Company Announcements

27 October 2022

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

("Greatland" or "the Company")

Havieron Exploration and Development Update

New high grade mineralised intercepts identified in Northern Breccia and between the South East Crescent and the Eastern Breccia increasing the potential for these two zones to link

Work programme continues with the decline development increasing rates of advancement

Havieron Feasibility Study extended allowing time to maximise value and de-risk the project, whilst decline development continues to advance to first ore

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, is pleased to provide an exploration and development update at the Havieron gold-copper project in the Paterson region of Western Australia. The Company notes the release of an ASX announcements titled "Quarterly Exploration Report" and "Quarterly Report" by Newcrest Mining Ltd ("Newcrest") earlier today which included results previously released in Greatland's announcement of 8 September 2022 as well as the following new results.

Expanded high grade mineralisation

§ Potential for further resource growth as drilling continues to identify and expand the high-grade extensions to the mineralisation in the Eastern Breccia, South East Crescent Zone and Northern Breccia

§ Exploration drilling is underway to test regional geophysical targets outside of the main Havieron system on the Havieron mining lease

§ Six drill rigs presently on site

Accelerated decline development

§ Development of exploration decline with 916 metres complete as at 12 October 2022

§ Record, daily average rates of advancement were recently achieved reflecting the transition to drill and blasting of the development face in advancing the exploration decline

Feasibility Study Update

§ Technical work to support the development of the Feasibility Study continued during the quarter. While the study remains in progress, it will be extended beyond the December 2022 quarter to allow further time to maximise value and de-risk the project. A further update will be provided as value enhancing options are assessed

§ The extended study will seek to de-risk the project by capturing the ongoing successful growth drilling campaign and allow potential resource conversion to increase production potential and mine life of Havieron

§ Further optimisation work is underway as part of the Feasibility Study which will contribute to offsetting any potential impact of inflation

Significant New Growth Drilling Results (intercepts are reported as downhole width not true width)

Northern Breccia

§ HAD098W5

§ 81.3m @ 3.2g/t Au & 0.29% Cu from 1,357.2m

§ including 53.3m @ 3.5g/t Au & 0.30% Cu from 1,360.5m

§ HAD086W6

§ 12.9m @ 3.5g/t Au & 0.49% Cu from 1,356.1m

§ 20.7m @ 4.4g/t Au & 0.10% Cu from 1,380.3m

Eastern Breccia

§ HAD145AW5

§ 11.3m @ 2.4g/t Au & 0.53% Cu from 1,686m

§ 38m @ 1.9g/t Au & 0.17% Cu from 2,038m

§ including 23m @ 2.5g/t Au & 0.16% Cu from 2,053m

Shaun Day, Managing Director of Greatland Gold plc, commented: "The growth drilling programme at Havieron continues to deliver outstanding results as high-grade extensions to the mineralisation are identified across the expanse of the ore body.

"New intersections between the South East Crescent and the Eastern Breccia increases the potential for a continuous high grade mineralised zone linking these two previously separate areas.

"It is particularly pleasing to observe the acceleration in the advancement of the decline, which provides increasing confidence of the project being delivered on schedule.

"The Havieron Feasibility Study will be extended with a view to maximise value and further de-risking the project as our understanding of the Havieron ore body continues to evolve.

"The ongoing drilling programme and advancement of the decline are complemented by Greatland's strengthened balance sheet position and augmented expertise within our board of directors."

In addition to this release, a PDF version of this report with supplementary information can be found at the Company's website: https://greatlandgold.com/investors/regulatory-news/

Enquiries:

Further Information on Drilling and Operations at Havieron

The Havieron gold-copper deposit is centered on a deep magnetic anomaly located 45km east of Telfer in the Paterson Province where exploration drilling by Greatland during 2018 resulted in the discovery of gold and copper ore under 420 metres of post mineralisation cover. The Joint Venture commenced drilling during the June 2019 quarter and has completed 269,585 metres of drilling from 327 drill holes to date (excluding holes in progress, abandoned holes or drill holes not yet sampled).

A further 5,703 metres of drilling from 6 new holes have been completed since the last update ("Havieron Exploration and Development Update", RNS dated 8 September 2022). Assay results are reported from 9 new holes completed during this period and from 7 holes completed during the previous period (Figures 1 and 2). 3 holes returned significant assay intercepts in excess of 50 gram metres Au (Au ppm x length metres). A total of 9 holes have been completed with assay results pending.

Growth drilling focused Northern Breccia, Eastern Breccia and on testing the mineral systems depth potential with HAD159, while camp-scale exploration holes are underway to locate new discoveries outside the main Havieron mineralised system.

The JV continues with an extensive growth drilling programme which has the potential to expand the Havieron Mineral Resource¹. Refer to Appendix 2 for all reported results.

Drilling has continued to define high-grade mineralisation within the core of the Northern Breccia confirming the potential of additional high-grade material adjacent to the SE Crescent zone (Figure 2 & Figure 4).

Results include:

§ HAD098W5

§ 106.2m @ 0.78g/t Au & 0.12% Cu from 1,114.7m

§ 81.3m @ 3.2g/t Au & 0.29% Cu from 1,357.2m

§ including 53.3m @ 3.5g/t Au & 0.30% Cu from 1,360.5m

§ HAD086W6

§ 110m @ 1.7g/t Au & 0.16% Cu from 1,337m

§ including 12.9m @ 3.5g/t Au & 0.49% Cu from 1,356.1m

§ including 20.7m @ 4.4g/t Au & 0.10% Cu from 1,380.3m

At the Eastern Breccia, assays for 2 holes targeting strike and depth extensions have been received, with assays for 3 holes awaiting. The Eastern Breccia is developed below the 4,100RL² with a footprint of over 500m in strike, up to 200m in width, and over 250m in vertical extent.

The broad zone of high-grade mineralisation returned in HAD145AW5 (168m @ 0.69 g/t Au & 0.27% Cu & 38.0m @ 1.9 g/t Au & 0.17% Cu) represent one of the recently defined northwest trending internal higher-grade sulphide dominated domains in the Eastern Breccia. This mineralisation, along with much of the Eastern Breccia system, remain open at depth.

Results include:

§ HAD145AW5

§ 168m @ 0.69g/t Au & 0.27% Cu from 1,623m

§ including 11.3m @ 2.4g/t Au & 0.53% Cu from 1,686m

§ 38m @ 1.9g/t Au & 0.17% Cu from 2,038m

§ including 23m @ 2.5g/t Au & 0.16% Cu from 2,053m

The JV is continuing an extensive growth drilling programme which has the potential to expand the Havieron mineral resource. Drilling continues to show potential for additions outside of the existing Inferred Mineral Resource limits, including:

§ Extension of the South-East Crescent Zone at depth below the Updated Mineral Resource;

§ Potential for additional material in the Eastern Breccia, including higher grade "Crescent" like material,

§ Incremental expansion of multiple higher-grade zones including Northern Breccia and North-West Pod; and,

§ Additionally, drilling is continuing to test geophysical targets outside of the main Havieron system.

Refer to Appendix 1 for additional information and Appendix 2 for all drillhole results reported during the period.

Development Update

Development of the exploration decline saw ground conditions improve during the September quarter, with 916 metres complete as at 12 October 2022. Advance rates for the exploration decline have increased with the highest daily average advancement rates being set during September after the transition to drill and blasting of the development face. Further progress continued to be constrained by geotechnical and hydrogeological conditions.

Works are also ongoing to progress the necessary approvals and permits required to commence construction of the infrastructure which will support, subject to a positive decision to mine, production at Havieron.

Background to Havieron and Joint Venture Agreement with Newcrest

The Havieron Gold-Copper project is operated by Newcrest under a Joint Venture Agreement with Greatland. Newcrest has earned a joint venture interest of 70% (30% Greatland). Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to positive feasibility study and decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low-risk and low-cost pathway to development.

The Joint Venture Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study and a positive decision to mine, the resulting joint venture mineralised material will be processed at Telfer, located 45km west of Havieron.

A regional map showing the Havieron licence area with regional targets and adjacent landholdings can be found at: www.greatlandgold.com/paterson

A version of this release with the full images and diagrams can be found on the Company's website: https://greatlandgold.com/investors/regulatory-news/

¹  Refers to Greatland's Updated Mineral Resource as announced on 3^rd March 2022

² Relative depth. All relative depth (RL) information is reported in Australian Height Datum (AHD) +5,000 metres

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

Figure 2. Schematic plan view map showing drill hole locations and significant intercepts reported in this release superimposed on the interpreted geology horizontal slice at level 3900mRL. Previously reported holes are not shown for the sake of clarity. Note some holes and results appear on multiple sections due to the sections' orientation and sections' overlap.

Figure 3. Plan view schematic of a horizontal slice at 3900mRL through Havieron Mineral System , showing the extents of the 0.5, 1.0 g/t & 2.0g/t Au LeapfrogTM grade shells with highlighted newly reported intercepts for this period. This diagram highlights new >50gram metres intersections. Refer to the inset diagram for relationship to all Havieron drilling.

Figure 4. Schematic cross section of geology and significant new drillhole intercepts (looking northwest, Section Line S1, +/-150m section width, as shown in Figure 2). Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

Figure 5. Schematic cross section of geology and significant new drillhole intercepts (looking northeast, Section Line S2, +/-150m section width, as shown in Figure 2. Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

APPENDIX I

Havieron Project (Greatland Gold plc - Newcrest Joint Venture ): JORC Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

APPENDIX II

Drillhole Data and Au- Cu Significant Intersections

Havieron Project, Paterson Province, Western Australia

Reporting Criteria: Intercepts reported are downhole drill width (not true width) Au >0.20ppm (0.2g/t Au) and minimum 20m downhole width with maximum consecutive internal dilution of 10m. Average grades are based on length-weighting of samples grades. Also highlighted are high grade intervals of Au >1.0ppm (1g/t Au) and minimum 10m downhole width with maximum consecutive internal dilution of 5m, and intervals of >30g/t which are greater or equal to 30 gram metres (Au_ppm x length) are tabled. 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. Samples are from core drilling which is PQ, HQ or NQ in diameter. Core is photographed and logged by the geology team before being cut. Half core PQ, HQ and NQ samples are prepared for assay and the remaining material is retained in the core farm for future reference. Each assay batch is submitted with duplicates and standards to monitor laboratory quality. Total depth (end of hole) is rounded to one decimal place for reporting purposes. Collars denoted with a * show partial results, with further significant assays to be reported in subsequent exploration updates.

^#drilling in progress. **partial intercept, assays pending. ^updated intercept. ^^previously reported intercept.