GREATLAND GOLD PLC - HAVIERON EXPLORATION AND DEVELOPMENT UPDATE

Significant progress advancing the decline with 1,519 metres completed with new record high advancement rates achieved

Drilling reinforces potential for continued resource growth with high grade mineralized intercepts identified in the Eastern Breccia and Northern Breccia

Greatland Gold plc (AIM:GGP) ('Greatland' or 'Company') is pleased to provide an exploration and development update for Havieron, its flagship gold-copper project located in the Paterson region of Western Australia.

The Company notes that its 70% Havieron joint venture partner, Newcrest Mining Ltd ('Newcrest') today released its Quarterly Exploration Report and Quarterly Report for the three months ended 31 December 2022 which included results released in Greatland's announcement of 8 December 2022 as well as new exploration results which are set out in this announcement.

HIGHLIGHTS

Accelerated decline development

Development of the decline has accelerated with 1,519 metres advanced (as at 18 January 2023)

Improved ground conditions and the transition to drilling and blasting of the development face has seen an acceleration of development with project record rates of advancement achieved

Expanded high grade mineralisation with significant new growth drilling results

Drilling has continued to define both high grade material within the Eastern Breccia and Northern Breccia

In 2023, the drilling campaign is intended to focus on growth targets and ongoing resource infill for the lower South East Crescent Zone

Testing of geophysical targets within the broader mining lease continues

Drilling activities will be ramping up following the wet season with three rigs scheduled to be on site in February 2023

Feasibility Study update

Various value enhancing workstreams to maximise value and de-risk the project continue to be progressed as part of the Feasibility Study

An update on timing expectations for the study is expected as these options are further assessed

Shaun Day, Greatland Managing Director, commented: 'Tremendous progress has been achieved in advancing the decline in recent months. The improved ground conditions has enabled record rates of advancement.'

'Results from the growth drilling programme towards the end of 2022 continued to identify higher grade extensions to the mineralisation in the Northern Breccia and Eastern Breccia.'

'The success of the drilling programme supports the expectation for Havieron to deliver an expanded mineral resource estimate.'

HAVIERON ACTIVITIES UPDATE

Background

Havieron, a gold-copper project located in the Paterson region of Western Australia, is a 30:70 joint venture between Greatland and Newcrest respectively ('Joint Venture'). Havieron was discovered by Greatland in 2018 with Newcrest having earned into the project.

The Joint Venture commenced drilling during the June 2019 quarter and has completed 288,664 metres of drilling. The Joint Venture commenced the box cut and decline in February 2021 and Feasibility Study work remains ongoing.

Havieron is located approximately 45km east of Newcrest's Telfer mine. Subject to a positive Feasibility Study and decision to mine, it is contemplated that the Joint Venture will leverage the existing Telfer infrastructure and processing plant.

A regional map showing the Havieron licence area with regional targets and adjacent landholdings is available at www.greatlandgold.com/paterson

Drilling Update

A further 5,580 metres of drilling from 7 new holes has been completed since Greatland's last RNS Announcement on 8 December 2022 titled 'Havieron Exploration and Development Update'.

Assay results are now reported from 1 new hole completed during this period and from 9 holes completed during the previous period (see Figures 1 and 2 below). Of these, 4 holes returned significant assay intercepts in excess of 50 gram metres of gold (Au ppm x length metres). A total of 7 holes have been completed with assay results pending. All reported results are set out in Appendix 2 of this RNS Announcement.

Figure 1. 3D Plan view schematic showing the spatial association of the current growth targets, SE Crescent, Northern Breccia, NW Pod and Eastern Breccia targets in relation to the existing mineralised extents. Also highlighted are all newly reported growth drilling result locations.

The Joint Venture continues with a growth drilling programme which has the potential to expand the Havieron Mineral Resource (see Newcrest ASX Announcement, 19 August 2022, Annual Mineral Resources and Ore Reserves Statement as at 30 June 2022).

Assays have been received for 6 holes targeting strike and depth extensions of the Eastern Breccia. A further 2 holes are drilled with results pending. The Eastern Breccia is developed below the 4,100RL (all relative depth ('RL') information is reported in Australian Height Datum ('AHD') +5,000 metres) with a footprint of over 500m in strike, up to 200m in width, and over 250m in vertical extent.

The zone of high-grade mineralisation returned in HAD134W1 (42.0m @ 2.4 g/t Au & 0.43% Cu) represents one of the recently defined northwest trending internal higher-grade sulphide dominated domains with strong similarities to the high grade South East Crescent, in the Eastern Breccia (see Figure 5). This mineralisation, along with much of the Eastern Breccia system, remain open at depth.

Assays have been received for 2 holes that were aimed at defining the high-grade domains within the boarder Northern Breccia (see Figure 3 and Figure 4). A further 3 holes are drilled with assays pending.

Drilling to test geophysical targets outside of the known Havieron mineralised system, including evaluating the Havieron dolerite at multiple intervals north and south of the Havieron mineralised envelope, revealed no significant intercepts. Two holes testing to the northwest and southeast holes are awaiting assays (HAD169 & HAD170).

Figure 3. Schematic plan view map showing announced section locations, drill hole locations and significant intercepts reported in this release superimposed on the interpreted geology horizontal slice at level 3850mRL. (Previously reported holes are not shown for the sake of clarity. Note some holes and results appear on multiple sections due to the sections' orientation and sections' overlap.)

Development Update

Development of the decline saw ground conditions improve with 1,519 metres now complete (as at 18 January 2023).

Advance rates for the decline continue to increase with the project's highest daily average advancement rates being set since the last update in December 2022 after the transition to drilling and blasting of the development face. Further progress continued to be constrained by geotechnical and hydrogeological conditions.

Works are ongoing to progress the approvals and permits required for construction and production at Havieron.

Contact:

Greatland Gold plc

Shaun Day

E: [e-mail]

WEB: www.greatlandgold.com

SPARK Advisory Partners Limited

Nominated Adviser

Andrew Emmott

James Keeshan

T: [phone]

Berenberg

Joint Corporate Broker and Financial Adviser

Matthew Armitt

Jennifer Lee

T: [phone]

Canaccord Genuity

Joint Corporate Broker and Financial Adviser

James Asensio

Patrick Dolaghan

T: [phone]

SI Capital Limited

Joint Broker

Nick Emerson

Sam Lomanto

T: [phone]

Media and Investor

Gracechurch Group

Harry Chathli

Alexis Gore

Henry Gamble

T: [phone]

COMPETENT PERSONS STATEMENT

Information in this announcement has been reviewed and approved by Mr Damien Stephens, a Member of the Australian Institute of Mining and Metallurgy (AUSIMM), who has more than 25 years relevant industry experience. Mr Stephens, an employee of the Company, has sufficient experience relevant to the style of mineralisation, type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies, which outline standards of disclosure for mineral projects. Mr Stephens consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr Stephens 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.

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