Growth Drilling post MRE 3 March 2022

[lebugue-addick]

Objective

I thought it would be interesting to analyse all the growth drilling results in the period to 30 June 2023 reported in RNS’s, as opposed to analysing those for infill drilling, since the last MRE in March 2022 which had a cut off date of 2 December 2021. According to Shaun 80,000 metres of growth drilling has taken place since the results of the March 2022 MRE. The objective was to see whether the results were consistent with my MRE predictions of 27 July (9-10m oz equiv). The results were very intriguing:

Results

1. The highest gram metres, and also the largest number of drill results, were in the Eastern Breccia. Even more revealing was that the g/t have held up very well there since March 2022 (previously 14mt, 1.2g/t Au, 0.1% Cu for 0.54m oz Au and 0.6m oz Au equivalent in total). Range this time was 0.6g/t to 5.9g/t with the majority now falling well over 1g/t. The largest was HAD145AW1 with 555 gram metres. That gives cause for optimism to see that reflected in the MRE in the December quarter.

2. The jewel in the crown of course continues to be the South East Crescent which continues to average in the 2.5 – 3.5g/t range. No surprises in next MRE expected there I hope!

3. Some very decent results continue to be seen at the Northern Breccia, mostly the same or better than those seen in March 2022, except only 10 drill holes.

4. The results are shown in the file attached: https://acrobat.adobe.com/id/urn:aaid:s ... 293a576cc0

Please use the magnifying glass in the bottom right hand corner to expand the file to the desired size.

5. Overall growth drilling results:

South East Crescent - 13 holes, 2076 gram metres, 2.9 g/t average (3.3 g/t average in March 2022 MRE)

Eastern Breccia - 31 holes, 4116 gram metres, 2.4 g/t average (1.2g/t average in March 2022 MRE)

Northern Breccia - 10 holes, 1286 gram metres, 2.4 g't average (1.1g/t average in March 2022 MRE)

North West pod - 1 hole, 369 gram metres, 7.1 g/t average (Nil in 2022 MRE)

Observations

6. Growth drilling g/t in the Eastern Breccia are better on average than those in the 3 March 2022 MRE. Not only that but the growth drilling since then has concentrated effort in this area with 31 of the 55 growth drill holes being reported at the EB. Drilling there accounted for 4,116 gram metres out of the total of 7,847 gram metres. As a result I have upgraded my estimate for indicated and inferred resource there to 0.5m oz and 1.1m oz respectively. Even that might prove to be low assuming the infill drilling remains at least the same as in March 2022.

7. Shaun’s comment in the RNS of 16 March 2023 was intriguing: "Our most recent drilling activities highlight the potential of high grade mineralisation outside the South East Crescent which could add significant value to the mine plan at Havieron with additional gold and copper mineralisation intersected at the Northern and Eastern Breccia zones."

8. I have attempted to quantify the ounces from the Northern Breccia and Eastern Breccia which might be taken to Reserves and have suggested a small contribution of 0.5m oz from those 2 zones. Something of a guess but Shaun has given the very strong clue that the mine plan could include those 2 zones for the first time. Remember the Reserves in March 2022 of 2.9m oz gold equivalent came solely from the South East Crescent. Total Reserves of 4m oz gold equivalent remains my prediction.

9. We now know of course that Greatland will be updating the MRE not Newcrest. Hopefully that will give Shaun a free rein to diverge from Newcrest’s very conservative parameters which have have held back the true reporting of Havieron’s size.

10. Overall I am predicting an updated MRE in the December quarter of 9m ounces gold equivalent with a 0.5m oz leeway either side given Shaun's comment that a 35% increase in drilling doesn't necessarily mean a commensurate increase in the number of ounces as most growth drilling occurred at depth.