REG - Greatland Gold PLC - March 2025 Quarterly Activities Report
14/04/2025 07:00
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RNS Number : 8633E Greatland Gold PLC 14 April 2025
Greatland Gold plc (AIM: GGP)
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NEWS RELEASE | 14 April 2025
March 2025 Quarterly Activities Report
A$253 million free cash flow, debt free and a closing cash balance of A$398
million
90,172oz gold produced at AISC of A$2,126/oz
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MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
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PUBLIC DOMAIN.
Greatland Gold plc (AIM:GGP) (Greatland or the Company), is pleased to provide
this Quarterly Activities Report for the period from 1 January 2025 to 31
March 2025 (March Quarter), the first full quarter following completion of
Greatland's acquisition of 100% of the Telfer gold-copper mine (Telfer) and
Havieron gold-copper project (Havieron).
Highlights
§ Operations
‒ Production of 90,172oz of gold (Au) and 3,511t of copper (Cu) at an
all-in-sustaining-cost (AISC)(1) of A$2,126/oz Au.
§ Gold production was 21% higher, and AISC lower than Greatland's initial
pre-acquisition mine plan (Pre-Acquisition Plan) quarterly average (74,800oz
at A$2,203 AISC).
‒ Significantly improved gold recoveries of 86.7% (compared to assumed
average gold recoveries of 78% in the Pre-Acquisition Plan). Continued
optimisation of processing remains a key focus.
‒ New West Dome Open Pit mining area, Stage 7 Cutback, was approved
and commenced mining.
‒ Greatland's first major dual train planned maintenance of the
processing plant was successfully completed in late March to early April.
‒ No Lost Time Injuries during the quarter, 12-month Lost Time Injury
Frequency Rate (LTIFR) at quarter end was 0.
§ Corporate
‒ Sales of 89,125oz Au and 3,705t Cu at weighted average realised
prices of A$4,585/oz gold and A$13,140/t copper, generating revenue of
A$458m.
‒ Free cash flow of A$253m and A$398m cash balance at 31 March 2025
(A$145.0m at 31 December 2024).
‒ Debt free with undrawn A$75m working capital facility.
‒ Full upside exposure to the gold price, with downside price
protection provided from gold put options at A$3,905/oz (CY25) and A$4,200/oz
(CY26).
‒ ASX / AIM cross-listing targeted for June 2025.
§ FY25 guidance
‒ Guidance for FY25:
§ Gold production: 196,000 - 210,000oz
§ AISC(1): A$2,100 - A$2,250/oz Au
§ Growth capital: A$95 - 105 million
‒ FY25 guidance represents approximately seven months of Greatland
ownership, from completion of the Telfer acquisition on 4 December 2024 to 30
June 2025.
§ Telfer Mineral Resource (MRE)
‒ Inaugural Telfer MRE completed on 18 March 2025, delivering 3.2Moz
Au and 117kt Cu, confirming Telfer life mine life extension potential.
‒ Group MRE including Havieron now totals 10.2Moz Au and 387kt Cu.
‒ Initial Telfer Ore Reserve underway, targeted for completion in
April 2025.
§ Telfer Resource development
‒ Drilling results from the maiden underground drilling campaign at
West Dome Underground confirmed high grade near-mine underground opportunity:
16 of 19 holes drilled intercepted >50 gram-metres Au, with the average
down hole intercept from these 16 holes of 23.2m @ 2.95g/t Au and 1.07% Cu.
The drilling program's success led to a second 1.8km development drive from
the Main Dome Underground to West Dome Underground being approved and
commenced in March 2025.
‒ High priority Main Dome Underground A-Reef extensions and Eastern
Stockwork Corridor (ESC) were drilled during the quarter with encouraging
results that will be incorporated into mine life extension studies.
‒ Mobilisation of two additional underground drill rigs to Telfer in
the June 2025 quarter will increase total rigs on site to six, the most at
Telfer since 2020.
Notes:
1. All-in sustaining cost (AISC) is stated per ounce of gold produced,
net of by-product (Cu) credits. AISC excludes inventory movements which mainly
relate to stockpiles acquired as part of the Telfer acquisition at 4 December
2024
Greatland Managing Director, Shaun Day, commented:
"Greatland's first full quarter since acquiring 100% ownership of Telfer and
Havieron was a tremendous success and is a great credit to the exceptional
work of our operational team.
"Production of more than 90,000 ounces of gold and full exposure to the strong
gold price resulted in free cash flow of A$253 million for the quarter.
"Closing cash of A$398 million and no debt establishes a very robust balance
sheet and importantly allows us to invest significantly in organic growth and
extension at Telfer.
"Our confidence in the outlook for Telfer is demonstrated by the approval of
investments in a new mining area at the West Dome Open Pit (Stage 7 Cutback),
a second development drive to the new West Dome Underground project and an
increase to six drill rigs at Telfer."
Overview
Gold production of 90,172 oz was 21% higher than the Pre-Acquisition Plan
average (74,800 oz per quarter). AISC of A$2,126/oz Au was 3.5% lower than
the Pre-Acquisition Plan average (A$2,203/oz Au).
This was an excellent quarter relative to historical performance under
previous ownership, which is particularly encouraging in Greatland's first
full quarter of ownership.
The following figure demonstrates this positive effect of full exposure to a
strong gold price coupled with reduced AISC, to deliver enhanced cash flow
generation.
Figure 1: Telfer historical and current quarterly data
Notes:
1. For the historical quarterly periods Sep'22-Sep'23, Telfer
quarterly data based on Newcrest Mining Limited (Newcrest) quarterly reports.
Average Realised Price and AISC quoted originally in US$/oz basis, converted
to A$/oz based on respective A$:US$ exchange rates assumed in the quarterly
reports.
2. AISC reported under Newcrest period based on gold sold whereas
Greatland's March Quarter AISC based on gold produced.
3. Quarters from Dec'23 to Dec'24 not shown, due to processing
operations interruptions under Newmont Corporation (Newmont) ownership
rendering the periods non-representative. Greatland ownership period commenced
from 4 Dec 2024 with the March Quarter being Greatland's first full quarter of
ownership.
Table 1: Telfer operating results for the March 2025 quarter (1 Jan 2025 - 31
Mar 2025)
Operations Unit Result
Mill production
Ore milled kt 4,584
Mill head grade Au g/t Au 0.68
Cu % Cu 0.10%
Recovery Au % 86.7%
Cu % 80.0%
Metal produced Au oz 90,172
Cu t 3,511
Sales
Sales Au oz 89,125
Cu t 3,705
Average Price Received Au A$/oz 4,585
Cu A$/t 13,140
Net Revenue(1) Au revenue A$m 409
Cu revenue A$m 49
Total revenue A$m 458
Open Pit mining
Total material mined kt 4,399
Ore mined (crusher feed) kt 2,611
Mine grade Au g/t Au 0.64
Cu % Cu 0.05%
Contained metal Au oz 53,527
Cu t 1,266
Underground mining
Ore mined kt 278
Mine grade Au g/t Au 1.72
Cu % Cu 0.70%
Contained metal Au oz 15,361
Cu t 1,945
Closing ore stockpiles (ROM)
Ore Mt 9.2
Average grade Au g/t Au 0.64
Cu % Cu 0.06
Contained metal Au koz 188
Cu kt 5.9
Closing ore stockpiles (low grade)
Ore Mt 20.7
Average grade Au g/t Au 0.33
Cu % Cu 0.04
Contained metal Au koz 220
Cu kt 9.0
Costs
Mining A$m 84.2
Processing A$m 65.5
G&A A$m 16.8
TC/RC and Freight A$m 6.4
Royalties A$m 12.2
Sustaining Capex A$m 49.9
Rehabilitation A$m 2.9
By-product credits A$m (46.1)
AISC A$m 191.7
AISC / oz Au produced (2) A$/oz 2,126
Notes:
1. Net of treatment charges and refining costs which for the March
Quarter represents an inflow of A$1.0m due to favourable market conditions
2. All-in sustaining cost (AISC) is stated per ounce of gold produced,
net of by-product (Cu) credits. AISC excludes inventory movements which mainly
relate to stockpiles acquired as part of the Telfer acquisition at 4 December
2024.
Mining
At the Telfer West Dome Open Pit, ore production during the March Quarter was
from Stages 2, 4, 7 and 8 (refer Figure 2), totaling 2.6Mt at 0.64g/t Au and
0.05% Cu.
A new mining area in the West Dome Open Pit, Stage 7 Cutback, was approved and
commenced in late March, with minor capital cost required to access this
cutback. The Stage 7 cutback includes 6.2Mt crusher feed, at 0.64g/t Au &
0.03% Cu, and 3.3Mt dump leach at 0.23g/t Au. The Stage 7 strip ratio is low
at 1.4 waste:ore.
At the Telfer Main Dome underground, ore production was from M-reef, A-reef
and Rey mining areas (refer Figure 2), totaling 0.28Mt at 1.72g/t Au and
0.70% Cu.
Figure 2: March Quarter Telfer mining areas
Main Dome Underground development metres have increased from below 250m per
month prior to ownership to 470m in March 2025, with the objective of
de-risking accessible production areas.
Figure 3: Main Dome Underground monthly development metres
Development of a second 1.8km development drive from the Telfer Main Dome
Underground to West Dome Underground (WDU) (refer Figure 2 above) commenced
during the quarter, this second development drive will provide improved
operational flexibility to continue Resource drilling along with establishing
key infrastructure that could support future mining.
Cyclone Zelia impacted both Open Pit (OP) and Underground (UG) production,
with a 283mm rain event causing OP mining activities and UG mining activities
to pause for approximately two days. Due to mitigation strategies in place for
high rainfall events, minimal infrastructure damage occurred and both OP and
UG were still able to exceed budget tonnes mined for the quarter.
Processing
March Quarter delivered processed tonnes of 4,584kt, 4.6% higher than the
Pre-Acquisition Plan average rate. Average head grade was 0.68g/t Au and 0.10%
Cu, in line with the Pre-Acquisition Plan.
Optimising open pit ore direct tipping into the primary crushers has reduced
rehandle from stockpile and allowed low grade material to be processed at a
lower cost without material impact to processed head grades.
Recoveries were 86.7% Au and 80.0% Cu, significantly higher than the
Pre-Acquisition Plan assumed average (78% Au and 61% Cu) and historical Telfer
recoveries under Newcrest Mining Limited (Newcrest) ownership (refer Figure 4
below). Plant grinding and flotation circuit stability and a focus on the
multiple nodes of gold recovery at Telfer was a key driver of this outcome and
will continue to be a focus.
Figure 4: Telfer historical and current gold and copper recovery rates (%)
Notes:
1. For the historical periods FY21-23, Telfer annual recovery rates
data based on Newcrest's quarterly reports data which was then converted to a
weighted average to translate into FY basis.
2. Historical data for FY24 is not shown, due to processing operations
interruptions under Newmont's ownership rendering the period
non-representative. Greatland ownership period commenced from 4 December 2024
onwards with the March Quarter being Greatland's first full quarter of
ownership.
3. Refer to Greatland's announcement on 22 January 2025 titled
"December Month Update", reporting Telfer operating results for Greatland's
27-day ownership period from 4 December 2024 to 31 December 2024.
The June 2025 quarter guidance assumes a lower gold recovery of 82% (March
Quarter: 86.7%) based on historical models; the new Stage 7 area will be a key
driver of the June quarter overall recovery and has historically lower
recoveries due to oxidation state and lithology.
During the March Quarter major earthworks were completed for the TSF8 Stage 2
lift, increasing available TSF8 capacity by approximately 12 months at current
processing rates. The tailings discharge pipeline commissioning is scheduled
to be completed in April 2025. TSF8 Stage 3 lift early works have commenced to
derisk the next lift schedule.
Greatland's first major planned maintenance shutdown of the processing plant
successfully completed in late March to early April. Safety performance was
excellent, and overall planning was well executed.
Cyclone Zelia had minimal impact to the processing plant operations, due to
effective operational planning and mitigants, and the availability of
stockpiles for processing. Concentrate haulage to port was temporarily delayed
as public access road repairs were undertaken, but did not impact concentrate
shipments in the quarter.
Stockpiles
ROM stockpiles at 31 March 2025 are estimated at 9.2Mt at an average grade of
0.64g/t Au and 0.06% Cu, for contained metal of 188koz Au and 5.9kt Cu.
Further low-grade stockpiles at 31 March 2025 are estimated at 20.7Mt at an
average grade of 0.33g/t Au and 0.04% Cu, for contained metal of 220koz Au and
9.0kt Cu.
In addition to the benefit of the mining costs for this material having
already been paid, the availability of significant ore stockpiles materially
de-risks and provides flexibility for Telfer operations.
Both ROM and low grade stockpiles will be included in material being assessed
for the Telfer Ore Reserve estimate update that is underway and targeted for
completion in April 2025.
Figure 5: Stockpiles - ROM and Low Grade at 31 March 2025
FY25 Guidance
Greatland is pleased to provide guidance for FY25, comprising Telfer
operations from 4 December 2024 to 30 June 2025:
Table 2: FY2025 Guidance
FY2025
Gold production (oz) 196,000 - 210,000
AISC (A$/oz Au) 2,100 - 2,250
Growth capital (A$m) 95 - 105
Notes:
1. All-in sustaining cost (AISC) is stated per ounce of gold produced,
net of by-product (Cu) credits. AISC excludes inventory movements which mainly
relates to stockpiles acquired as part of the Telfer acquisition at 4 December
2024.
2. Estimated growth capital includes approximately A$30 million
incurred prior to 31 March 2025. Estimated growth capital for the June 2025
quarter includes the following key items: TSF8 Stage 3 lift to increase
capacity for Havieron tailings, Havieron study and early works costs,
development of a second development drive from Main Dome Underground to West
Dome Underground, Mineral Resource growth and conversion drilling.
2024 Mineral Resource Estimate
On 18 March 2025 Greatland reported its inaugural Telfer Mineral Resource
Estimate (MRE) as at 31 December 2024 of 154Mt @ 0.64g/t Au and 0.08% Cu for
3.2Moz Au and 117kt Cu, 46% of which is Measured or Indicated for 1.4Moz Au
and 62kt Cu.
The 2024 Telfer MRE resulted in Greatland's Group MRE (including Havieron)
increasing by >40%, with 285Mt @ 1.11g/t Au and 0.14% Cu for 10.2Moz Au
and 387kt Cu, 55% of which is Measured or Indicated Resource.
Table 3: 2024 Group Mineral Resource Statement
Area Measured Indicated Inferred Combined
Tonnes Au Cu Tonnes Au Cu% Tonnes Au Cu Tonnes Au Cu Au Cu
(Mt)
g/t
%
(Mt)
(Mt)
g/t
%
(Mt)
g/t
%
(Moz)
(kt)
Havieron Deposit - - - 50 2.60 0.33 81 1.10 0.13 131.0 1.67 0.21 7.0 270
Telfer: West Dome Open Pit - - - 28.8 0.57 0.05 86.8 0.55 0.05 115.6 0.55 0.05 2.1 61
Telfer Main Dome Underground - - - 5.6 2.65 0.56 2.3 2.55 0.39 7.9 2.62 0.51 0.7 40
Telfer Stockpiles 10.3 0.68 0.07 20.3 0.33 0.04 - - - 30.6 0.45 0.05 0.4 16
Combined 10.3 0.68 0.07 104.7 1.60 0.21 170 0.84 0.09 285 1.11 0.14 10.2 387
Notes:
Mineral Resources are reported as at 31 December 2024, grades are reported to
two decimal places to reflect appropriate precision in the estimate, and this
may cause apparent discrepancies in totals. Cutoffs for the Telfer MRE are
applied based on a NSR using metal prices of A$3,450/oz Au and A$5.30/lb Cu
for the West Dome cutback & stockpiles and A$3,150/oz and A$5.30/lb for
the Main Dome underground. Cutoffs for the Havieron Deposit Mineral
Resources were also based on a NSR using metal prices of A$2,360/oz Au and
A$5.20/lb Cu.
The 2024 Telfer MRE update focused primarily on the two currently active
mining zones, the West Dome Open Pit (primary source of ore mined at Telfer
currently) and the Main Dome Underground (Figure 6).
Figure 6: 2024 Telfer Mineral Resources Schematic
Due to the scale of the Telfer deposit and the number of areas to review, the
2024 Telfer MRE only incorporated mineralisation that had gone through a
detailed review process with several zones of unclassified mineralisation
currently excluded until site wide review has been completed.
Telfer Resource Development
Early in the quarter, a site-wide technical review was conducted, focusing on
confirming the Mineral Resources that underpin the current Telfer mine plan,
identifying short-term extension opportunities, and defining a long-term
growth strategy for both the open-pit and underground operations.
The outcomes of this review focused activities to the following key growth
areas during the quarter:
§ West Dome Open Pit: Stage 7 & 2 Extensions
§ Main Dome Underground: A-Reef Extension
§ Main Dome Underground: ESC
§ West Dome Underground
West Dome Open Pit Stage 2 and 7 Extensions
An opportunity to expand the proposed Stage 7 Cutback to the east (Figure 7 -
Stage 7 Extension) was identified shortly post-acquisition and was a focal
point of surface (RC) drilling during the quarter with a total of 27 holes for
7,225m drilled. Drilling has been aimed at increasing the confidence of the
Mineral Resource in these areas to an adequate level to support an economic
evaluation.
The following significant results were returned within Stage 7 extension
during the quarter.
§ Stage 7 Extension
‒ WR26814 with 8m at 2.25g/t Au & 0.99% Cu from 35m
‒ WR26814 with 31m at 0.66g/t Au & 0.08% Cu from 59m
‒ WR26814 with 25m at 2.86g/t Au & 0.07% Cu from 113m
‒ WR41232 with 4m at 5.15g/t Au & 0.26% Cu from 217m
‒ WR41601 with 11m at 0.95g/t Au & 0.04% Cu from 241m
‒ WR41601 with 10m at 1.01g/t Au & 0.01% Cu from 258m
‒ WR41721 with 2m at 6.33g/t Au & 0.03% Cu from 144m
‒ WR42063 with 8m at 1.33g/t Au & 0.47% Cu from 281m
In addition, drilling to evaluate the depth potential below Stage 2 and Stage
8 cutbacks began late in the quarter with the following significant
intercepts:
§ Stage 2 Extension
‒ WR27104 with 37m at 3.44g/t Au & 0.45% Cu from 105m
‒ WR26814 with 25m at 2.86g/t Au & 0.07% Cu from 113m
Figure 7: West Dome Open Pit Drill Location
A-Reefs Extension
The A-Reefs are an active mining front within the Telfer Main Dome Underground
(lower mine), adjacent to the existing Telfer haulage shaft. The A Reefs
consist of high-grade reefs that have formed within a series of siltstone
units, separated by sandstone and carbonates. The reef, with the adjacent
stockwork corridors form relatively continuous 1-2 wide lodes that are well
suited for extraction via long hole open stoping.
Early in the quarter both underground drill rigs were re-directed to target
near mine extension opportunities within the A Reef with a total of 70 holes
for 5,168m drilled during the quarter. This drilling has successfully
identified high grade extension to the A50, A70, A75 and A80 Reefs
(Figure 8).
Figure 8: A Reef Schematic (looking south)
Final assay results were received in mid-March with work underway to assess
opportunities to bring these extensions into the Telfer Underground Mine plan.
Significant intercepts were:
§ A50 Reef
‒ MUC4655067 with 3.6m at 8.67g/t Au & 0.14% Cu from 37.7m
‒ MUC4655069 with 5m at 6.14g/t Au & 0.15% Cu from 16m
‒ MUC4695020 with 6.2m at 4.53g/t Au & 1.51% Cu from 34m
‒ MUC4695023 with 8.3m at 4.63g/t Au & 0.23% Cu from 85.7m
‒ MUC4695020 with 1.3m at 20.98g/t Au & 2.54% Cu from 50.8m
§ A70 Reef
‒ MUC4556021 with 1m at 50.29g/t Au & 0.93% Cu from 55.9m
‒ MUC4556015 with 1.1m at 35.54g/t Au & 0.11% Cu from 67.6m
‒ MUC4641007 with 2.2m at 16.49g/t Au & 12.21% Cu from 76.2m
‒ MUC4641011 with 4m at 15.76g/t Au & 0.05% Cu from 46.6m
‒ MUC4641009 with 4.2m at 9.1g/t Au & 0.3% Cu from 57.8m
‒ MUC4641006 with 1.6m at 22.14g/t Au & 0.83% Cu from 53.4m
‒ MUC4695007 with 21.2m at 4.38g/t Au & 0.44% Cu from 0.8m
‒ MUC4695006 with 7.5m at 4.92g/t Au & 0.29% Cu from 0.7m
‒ MUC4695009 with 23.7m at 1.18g/t Au & 0.11% Cu from 0.1m
‒ MUC4710019 with 31.4m at 2.02g/t Au & 0.37% Cu from 4.8m
‒ MUC4710020 with 6.9m at 3.35g/t Au & 1.05% Cu from 24.1m
§ A75 Reef
‒ MUC4695008 with 38m at 1.9g/t Au & 0.2% Cu from 0m
‒ MUC4695006 with 14m at 2.05g/t Au & 0.08% Cu from 25m
§ A80 Reef
‒ MUC4654004 with 4.5m at 8.64g/t Au & 0.17% Cu from 58m
‒ MUC4654006 with 3.8m at 9.76g/t Au & 0.4% Cu from 48.2m
‒ MUC4695010 with 25.8m at 1.63g/t Au & 0.7% Cu from 31m
‒ MUC4710023 with 1.9m at 15.53g/t Au & 0.15% Cu from 13.6m
Eastern Stockwork Corridor (ESC)
Along with the A-Reefs, the ESC was identified and a priority near mine
expansion target, situated within the upper mine of the Main Dome Underground
(refer Figure 9). The Eastern Stockwork is situated adjacent to existing
infrastructure, with limited development required to bring this potential
short term growth opportunity online.
The Eastern Stockwork occurs on the eastern limb of the Telfer anticline where
the geology sequence locally rolls over from moderate dipping to vertical
(parasitic fold), resulting in veining and stockwork forming horizontally
within the locally thickened and more brittle sandstone unit.
Figure 9: Eastern Stockwork Corridor Schematic (looking south)
Drilling to date has defined a 100m wide x 40m high x 1,000m long target.
During the March Quarter both UG diamond rigs were moved onto the ESC, focused
on drill the central section to a high confidence to allow mining evaluation.
A total of 16 holes for 3,821m were drilled during the quarter with this
program scheduled to be completed in May 2025.
Results to date have been consistent with historical drilling, with zones of
lower grade vein stockwork with a dominant set of flatter high grade vein.
Significant results returned to date include:
§ MUC4942011 with 14.5m at 11.53g/t Au & 0.65% Cu from 35.2m
§ MUC4942010 with 17.9m at 6.54g/t Au & 0.73% Cu from 35.1m
§ MUC4942009 with 22.3m at 4.98g/t Au & 0.93% Cu from 48.7m
§ MUC4883055 with 15.3m at 5.54g/t Au & 0.3% Cu from 1.7m
§ MUC5095005 with 52.5m at 1.56g/t Au & 0.32% Cu from 126m
§ MUC4883059 with 15.3m at 3.33g/t Au & 0.19% Cu from 0.7m
§ MUC4883054 with 27.8m at 2.32g/t Au & 0.11% Cu from 0.2m
§ MUC4883062 with 16.9m at 3.98g/t Au & 0.32% Cu from 0.2m
West Dome Underground
The West Dome Underground Project at Telfer is a high grade near-mine
underground opportunity, below the West Dome Open Pit.
The Main Dome Underground is situated below the Main Dome Open Pit, and to
date has produced more than 75Mt for 3.1Moz Au and 210kt Cu. The West Dome
Underground Project (WDU) emerged from the recognition that key geological
structures hosting mineralisation in the Main Dome Open Pit repeat in the West
Dome Open Pit, specifically the E Reefs and the Middle Vale Reef (MVR) (refer
Figure 10). Accordingly, it was proposed that the geological features that
are key to mineralisation in the Main Dome Underground (refer Figure 10), may
also repeat below the West Dome Open Pit.
Figure 10: West Dome Underground Project
On 20 February 2025, Greatland announced the maiden West Dome Underground
diamond drilling program with six of the 19 holes drilled intercepted >50
gram-metres Au, with the average down hole intercept from these 16 holes of
23.2m @ 2.95g/t Au and 1.07% Cu, confirming high grade mineralisation similar
to the active mining area Main Dome Underground.
Exceptional results included:
§ WUC4550022 with 14.3m @ 9.06 g/t Au and 8.57% Cu from 290.4m
§ WUC4550007 with 59.0m @ 2.83 g/t Au & 0.71% Cu from 259.0m
§ WUC4550016 with 20.9m @ 4.27 g/t Au & 2.77% Cu from 300.2m
§ WUC4550040 with 31.6m @ 3.09 g/t Au & 0.60% Cu from 284.7m
§ WUC4550013 with 15.2m @ 3.31 g/t Au & 3.00% Cu from 286.6m
§ WUC4550032 with 20.9m @ 4.07 g/t Au & 0.49% Cu from 305.5m
Drilling confirmed high grade mineralisation in the WDU is associated with the
same geological units seen at the active Main Dome Underground.
A second phase drill program at the WDU will commence in June 2025 quarter,
targeting both infill of the existing mineralisation and continued extensions
along strike and down dip, to support definition of a maiden Mineral Resource
estimate.
Drilling Outlook
Drilling will continue to target extension opportunities in the West Dome Open
Pit (Stage 7 extension, Central and Southern extension opportunities), while
in the Main Dome Underground the focus will continue at the near mine
extension opportunities in the ESC, lower mine and M-Reefs.
The second phase of underground drilling in the WDU is scheduled to begin
early in the June 2025 quarter as additional drill capacity mobilises to site.
Havieron development
The Havieron Feasibility Study continues to progress and remains targeted for
completion in H2 CY2025.
Updates from the March Quarter include:
§ All major Feasibility Study consultant packages have been evaluated,
awarded and progressed during the quarter.
§ Award of early works package for blind bore ventilation shaft works, this
de-risks the project schedule critical path.
§ Environmental permitting and approvals for both State and Federal
departments are progressing, with good engagement with the departments during
the quarter.
§ Havieron project letter of support for Greatland's approvals received from
the Jamukurnu -Yapalikurnu Aboriginal Corporation (JYAC) post quarter end.
Corporate & finance
Sales and revenue
Full upside exposure to the gold price and sales of 89,125oz Au and 3,705t
Cu, at average realised prices of A$4,585/oz Au and A$13,140/t Cu, underpinned
sales revenues of A$458 million.
Cash and liquidity
Greatland generated exceptional free cashflow of A$253 million in the March
Quarter, closing with a cash balance of A$398 million.
Greatland remains debt free with an undrawn A$75m working capital facility
providing additional liquidity buffer.
Figure 11: March Quarter cash and accruals movements
An estimated purchase price adjustment of A$32.6m is due to be paid to Newmont
in the June 2025 quarter.
Hedging profile - downside price protection with full upside exposure
Greatland continues to maintain full upside exposure to the gold price, while
achieving downside price protection through gold put options.
Shortly after completion of the March Quarter, Greatland purchased a further
program of gold put options for CY26. Greatland's current gold put options
comprise the following.
Table 4: Gold put option program
Quarter End Date Gold Volumes Under Put Options (koz) Weighted Average
Strike Price (A$/oz)
30-Jun-2025 46,302 3,905
30-Sep-2025 38,910 3,905
31-Dec-2025 30,792 3,905
31-Mar-2026 37,502 4,200
30-Jun-2026 37,502 4,200
30-Sep-2026 37,502 4,200
31-Dec-2026 37,498 4,200
Total 266,008 4,071
ASX listing
Greatland has previously announced its intent to undertake a cross-listing of
the Greatland group on the ASX, the world's premier stock exchange for metals
and mining companies. The ASX listing is expected to enhance Greatland's
capital markets profile, and facilitate increased research coverage and
greater institutional ownership to support improved liquidity and interest in
Greatland from the Australian market.
On 11 April 2025, after completion of the March Quarter, Greatland formally
began the group's ASX listing process, with the filing of documents in the UK
Court for a corporate reorganisation to be undertaken in conjunction with the
listing, to be effected through a UK scheme of arrangement process. The
reorganisation would result in the Company and its subsidiaries sitting under
a new Australian-incorporated parent company, Greatland Resources Limited
(Greatland Resources).
The documents filed with the UK Court included a draft UK Scheme circular
which, subject to the Court's approval at a hearing scheduled for 23 April
2025, is expected to be dispatched to the Company's shareholders on 24 April
2025, to convene meetings of shareholders on 12 May 2025 to vote on the UK
Scheme and related matters (Scheme Meetings).
Following and subject to approval of Greatland Gold shareholders at the Scheme
Meetings, a prospectus will be lodged by Greatland with the Australian
Securities & Investments Commission (ASIC) and the ASX in respect of the
ASX Listing. Greatland Resources will also publish and AIM Schedule 1 and
Appendix to seek the admission of the Greatland Resources shares to trading on
AIM (AIM Admission). The ASX Listing process and AIM Admission of Greatland
Resources are currently expected to be completed in late June 2025.
No action is required by Greatland shareholders at this time. Subject to
approval of the UK Court, the Company will dispatch the UK Scheme circular to
shareholders which will provide details of the Scheme Meetings and contain all
information required by shareholders to consider and vote on the
reorganisation.
No decision has been made yet as to whether an offer of shares will be
conducted as part of the ASX listing of Greatland Resources. A prospectus in
respect of any offer of securities in Greatland Resources will be made
available when those securities are offered. Anyone who wants to acquire, and
who may be eligible to acquire, securities in Greatland Resources, under the
Prospectus will need to complete the application form that will accompany the
prospectus and otherwise in accordance with the prospectus.
Sustainability
There were no Lost Time Injuries during the March Quarter, and the 12-month
moving average lost time injury frequency rate (LTIFR) is 0. There were no
environmental non-compliances or significant incidents reported during the
quarter.
Greatland continues to work closely with the Martu people, the area's native
title holders, signing a landmark 18-month Community Partnership Agreement
with Martu non-for-profit organisation, Ngurra Kujungka. Ngurra Kujungka's
programs deliver essential health, education, and community development
initiatives for Martu people across the Western Desert.
Greatland engages closely with Jamukurnu-Yapalikurnu Aboriginal Corporation
(JYAC) (the Martu's prescribed body corporate). JYAC's executive management
recently visited the Telfer mine to gain a greater understanding of the
operation and the Havieron project. JYAC are fully supportive of the Havieron
project and subsequent to quarter end, provided a letter of support for
Greatland's Havieron approvals.
A sustainability materiality assessment will be conducted during the June 2025
quarter, this work will help inform the Company's longer-term sustainability
strategy and reporting. Further details on this assessment and Greatland's
sustainability strategy will be included in the 2025 Annual Report.
Conference Call
Shaun Day (Managing Director) and Rowan Krasnoff (Head of Business
Development) will host a conference call for shareholders, research analysts
and interested stakeholders this Wednesday, 16 April
2025 at 1:00 pm AWST (3.00 pm AEST, 6:00 am BST).
To listen in live, please click on this link and register your details:
https://webcast.openbriefing.com/greatlandgold-ann-2025/
(https://webcast.openbriefing.com/greatlandgold-ann-2025/)
It is recommended to log on at least five minutes before the commencement time
to ensure you are joined in time for the start of the call. A recording of
the call will be available on the same link after the conclusion of the
webcast.
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | Rowan Krasnoff, Head of Business Development
info@greatlandgold.com (mailto:info@greatlandgold.com)
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Baldwin | +44 203 368 3550
Corporate Brokers
Canaccord Genuity | James Asensio / George Grainger | +44 207 523 8000
SI Capital Limited | Nick Emerson / Sam Lomanto | +44 148 341 3500
Media Relations
Australia - Fivemark Partners | Michael Vaughan | +61 422 602 720
UK - Gracechurch Group | Harry Chathli / Alexis Gore / Henry Gamble |
+44 204 582 3500
About Greatland
Greatland is a gold and copper mining company listed on the London Stock
Exchange's AIM Market (LSE:GGP) and operates its business from Western
Australia.
The Greatland portfolio includes the 100% owned Telfer gold-copper mine, the
adjacent 100% owned world class Havieron gold-copper project (under
development), and a significant exploration portfolio within the surrounding
region. The combination of Telfer and Havieron provides for a substantial and
long life gold-copper operation in the Paterson Province of Western Australia.
The group is targeting a cross listing on the ASX and AIM in the June quarter
2025.
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. 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.
Non-GAAP measures
Some of the financial performance measures used in this announcement are
non-IFRS financial measures, including "all-in sustaining cost", "total cash
cost", "net cash", "free cash flow", "sustaining capital" and "growth
capital". These measures are presented as they are considered to provide
useful information to assist investors with their evaluation of the business's
underlying performance. Since the non-IFRS performance measures listed herein
do not have any standardised definition prescribed by IFRS, they may not be
comparable to similar measures presented by other companies. Accordingly, they
are intended to provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in
accordance with IFRS.
Competent Persons Statement
Information in this announcement has been reviewed and approved by Mr Michael
Thomson, a Member of the Australian Institute of Geoscientists (AIG), who has
more than 20 years relevant industry experience. Mr Thomson, 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 Thomson consents to the inclusion in this announcement
of the matters based on this information in the form and context in which it
appears.
Drillhole Data and Au- Cu Significant Intersections
Reporting Criteria: Intercepts reported are downhole drill width (not true
width) Au >0.50ppm (0.5g/t Au) and minimum 1m downhole width with maximum
consecutive internal dilution of 5m. Average grades are based on
length-weighting of samples grade, and only those intercepts with a gram
metres (Au_ppm x length) above 10gram metres have been reported. Gold and
copper grades are reported to two significant figures, the downhole lengths
are rounded to 0.1m which may cause some apparent discrepancies in interval
widths. Underground samples are from core drilling which is NQ2 in diameter
while open pit samples are from reverse circulation (RC) drilling.
Table (5)
HOLEID Prospect EAST NORTH RL Depth Dip Azimuth From Too Width Au ppm Cu pct Au (GM)
MUC4540067 MDU 60,400 11,774 4,561 42 2 48 10.9 28.0 17.1 1.89 0.16 32
MUC4540068 MDU 60,399 11,774 4,560 42 4 10 8.7 25.1 16.4 3.21 0.20 53
MUC4556015 A Reef 60,216 11,225 4,564 134 34 302 67.6 68.8 1.1 35.54 0.11 41
MUC4556018a A Reef 60,222 11,216 4,565 118 41 209 64.2 66.0 1.8 6.27 0.10 12
MUC4556019 A Reef 60,223 11,216 4,565 137 36 185 85.4 88.0 2.6 5.32 0.44 14
MUC4556021 A Reef 60,224 11,217 4,567 86 74 230 55.9 56.9 1.0 50.29 0.93 51
MUC4627034 MDU 60,290 10,986 4,622 180 -35 128 133.0 149.0 16.0 1.23 0.24 20
MUC4627034 MDU 60,290 10,986 4,622 180 -35 128 161.0 168.0 7.0 1.79 0.22 13
MUC4627036 MDU 60,289 10,986 4,622 180 -68 113 96.0 103.1 7.1 1.92 0.36 14
MUC4627037 MDU 60,290 10,989 4,623 185 -45 99 170.7 183.5 12.8 0.80 0.21 10
MUC4627039 MDU 60,290 10,989 4,623 130 -45 66 97.0 105.0 8.0 3.33 0.88 27
MUC4641006 A Reef 60,190 11,273 4,661 70 -42 4 53.4 55.0 1.6 22.14 0.83 35
MUC4641007 A Reef 60,190 11,273 4,661 120 -29 356 76.2 78.4 2.2 16.49 12.21 36
MUC4641009 A Reef 60,190 11,273 4,661 88 -50 340 57.8 62.0 4.2 9.10 0.30 38
MUC4641011 A Reef 60,190 11,270 4,661 120 -75 303 46.6 50.6 4.0 15.76 0.05 63
MUC4654003 A Reef 60,158 11,500 4,707 82 -35 26 43.4 48.9 5.5 2.19 0.66 12
MUC4654004 A Reef 60,158 11,499 4,707 80 -21 33 58.0 62.5 4.5 8.64 0.17 39
MUC4654005A A Reef 60,158 11,498 4,707 134 -46 36 36.0 42.0 6.0 1.68 0.84 10
MUC4654006 A Reef 60,158 11,498 4,707 80 -25 53 48.2 52.0 3.8 9.76 0.40 37
MUC4654010 A Reef 60,137 11,422 4,698 155 -54 147 98.6 99.4 0.7 24.25 0.62 17
MUC4654013 A Reef 60,137 11,422 4,699 130 -11 136 102.7 103.3 0.5 29.39 0.10 16
MUC4654014 A Reef 60,137 11,422 4,699 165 -36 129 102.3 103.9 1.5 11.31 0.96 17
MUC4654017 A Reef 60,137 11,422 4,698 140 -52 123 86.5 87.0 0.5 45.64 4.32 23
MUC4654018 A Reef 60,138 11,422 4,699 145 -38 114 132.0 137.8 5.8 1.87 0.09 11
MUC4654019 A Reef 60,138 11,422 4,699 70 -22 105 59.1 60.0 0.9 19.86 1.59 18
MUC4655067 A Reef 60,270 11,663 4,662 55 -10 48 37.7 41.3 3.6 8.67 0.14 31
MUC4655068 A Reef 60,270 11,662 4,661 33 -30 98 20.7 22.8 2.1 9.24 0.42 19
MUC4655069 A Reef 60,269 11,646 4,661 23 -90 43 4.2 4.5 0.2 53.14 0.05 13
MUC4655069 A Reef 60,269 11,646 4,661 23 -90 43 16.0 21.0 5.0 6.14 0.15 31
MUC4655074 A Reef 60,283 11,550 4,659 22 -90 114 14.0 15.0 1.0 12.83 0.67 13
MUC4655076 A Reef 60,263 11,647 4,661 65 -27 344 49.0 51.0 2.0 6.56 1.12 13
MUC4695006 A Reef 60,325 11,507 4,699 60 90 263 0.7 8.1 7.5 4.92 0.29 37
MUC4695006 A Reef 60,325 11,507 4,699 60 90 263 25.0 39.0 14.0 2.05 0.08 29
MUC4695007 A Reef 60,320 11,537 4,700 37 89 94 0.8 22.0 21.2 4.38 0.44 93
MUC4695008 A Reef 60,315 11,574 4,701 65 90 357 0.0 38.0 38.0 1.90 0.20 72
MUC4695009 A Reef 60,313 11,587 4,700 55 73 321 0.1 23.8 23.7 1.18 0.11 28
MUC4695010 A Reef 60,311 11,587 4,700 65 44 297 14.2 24.3 10.1 1.09 0.17 11
MUC4695010 A Reef 60,311 11,587 4,700 65 44 297 31.0 56.8 25.8 1.63 0.70 42
MUC4695011 A Reef 60,323 11,533 4,696 62 -27 98 13.0 23.0 10.0 1.11 0.06 11
MUC4695011 A Reef 60,323 11,533 4,696 62 -27 98 45.1 47.5 2.4 7.42 0.30 18
MUC4695012 A Reef 60,322 11,533 4,695 59 -85 100 1.0 10.0 9.0 1.97 1.30 18
MUC4695012 A Reef 60,322 11,533 4,695 59 -85 100 17.7 35.4 17.7 0.77 0.10 14
MUC4695014 A Reef 60,320 11,556 4,696 63 -25 100 49.3 49.9 0.6 24.48 0.89 15
MUC4695015 A Reef 60,320 11,556 4,696 45 -53 78 35.5 36.0 0.5 20.44 0.26 10
MUC4695017 A Reef 60,319 11,571 4,696 71 -24 97 48.0 50.7 2.7 8.42 0.13 23
MUC4695019 A Reef 60,318 11,572 4,696 60 -21 76 51.7 54.0 2.4 5.95 0.84 14
MUC4695020 A Reef 60,316 11,584 4,696 60 -24 70 0.0 1.0 1.0 17.04 0.33 17
MUC4695020 A Reef 60,316 11,584 4,696 60 -24 70 34.0 40.2 6.2 4.53 1.51 28
MUC4695020 A Reef 60,316 11,584 4,696 60 -24 70 50.8 52.0 1.3 20.98 2.54 26
MUC4695021 A Reef 60,316 11,584 4,696 50 -45 61 45.0 49.0 4.0 2.85 0.31 11
MUC4695022 A Reef 60,316 11,585 4,696 76 -18 51 62.0 64.9 2.9 7.85 0.17 22
MUC4695023 A Reef 60,316 11,585 4,696 95 -12 37 0.0 1.6 1.6 15.34 2.00 25
MUC4695023 A Reef 60,316 11,585 4,696 95 -12 37 57.9 58.6 0.7 46.29 0.15 33
MUC4695023 A Reef 60,316 11,585 4,696 95 -12 37 85.7 94.0 8.3 4.63 0.23 38
MUC4695024 A Reef 60,316 11,585 4,696 56 -35 32 32.8 39.0 6.3 5.30 0.28 33
MUC4695025A A Reef 60,314 11,585 4,696 50 -72 27 25.0 29.1 4.1 3.21 1.59 13
MUC4710016 A Reef 60,303 11,439 4,715 27 83 218 17.9 23.0 5.1 2.22 0.09 11
MUC4710019 A Reef 60,316 11,403 4,712 38 -18 55 4.8 36.2 31.4 2.02 0.37 64
MUC4710020 A Reef 60,316 11,401 4,712 35 -23 104 24.1 31.0 6.9 3.35 1.05 23
MUC4710021 A Reef 60,312 11,401 4,716 26 80 185 17.7 20.0 2.4 6.66 0.03 16
MUC4710022 A Reef 60,325 11,364 4,712 30 -28 57 18.0 27.0 9.0 1.13 0.27 10
MUC4710023 A Reef 60,320 11,364 4,717 26 84 279 13.6 15.6 1.9 15.53 0.15 30
MUC4710024 A Reef 60,325 11,364 4,712 33 -27 118 25.1 26.5 1.4 11.34 2.56 16
MUC4710026 A Reef 60,331 11,336 4,711 34 -26 84 16.4 23.6 7.2 1.47 0.18 11
MUC4710027 A Reef 60,335 11,322 4,711 36 -28 103 22.2 25.0 2.9 6.24 0.71 18
MUC4710028 A Reef 60,331 11,321 4,715 24 60 245 12.8 15.3 2.5 4.51 0.04 11
MUC4883054 ESC 60,995 11,172 4,896 40 41 89 0.2 28.0 27.8 2.32 0.11 65
MUC4883055 ESC 60,991 11,169 4,897 35 58 270 1.7 17.0 15.3 5.54 0.30 85
MUC4883056 ESC 60,993 11,162 4,898 24 80 85 1.0 18.0 17.0 1.29 0.03 22
MUC4883057 ESC 60,996 11,156 4,898 36 47 84 0.0 26.0 26.0 1.23 0.27 32
MUC4883058 ESC 60,996 11,149 4,899 25 71 91 0.0 8.0 8.0 1.38 0.10 11
MUC4883059 ESC 60,993 11,141 4,900 35 58 270 0.7 16.0 15.3 3.33 0.19 51
MUC4883060 ESC 61,000 11,118 4,902 26 64 89 1.0 23.0 22.0 1.96 0.18 43
MUC4883061 ESC 60,997 11,104 4,904 37 58 270 0.1 20.6 20.5 1.29 0.09 26
MUC4883062 ESC 61,002 11,103 4,904 25 63 90 0.2 17.0 16.9 3.98 0.32 67
MUC4883063 ESC 60,984 11,087 4,904 30 32 83 0.0 15.0 15.0 3.30 0.20 49
MUC4883063 ESC 60,984 11,087 4,904 30 32 83 22.0 30.0 8.0 2.86 0.40 23
MUC4942006 ESC 61,070 11,031 4,940 90 -60 270 25.0 39.0 14.0 1.91 0.41 27
MUC4942006 ESC 61,070 11,031 4,940 90 -60 270 46.0 57.0 11.0 0.99 0.29 11
MUC4942009 ESC 61,069 11,041 4,939 110 -54 13 48.7 71.0 22.3 4.98 0.93 111
MUC4942010 ESC 61,069 11,040 4,939 80 -76 42 35.1 53.0 17.9 6.54 0.73 117
MUC4942011 ESC 61,081 11,026 4,939 80 -76 312 35.2 49.7 14.5 11.53 0.65 167
MUC4942012 ESC 61,081 11,026 4,939 70 -71 227 34.0 46.3 12.3 1.32 0.42 16
MUC5066029 ESC 61,055 11,116 5,066 250 -56 344 18.0 37.0 19.0 0.62 0.09 12
MUC5066029 ESC 61,055 11,116 5,066 250 -56 344 226.0 227.0 1.0 10.53 0.76 11
MUC5066038 ESC 61,102 11,118 5,059 260 -51 337 77.2 80.0 2.8 4.65 0.01 13
MUC5066038 ESC 61,102 11,118 5,059 260 -51 337 99.6 102.7 3.1 4.39 0.92 14
MUC5066038 ESC 61,102 11,118 5,059 260 -51 337 193.3 222.0 28.7 0.52 0.12 15
MUC5066038 ESC 61,102 11,118 5,059 260 -51 337 229.0 236.0 7.0 1.61 0.07 11
MUC5066049 ESC 61,118 11,111 5,057 250 -71 343 48.0 51.0 3.0 4.74 0.00 14
MUC5066049 ESC 61,118 11,111 5,057 250 -71 343 64.0 87.0 23.0 1.32 0.12 30
MUC5066049 ESC 61,118 11,111 5,057 250 -71 343 204.2 211.4 7.1 2.95 0.58 21
MUC5095001A ESC 60,940 10,772 5,091 220 -60 130 45.4 53.8 8.4 1.67 0.49 14
MUC5095001A ESC 60,940 10,772 5,091 220 -60 130 152.0 174.0 22.0 0.93 0.20 21
MUC5095003 ESC 60,940 10,772 5,091 230 -72 145 82.0 98.0 16.0 2.49 0.43 40
MUC5095003 ESC 60,940 10,772 5,091 230 -72 145 138.0 158.0 20.0 1.16 0.13 23
MUC5095005 ESC 60,940 10,773 5,091 179 -65 112 126.0 178.5 52.5 1.56 0.32 82
WR26814 WDO 58,449 12,687 5,228 138 -64 250 35.0 43.0 8.0 2.25 0.99 18
WR26814 WDO 58,449 12,687 5,228 138 -64 250 59.0 90.0 31.0 0.66 0.08 20
WR26814 WDO 58,449 12,687 5,228 138 -64 250 113.0 138.0 25.0 2.86 0.07 71
WR27104 WDO 58,466 12,715 5,228 186 -89 76 105.0 142.0 37.0 3.44 0.45 127
WR41232 WDO 58,705 14,222 5,532 280 -55 76 217.0 221.0 4.0 5.15 0.26 21
WR41601 WDO 58,739 14,156 5,532 270 -70 97 241.0 252.0 11.0 0.95 0.04 10
WR41601 WDO 58,739 14,156 5,532 270 -70 97 258.0 268.0 10.0 1.01 0.01 10
WR41721 WDO 58,729 14,184 5,532 330 -55 91 144.0 146.0 2.0 6.33 0.03 13
WR42063 WDO 58,717 14,204 5,531 320 -55 91 281.0 289.0 8.0 1.33 0.47 11
WUC4550018 WDU 58,770 13,105 4,420 423 -21 278 175.0 183.0 8.0 1.27 0.10 10
WUC4550018 WDU 58,770 13,105 4,420 423 -21 278 294.0 325.0 31.0 1.18 0.38 36
WUC4550030 WDU 58,783 13,063 4,421 429 -14 271 341.0 364.3 23.3 1.64 0.54 38
WUC4550030 WDU 58,783 13,063 4,421 429 -14 271 370.0 381.8 11.8 2.09 0.15 25
WUC4550032 WDU 58,783 13,062 4,422 425 -10 268 157.5 163.0 5.5 1.92 0.06 11
WUC4550032 WDU 58,783 13,062 4,422 425 -10 268 282.3 294.0 11.7 0.86 0.01 10
WUC4550032 WDU 58,783 13,062 4,422 425 -10 268 305.5 326.4 20.9 4.07 0.49 85
WUC4550032 WDU 58,783 13,062 4,422 425 -10 268 336.9 360.0 23.1 1.13 0.49 26
WUC4550032 WDU 58,783 13,062 4,422 425 -10 268 399.0 408.0 9.0 2.91 0.24 26
JORC 2012 Table 1: Section 1 - Sampling Techniques and Data
Criteria Commentary
Sampling techniques Resource definition drilling at Telfer involves a combination of reverse
circulation (RC) and diamond drilling throughout the mining period. For
diamond drilling, samples are taken according to lithological boundaries, with
geologists defining sample intervals and selecting the assay methodology.
Historically, high-grade reef samples were sent for screen fire assay, while
other samples underwent fire assay for gold and additional elements.
Core sizes for resource drilling usually range from NQ to PQ, while smaller
sizes (NQ or LTK60) are used for grade control. Diamond drilling typically
samples lithological units with lengths between 0.2 to 1.2 meters, with
1-meter intervals being most common and they are barcoded and submitted for
laboratory analysis.
Historically, RC drilling typically produces 1-meter samples, from which a 2-5
kg sub-sample is taken using a riffle splitter, then pulverised for gold
assay. Earlier RC drilling involved samples from 0.5-meter to 2-meter
intervals, with the small intervals were used to target reefs. Recent RC
drilling for resource definition uses 1-meter intervals and split using cone
splitter from which a 2-5 kg sub-sample is taken with bulk reject material
stored temporarily. While grade control uses 2-meter intervals and split using
cone splitter. All RC drilling has field duplicates conducted at a 1:20 ratio.
Rock chip samples, collected manually from exposed development faces, are
typically 2-3 kg, collected perpendicular to bedding, and include all relevant
domains (reef, hanging wall, footwall). These samples are stored in
pre-numbered bags for analysis.
Drilling techniques Drilling at the Telfer has evolved over time, following industry-standard
protocols. Before 1998, drilling targeted mainly previously mined areas, while
from 1998 to 2002, diamond drilling formed the primary data source for current
Mineral Resource estimates, supplemented by RC drilling. Currently, RC
drilling is the primary data source for the open pit resources and diamond
drilling for underground resources. Currently, NQ2 is the dominant drill
size for diamond drilling and RC Drilling is drilled with a pre-collar of
143mm then reduced to 134mm diameter.
Additional core sizes, including NQ, HQ, HQ3, LTK60, and limited PQ and BQ,
have also been used at Telfer. LTK60 and BQ have mainly been used for grade
control. The Reflex orientation tool is used by drillers, with all core
being oriented using Ezy-Mark to mark the bottom of the hole. The core is then
re-constructed in V-Rail, where the orientation line is drawn along the core.
Drill sample recovery Core recovery data from diamond drilling is systematically recorded by
comparing drillers' depth blocks with database records and is stored in the
geological database. If excessive core loss occurs, a wedge hole is often
drilled to recover the lost interval. A review in 2019 confirmed no
significant relationship between sample recovery and grade for either core or
RC samples, with high core recovery minimising potential loss effects.
Following the review, weighing each RC sample at the rig was implemented to
ensure consistent sample support in resource estimation.
Logging Geological logging is conducted for all diamond and reverse circulation (RC)
drill holes, capturing lithology, alteration, mineralisation, veining, and
structure (for diamond core). Diamond drill holes are also quantitatively
logged for veining, vein percentage, and structure. All drill core is
photographed before sampling, using either slide film or digital cameras.
Logged data is validated before merging into the database, which contains over
1,000 km of logged geology, covering approximately 80% of total drilling. Rock
Quality Designation (RQD) is routinely recorded, with around 900 diamond holes
geotechnically assessed. The level of logging detail is appropriate for
resource estimation and related studies.
Sub-sampling techniques and sample preparation Sampling and quality control procedures are designed for the material being
tested. Geologists define sample intervals to avoid crossing key lithological
contacts and select appropriate assay methods. Diamond core is typically
sampled as half-core, while RC samples are collected dry, with conditions
recorded. Since 2015, cone splitters have replaced riffle splitters for RC
sampling, with field duplicates taken at a 1:20 ratio.
Core samples are processed through drying, crushing, and pulverising, with
historical standards requiring 90% passing 75 µm. Older RC drilling used
0.5-2 m intervals, while recent resource definition drilling follows 1 m
intervals (2 m for grade control), with a 5 kg primary split collected.
Samples are prepared at the Telfer lab, where they are crushed, sub-split, and
pulverised to 95% passing 106 µm. Gold is analysed via 30 g fire assay, while
base metals, sulphur, and arsenic are tested by ICP. Cyanide-soluble copper is
determined by bottle roll leach with AAS analysis. To ensure accuracy, 1 in 20
samples undergo external lab verification.
Quality of assay data and laboratory tests Assay and quality control protocols at the Telfer deposit have evolved to
align with industry standards. Before 1998, quality control procedures
followed industry norms of the time, with no major concerns identified. From
1998 onwards, protocols were enhanced, particularly during prefeasibility and
feasibility studies conducted between 1998 and 2002.
Samples are primarily prepared at the Telfer laboratory and then sent to
external commercial labs for analysis. Currently, all resource definition
samples have been assayed through a combination of the Telfer Laboratory and
the Bureau Veritas (BV) Commercial Lab in Perth and all grade control samples
have been sent through Telfer Laboratory. Gold is analysed using fire assay,
while multi-element analyses-including silver, arsenic, bismuth, copper, iron,
nickel, lead, sulphur, and zinc-are conducted using ICP techniques.
Cyanide-soluble copper is assessed via bottle roll leach with AAS analysis.
Since 1998, comprehensive quality control measures have been in place,
including the use of Certified Reference Materials (CRMs), blanks, duplicate
assays, blind pulp re-submissions and checks at independent laboratories.
Matrix-matched CRMs were introduced in 1999, and transition to multi client
CRMs in 2018. Since 2000, Telfer's laboratory was managed by commercial
organisations until Telfer re-opening in 2002 has been managed by Newcrest and
now, Greatland.
Regular reviews of Quality Assurance and Quality Control (QAQC) procedures,
including sample resubmissions and bias assessments, help ensure data accuracy
and reliability. Monthly reports document any anomalies, with corrective
actions taken as needed. Comparison studies, including analyses of duplicate
pulp samples sent to external laboratories, confirm data precision, with a 90%
repeatability rate. The QAQC protocols and assay techniques used are
considered reliable for Mineral Resource estimation.
During the 2002 feasibility study, 13,570 pulp duplicate samples were
dispatched from the Telfer preparation laboratory for analysis at a check
laboratory. Insignificant bias was identified between the original and check
laboratories for gold (-0.8%) and copper (0.5%).
Verification of sampling and assaying Drill hole data is securely stored in an acQuire database, with stringent
controls to ensure data integrity and prevent errors or duplication. Data
collection, including collar coordinates, drill hole designation, logging, and
assaying, follows strict protocols to maintain accuracy. Validation involves
multiple stages, with input from geologists, surveyors, assay laboratories,
and down-hole surveyors where applicable.
Data entry has evolved from manual methods to direct digital input,
incorporating automated validation checks. Internal and external reviews
further enhance data quality before resource estimation. Resource data is
managed daily by site geologists, with additional verification by a
centralised resource team.
Sampling details are recorded digitally, utilising barcode and tracking
systems to monitor sample integrity throughout the process. Recent drilling
programs employ numbered bags for tracking consistency. Regular audits of both
internal and commercial laboratories ensure compliance with quality standards.
No assay data adjustments have been made in the Mineral Resource estimate.
Location of data points Mining operations at Telfer Gold Mine adhere to periodic reporting
requirements for the WA Department of Mines, Industry Regulation and Safety
(DMIRS), using the MGA94/AHD coordinate system for official submissions.
However, site operations utilise the Telfer Mine Grid (TMG) and Telfer Height
Datum (THD), requiring coordinate transformations between the national and
operational coordinate systems.
This has been supplied by AAM Surveys in 1995 (AMG84 to Telfer Mine Grid) and
AAMHATCH in February 2007 (Telfer Mine Grid to MGA Transformation). Both
reports also addressed the height datum and in 2007 established the THD=AHD +
5193.7m.
A local grid covers the whole of the Telfer mine area (Telfer Mine Grid 2002).
It is oriented with grid north at 44o03'12' west of magnetic north.
Topographic control is maintained through a combination of surface and aerial
surveys, with routine updates for pits and underground voids. Drill hole
collars are surveyed upon completion by mine surveyors. The natural surface
topography, along with current pit surveys and underground voids (development,
stopes and vertical openings) are used to deplete the resources and account
for changes in mining areas at Telfer.
Downhole survey methods have evolved over time, progressing from early
single-shot cameras to modern electronic tools. Currently, drilling programs
include multi-shot surveys at regular intervals, with post-completion surveys
conducted at finer resolutions. Specific drilling campaigns may incorporate
gyroscopic surveys where required. Routine in-pit drilling, particularly for
pre-production and grade control, typically excludes downhole surveys, relying
on collar surveys for accuracy.
Data spacing and distribution The drill hole spacing is sufficient to demonstrate geological continuity
appropriate for the Mineral Resource and the classifications applied under the
2012 JORC Code.
The drill spacing applied to specific domains within the overall resource is
variable and is considered suitable for the style of mineralisation and
mineral resource estimation requirements.
Orientation of data in relation to geological structure The Telfer mine site topography is dominated by two large scale asymmetric
dome structures with steep west dipping axial planes. Main Dome is in the
southeast portion of the mine and is exposed over a strike distance of 3 km
north-south and 2 km east-west before plunging under transported cover. West
Dome forms the topographical high in the northwest quadrant of the mine and
has similar dimensions to Main Dome. Both fold structures have shallow to
moderately dipping western limbs and moderate to steep dipping eastern limbs.
Surface drilling is orientated to ensure optimal intersection angle for the
reefs. Underground drilling orientation may be limited by available collar
locations, but acceptable intersection angles are considered during the drill
hole planning process. No orientation bias has been indicated in the
drilling data..
Sample security Sample security is maintained through a tracking system from drilling to
database entry. While barcoding was previously used, it has been replaced with
pre-numbered calico bags for resource development and underground drilling
samples.
All sample movements, including dispatch details, drill hole identification,
sample ranges, and analytical requests, are recorded in a database. Any
discrepancies identified upon receipt by the laboratory are validated to
ensure data integrity.
Audits or reviews In-house reviews of data, QAQC results, sampling protocols and compliance with
corporate and site protocols are carried out at various frequencies by company
employees not closely associated with the Telfer projects. Procedure audits
and reviews are carried out by corporate employees during site visits.
JORC 2012 Table 1: Section 2- Reporting of Exploration Results
Criteria Commentary
Mineral tenement and land tenure status Mining and ore processing at Telfer operate under granted leases and licenses
covering all key infrastructure, including open pits, underground resources,
processing facilities, waste storage, and support services. The Telfer Main
Dome Underground Mineral Resource is within mining leases M45/6 and M45/8,
while the West Dome Mineral Resource, approximately 3km northwest of the Main
Dome open pit, lies within leases M45/7 and M45/33. These leases are currently
under renewal.
An Indigenous Land Use Agreement (ILUA) has been in place since December 2015,
covering all operational aspects of the site. Telfer operations also remain
compliant with the Mining Rehabilitation Fund (MRF) levy.
Exploration done by other parties The Telfer district was first geologically mapped by the Bureau of Mineral
Resources in 1959, though no gold or copper mineralization was identified. In
1971, regional sampling by Day Dawn Minerals NL detected anomalous copper and
gold at Main Dome. From 1972 to 1975, Newmont Pty Ltd conducted extensive
exploration and drilling, defining an open pit reserve primarily in the Middle
Vale Reef.
In 1975, BHP Gold acquired a 30% stake in the project, and in 1990, Newmont
and BHP Gold merged their Australian assets to form Newcrest Mining Limited.
Newcrest managed exploration and resource drilling from 1990 until its
acquisition by Newmont Corp on November 6, 2023. Newmont later divested
Telfer, selling it to Greatland Gold on December 4, 2024, which now oversees
exploration and drilling activities.
Geology Telfer is located within the northwestern Paterson Orogen and is hosted by the
Yeneena Supergroup, a 9 km thick sequence of marine sedimentary rocks. Gold
and copper mineralization occurs in stratiform reefs and stockworks within the
Malu Formation of the Lamil Group, controlled by both structure and lithology.
Mineralisation styles include high-grade narrow reefs, reef stockwork
corridors, sheeted vein sets, and extensive low-grade stockwork, which forms
most of the sulphide resource. Sulphide mineralisation consists mainly of
pyrite and chalcopyrite, with copper minerals including chalcopyrite,
chalcocite, and bornite. Gold is primarily free-grained or associated with
sulphides and quartz/dolomite gangue, with a correlation between vein density
and gold grade.
The highest gold and copper grades occur within bedding sub-parallel reef
systems, including multiple reef structures in Main Dome, such as E-Reefs,
MVR, M10-M70 reefs, A-Reef, and B-Reefs (notably B30). Additional
mineralisation occurs in northwest-trending and north-dipping veins. Stockwork
mineralisation, found in open pits, Telfer Deeps, and the Vertical Stockwork
Corridor (VSC), is best developed in the axial zones of Main Dome and West
Dome, often extending over large areas (0.1 km to 1.5 km). It can include
brecciated zones filled with quartz, carbonate, and sulphides
Drill hole Information Refer to table 5 - Significant Intercepts.
Data aggregation methods Significant assay intercepts are reported using length-weighted averages based
on predefined thresholds, with a maximum allowable internal dilution.
For Open pit (RC) significant intercepts a maximum of 5m of internal dilution,
minimum width of 3m, minimum grade of 0.5g/t and a gram metre (grade x length)
of greater than 10gm.
or Underground diamond significant intercepts a maximum of 5m of internal
dilution, minimum width of 1m, minimum grade of 0.5g/t and a gram metre (grade
x length) of greater than 20gm.
Relationship between mineralisation widths and intercept lengths Significant assay intervals represent apparent widths, as drilling is not
always perpendicular to the dip of mineralisation. True widths are typically
less than downhole widths and can only be estimated once all results are
received and final geological interpretations are completed. Where access
permits all holes are drilled to intercept as close to true width as possible.
Diagrams As provided
Balanced reporting This is the first quarterly report released by Greatland Gold since taking
ownership of the Telfer Gold mine. Drilling results will be reported regularly
released to the market
Earlier reporting of exploration programs conducted by Newcrest and Greatland
Gold have previously been reported. Drilling programmes are ongoing and
further material results will be reported in subsequent releases.
Other substantive exploration data NIL
Further work Drilling is ongoing with further work is planned to evaluate exploration
opportunities that extend the known mineralisation.
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