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    March 2025 Quarterly Activities Report

    Picture of Greatland Gold logoGreatland Gold
    14/04/2025 07:00
    RNS Number : 8633E

Greatland Gold PLC

14 April 2025

 

Greatland Gold plc (AIM: GGP)

E: info@greatlandgold.com

W: https://greatlandgold.com

: twitter.com/greatlandgold

 

 

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

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE 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

§ AISC1: 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)


    OperationsUnitResult
    Mill production
    Ore milledkt4,584
    Mill head gradeAug/t Au0.68
    Cu% Cu0.10%
    RecoveryAu%86.7%
    Cu%80.0%
    Metal producedAuoz90,172
    Cut3,511
    Sales
    SalesAuoz89,125
    Cut3,705
    Average Price ReceivedAuA$/oz4,585
    CuA$/t13,140
    Net Revenue1Au revenueA$m409
    Cu revenueA$m49
    Total revenueA$m458
    Open Pit mining
    Total material minedkt4,399
    Ore mined (crusher feed)kt2,611
    Mine gradeAug/t Au0.64
    Cu% Cu0.05%
    Contained metalAuoz53,527
    Cut1,266
    Underground mining
    Ore minedkt278
    Mine gradeAug/t Au1.72
    Cu% Cu0.70%
    Contained metalAuoz15,361
    Cut1,945
    Closing ore stockpiles (ROM)
    OreMt9.2
    Average gradeAug/t Au0.64
    Cu% Cu0.06
    Contained metalAukoz188
    Cukt5.9
    Closing ore stockpiles (low grade)
    OreMt20.7
    Average gradeAug/t Au0.33
    Cu% Cu0.04
    Contained metalAukoz220
    Cukt9.0
    Costs
    MiningA$m84.2
    ProcessingA$m65.5
    G&AA$m16.8
    TC/RC and FreightA$m6.4
    RoyaltiesA$m12.2
    Sustaining CapexA$m49.9
    RehabilitationA$m2.9
    By-product creditsA$m(46.1)
    AISCA$m191.7
    AISC / oz Au produced 2A$/oz2,126
    

 

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


    AreaMeasuredIndicatedInferredCombined
    Tonnes
     (Mt)    		Au
     g/t    		Cu
     %    		Tonnes
     (Mt)    		AuCu%Tonnes
     (Mt)    		Au
     g/t    		Cu
     %    		Tonnes
     (Mt)    		Au
     g/t    		Cu
     %    		Au
     (Moz)    		Cu
     (kt)
    Havieron Deposit---502.600.33811.100.13131.01.670.217.0270
    Telfer: West Dome Open Pit---28.80.570.0586.80.550.05115.60.550.052.161
    Telfer Main Dome Underground---5.62.650.562.32.550.397.92.620.510.740
    Telfer Stockpiles10.30.680.0720.30.330.04---30.60.450.050.416
    Combined10.30.680.07104.71.600.211700.840.092851.110.1410.2387
    

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 DateGold Volumes Under Put Options (koz)Weighted Average
     Strike Price (A$/oz)
    30-Jun-202546,3023,905
    30-Sep-202538,9103,905
    31-Dec-202530,7923,905
    31-Mar-202637,5024,200
    30-Jun-202637,5024,200
    30-Sep-202637,5024,200
    31-Dec-202637,4984,200
    Total266,0084,071
    

 

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/

 

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  

 

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)

 


    HOLEIDProspectEASTNORTHRLDepthDipAzimuthFromTooWidthAu ppmCu pctAu (GM)
    MUC4540067MDU60,40011,7744,5614224810.928.017.11.890.1632
    MUC4540068MDU60,39911,7744,560424108.725.116.43.210.2053
    MUC4556015A Reef60,21611,2254,5641343430267.668.81.135.540.1141
    MUC4556018aA Reef60,22211,2164,5651184120964.266.01.86.270.1012
    MUC4556019A Reef60,22311,2164,5651373618585.488.02.65.320.4414
    MUC4556021A Reef60,22411,2174,567867423055.956.91.050.290.9351
    MUC4627034MDU60,29010,9864,622180-35128133.0149.016.01.230.2420
    MUC4627034MDU60,29010,9864,622180-35128161.0168.07.01.790.2213
    MUC4627036MDU60,28910,9864,622180-6811396.0103.17.11.920.3614
    MUC4627037MDU60,29010,9894,623185-4599170.7183.512.80.800.2110
    MUC4627039MDU60,29010,9894,623130-456697.0105.08.03.330.8827
    MUC4641006A Reef60,19011,2734,66170-42453.455.01.622.140.8335
    MUC4641007A Reef60,19011,2734,661120-2935676.278.42.216.4912.2136
    MUC4641009A Reef60,19011,2734,66188-5034057.862.04.29.100.3038
    MUC4641011A Reef60,19011,2704,661120-7530346.650.64.015.760.0563
    MUC4654003A Reef60,15811,5004,70782-352643.448.95.52.190.6612
    MUC4654004A Reef60,15811,4994,70780-213358.062.54.58.640.1739
    MUC4654005AA Reef60,15811,4984,707134-463636.042.06.01.680.8410
    MUC4654006A Reef60,15811,4984,70780-255348.252.03.89.760.4037
    MUC4654010A Reef60,13711,4224,698155-5414798.699.40.724.250.6217
    MUC4654013A Reef60,13711,4224,699130-11136102.7103.30.529.390.1016
    MUC4654014A Reef60,13711,4224,699165-36129102.3103.91.511.310.9617
    MUC4654017A Reef60,13711,4224,698140-5212386.587.00.545.644.3223
    MUC4654018A Reef60,13811,4224,699145-38114132.0137.85.81.870.0911
    MUC4654019A Reef60,13811,4224,69970-2210559.160.00.919.861.5918
    MUC4655067A Reef60,27011,6634,66255-104837.741.33.68.670.1431
    MUC4655068A Reef60,27011,6624,66133-309820.722.82.19.240.4219
    MUC4655069A Reef60,26911,6464,66123-90434.24.50.253.140.0513
    MUC4655069A Reef60,26911,6464,66123-904316.021.05.06.140.1531
    MUC4655074A Reef60,28311,5504,65922-9011414.015.01.012.830.6713
    MUC4655076A Reef60,26311,6474,66165-2734449.051.02.06.561.1213
    MUC4695006A Reef60,32511,5074,69960902630.78.17.54.920.2937
    MUC4695006A Reef60,32511,5074,699609026325.039.014.02.050.0829
    MUC4695007A Reef60,32011,5374,7003789940.822.021.24.380.4493
    MUC4695008A Reef60,31511,5744,70165903570.038.038.01.900.2072
    MUC4695009A Reef60,31311,5874,70055733210.123.823.71.180.1128
    MUC4695010A Reef60,31111,5874,700654429714.224.310.11.090.1711
    MUC4695010A Reef60,31111,5874,700654429731.056.825.81.630.7042
    MUC4695011A Reef60,32311,5334,69662-279813.023.010.01.110.0611
    MUC4695011A Reef60,32311,5334,69662-279845.147.52.47.420.3018
    MUC4695012A Reef60,32211,5334,69559-851001.010.09.01.971.3018
    MUC4695012A Reef60,32211,5334,69559-8510017.735.417.70.770.1014
    MUC4695014A Reef60,32011,5564,69663-2510049.349.90.624.480.8915
    MUC4695015A Reef60,32011,5564,69645-537835.536.00.520.440.2610
    MUC4695017A Reef60,31911,5714,69671-249748.050.72.78.420.1323
    MUC4695019A Reef60,31811,5724,69660-217651.754.02.45.950.8414
    MUC4695020A Reef60,31611,5844,69660-24700.01.01.017.040.3317
    MUC4695020A Reef60,31611,5844,69660-247034.040.26.24.531.5128
    MUC4695020A Reef60,31611,5844,69660-247050.852.01.320.982.5426
    MUC4695021A Reef60,31611,5844,69650-456145.049.04.02.850.3111
    MUC4695022A Reef60,31611,5854,69676-185162.064.92.97.850.1722
    MUC4695023A Reef60,31611,5854,69695-12370.01.61.615.342.0025
    MUC4695023A Reef60,31611,5854,69695-123757.958.60.746.290.1533
    MUC4695023A Reef60,31611,5854,69695-123785.794.08.34.630.2338
    MUC4695024A Reef60,31611,5854,69656-353232.839.06.35.300.2833
    MUC4695025AA Reef60,31411,5854,69650-722725.029.14.13.211.5913
    MUC4710016A Reef60,30311,4394,715278321817.923.05.12.220.0911
    MUC4710019A Reef60,31611,4034,71238-18554.836.231.42.020.3764
    MUC4710020A Reef60,31611,4014,71235-2310424.131.06.93.351.0523
    MUC4710021A Reef60,31211,4014,716268018517.720.02.46.660.0316
    MUC4710022A Reef60,32511,3644,71230-285718.027.09.01.130.2710
    MUC4710023A Reef60,32011,3644,717268427913.615.61.915.530.1530
    MUC4710024A Reef60,32511,3644,71233-2711825.126.51.411.342.5616
    MUC4710026A Reef60,33111,3364,71134-268416.423.67.21.470.1811
    MUC4710027A Reef60,33511,3224,71136-2810322.225.02.96.240.7118
    MUC4710028A Reef60,33111,3214,715246024512.815.32.54.510.0411
    MUC4883054ESC60,99511,1724,8964041890.228.027.82.320.1165
    MUC4883055ESC60,99111,1694,89735582701.717.015.35.540.3085
    MUC4883056ESC60,99311,1624,8982480851.018.017.01.290.0322
    MUC4883057ESC60,99611,1564,8983647840.026.026.01.230.2732
    MUC4883058ESC60,99611,1494,8992571910.08.08.01.380.1011
    MUC4883059ESC60,99311,1414,90035582700.716.015.33.330.1951
    MUC4883060ESC61,00011,1184,9022664891.023.022.01.960.1843
    MUC4883061ESC60,99711,1044,90437582700.120.620.51.290.0926
    MUC4883062ESC61,00211,1034,9042563900.217.016.93.980.3267
    MUC4883063ESC60,98411,0874,9043032830.015.015.03.300.2049
    MUC4883063ESC60,98411,0874,90430328322.030.08.02.860.4023
    MUC4942006ESC61,07011,0314,94090-6027025.039.014.01.910.4127
    MUC4942006ESC61,07011,0314,94090-6027046.057.011.00.990.2911
    MUC4942009ESC61,06911,0414,939110-541348.771.022.34.980.93111
    MUC4942010ESC61,06911,0404,93980-764235.153.017.96.540.73117
    MUC4942011ESC61,08111,0264,93980-7631235.249.714.511.530.65167
    MUC4942012ESC61,08111,0264,93970-7122734.046.312.31.320.4216
    MUC5066029ESC61,05511,1165,066250-5634418.037.019.00.620.0912
    MUC5066029ESC61,05511,1165,066250-56344226.0227.01.010.530.7611
    MUC5066038ESC61,10211,1185,059260-5133777.280.02.84.650.0113
    MUC5066038ESC61,10211,1185,059260-5133799.6102.73.14.390.9214
    MUC5066038ESC61,10211,1185,059260-51337193.3222.028.70.520.1215
    MUC5066038ESC61,10211,1185,059260-51337229.0236.07.01.610.0711
    MUC5066049ESC61,11811,1115,057250-7134348.051.03.04.740.0014
    MUC5066049ESC61,11811,1115,057250-7134364.087.023.01.320.1230
    MUC5066049ESC61,11811,1115,057250-71343204.2211.47.12.950.5821
    MUC5095001AESC60,94010,7725,091220-6013045.453.88.41.670.4914
    MUC5095001AESC60,94010,7725,091220-60130152.0174.022.00.930.2021
    MUC5095003ESC60,94010,7725,091230-7214582.098.016.02.490.4340
    MUC5095003ESC60,94010,7725,091230-72145138.0158.020.01.160.1323
    MUC5095005ESC60,94010,7735,091179-65112126.0178.552.51.560.3282
    WR26814WDO58,44912,6875,228138-6425035.043.08.02.250.9918
    WR26814WDO58,44912,6875,228138-6425059.090.031.00.660.0820
    WR26814WDO58,44912,6875,228138-64250113.0138.025.02.860.0771
    WR27104WDO58,46612,7155,228186-8976105.0142.037.03.440.45127
    WR41232WDO58,70514,2225,532280-5576217.0221.04.05.150.2621
    WR41601WDO58,73914,1565,532270-7097241.0252.011.00.950.0410
    WR41601WDO58,73914,1565,532270-7097258.0268.010.01.010.0110
    WR41721WDO58,72914,1845,532330-5591144.0146.02.06.330.0313
    WR42063WDO58,71714,2045,531320-5591281.0289.08.01.330.4711
    WUC4550018WDU58,77013,1054,420423-21278175.0183.08.01.270.1010
    WUC4550018WDU58,77013,1054,420423-21278294.0325.031.01.180.3836
    WUC4550030WDU58,78313,0634,421429-14271341.0364.323.31.640.5438
    WUC4550030WDU58,78313,0634,421429-14271370.0381.811.82.090.1525
    WUC4550032WDU58,78313,0624,422425-10268157.5163.05.51.920.0611
    WUC4550032WDU58,78313,0624,422425-10268282.3294.011.70.860.0110
    WUC4550032WDU58,78313,0624,422425-10268305.5326.420.94.070.4985
    WUC4550032WDU58,78313,0624,422425-10268336.9360.023.11.130.4926
    WUC4550032WDU58,78313,0624,422425-10268399.0408.09.02.910.2426
    

 

 

JORC 2012 Table 1: Section 1 - Sampling Techniques and Data

 


    CriteriaCommentary
    Sampling techniquesResource 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 techniquesDrilling 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 recoveryCore 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.
    LoggingGeological 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 preparationSampling 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 testsAssay 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 assayingDrill 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 pointsMining 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 distributionThe 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 structureThe 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 securitySample 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 reviewsIn-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

 


    CriteriaCommentary
    Mineral tenement and land tenure statusMining 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 partiesThe 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.
    GeologyTelfer 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 InformationRefer to table 5 - Significant Intercepts.
    Data aggregation methodsSignificant 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 lengthsSignificant 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.
    DiagramsAs provided
    Balanced reportingThis 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 dataNIL
    Further workDrilling is ongoing with further work is planned to evaluate exploration opportunities that extend the known mineralisation.
    

 

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