Notes from Proactive Interview re HAVIERON MRE UPDATE - 21 Dec 2023

[DipSard]

Notes from Proactive Interview re HAVIERON MRE UPDATE - 21 Dec 2023

Interview Link:
https://youtu.be/R13xKKh4-S8?si=Bm4OLzIY1Zx15pVM

GGP RNS’s:
https://greatlandgold.com/investors/regulatory-news/

Link to MRE RNS:
https://polaris.brighterir.com/public/g ... ry/xze3qlx

Download Link:
https://www.mediafire.com/file/j0pmon27 ... 3.pdf/file

Just quick notes, a transcript was unavailable to use:

* Big update Shaun, this MRE update for Havieron, talk us through it initially.
- Really pleased to get out the updated MRE before the EOY as we committed to shareholders
- it’s a really good set of numbers, we’ve increase the MRE to 8.4 million ounces, so that’s a 29% increase on what is already a large and robust ore body
- the increase is just on around 2 million ounces, now that increase alone is bigger than most ore bodies you find in Australia, so it just talks to the expanse and the size of Havieron
- plus importantly the indicated element is up to 5 million ounces, that’s over a 30% increase and as viewers might recall one of the really impressive features of Havieron is this 86% historic conversion factor from indicated resource into the mine plan and into reserves
- so again, that’s a really important element to this update

* So, whereabouts Shaun in the ore body have you seen the most growth?
- This drilling campaign really targeted the lower reaches of the ore body, we felt we understood that top section of the ore body well already and of course when you’re drilling from surface you naturally gravitate towards that initial part of the pre body
- still had some of those cores go through the upper part of the ore body but really the focus was in the bottom third of the ore body and that’s where you’ve seen something like 70% of the growth in that lower third of the ore body and importantly that’s help us define the South East Crescent (SEC)
- that higher grade part of the ore body over 1.2km vertical extent, so that’s another couple of hundred metres on top of that SEC and importantly by adding ounces and delineating more of the resource to JORC standard and in the bottom third of this ore body we now have over 7900 ounces per vertical metre (OPVM) across a full KM of the Havieron ore body
- and that is exceptional and as viewers know that OPVM is probably my favourite feature of the Havieron ore body

* Are there any significant changes to your geological understanding of the ore body on the back of this update?
- I think it has… this has been an important drilling campaign and I think it has improved and expanded our understanding of Havieron
- historically we’ve described Havieron in 3 elements, the high grade SEC and then the Northern Breccia (NB) and Eastern Breccia (EB)
- one of the main features of this update is what we’re phrasing the Link Zone (LZ), it’s another high grade part of the ore body and it really connects that high grade SEC into the EB
- and what’s more is that we’re also finding that that NB and the EB is really one continuous expanse
- so from our POV there’s a couple of things that leads to, firstly we’ll probably start describing this ore body in 3 areas but we’ll describe that is the high grade SEC, the high grade LZ and then just the ‘breccia’ which effectively combines the historical NB and EB
- the other element kind of being able to delineate this high grade LZ, it effectively opens that up to what else is in that breccia
- we know we have a lot of high grade hits and as we get more density of drilling are there other zonations we can define at high grade as well
- and I think it’s probably also worth adding that what we’ll do is we’ll bring out the 3d Inventum model probably in the first quarter of next year as we get that worked up off this new data and that will allow people and shareholders to interactively engage with our ore body and understand the full extent of this upsizing

* So, Shaun, just to clarify, is this a Greatland update or a Joint Venture (JV) update?
- Fundamentally this is a Greatland update, and much like I think it was March 2022 when GGP decided it needed to come up with a unilateral update on the mineral resource, for very different circumstances on this occasion we felt we were in the same position again
- as shareholders will recall, our expectation and indeed the Newcrest expectation was that they were going to update the MRE in August 2023, for whatever confluence of reasons they weren’t able to complete that intention
- we understand there was a lot going on at Newcrest at that time and we undertook to come out in the 4th quarter and that was always going to be late in eth quarter but we undertook to come out and provide that update
- so, on our team we have the ‘competent person’ Michael Thomson who has been with us for a number of years, he has a very good understanding of this ore body and we augmented that with an independent review by SRK again
- so, we’re really confident and just to remind people that last time we did an independent update subsequently last time our JV partner Newcrest came out with their own update which I think was just 1% higher around 5 months later
- and for good order again, we’ve engaged with our JV partner, that relationship with Newmont now is really important to us, but this is our update, it’s not a JV update

* Well, I suppose Shaun, just away from the resource, how is Havieron development?
- Operationally it continues to perform well, so we’ve basically got up to that Lower Contained Aquifer (LCA) so there is the depressurisation and the dewatering going on right now
- it’s getting into that Summer period in Australia and in that North West so that evaporation is really strong as well (in reference to evaporation ponds)
- but in addition to that we’re putting in the 2 vent rises that will take us into the March Quarter (2024 Q1), the primary fans being installed and this is all around getting the ventilation and the pipework’s in place so it’s kind of busy and we’re taking advantage of this time while we dewater the LCA in the same way that we dewatered and depressurised the upper and middle contained aquifers
- we’re also looking forward to getting out the feasibility study in 2024 and importantly we’re continuing to build the relationship with Newmont
- we’re delighted that they’ve joined, they’re the world’s largest gold miner, it speaks to the quality of Havieron Telfer and that’s a relationship that’s off to a great start and we really appreciate their involvement to date

* Well 2024 certainly lining up to be a busy and significant year for you Shaun, ah look thanks for your time, have a good xMas
- Merry xMas as well, thanks again, Andrew.