Greatland Gold PLC (AIM:GGP) Telfer Ore Reserve, 2-Year Outlook and Havieron expansion

Initial Greatland Telfer Ore Reserve delivers 712koz gold and 23kt copper

Telfer 2-Year Outlook to extend dual-train production through FY27, bridging any ‘gap’ to Havieron production

Integrated Havieron and Telfer production expected to commence during FY28 and result in a step change cost reduction and sustained higher volume production

Havieron Feasibility Study to assess mining rate expansion from
2.8Mtpa to 4.0 – 4.5Mtpa, an increase of 43% – 60%

 Greatland Gold plc (AIM:GGP) (Greatland or the Company), is pleased to provide this initial Greatland Ore Reserve and updated 2-year outlook for the Telfer gold-copper mine (Telfer).

Highlights

Updated Telfer 2-Year Outlook^1,2

§ Updated Telfer 2-Year Outlook follows less than five months after Greatland’s acquisition and extends pre-acquisition mine plan by a further 18 months through FY27, before integrated Telfer and Havieron production is expected to begin in FY28³.

§ Telfer 2-Year Outlook expected to be further refined and optimised as Greatland continues to progress and evaluate Telfer opportunities, including based on the results from current drilling programs and ongoing optimisation work.

§ Dual train production to continue with annual average production of 280 – 320koz of gold plus 7 – 11kt of copper.

§ Annual production target and costs outlook (Telfer 2-Year Outlook):

§ Bridges any previously perceived ‘gap’ before Havieron production is expected to begin during FY28³, avoiding the need to idle infrastructure and ensuring operational and workforce continuity.

§ Telfer AISC expected to increase in FY27 as more mined inventory is processed (vs. stockpiled ore), however there is potential for improvement if higher grade ore sources are confirmed and/or costs are further optimised.

§ Havieron ore processing is expected to begin during FY28³, augmenting production with high grade ore feed and creating a step change reduction in AISC. Telfer outlook beyond the two-year current outlook period to FY27 is supported by a further year of mining from the West Dome Open Pit Stage 7 Extension plus 19Mt of LG Stockpiles (Ore Reserves). Refer to ‘Outlook from FY28’ below.

§ Continued high volume gold production from Telfer into a strong gold price environment is expected to generate significant cash flow, further strengthening Greatland’s robust balance sheet and de-risking the funding to complete Havieron’s development.

§ Greatland intends to continue downside price protection through gold put options, while maintaining full upside exposure to the gold price. A significant proportion of anticipated CY25 – CY26 gold production is already protected with put options:

§ Production Target:

‒    The updated Telfer 2-Year Outlook comprises inventory from the currently active West Dome Open Pit and Main Dome Underground, ROM stockpiles and LG stockpiles. Refer to ‘Inventory sources’ section below.

‒    The Telfer 2-Year Outlook is a Production Target, based on inventory comprising 79% Measured / Indicated Resource, 16% Inferred Resource, 5% Exploration Target (aggregate for FY26 – FY27).¹

‒    Cautionary statement: There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised. The potential quantity and grade of an Exploration Target is conceptual in nature, there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that the Production Target itself will be realised.

‒    The Telfer 2-Year Outlook is not intended as guidance. Greatland will announce guidance annually each financial year. FY26 guidance is expected to be announced following the conclusion of FY25.

§ Resource conversion: Greatland considers there is a high likelihood of substantial conversion of Inferred Resource and unclassified mineralisation inventory within the Telfer 2-Year Outlook into Indicated Resource, on the basis that:

‒    Telfer mine has operated for over 40 years, with the orebodies well understood.

‒    Historical conversion rates at Telfer are supportive of high percentage of Mineral Resource converting to Ore Reserves.

‒    Inferred and unclassified inventory is sourced from extensions to currently active mining areas (West Dome Open Pit and Main Dome Underground).

‒    Over 23,000 metres of drilling has been completed since December 2024, targeting the Inferred Resource and unclassified mineralisation included in the Telfer 2-Year Outlook inventory, with further drilling in progress.

Outlook from FY28

§ Havieron production: First gold production from Havieron is expected during FY28³, augmenting Telfer production with high grade ore feed and expected to result in a step change reduction in AISC per ounce and sustained higher volume production:

‒    Ore Reserve grade: 25Mt at 3.0g/t Au & 0.44% Cu

‒    Indicated Resource grade: 50Mt at 2.6g/t Au & 0.33% Cu

‒    Exceptional ounce per vertical metre profile (OPVM)⁵:

§ First 300 vertical metres of ore body averaging >9,150 OPVM

§ 1,000 vertical metres of ore body averaging >7,900 OPVM

Driving globally lowest quartile Havieron AISC^4,6.

§ Havieron expansion: Feasibility Study assessing an expanded mining rate of 4.0 – 4.5Mtpa (refer below).

§ Telfer growth and extension: Opportunities for further growth and extension of Telfer production substantially beyond FY27 include:

‒    Further year of planned mining from West Dome Open Pit Stage 7 Extension.

‒    19Mt LG Stockpiles (Ore Reserves) remaining in July 2027.

‒    Additional residual Telfer Mineral Resources contained within:

§ West Dome Open Pit: potential southern and central extensions; and

§ Main Dome Underground: lower mine extensions (LLU, B30, Kylo).

‒    Main Dome underground:

§ Eastern stockwork corridor (ESC) extensions (near mine opportunity); and

§ Vertical stockwork corridor (VSC) (bulk, long life opportunity).

‒    West Dome Underground Project:

§ New high grade, underground potential mine area below the West Dome Open Pit, accessible from current Main Dome Underground infrastructure.

§ Second phase underground drilling campaign planned to commence in June 2025 quarter targeting infill of existing mineralisation and continued extensions along strike and down dip, to support definition of an inaugural Mineral Resource estimate.

§ Development of a second development drive from Main Dome Underground to West Dome Underground commenced in March 2025 quarter.

‒    Main Dome Open Pit: East ramp cutback to be evaluated during 2025, along with further extension opportunities.

Havieron expansion being assessed by Feasibility Study

§ Havieron Feasibility Study design criteria has been finalised, the study will assess an initial mining rate (post ramp-up) of 2.8Mtpa, increasing to between 4.0Mtpa – 4.5Mtpa by development of an underground crusher and material handling system.

§ Increased mining rate has the potential to be highly value accretive with existing Telfer infrastructure and processing capacity already in place, and limited expansions or upgrades required to planned Havieron site infrastructure.

§ Expansion is expected to be largely self-funded from anticipated future Havieron cash flows.

§ Feasibility Study targeted for completion in H2 CY2025.

Ore Reserves as at 31 December 2024:

§ Initial Greatland Telfer Ore Reserves as at 31 December 2024:

‒    46.1Mt @ 0.48g/t Au and 0.05% Cu for 712koz Au and 23kt Cu, comprising:

§ West Dome Open Pit: 14.2Mt @ 0.60g/t Au & 0.05% Cu for 273koz Au & 8kt Cu.

§ Stockpiles (ROM): 9.6Mt @ 0.68g/t Au & 0.07% Cu, for 209koz Au & 6kt Cu.

§ Stockpiles (LG): 20.3Mt @ 0.33g/t Au & 0.04% Cu, for 215koz Au & 9kt Cu.

§ Dump leach (DL): 2.0Mt @ 0.23g/t Au, for 15koz Au.

‒    Further growth potential: Ore Reserve prepared on schedule in preparation for the Company’s upcoming ASX listing, 19 weeks since completion of the Telfer acquisition and four weeks after Greatland’s inaugural Telfer Mineral Resource estimate, assessing only the West Dome Open Pit Stage 7 Cutback and Stage 2 Extension mining areas. Further West Dome Open Pit extensions and Main Dome Underground areas contained in the 2024 Group Mineral Resource to be assessed in future Ore Reserve updates.

§ Group Ore Reserves (including Havieron) increased to 71.0Mt @ 1.36g/t Au and 0.19% Cu for 3.1Moz Au and 132kt Cu

‒    Havieron growth potential: The Havieron Ore Reserve, last updated in March 2022, is currently 24.9Mt @ 2.98g/t Au and 0.44% Cu for 2.4Moz Au and 109kt Cu.

‒    The Havieron Indicated Mineral Resource now 50Mt @ 2.60g/t Au and 0.33% Cu, for 4.2Moz Au and 165kt Cu, has grown by 1.1Moz (contained gold) since the last Ore Reserve update. This considerable additional Indicated Resource will be considered when the Havieron Ore Reserve is next updated in the Havieron Feasibility Study, targeted for completion in H2 CY2025.

Notes:

1.     The updated Telfer 2-Year Outlook is a Production Target, refer to the cautionary statement above. All material assumptions on which the Telfer 2-Year Outlook is based are detailed in the Material Information Summary included in this announcement and in the technical information included in Appendix 1. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct.

2.     Telfer 2-Year Outlook is a sub-set of a longer life mine plan for Telfer. Greatland expects Havieron production to begin during FY28³, augmenting Telfer production. As the Havieron Feasibility Study remains in progress no allowance for production estimates or associated capital expenditure for Havieron has been included in this Telfer 2-Year Outlook.  After the Havieron Feasibility Study has been completed, Greatland will be in a position to update the market on the outlook for integrated Telfer and Havieron operations.

3.     Subject to completion of the Feasibility Study, FID and receipt of required permits and approvals within expected timeframes. The Havieron Feasibility Study will include an executable project schedule.

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

5.     Refer to Greatland’s announcement of 21 December 2023 titled ‘Havieron Mineral Resource Estimate Update’.

6.     Havieron stand-alone AISC. Refer to the ‘Greatland Base Case’ for Havieron in the Company’s Admission Document dated 10 September 2024 which assessed a Havieron mining rate of 2.8Mtpa and indicated globally lowest quartile AISC. Greatland continues to progress the Havieron Feasibility Study, targeted for completion in H2 CY2025, which will refine the base case, incorporate optimisation opportunities to the extent they are identified and validated, and define an executable project schedule and capital expense estimate. The Company’s expectation is that globally lowest quartile AISC will be indicated by the Feasibility Study, however there is no certainty that this will prove to be correct.

Greatland Managing Director, Shaun Day, commented:

“Greatland has made a tremendous start to our ownership of Telfer, producing over 90,000 ounces of gold and generating over A$250 million in free cash flow in the March 2025 quarter.

“When we acquired Telfer, we set out an initial mine plan of 15 months together with a number of opportunities we had identified during acquisition due diligence to extend that plan.  Alongside continued safe and profitable production, Telfer mine life extension is our key objective.

“After only five months since the acquisition, this initial updated Telfer outlook already provides for a substantial 18-month extension of dual train processing at Telfer through FY27, expected to deliver on average 280,000 – 320,000 ounces of gold (plus copper) per annum over the next two years, with opportunities to further augment this as we continue to optimise our initial mine planning.

“The Telfer Ore Reserve and updated outlook are the result of a tremendous amount of work by our team in due diligence and the short time since the acquisition. The 2-year outlook demonstrates the extension of Telfer production and closing of any previously perceived ‘gap’ before Havieron production.

“This is an excellent financial outcome that allows us to reinvest in Telfer and provides us the confidence that completion of Havieron’s development can be funded by existing cash, future Telfer cashflows and debt finance. Importantly, it means operationally that we can maintain our workforce and infrastructure for first gold from Havieron.

“Augmenting production with high grade Havieron ore feed, expected to begin during FY28, is expected to result in a step change reduction in AISC and sustained higher volume annual production. Havieron is a world-class ore body with exceptional ounces per vertical metre, resulting in excellent cost efficiency.

“Additionally, the Havieron Feasibility Study will assess a significantly expanded Havieron mine, increasing from an initial (post ramp-up) 2.8Mtpa mining rate up to between 4.0 – 4.5Mtpa, by development of an underground crusher and material handling system. This expansion is expected to be highly value accretive and potentially self-funded from initial Havieron production. We look forward to delivering the Feasibility Study in H2 CY2025.”

Telfer 2-Year Outlook

The Telfer 2-Year Outlook is a Production Target extending Telfer production through FY27, with annual average production for FY26 to FY27 of 280 – 320koz Au and 7 – 11kt Cu.

Production target and costs outlook

Table 1: Summary of updated Telfer 2-Year Outlook production target and cost outlook

 Notes to Table 1:

1.     All-In Sustaining Cost (AISC) is stated per ounce of gold produced, net of by-product (copper) credits. AISC excludes inventory movements which mainly relate to stockpiles acquired as part of the Telfer acquisition at 4 December 2024. Major TSF construction works are included in growth capital to set the facilities up for long term production.

2.     The updated Telfer 2-Year Outlook is a Production Target, based on inventory comprising 79% Measured / Indicated Resource, 16% Inferred Resource, 5% Exploration Target (aggregate for FY26 – FY27). Refer to the cautionary statement above in the Highlights summary.

3.     Processing configuration: Updated Telfer 2-Year Outlook assumes dual train processing (utilising both of Telfer’s two 10Mtpa nominal capacity processing trains) at an annual rate of approximately 17.0 – 17.5Mtpa.

4.     Inventory sources are illustrated in Table 2 and Figures 1 – 3 below.

5.     Material assumptions on which the Telfer 2-Year Outlook  is based are detailed in the Material Information Summary included in this announcement and in the technical information included in Appendix 1. While Greatland considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct.

6.     As the Havieron Feasibility Study remains in progress, no allowance for production estimates or associated capital expenditure has been included in this Telfer 2-Year Outlook.

Annual operations commentary

FY26: Total inventory processed of 17.3Mt, comprising a base-load of West Dome Open Pit inventory (both mined and ROM stockpiles) supplemented by Main Dome Underground inventory. ROM stockpiles acquired through the Telfer acquisition are fully utilised.

FY27: Total inventory processed of 17.3Mt, comprising a base-load feed of West Dome Open Pit inventory (mined), supplemented by Main Dome Underground inventory and LG stockpiles.  The AISC increases as Greatland incurs mining costs for a larger proportion of processed inventory.

The outlook for FY26 – FY27 is expected to be further refined and optimised as Greatland continues to progress and evaluate Telfer opportunities, including based on the results from current drilling programs and ongoing optimisation work.

FY28+:

§ Havieron production: Processing and production from high grade Havieron ore feed is expected to commence during FY28. Havieron production is expected to result in substantially reduced AISC per ounce and sustained high volume production.  Refer to the ‘Havieron’ section below for further details.

§ Havieron expansion: Feasibility Study is assessing an initial mining rate (post ramp-up) of 2.8Mtpa, increasing to between 4.0Mtpa – 4.5Mtpa by development of an underground crusher and material handling system. Refer to the ‘Havieron’ section below for further details.

§ Telfer growth and extension: Potential to bring in further mining inventory with the integrated production of Telfer and Havieron, including:

‒    19Mt of LG stockpiles (Ore Reserves).

‒    Continuation of Stage 7 Extension (Figure 1 & 2 below) for further year post FY27.

‒    Further extension and growth opportunities in the West Dome Open Pit (southern and central extensions).

‒    Main Dome Underground and West Dome Underground opportunities.

Refer to ‘Telfer growth opportunities’ section below for further details.

Inventory sources

The updated Telfer 2-Year Outlook comprises inventory from the following sources (refer Table 2 and Figures 1 – 3).

Table 2: Inventory sources (Telfer 2-Year Outlook, FY26 – FY27)

Notes to Table 2:

1.     Updated Telfer 2-Year Outlook includes only a portion of the West Dome Open Pit Stage 7 Extension, with this cutback planned to extend a further year of mining beyond FY27.

2.     Updated Telfer 2-Year Outlook includes only 1.1Mt of LG Stockpiles, with ~19Mt of further LG Stockpiles (Ore Reserves) expected to remain at the beginning of FY28.

Figure 1: Telfer 2-Year Outlook mining areas (West Dome Open Pit, Plan View)

Figure 2: Telfer 2-Year Outlook mining areas (West Dome Open Pit, Long Section)

 Notes to Figures 1 and 2:

1.     Stage 2 Extension and Stage 7 Cutback areas (shaded red) are included in the 2024 Telfer Ore Reserve and approved for mining.  Mining of Stage 7 Cutback commenced in the March 2025 Quarter.

2.     Stage 7 Extension (shaded blue) sits within the current site LOM plans and is a natural progression of the Stage 7 Cutback mining area, removing the entire saddleback between northern and southern parts of West Dome Open Pit. This cutback extends a further year from July 2027, and as such a significant portion is not included in the 2 Year Outlook. Drilling is currently underway.

Figure 3: Telfer 2-Year Outlook mining areas (Main Dome Underground)

 Classification

The classification of inventory in the updated Telfer 2-Year Outlook is shown in Figure 4 below.

In aggregate for FY26 to FY27 the Telfer 2-Year Outlook comprises 79% Measured / Indicated Resource, 16% Inferred Resource, and 5% Exploration Target.

Figure 4: Telfer 2-Year Outlook gold production by JORC Classification (percentage, FY26 – FY27)

The estimated Ore Reserves, Mineral Resources and Exploration Targets underpinning the Telfer 2-Year Outlook have been prepared by Competent Persons in accordance with the requirements in the JORC Code.  The Telfer 2-Year Outlook and the estimated Ore Reserves, Mineral Resources and Exploration Target underpinning them (as applicable) have been reviewed by SRK Consulting (Australasia) Pty Ltd (SRK), and SRK considers them to 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).  The Telfer 2-Year Outlook is a Production Target; refer to the cautionary statement above in the Highlights summary.

Physicals and Operating Cost Summary

Table 3: Telfer 2-Year Outlook summary physicals and operating costs for period FY26-27

Notes to Table 3:

1.     West Dome Open Pit Inventory Mined includes dump leach tonnes but does not include stockpiles rehandling tonnes

2.     West Dome Open Pit Inventory Milled includes stockpiles tonnes but excludes dump leach tonnes

3.     Inventory Milled does not include dump leach tonnes, however gold recovered includes recovered dump leach gold ounces

4.     Normal pit and underground haulage cost, including rehandling on the ROM, is included in each area’s mining costs. Rehandle cost for the LG stockpiles are included in the processing cost as it does not incur a mining cost.

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

Havieron

As the Havieron Feasibility Study remains in progress, no allowance for production estimates or associated capital expenditure for Havieron has been included in the Telfer 2-Year Outlook.  After the Havieron Feasibility Study has been completed, Greatland will be in a position to update the market on the outlook for integrated Telfer and Havieron operations.

Processing of Havieron ore is expected to begin during FY28, augmenting Telfer production with high grade ore feed. The timing of commencement of Havieron gold production remains subject to completion of the Feasibility Study, final investment decision (FID) and receipt of required approvals and permits within expected timeframes. The Feasibility Study will include define an executable project schedule for Havieron.

Base case

Greatland’s Admission Document dated 10 September 2024 set out a base case Havieron development and mine plan, reviewed and reported on in the Competent Person’s Report contained in the Admission Document.

The Havieron base case demonstrated a compelling multi-decade Havieron mine plan, for:

§ Havieron to operate with a steady state mining throughput rate of 2.8Mtpa and average grade processed of 2.74g/t Au and 0.32% Cu;

§ Havieron ore to be processed through the Telfer processing facility, with utilisation of a single processing train through Telfer’s Train 1 circuit at 750t/h, on a campaign basis at approximately 50% utilisation;

§ Havieron to produce on average 221koz Au annually during steady state operations, first 15 years;

§ a steady state operational period of 15 years, total mine life of 20 years, and total processing period of 19 years; and

§ first development ore production from Havieron in H2 2026, and first gold in H2 2027.

Expansion case

Greatland is currently completing the Feasibility Study for Havieron to refine the base case, incorporate optimisation opportunities to the extent they are identified and validated, and define an executable project schedule and capital expense estimate for the completion of Havieron’s development.

Greatland is pleased to confirm that the Feasibility Study design criteria has been finalised, with the study to assess an initial mining rate of 2.8Mtpa (post ramp-up), increasing to between 4.0Mtpa – 4.5Mtpa by development of an underground crusher and material handling system (Expansion Case).

The Expansion Case remains subject to ongoing assessment in the Feasibility Study, however it is expected to be significantly value accretive for the following reasons:

§ Telfer infrastructure has sufficient capacity to process increased Havieron ore feed.

§ Planned haul road and infrastructure corridor between Telfer and Havieron does not need to be expanded to accommodate increased Havieron throughput.

§ Havieron site infrastructure only requires moderate expansion to accommodate increased throughput.

§ Development of the underground crusher and material handling system is expected to be largely self-funded from Havieron cash flows.

The Havieron Feasibility Study is in progress and due for completion in H2 CY2025. First production from Havieron is expected during FY28. While Greatland awaits the executable project schedule to be delivered as part of the Feasibility Study, de-risking of the project schedule through critical path analysis is being undertaken (including through the award of the early works package for blind bore ventilation shafts, as announced on 14 April 2025).

Telfer extension opportunities

There are a number of Telfer growth and extension opportunities outside the Telfer 2-Year Outlook, shown in Figure 5 below.

Figure 5: Telfer extension and growth opportunities

West Dome Open Pit

The evaluation of multiple extension opportunities within the active West Dome Open pit operations are continuing, with work to date identifying the Stage 7 Extension (part of which is included in the Telfer 2-Year Outlook, Central Extension and Southern Extension (Figure 5) as priority drilling areas.

West Dome Underground

The West Dome Underground Project (WDU) at Telfer is a high grade near-mine underground opportunity, below the West Dome Open Pit, accessible by an existing 1.9km exploration drive connecting it to the active Main Dome underground.

Results from the maiden underground drill program (announced on 20 February 2025) confirmed high grade mineralisation in the WDU is associated with the same geological units seen at the active Main Dome Underground. The drilling program’s success supported the approval and commencement in the March 2025 quarter of a second 1.8km development drive from the Main Dome Underground to West Dome Underground.

The WDU is a priority drill area for Greatland with two underground diamond drill rigs mobilising to site to carry out an extensive infill and expansion program.

Main Dome Underground

The recently announced Telfer 2024 Mineral Resource (announced in March 2025) identified 5.6Mt @ 2.65g/t & 0.56% Cu of Indicated & 2.3Mt @ 2.55g/t & 0.39% Cu of Inferred Mineral Resources, all situated within the current Main Dome Underground footprint. Significant potential exists for a considerable portion of this material to be incorporated into upcoming mine inventory with further evaluation.

Outside of the 2024 Telfer Mineral Resource, the VSC (vertical stockwork corridor) is an area of unclassified mineralisation predominantly comprised of a large low-grade mineralised breccia and stockwork and is the continuation of the mineralisation previously mined at Telfer via sublevel caving (SLC). The VSC is considered to have the potential to be a long-life mining front with both geological and engineering evaluation work scheduled for 2025.

Main Dome Open Pit

The potential Main Dome Stage cutback proposes the mining out of the eastern ramp, by establishing alternate access form the south, along the western side of the existing pit (Figure 5). This proposed cutback targets the continuation of well understood mineralisation (E Reefs and Middle Vale Reef) that was the focus of previous open pit mining. As with the West Dome cutbacks, this cutback was not considered economic under previous ownership at their metal price and cost assumptions and will be re-evaluated at Greatland’s metal price and cost assumptions.

Greatland 2024 Group Ore Reserve Statement

The 2024 Group Ore Reserve consists of:

§ Telfer:

‒    Two extensions to the currently active West Dome Open Pit mine; the Stage 7 Cutback and Stage 2 Extension (refer Figures 1 – 2);

‒    ROM and LG stockpiles;

‒    Dump leach material; and

§ Havieron Underground.

Table 4: 2024 Group Ore Reserve Statement

Notes:

1.     2024 Group Ore Reserves are reported as at 31 December 2024. Grades are reported to two decimal places to reflect appropriate precision in the estimate, and this may cause apparent discrepancies in totals.

2.     Telfer:

–       The 2024 Telfer Ore Reserve estimate is based on the December 2024 Telfer Mineral Resource detailed in the Company’s announcement of 18 March 2025 titled ‘2024 Group Mineral Resource Statement’.

–       Cut-offs for the Telfer Ore Reserve are applied based on net smelter return (NSR) for each mining location, averaging A$24.8/t processed for open pits and A$13.7/t to 17.2/t processed for stockpiles, and metal prices of A$3,450/oz and $4.16/lb copper and exchange rate of 0.65 USD per AUD.

–       Material assumptions on which the Telfer Ore Reserve is based are detailed in the Material Information Summary included in this announcement and in the technical information included in the appendices. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct.

–       No comparison is made to historical Ore Reserves.  Refer to the ‘Material Information Summary: Telfer Ore Reserve’ in this announcement for further explanation.

3.     Havieron:

–       Refer to Greatland’s announcement of 3 March 2022 titled ‘Havieron Resource and Reserve Update’.

–       Cut-offs for the Havieron Ore Reserve are applied based on an NSR of A$95/t processed, and metal prices of U$1,450/oz and U$3.23/lb copper and exchange rate of 0.73 USD per AUD.

–       Reserves are reported within mining shapes based on a sub-level open stoping mining method. All reported metal was derived from the SE Crescent geological zone only and only the Indicated Mineral Resource component thereof.

–       The Company confirms that it is not aware of any new information or data that materially affects the March 2022 Havieron Ore Reserve estimate, and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed. Although the Havieron Feasibility Study is in progress and will differ from the March 2022 Havieron Reserve Case, it remains incomplete and accordingly Greatland considers that the Havieron March 2022 Reserve Case remains appropriate to present in the Greatland Group Ore Reserves.

This initial Telfer Ore Reserve estimate has been prepared on schedule in preparation for the Company’s upcoming ASX listing, within a relatively short time since completion of the Telfer acquisition, and four weeks from completion of Greatland’s inaugural Telfer Mineral Resource estimate.  Accordingly, the Ore Reserve assessed only the West Dome Open Pit Stage 7 Cutback and Stage 2 Extension, and already mined stockpiles. Further West Dome Open Pit extension opportunities and the Telfer underground will be assessed in the Company’s next Ore Reserve update.

Telfer is an operating mine with substantive experience in the current mining locations. This Ore Reserve Estimate is a natural extension of the current operations to account for significant upside movement in the metal price assumptions since the last mine design update was completed under previous ownership, and to incorporate ongoing updates to the Mineral Resource model.

The West Dome Open Pit continues to employ truck and shovel operations, executed by the same contractor since 2016. The extensions to the open pits are all within the current approved pit boundary and supported by the existing infrastructure and mining fleet, therefore requiring very low capital investment. The existing low-grade stockpiles operating performance, included in the Ore Reserve estimate, is well understood from recent processing operations. The modifying factors applied to convert the Mineral Resource to an Ore Reserve are therefore well understood and based on a proven operating history.

Conference Call

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

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

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

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

Group Mineral Resources Statement

Greatland’s group Mineral Resources at 31 December 2024 comprised 285Mt @ 1.1g/t Au and 0.14% Cu, for 10.2Moz gold and 387kt copper, consisting of the 2024 Telfer Mineral Resource Estimate (MRE) (refer to Greatland’s announcement dated 18 March 2025 titled ‘2024 Group Mineral Resource Statement’) and the previously reported Havieron MRE (refer to Greatland’s announcement dated 21 December 2023 titled ‘Havieron Mineral Resource Estimate Update’). There has been no material change to the Telfer MRE and Havieron MRE since their respective releases.

Table 5: 2024 Group Mineral Resource Statement

Notes:

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

Material Information Summary: Telfer Ore Reserve

A Material Information Summary for the Telfer Ore Reserve is provided in accordance with JORC Code 2012 Edition requirements. The Assessment and Reporting Criteria in accordance with the JORC Code 2012 are presented in Appendix 1.

The Telfer Ore Reserve estimate is based on the December 2024 Mineral Resource, as detailed in the Company’s announcement dated 18 March 2025 titled ‘2024 Group Mineral Resource Statement’. Ore Reserves are a subset of Measured and Indicated Mineral Resources only.

Ore Reserves have been generated from design studies based on current operating experience at the Telfer mine and are considered to a Pre-Feasibility level of accuracy or better. Appropriate cost, geotechnical, slope design, dilution, recovery, cut-off grade and mining and metallurgical recovery parameters are specific to each pit stage and material type and are based on current and historical operating practice.

Mining methods applied are extensions of the current operations and considered the most appropriate method for the specific resource. GEOVIA Whittle^TM and Vulcan (open pit) mining software was used to create mine designs. An A$3,450/oz gold price and A$4.6/lb copper price have been used to establish Ore Reserves and determine appropriate cut-off grades.

Mining, milling and additional overhead costs are based on currently contracted and budgeted operating costs. Mill recoveries for all ore types are based upon operating experience or metallurgical test work. Ore Reserves consider environmental, tenement, government and infrastructure approvals along with transportation requirements to market. Telfer is an operating site and has all the required major infrastructure such as power generation, processing, waste rock and tailings disposal, process and potable water, camp, airport, access roads and port handling facilities.

Stockpiles consist of ROM stocks and low-grade stocks both mined by Greatland and accumulated by previous owners.

Open Pit Methodology

Ore Reserves are based on pit designs – with appropriate modifications to the original Whittle shell outlines to ensure compliance with practical mining parameters.

Geotechnical parameters aligned to the open pit Ore Reserves are either based on observed existing pit performance specifics or domain specific expectations / assumptions. Various geotechnical reports and retrospective reconciliations were considered in the design parameters.

No further mine dilution is applied to the resource model as the smallest sub-cell in the block model is larger than the minimum mining unit of the current mining equipment in operation.  An ore loss of 6% was applied to insitu tonnes to account for losses during mining.

Minimum mining widths have been accounted for in the designs as per the current operating fleet, with the utilisation of CAT793 trucking parameters and CAT6060 digger parameters.

No specific ground support requirements are needed outside of suitable pit slope design criteria based on specific geotechnical domains. Mining sequence is included in the mine scheduling process for determining the economic evaluation and takes into account available operating time and mining equipment size and performance.

No Inferred material is included within the open pit Ore Reserve, though in various pit shapes Inferred material is present. In these situations this Inferred material is classified as waste.

Historical Ore Reserves

The last historical Ore Reserves reported for the Telfer mine were by Newcrest Mining Limited (Newcrest) in July 2023. Following Newmont Mining Corporation (Newmont) acquiring Newcrest (and accordingly Telfer) in November 2023, Newmont reported those reserves as Mineral Resources, given the different gold and copper price assumptions used to support Newmont’s Ore Reserves.

Newmont did not use short term mine life pricing, and a projected forward price curve from spot to reserve pricing to support financial evaluation was discounted. This Telfer Ore Reserve has considered the relevant historical Ore Reserves practices and modifying factors, as the Telfer mine is an ongoing operation, but has been re-estimated using Greatland’s processes and assumptions since taking ownership and management of the Telfer mine in December 2024.

Further detail regarding the Ore Reserve estimate is set out in the JORC 2012 Table 1 Reporting Criteria contained in Appendix 1.

Material Information Summary: Telfer 2-Year Outlook

Relevant Proportions of Mineral Resources and Ore Reserves underpinning the Production Target

The Telfer 2-Year Outlook has Production Targets for FY26 – FY27 of:

 In aggregate, the Production Target for FY26 – FY27 comprises 79% Measured / Indicated Resources, 16% Inferred Resources and 5% Exploration Target.

Material Assumptions

The material assumptions on which the Telfer 2-Year Outlook is based are provided below and in Appendix 1.

§ The Mineral Resources, Ore Reserves, and Exploration Target underpinning the Telfer 2-Year Outlook Production Target have been prepared by Competent Persons in accordance with the requirements of the JORC 2012 Code, and set out in the Table 1 Reporting Criteria contained in Appendix 1.

§ The Telfer 2-Year Outlook Production Target is underpinned by the Telfer December 2024 Mineral Resource and this Ore Reserve.

§ Gold prices of A$3,450/oz (West Dome Open Pit and Stockpiles) and A$3,000/oz (Main Dome Underground) were used for optimisations to develop the Production Target mine designs.

§ The West Dome Open Pit and Main Dome Underground are currently in production, meaning that the proposed Telfer 2-Year Outlook is a natural extension of the current operations and therefore matters affecting the modifying factors such as mining performance, mining and geotechnical modifying factors, processing throughput and metallurgical recoveries and cost structures are well understood.

§ Telfer 2-Year Outlook is a sub-set of a longer life mine plan for Telfer. Greatland expects Havieron production to begin during FY28, augmenting Telfer production. As the Havieron Feasibility Study remains in progress no allowance for production estimates or associated capital expenditure has been included in this Telfer 2-Year Outlook.  After the Havieron Feasibility Study has been completed, Greatland will be in a position to update the market on the outlook for integrated Telfer and Havieron operations.

§ Financial modelling includes updated cost and metallurgical recoveries in line with those applied to the Ore Reserve estimate. For financial modelling, consensus forecast pricing (February 2025) was used as follows:

Gold price is further supported by put options Greatland has executed for a remaining 116koz at a strike price of A$3,905/oz in CY2025 and for 150koz at A$4,200/oz in CY2026.

§ 16% of the Production Target for FY26 – 27 is sourced from Inferred Mineral Resources. West Dome Open Pit cutbacks at Telfer have routinely contained a component of inferred material and reconciliation of similar material mined in CY2023 (the last full production year prior to Telfer processing disruptions in CY2024) indicated that this material reconciled well. Based on the historic performance and drill results to date Greatland considers it acceptable to include this Inferred material into the Production Target on an annualised basis. Greatland cannot however be certain that the Inferred material will convert to Indicated Mineral Resources or that the Production Target itself will be realised.

§ 5% of the Production Target is sourced from the Telfer Underground Exploration Target.  This is discussed below in the ‘Basis of Telfer Underground Exploration Target’ section.

Cautionary Statement concerning the proportion of Inferred Mineral Resources

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised.

Basis for Telfer Underground Exploration Target

Telfer Exploration Targets were first announced in Greatland’s Admission Document dated 10 September 2024 as part of a combined Telfer Underground and Open Pit Exploration Target.

Since acquisition the Company has conducted a review of several of these areas of unclassified mineralisation, upgrading them to a Mineral Resource as announced in March 2024 (see announcement of 18 March 2025 titled ‘2024 Group Mineral Resource Statement’).

An outcome of this review has been the decision to carry out an additional phase of drilling within the Eastern Stockwork Corridor (ESC) before considering it for classification as a Mineral Resource, this drilling is underway with 16 holes for 3,821 metres drilled by the end of March, with the program scheduled to be completed by June 2025.

As such the ESC is being restated as an Exploration Target, as follows:

 Note: Grades are reported to one decimal place to reflect appropriate precision in the estimate, and this may cause apparent discrepancies in totals.

The ESC is a mineralised vein array occurring at the intersection of the monocline structure and a competent quartzite unit occurring between the M30 and M35 reefs. The ESC orebody is located adjacent to existing infrastructure in the upper section of the Main Dome underground, and similar to the A-Reef and M-Reefs, this orebody as a whole does not support the Telfer operation without additional ore sources.

 The current drill spacing varies from 50m in the well-informed sections to >100m towards the northern and southern limits. Drilling is predominately diamond drilling. The supporting data for this Exploration Target spans a significant period, with most drilling being from 2020 onwards. All practices with respect to drilling, sampling and analysis were carried out to the industry standards at the time and the data is consider adequate to support the respective exploration targets.

Cautionary Statement concerning the Exploration Target

The potential quantity and grade of these Exploration Targets is considered conceptual in nature; as there has been insufficient work undertaken by the Company to date to determine whether they should be classified as Mineral Resources, and it is currently uncertain if further

work will result in the classification of a Mineral Resource.

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director | Rowan Krasnoff, Head of Business Development
info@greatlandgold.com