Greatland Gold - Half-Year Financial Report for the six months ended 31 December 2023

Greatland Gold plc (AIM:GGP) ('Greatland' or the 'Company') is pleased to announce its interim results for the six months ended 31 December 2023.

Principal activities

The principal activities of the Group during the period consisted of the early works development and feasibility study of the Havieron gold-copper project and the exploration and evaluation of mineral tenements in Australia.

Review of half-year results (unaudited)

Closing cash position of GBP12.7 million (30 June 2023: GBP31.1 million)

Havieron project costs capitalised of GBP12.3 million during the half-year (31 December 2022: GBP12.2 million)

Closing debt balance of GBP41.1 million (30 June 2023: GBP41.5 million)

Net assets of GBP49.9 million (30 June 2023: GBP52.5 million)

Loss before share-based payments and finance items of GBP5.5 million (31 December 2022: GBP3.5 million); statutory loss of GBP5.5 million (31 December 2022: GBP13.3 million)

Exploration expense of GBP2.7 million (31 December 2022: GBP1.7 million)

HEALTH, SAFETY AND WELLBEING

Greatland's most important priority is safety, keeping our employees, contractors and communities safe and well. Our goal is to operate with zero fatalities, minimise workplace injuries and prevent catastrophic events. Greatland achieved its goal of maintaining a safe workplace for all in the first half of the financial year 2024. There were no fatalities at the Group's projects during the half year (2023: nil) and the Total Recordable Injury Frequency Rate for the Company (fully owned or operated projects) was nil (2023: nil).

OPERATIONAL AND FINANCIAL REVIEW

Havieron Joint Venture, Western Australia (Greatland: 30%)

Havieron is an exciting underground gold-copper development project and is the cornerstone of Greatland's strategic position in the Paterson region of Western Australia, one of the leading frontiers for the discovery of world-class precious and base metals deposits.

Discovered by Greatland in 2018, Havieron is currently owned in joint venture with Newmont Corporation (NYSE:NEM; Newmont) which, through a wholly-owned subsidiary, holds a 70% joint venture interest in Havieron and is manager of the Joint Venture. Havieron has a Mineral Resource Estimate of 8.4Moz in total gold equivalent (AuEq1) content, prepared by Greatland in accordance with JORC.

Early works commenced in January 2021 and are now significantly advanced, including development of the underground main access decline through 80% of the total depth to the top of the Havieron ore body. A Pre-Feasibility Study was completed in October 2021, and an updated Feasibility Study is currently progressing.

Newmont became Greatland's joint venture partner and manager of the Havieron joint venture on 6 November 2023, following completion of Newmont's acquisition of Newcrest Mining Limited (previously ASX:NCM).

During the period, development of the decline progressed a further 353 metres, with total development at Havieron having reached in excess of 3,060 metres, including over 2,110 metres of advance in the main access decline (as of 31 December 2023). There is approximately 80 vertical metres of the total 420 metres of vertical distance remaining before the decline reaches the base of the Permian cover and top of the Havieron orebody.

In October 2023, Greatland announced a pause in development of the main access decline prior to development through the lower confined aquifer (LCA) which is the final of three aquifers before the decline reaches the top of the Havieron orebody, to allow depressurisation and dewatering of the aquifer and additional water management data collection and evaluation. The pause commenced in the December 2023 quarter and depressurisation activities were expanded, with six depressurisation holes now drilled into the LCA and pumping water to evaporation facilities at the surface. Data collection and evaluation is continuing in parallel to increase confidence in water management from the LCA and determine the timing of any additional water management infrastructure required at surface.

Preparation of the Feasibility Study continued throughout the period, with several value enhancing options to maximise value and further derisk the project continuing to be assessed by the study work.

On 21 December 2023, Greatland announced an updated Mineral Resource Estimate (MRE) for Havieron, prepared in accordance with JORC, outlining an increase in the total gold equivalent (AuEq1) content to 8.4Moz, a 29% increase from Greatland's previous March 2022 MRE (refer to Greatland's RNS of 21 December 2023 titled 'Havieron Mineral Resource Estimate Update'). The update included a 32% increase in contained gold equivalent metal in the higher confidence Indicated MRE category, which can potentially be considered in the updated Ore Reserve Estimate that will be part of the Feasibility Study. The update confirmed continuous mineralisation between the Eastern Breccia and main Havieron Breccia domains, with the definition of a new high grade 'Link Zone'.

1 The gold equivalent (AuEq) is based on assumed prices of US$1,700/oz Au and US$3.75/lb Cu for Mineral Resource and metallurgical recoveries based on block metal grade, reporting approximately at 87% for Au and 87% for Cu which in both cases equates to a formula of approximately AuEq = Au (g/t) + 1.6* Cu (%). It is the Company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

On 22 February 2024, Newmont announced an updated Mineral Reserve and Mineral Resource for Havieron, prepared in accordance with the US Securities and Exchange Commission's SK 1300 guidelines (SK 1300), which are different from JORC. Refer to Greatland's RNS of 22 February 2024 titled 'Newmont Annual Reserves & Resources Statement' for further information.

On 22 February 2024, Newmont announced its intention to divest its interest in Havieron in calendar year 2024, as well as its 100% owned Telfer mining operations located 45km west from Havieron, where ore from Havieron is presently contemplated to be processed (subject to a positive feasibility, decision to mine and entry into a toll processing agreement). Greatland discovered the Havieron deposit and maintains its commitment to delivering Havieron's full potential for all stakeholders. Under the Havieron joint venture agreement, Greatland holds a right of last refusal in respect of a sale by Newmont of its joint venture interest in Havieron to a third party.

Paterson South Farm-In and Joint Venture Arrangement, Western Australia (Greatland earning up to 75%)

In May 2023, Greatland entered into the Paterson South farm-in and joint venture agreement with Rio Tinto Exploration Pty Ltd (RTX), a wholly-owned subsidiary of global mining group Rio Tinto, to accelerate exploration at nine exploration licences (Paterson South Tenements) which collectively cover 1,537km2 of highly prospective tenure within the Paterson region of Western Australia, near Havieron.

Greatland has the right to earn up to a 75% interest in the Paterson South Tenements by spending at least A$21.1 million and completing 24,500 metres of drilling as part of a two-stage farm-in over seven years. During the period, Greatland achieved the stage one minimum commitment under the farm-in arrangement by completing 2,000 metres of drilling and A$1.1 million of expenditure before 31 December 2024.

In late June 2023, Greatland commenced its maiden exploration drilling campaign at the Paterson South Tenements, testing the Stingray and Decka targets. Results of this drilling were announced in early November 2023. The rapid commencement of drilling on the Paterson South Tenements within four weeks of entering into the farm-in and joint venture arrangement is a testament to both the high quality of the tenure and Greatland's drive to rapidly unlock greater value from its Paterson region exploration portfolio.

Greatland is currently refining the exploration program to be carried out across the remainder of the Paterson South Tenements, and has completed on-ground heritage surveys over several targets on the Skylar, Wilki Lake and Basel tenements. On-ground work including drilling is planned for 2024, along with additional heritage surveys to enable on-ground work on all of the highest priority prospects.

Juri Joint Venture, Western Australia (Greatland: 49%)

Juri is a joint venture between Greatland (49%) and Newmont (51%) to explore the Paterson Range East and Black Hills exploration licences located in the Paterson region, near Havieron. Newmont has the right to earn up to a 75% interest in the Juri tenements by spending up to a further A$17 million in Stage 2 of the farm-in.

Greatland's Juri joint venture partner Newcrest Operations Limited, now a wholly owned subsidiary of Newmont, elected to assume management of the Juri Joint Venture on 1 July 2023. Greatland and Newmont are two of the largest landholders in the Paterson region, and we remain excited about the prospectivity of the Juri Joint Venture tenure. The shift of Juri Joint Venture management to Newmont has provided our exploration team with the opportunity to put greater focus on our portfolio of highly prospective 100% owned tenure, together with our responsibilities as the new manager of the Paterson South farm-in and joint venture arrangement with RTX.

During the period, Newmont carried out an airborne gravity survey over parts of the Juri Joint Venture tenure, the results of which are continuing to be reviewed by the Joint Venture and will be incorporated into future on-ground work plans.

Exploration, Western Australia (Greatland: 100%)

Greater Paterson

Greatland's 100% owned Paterson region exploration projects comprise of the Scallywag and Canning projects:

Scallywag comprises four wholly-owned granted exploration licences: Scallywag, Pascalle, Rudall and Black Hills North located adjacent to and around Havieron. Exploration work is focused on the discovery of intrusion related gold-copper deposits similar to Havieron, Telfer and Winu.

Canning comprises two wholly-owned granted exploration licences: Canning and Salvation Well located approximately 175km south-east of Havieron within the south-eastern extensions of the Paterson region in Western Australia. The tenements contain two large magnetic 'bullseye' anomalies similar to the Havieron deposit magnetic signature.

During the period, Greatland completed diamond core drilling on the Scallywag exploration licence, with 10 holes completed for over 2,500 metres at the A35, A34, Pearl and Swan prospects, the results of which were announced in December 2023. The drilling program effectively tested previously defined electromagnetic and geological targets, building Greatland's understanding of the structure, stratigraphy and geochemistry of the ground.

Greatland also completed ground magneto-telluric (MT) surveys of the Scallywag and Canning exploration licences during the period. MT surveys are considered particularly effective in areas of deep conductive cover when compared to standard electromagnetic techniques as the signal only traverses the conductive cover once, reducing the deleterious effect that this has at the receiver(s). A similar survey conducted in 2022 on the Havieron mining lease successfully detected the Havieron orebody.

Preliminary modelling of the Scallywag MT survey data indicates a conductor at depth within a syncline fold structure along trend from Havieron. Optimisation of the MT modelling is complete and confirms the anomaly as a high priority drill target for 2024. Further work is targeted at improving the understanding of stratigraphy and structure to identify Telfer style targets in the broader Scallywag tenement. Modelling of the Canning MT survey data did not identify a target.

Ernest Giles

The Ernest Giles project consists of two granted wholly-owned adjoining exploration licences: Calanchini and Peterswald, and four pending exploration licence applications: Westwood North, Westwood West, Mount Smith and Welstead Hill which are located approximately 250km north-east of the town of Laverton in the Yilgarn region of Western Australia. Ernest Giles is an underexplored Archean greenstone belt which lies within the highly mineralised Yilgarn Craton, to the north of the world-class Tropicana and Gruyere gold operations.

During the period important progress was made at Ernest Giles.

In September 2023, Greatland entered into a land access agreement with the Manta Rirrtinya Native Title Holders. The agreement provides for the consent to the grant of tenure to, and land access by, Greatland over approximately 75% of the Ernest Giles project area.

In November 2023, Greatland completed two diamond core drill holes at the Meadows prospect at Ernest Giles, co-funded by the Government of Western Australia's Exploration Incentive Scheme drilling grant. The drilling results have provided important geological and structural information. Follow up exploration work including an induced polarization survey and a reverse circulation program are planned for the second half of calendar year 2024.

Panorama

The Panorama project consists of three granted wholly-owned adjoining exploration licences: Panorama, Panorama North and Panorama East, located in the Pilbara region of Western Australia. The tenements are considered by Greatland to be highly prospective for gold and nickel.

In November 2023, Greatland announced the results of a surface sampling program at Panorama, with results including 27 soil samples from the Ni_04 prospect returning above 0.1% nickel over a 1.4km strike extent, and a peak result of 0.3% nickel in a rock chip sample.

These samples sit within the Dalton Suite ultramafics, which the results confirmed as nickel enriched and a potential primary nickel sulphide host. The large extent of the prospective Dalton Suite ultramafics within the Panorama tenure, and the existence of several untested highly prospective conductors, presents the potential for a substantial nickel discovery at Panorama. Greatland is now planning its next steps to effectively test both the geochemical and geophysical anomalies on the tenure.

Bromus

The Bromus project consists of two granted wholly-owned adjoining exploration licences: Bromus and Bromus West which are considered prospective for nickel, lithium and gold, located approximately 20km southwest of the town of Norseman in southern Western Australia.

During the period the lithium prospectivity of the Bromus project tenure was assessed and on-ground activities planned for confirmation.

CORPORATE

During the period, Greatland continued to advance its preparations for a proposed cross-listing on the ASX, with significant progress made. In September 2023, having regard to the listing timetable and activities and opportunities for the business, Greatland decided to defer the ASX cross-listing until 2024. Greatland continues to assess the opportunity to list on the ASX at the appropriate time and is well positioned by the work undertaken to efficiently resume and complete the ASX listing process.

In September 2023, Greatland entered into a A$50 million (approx. GBP26 million) unsecured standby debt facility with cornerstone shareholder Wyloo Consolidated Investments Pty Ltd (Wyloo), providing additional flexibility for Greatland's funding requirements through 2024. Wyloo currently holds approximately 8.5% of Greatland shares.

Significant events after the balance date

There were no reportable events since 31 December 2023.

Contact:

Greatland Gold plc

Shaun Day

Managing Director

[e-mail]

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin

[phone]

Corporate Brokers

Berenberg | Matthew Armitt / Jennifer Lee

[phone]

Canaccord Genuity | James Asensio / George Grainger

[phone]

SI Capital Limited | Nick Emerson / Sam Lomanto

[phone]

Media Relations

UK

Gracechurch Group

Harry Chathli / Alexis Gore / Henry Gamble

[phone]

Australia

Fivemark Partners

Michael Vaughan

[phone]

About Greatland

Greatland is a mining development and exploration company focused primarily on precious and base metals.

The Company's flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, discovered by Greatland and presently under development in joint venture with world gold major, Newmont Corporation.

Havieron is located approximately 45km east of Newmont's existing Telfer gold mine. The box cut and decline to the Havieron orebody commenced in February 2021. Total development now exceeds 3,060m including over 2,110m of advance in the main access decline (as at 31 December 2023). Subject to a positive feasibility study and Decision to Mine, Havieron is intended to leverage the existing Telfer infrastructure and processing plant. Access to Telfer would de-risk the development and reduces capital expenditure.

Greatland has a proven track record of discovery and exploration success and is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. Greatland has a number of exploration projects across Western Australia and in parallel to the development of Havieron is focused on becoming a multi-commodity miner of significant scale.

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