Greatland Gold plc provide an update on activities and developments at Havieron, the world class gold-copper project located in the Paterson Province, for the March 2024 quarter. Development update: Total development at Havieron exceeds 3,060 metres including over 2,110 metres of advance in the main access decline (as at 31 December 2023). There is approximately 80 vertical metres of development remaining before the decline reaches the base of the Permian cover and top of the Havieron orebody at around 420 vertical metres.

Accordingly, over 80% of vertical distance is complete in terms of reaching the top of the Havieron ore body. As previously announced, there is a pause in decline development prior to development through the third and final lower confined aquifer (LCA) that the decline passes through before reaching the Havieron orebody. During the quarter, a number of construction activities were completed including the primary fan headwall assembly, rising main installation, repositioning of secondary fans from the boxcut at surface to underground, raise bore pre-sink pads and pre-excavation stabilisation, and fabrication of life-of-mine pumps and ladderways.

The Feasibility Study continued to progress through the quarter, with several value enhancing options being assessed to maximise value and de-risk the project. The Feasibility Study is examining an expanded throughput rate of 3 million tonnes per annum (Mtpa) compared to the 2Mtpa scenario modelled in the Pre-Feasibility Study completed in October 2021. Water management: Hydrogeological data collection and evaluation of the LCA was significantly progressed through the quarter.

An updated predictive hydrogeological model was recently completed, based on measured real time flow rates and pressure from depressurisation bore holes in the LCA. Good correlation has been observed between the updated model and real time data collected, and accordingly the model's reliability is considered high. Pleasingly, the potentially greater volumes of water that were anticipated in October 2023 have not eventuated, meaning that the project will continue with the surface water infrastructure design as submitted in the WA Environmental Protection Authority (EPA) referral, which is for a further three evaporation ponds that are constructed and utilised in a staged manner.

Opportunities to bring forward approvals for the final three evaporation ponds are being progressed, and lining materials for two evaporation ponds have already been procured. Additional work has also allowed the identification of the optimal location for the underground decline to pass through the aquifer where the Permian layer is shallower, and the decline design is being modified accordingly. This reduces the remaining development metres required through the Permian layer.