also suggest that selectivity 
                       issues are unlikely to be material for this domain. 
                       The Breccia Zones are mainly low grade and the model 
                       for such is not designed for assessing selective mining 
                       options. Change-of-support tests revealed significant 
                       differences between modelled and theoretical tonnages 
                       and grades at cut-offs well above the reporting cut-off 
                       (A$50 NSR/t). 
 
                       Domains have principally been defined on gold grade, 
                       with copper, iron and sulphur grades also having a significant 
                       impact. Bismuth tends to be well, albeit variably, correlated 
                       with gold and so the gold domains are considered appropriate 
                       for estimating bismuth. Whilst copper is less well correlated 
                       to gold, the gold domains are considered appropriate 
                       for estimating copper. Within these domains gold, copper 
                       and bismuth grades have been estimated independently. 
                       Given that each of these elements is assayed for each 
                       sample and the complexities involved in such, the need 
                       for co-estimation, such as co-kriging, was deemed unnecessary. 
 
                       Other key variables, such as iron, sulphur and cobalt, 
                       which Newcrest showed to be well correlated, were not 
                       assessed in great detail or co-estimated as they are 
                       not important for the purposes of this model (i.e., 
                       they are not inputs into metallurgical recovery or NSR 
                       formulae). 
 
                       The geological interpretation controls the resource 
                       estimates through the domaining, boundary controls between 
                       domains, and unfolding trend modelling as previously 
                       described. 
 
                       The grade distributions for gold, copper and bismuth 
                       are strongly skewed. In addition, the very high-grade 
                       composites cannot be sub-domained out with the existing 
                       density of data. As such, outlier grades were cut as 
                       previously described. 
 
                       The estimated block grades and densities were compared 
                       to the raw and composite grades and densities using 
                       swath plots, cross-sections and statistical analysis. 
 
                       There is no reconciliation data for Havieron. 
-------------------  ------------------------------------------------------------------- 
 Moisture             All tonnages are calculated and reported on a dry tonnes 
                       basis. 
-------------------  ------------------------------------------------------------------- 
 Cut-off parameters         As Havieron is a multi-element deposit, a Net Smelter 
                           Return (NSR) cut-off is adopted. The generic NSR formula 
                                                is as follows: 
                             NSR (AUD/t processed) = (Gold Price * Ore Gold Grade 
                             * Gold Recovery * Gold Payability) + (Copper Price * 
                            Ore Copper Grade * Copper Recovery * Copper Payability) 
                            - (Treatment, Refining, Freight, Insurance and Selling 
                                        Costs) - Penalties - Royalties 
 
                            The NSR calculation for Mineral Resources takes account 
                             revenue factors, metallurgical recovery assumptions, 
                           transport costs, refining charges, penalties and royalty 
                           charges with the gold price of US$1,600 per ounce, copper 
                            price of US$3.50 per pound (US$7,175/t) and an USD:AUD 
                             exchange rate of 0.73. Commodity prices and exchange 
                             rate forecasts were based on the average between Long 
                             Term 3rd Quartile and Forward Curve price forecasts, 
                              as sourced from Consensus Economics and Bloomberg. 
 
                           The nominal cut-off value for resource reporting depends 
                             on the style and geometry of mineralisation with the 
                             Crescent Zone being amenable to stoping, whereas the 
                            Breccia Zones require a less selective (and lower cost) 
                         mining method. The cut-offs were derived after incorporating 
                          mining, haulage, processing and general and administration 
                                                    costs. 
 
                            The marginal cut-off for SLOS ("sub-level open stoping" 
                             , for the Crescent Zone) is estimated at A$80 NSR/t, 
                           and accounts for mining, haulage, processing and general 
                            and administration costs, which are based on the Stage 
                             1 PFS Economic Evaluation average Life-of-Mine (LOM) 
                                                    Costs. 
 
                             The Mineral Resource was defined based on a threshold 
                           of A$80 NSR/t within the Crescent Zone. The vast majority 
                             (94%) of the estimated Crescent Zone material reports 
                             above the A$80 NSR/t, as such domaining all material 
                           below this cut-off is not practicable. Areas of Crescent 
                              Zone material that had a higher frequency of blocks 
                            below A$80 NSR/t were removed from the classification. 
 
                            The cut-off for the Breccia Zones (assuming SLC or "sub 
                            level caving") is estimated at A$50 NSR/t, and accounts 
                             for mining, haulage, processing and G&A costs, which 
                                        are based on the PFS Analysis. 
 
                              For the Breccia Mineral Resources, a smoothed shell 
                              was generated in Leapfrog Version 2021.1.3 based on 
                             a threshold of A$50 NSR/t and includes internal below 
                           value cut-off blocks and excludes isolated above cut-off 
                          blocks. As the Breccia Resources are consider non-selective 
                             bulk mining domains all sub-economic material within 
                            the final A$50 NSR/t shell was classified to represent 
                                           the non-selective nature. 
 
                            Both SE Crescent Mineral Resources and Breccia Mineral 
                         Resources are representing the limit of reasonable prospects 
                            of eventual economic extraction. The A$80 NSR/t cut-off 
                           for SE Crescent Mineral Resources and A$50 NSR/t cut-off 
                       for Breccia Mineral Resources are based on current understanding 
                           of the Havieron deposit and other benchmarked operations. 
 
                          Greatland used smoothed NSR shells to define its resources 
                              and this results in some material below the nominal 
                            cut-off to be included in the resources. The following 
                              table shows the total and proportion of the Mineral 
                            Resource tonnages and average NSR/t's below the nominal 
                              cut-off NSR each Domain/Lode/category combination. 
-------------------  ------------------------------------------------------------------- 
 Mining factors       The Stage 1 PFS showed that the Crescent Zone and immediately 
  or assumptions       adjacent diluent material is amenable to mining by sub-level 
                       open stoping (SLOS) with minimum mining dimensions of 
                       5mW x 15mL x 25mH. The updated resource model supports 
                       that finding. 
 
                       The Stage 1 PFS suggests that the Breccia Zones may 
                       be amenable to, and require the lower costs of, bulk 
                       mining methods such as sub-level caving (SLC). SLC is 
                       likely to require minimum mining dimensions of 80mW 
                       x 100mL x 100mH. Whilst SLC would likely require a temporary 
                       pillar near the top to act as a buffer between the cave 
                       and the Permian cover, this material may be recoverable 
                       as part of the cave draw and so it is not excised from 
                       the Mineral Resources. Furthermore, the Mineral Resources 
                       assume there will be no significant permanent pillars 
                       in the resource volume, although it is possible that 
                       a pillar will need to be left between the paste-filled 
                       Crescent Zone stopes and the Breccias, and which will 
                       be accounted for during Ore Reserve estimation. 
-------------------  ------------------------------------------------------------------- 
 Metallurgical        It is anticipated that Havieron ore will be processed 
  factors or           on a campaign basis through the Telfer Train 2 Treatment 
  assumptions          Plant circuit at a throughput of approximately 3 Mtpa. 
                       It is anticipated that metal will be recovered through 
                       conventional flotation to produce a copper/gold concentrate 
                       and a gold doré through a newly installed flotation 
                       tails carbon-in-leach (CIL) circuit. The technology 
                       associated with the ore processing is conventional and 
                       the flowsheet is similar to that utilised by other operations. 
 
                       Metallurgical recovery assumptions are based on detailed 
                       analysis and laboratory flotation and leach test work 
                       completed on 38 variability samples during the Havieron 
                       Concept Study (2020) and Stage 1 PFS (2021) with good 
                       spatial coverage of the Crescent Zone Domain. Of the 
                       38 samples, 8 samples are located in the Havieron Breccia 
                       Zones and 30 samples are located in the Crescent Zone 
                       Domain, of which 21 samples are located within the Indicated 
                       Mineral Resources in this domain. Based on these samples, 
                       metallurgical recoveries for gold are anticipated to 
                       average approximately 88% and recoveries of copper are 
                       expected to average approximately 84% throughout the 
                       life of the project. Note that GPL does not have any 
                       metallurgical testwork results for the Eastern Breccias 
                       and it is assumed that they have similar metallurgical 
                       properties to their corresponding Havieron Breccias. 
-------------------  ------------------------------------------------------------------- 
 Environmental        Detailed environmental studies have been undertaken 
  factors or           in the Project area and include flora and vegetation, 
  assumptions          fauna, subterranean fauna, waste rock characterisation, 
                       soil and landform study, surface hydrology assessment, 
                       a basic hydrogeological assessment and a greenhouse 
                       gas emissions study. 
                       The Project has been designed to recognise biodiversity 
                       values and, through consultation with Martu and their 
                       native title corporation (WDLAC), minimise the impacts 
                       to sites and landscapes of cultural significance. The 
                       footprint for the Project has been minimised through 
                       the use of existing tracks and areas of disturbance, 
                       as well as utilising the existing Telfer Gold Mine infrastructure 
                       to process the ore and dispose of the tailings material. 
                       Waste rock characterisation has been undertaken and 
                       shows that it contains material which has potentially 
                       acid forming (PAF) and metalliferous drainage, in addition 
                       to dispersive or saline material. The portion of PAF 
                       material is less than 1% of total waste volumes. Waste 
                       dumps have been designed for the life of mine that have 
                       incorporated cells to safely encapsulate the PAF material. 
                       The waste dump is to be located near the boxcut to minimise 
                       haulage distance and considering the local surface terrain 
                       and environmental and cultural aspects. 
                       A staged approach for approvals is being undertaken, 
                       with Stage 1 currently approved, which has allowed the 
                       development of the boxcut, decline and service corridor. 
                       These approvals also allow for a waste rock dump, evaporation 
                       ponds and supporting infrastructure such as offices 
                       and workshops. 
                       Stage 2 approvals are expected to consist of a SLOS 
                       underground mine, permanent infrastructure corridor, 
                       associated infrastructure and changes to Telfer approvals 
                       to accept Havieron tailings in existing tailings storage 
                       facilities. 
-------------------  ------------------------------------------------------------------- 
 Bulk Density         Havieron has an extensive database of bulk density measurements 
                       based on the Archimedes method (water immersion) of 
                       10-20cm samples taken at 10-50m intervals down the hole. 
                       Whilst the geology, and thus density, can change rapidly 
                       down the hole, the number of measurements means that 
                       the data set is likely to be representative for the 
                       purposes of this estimate. 
 
                       Most of the core in the mineralised zones is very competent 
                       and of low to negligible porosity. 
 
                       Bulk density is estimated into blocks using OK on a 
                       domain-specific basis. The variability of density is 
                       relatively low in the Breccia zones and the scope for 
                       an estimation related bias is very low, even at the 
                       local scale. The variability of density in the Crescent 
                       zone is higher and, whilst local estimation-related 
                       biases may occur, it is unlikely that a significant 
                       global bias exists. 
-------------------  ------------------------------------------------------------------- 
 Classification       Resources preliminarily classified on the basis of the 
                       quality and quantity of data, the geological and grade 
                       continuity, and the confidence in the gold grade estimates. 
                       Data quality is implicitly accounted for by excluding 
                       unreliable data from the estimate. 
 
                       Confidence in the estimate was initially assessed using 
                       the 'Slope-of-regression', 'Average Distance to informing 
                       composites', 'Closest Distance to informing composites', 
                       'Kriging Efficiency', 'Number of Informing Drill Holes', 
                       and 'Number of Informing Composites' statistics stored 
                       during estimation. The schema was then simplified to 
                       only account for the 'Slope-of-regression' and 'Average 
                       Distance to informing composites' statistics. Shells 
                       based on these two statistics were computed at various 
                       thresholds for each of the domains. The chosen nominal 
                       parameters were: 
                        Domain     Category    Slope   Average 
                                                        Distance 
                        CRS        Indicated   >0.6    <45m 
                                  ----------  ------  ---------- 
                        CRS        Inferred    >0.3    <75m 
                                  ----------  ------  ---------- 
                        Breccias   Indicated   >0.6    <30m 
                                  ----------  ------  ---------- 
                        Breccias   Inferred    >0.3    <75m 
                                  ----------  ------  ---------- 
 
 
                       This approach led to some blocks not meeting these criteria 
                       to be included and some meeting these criteria to be 
                       excluded from the shells. Furthermore, some edges were 
                       manually trimmed to ensure continuity of classification. 
 
                       The final classification then considered the 'reasonable 
                       prospects of eventual economic extraction', and specifically 
                       the mineability by the proposed method, the recoverability 
                       by the proposed processing method, and the likelihood 
                       that the resource would be above the cut-off. 
 
                       Several early drill holes were deemed to be of low reliability 
                       and were excluded from the estimation. All remaining 
                       data are considered to be suitable for the purposes 
                       of resource estimation. 
 
                       Geological and grade continuity in the Crescent Zone 
                       can reasonably be assumed in most places, and implied 
                       elsewhere. When combined with the density and orientation 
                       of data, as well as the likelihood and impact of any 
                       misestimation, this supports the assigned Indicated 
                       (assumed) and Inferred (implied) resources classification. 
 
                       Geological and grade continuity in the Breccia zones 
                       are typically much lower. However, the data density 
                       is moderate-high in the southern parts of the Breccias 
                       adjacent to the Crescent Zone and geological and grade 
                       continuity can be reasonably assumed. As such, some 
                       of this material has been assigned as Indicated resources. 
                       The remainder of the Breccia Zone has been assigned 
                       as Inferred resources as the continuity of geology and 
                       grade can only be implied from the available data. The 
                       confidence in the estimates of the Breccia zones decreases 
                       rapidly as the cut-off is increased and significant 
                       misrepresentation of tonnages, grades and location above 
                       elevated cut-offs in this model is likely, and so the 
                       classification is strictly only applicable at the reporting 
                       cut-off A$50 NSR/t. 
 
                       The classification appropriately reflects the views 
                       of the Competent Person. 
-------------------  ------------------------------------------------------------------- 
 Audits or            SRK Consulting (Australasia) Pty Ltd has completed an 
  reviews              independent technical assessment of the 2022 Mineral 
                       Resource estimates completed by Greatland for the Havieron 
                       gold and copper deposit. As part of that assessment, 
                       SRK reviewed the resource modelling methods and parameters 
                       and is of the opinion that they are reasonable and take 
                       into consideration all of the current exploration data 
                       and levels of technical knowledge of the Havieron deposit. 
                       SRK considers that the Mineral Resources have been reported 
                       in accordance with guidelines and principles outlined 
                       in the 2012 edition of the Australasian Code for the 
                       Reporting of Exploration Results, Mineral Resources 
                       and Ore Reserves (the JORC Code, 2012 edition). 
-------------------  ------------------------------------------------------------------- 
 Discussion           Greatland has conducted Change-of-Support studies using 
  of relative          the Discrete Gaussian Method for the Crescent Zone and 
  accuracy /           Breccia Zones. These studies revealed that the estimates 
  confidence           for the Crescent Zone are robust within the context 
                       of the likely operating cut-off value. The studies also 
                       revealed that the estimates for the Breccia Zones are 
                       reasonable at the likely operating cut-off (A$50 NSR/t), 
                       but this accuracy rapidly diminishes as the cut-off 
                       is increased. 
 
 
                       There is no historical production from Havieron. 
-------------------  ------------------------------------------------------------------- 
 

Section 4: Estimation and Reporting of Ore Reserves

 
 
 Mineral Resource     Havieron is a gold and copper deposit located within 
  Estimate for         the boundaries of the East Pilbara Shire in the Paterson 
  conversion           Province, Western Australia (WA), and is located approximately 
  to Ore Reserves      45 kilometres (km) east of Newcrest's fly-in fly-out 
                       Telfer Mine. The Havieron deposit lies unconformably 
                       below approximately 420 metres (m) of post-mineral, 
                       flat-lying Permian fluvio-glacial sediments of the basal 
                       sequence rocks in the Palaeozoic Canning Basin. 
                       The geology model represents several mineralised zones, 
                       including a Crescent Zone (containing the sulphide rich 
                       material in the area named the South East Crescent Zone) 
                       and several Breccia types (Cemented Breccia (CB) and 
                       Crackle Breccia (CBX)) and domains (Havieron and Eastern 
                       breccias), and several unmineralised zones (Dolerite 
                       Dyke, Calc-silicate country rocks, Permian sequence 
                       and Cover). These zones are based on grouped primary 
                       logging domain codes interpreted from drill cores, mineralogical 
                       logs and assay data. 
                       The February 2022 Updated Mineral Resource Estimate 
                       (Updated Mineral Resource) was used as the basis for 
                       the February 2022 Ore Reserve Update. Mineralisation 
                       of gold and copper in the Updated Mineral Resource are 
                       within the Crescent and the Breccia Zones. High grade 
                       gold mineralisation is associated with a massive sulphide 
                       zone termed the Crescent Zone which occurs on the margin 
                       of the Breccia. The Crescent Zone is characterised by 
                       a series of massive to semi-massive sulphide replacement 
                       units that have a subvertical dip and is best developed 
                       on the SE of the system forming as arcuate, crescent 
                       like geometry. 
                       The Crescent Zone is 5-40 m wide, extending 700m in 
                       length in unfolded section from the basement contact 
                       and defined over 1,000 m vertically, tapering to 600 
                       m in length and open at that depth. The South East Crescent 
                       Zone has continued to be the focus of drilling and has 
                       been progressively infilled to a nominal drill spacing 
                       of 50m for the Indicated Mineral Resources, and 75m 
                       spacing for the Inferred Mineral Resources. 
                       OK estimation has been used for gold, copper, bismuth 
                       and density. A panel size of 20 mE x 20 mN x 20 mRL 
                       was used for both the SE Crescent and Breccias with 
                       sub-blocking allowed down to a size of 4 mE x 4 mN x 
                       4 mRL. 
                       The Updated Mineral Resource estimate for the South 
                       East Crescent has been classified as Indicated Mineral 
                       Resource and Inferred Mineral Resource based on data 
                       quality and quantity factors as well as geological domaining, 
                       estimation confidence and reasonable prospect of the 
                       eventual economic extraction (RPEEE). 
                       The Updated Mineral Resource is reported inclusive of 
                       Ore Reserves. 
                     ------------------------------------------------------------------ 
 Site Visits          Greatland's Competent Person for the Ore Reserve estimate 
                       visited site in November 2021. A general Havieron site 
                       tour was conducted of the camp, boxcut and decline, 
                       exploration drilling, core farm, and of the Telfer camp 
                       and processing plant. Operational challenges were noted 
                       with unconsolidated material in the upper part of the 
                       decline and discussions were held with the operations 
                       team and decline contractor regarding trials underway 
                       to determine optimal cut length, development cycle and 
                       support measures to ensure the effective progress of 
                       the decline. 
                       Newcrest stated on 17 February 2022 as part of their 
                       Half Year Results Update that the decline experienced 
                       difficulty in poor ground conditions during the early 
                       stages. The team is working to understand the impact 
                       on the development schedule and this may also impact 
                       on vertical development. First production ore is expected 
                       in FY24 (rather than H1 FY24) and more updates will 
                       be provided as information comes to hand.. 
                       The Competent Person has undertaken sufficient investigations 
                       of the mine plan and material Modifying Factors applied 
                       to create the mine plan to satisfy himself that the 
                       Ore Reserves have been appropriately estimated and reported 
                       in compliance with the 2012 edition of the JORC Code. 
                     ------------------------------------------------------------------ 
 Study Status         A Stage 1 PFS was completed to generate the supporting 
                       basis for the maiden Havieron Ore Reserve Estimate published 
                       in October 2021. The mine design and schedule were updated 
                       in February 2022 to reflect the resource model changes 
                       presented in the February 2022 Resource Model Update 
                       and forms the basis for this Ore Reserve Update. This 
                       update is considered to remain at a Pre-Feasibility 
                       level of confidence and shows that the mine plan remains 
                       technically achievable and economically viable taking 
                       into consideration currently known material Modifying 
                       Factors. 
                     ------------------------------------------------------------------ 
 Cut-off Parameters   The Ore Reserve employs a value-based cut-off determined 
                       from a Net Smelter Return (NSR) to account for the contributions 
                       from multi-elements, at a value equal to the site operating 
                       cost. The generic NSR formula is as follows: 
                       NSR (AUD/t processed) = (Gold Price * Ore Gold Grade 
                       * Gold Recovery * Gold Payability) + (Copper Price * 
                       Ore Copper Grade * Copper Recovery * Copper Payability) 
                       - (Treatment, Refining, Freight, Insurance and Selling 
                       Costs) - Penalties - Royalties 
                       Metal price assumptions are as listed in the relevant 
                       "Revenue Factors" section. The underlying cost assumptions 
                       remained largely the same between the October 2021 Stage 
                       1 PFS and this February 2022 Update, and is in line 
                       with the 3 Mtpa Investment Case presented in the Stage 
                       1 PFS. 
                       The NSR calculation takes into account revenue factors, 
                       metallurgical recovery assumptions, transport costs, 
                       refining charges, and royalty charges. 
                       The site operating costs include mining cost, processing 
                       cost, relevant site general and administration costs 
                       and relevant sustaining capital costs. This cost equates 
                       to a break even cut off value of approximately AUD95/t 
                       milled, and a marginal cut off value of approximately 
                       AUD80/t milled. 
                       Metallurgical recovery and cost assumptions are discussed 
                       in more detail under the relevant headings in Table 
                       1 - Section 4. 
                     ------------------------------------------------------------------ 
 
 
 Mining factors           Estimation of the Ore Reserve Update is based on the 
  or assumptions           February 2022 Resource Model Update and involved standard 
                           steps of mine optimisation, mine design, production 
                           scheduling and financial modelling. The basis of the 
                           analysis is an update to the Stage 1 PFS and is considered 
                           to remain at a Pre-Feasibility Level of confidence. 
                           The Ore Reserve Update supports the appropriateness 
                           of the selected mining method (Sub-Level Open Stoping) 
                           at a 3 Mtpa mining rate as the basis of the Ore Reserve 
                           estimate. 
                            Back fill type                   Cemented paste 
                                                                  fill 
                                                           ----------------- 
                            Materials handling system       Decline trucking 
                                                           ----------------- 
                            Stope dimensions    Width          Minimum 5m 
                                                               to Maximum 
                                                                  30 m 
                                               ----------  ----------------- 
                             Length                            15 to 20 m 
                            -----------------------------  ----------------- 
                             Sublevel                          25 to 60m, 
                              height                           average 50m 
                            -----------------------------  ----------------- 
 
 
                           The following Modifying Factors have been applied to 
                           all mining shapes to accurately represent the expected 
                           mined tonnes and grades : 
                            *    Dilution factors for overbreak in primary, secondary 
                                 and tertiary stopes (average 9%), consisting of waste 
                                 (average 6%) and stope paste (average 3%); Dilution 
                                 tonnes were estimated as an equivalent depth of 
                                 failure based on geotechnical estimations, applied to 
                                 the individual stope walls and in the respective 
                                 stoping sequence, to estimate paste and waste rock 
                                 volumes and expressed here as an average percentage 
                                 of the overall stope tonnes. 
 
 
                            *    Dilution included at zero grade; and 
 
 
                            *    Mining recovery factor of 97.5%, based on the near 
                                 vertical nature of the stopes, proposed mining method 
                                 and geotechnical estimation of overall stope 
                                 stability. 
 
 
                           The ultimate extent of the deposit remains open and 
                           orebody knowledge will increase as drilling and mining 
                           progress. Current mining modifying factors are based 
                           on known data to date and may change as new information 
                           becomes available. 
                           The February 2022 Resource Model is comprised of Indicated 
                           Mineral Resources and Inferred Mineral Resources. Mine 
                           plans are based on the definition of mining shapes only 
                           considering the contribution of metal from Indicated 
                           Mineral Resources. 
                           Ore Reserves estimates and statements are required to 
                           include estimates of dilution. The dilution included 
                           in the total Ore Reserve is approximately 2.7Mt which 
                           is comprised of Inferred and Unclassified Mineral Resources, 
                           waste host rock and paste fill dilution. Metal from 
                           the Inferred and Unclassified Mineral Resource material 
                           was not considered in the economic assessment of the 
                           stopes. 
                           The Havieron Project is a greenfield mining project 
                           and will require the following mining infrastructure 
                           to support the mine: 
                            *    decline, accesses to the levels, ore passes, 
                                 ventilation raises and other underground excavations 
 
 
                            *    paste fill plant and underground distribution system 
 
 
                            *    ventilation fans, regulators and refrigeration 
                                 equipment 
 
 
                            *    dewatering, electrical distribution and other service 
                                 equipment 
 
 
                           Non-mining infrastructure is discussed in more detail 
                           under the Infrastructure section. 
 Metallurgical            It is anticipated that Havieron underground ore will 
  factors or               be processed on a campaign basis through the existing 
  assumptions              Telfer Train 2 Treatment Plant circuit at a throughput 
                           of approximately 3 Mtpa, with tailings being disposed 
                           in the current Telfer Tailings Storage Facility. Metal 
                           recovery is anticipated to be through conventional flotation 
                           to produce a copper/gold concentrate and gold doré 
                           through a newly installed flotation tails carbon-in-leach 
                           (CIL) circuit. The technology associated with the ore 
                           processing is conventional and the flowsheet is similar 
                           to that utilised by other operations. 
                           Metallurgical recovery assumptions are based on detailed 
                           analysis and laboratory flotation and leach test work 
                           completed on 38 variability samples during the Havieron 
                           Concept Study (2020) and Stage 1 PFS (2021) with good 
                           spatial coverage of the Crescent Zone. Of the 38 samples, 
                           8 samples are located in the breccia zones and 30 samples 
                           are located in the Crescent Zone, of which 21 samples 
                           are located within the Crescent Zone Indicated Mineral 
                           Resources. Based on these samples, average life of mine 
                           metallurgical recoveries are estimated to be: 
                            *    gold: approximately 88%, and 
 
 
                            *    copper: approximately 84%, variable on block metal 
                                 grade. 
 
 
                           Bismuth is the key deleterious element for the gold/copper 
                           concentrate product with smelter penalties incurred 
                           on the basis of bismuth content. It is anticipated that 
                           the impact of bismuth in concentrate will be managed 
                           by mine sequencing and concentrate blending. 
                           Bulk sample or pilot scale test work has not been undertaken. 
                    -------------------------------------------------------------------- 
 Environmental       Detailed environmental studies have been undertaken 
                      in the project area and include flora and vegetation, 
                      fauna, subterranean fauna, waste rock characterisation, 
                      soil and landform study, surface hydrology assessment, 
                      a basic hydrogeological assessment and a greenhouse 
                      gas emissions study. 
                      The Project has been designed to recognise biodiversity 
                      values and, through consultation with Martu and their 
                      native title corporation (WDLAC), minimise the impacts 
                      to sites and landscapes of cultural significance. The 
                      footprint for the Project has been minimised through 
                      the use of existing tracks and areas of disturbance, 
                      as well as utilising the existing Telfer Gold Mine infrastructure 
                      to process the ore and dispose of the tailings material. 
                      Waste rock characterisation has been undertaken and 
                      shows that it contains material which has potentially 
                      acid forming (PAF) and metalliferous drainage, in addition 
                      to dispersive or saline material. The portion of PAF 
                      material is less than 1% of total waste volumes. Waste 
                      dumps have been designed for the life of mine that have 
                      incorporated cells to safely encapsulate the PAF material. 
                      The waste dump is to be located near the boxcut to minimise 
                      haulage distance and considering the local surface terrain 
                      and environmental and cultural aspects. 
                      A staged approach for approvals is being undertaken, 
                      with Stage 1 currently approved, which has allowed the 
                      development of the boxcut, decline and service corridor. 
                      These approvals also allow for a waste rock dump, evaporation 
                      ponds and supporting infrastructure such as offices 
                      and workshops. 
                      Stage 2 approvals are expected to consist of a SLOS 
                      underground mine, permanent infrastructure corridor, 
                      associated infrastructure and changes to Telfer approvals 
                      to accept Havieron tailings in existing tailings storage 
                      facilities. 
                    -------------------------------------------------------------------- 
 Infrastructure           Havieron is a greenfield mining project and will require 
                           the following infrastructure to support mining operations: 
                            *    Ventilation fans and refrigeration equipment; 
 
 
                            *    Paste plant; 
 
 
                            *    Surface Mining Infrastructure Area (MIA) including 
                                 camp, offices, workshops, evaporation ponds, 
                                 electrical substations, explosive magazines, batch 
                                 plant, waste dumps, ore stockpile, and other 
                                 facilities; 
 
 
                            *    Haulage road and Service Corridor to transport the 
                                 ore from Havieron to the Telfer Processing Plant and 
                                 run overhead powerlines along the Service Corridor to 
                                 extend electrical power from the existing Telfer gas 
                                 fired power station to Havieron; and 
 
 
                            *    Modifications to the existing Telfer Processing plant 
                                 to treat the ore coming from Havieron. 
 
 
                           The capital and operating costs for the above have been 
                           estimated in the Stage 1 PFS. The infrastructure estimates 
                           for this Ore Reserve Update remains in line with the 
                           Stage 1 PFS, with additional allowance made for ventilation 
                           and processing due to a slightly deeper ultimate depth 
                           and in line with the expanded mine plan. 
                           Access to Telfer Mine is already in place via the Telfer 
                           Access Road. Telfer Mine has an existing camp, sealed 
                           runway and airport, gas-fired power station and processing 
                           plant. 
                    -------------------------------------------------------------------- 
 Costs                    Capital and operating costs underlying assumptions are 
                           to a PFS level. Capital cost estimates are based on 
                           multiple market prices across all technical disciplines 
                           and include processing upgrade and mine development 
                           costs along with associated surface and underground 
                           infrastructure, project establishment and sustaining 
                           capital costs. These provisions have been allowed for 
                           during the life of the mine based on the Stage 1 Study 
                           estimates. Contingency has also been factored into the 
                           project capital cost estimate consistent with the level 
                           of accuracy of the study. 
                           Newcrest stated on 17 February 2022 as part of their 
                           Half Year Results Update that the decline experienced 
                           difficulty in poor ground conditions during the early 
                           stages. The team is working to understand the impact 
                           on the development schedule and this may also impact 
                           on vertical development. First production ore is expected 
                           in FY24 (rather than H1 FY24) and more updates will 
                           be provided as information comes to hand. 
                           The operating cost estimates are in line with the Stage 
                           1 PFS, which were sources from current Telfer rates 
                           and contractor schedule of rates submitted for PFS budget 
                           purposes and are inclusive of: 
                            *    mining cost: development by drive type and ground 
                                 support profile, longhole drilling and blasting, 
                                 haulage for ore and waste, labour, maintenance and 
                                 other fixed costs 
 
 
                            *    electrical power cost based on estimated power 
                                 consumption and supply from Telfer Power Plant 
 
 
                            *    surface transport cost to Telfer Processing plant 
 
 
                            *    processing cost and 
 
 
                            *    relevant site general and administration costs. 
 
 
                           Ore Reserve cost estimates have been independently reviewed 
                           and are considered to be at an appropriate level for 
                           a PFS . 
 
                           The Stage 1 PFS transport and refining charges have 
                           been developed from first principles consistent with 
                           the application of the current Telfer operation. These 
                           included charges for deleterious elements, e.g. bismuth 
                           where applicable. These assumptions and estimates were 
                           carried forward into the February 2022 Update. 
                           Costs include a revenue-based payment from mining the 
                           Havieron Project area under the ILUA with WDLAC. 
                           State royalties are 2.5% for gold, 5% for copper after 
                           allowable deductions. 
                    -------------------------------------------------------------------- 
 Revenue factors     Long term metal prices and exchange rate assumptions 
                      adopted for estimating this Ore Reserve Update are US$1,450/oz 
                      for gold, US$3.23/lb for copper, at a USD:AUD exchange 
                      rate of 0.73. Commodity prices and exchange rate forecasts 
                      were based on the Median Long Term price forecasts, 
                      as sourced from Consensus Economics and Bloomberg. These 
                      price assumption are higher than the US$1,300/oz for 
                      gold and US$3.00/lb for copper and USD:AUD exchange 
                      rate of 0.75 assumed for the October 2021 Stage 1 Study, 
                      but were selected in line with median long term consensus 
                      price forecasts and historical metal prices over the 
                      past 5 years. 
                      An NSR value calculation was adopted, taking into account 
                      Ore Reserve revenue factors, metallurgical recovery 
                      assumptions, transport costs and refining charges and 
                      royalty charges. 
                    -------------------------------------------------------------------- 
 Market assessment   Gold will be sold on the open market and subject to 
                      price fluctuations. Supply and demand for gold from 
                      Telfer and Havieron is not considered a constraint in 
                      the estimation of the Ore Reserve. 
                      Telfer has sold copper concentrate for its operational 
                      life into the world concentrate markets and this is 
                      assumed to continue under conditions similar to Newcrest's 
                      current market agreements over the life of the operational 
                      plan. 
                      Concentrate volume forecasts were derived from the Updated 
                      Ore Reserve production schedule. 
                    -------------------------------------------------------------------- 
 Economic            The Ore Reserve has been evaluated through a financial 
                      model on a real cashflow basis. All operating and capital 
                      costs as well as revenue factors stated in this document 
                      were included in the financial model. A discount factor 
                      of 4.5%pa real was applied. This process demonstrated 
                      the Havieron Ore Reserve to have a positive NPV at current 
                      assumptions. 
                      Sensitivities were conducted on the key input parameters 
                      including commodity prices, capital and operating costs, 
                      ore grade, mined tonnes, exchange rate and metallurgical 
                      recoveries confirming the estimate to be robust. 
                    -------------------------------------------------------------------- 
 Social              The traditional landowners, the Martu people and the 
                      WDLAC are key project stakeholders. The Martu hold exclusive 
                      possession native title rights and interests over more 
                      than 130,000km(2) of land, including to all points around 
                      the Telfer mine and Havieron Project. The ILUA with 
                      WDLAC, centred on the Telfer mine, extends to the Havieron 
                      Project. 
                    -------------------------------------------------------------------- 
 Other               The only identified material naturally occurring risk 
                      at Havieron is flooding from large rain events typically 
                      associated with the cyclone season. The existing boxcut 
                      has been located and all other surface connections to 
                      the surface have been designed above a modelled 1 in 
                      1,000 year Average Recurrence Interval (ARI) event where 
                      possible, or will be elevated such that large volumes 
                      of water cannot enter the mine workings. 
                      A number of State and Commonwealth statutory requirements 
                      are relevant to the Havieron Project and all aspects 
                      of the Project will comply with the relevant Government 
                      Acts and Regulations applicable in the jurisdiction 
                      of Western Australia. 
                      Approvals 
                      A Mining Lease has been granted over the orebody, and 
                      miscellaneous licence granted along the existing service 
                      corridor. 
                      A staged approach for approvals is being undertaken 
                      with Stage 1 currently approved which has allowed the 
                      development of the boxcut, decline and service corridor. 
                      These approvals also allow for a waste rock dump, evaporation 
                      ponds and supporting infrastructure such as offices 
                      and workshops. Minor additional approvals are in the 
                      process of being obtained and include a Groundwater 
                      Licence amendment and Part V approval to allow the operation 
                      of the evaporation ponds, waste water treatment plant 
                      and to allow construction of a landfill for non-mineralised 
                      waste. 
                      The Part V licence and registrations have approved Works 
                      Approvals and detailed consultation regarding the Groundwater 
                      Licence and associated Water Management Plan has occurred. 
                      The approvals for Stage 2 consist of both Commonwealth 
                      and State level approvals with engagement well advanced 
                      with all regulatory bodies. The approvals timelines 
                      outlined in the Stage 1 PFS are considered achievable. 
                      Stage 2 approvals are expected to consist of a SLOS 
                      underground mine, permanent infrastructure corridor, 
                      associated infrastructure and changes to Telfer approvals 
                      (processing of Havieron ore, Tailings Storage Facility 
                      8 [TSF8] raise to accept Havieron tailings), groundwater 
                      use at Havieron. 
                      For Stage 2 approvals, an additional miscellaneous licence 
                      will be applied for to secure access for an infrastructure 
                      corridor to connect Telfer and Havieron (haul road, 
                      powerlines, water pipes). This is not considered a risk 
                      to the timelines or project. 
                    -------------------------------------------------------------------- 
 Classification      The Ore Reserve classification is based on Indicated 
                      Mineral Resources only. No Measured Mineral Resources 
                      are stated for this deposit. This classification is 
                      based on geological confidence as a function of continuity 
                      and complexity of geological features; data spacing 
                      and distribution and estimation quality parameters including 
                      distance to informing samples for block grade estimation. 
                      Inferred Mineral Resource material contained within 
                      the mine plan shapes were set to zero grade and tonnes 
                      treated as internal dilution. It is the Competent Person's 
                      view that the classifications used for the Ore Reserves 
                      are appropriate. 
                    -------------------------------------------------------------------- 
 Audits or           The Ore Reserve Update mine design and schedule was 
  reviews             conducted by Entech Pty Ltd, which included a review 
                      of the input assumptions. Entech found the input assumptions 
                      to be within accepted industry practice and suitable 
                      for the level of study. 
                      SRK Consulting (Australasia) Pty Ltd has completed an 
                      independent technical assessment of the 2022 Ore Reserve 
                      estimates completed by Greatland for the Havieron gold 
                      and copper deposit. As part of that assessment, SRK 
                      reviewed the reserve modelling methods and parameters 
                      and is of the opinion that they are reasonable and take 
                      into consideration all of the current exploration data 
                      and levels of technical knowledge of the Havieron deposit. 
                      SRK considers that the Ore Reserves have been reported 
                      in accordance with guidelines and principles outlined 
                      in the 2012 edition of the Australasian Code for the 
                      Reporting of Exploration Results, Mineral Resources 
                      and Ore Reserves (the JORC Code, 2012 edition). 
                    -------------------------------------------------------------------- 
 Discussion               The accuracy of the estimates within this Ore Reserve 
  of relative              is mostly determined by the order of accuracy associated 
  accuracy/                with the Mineral Resource estimate, the geotechnical 
  confidence               inputs and the cost factors used. 
                           The Competent Person views the Havieron Ore Reserve 
                           a reasonable assessment of the global estimate. Some 
                           risk and opportunity is associated with the Ore Reserve 
                           process due to the greenfield nature of the mining component 
                           of project, and the brownfields nature of the Telfer 
                           Mine camp, process plant, power generation and related 
                           surface infrastructure. Remaining areas of uncertainty 
                           at this stage are associated with: 
                            *    Cost base assumptions rely on current technology and 
                                 macroeconomic factors. Changes to these assumptions 
                                 will have an impact on the Ore Reserve estimate. 
 
 
                            *    The Modifying Factors (key inputs) for Ore Reserve 
                                 estimation rely upon the geology and geotechnical 
                                 data inherent to the orebody. This data, such as 
                                 geological structures and rock mass properties, is to 
                                 the appropriate definition and has been applied 
                                 within the Stage 1 PFS, however further orebody data 
                                 is required to confirm the geological and 
                                 geotechnical information and is planned as part of 
                                 the Forward Works Program. 
 
 
                            *    Newcrest stated on 17 February 2022 as part of their 
                                 Half Year Results Update that the decline experienced 
                                 difficulty in poor ground conditions during the early 
                                 stages. The team is working to understand the impact 
                                 on the development schedule and this may also impact 
                                 on vertical development. First production ore is 
                                 expected in FY24 (rather than H1 FY24) and more 
                                 updates will be provided as information comes to 
                                 hand. 
 
 
                            *    Mining throughput rate is based on equipment 
                                 simulation studies considering the planned mine 
                                 design and indicated that the 3 Mtpa through rate 
                                 adopted in the study is appropriate, but is 
                                 considered to be at the higher end of industry 
                                 benchmark results. It is planned to be further 
                                 investigated during the Forward Works Program. 
                    -------------------------------------------------------------------- 
 

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