Greatland Gold Achieves First Gold Pour at Telfer Mine

Greatland Gold has celebrated its first gold pour at the Telfer gold-copper mine, a pivotal achievement in the company’s journey.

The milestone occurred on December 4, shortly after Greatland finalized its acquisition of Telfer and the adjacent Havieron project from Newmont.

Before the acquisition, operations at Telfer were scaled back to a single 10-million-tonne-per-annum (Mtpa) processing train to preserve ore for Greatland’s use post-acquisition. Following the transaction, the company resumed dual-train processing, significantly enhancing capacity.

Greatland has inherited between 30.5 and 34.5 million tonnes of stockpiles, including approximately 11.5 million tonnes of high-grade ore. Mining continues in the west dome open pit and the main dome underground areas.

“Greatland’s first-ever gold production at Telfer is a remarkable milestone and a testament to our team’s efforts,” said managing director Shaun Day. “Resuming dual-train processing operations in line with our Telfer mine plan further underscores our operational readiness.

“With a robust gold price and significant ore stockpiles, this is an outstanding time to own the Telfer mine.”

To manage price risks, Greatland has implemented a 150,000-ounce gold hedging program, securing downside protection while maintaining upside exposure to gold price movements. The program includes quarterly gold-put options with an average strike price of $3,905.17 per ounce, spread across 2025 as follows:

• March 31, 2025: 33,996 ounces
• June 30, 2025: 46,302 ounces
• September 30, 2025: 38,910 ounces
• December 31, 2025: 30,792 ounces

Telfer is projected to produce approximately 426,000 ounces of gold equivalent at an all-in sustaining cost (AISC) of $US1,454/oz ($2,265) over a 15-month period starting from late September, when Newmont restarted processing operations.

The 11.5 million tonnes of run-of-mine (ROM) high-grade stockpiles already mined will reduce costs and de-risk Greatland’s initial production phase at Telfer. An additional 20 million tonnes of low-grade stockpiles remain available for future processing.