Slide 1: Havieron Project Feasibility Study Presentation
Havieron Project Feasibility Study Presentation A World Class Gold-Copper Project 1 December 2025
Slide 2: Important Information – Qualifications & Non-IFRS financial information
Important Information – Qualifications & Non-IFRS financial information The summary information contained in this document has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Greatlan
Slide 3: Important Information – Production Target & Competent Person Statements
Important Information – Production Target & Competent Person Statements Production Target The information in this presentation that relates to the Feasibility Study for the Havieron Project (FS) and its outcomes, and the FS Life of Mine Production Target (and the forecast financial information deriv
Slide 4: Highlights
* Highlights
Slide 5: Foundation asset
Foundation asset A world-class Australian gold-copper asset Long life Lowest quartile cost Large scale Initial FS mine life of Steady state avg. AISC of Life of mine production of 17+ years, inc. 9 years A$1,610/oz 1,3 under 4.0Moz AuEq 1,5 steady state 1 Havieron standalone scenario, with potential
Slide 6: Physicals
Physicals Life-of-Mine (LOM)1 Steady State (SS)1 50.3Mt 3.9Mtpa Ore Mined 17+ yrs LOM 9 yrs steady state 2.52g/t Au 2.47g/t Au Grade Processed 2.84g/t AuEq 4 2.77g/t AuEq 4 0.30% Cu 0.29% Cu Metal Produced 2 3.53Moz Au 130kt Cu 266koz Au p.a. 9.6kt Cu p.a. 38.5Mt 3.3Moz Au 3rd largest Australian Ore
Slide 7: Costs and funding
Costs and funding Expansion capex Capex 1 Pre-Production: $1,065m largely self funded $750m cash (at 30 Sep 25) Cash and debt Funding ✓ $500m debt commitment 2 Ongoing Telfer Cashflows ✓ expected to fully fund development Havieron Standalone 4 Opportunity for cost reduction if Telfer mine is extende
Slide 8: Financial outcomes – Havieron Standalone base case
Financial outcomes – Havieron Standalone base case Outcomes under the conservative ‘Havieron Standalone’ base case operating cost model that assumes no extension of the current Telfer mine life A$4,500/oz Long Term Gold A$6,250/oz Spot Gold Free Cash Flow (post-tax, unlevered) 1 $5.4 billion $9.6 bi
Slide 9: Pairing 2nd largest Australian gold project with 3rd largest processing capacity
Pairing 2nd largest Australian gold project with 3rd largest gold-copper processing capacity in Australia … being paired with Telfer, the third largest gold or gold-copper processing capacity Havieron is one of Australia’s largest undeveloped high-grade gold projects… mill in Australia Resource Moz
Slide 10: Havieron Ore Reserve
Havieron Ore Reserve Australia’s largest underground reserve outside of a Major, at a conservative A$2,500/oz gold price Moz AuEq1 Grade (g/t AuEq) 1 25 24.6 7.30 8.00 5.1 6.70 5 6.40 7.00 5.27 5.37 5.30 6.00 4 3.7 4.80 4.70 4.54 5.00 3.2 3.0 3.90 3.70 3 4.00 2.98 4.20 2.4 3.00 3.00 2.0 2.60 2.64 3.
Slide 11: Havieron benchmarks favourably on scale, cost and reserves
Havieron benchmarks favourably on scale, cost and reserves Havieron will rank amongst the top performing Australian mines Australia Gold Production and AISC FY25 (Au koz, US$/oz) 2,800 2,600 Bubble Size: Tomingley 2.5Moz Reserves 2,400 2,200 2,000 Mt Rawdon Henty Mungari Thunderbox Duketon 1,800 Sou
Slide 12: A foundation asset to create a significant asset portfolio
A foundation asset to create a significant asset portfolio Steady state Havieron would be the 6th largest current ASX primary listed Australian gold mine at 2nd lowest AISC (relative to FY26 guidance) AISC (A$/oz) ASX-listed Australian Gold Mines Cost Curve (FY26 Guidance) Production (koz Au) 3,500
Slide 13: Feasibility Outcomes
Feasibility Outcomes
Slide 14: Havieron underground development and mine plan
Havieron underground development and mine plan Large scale Sub Level Open Stope mining with efficient conveyor haulage materials handling system VR3 & VR5 VR2 & VR4 2 VR1 Box-Cut entry via surface Conveyor decline Main decline Chainage meters completed: 2,129m1 Chainage meters yet to complete: 781m1
Slide 15: Havieron Ore Reserve
Havieron Ore Reserve Updated December 2025 Havieron ORE represents +55% tonnage, +36% contained gold and +18% contained copper relative to March 2022 ORE 1 Looking West Looking East Decline development Base of Permian to date Havieron ORE Tonnage Grade Metal content (Dec 2025) Classification (Mt) Au
Slide 16: Havieron site layout
Legend Havieron site layout Village Existing Infrastructure Proposed Infrastructure Emulsion storage pad Camp Explosives magazine pad Core sample area Access road Northern dune crossing 132kV/33kV substation Second boxcut & Crusher & MHS stockpile conveyor decline & haul truck loading area Blind bor
Slide 17: Telfer processing infrastructure upgrades
Telfer processing infrastructure upgrades Significant infrastructure in place at Telfer to process Havieron ore Proposed Processing Plant Modifications at Telfer to Suit Havieron Ore Flowsheet utilises the existing Telfer ROM pad, primary crushing, coarse ore stockpile, reclaim, grinding, concentrat
Slide 18: Life of mine physicals and AISC
Life of mine physicals and AISC Steady state average annual production of 266 koz gold at lowest quartile AISC $1,610/oz Mining Truck Haulage Ore (Mt) Steady State Period 1 Opportunity to extend ore production from Grade Mt significant residual resources outside mine plan Waste (Mt) Avg. ore mined:
Slide 19: Cash Flow
Cash Flow Havieron generates post tax Free Cash Flow of ~$5.4bn / ~$9.6bn (base case pricing (LT A$4,500/oz) / spot respectively) Cashflow Breakdown (unlevered, base case pricing (LT A$4,500/oz)) A$m Cashflow from Operations1 Pre-Production Capex Expansion Capex LOM Capex2 Tax Closure Costs Steady S
Slide 20: Capex breakdown
Capex breakdown Pre-Production capex delivers single decline trucking operation, Expansion capex delivers a second decline with conveyor haulage Pre-Production CAPEX: A$1,065m Expansion CAPEX: A$673m Indirects 16% Indirects Surface infra 8% 105 & utilities 6% 234 52 68 7 36 Underground development &
Slide 21: Strong funding position
Strong funding position Havieron development expected to be fully funded from existing cash, ongoing Telfer cash flow, and A$500 million corporate debt commitment 1 3 Strong Cash Position Corporate Debt 1. Cash: $750m (at 30 September 2025) Commitment Letter signed for a Syndicated Debt Facility ✓ C
Slide 22: Funding sources and uses
Funding sources and uses Havieron development expected to be fully funded from existing cash, ongoing Telfer cash flow, and A$500 million corporate debt commitment $750m cash at 30 Sep 25 + A$500m debt commitment exceeds total pre-production capex and peak funding required across a ~3yr period, Ongo
Slide 23: NPV and sensitivities
NPV and sensitivities Outcomes under the conservative Havieron Standalone base case operating cost model that assumes no extension of current Telfer mine life Key Metrics Sensitivities NPV5% Sensitivities ($ billion, base case pricing (LT A$4,500/oz)) Long Term Gold Price (A$/oz) 1 $2.9bn $3,000 $3,
Slide 24: Upside opportunities
Upside opportunities
Slide 25: Further upside
Further upside Multiple upside opportunities to further improve the Feasibility Study base case outcomes Co-processing 1 Potential for lower AISC under illustrative Telfer Hub scenario where fixed costs are shared with another feed source Renewable Energy Havieron Extension Renewable energy sources
Slide 26: Havieron residual Mineral Resource - OPVM
Havieron residual Mineral Resource - OPVM Significant residual Mineral Resources remain outside the Feasibility Study LOM mining inventory 10,000 8,000 6,000 4,000 2,000 AuEq OPVM 1 Base of Permian cover OPVM wtd avg. Upper half of orebody (AuEq)1 Residual Resource 3,125 Total Resource (OPVM) 2 Lowe
Slide 27: Telfer Hub Scenario Illustration
Telfer Hub Scenario Illustration
Slide 28: Telfer extension opportunities to potentially realise illustrative Telfer Hub scenario
Telfer extension opportunities to potentially realise illustrative Telfer Hub scenario There are six potential extension opportunities at Telfer which include substantial Mineral Resources, with ongoing drilling to further grow and convert Mineral Resources West Dome Open Pit Main Dome Open Pit Reso
Slide 29: Illustrative 'Telfer Hub' operating cost scenario
Illustrative ‘Telfer Hub’ operating cost scenario Co-processing of Havieron ore with feed from Telfer, utilising surplus Telfer processing plant capacity Illustrative scenario: Havieron ore is co-processed Train 1 Train 2 with feed from Telfer 10Mtpa Nominal Capacity 10Mtpa Nominal Capacity • Havier
Slide 30: Infrastructure & Development
Infrastructure & Development
Slide 31: Havieron will integrate with established Telfer infrastructure
Havieron will integrate with established Telfer infrastructure Location Advantage Havieron and Telfer are located in ✓ Western Australia, a Tier-1 mining jurisdiction 55km haul road will connect ✓ Havieron to Telfer, with Havieron ore processed through the existing Telfer processing plant High volta
Slide 32: Derisking and project delivery
Derisking and project delivery Significant mine development and surface infrastructure in Significant Development Capex Invested to Date place already ✓ ✓ First decline progressed to First decline box-cut 80m vertically from top of ore body ✓ ✓ Vertical development & Escapeways & refuge shortcreting
Slide 33: Processing flowsheet
Processing flowsheet Havieron ore will be processed at Telfer Mill utilising a conventional flowsheet with minor modifications ▪ Delivery of Havieron ore to Telfer ROM pad will be on a continuous basis, whilst processing will be on a campaign basis ▪ Havieron ore will be trucked via road trains to t
Slide 34: Development timeline
Development timeline
Slide 35: Indicative development schedule
Indicative development schedule Definitive schedule to be confirmed at FID, following receipt of primary environmental approvals Timeline PP0 PP1 PP2 Year 1 Year 2 Year 3 Year 4+ Receipt of primary environmental approvals Final Investment Decision (FID) Bank Debt Facilities Finalised Post satisfacti
Slide 36: Havieron environmental approvals and native title
Havieron environmental approvals and native title Approvals are well progressed through the required stage gates ▪ Indigenous Land Use Agreement in place for Havieron EPBC and EP Act primary approvals timeline and progress to date ▪ Development of Havieron is occurring in two stages, with Stage 1 co
Slide 37: Upcoming milestones
Upcoming - milestones
Slide 38: Upcoming milestones
Upcoming milestones Key milestones are targeted in the next 12 months, seeking to extend Telfer’s mine life and integrate production with Havieron Timeline FY 2026 FY 2027 Dec Q Mar Q Jun Q Record Telfer Drilling Program - 240km of Resource Growth and Conversion Drilling Largest annual drilling prog
Slide 39: Management and Technical Team
Management and Technical Team
Slide 40: Executive team Havieron Technical team
Executive team Havieron Technical team Shaun Day David Fielder Managing Director Havieron Project Manager ▪ Mining and infrastructure focused finance executive ▪ Previously, Operations Manager at CPC Engineering ▪ Previously CFO of Northern Star Resources, Sakari Resources and Straits Resources ▪ En
Slide 41: Consultants and Partners
Consultants and Partners Greatland has partnered with Tier 1 project technical consultants to deliver the Havieron Feasibility Study Independent review Mining infrastructure package Mining package Underground construction estimate Mining package and review Blind bores package Ventilation modelling N
Slide 42: Investment proposition
Investment proposition A new Australian gold-copper producer with a platform for growth Production Mine life Infrastructure Funding Growth Telfer is a top 10 World class Havieron Leveraging the scale Strong balance sheet Investing in Australian gold- development to and flexibility of with available
Slide 43: Greatland Mineral Resource & Ore Reserve statement
Greatland Mineral Resource & Ore Reserve statement Table 1: Telfer December 2024 Mineral Resource Estimate 1 Table 3: Havieron December 2023 Mineral Resource Estimate 3 Tonnage Grade Metal content Tonnage Grade Metal content Domain Classification (Mt) Au (g/t) Cu (%) Au (Moz) Cu (kt) Domain Classifi
Slide 44: Australian undeveloped gold projects mineral resource data
Australian undeveloped gold projects mineral resource data Gold MRE Gold Copper Contained Contained Tonnage Grade Contained Project Company Grade Grade Gold Copper Source (Mt) (g/t Gold (g/t Au) (% Cu) (Moz Au) (kt Cu) AuEq) (Moz AuEq) Northern Star Hemi 264 1.3 - 11.2 - - 11.2 ASX Announcement 2 De
Slide 45: Australian gold or gold-copper processing capacity mill in Australia
Australian gold or gold-copper processing capacity mill in Australia Asset Company Milling Capacity (Mtpa) Source Boddington Newmont Corporation 40.0 Boddington Operations Western Australia Technical Report Summary (31 Dec 2021) Cadia Newmont Corporation 30.0 Newmont 2024 Annual Report Telfer Greatl
Slide 46: Australian gold or gold-copper processing capacity mill in Australia (cont'd)
Australian gold or gold-copper processing capacity mill in Australia (cont’d) Asset Company Milling Capacity (Mtpa) Source Mungari Evolution Mining 4.2 Evolution Mining website factsheet on Mungari Sunrise Dam AngloGold Ashanti 4.1 Anglogold Ashanti website factsheet on Sunrise Dam Carosue Dam North
Slide 47: Australia Underground Mines and Projects Ore Reserve
Australia Underground Mines and Projects Ore Reserve Contained ORE Contained Mine / Tonnage Gold Grade Copper Grade Contained Gold ORE Grade Company Copper Gold Source Project (Mt) (g/t Au) (% Cu) (Moz) (g/t AuEq) (Kt Cu) (Moz AuEq) Newmont Newmont 2024 Mineral Reserves 20 February 2025. Cadia 1 1,0
Slide 48: Australia Underground Mines and Projects Ore Reserve (cont'd)
Australia Underground Mines and Projects Ore Reserve (cont’d) Contained ORE Contained Mine / Tonnage Gold Grade Copper Grade Contained Gold ORE Grade Company Copper Gold Source Project (Mt) (g/t Au) (% Cu) (Moz) (g/t AuEq) (Kt Cu) (Moz AuEq) Northern ASX Announcement 15 May 2025 “Annual Mineral Reso
Slide 49: Australian Gold Mines FY26 Production and AISC Guidance
Australian Gold Mines FY26 Production and AISC Guidance Gold Production AISC Mine Company Source (koz Au) (A$/oz) Karlawinda Capricorn Metals 120 1,580 ASX Announcement 6 October 2025 “KGP on track for FY26 Guidance” Havieron Greatland Resources 266 1,610 ASX Announcement 1 December 2025 “Havieron P
Slide 50: Australian Gold Mines FY25 Gold Production and AISC (Royal Bank of Canada Analysis)
Australian Gold Mines FY25 Gold Production and AISC (Royal Bank of Canada Analysis) Project Company Production (koz) AISC (US$/oz) Ore Reserve (Moz) Boddington Newmont Corp 574 553 10.8 Tropicana Anglogold Ashanti 466 1,323 1.9 Cadia Newmont Corp 432 (11) 14.1 KCGM Northern Star Resources 405 1,334
Slide 51: Australian Gold Mines FY25 Gold Production and AISC (cont'd)
Australian Gold Mines FY25 Gold Production and AISC (Royal Bank of Canada Analysis) (cont’d) Project Company Production (koz) AISC (US$/oz) Ore Reserve (Moz) Murchison Westgold Resources 197 1,683 2.0 Fosterville Agnico Eagle Mines 195 1,050 1.7 KOTH Vault Minerals 193 1,514 2.8 Kalgoorlie Ops North
Slide 52: Feasibility Study macroeconomic assumptions
Feasibility Study macroeconomic assumptions Base case assumptions FY28 FY29 FY30 FY31 FY32+ (LT) Gold price (A$/oz) 5,000 5,000 4,800 4,554 4,500 Copper price (A$/t) 16,306 16,306 16,022 15,747 15,747 AUD:USD 0.68 0.68 0.69 0.70 0.70 Spot case assumptions FY28 FY29 FY30 FY31 FY32+ (LT) Gold price (A
Slide 53: For further information
For further information info@greatland.com.au https://greatland.com.au Muddled 'X' rebrand of Twitter kills the blue bird | Marketing Mag