TIDMGGP

RNS Number : 7735O

Greatland Gold PLC

12 October 2021

--

12 October 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMED. 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 " )

Havieron South-East Crescent - Pre-Feasibility Study released

Outstanding economics delivered from just the first 14Mt of Havieron's South-East Crescent Zone

Greatland forecasted to become the 2(nd) lowest cost gold company globally(1)

Starter Mine carries the full project capex and provides a launchpad for early cashflow and

long-term growth

Greatland Gold plc (AIM:GGP), a leading mining development and exploration company with a focus on precious and base metals, is pleased to provide the Stage 1 Pre-Feasibility Study ("PFS" or "Stage 1 Study") results at the Havieron gold-copper deposit in the Paterson region of Western Australia.

Havieron Maiden South-East Crescent PFS Highlights

-- This Stage 1 Study of the South-East Crescent reflects the 'staged approach' to the evaluation and development of Havieron and does not consider bulk mining methods

-- Economics(2) of maiden PFS supports the total capex while generating strong early cash flow, IRR and payback.

-- Low upfront capital, Greatland share US$73m(3)

-- Outstanding low-cost operations, AISC US$643/oz(2,4) with further opportunity to reduce

-- Internal Rate of Return 27% (real IRR, after tax)(2,5)

-- Payback 3.0 yrs(2,6)

-- High Grade 4.58g/t Au Eq(2,7)

-- Capital efficient, low environmental impact with underground mining and use of existing Telfer processing facility for majority of plant infrastructure

-- 17% of revenues estimated to be generated from copper production

-- The Stage 1 Study demonstrates that including additional existing Inferred Mineral Resource allows for an 3Mtpa or greater operation

Havieron Growth

-- The Stage 1 Study is at a 'point in time', with a February 2021 cut-off for drilling information; with significant additional information now available which is expected to be incorporated into future studies

-- 14Mt of Probable Ore Reserves(2) mined over an initial 9-year life, from a throughput of 2Mtpa

-- The PFS does not consider 37Mt of the current Inferred Mineral Resource or any potential new resources that may be defined in Northern Breccia and Eastern Breccia

-- Continue to assess the broader Havieron breccia system which may be suitable for a bulk mining method

-- Concurrent studies underway to assess production rates greater than 3Mtpa

-- Targeting 90,000m of growth drilling over the next 12 months

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "This maiden Pre-Feasibility Study focuses on the South-East Crescent and should be viewed as the first stage. The study covers just a small fraction of the resource and the broader mineralised breccia system but is a tremendous first step towards creating a mine and unlocking our understanding and the value of Havieron.

The investment proposition of Greatland is compelling, with Havieron confirmed as a world class ore body, being developed with a Tier 1 partner in Newcrest and all within a Tier 1 mining jurisdiction of Western Australia.

The Stage 1 Study indicates a very modest capex hurdle for Greatland and thereafter the generation of cash flow. This provides the opportunity for Greatland to reinvest this cash flow into Havieron such that the Company can self-fund the full potential of Havieron. This capital profile is ideal for Greatland as a mid-cap miner.

The quality of Havieron is observable in the AISC of just US$643/oz Au. This outcome will propel Greatland to the second lowest cost producer globally, with this low cost structure driving a high-margin, high IRR and fast pay-back development.

Notwithstanding the tremendous outcome of this Stage 1 Study, the opportunity at Havieron remains ahead of us. A further 90,000 meters of growth drilling is planned to June 2022, to better understand the extent of the South East Crescent, the Northern Breccia and the recently identified Eastern Breccia. This growth drilling creates the opportunity to potentially apply bulk mining methods to the balance of the Havieron breccia system to complement the mining of the South East Crescent."

Summary of South East Crescent Pre-Feasibility Study (in 100% terms) (2)

   --    Initial Probable Ore Reserve estimate(8) : 

-- 14Mt @ 3.72 g/t Au and 0.54% Cu (4.58 g/t Au Eq) for 1.6Moz Au and 73kt Cu

   --    Low-cost production in a Tier 1 jurisdiction, with further growth upside 

-- LOM average All-In Sustaining Cost (AISC) of A$893/oz (US$643/oz)(3)

-- Life of Mine (LOM) average annual gold production of 160koz and copper production of 6.9kt

-- Stage 1 Study represents only 28% of the Havieron Mineral Resource

   --    Attractive investment opportunity 

-- Total development capital expenditure of A$529 million (US$381 million)

-- Internal Rate of Return (IRR) of 27% (real, after tax)

-- Payback of 3 years(5)

-- South-East Crescent Net Present Value (NPV) of A$706 million (US$508 million)(4)

-- Uses Newcrest's existing Telfer milling and support infrastructure to process and treat Havieron ore

   --    Growth opportunity 

-- Potential to expand the Project and increase the mining rate to 3Mtpa or more through the conversion of Inferred to Indicated Mineral Resources through an infill drilling program

-- Potential to lower mining costs by considering alternative, higher production rate, mining methods

-- Ongoing growth drilling continues to show potential for resource additions outside of the existing Inferred Mineral Resource boundaries

Key milestones

 
 Milestone Activity 
 Feasibility Study     Dec Qtr 2022 
                      ------------- 
 First Ore              1H FY2024 
                      ------------- 
 First Production of    2H FY2024 
  Gold/Copper 
                      ------------- 
 

Note: Subject to market and operating conditions and no unforeseen delays due to COVID-19

Potential Exploration Upside

The Stage 1 Study considers only the Indicated Mineral Resource, reflecting only a small portion of the existing resource inventory. The Havieron Project has significant additional growth potential, including:

-- Mineralisation open at depth and along strike

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

-- Expansion of multiple higher-grade targets within the main Havieron north west corridor

-- Northern Breccia and North West Crescent

-- Potential for additional north west trending corridors including the Eastern Breccia; and

-- Potential to discover additional mineralisation centres (at Havieron North, Zipa and Meco)

In addition to the active testing of the above higher-grade targets, drilling continues in the northern and eastern breccia corridors to assess the bulk mining potential.

Table of Key Stage 1 Study Findings (100% terms)(2,4,5,6)

 
 Area            Measure                               Unit          Newcrest      Greatland 
                                                                     economic       economic 
                                                                    assumptions    assumptions 
                 Ore milled / milling rate 
 Production       (max)                                Mtpa            2.1            2.1 
  LOM                                          years                    9              9 
  Ore mined (LOM)                                Mt                     14             14 
  Average gold grade (LOM)                      g/t                    3.72           3.72 
  Average copper grade (LOM)                     %                     0.54           0.54 
  Gold produced (LOM)                           koz                   1,432          1,432 
  Copper produced (LOM)                          kt                     62             62 
  Average annual gold production 
   (LOM)                                        koz                    160            160 
  Average annual copper 
   production (LOM)                              kt                    6.9            6.9 
 Capital         Project capital                    A$m (real)         529            529 
                            US$m (real)                                 397            381 
 
 Operating       Total operating cost (LOM)         A$/t (real)        112            112 
                               US$/t 
                               (real)                                   84             81 
                                                       A$/oz 
                 AISC (LOM)                             sold           990            893 
                               US$/oz 
                                sold                                   7 43            6 43 
  ==============================================================  =============  ============= 
 Economic 
  assumptions    Gold price                           US$/oz          1,500          1,750 
  Copper price                                 US$/lb                  3.30           4.08 
  Exchange rate                               USD:AUD                  0.75           0.72 
  Discount Factor                             % (real)                 4.5            4.5 
 ================================  =============================  =============  ============= 
 Financials      NPV                                A$m (real)         304            706 
                            US$m (real)                                 228            508 
  IRR                                         % (real)                  16             27 
  Payback period                               Years                    4              3 
                 Free cash flow generation 
                  (LOM) (post tax)                  A$m (real)         53 1          1,06 1 
                            US$m (real)                                 398            764 
  --------------------------------------------------------------  -------------  ------------- 
 

The Production results in the table are based on the Ore Reserve Revenue Factor assumptions as discussed in Appendix 1 (JORC Table 1 - Schedule 4). The financial and valuation results shown above are based on different economic assumptions in metal prices and exchange rates. Greatland metal price assumptions were US$1,750/oz Au and US$4.08/Ib Cu, and an USD:AUD exchange rate of 0.72.

Havieron Feasibility Study

The Havieron Feasibility Study is estimated to be completed in the December 2022 Quarter and the study scope is expected to include:

-- Completion of a further infill drilling program by end CY21 to increase the Indicated Mineral Resource base for potential Ore Reserve expansion

-- Completion of the growth drill program immediately below the Crescent Zone for potential Mineral Resource expansion

-- Further investigation and optimisation of the Sub-Level Open Stoping (SLOS) design and sequence, including using any new Indicated Mineral Resources converted from existing Inferred Mineral Resources through current and ongoing drilling that can support production rates of 3Mtpa or higher

-- Initial assessment of future development options with further resource growth in the Northern and Eastern Breccia including evaluation of lower cost bulk mining methods.

(1) Based on Kitco 2020 Report - "Lowest cost gold companies in 2020". https://www.kitco.com/news/2021-03-25/Lowest-cost-gold-mining-companies-in-2020-report.html

(2) PFS economics are on 100% project basis unless otherwise specified. All assumptions are consistent with Newcrest PFS figures except for macro price assumptions of US$1,750 Gold, US$4.08Ib Copper, and USD:AUD 72c, applied by Greatland. The project economics do not include any estimate the tolling arrangement whereby capital expenditure such as upgrades to the processing plant at Telfer will be paid for by Newcrest 100% and Greatland will pay a capital contribution and tolling margin to Newcrest as part of the proposed tolling arrangement.

(3) Net of Greatland's US$ 50m existing debt facility

(4) Total operating costs includes mining costs, processing costs, infrastructure costs and general and administrative costs

(5) Using a discount factor of 4.5% (real)

(6) Payback is the earliest date that net accumulated free cash flow is equal to zero. This is calculated from first commercial production which is defined as the expected commencement date of saleable gold production

(7) The gold equivalent (AuEq) is based on assumed prices of US$1,300/oz Au and US$3.00/lb Cu for Ore Reserve and assumed prices of US$1,400/oz Au and US$3.40/lb Cu for Mineral Resource, which equates to a formula of approximately AuEq = Au (g/t) + 1.6 * Cu (%)

(8) Represents 100% of ore reserves at Havieron

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.

Project Details

The Havieron Project is centred on a deep magnetic anomaly 45km east of Telfer in the Paterson Province on the traditional lands of the Martu people. The target is overlain by approximately 420m of post mineralisation Permian cover. The joint venture commenced drilling during mid-2019 and has progressively increased its drilling activities with up to eight drill rigs now in operation.

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 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 Study has assessed the next stage of the Project which comprises the underground and surface development to establish the initial mining area at Havieron and ore processing modifications at Telfer.

Gold and copper mineralisation in the current resources are located within the South East Crescent and the Breccia Zones. High grade gold mineralisation is associated with a massive sulphide zone termed the South East Crescent Zone which occurs on the margin of the Breccia zones. The South East Crescent Zone is characterised by a series of massive to semi-massive sulphide replacement units that have a subvertical dip and are best developed on the south-east of the system forming an arcuate, crescent like geometry. The Breccias are still being defined through exploration drilling and early-stage evaluations will be completed to test the potential to develop additional mining fronts and utilise bulk mining methods.

The South East Crescent Zone is 5-40m wide, extending 550m in length in unfolded section from the basement contact and defined over 900m vertically, tapering to 300m in length and open at that depth. The South East Crescent Zone has been the focus of drilling and has been infilled to a nominal drill spacing of 50-100m laterally (with at least part being infilled to a 50m x 50m spacing to satisfy the requirements for an Indicated Mineral Resource), and 100m vertically.

The Stage 1 Study assessed mining production methods including SLOS with mining rates of 2Mtpa to 3Mtpa and caving options up to 6Mtpa . Surface infrastructure studies were focused on the transportation of ore back 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 case. Processing studies evaluated a modified Telfer process plant to accommodate the Havieron ore.

The initial Ore Reserve case is based on a 2Mtpa production rate from SLOS mining method limited to the Indicated Mineral Resources within the South East Crescent Zone. The Stage 1 Study demonstrates the potential to expand the Project and increase the mining rate to 3Mtpa or more based on the upgrading of the current Inferred Mineral Resources and additional potential Mineral Resource growth from immediately below the South East Crescent Zone as seen in recent drill results (refer to Section titled Potential Exploration Growth for a summary of drill results).

Indicative Production Profile (100% terms)

The Ore Reserve Case for the Stage 1 Study is based on the currently defined Indicated Mineral Resource estimate which incorporates a 2Mtpa underground SLOS operation with an expected mine life of 9 years. Ore will 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 2Mtpa for the Havieron SLOS was determined by maximising the steady state production of the sequence.

Indicative Havieron Mine Production Profile

 
 Year    Total Material   Plant Feed   Average Gold   Average Copper 
            Movement         (Mt)          Grade           Grade 
              (Mt)                         (g/t)            (%) 
 FY24         0.5            0.5           3.5             0.48 
 FY25         1.6            1.6           4.1             0.52 
 FY26         2.0            2.0           3.9             0.55 
 FY27         2.0            2.0           3.8             0.56 
 FY28         2.0            2.0           3.9             0.52 
 FY29         2.0            2.0           3.7             0.54 
 FY30         2.1            2.1           3.3             0.58 
 FY31         1.1            1.1           3.7             0.51 
 FY32         0.3            0.3           2.8             0.49 
 

Estimated Development Capital Profile (100% terms)

The capital profile for the Project contemplates a 2Mtpa SLOS operation. Pursuant to the terms of the Joint Venture post-delivery of a Pre-Feasibility Study, Greatland is obliged to fund 30% of all project expenditure going forward and Newcrest is obliged to fund 70%.

 
                        FY22     FY23     FY24      Total 
---------------------  ------  -------  -------  ----------- 
 Capital Expenditure 
  (A$m)                  124     296      109       529 
 Capital Expenditure 
  (US$m)                 89      213       79       381 
 
 

Metal Price and Exchange Rate Sensitivity Analysis

The actual IRR of the Project will vary according to the gold and copper prices realised. Base Case assumptions include a gold price of US$1,750/oz, copper price of US$4.08/lb, and an USD:AUD exchange rate of 0.72 based on current market observed rates.

The table below outlines how the estimated Base Case Project IRR of 27% remains robust using different price assumptions:

 
 Scenario                    Assumption    IRR 
-----------------------  --------------  ----- 
 Gold price (US$ per 
  ounce)                      1,500       20% 
 Gold price (US$ per 
  ounce)                      2,000       33% 
 Copper price (US$ per 
  pound)                      3.50        26% 
 Copper price (US$ per 
  pound)                      4.70        28% 
 

Mine Development and Sequence

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 strong country rock, such as the Havieron deposit. Stopes are mined in a checkerboard fashion with all primary stopes first, followed by the intermediate secondary stopes. The mining sequence is top down overall, divided into a number of different lifts separated by horizontal sill levels which are recovered after the upper and lower level have been mined and filled.

A sub-level spacing of 50m with sill drill levels located 20m below a mining front were selected. Some sub-level spacings are increased to 60m to accommodate the inclusion of ore minimising additional level development. The design consists of nine semi-independent mining sequences, based on both horizontal and vertical mining fronts. The horizontal fronts are determined by the orebody orientations as outlined in Figure 4.

Infrastructure

The Stage 1 Study contemplates 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 will 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 will be evaluated as part of the Feasibility Study.

Telfer currently operates two processing trains with a total capacity of 22Mtpa. The Havieron ore is expected to be processed through a modified Telfer Processing Plant which will 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 Pulp (CIP) circuit on the flotation tail and cyanide detoxification circuit. The expected cost of the plant modifications is included in the US$381 million 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 will be deposited at the existing Telfer TSF.

Mineral Resource Estimate

The updated Mineral Resource is estimated to contain an Indicated Mineral Resource of 1.9 million ounces of gold and 99 thousand tonnes of copper and an Inferred Mineral Resource of 1.7 million ounces of gold and 67 thousand tonnes of copper. This Mineral Resource estimate is based on drilling completed by February 2021.

Since the initial Mineral Resource estimate an additional 45 drill holes were completed between November 2020 and February 2021, primarily as infill drilling to increase the resource confidence of the Crescent Zone, that transferred 1.9 million ounces of gold and 67 thousand tonnes of copper from Inferred Mineral Resources to Indicated Mineral Resources. Results from drilling undertaken in the area of these Mineral Resources since the cut-off date for resource estimation (Feb-21) support the Mineral Resources and Ore Reserves in this PFS.

Mineral Resource estimate tabulation for the Havieron Deposit (100%)*:

 
  Domain     Classification    Tonnage         Grade           Metal Content 
                                 Mt      Au (g/t)   Cu (%)   Au (Moz)   Cu (kt) 
            ----------------  --------  ---------  -------  ---------  -------- 
 Crescent       Indicated        15        3.9       0.64      1.9        99 
            ----------------  --------  ---------  -------  ---------  -------- 
           Inferred              3.6       4.0       0.45      0.5        16 
 ---------------------------  --------  ---------  -------  ---------  -------- 
  Breccia       Indicated         -         -         -         -          - 
            ----------------  --------  ---------  -------  ---------  -------- 
           Inferred              34        1.1       0.15      1.2        51 
 ---------------------------  --------  ---------  -------  ---------  -------- 
   Total        Indicated        15        3.9       0.64      1.9        99 
            ----------------  --------  ---------  -------  ---------  -------- 
           Inferred              37        1.4       0.18      1.7        67 
 ---------------------------  --------  ---------  -------  ---------  -------- 
   Grand        Indicated 
   Total        + Inferred       53        2.1       0.31      3.6        166 
            ----------------  --------  ---------  -------  ---------  -------- 
 

*Data is reported to two significant figures to reflect appropriate precision in the estimate, and this may cause some apparent discrepancies in totals. Data represents 100% of the Mineral Resource for Havieron. Mineral Resources in the Crescent are calculated on a A$100 NSR cut-off while Mineral Resources in the Breccias are calculated on a A$50 NSR cut-off.

The Havieron Mineral Resource estimate is reported as an Indicated Mineral Resource and Inferred Mineral Resource 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 Havieron Mineral Resources are inclusive of Ore Reserves. Refer to details in Appendix 1 for information rel ating to data collection and resource estimation.

Drilling has outlined an ovoid shaped zone of variable brecciation, alteration and sulphide mineralisation with dimensions of approximately 650m x 350m x 1000m trending in a north-west orientation below 420m of Permian cover.

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 pyrite sulphide mineral assemblages as breccia and vein infill, and massive sulphide lenses.

The Indicated Mineral Resource estimate is restricted to the South East Crescent Zone only, with the Inferred Mineral Resource estimate comprised of some part of the South East Crescent Zone, the adjacent Breccia zones, and a portion of the Northern Breccia to an RL of 4060m (750m below the unconformity) 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 10m x 10m x 10m blocks for the South East Crescent Zone and 20m x 20m x 20m blocks for Breccia and re-blocked into 5m x 5m x 5m blocks. The resource model was domained utilising the geological units defining the South East Crescent Zone, the Calcite Cemented Breccia, Actinolite Cemented Breccia and Crackle Breccia. Hard boundaries were used between the South East Crescent Zone and the Breccia zones with semi soft boundaries used between the Breccia zones. Kriging Neighbourhood Analysis was used to define the search neighbourhood for gold and copper. Gold and copper were estimated independently of each other. Composite copper and gold grades were capped prior to estimation. The resource estimation is based entirely on interpolation. The resource model was validated via visual, statistical, and geostatistical methods.

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. The Indicated and Inferred Mineral Resource estimate has been constrained using appropriate drill hole data spacing parameters and geological control. The Indicated Mineral Resource estimate is reported based on the A$100/t Net Smelter Return (NSR) value cut-off and the average weighted distance of 45 metres within the South-East Crescent Zone which assumes selective underground mining. The Inferred Mineral Resource estimate is reported within an A$50/t NSR value shell with no internal selectivity, which assumes bulk mining and therefore includes internal waste. The NSR uses metals prices of US$1,400/oz Au and US$3.40/lb Cu, domain-specific metallurgical recoveries of 84-94% for Au and 82-92% for Cu, an USD:AUD exchange rate of 0.75, as well as treatment and refining costs, payables and royalties, similar to those at Telfer.

Ore Reserve Estimate

The Havieron Ore Reserve estimate is outlined below and 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).

Ore Reserve estimate tabulation for the Havieron Deposit (100%) (9) :

 
                       Tonnage     Gold       Copper 
                         Mt      g/t   Moz    %     kt 
                      --------  ----  ----  -----  --- 
 Proved Ore Reserve       -       -     -     -     - 
                      --------  ----  ----  -----  --- 
 Probable Ore 
  Reserve                14      3.7   1.6   0.54   73 
                      --------  ----  ----  -----  --- 
 Total Ore Reserve       14      3.7   1.6   0.54   73 
                      --------  ----  ----  -----  --- 
 

A summary of the material assumptions is outlined below. Refer to details in Appendix 1 (JORC Table 1 - Section 4) for more information relating to the Ore Reserve estimation.

The Havieron Pre-Feasibility Study (on which this Ore Reserve statement is based) defined a SLOS mining method with paste fill and truck ore haulage at a 2Mtpa mining rate . Metallurgical test-work has been executed on samples taken from the Havieron deposit during the Pre-Feasibility Study 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 Pre-Feasibility Study 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 Study. A contingency has also been factored into the capital cost estimate consistent with the level of accuracy of the Study.

The operating cost estimate has 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. 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 quality, data spacing and distribution and estimation quality parameters including distance to informing samples for block grade estimation .

Underground mining at Havieron is planned to be undertaken using a SLOS mining method at a 2Mtpa mining rate . The Stage 1 Pre-Feasibility Study has been prepared on the basis of:

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

-- 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

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

(9) Data is reported to two 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.

The following Modifying Factors have been applied to all mining 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 total Ore Reserve includes approximately 0.6Mt of Inferred Mineral Resource as dilution. This material contains 2% of the gold metal and 1.6% of the copper metal in the Ore Reserve and does not have a material impact upon the estimate. As this is dilution material associated with the SLOS mining method, it has been incorporated into the Ore Reserve estimate.

Havieron ore will be processed on a campaign basis through the Telfer Train 2 Treatment Plant circuit at a throughput of approximately 2Mtpa. Metal recovery will be through conventional flotation to produce a copper/gold concentrate and doré through a newly installed flotation tails leach 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 (2020) and Pre-Feasibility (2021) studies 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 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 smelter penalties incurred on the basis of bismuth content. The impact of bismuth in concentrate will be managed by mine sequencing and concentrate blending.

The Havieron Ore Reserve employs a value based cut-off determined from the Net Smelter Return (NSR) value equal to the site operating cost included within the Pre-Feasibility Study. 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. These costs equate to a break even cut off value of approximately A$130/t milled, and a marginal cut off value of approximately A$115/t milled.

Estimation of the Havieron 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 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 Havieron 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 and mining rate, exchange rate and metallurgical recoveries confirming the estimate to be robust.

A staged approach for approvals is being undertaken with Phase 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.

Phase 2 approvals will 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 approval strategy for Phase 2 consists of both Commonwealth and State level approvals with engagement well advanced with all regulatory bodies. The timelines outlined in the Pre-Feasibility Study are considered achievable.

A Mining Lease has been granted over the orebody, and miscellaneous leases granted along the existing service corridor. For Phase 2 approvals an application will be made for an additional miscellaneous lease 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.

Potential Exploration Growth

The Havieron mineral system as outlined by drill testing to date, is an 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 Stage 1 Study only considers the current Indicated Mineral Resource which is a relatively small proportion of the existing resource inventory. The Havieron project has significant additional growth potential including:

-- Conversion of existing Inferred Mineral Resources

-- Mineralisation open at depth and long strike

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

-- Expansion of multiple higher-grade targets within the main Havieron north-west corridor including the Northern Breccia and North West Crescent

-- Potential for additional north west trending corridors including the Eastern Breccia; and

-- Potential to discover addition mineralisation centres (at Havieron North, Zipa and Meco).

In addition to the active testing of the above higher-grade targets, drilling continues in the northern and eastern breccia corridors to assess the bulk extraction potential.

At the South-East Crescent, drilling has extended the high-grade mineralisation 250m below the base of the current Mineral Resource with two recent drillholes (HAD133 and HAD133W1) returning intervals >900 gram metres (Au ppm x length). These new intercepts show an increase in both grade and thickness with increasing depth. Drilling continues to assess the depth extents of South-East Crescent which now has a vertical extent of over 900m.

Results external to the Mineral Resource include(10) :

   --      HAD133 

o 85m @ 11g/t Au & 0.29% Cu from 1,345m

o including 13m @ 32g/t Au & 0.46% Cu from 1,363m

o including 14.5m @ 32g/t Au & 0.33% Cu from 1,396.5m

   --      HAD133W1 
   o         133m @ 7.0g/t Au & 0.05% Cu from 1,446m 
   o         including 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m 
   o         including 20m @ 11g/t Au & 0.04% Cu from 1,519m 
   --      HAD086W1 
   o         99.7 m @ 2.5g/t Au & 0.85% Cu from 1,308m 
   o     50.4 m @ 4.3g/t Au & 1.6% Cu from 1,313.6m 

(10) The Havieron drill results included in this document have been extracted from Greatland's release titled "Havieron Development and Exploration Update" dated 9 September 2021 and other prior exploration releases. These releases include the exploration results for all material drill holes (including those referred to in this document).

At the Northern Breccia, drilling has extended the mineralised breccia footprint around the Mineral Resource extents. Drilling has confirmed and increased the confidence in the continuity of internal higher grade Crescent-like mineralisation in a north-west mineralised corridor which now extends up to 300m in length, and 100m wide, between 4,300 - 4,100mRL, and remains open at depth. Results of greater than 150 gram metres (Au ppm x length) outside of the current Mineral Resource include:

-- HAD047

-- 309m @ 0.99g/t Au & 0.07% Cu from 915m

-- including 44m @ 3.3g/t Au & 0.15% Cu from 1,157m

-- HAD101

-- 147.2m @ 1.1g/t Au & 0.18% Cu from 1,083.8m

-- including 51.8m @ 1.6g/t Au & 0.25% Cu from 1,129.2m

-- 92.5m @ 1.9g/t Au & 0.06% Cu from 1,296m

-- including 15.6m @ 4.8g/t Au & 0.02% Cu from 1,350m

-- including 14m @ 6.2g/t Au & 0.10% Cu from 1,373m

-- HAD103

-- 90.6m @ 2.3g/t Au & 0.18% Cu from 776.4m

-- including 2.4m @ 67g/t Au & 0.33% Cu from 822.7m

-- HAD083W4

-- 156.6m @ 1.1g/t Au & 0.22% Cu from 805.8m

-- HAD140

-- 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m

-- HAD083

-- 183.7m @ 1.8g/t Au & 0.18% Cu from 1,098m

-- including 17.2m @ 8.8g/t Au & 0.47% Cu from 1,165.2m

Higher grade mineralisation external to the Mineral Resource has also been identified on the north west margin of the breccia, previously referred to as the North West Crescent, with additional intercepts showing a vertically extensive high grade pod (NW Pod Target) which remains open at depth and to the north west. Drilling is ongoing to confirm the extents and continuity of this zone. Results from this zone outside the current Mineral Resource include:

-- HAD085

o 74.2m @ 2g/t Au & 0.09% Cu from 568.8m

o including 19.1m @ 7g/t Au & 0.23% Cu from 594m

-- HAD089

o 116m @ 2.9g/t Au & 0.07% Cu from 1,136m

o including 13m @ 13g/t Au & 0.17% Cu from 1,136m

-- HAD138

o 84.5m @ 2g/t Au & 0.05% Cu from 683m

o including 12.7m @ 6.0g/t Au & 0.01% Cu from 685.3m

-- HAD141

o 87m @ 1.8g/t Au & 0.05% Cu from 1,328m

o including 17.8m @ 5.7g/t Au & 0.14% Cu from 1,378.5m

At the Eastern Breccia drilling has targeted extensions of previously reported drill holes HAD083 and HAD084, identifying a separate north west trending corridor with an alteration footprint of over 600m. Crescent like higher grade zones are observed internal to this Eastern Breccia. Results outside of the current Mineral Resource include:

-- HAD083

o 134m @ 1.4g/t Au & 0.04% Cu from 1,529m

o 98.2m @ 1.9g/t Au & 0.14% Cu from 1,677m

o including 41.1m @ 3.7g/t Au & 0.1% Cu from 1,723.9m

-- HAD084

o 342.2m @ 2g/t Au & 0.11% Cu from 1,536.8m

o including 14m @ 19g/t Au & 0.20% Cu from 1,572m

o including 11.1m @ 6.6g/t Au & 0.11% Cu from 1,629.9m

o including 19.5m @ 4.2g/t Au & 0.04% Cu from 1,726.3m

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/ 

Enquiries:

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

Competent Person:

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

"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, which has been taken from Newcrest Mining Limited's announcement "Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021, 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 no financial interest in Greatland Gold plc or its related entities. 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, which has been taken from Newcrest Mining Limited's announcement "Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021, 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, which has been taken from Newcrest Mining Limited's announcement "Havieron PFS Stage 1 delivers solid returns and base for future growth" dated 12 October 2021, 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 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

 
 Criteria              Commentary 
 Sampling techniques   Core samples are obtained from core drilling in Proterozoic 
                        basement lithologies. 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 with 
                        breaks for major geological changes. Sampling intervals 
                        range from 0.2 - 1.0m. 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 coring configuration. 
                        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. Drillers depth 
                        blocks provided the depth, interval of core recovered, 
                        and interval of core drilled. 
                        Core recoveries were typically 100%, with isolated zones 
                        of lower recovery. 
                        There is no discernible relationship between sample 
                        recovery and grade. 
                        Cover sequence drilling by the mud-rotary drilling did 
                        not yield recoverable samples. 
--------------------  -------------------------------------------------------------------- 
 Logging               Geological logging recorded qualitative descriptions 
                        of lithology, alteration, mineralisation, veining, and 
                        structure (for all core drilled - 100,799m from 170 
                        drillholes, all intersecting mineralisation), including 
                        orientation of key geological features. 
                        Geotechnical measurements were recorded including Rock 
                        Quality Designation (RQD) fracture frequency, solid 
                        core recovery and qualitative rock strength measurements. 
                        Magnetic susceptibility measurements were recorded every 
                        metre. The bulk density of selected drill core intervals 
                        was determined at site on whole core samples. 
                        All geological and geotechnical logging was conducted 
                        at Havieron site. 
                        Digital data logging was captured on diamond drill core 
                        intervals only, and all data validated and stored in 
                        an acQuire database. 
                        All drill cores were photographed, prior to cutting 
                        and/or sampling the core. 
                        The logging was of sufficient quality to support the 
                        Mineral Resource estimate, mining studies and metallurgical 
                        studies. 
--------------------  -------------------------------------------------------------------- 
 Sub-sampling          Core was cut and sampled at the Telfer or Havieron core 
  techniques            processing facility. 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 0.5 to 4kg. Sample sizes are considered 
                        appropriate for the style of mineralisation. Drill core 
                        samples were freighted by air and road to the laboratory. 
                        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 the 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. 
                        No sample size and grain size tests have been done for 
                        the Havieron mineralisation, however given the very 
                        fine nature of the gold the sample sizes are considered 
                        to be appropriate for the gold mineralisation and this 
                        is supported by the results from duplicate sample assays. 
                        The copper mineralisation is also very fine and analysis 
                        of duplicate sample data suggests the sample sizes are 
                        appropriate for the copper mineralisation. 
                        Duplicate samples were collected from crush and pulp 
                        samples at a rate of 1:20. 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 acQuire database. 
                      -------------------------------------------------------------------- 
 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. 
                        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 acQuire database and verified as 
                        acceptable prior to use of data from analysed batches. 
                        Laboratory quality control data, including laboratory 
                        standards, blanks, duplicates, repeats and grind size 
                        results are captured in the acQuire database and assessed 
                        for accuracy and precision for recent data. 
                        Extended quality control programs including pulp samples 
                        submitted to an umpire laboratory and combined with 
                        more extensive re-submission programs have been completed. 
                        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 estimation of Mineral Resources. 
                      -------------------------------------------------------------------- 
 Verification          Sampling intervals defined by the geologist are electronically 
  of sampling           assigned sample identification numbers prior to core 
  and assaying          cutting. Corresponding sample numbers matching pre-labelled 
                        calico bags are assigned to each interval. 
                        All sampling and assay information were stored in a 
                        secure acQuire database with restricted access. 
                        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 acQuire database. 
                        Assessment of reported significant assay intervals was 
                        verified by re-logging of diamond drill core intervals 
                        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 adjustments are made to assay data, and no twinned 
                        holes have been completed. 
                        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 collar locations were surveyed using a differential 
  data points           GPS with GNSS with a stated accuracy of +/- 0.5m for 
                        all drill holes used. 
                        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. 
                        A LIDAR survey was completed over the project area in 
                        November 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. All 
                        collar coordinates are provided in the Geocentric Datum 
                        of Australian (GDA20 Zone 51). All relative depth information 
                        is reported in AHD +5000m. 
--------------------  -------------------------------------------------------------------- 
 Data spacing          The drill hole spacing ranges from 40-100m within the 
  and distribution      SE Crescent Zone to 50-200m in lateral extent within 
                        the breccia zones over an area of 2km(2) . The data 
                        spacing is sufficient to establish the degree of geological 
                        and grade continuity for an Indicated Mineral Resource 
                        and Inferred Mineral Resource within SE Crescent Zone 
                        and Inferred Mineral Resource within the Breccia zones. 
                        No sample compositing is applied to samples. 
--------------------  -------------------------------------------------------------------- 
 Orientation           Drill holes exploring the extents of the Havieron mineral 
  of data in            system intersect moderately dipping carbonate and siliclastic 
  relation to           sedimentary facies, mineralised breccia and sub-vertical 
  geological            intrusive lithologies. Geological modelling has been 
  structure             interpreted from historic and Newcrest drill holes. 
                        Variable brecciation, alteration and sulphide mineralisation 
                        are observed with a footprint with dimensions of 650m 
                        x 350m trending in a north west orientation and 1000m 
                        in vertical extent below cover. 
                        The subvertical southeast high grade arcuate crescent 
                        sulphide zone has an average thickness of 20m and has 
                        been defined over a strike length of up to 550m, and 
                        over 700m in vertical extent below cover. 
                        Drilling intersects mineralisation at various angles. 
                        Drilling direction is oriented to intersect the steeply 
                        dipping high-grade sulphide mineralisation zones at 
                        an intersection angle of greater than 40 degrees. The 
                        drilled length of reported intersections is typically 
                        greater than true width of mineralisation. 
--------------------  -------------------------------------------------------------------- 
 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 completed 
                        by Newcrest personnel at the Havieron facility. 
                        High resolution core photography and cutting of drill 
                        core was undertaken at the Havieron or Telfer core processing 
                        facilities. 
                        Samples were freighted in sealed bags by air and road 
                        to the Laboratory, and in 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 of core handling, sample preparation 
  reviews               and assays laboratories were conducted on a regular 
                        basis by both project personnel and owner representatives. 
                        In the Competent Person's opinion, the sample preparation, 
                        security and analytical procedures are consistent with 
                        current industry standards and are entirely appropriate 
                        and acceptable for the styles of mineralisation identified 
                        and will be appropriate for use in Mineral Resource 
                        estimates. There are no identified drilling, sampling 
                        or recovery factors that materially impact the adequacy 
                        and reliability of the results of the drilling program 
                        in place at the Havieron Project. 
--------------------  -------------------------------------------------------------------- 
 

Section 2: Reporting of Exploration Results

 
 Criteria                  Commentary 
 Mineral tenement          The Havieron Project is entirely contained within mining 
  and land tenure           tenement M45/1287, which is jointly owned by Greatland 
  status                    Pty Ltd and Newcrest Operations Limited . 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. 
                            completion of the Pre-Feasibility Study triggers Newcrest's 
                            entitlement to an additional 10% interest in the Joint 
                            Venture for a cumulative 70% Joint Venture Interest. 
                            Newcrest has an option to acquire a further 5% Joint 
                            Venture Interest at fair market value, exercisable during 
                            the 12 months from 12 December 2021. 
                            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 
                            Gold) at Havieron. 
                            The mining tenement M45/1287 wholly replaces the 12 
                            sub-blocks of exploration tenement E45/4701 (former 
                            exploration tenement on which the Havieron Project is 
                            based) and was granted on 10 September 2020. All obligations 
                            with respect to legislative requirements including minimum 
                            expenditure are maintained in good standing for prior 
                            exploration tenement E45/4701. 
                          ------------------------------------------------------------------- 
 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 Gold have previously 
                            been reported on the Greatland Gold website. 
                            Drilling has defined an intrusion-related mineral system 
                            with evidence of breccia and massive sulphide-hosted 
                            higher-grade gold-copper mineralisation. 
                          ------------------------------------------------------------------- 
 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 650m 
                            by 350m within an arcuate shaped mineralised zone, and 
                            to depths of up to 1400m below surface. 
                          ------------------------------------------------------------------- 
 Drill hole                Refer to previous exploration releases for drillhole 
  Information               information of the previously reported intercepts highlighted 
                            in this report and used in the Mineral Resource Estimate. 
                          ------------------------------------------------------------------- 
 Data aggregation          Significant assay intercepts are reported as (A) length-weighted 
  methods                   averages exceeding 1.0g/t Au greater than or equal to 
                            10m, with a maximum of 5m consecutive internal dilution; 
                            and (B) length-weighted averages exceeding 0.2g/t Au 
                            for greater than or equal to 20m, with a maximum of 
                            10m consecutive internal dilution. No top cuts have 
                            been applied to reported Exploration Results. 
                          ------------------------------------------------------------------- 
 Relationship              Significant assay intervals reported represent apparent 
  between mineralisation    widths. Drilling is not always perpendicular to the 
  widths and                dip of mineralisation and true widths are less than 
  intercept                 downhole widths. Estimates of true widths will only 
  lengths                   be possible when all results are received, and final 
                            geological interpretations have been completed. 
                          ------------------------------------------------------------------- 
 Diagrams                  As provided above. 
                          ------------------------------------------------------------------- 
 Balanced reporting        This report includes highlights of drilling from previously 
                            released drillhole intercepts. There have been eighteen 
                            Exploration Results releases for this project made by 
                            Newcrest. 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 and 9 September 
                            2021. 
                            Earlier reporting of exploration programs conducted 
                            by Newcrest and Greatland Gold have previously been 
                            reported. Exploration drilling programs are ongoing 
                            and further material results will be reported in subsequent 
                            releases. 
                          ------------------------------------------------------------------- 
 Other substantive         Nil. 
  exploration 
  data 
                          ------------------------------------------------------------------- 
 Further work              Infill drilling is underway on the Inferred Mineral 
                            Resource portion of the SE Crescent Zone, looking to 
                            upgrade a significant portion of the Inferred Mineral 
                            Resource to Indicated Mineral Resource. 
                            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

 
 Criteria             Commentary 
 Database integrity   Data 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. 
-------------------  ------------------------------------------------------------------ 
 Site visits          Greatland's Competent Person for Exploration Results 
                       has visited site in 2021. 
 
                       Greatland's Competent Person for the Mineral Resource 
                       has not visited site due to time and COVID-19 related 
                       site-access constraints. However, he has visited the 
                       Telfer mine on several occasions and has undertaken 
                       sufficient investigations of the resource modelling 
                       and estimation inputs, processes, methods and outputs 
                       to satisfy himself that the Havieron resources have 
                       been appropriately modelled and estimated, and reported 
                       in compliance with the 2012 edition of the JORC Code. 
-------------------  ------------------------------------------------------------------ 
 Geological           The geology model is based on grouped primary logging 
  interpretation       domain codes interpreted from drill cores. 3D solids 
                       were modelled in Leapfrog Geo 6.1 using vein, intrusive 
                       and erosional implicant models. 
                       The geology model for the Havieron deposit comprises 
                       a cover sequence and a basement sequence of variably 
                       mineralised and altered metasediments. The cover sequence 
                       consists of 7 sub horizontal units ascribed to the Permian 
                       whilst the basement sequence consists of the Crescent 
                       Zone that typically comprises of the massive sulphides 
                       including locally banded pyrrhotite or chalcopyrite., 
                       Calcite Cemented Breccia, Actinolite Cemented Breccia, 
                       Crackle Breccia and the post mineralisation Dolerite 
                       dyke. 
                       Mineralisation in Havieron is hosted in the Crescent 
                       and to a lesser extent within the cemented breccia's 
                       (Calcite Cemented and Actinolite Cemented Breccia). 
                       These units are therefore used as estimation domains. 
                       The overall architecture of the Crescent Zone is very 
                       well defined and no plausible alternative interpretations 
                       have been made. The controls on, and geometry of, the 
                       breccias are less well understood and this is reflected 
                       in the subsequent classification of resources. 
-------------------  ------------------------------------------------------------------ 
 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 1000m 
                       in vertical extent below 420m of cover. The SE Crescent 
                       Zone Mineral Resource extents are 550m in unfolded 
                       plan section, between 5-40m true width and 750m in 
                       vertical extent, mineralisation remains open at depth. 
                       The Breccia Mineral Resource extents occurs as a 50-100m 
                       sleeve around the SE Crescent 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. 
-------------------  ------------------------------------------------------------------ 
 Estimation           Geostatistical testing of the gold and copper grade 
  and modelling        distributions showed that the Breccia Zones are moderately 
  techniques           diffusive in nature, and the Crescent Zone is relatively 
                       weakly diffusive in nature. Even though the Crescent 
                       Zone is weakly diffusive in nature, the estimation method 
                       of OK is considered appropriate due to the consideration 
                       of the geological setting, geological observation from 
                       the logging data and the geometry of the domain. 
 
                       All drillhole samples were composited to 5 metre intervals 
                       downhole and honouring the domain boundary. OK estimation 
                       of gold, copper, sulphur, iron, cobalt, bismuth, arsenic, 
                       lead, zinc and nickel, was undertaken into 10 m x 10 
                       m x 10 m blocks for the Crescent Zone and 20 m x 20 
                       m x 20 m blocks for the Breccia with discretisation 
                       of 4 x 4 x 4. A single pass run was conducted for gold, 
                       copper, sulphur, iron and cobalt estimate and two passes 
                       were conducted for bismuth, arsenic, lead, zinc and 
                       nickel estimates. The minimum and maximum number of 
                       informing composites were 10 and between 20 to 24 respectively, 
                       depending on the domain and variable being estimated. 
                       Due to the highly skewed nature of the grade distribution, 
                       a grade capping strategy has been applied for variables 
                       including Au, Cu, Co, Bi, As, Pb, Zn and Ni. Caps are 
                       typically around the value at a 99(th) percentile of 
                       distributions. The model grades were estimated in Isatis 
                       software. Gold and copper were the only revenue generating 
                       elements, no recovery of by-products has been assumed. 
                       Variables were estimated independently. The block size 
                       was chosen on the basis of estimation quality and likely 
                       scale of mining. 
 
                       The block model used for interpolators was populated 
                       with local rotations for the Crescent Zone and the Breccia 
                       Zones based on the orientation of the mineralisation 
                       including the high grade (structurally controlled) zone 
                       with a hard boundary applied to the Crescent Zone and 
                       soft boundaries applied to the Breccia domains. The 
                       entire resource is based on interpolation of grades. 
 
                       The model has been validated via visual, statistical 
                       and geostatistical method, including statistical comparison, 
                       metal at risk analysis, swath plots, Global Change of 
                       Support (Discrete Gaussian Modelling) comparison and 
                       visual comparison of the drillholes and the blocks by 
                       sections and plan views. The model assumes the likelihood 
                       of a selective mining method for the Crescent Zone and 
                       a bulk mining method for the Cemented Breccias. 
-------------------  ------------------------------------------------------------------ 
 Moisture             All tonnages are calculated and reported on a dry tonnes 
                       basis. 
-------------------  ------------------------------------------------------------------ 
 Cut-off parameters   A value algorithm is used to calculate the NSR for each 
                       block using revenue, metallurgical and cost assumptions 
                       as of July 2020. 
 
                       The NSR calculation takes account revenue factors, metallurgical 
                       recovery assumptions, transport costs and refining charges 
                       and royalty charges with the gold price of US$1,400 
                       per ounce, copper price of US$3.40 per pound and an 
                       USD:AUD exchange rate of 0.75. 
 
                       The Indicated Mineral Resource was defined based on 
                       a threshold of A$100/t within the SE Crescent Zone. 
                       A smoothed shell was generated based on a threshold 
                       of A$50/t and includes internal below value cut-off 
                       blocks and excludes isolated above cut-off blocks applied 
                       for the definition of the Inferred Mineral Resources. 
                       Both Indicated Mineral Resources and Inferred Mineral 
                       Resources are representing the limit of reasonable prospects 
                       of eventual economic extraction. The A$100/t cut-off 
                       for Indicated Mineral Resources and A$50/t cut-off for 
                       Inferred Mineral Resources are based on Newcrest's experience 
                       at its nearby Telfer operation, its current understanding 
                       of the Havieron deposit and other benchmarked operations. 
-------------------  ------------------------------------------------------------------ 
 Mining factors       The Indicated Mineral Resource estimate is reported 
  or assumptions       based on the A$100/t NSR value cut-off within the SE 
                       Crescent Zone, based on an assumption of selective mining 
                       by Sub Level Open Stoping (SLOS). 
 
                       The Inferred Mineral Resource estimate is reported within 
                       a notional constraining shell based on an A$50/t NSR 
                       value cut-off, based on bulk mining and therefore all 
                       internal materials are reported within the constraining 
                       shell. 
-------------------  ------------------------------------------------------------------ 
 Metallurgical        Havieron ore will be processed on a campaign basis through 
  factors or           the Telfer Train 2 Treatment Plant circuit at a throughput 
  assumptions          of approximately 2Mtpa. Metal recovery will be through 
                       conventional flotation to produce a copper/gold concentrate 
                       and doré through a newly installed flotation tails 
                       leach circuit. The technology associated with the ore 
                       processing is conventional and the flowsheet is similar 
                       to that utilised by other operations. 
 
                       Metallurgical recovery assumptions for the Mineral Resource 
                       were derived from preliminary testwork on 10 composite 
                       samples based around the current operating Telfer Plant 
                       process. Initial results suggested gold recoveries of 
                       94% (Crescent Zone) and 84% (Breccia Zones), and copper 
                       recoveries of 92% (Crescent Zone) and 82% (Breccia Zones). 
-------------------  ------------------------------------------------------------------ 
 Environmental        As Havieron is a brownfields project the potential environmental 
  factors or           impact assessments are not well advanced; however, the 
  assumptions          assumption is that there will be no significant impediments 
                       to conventional waste management of rock and tailings 
                       as utilised at Newcrest's Telfer Operations based on 
                       the similarities between the Havieron and Telfer deposits. 
-------------------  ------------------------------------------------------------------ 
 Bulk Density         All bulk density measurements have been carried out 
                       in accordance with site standard procedure and used 
                       a standard water immersion method . 
                       Intervals for bulk density determination are selected 
                       according to lithology/ alteration/mineralisation type 
                       to best represent certain intervals as defined by the 
                       geologist. 
                       The measurements are performed on site by geologists 
                       or geological assistants as part of the logging process. 
                       Measurements are based on 10 cm to 20 cm lengths generally 
                       taken at 10 metre to 50 metre intervals down hole. 
                       Bulk density from several thousand measurements was 
                       estimated into the block model by an inverse distance 
                       weightingmethod on a domain-wise basis. 
-------------------  ------------------------------------------------------------------ 
 Classification       A review of all drilling data available as of the 3(rd) 
                       of February 2021 identified a total of 19 drillholes 
                       that have been excluded for the purpose of resource 
                       estimation. These holes were excluded on the following 
                       basis: historical drillholes with limited QAQC data, 
                       drilling in close proximity to adjacent drillholes, 
                       and drillholes interpreted to have drilled parallel 
                       to mineralisation (vertical holes). The remaining drill 
                       data is considered of an adequate quality to support 
                       this resource estimation. 
                       As unreliable data have been excluded from the estimate, 
                       the resource classification was based on drillhole spacing 
                       relative to geological and grade continuity, including 
                       the assessment of average weighted distance of informing 
                       samples. 
 
                       The Indicated Mineral Resource estimate is classified 
                       within the SE Crescent Zone only with a nominal drill 
                       spacing less than 45m x 45m, the Inferred Mineral Resource 
                       estimate is classified within a nominal drill spacing 
                       less than 100m x 100m and the contiguous footprint of 
                       the reasonable prospects of eventual economic extraction 
                       shell. The Indicated Mineral Resource and Inferred Mineral 
                       Resource classifications appropriately reflects the 
                       view of the Competent Person. 
-------------------  ------------------------------------------------------------------ 
 Audits or            Derisk Geomining Consultants conducted an independent 
  reviews              review of the previous Havieron Underground Mineral 
                       Resource estimate (November 2020) and concluded that 
                       the estimate had been prepared using accepted industry 
                       practice, had been completed in accordance with the 
                       JORC Code (2012) guidelines, and was suitable for preparing 
                       a public report documenting the Mineral Resource estimate. 
                       Some responses and actions were noted from this review 
                       and have been included in this updated estimate. 
-------------------  ------------------------------------------------------------------ 
 Discussion           The uncertainty of the geological domain at the upper 
  of relative          part of SE Crescent is considered between moderate to 
  accuracy/            low. The grade uncertainty of the Indicated classification 
  confidence           of the SE Crescent Zone is supported by the +/-15% variability 
                       at 90% confidence interval of the mining rate of 2-3Mtpa 
                       derived from conditional simulation studies. The breccia 
                       is considered as an Inferred Mineral Resources and reflects 
                       the wide spaced drilling where the geological evidence 
                       is sufficient to imply but not verify geological and 
                       grade continuity, thus it is deemed not necessary to 
                       assess the relative uncertainty in tonnage, grade and 
                       metal over a production volume for Inferred Mineral 
                       Resources. There is no production data for Havieron. 
-------------------  ------------------------------------------------------------------ 
 

Section 4: Estimation and Reporting of Ore Reserves

 
 Criteria             Commentary 
 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. 
                       Mineralisation of gold and copper in the current resource 
                       estimate are within the South East (SE) 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 SE Crescent Zone is 5-40 m wide, extending 550 
                       m in length in unfolded section from the basement 
                       contact and defined up to 900 m vertically, tapering 
                       to 300 m in length and open at that depth. The SE 
                       Crescent Zone has been the focus of drilling and has 
                       been infilled to a nominal drill spacing of 50 - 100 
                       m laterally, and 100 m vertically. 
                       OK estimation has been used for gold, copper, sulphur, 
                       iron, cobalt, bismuth, arsenic, lead, zinc and nickel. 
                       A panel size of 10 mE x 10 mN x 10 mRL for the SE 
                       Crescent and 20 mE x 20 mN x 20 mRL for the Breccias 
                       are used for estimation with a parent block size of 
                       5 mE x 5 mN x 5 mRL designated for the final model. 
                       The Mineral Resource estimate for the SE 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 reported Havieron Mineral Resources are inclusive 
                       of Ore Reserves. 
                     ---------------------------------------------------------------- 
 Site Visits          Greatland's Competent Person for the Ore Reserve estimate 
                       has not visited site recently due to time constraints. 
                       However, he worked at Telfer Mine site as a Newcrest 
                       Mining Limited employee in 2017 to 2019 and is familiar 
                       with the area. He 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 Pre-Feasibility Study was completed in 2021 to generate 
                       the supporting basis for the Havieron Ore Reserve 
                       Estimate. The Pre-Feasibility Study shows that the 
                       mine plan is technically achievable and economically 
                       viable taking into consideration all material Modifying 
                       Factors. 
                     ---------------------------------------------------------------- 
 Cut-off Parameters   The Havieron Ore Reserve employs a value based cut-off 
                       determined from the Net Smelter Return (NSR) value 
                       equal to the site operating cost included within the 
                       Pre-Feasibility Study. 
                       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 AUD130/t 
                       milled, and a marginal cut off value of approximately 
                       AUD115/t milled. 
                     ---------------------------------------------------------------- 
 
 
 Mining factors           Estimation of the Havieron Ore Reserve involved standard 
  or assumptions           steps of mine optimisation, mine design, production 
                           scheduling and financial modelling. The basis of the 
                           analysis is considered at Pre-Feasibility Study level. 
                           The Pre-Feasibility Study supports the appropriateness 
                           of the selected mining method (Sub-Level Open Stoping) 
                           at a 2Mtpa mining rate as the basis of the Ore Reserve 
                           estimate. Mine Design Parameter                   Value 
                            Back Fill Type                        Paste Fill 
                                                              ----------------- 
                            Materials Handling System          Decline Trucking 
                                                              ----------------- 
                            Stope Dimensions    Width             5 to 30 m 
                                               -------------  ----------------- 
                             Length                               15 to 20 m 
                            --------------------------------  ----------------- 
                             Height                               15 to 70 m 
                            --------------------------------  ----------------- 
                             Sublevel 
                              Height                              20 to 60m 
                            --------------------------------  ----------------- 
                             Sill Height                             70 m 
                            --------------------------------  ----------------- 
 
 
                           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 included at zero grade; and 
 
 
                            *    Mining recovery factor of 97.5% 
 
 
                           The resource model is comprised of Indicated Mineral 
                           Resources and Inferred Mineral Resources. Mine plans 
                           are based on the definition of mining shapes solely 
                           delineated on the basis of the 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 Mineral Resources, unclassified 
                           material and paste fill dilution. Only metal from the 
                           Inferred Mineral Resource material is considered in 
                           the dilution estimate. This is a relatively small proportion 
                           (2% of the gold metal and 1.6% of the copper metal) 
                           of the tabled Ore Reserve and does not have a material 
                           impact upon the estimate. Even without consideration 
                           of the metal contained in the dilution incorporated 
                           in the Ore Reserve, the economic analysis indicates 
                           an economic Probable Ore Reserve. 
                           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; and 
 
 
                            *    dewatering, electrical and other service equipment 
 Metallurgical       Havieron underground ore will be processed on a campaign 
  factors or          basis through the Telfer Train 2 Treatment Plant circuit 
  assumptions         at a throughput of approximately 2Mtpa. Metal recovery 
                      will be through conventional flotation to produce a 
                      copper/gold concentrate and doré through a newly 
                      installed flotation tails leach 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 (2020) and Pre-Feasibility (2021) studies with 
                      good spatial coverage of the SE Crescent Zone. Of the 
                      38 samples, 8 samples are located in the breccia zones 
                      and 30 samples are located in the SE Crescent Zone, 
                      of which 21 samples are located within the SE 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 smelter penalties incurred 
                      on the basis of bismuth content. 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 will 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           The Havieron Sub-Level Open Stoping mine is a greenfield 
                           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 to transport the ore from Havieron to 
                                 the Telfer Processing Plant; 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 Pre-Feasibility Study. 
                    -------------------------------------------------------------------- 
 Costs               Capital and operating costs have been determined as 
                      part of the Pre-Feasibility Study. 
                      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 most recent Pre-Feasibility plan 
                      estimates. Contingency has also been factored into the 
                      project capital cost estimate consistent with the level 
                      of accuracy of the study. 
                      The operating cost estimate includes the mining cost, 
                      surface transport cost, processing cost and relevant 
                      site general and administration costs. Ore Reserve cost 
                      estimates have been reviewed as part of the study execution 
                      and are considered to be to a Pre-Feasibility Study 
                      level. 
                      Long term metal prices and exchange rate assumptions 
                      adopted for estimating the Ore Reserve in the Pre-Feasibility 
                      Study 2021 are US$1,300/oz for gold, US$3.00/lb for 
                      copper, at a USD:AUD exchange rate of 0.75. These assumptions 
                      are consistent with Newcrest metal price guidelines 
                      for 2021 Ore Reserve reporting. 
                      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. 
                      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 the Ore Reserve in the Pre-Feasibility 
                      Study 2021 are US$1,300/oz for gold, US$3.00/lb for 
                      copper, at an USD:AUD exchange rate of 0.75. These assumptions 
                      are consistent with Newcrest metal price guidelines 
                      for the 2021 Ore Reserve reporting. 
                      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   Greatland is a price taker and gold is sold on the open 
                      market and subject to price fluctuations. Supply and 
                      demand for gold from Telfer and Havieron is not 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 Pre-Feasibility 
                      Study production schedule. 
                    -------------------------------------------------------------------- 
 Economic            The Ore Reserve has been evaluated through a financial 
                      model. 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% real was 
                      applied. This process demonstrated the Havieron Ore 
                      Reserve to have a positive NPV. 
                      Sensitivities were conducted on the key input parameters 
                      including commodity prices, capital and operating costs, 
                      ore grade, mined tonnes, mining rate, exchange rate 
                      and metallurgical recoveries confirming the estimate 
                      to be robust. 
                    -------------------------------------------------------------------- 
 Social              The 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. 
                      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. 
                      Stage 2 approvals will 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. 
                      The approval strategy for Stage 2 consists of both Commonwealth 
                      and State level approvals with engagement well advanced 
                      with all regulatory bodies. The timelines outlined in 
                      the Pre-Feasibility Study are considered achievable. 
                      A Mining Lease has been granted over the orebody, and 
                      miscellaneous leases granted along the existing service 
                      corridor. For Stage 2 approvals, an additional miscellaneous 
                      lease 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 has been included 
                      within the Probable Ore Reserve as mined dilution due 
                      to the nature of stoping mining. This is a relatively 
                      small proportion (0.03 Moz gold or 2% and 1.2 kt copper 
                      or 1.6%) of the tabled Ore Reserve. Even without consideration 
                      of Inferred Mineral Resource material in the mining 
                      inventory, the proportion of Indicated Mineral Resource 
                      material would still conclusively deliver a Probable 
                      Ore Reserve. 
                      It is the Competent Person's view that the classifications 
                      used for the Ore Reserves are appropriate. 
                    -------------------------------------------------------------------- 
 Audits or           Golder Associates Pty Ltd (Golder) was commissioned 
  reviews             to conduct an independent review of the Ore Reserve 
                      estimation processes and results. 
                      Golder concluded that the Ore Reserve had been prepared 
                      using accepted industry practice and is considered suitable 
                      and reported in accordance with 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               input 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 project. 
                           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 Pre-Feasibility Study, however further 
                                 orebody data is required to confirm the geological 
                                 and geotechnical information and is planned as part 
                                 of the Forward Works Program. 
                    -------------------------------------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDGPGBWUUPGUAP

(END) Dow Jones Newswires

October 12, 2021 02:00 ET (06:00 GMT)

Grafico Azioni Greatland Gold (LSE:GGP)
Storico
Da Ott 2021 a Nov 2021 Clicca qui per i Grafici di Greatland Gold
Grafico Azioni Greatland Gold (LSE:GGP)
Storico
Da Nov 2020 a Nov 2021 Clicca qui per i Grafici di Greatland Gold