Greatland Gold enters exploration farm-in and joint venture with Rio Tinto Exploration in Western Australia's Paterson Province

Greatland Gold plc (AIM: GGP)

E: [email protected]

W: https://greatlandgold.com

: twitter.com/greatlandgold

NEWS RELEASE | 30 May 2023

Farm-in to Rio Tinto Exploration's highly prospective Paterson South tenure

Exploration farm-in and joint venture arrangement entered into with Rio Tinto Exploration

Greatland secures access to highly prospective tenure

Enhanced alignment between the discoverers of the world-class Havieron and Winu deposits

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 announce that the Company has entered into a farm-in and joint venture arrangement with global mining group Rio Tinto (ASX/LSE:RIO), to accelerate exploration across 1,884km² of highly prospective tenure within the Paterson Province of Western Australia (Paterson South Project) located near the Company's world-class Havieron gold-copper project¹ (Havieron).

The Paterson South Project farm-in and joint venture arrangement is consistent with Greatland's Australian asset growth strategy including the Company's commitment to exploration success.

The tenements are an outstanding package, which host several underexplored anomalies which the Company considers to be the closest to a Havieron lookalike within the Paterson Province.

In addition, there has been historical delineation of gold in rock chips and copper intersected with strong correlation to a Telfer style deposit.

The expansion of Greatland's footprint and exploration activities in the Paterson Province leverages Greatland's existing presence in the region, its good standing within the Paterson community and the strong technical knowledge fostered through the discovery of Havieron.

The Paterson South Project remains relatively underexplored and is a logical fit for Greatland's existing adjacent tenure holdings.

[1] Held by the Havieron JV between Greatland (30%) and Newcrest Mining Limited (Newcrest) (70%).

Highlights  

§ The eastern group of the Paterson South Project tenements host several underexplored magnetic anomalies. These targets are within Proterozoic sediments and are considered by the Company to be the closest to a Havieron lookalike within the Paterson Province

§ The western group of the Paterson South Project tenements have a geological setting which is a strong correlation to the Telfer deposit with historical delineation of gold in rock chips and copper intersected in the limited drilling undertaken to date

§ Greatland to commence drilling in 2023

§ Initial minimum commitment of A$1.1 million of expenditure and 2,000 metres of drilling before 31 December 2024

§ Farm-In: Greatland is entitled to earn up to a 75% joint venture interest in the Project Tenements under a two-stage farm-in arrangement:

-  Stage 1 Farm-In: Greatland is entitled to earn a 51% joint venture interest in the Paterson South Project by incurring at least A$7.1 million of exploration expenditure and completing 7,500 metres of drilling within four years; and

-  Stage 2 Farm-In: Greatland is entitled to earn an additional 24% joint venture interest in the Paterson South Project (cumulative joint venture interest of 75%) by spending at least an additional A$14 million of exploration expenditure and completing a further 17,000 metres of drilling within three years of completing the Stage 1 Farm-In.

Greatland Managing Director, Shaun Day, commented:

"The Paterson South Project tenement package is an outstanding opportunity with a number of high priority, highly prospective and heritage cleared drill targets.  We expect that some of these targets can be incorporated in our 2023 drilling campaign.

These targets include underexplored anomalies which the Company considers to be the closest to a Havieron lookalike within the Paterson Province.

Other opportunities include historical delineation of gold in rock chips and copper intersected with strong correlation to a Telfer style deposit.

This tenure complements the Company's current ground position to provide a 105km contiguous holding.  The addition of the Paterson South Project more than doubles our current footprint with the most prospective targets within 50km of Telfer.

Our farm-in and joint venture with Rio Tinto is consistent with our strategy of continuing to invest in exploration success, and aligns the companies responsible for the discovery of Havieron and Winu, the two biggest and most significant orebodies found within the Paterson Province since Telfer in the 1970s."

Paterson South Project farm-in and joint venture arrangement

Greatland Paterson South Pty Ltd, a wholly-owned subsidiary of the Company, has executed a long form farm-in and joint venture term sheet with Rio Tinto Exploration Pty Limited (RTX), a wholly-owned subsidiary of Rio Tinto in respect of the Paterson South Project which comprises exploration licences E45/4807, E45/4815, E45/4834, E45/5122, E45/5238, E45/5242, E45/5532, E45/5351 and E45/5576 (Project Tenements).  The Paterson South Project is currently 100% beneficially held by RTX.

Under the farm-in and joint venture arrangement:

§ Up-front Payment: Greatland will make an up-front payment of A$350,000 to RTX payable in either cash or Greatland shares at Greatland's election to be paid within 30 days of execution if Greatland elects to pay in cash or within 6 months if Greatland elects to pay in shares

§ Farm-In: Greatland is entitled to earn up to a 75% joint venture interest in the Project Tenements under a two-stage farm-in arrangement:

§ Stage 1 Farm-In: Greatland is entitled to earn a 51% joint venture interest in the Paterson South Project by incurring at least A$7.1 million of exploration expenditure and completing 7,500 metres of drilling within four years; and

§ Stage 2 Farm-In: Greatland is entitled to earn an additional 24% joint venture interest in the Paterson South Project (cumulative joint venture interest of 75%) by spending at least an additional A$14 million of exploration expenditure and completing a further 17,000 metres of drilling within three years of completing the Stage 1 Farm-In.

As part of the Stage 1 Farm-In, Greatland's minimum commitment comprises A$1.1 million of exploration expenditure and 2,000 metres of drilling to be completed before 31 December 2024.  Greatland is entitled to withdraw once it has met this minimum commitment.

If Greatland completes the Stage 1 Farm-In and elects to acquire a 51% joint venture interest in the Paterson South Project, an unincorporated joint venture (PSJV) will be formed between Greatland Paterson South Pty Ltd (51%) and RTX (49%).  Greatland Paterson South Pty Ltd will be the manager of the PSJV.  RTX is entitled, after completion of the Stage 1 Farm-In, to elect to contribute to its share of PSJV expenditure.  If RTX so elects, Greatland Paterson South Pty Ltd's PSJV joint venture interest will remain at 51% and the Stage 2 Farm-In will not apply.

Outside of the farm-in periods, each PSJV participant is required to contribute to PSJV expenditure in proportion to its joint venture interest.  A PSJV participant is entitled to elect not to contribute to its share of PSJV expenditure at the beginning of a budget year.  If it does so, it will be diluted under a customary dilution mechanism.  If a PSJV participant's joint venture interest reduces to less than 10%, its joint venture interest will be converted to a net smelter royalty (NSR) of 1.25% plus an additional 0.25% if the quarterly average gold price is above US$2,000 per ounce (CPI adjusted).  The NSR is at a reduced level for production from the Strickland tenement (E45/4807) of 0.75% plus 0.125% if the quarterly average gold price is above US$2,000 per ounce (CPI adjusted) for so long as the Strickland Royalty (as defined below) applies over that tenement.

An existing 1.25% NSR applies over the Strickland tenement (E45/4807) in favour of Strickland Metals Limited (Strickland, ASX:STK), as the former holder of that tenement (Strickland Royalty).  The Strickland Royalty is payable in respect of the first 420,000 ounces of gold (or gold equivalent) production from E45/4807 only.  Strickland is also entitled to a pre-payment of that royalty on a decision to mine calculated based on the prevailing spot price for 42,000 ounces of gold (or gold equivalent).

Overview of the Project Tenements

Figure 1: Overview of the Paterson South Project

Eastern group of tenements

§ Budjidowns (E45/4815, 191km²) hosts several short strike length magnetic anomalies of similar size to the Havieron anomaly (which is associated with the SE Crescent's magnetic massive pyrrhotite ore), which are untested or have only single drill holes testing the anomaly.  Of particular interest is the Decka target (see Figure 2), a magnetic anomaly which also sits on the same gravity gradient as Havieron and has a coincident late time airborne electromagnetic anomaly interpreted as a bedrock conductor, indicating the potential presence of pyrrhotite as distinct from the less conductive but magnetic magnetite.

Figure 2: Decka prospect location with effective drilling on RTP magnetics

§ Basel (E45/5122, 639km²) adjoins to the north of Greatland's Paterson Range East (E45/4928)² tenement.  A review of the historical drilling has identified two reverse circulation (RC) holes with +0.5g/t Au single metre assays at the Calypso prospect (see Figure 3) (CAW3-0 - 3.03g/t Au and CAW5-0 - 0.74g/t Au) likely in Permian cover and approximately 5.7km apart.  These holes were originally targeted on anomalous surface sample results.  Subsequent airborne magnetic and gravity surveys confirmed them as sitting on the margin of a magnetic granite. The target is prospective for intrusion related gold-copper mineralisation in the basement.

§Wilki Lake (E45/5576, 32km²) sits over a NE trending break in the magnetic granite on a deep seated fault, approximately 8km east of and parallel to a similar structure seen at Telfer.  Minimal exploration work has been conducted on the tenement, with an aeromagnetic survey completed, but limited on-ground activity.  The area is considered prospective for intrusive related gold-copper mineralisation.

§ Skylar (E45/5351, 143km²) and Triangle South (E45/5532, 143km²) adjoin to the south of the Havieron (M45/1287) and Scallywag (E45/5316) tenements.  They contain an anticline / syncline pair outlined by the magnetic base of the Wilki formation with Puntapunta and possibly Malu formation sediments interpreted in the core of the anticline.  The tenements are considered prospective for Telfer style mineralisation.

² Held by the Juri JV between Greatland (49%) and Newcrest (51%)

Figure 3:Eastern Group of tenements showing diamond and RC drill coverage over the tenure on magnetics. 

Western group of tenements

§ Strickland (E45/4807, 424km²) is centred on the sub-cropping to shallowly buried Proterozoic, doubly plunging Paterson Dome Anticline fold.  The fold is interpreted to contain Telfer Member sediments in the core.  Gold mineralisation has been identified in surface sampling in the core of the NW Dome (Manuka) (Figure 4) with a peak of 2.67g/t Au and considered to be similar to Telfer mineralisation.  Coherent copper mineralisation has been intersected in the Puntapunta formation on the NW margin of the SE Dome (Paterson Dome W) in shallow, 600m spaced rotary air blast drilling with a peak of 45m at 0.11% Cu from 68m to end of hole (GPW015).  The mineralisation has been identified over a strike length of ~ 3km and is open to the northwest.

§ Telfer Domain (E45/4834, 147 km²) adjoins to the north of the Strickland (E45/4807) tenement.  It contains similar stratigraphy and structure to that seen in the Strickland (E45/4807) tenure but appears to be under thicker cover.

§ Kaliranu (E45/5238, 57km²) overlies Proterozoic Mount Crofton Granites directly south of the Strickland (E45/4807) tenure.  The granites are part of a series intruded along a 70km NE trending crustal break.  The Geological Survey of Western Australia (GSWA) airborne gravity appears to show a slight magnetic upgrade where the intrusives crosscut the Paterson Dome anticline.  Kaliranu (E45/5238) is considered prospective for intrusion related gold-copper style mineralisation.

§ Paterson 8 (E45/5242, 6km²) is a small tenement covering the Wilki / Puntapunta contact ~20km north of Telfer on an interpreted north - south structure considered prospective for intrusive related mineralisation.

Figure 4:Western Group of tenements on GSWA geology overlain on magnetics and displaying the Paterson Dome anticline, a Telfer correlative

Planned Exploration

The planned exploration programme for the financial year to June 2024 is intended to  include:

§ Budjidowns (E45/4815): systematic drill testing of the Decka and Stingray targets following forward modelling of the magnetic anomalies to ensure the most effective drilling programme.  Reviews of the remaining magnetic anomalies are underway to better target these anomalies;

§ Strickland (E45/4807): the Paterson Dome West and Chilly prospects will be targeted with drilling subject to heritage clearances; and

§ Basel (E45/5122): a heritage survey is planned for the Calypso prospect to enable regional scale drilling to basement utilising multi-element geochemistry both within the cover and basement to vector to source mineralisation.

Work is ongoing to identify and prioritise targets on the remainder of the Paterson South Project Tenements with testing based on their prospectivity ranking.

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director  |  [email protected]

Nominated Adviser

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin |  +44 203 368 3550

Corporate Brokers

Berenberg  |  Matthew Armitt / Jennifer Lee  |  +44 203 368 3550

Canaccord Genuity  |  James Asensio / Patrick Dolaghan  |  +44 207 523 8000

SI Capital Limited  |  Nick Emerson / Sam Lomanto  |  +44 148 341 3500

Media Relations

UK - Gracechurch Group  | Harry Chathli / Alexis Gore / Henry Gamble  |  +44 204 582 3500

Australia - Fivemark Partners  |  Michael Vaughan  |  +61 422 602 720

About Greatland

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

The Company's flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, discovered by Greatland and presently under development in joint venture with ASX gold major, Newcrest Mining Limited (which is the subject of a takeover by Newmont Corporation by way of a scheme of arrangement).

Havieron is located approximately 45km east of Newcrest's existing Telfer gold mine. The box cut and decline to the Havieron orebody commenced in February 2021. Significant progress continues with total development now exceeding 2,025m including over 1,600m of advance in the main access decline (as at 19 April 2023).  Subject to a positive feasibility study and Decision to Mine, Havieron is intended to leverage the existing Telfer infrastructure and processing plant.  Access to Telfer will de-risk the development, reduce capital expenditure and lower the project's carbon footprint.

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

Competent Persons Statement

Information in this announcement pertaining to Reporting of Exploration Results has been reviewed and approved by Mr Damien Stephens, a Member of the AusIMM, who has more than 30 years relevant industry experience.  Mr Stephens is a full-time employee of the Company and has a financial interest in Greatland.  Mr Stephens has sufficient experience relevant to the style of mineralisation and 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 and Gas Companies, which outline standards of disclosure for mineral projects.  Mr Stephens consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.  Mr Stephens confirms that the Company is not aware of any new information or data that materially affects the information included in the historical market announcements, and that the form and context in which the information has been presented has not been materially modified.

APPENDIX 1

JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

Criteria

JORC Code Explanation

Commentary

Sampling techniques

§ Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation)

§ Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used

§ Aspects of the determination of mineralisation that are Material to the Public Report

§ In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information

§ Gindalbie AirCore (AC) program Strickland 1999 (DMIRS rept A61274)

§ AC samples were taken at 1m intervals and laid on the ground prior to compositing a 2-3kg lab sample for each 4m or 6m interval over the full length of the hole. No intervals were re-assayed in 1m intervals

§ Strickland tenement rock chip samples were taken as part of a small (7 sample) reconnaissance programme in 2019 by RTX

Drilling techniques

§ Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc)

§ Vertical AC drilling was carried out by Gindalbie in 1999

Drill sample recovery

§ Method of recording and assessing core and chip sample recoveries and results assessed

§ Measures taken to maximise sample recovery and ensure representative nature of the samples

§ Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material

§ No information on sample recovery is available for the Gindalbie 1999 AC program

§ Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies

§ Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography

§ The total length and percentage of the relevant intersections logged

§ Gindalbie AC

§ The entire hole is logged for lithology, weathering and colour and is sufficient for the reporting of exploration results but is not of sufficient quality to support a Mineral Resource estimate

Sub-sampling techniques and sample preparation

§ If core, whether cut or sawn and whether quarter, half or all core taken.

§ If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry

§ For all sample types, the nature, quality and appropriateness of the sample preparation technique

§ Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples

§ Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling

§ Whether sample sizes are appropriate to the grain size of the material being sampled

§ Gindalbie AC

§ All samples were submitted to ULTRATRACE Analytical Laboratories in Perth. Sample preparation comprised drying and pulverising total samples received to 80% pass -75 micron grain size

§ Sub sampling is reduced to a minimum by using total sample pulverisation prior to sub sampling wherever possible

§ The sample sizes (2-3kg) are considered appropriate for the material being sampled

§ Rock chip samples were submitted to ALS Laboratories in Perth.  Sample preparation comprised pulverising total samples received to 80% pass -75micron grain size

Quality of assay data and laboratory tests

§ The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total

§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc

§ Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

§ Gindalbie AC

§ The samples were assayed for Au by 40gm fire assay with an aqua regia acid digest and ICPOEs  and for Ag,As, Cu, Pt, Pd and Zn via aqua regia  acid digest and ICPOEs. The assays are considered total rather than partial

§ Apart from standard laboratory check work, no information is available on QA QC procedures

§ The work is considered sufficient for exploration results reporting

Verification of sampling and assaying

§ The verification of significant intersections by either independent or alternative company personnel.

§ The use of twinned holes

§ Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols

§ Discuss any adjustment to assay data.

§ Gindalbie AC

§ No intervals were re-assayed in 1m intervals

§ The assays have not been verified against source laboratory files

§ No holes were twinned

§ Logging was recorded digitally and supplied to the Department of Mines and Energy (DOME) along with section and plans.

Location of data points

§ Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

§ Specification of the grid system used.

§ Quality and adequacy of topographic control

§ Gindalbie AC

§ Drill collar locations were rounded to the nearest 5 metres, indicative of the accuracy of the locations

§ As holes were vertical no attempt was made to align the drill rig

§ No downhole surveys were collected in line with the prevailing industry practice

§ The topography is generally low relief to flat

§ All collar coordinates are provided in the Geocentric Datum of Australian (GDA94 Zone 51). No height data was recorded

Data spacing and distribution

§ Data spacing for reporting of Exploration Results

§ Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied

§ Whether sample compositing has been applied

§ Gindalbie AC

§ Drilling was carried out on a series of traverses spaced between 400 and 800m with hole spacings of 50 -100m

§ Drilling is not sufficient for Mineral Resource or Ore Reserve calculation

§ Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type

§ If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material

§ Drilling is oriented vertically into assumed vertical stratigraphy and is not optimal for representative sampling

Sample security

§ The measures taken to ensure sample security

§ Sample security measures are not recorded, but assumed adequate

Audits or reviews

§ The results of any audits or reviews of sampling techniques and data

§ No audits or reviews have been completed

Section 2 Reporting of Exploration Results

Criteria

JORC Code Explanation

Commentary

Mineral tenement and land tenure status

§ Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings

§ The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area

§ The tenure is subject to a land access agreement between the Western Desert Lands Aboriginal Corporation (now Jamukurnu-Yapalikurnu Aboriginal Corporation; JYAC) and Rio Tinto (in respect of E45/4815, E45/4834, E45/5122, E45/5238, E45/5242, E45/5532, E45/5351 and E45/5576) and Strickland Metals Limited (in respect of E45/4807) (pending its proposed assignment to Rio Tinto), and Greatland will undertake work, subject to the terms of these agreements

 Gindalbie AC

§ The work was carried out in what is now the Strickland tenement (E45/4807), currently beneficially held 100% by RTX. Greatland is currently farming into this tenement with the right to earn up to a 75% interest, under certain conditions. There is a 1.25% NSR on the first 420,000 ounces of production from that tenement payable to Strickland Metals Limited (as royalty holder), with a prepayment of the royalty due on a decision to mine

§ Areas of the tenement are subject to a temporary heritage exclusion zone which affects ~50% of the total area of the tenement. A review of this temporary exclusion zone has been agreed with JYAC

Exploration done by other parties

§ Acknowledgment and appraisal of exploration by other parties

E45/4807 (Strickland)

§ Previous work including surface sampling wide spread rotary air blast, diamond drilling and aeromagnetic surveys were all carried out prior to the Gindalbie AC drilling in 1999 principally by Newmont and BHP in the 1980s and 1990s. This regional work identified several gold and copper targets including the Paterson dome west anomalism were followed up by Gindalbie

§ A complete summary of previous exploration across the tenement package is included in Appendix 4

§ Deposit type, geological setting and style of mineralisation

§ Exploration is for intrusion related and orogenic, structurally controlled Au-Cu deposits similar to Telfer, Havieron and Winu, all located in Neo-Proterozoic Yeneena Group sediments of the Paterson Province, Western Australia

Drill hole Information

§ A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

§ easting and northing of the drill hole collar

§ elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

§ dip and azimuth of the hole

§ down hole length and interception depth

§ hole length

§ If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case

§ Drillhole collar tables are supplied for the 1999 Gindalbie AC program on the Strickland tenement and the RC drilling on Basel in Appendix 3.

Data aggregation methods

§ In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated

§ Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail

§ The assumptions used for any reporting of metal equivalent values should be clearly stated

§ No economically significant results have been reported, and no data aggregation methods have been applied

§ Where anomalous results are quoted (Table 2) the samples have been selected as follows:

§ Au >0.1ppm; or

§ Ag >2ppm; or

§ Cu >200ppm; or

§ Bi >1ppm; or

§ Pb >200ppm; or

§ Zn >1000ppm

Relationship between mineralisation widths and intercept lengths

§ These relationships are particularly important in the reporting of Exploration Results

§ If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported

§ If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known')

§ No economically significant results are reported, and there is no known relationship between reported widths and the geometry of any mineralisation

§ All intercepts are reported downhole as true width is not known

Diagrams

§ Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views

§ Maps are provided in Figures 1 to 4. No significant discovery is reported

Balanced reporting

§ Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results

§ The reporting is considered balanced

Other substantive exploration data

§ Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances

§ No other substantive exploration data other than that provided in the Figures

Further work

§ The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling)

§ Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive

§ Further work is outlined in the Planned Exploration section of the main body of the text

APPENDIX 2

Tenure Status

The Paterson South Project Tenements have been relatively underexplored to date due to access challenges and concealing cover sediments.  This may have some bearing on the ability to retain some tenure when renewals are due.  The tenements will benefit from the logistical benefits that proximity to Havieron will provide.

There are three tenements (Telfer Domain (E45/4834), Budjidowns (E45/4815) and Strickland (E45/4807)) that are due for compulsory surrender in respect of 40% of the tenement blocks this year, with the surrender having already been submitted for Telfer Domain (E45/4834).  The Company is of the view that the 40% reductions for these tenements will not impact their prospective portions.

An extension of term application has been submitted for Basel (E45/5122).

Table 1: Project Tenement status summary

The Project Tenements are subject to land access agreements with the Native Title holders Western Desert Lands Aboriginal Corporation (now Jamukurnu-Yapalikurnu Aboriginal Corporation or JYAC) and Greatland will undertake work, subject to the terms of these agreements.  Areas of the tenure which are subject to a temporary heritage exclusion zone represent ~12% of the total area of the Paterson South Project. Greatland will work with JYAC in respect of their review of the temporary exclusion.

Appendix  3:   Gindalbie  AC program  collars and  intercepts and Strickland rock chips.

Table 2: Gindalbie AC

Table 3: Strickland tenement rock chips 2019

Appendix 4: Historical exploration by tenement

Table 4: Telfer Domain (E 45/4834) historical exploration summary

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 5: Strickland (E 45/4807) historical exploration summary

Tenement

Period

Company

Exploration completed

Comment

Strickland

1980s

Newmont Australia Ltd

§ Extensive regional geochemistry sampling

§ Field mapping

§ Regional aeromagnetic and gravity surveys

§ RAB drilling over limited outcrops

1983-84

Duval Mining

§ Regional RAB, RC, and diamond drilling - none on the tenement

§ Rock chip sampling

1986-87

Battle Mountain

§ Regional mapping

§ Drilling - none on the tenement

§ Regional magnetic surveys

1993-97

BHP Minerals Pty Ltd

§ Regional scale RAB and diamond drilling - none completed on the tenement

§ 1,107-line km aeromagnetic surveys

1999

Normandy Gold Exploration Pty Ltd

§ 11 AC holes for 1,085 m drilled over the southeastern corner of the tenement

§ No significant results

1999-2000

Gindalbie Gold NL

§ Reconnaissance field investigations

§ Ground EM orientation survey

§ AC drilling (29 holes, 2,589 m and 591 samples)

§ No significant results

2014-15

Reward Minerals Ltd

§ Widely spaced RC drilling targeting potash around Lake Waukarlycarly (7 holes)

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 6: Kaliranu (E 45/5238) historical exploration summary

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 7: Basel (E45/5122) historical exploration summary

Tenement

Period

Company

Exploration completed

Comment

Basel

1986-89

Newmont Australia Ltd

§  Aerial photogrammetry

§  Regional gravity and aeromagnetic surveys

§  BLEG and rock chip sampling.

§  4 70m RC holes targeting BLEG anomalies CAW-3-CAW-6 for 280m

§ RC drilling of the 4 CAW prefix holes intersected a peak of 1m @ 3.03g/t Au in Permian sediments overlying Mt Crofton granite in the south of the tenement 

1992-96

BHP Minerals Pty Ltd

§  Regional magnetic geophysical survey

§  19 shallow RAB drill holes for approximately 900 m (maximum depth 72 m)

§ The RAB holes were drilled in southern and western parts of the tenement and mostly intersected shallow weathered granite and sandstone

§ No significant results

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 8: Paterson 8 (E45/5242) historical exploration summary

Tenement

Period

Company

Exploration completed

Comment

Paterson 8

1970s-1980s

Newcrest Mining Ltd

§ BLEG and lag sampling

1991-97

MIM Exploration Pty Ltd/ Mount Burgess Mining NL JV

§ Magnetic and IP surveys

§ Rock chip sampling

§ 15 AC holes for 1,157 m

§ No significant results

1998-99

Normandy Gold Ltd

§ Soil sampling

§ AC drilling - 25 holes for 240 m

§ RAB drilling - 16 holes for 1,376 m

§ AC drilling intersected cover approximately 20 m thick consisting of a sequence of pisolitic gravels and calcrete. Bedrock consisted of weathered limestone, sandstone and siltstones

§ RAB drilling intersected cover to a maximum depth of 45 m and bedrock consisted of ferruginous and strongly weathered siltstones and sandstones with minor quartz veining and ferruginous and manganiferous bands
No significant results

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 9: Budjidowns (E45/4815) historical exploration summary

Tenement

Period

Company

Exploration completed

Comment

Budjidowns

1980-1991

Newmont Australia Ltd

§  Regional aeromagnetic and gravity surveys

§  Regional BLEG and lag sampling

§  Single diamond hole to 463m into Decka and a 216m diamond hole at Stingray

§  Ground magnetic surveys

§ Drilling intersected granites and amphibolites (potentially skarns at Decka)

§ The hole at Stringray did not exit the permian

1993-96

BHP Mineral Pty Ltd

§  1 RAB hole for 73 m

§ Drilled to a depth of 73 m before being stopped in Permian cover

§ No significant results

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 10: Skylar (E 45/5351) historical exploration summary

Tenement

Period

Company

Exploration completed

Comment

Skylar

1978

WMC Ltd

§ Ironstone and soil sampling.

1986-88

Newmont Australia Ltd

§ Aerial photography

§ Regional gravity and aeromagnetic surveys,

§ BLEG sampling and rock chip sampling

§ No significant results

1992-96

BHP Mineral Pty Ltd

§ Ground magnetics

§ Regional lag sampling

§ 10-hole RAB/AC drilling program for 660 m - just off tenement to the northwest

§ The drilling intersected rocks from the Yeneena Group however there were no anomalous geochemical results, and the ground was surrendered

2014

Reward Minerals Ltd

§ Widely spaced RC drilling targeting potash around Lake Waukarlycarly (9 holes)

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 11: Wilki Lake (E45/5576) historical exploration summary

Tenement

Period

Company

Exploration completed

Comment

Wilki Lake

1988-90

Newmont Australia Ltd

§  Rock chip and BLEG sampling

§  Regional airborne magnetic geophysical survey

§  76 hole RAB drilling program for 548 m; 60 holes were collared inside of the tenement

§ RAB holes intersected potassic rich granite near to the surface

§ Normandy concluded that the Wilke Dome had been extensively tested with no significant mineralisation found and relinquished the tenement

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

Table 12: Triangle South (E 45/5532) historical exploration summary

Tenement

Period

Company

Exploration completed

Comment

Triangle South

1978

WMC Ltd

§ Ironstone and soil sampling.

1986-88

Newmont Australia Ltd

§ Aerial photography.

§ Regional gravity and aeromagnetic surveys

§ BLEG sampling and rock chip sampling

§ No significant results

1992-96

BHP Mineral Pty Ltd

§ Ground magnetics

§ Regional lag sampling

§ 10 hole RAB/aircore drilling program for 660 m - just off tenement to the northwest

§ The drilling intersected rocks from the Yeneena Group however there were no anomalous geochemical results, and the ground was surrendered

2014

Reward Minerals Ltd

§ Widely spaced RC drilling targeting potash around Lake Waukarlycarly (6 holes)

Note: historical exploration took place inside of exploration and/or mining tenements (that have now expired) with different spatial extents to the current tenement(s)

==