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5 November 2020

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Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

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Greatland Gold plc

("Greatland", "the Group" or "the Company")

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Final Results

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Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces its financial results for the year ended 30 June 2020.��

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Chairman's Statement

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I am pleased to report on the Company's audited results for the year ended 30 June 2020.

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It has been a transformational year for Greatland Gold plc ("Greatland" or the "Group"). The Havieron gold-copper deposit, purchased as an early stage exploration project in September 2016, has been a game changer for the Company and, as we look to the year ahead, we remain excited by the exploration potential at both Havieron and our other key prospects in the Paterson region.

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Greatland completed two successful exploration campaigns at Havieron in 2018, which were instrumental in securing a US$65 million Farm-In Agreement with Newcrest Operations Limited ("Newcrest"), a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM). Since Newcrest commenced its exploration programme at Havieron in May 2019, it has completed more than 100,000 meters of drilling at the project.

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A series of excellent drill results to date from Havieron have continued to extend the footprint of mineralisation, and an initial resource is on track to be delivered before the end of calendar 2020. Subsequent to the year end, a Mining Lease was granted for the Havieron deposit and work continues at a rapid pace to support the potential commencement of early works activities at Havieron in late 2020 or early 2021.

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Our success at Havieron has not dimmed our appetite for discoveries and we are excited by our other exploration prospects, particularly in the Paterson region where Greatland has an entrenched position and is leading a wave of new investment and exploration in the region. Key developments for the year across Greatland's portfolio of exploration projects are detailed in the Strategic Report, but I would like to briefly note some further highlights.

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Havieron and the Paterson region

Excellent progress was made at Havieron over the past 12 months, with Newcrest completing the first two stages of the Farm-in Agreement to earn a 40% interest in the project. Stage three is currently progressing with the exploration programme focused on both infill drilling to deliver an initial resource before the end of this calendar year and step out drilling to define the extent of the mineralised system.

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During the year, Newcrest reported a series of excellent exploration results from the drilling campaign at Havieron, with multiple exceptional results from infill drilling, including 109m @ 6.3g/t Au, 0.71% Cu (HAD059). By the end of the financial year, drill results from Havieron had demonstrated improved continuity in the high-grade crescent sulphide zone and extended the strike length of mineralisation to 550 metres in the upper 200 metres of that zone.
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Subsequent to the year end, Newcrest has reported three further sets of excellent drilling results which have highlighted the potential for a broad bulk tonnage target at Havieron in the new Northern Breccia zone. The latest set of drilling results included the best intercept to date at Havieron (120.7m @ 9.3g/t Au and 0.18% Cu from 1349.3m - HAD065W2) and identified a potential new target area, the Eastern Breccia. Additionally, infill drilling results since year end have continued to demonstrate geological and grade continuity within the high-grade crescent sulphide zone and surrounding breccia in the south east.

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An initial resource for Havieron is expected to be delivered in calendar Q4 2020. Results from Havieron continue to support the ongoing investigation of both high-grade selective and bulk mining methods. Environmental and baseline studies are progressing to support the potential commencement of a decline at Havieron by end of calendar year 2020 or early 2021, subject to market and operating conditions and receipt of all necessary permits, consents and approvals. Newcrest continues to investigate the potential to achieve commercial production within two to three years from commencement of decline.

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In addition to exploration activities, progress has been made towards securing the necessary permissions for the commencement of early works activities at Havieron. Notably, in September 2020, the Western Australian Department of Mines, Industry Regulation and Safety ("DMIRS") granted Mining Lease application 45/1287 for the Havieron gold-copper deposit. Subsequently, a Mining Proposal for early works activities, including the construction of a boxcut and decline at the Havieron deposit, has been lodged with DMIRS.

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The intention remains, subject to a positive Feasibility Study outcome, for the ore from Havieron to be toll processed at Newcrest's Telfer Gold Mine, 45 kilometres to the west of Havieron. There is a clear advantage here for both parties as it lowers upfront capital costs, reduces time to production, and potentially delivers a significantly higher net present value for the project.

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In addition to Havieron, Greatland holds an impressive footprint in the highly prospective Paterson region, including several other prospects that display similar geophysical characteristics to the Havieron gold-copper deposit. Our current exploration campaign in the Paterson region, which commenced in late-August 2020, is focused on drill testing high-priority targets within the Scallywag prospect area including Kraken, Blackbeard and London.

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Corporate

Greatland continues to invest in its team and infrastructure to ensure we have the right people and processes in place, befitting of the significant leap forward that our company has taken and to match our ambitious plans as we look into the future.

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In July 2020, we appointed Berenberg and Hannam & Partners as Joint Corporate Brokers and Financial Advisers as we continue to expand our institutional investor base in line with the development of the Company.

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The Company is well capitalised to accelerate its exploration plans in the Paterson region and across its other projects, supported by both a successful fundraise in August 2019 (�3,958,672 net of costs) as well as the exercise of warrants and options through the year (an additional �3,802,724). The Group's cash deposits stood at �6,022,745 at 30 June 2020.

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Greatland is committed to safe, responsible and sustainable exploration and we continue to focus on improving health and safety training and processes, and on further strengthening our relationships with the indigenous communities in the areas that we operate.

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COVID-19

On 11 March 2020, the World Health Organisation declared the COVID-19 Coronavirus outbreak to be a pandemic in recognition of its rapid spread across the globe, with over 200 countries now affected. Many governments are taking increasingly stringent steps to help contain or delay the spread of the virus and as a result there is a significant increase in economic uncertainty.

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For the Group's 30 June 2020 financial statements, the Directors have taken into consideration the Coronavirus outbreak and the related impacts concluded there to be no material impact on the recognition and measurement of assets and liabilities. Due to the uncertainty of the outcome of current events, the Group will continue to assess the impact on the Group's financial position, results of operations or cash flows.

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Due to the COVID-19 pandemic, the business experienced some minor delays to exploration activities in some jurisdictions during the year. All projects have followed government requirements and health guidelines while focusing on protecting the well-being of local and indigenous communities. The Company is committed to a safe working environment and has implemented monitoring and preventative measures to mitigate the impact of COVID-19 on its workforce and stakeholders to develop a COVID safe environment that adheres to health and Government advice and restrictions.

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Fortunately, Greatland benefits from the remote location of its key operations in Western Australia, where the total number of cases recorded across the entire state is less than 800 in total and daily new cases are in the single figures at present. At Havieron, Newcrest have implemented and maintained measures to reduce and mitigate the risk of the COVID-19 pandemic to its project workforce and key stakeholders, and operations have continued without interruption. Nevertheless, I would like to reiterate that the health and safety of our staff, partners and stakeholders has always been of paramount importance to the board and it is even more so in our focus now.

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Looking ahead

Greatland today is a vastly different looking company to what it was a year ago. There is still much work to do, but at Havieron tremendous progress has been made in advancing a potential world class discovery. In addition to our cornerstone project at Havieron, we have several other excellent prospects, including an enviable footprint in the Paterson region, arguably one of the most attractive frontiers in the world for the discovery of tier-one, gold-copper deposits.

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On a macro level, strong tailwinds appear to be supporting gold prices, with the increasing uncertainty in global markets due to COVID-19 driving unprecedented fiscal and monetary stimulus. We also believe the gold price will be further supported by supply challenges, as major new gold discoveries in safe jurisdictions become less frequent and reserves at larger deposits are depleted.

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The massive strides we have taken over the past year are a credit to our management team and their strategy. With a proven expertise and track record of identifying underdeveloped opportunities in the region, we are in an excellent position to maximise shareholder value.

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I would like to end by thanking my fellow Board members, the management team and our staff, for their hard work and commitment to the Company over the past year. Finally, I would like to thank all our shareholders for their support and feedback, and we are delighted that you have been able to share in the Company's success. We promise we are working tirelessly to ensure the following year will be as successful as this last one has been.

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Alex Borrelli

Chairman
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Strategic Report

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Principal activities, strategy and business model

The principal activity of the Group is to explore for and develop natural resources, with a focus on gold. The Board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, and by acquiring exploration and development projects in underexplored areas.

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The Group's strategy and business model is developed by the Chief Executive Officer and is approved by the Board.� The executive directors who report to the Board are responsible for implementing the strategy and managing the business.

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The Group's primary strategy is to advance projects that have potential for the discovery of large mineralised systems (typically considered to be in excess of one million ounces of gold) through the various stages of exploration and development with a view to monetising at least one or more of those projects, whether through an outright sale, joint venture, or spin-out via initial public offering, within a three to five year period.

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Business development and performance

The financial year ended 30 June 2020 proved to be a period of exceptional progress for the Company. In particular, the outstanding exploration success at the Havieron Joint Venture in the Paterson region of Western Australia (60% Greatland, 40% Newcrest) continued with infill and step out drilling returning� excellent results and expanding the known area of mineralisation.

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In addition to the success at the Havieron Joint Venture, significant progress was made at a number of the Company's other exploration projects. Most notably, a number of high-priority targets with similar geophysical characteristics to the Havieron deposit, were identified by the Company's ongoing exploration work in the Paterson region.

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Further details on the progress at the Havieron Joint Venture and at the Company's other exploration projects is provided in the "Review of key developments by project" section below.

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The Group's financial position was further strengthened during the year by the successful raise of �3,958,672 of new equity (net of costs) and a further �3,802,724 on the exercise of warrants and options.� The Group's cash deposits stood at �6,022,745 at 30 June 2020 (compared to �2,755,998 at 30 June 2019). These funds will be used to accelerate exploration across key projects, particularly in the Paterson region.�

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Review of key developments by project

Havieron Joint Venture, Western Australia (60% Greatland, 40% Newcrest)

In March 2019, Greatland entered into a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron gold-copper discovery in the Paterson region of Western Australia. Newcrest has the right to earn up to a 70% interest in a 12-block area, previously within E45/4701, that covers the Havieron target by spending up to US$65m. Newcrest may acquire an additional 5% interest at the end of the Farm-in period at fair market value. The Farm-in Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study, the resulting joint venture ore will be processed at Telfer, located 45km west of Havieron.

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During the period, Newcrest completed Stage 2 of the Farm-in Agreement. In accordance with the terms of the Farm-in Agreement, Newcrest has earned a 40% interest in the Havieron Project. Newcrest is now progressing Stage 3 work programs including ongoing exploration drilling and studies to support early development options.

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In June 2020, a series of agreements were executed in relation to the Havieron project variously between Newcrest Operations Limited, Western Desert Lands Aboriginal Corporation (Jamukurnu-Yapalikunu), the Prescribed Body Corporate for the Martu People of the Central Western Desert region in Western Australia ("WDLAC"), Greatland Gold plc and Greatland Pty Ltd ("GPL").�Newcrest and WDLAC are parties to an Indigenous Land Use Agreement ("ILUA") which relates to the use of native title land across Newcrest's current operations at Telfer and its activities within a 60 kilometre radius around Telfer, which includes its exploration activities at Havieron. Under these agreements, the parties have agreed that the ILUA will apply to any future development activities of the Joint Venture Participants (Newcrest and Greatland) at Havieron. The ILUA establishes a comprehensive framework between WDLAC, acting on behalf of the Martu People, and the Joint Venture Participants (Newcrest and Greatland), in regard to any future development activities at Havieron, including mine construction and mine operation.

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Subsequent to the financial year end, the Western Australian Department of Mines, Industry Regulation and Safety ("DMIRS") granted Mining Lease�application 45/1287 for the Havieron gold-copper deposit. The Mining Lease covers the 12 block area that is subject to the Farm-in Agreement between Greatland and�Newcrest�dated�12 March 2019. Subsequently, a Mining Proposal for early works activities, including the construction of a boxcut and decline at the Havieron deposit, has been lodged with DMIRS.

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Paterson project, Western Australia (100% owned)�

The Paterson project, excluding the Havieron Joint Venture, comprises three granted exploration licences (the Havieron, Paterson Range East and Black Hills licences), and one licence application (the Rudall licence application area). The three granted licences and the licence application are located in the Paterson region of northern Western Australia and are 100% owned by Greatland. The four licences collectively comprise approximately 450 square kilometres of ground which is considered prospective for intrusion related gold-copper systems and Telfer style gold deposits.

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In June 2020, Newcrest and Greatland entered into a series of agreements in relation to the Havieron licence (E45/4701), including the Tenement Management and Re-Transfer Agreements, in order to support the lodgement of a Mining Lease application for the 12 blocks, at that time within the Havieron licence, that are subject to the Farm-in Agreement with Newcrest dated 12 March 2019. As a result, in September 2020, Mining Lease 45/1287 was granted in respect of the 12 blocks the subject of the Farm-in Agreement in which, at the date of the report is Greatland has a 60% legal and beneficial interest and Newcrest a 40% interest.� Greatland retains a 100% interest over the remaining 31 blocks under the Havieron exploration licence E45/4701.

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The Havieron, Paterson Range East and Black Hills licences are subject to a right of first refusal in accordance with the Farm-in Agreement with Newcrest dated 12 March 2019. During the Farm-in and Havieron Joint Venture periods, Newcrest have a right of first refusal over the Havieron licence. During the Farm-in period, Newcrest have a right of first refusal over the Black Hills and Paterson Range East licences.

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During the financial year, Greatland continued to conduct systematic exploration campaigns across its three granted Paterson licences.

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Geophysical surveys, including ground gravity and induced polarization ("IP"), were conducted across the Scallywag prospect area within the Havieron licence (over the areas of the Havieron licence not subject to the Farm-in with Newcrest). A review of the geophysical data highlighted multiple high-priority targets for drill testing, including Kraken, London, Blackbeard and Barbossa.

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At Paterson Range East, the Company conducted aeromagnetic and ground gravity surveys which were used for detailed modelling and target generation. The results of these activities identified multiple high-priority targets identified, including several with similar geophysical characteristics to Havieron. Subsequently, a mobile metal ion ("MMI") geochemical surface soil sampling survey was also completed, with results upgrading the Goliath target and identifying three new additional targets.

During the year, the Company also completed its first drilling campaign at the Saddle Reefs target within the Black Hills licence. Previous field exploration work at Saddle Reefs had successfully identified multiple gold nuggets at surface and established a strike length of high-grade gold mineralisation at surface of up to 800 metres. Two subsequent IP surveys identified a chargeability anomaly over 1.4 kilometres in length, part of which is spatially coincident with the surface gold mineralisation. A drill programme was subsequently designed to test the 1.4km anomaly, which commenced in July 2019. Initial results from the drilling programme confirmed the presence of gold mineralisation at Black Hills with best results including 13m @ 2.01g/t Au from 67m (SRRC012). In addition to the drilling campaign at Black Hills, a subsequent ground gravity survey conducted across the licence area identified three additional targets including the Parlay target.

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Subsequent to the financial year end, the Company commenced a drilling campaign in the Paterson, with an initial focus on high-priority targets within the Scallywag prospect area including Kraken, Blackbeard and London. In addition, the Company commenced an Airborne Electromagnetic ("AEM") survey, covering 1,033 line kilometres across the western portion of the Company's Paterson project.

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Firetower project, Tasmania (100% owned)

The Firetower project is located in central north Tasmania, Australia, and covers an area of 62 square kilometres. Historic drilling at the Firetower prospect has identified significant gold mineralisation from surface (up to 30g/t).

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During the year, the Company completed a drilling programme at the Firetower and Firetower East prospects, which included 16 diamond drill holes for over 2,200m of drilling. At Firetower, drilling was done on north-south traverses to test a chargeability anomaly highlighted by an Induced Polarisation ("IP") survey conducted in 2018. Results from drilling at Firetower confirmed good continuity of mineralisation, with best results including 54.5m @ 1.36g/t Au from surface (2019FTD001) and 13.5m @ 2.44g/t Au from 59.5m (2019FTD011). In addition, the programme defined mineralisation over a strike length of more than 200m, which remains open along strike to the east and west, and also demonstrated a robust southerly dipping mineralised zone up to 50m wide, persisting to depths of 125m, which remains open at depth.

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Panorama project, Western Australia (100% owned)

The Panorama project consists of three adjoining exploration licences, covering 155 square kilometres, located in the Pilbara region of Western Australia, in an area that is considered to be highly prospective for gold.

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During the period, the Company continued field exploration at Panorama which included field reconnaissance, surface geochemical work and airborne magnetics.�The Company completed a systematic, grid based, surface geochemical soil sampling programme at Panorama during July and August 2019 which involved the collection of 468 samples over approximately 4.5km of strike.�Results of soil sampling confirmed the presence of gold anomalism along the main mineralised trend previously identified by rock chips and coarse gold (nuggets).

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Results from the airborne magnetic survey highlighted a NE-SW oriented anomaly, clearly identifiable from magnetic derivative images, coincident with an anomalous gold trend identified from soil geochemistry.

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Ernest Giles project, Western Australia (100% owned)

The Ernest Giles project is located in central Western Australia, covering an area of approximately 850 square kilometres. The Ernest Giles project includes two granted exploration licences (Calanchini and Peterswald Hill), and two licence applications (Westwood North and Westwood West). The eastern Yilgarn Craton is one of the most highly mineralised areas in Western Australia and is considered prospective for large gold deposits.

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During the period, Greatland carried out comprehensive geological and geophysical interpretation and targeting and ran historical diamond drill core through Minalyze� analysis. Following a comprehensive review of all data for the Ernest Giles project, the Board decided that the Company should focus on high priority targets within the project and, consequently, the Empress North (E38/3228), Empress (E38/3183) and Ida Range (E38/8134) licences were relinquished, thereby enabling work to be concentrated on higher priority targets within the retained project licences.

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Warrentinna project, Tasmania (100% owned)

The Warrentinna project is located 60 kilometres north east of Launceston in north eastern Tasmania and covers an area of 37 square kilometres with 15 kilometres of strike prospective for gold. During the period, Greatland conducted a diamond drilling programme at the Derby North prospect. Drilling intersected high-grade gold mineralisation and increased the depth extent of known mineralization in the area. Best results included 21.7m @ 3.3g/t Au from 9.3m, including 2.2m @ 12g/t Au (2019WTD001), and 43m @ 1.5g/t Au from 10m (2019WTD003). The Company is evaluating the results to assess the project's potential, referencing Orogenic-type gold occurrences in central Victoria.
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Bromus project, Western Australia (100% owned)

The Bromus project is located 25 kilometres south west of Norseman in the southern Yilgarn region of Western Australia. The Bromus project consists of two granted exploration licences, including a new licence, Bromus North (E63/1953), which was granted in September 2019. The two licences cover approximately 84 square kilometres of relatively under-explored greenstone and intrusive granites of the Archean Yilgarn Block at the southern end of the Kalgoorlie-Norseman belt. During the period, Greatland undertook a comprehensive data review, including reprocessing and remodelling of historic data to aide field work. In addition, resampling and analysis of historic drill samples and new soil sampling was also undertaken. Results are being interpreted to assist with future exploration targeting.

The Final Results for the year ended 30 June 2020 will be published on the Company's website - www.greatlandgold.com, where further details regarding exploration activities during the year can also be found.

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Gervaise Heddle

Chief Executive Officer

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Enquiries:

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Greatland Gold�PLC

Gervaise Heddle/Callum Baxter

Tel: +44 (0)20�3709 4900

Email:��[email protected]

www.greatlandgold.com

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SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott/James Keeshan

Tel: +44 (0)20 3368 3550

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Berenberg (Joint Corporate Broker and Financial Adviser)

Matthew Armitt/Jennifer Wyllie/Detlir Elezi

Tel: +44 (0)20 3207 7800

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Hannam & Partners (Joint Corporate Broker and Financial Adviser)

Andrew Chubb/Matt Hasson/Jay Ashfield

Tel: +44 (0)20 7907 8500

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SI Capital Limited (Joint Broker)

Nick Emerson/Alan Gunn

Tel:� +44 (0)14 8341 3500

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Luther Pendragon (Media and Investor Relations)

Harry Chathli/Alexis Gore/Joe Quinlan

Tel: +44 (0)20 7618 9100

Notes for Editors:

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Greatland Gold plc is a London Stock Exchange AIM-listed (AIM:GGP) natural resource exploration and development company with a current focus on precious and base metals. The Company has six main projects; four situated in Western Australia and two in Tasmania.

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In March 2019, Greatland signed a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron gold-copper deposit in the Paterson region of Western Australia. Newcrest has the right to earn up to a 70% interest in Mining Lease 45/1287, a 12 block area that covers the Havieron deposit, by spending up to US$65 million.

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Greatland is seeking to identify large mineral deposits in areas that have not been subject to extensive exploration previously. It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.

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The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.

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Group statement of comprehensive income

for the year ended 30 June 2020

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� � �	Notes	Year ended� 30 June 2020 � �	�	Year ended� 30 June 2019 � �
Revenue	2	-	�	-
Exploration costs	�	(3,392,789)	�	(2,309,760)
Administrative expenses	�	(1,632,571)	�	(888,661)
Depreciation	�	(67,396)	�	(37,131)
Amortisation	12	(65,230)	�	�
Impairment cost	�	(38,376)	�	(18,450)
Operating loss	�	(5,196,362)	�	(3,254,002)
Other income	�	55,438	�	-
Finance income	3	17,663	�	5,195
Finance costs	3	(21,734)	�	(15,500)
Loss before taxation	5	(5,144,995)	�	(3,264,307)
Income tax expense	5	-	�	-
Loss for the year	�	(5,144,995)	�	(3,264,307)
� Other comprehensive income Exchange differences on translation of foreign operations	�	� � 207,440	�	� � (52,730)
Other comprehensive income for the year net of taxation	�	207,440	�	(52,730)
Total comprehensive income for the year attributable to equity holders of the parent company	�	(4,937,555)	�	(3,317,037)
� Loss per share - basic (pence)	� 9	� (0.14)	�	� (0.10)

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All operations are considered to be continuing.

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Group balance sheet

as at 30 June 2020

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�	Note	30 June 2020		30 June 2019
�	�	�	�	�	�
�	�	�	�	�	�
ASSETS	�	�	�	�	�
Non-current assets Tangible assets	� 10	� 132,061	�	� 103,114	�
Intangible assets	11	1,989,363	�	2,016,783	�
Right of use asset	12	414,616	�	-	�
Total Non-current assets	�	�	2,536,040	�	2,119,897
Current assets Cash and cash equivalents Trade and other receivables	� 18 14	� 6,022,745 79,076	�	� 2,755,998 77,480	�
Total Current assets	�	�	6,101,821	�	2,833,478
TOTAL ASSETS	�	�	8,637,861	�	4,953,375
LIABILITIES	�	�	�	�	�
Current liabilities Trade and other payables	� 15	� (932,759)	�	� (630,369)	�
Total Current liabilities	�	�	(932,759)	�	(630,369)
Non-Current liabilities	�	�	�	�	�
Other non-current payables	15	(390,718)	�	-	�
Total Non-current liabilities	�	�	(390,718)	�	-
TOTAL LIABILITIES	�	�	(1,323,477)	�	(630,369)
NET ASSETS	�	�	7,314,384	�	4,323,006
�	�	�	�	�	�
EQUITY Share capital Share premium Share based payment reserve	� 16 � 17	� 3,760,207 19,878,782 372,953	�	� 3,323,420 12,554,173 349,606	�
Retained earnings	�	(17,073,458)	�	(12,072,653)	�
Other reserves	�	375,900	�	168,460	�
�	�	�	�	�	�
TOTAL EQUITY	�	�	7,314,384	�	4,323,006
�	�	�	�	�	�

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Group statement of changes in equity

for the year ended 30 June 2020

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�	Share capital	Share premium	Share based payment reserve	Retained earnings	Other reserves	Total
�	�	�	�	�	�	�
As at 30 June 2018	3,002,256	9,749,891	243,472	(8,950,444)	221,190	4,266,365
�	�	�	�	�	�	�
Loss for the year	-	-	-	(3,264,307)	-	(3,264,307)
Currency translation differences	-	-	-	-	(52,730)	(52,730)
Total comprehensive income	-	-	-	(3,264,307)	(52,730)	(3,317,037)
Share option charge	-	-	248,232	-	-	248,232
Transfer on exercise of options and warrants	-	-	(142,098)	142,098	-	-
Share capital issued	321,164	2,936,782	-	-	-	3,257,946
Cost of share issue	-	(132,500)	-	-	-	(132,500)
Total contributions by and distributions to owners of the Company	321,164	2,804,282	106,134	142,098	-	3,373,678
As at 30 June 2019 originally presented	3,323,420	12,554,173	349,606	(12,072,653)	168,460	4,323,006

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Adjustment from the adoption of IFRS 16	-	-	-	13,045	-	13,045
Restated as at 30 June 2019	3,323,420	12,554,173	349,606	(12,059,608)	168,460	4,336,051
Loss for the year	-	-	-	(5,144,995)	-	(5,144,995)
Currency translation differences	-	-	-	-	207,440	207,440
Total comprehensive income	-	-	-	(5,144,995)	207,440	(4,937,555)
Share option charge	-	-	154,492	-	-	154,492
Transfer on exercise of options and warrants	-	-	(131,145)	131,145	-	-
Share capital issued	436,787	7,543,487	-	-	-	7,980,274
Cost of share issue	-	(218,878)	-	-	-	(218,878)
Total contributions by and distributions to owners of the Company	436,787	7,324,609	23,347	131,145	-	7,915,888
As at 30 June 2020	3,760,207	19,878,782	372,953	(17,073,458)	375,900	7,314,384

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Note:

In the current year the Group adopted IFRS 16 and applied the modified retrospective approach. The cumulative effect of adoption is recognised as an adjustment to retained earnings.

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Group statement of changes in equity

for the year ended 30 June 2020

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Other reserves	Merger reserve	Foreign currency translation reserve	Total other reserves
�	�	�	�
As at 30 June 2018	225,000	(3,810)	221,190
�	�	�	�
Currency translation differences	-	(52,730)	(52,730)
Total comprehensive income	-	(52,730)	(52,730)
As at 30 June 2019	225,000	(56,540)	168,460

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Currency translation differences	-	207,440	207,440
Total comprehensive income	-	207,440	207,440
As at 30 June 2020	225,000	150,900	375,900

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Company balance sheet

as at 30 June 2020

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�	Note	30 June 2020		30 June 2019
�	�	�	�	�	�
�	�	�	�	�	�
ASSETS	�	�	�	�	�
Non-current assets Investment in subsidiary	� 13	� 50,000	� �	� 50,000	� �
Right of use asset	12	75,399	�	-	�
Total Non-current Assets	�	�	125,399	�	50,000
Current assets Cash and cash equivalents Trade and other receivables	� 18 14	� 4,257,920 11,387,759	�	� 2,247,271 6,624,946	�
Total Current Assets	�	�	15,645,679	�	8,872,217
TOTAL ASSETS	�	�	15,771,078	�	8,922,217
LIABILITIES	�	�	�	�	�
Current Liabilities Trade and other payables	� 15	� (192,476)	�	� (255,510)	�
Total Current liabilities	�	�	(192,476)	�	(255,510)
Other non-current payables	15	(37,506)	�	-	�
Total Non-current liabilities	�	�	(37,506)	�	-
TOTAL LIABILITIES	�	�	(229,982)	�	(255,510)
NET ASSETS	�	�	15,541,096	�	8,666,707
EQUITY Share capital Share premium Share based payment reserve	� 16 � 17	� 3,760,207 19,878,782 372,953	�	� 3,323,420 12,554,173 349,606	�
Merger reserve	�	225,000	�	225,000	�
Retained earnings	�	(8,695,846)	�	(7,785,492)	�
�	�	�	�	�	�
TOTAL EQUITY	�	�	15,541,096	�	8,666,707
�	�	�	�	�	�

�

Company statement of changes in equity

for the year ended 30 June 2020

�

�	Share capital	Share premium	Share based payment reserve	Retained earnings	Merger reserve	Total
�	�	�	�	�	�	�
As at 30 June 2018	3,002,256	9,749,891	243,472	(6,997,503)	225,000	6,223,116
� Loss for the year	� -	� -	� -	� (930,087)	� -	� (930,087)
Total comprehensive income	-	-	-	(930,087)	-	(930,087)
Share option charge	-	-	248,232	-	-	248,232
Transfer on exercise of options and warrants	-	-	(142,098)	142,098	-	-
Share capital issued	321,164	2,936,782	-	-	-	3,257,946
Cost of share issue	-	(132,500)	-	-	-	(132,500)
Total contributions by and distributions to owners of the Company	321,164	2,804,282	106,134	142,098	-	3,373,678
As at 30 June 2019 originally presented	3,323,420	12,554,173	349,606	(7,785,492)	225,000	8,666,707
Adjustment from the adoption of IFRS 16	-	-	-	13,045	-	13,045
Restated as at 30 June 2019	3,323,420	12,554,173	349,606	(7,772,447)	225,000	8,679,752 �
Loss for the year	-	-	-	(1,054,544)	-	(1,054,544)
Total comprehensive income	-	-	-	(1,054,544)	-	(1,054,544)
Share option charge	-	-	154,492	-	-	154,492
Transfer on exercise of options and warrants	-	-	(131,145)	131,145	-	-
Share capital issued	436,787	7,543,487	-	-	-	7,980,274
Cost of share issue	-	(218,878)	-	-	-	(218,878)
Total contributions by and distributions to owners of the Company	436,787	7,324,609	23,347	131,145	-	7,915,888
As at 30 June 2020	3,760,207	19,878,782	372,953	(8,695,846)	225,000	15,541,096

�

Group cash flow statement

for the year ended 30 June 2020

�

� �	Notes	Year ended 30 June 2020 � � �	�	Year ended 30 June 2019 � � �
Cash flows from operating activities Operating loss (Increase)/Decrease in trade & other receivables Increase/(Decrease) in trade & other payables Depreciation Amortisation Impairment charge Share option charge	�	� (5,183,317) (1,596) 293,450 67,396 65,230 38,376 154,492	�	� (3,254,001) 1,581 (70,454) 37,131 - 18,450 248,232
Net decrease in cash and cash equivalents from operating activities	�	(4,565,969)	�	(3,019,061)
Cash flows from investing activities Interest received Interest payable Payments to acquire intangible assets	�	� 2,163 (21,734) 9,640	�	� 5,195 - �(688,519)
Payments to acquire tangible assets	�	(95,624)	�	(98,774)
Net cash outflows used in investing activities	�	(105,555)	�	(782,098)
Cash flows from financing activities Proceeds from issue of shares Transaction costs of issue of shares	�	� 7,980,274 (218,878)	�	� 3,115,900 (132,500)
Other income (cash boost)	�	55,438	�	-
Repayment of lease liabilities	�	(67,877)	�	-
Net cash inflows from financing activities	�	7,748,957	�	2,983,400
Net increase/(decrease) in cash and cash equivalents	18	3,077,433	�	(817,759)
Cash and cash equivalents at the beginning of period	�	2,755,998	�	3,597,101
Exchange gain/(loss) on cash and cash equivalents	�	189,314	�	(23,344)
Cash and cash equivalents at end of period	18	6,022,745	�	2,755,998

�

During the year shares in the Company for a consideration of �nil (2019: �142,045) were issued for the acquisition of intangible assets (see Note 16). This amount represents material non-cash flows and is excluded from the cash flow statement.

�

Company cash flow statement

for the year ended 30 June 2020

�

� �	Notes	Year ended 30 June 2020 � � �	�	Year ended 30 June 2019 � � �
Cash flows from operating activities Operating loss (Increase)/Decrease in trade & other receivables (Decrease)/Increase in trade & other payables Amortisation Share option charge	�	� (1,048,003) (12,813) (71,974) 25,133 154,492	�	� (914,836) 5,749 170,901 - 248,232
Net decrease in cash and cash equivalents from operations	�	(953,165)	�	(489,954)
Cash flows from investing activities Interest received Interest payable Loans to subsidiary	�	� 275 (9,271) �(4,750,000)	�	� 250 - �(3,000,000)
Net cash outflows used in investing activities	�	(4,758,996)	�	(2,999,750)
Cash flows from financing activities Proceeds from issue of shares Transaction costs of issue of shares Repayment of lease liability	�	� 7,980,274 (218,878) (38,586)	�	� 3,115,900 (132,500) -
Net cash flows from financing activities	�	7,722,810	�	2,983,400
Net increase/(decrease) in cash and cash equivalents	18	2,010,649	�	(506,304)
Cash and cash equivalents at the beginning of period	�	2,247,271	�	2,753,575
Cash and cash equivalents at end of period	18	4,257,920	�	2,247,271

�

Notes to financial statements

for the year ended 30 June 2020

�

1��

Principal accounting policies

�

1.1

Authorisation of financial statements and statement of compliance with IFRS

The group financial statements of Greatland Gold plc for the year ended 30 June 2020 were authorised for issue by the board on 5 November 2020 and the balance sheets signed on the board's behalf by Mr Gervaise Heddle and Mr Alex Borrelli. Greatland Gold plc is a public limited company incorporated and domiciled in England and Wales. The Company's ordinary shares are traded on AIM.

The Group's financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company's financial statements have been prepared in accordance with IFRS as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The principal accounting policies adopted by the Group and Company are set out below.

�

New standards, amendments and interpretations adopted by the Group

Effective 1 July 2019, the Group and Company adopted the provisions of IFRS 16 - Leases on a modified retrospective basis, recognising the cumulative effect of initial application to opening retained earnings for the period.

At transition, for leases classified as operating leases under IAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group's incremental borrowing rate. The Group used the following practical expedients when applying IFRS 16:

�� Applied the exemption not to recognize right of use assets and liabilities for leases with less than 12 months of lease term;

�� Excluded initial direct costs from measuring the right of use asset at the date of initial application; and

�� Apply a single discount rate to a portfolio of leases with similar characteristics.

The change in accounting policy affected the following items in the statement of financial position on 1 July 2019:

Right of Use assets - Properties	479,846
Lease Liability - current	(123,926)
Lease Liability - non current	(355,920)
Adjustment to opening retained earnings as at 1 July 2019	13,045

�

There are no other IASB and IFRIC standards that have been issued with an effective date after the date of the financial statements which are expected to have a material impact on the Group.

�

1.2

�

Significant accounting judgments, estimates and assumptions

�

Significant accounting estimates and assumptions

The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:

Impairment of intangibles with indefinite useful lives (Note 11)

Exploration and evaluation costs have a carrying value at 30 June 2020 of �1,989,363 (2019: �2,016,783). Such assets have an indefinite useful life as the Group has a right to renew exploration licences and the asset is only amortised once extraction of the resource commences. The value of the Group's exploration, evaluation and development expenditure will be dependent upon the success of the Group in discovering economic and recoverable mineral resources. The future revenue flows relating to these assets is uncertain and will also be affected by competition, relative exchange rates and potential new legislation and related environmental requirements. The Group's ability to continue its exploration programs and develop its projects is dependent on future fundraisings the outcome of which is uncertain. There have been no changes made to any past assumptions.

�

The Directors have undertaken a review to assess whether circumstances exist which could indicate the existence of impairment as follows:

�� The Group no longer has title to mineral leases.

�� A decision has been taken by the Board to discontinue exploration due to the absence of a commercial level of reserves.

�� Sufficient data exists to indicate that the costs incurred will not be fully recovered from future development and participation.

�

Following their assessment, the Directors concluded that an impairment charge of �38,376 is required.

Share-based payment transactions (Note 17)

The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined using a Black-Scholes model and a 40% discount is applied to that value due to the recent volatility of the share price over the valuation period.

�

1.3

Basis of preparation

The consolidated financial statements of Greatland Gold plc and its subsidiary have been prepared in accordance with International Reporting Standards (IFRS) as adopted for use in the European Union.

The consolidated financial statements have been prepared on the historical cost basis, except for the measurement to fair value of assets and financial instruments as described in the accounting policies below, and on a going concern basis.

The amounts presented in the consolidated financial statements are rounded to the nearest �1.

Going Concern

The consolidated entity has incurred a loss before tax of �5,144,995 for the year ended 30 June 2020 and had a net cash outflow of �4,671,524 from operating and investing activities. At that date there were net current assets of �5,169,062. The loss resulted almost entirely from exploration costs and associated administrative related costs.

The Directors are confident in the Company's ability to raise new finance from stock markets if this is required during 2021 and the Group has demonstrated a consistent ability to do so.

�

The Group's cash flow forecast for the period ending 31 December 2021 highlights adequate funding at current levels of projected expenditure to last throughout this period. The Board of Directors are confident that sufficient funding is in place to meet all its operational and exploration commitments over the next twelve months and to remain cash positive for the whole period.

Given the Group's current positive cash position and its ability to raise new capital the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the annual report and accounts.

At present the Group believes that there should be no significant material disruption to its operations from COVID-19 in the near term, but the Board continues to monitor these risks and the Group's business continuity plans.

Having prepared forecasts based on current resources, assessing methods of obtaining additional finance and assessing the possible impact of COVID-19, the Directors believe the Group has sufficient resources to meet its obligations for a period of 12 months from the date of approval of these financial statements. Taking these matters into consideration, the Directors continue to adopt the going concern basis of accounting in the preparation of the financial statements. The financial statements do not include the adjustments that would be required should the going concern basis of preparation no longer be appropriate.

�

1.4

Basis of consolidation

The consolidated accounts combine the accounts of the Company and its sole subsidiary, Greatland Pty Ltd, using the purchase method of accounting.

In the Company's balance sheet, the investment in Greatland Pty Ltd includes the nominal value of shares issued together with the cash element of the consideration. As required by the Companies Act 2006, no premium was recognised on the share issue. The difference between nominal and fair value of the shares issued was credited to the merger reserve.

Subsidiary undertakings are those entities controlled directly or indirectly by the Company. The Company controls an investee when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of the subsidiaries acquired are included in the Consolidated Statement of Comprehensive Income from the date of acquisition using the same accounting policies of those of the Group. The consideration transferred in a business combination is the fair value at the acquisition date of the assets transferred and the liabilities incurred by the Group and includes the fair value of any contingent consideration arrangement. Acquisition-related costs are recognised in the income statement as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group.

All intra-group balances and transactions, including any unrealized income and expenses arising from intragroup transactions, are eliminated in full in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

1.5

Investment in subsidiaries

Investments in subsidiary companies are classified as non-current assets and included in the balance sheet of the Company at cost, less provision for impairment at the date of acquisition irrespective of the application of merger relief under the Companies Act.

1.6

Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less.

For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

��

�

1.7	Income tax and deferred taxation Current tax assets and liabilities for the current and prior periods are measured as the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted by the balance sheet date. Full provision is made for deferred taxation resulting from timing differences which have arisen but not reversed at the balance sheet date. Deferred tax assets on carried forward losses are only recorded where it is expected that future trading profits will be generated in which this asset can be offset. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.8	Tangible fixed assets Fixed assets are depreciated on a straight-line basis at annual rates that will reduce the book amounts to estimated residual values over their anticipated useful lives as follows: �� Motor vehicles:� 20% per annum �� Equipment:� 7% per annum �� Leasehold improvements: 11% per annum
1.9	Right of use assets
�	At inception of a contract, the Company assesses if the contract contains or is a lease. If there is a lease present, a right-of-use asset and a corresponding lease liability is recognised by the company where the company is a lessee. However, all contracts that are classified as short-term leases (i.e. a lease with a remaining lease term of 12 months or less) and leases of low-value assets are recognised as an operating expense on a straight line basis over the term of the lease. Initially, the lease liability is measured at the present value of the lease payments still to be paid at commencement date. The lease payments are discounted at the interest rate implicit in the lease. If the rate cannot be readily determined, the company uses the incremental borrowing rate. Lease payments included in the measurement of the lease liability are as follows: �� Fixed lease payments less any lease incentives; �� Variable lease payments that depend of an index rate, initially measured using the index rate of rate at the commencement date; �� The amount expected to be payable by the lesses under the residual value guarantees; �� The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; �� Lease payments under extension options, if the lessee is reasonably certain to exercise the options; and �� Payments of penalties for terminating the lease, if the lease term reflects the exercise of an options.
�	The right-of-use assets comprise the initial measurement of the corresponding lease liability as mentioned above, any to terminate the lease payments made at or before the commencement date, as well as any initial direct costs. The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the lease term of useful life of the underlying asset, whichever is the shortest. Where a lease transfers ownership of the underlying asset of the cost of the right-of-use asset reflects that the company anticipates to exercise a purchase option, the specific asset is depreciated over the useful life of the underlying asset.
1.10	Foreign currencies Both the functional and presentational currency of Greatland Gold plc is sterling (�). Each group entity determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currency of the foreign subsidiary, Greatland Pty Limited, is Australian Dollars (A$). Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.� Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement. On consolidation of a foreign operation, assets and liabilities are translated at the balance sheet rates, income and expenses are translated at rates ruling at the transaction date. Exchange differences on consolidation are taken to the income statement.
1.11	Other income During the year Greatland Pty Ltd received two 'Cash Boost' grants totalling A$100,000 (�55,438) from the state government of Western Australia. These grants were provided to support businesses during the COVID-19 pandemic. Government grants are recognised only when there is reasonable assurance that the Group will comply with the conditions attaching to the grant and that the grants will be received. Capital grants are recognised to match the related development expenditure and are deducted in arriving at the carrying value of the related assets. Any grants that are received in advance of recognition are deferred. The Group had no other income during the periods ended 30 June 2020 and 30 June 2019. Previous years consisted of a grant from the state government of Western Australia.� Government grants are accounted for on a receipts basis.
1.12	Finance costs Borrowing costs are recognised as an expense when incurred. Finance income is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
1.13 �	Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for the expected future issue of credit notes and for non-recoverability due to credit risk. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure expected credit losses, trade receivables and contract assets have been grouped based on shared risk characteristics. No such credit loss has been recorded in these financial statements as any effect would be immaterial.

�

1.14	Financial instruments Financial assets and liabilities are recognized in the Group's Statement of Financial Position when the Group becomes a party to the contracted provision of the instrument. The following policies for financial instruments have been applied in the preparation of the consolidated financial statements: The Group and Company's financial assets which comprise loans and receivables and other debtors are measured at amortised cost. The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met: �� the asset is held within a business model whose objective is to collect contractual cash flows; and �� the contractual terms give rise to cash flows that are solely payments of principal and interest		�
1.15	Trade and other payables Trade payables and other payables are carried at amortised cost and represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services.		�
1.16		Earnings per share Basic earnings per share is calculated as net profit attributable to members of the parent, adjusted to exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element. Diluted earnings per share is calculated as net profit attributable to members of the parent, adjusted for: �� costs of servicing equity (other than dividends) and preference share dividends; �� the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and �� other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares; divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.
�	�	�	�

�

1.17		Exploration and development expenditure Exploration and development costs include expenditure on prospects at an exploratory stage. These costs include the cost of acquisition, exploration, determination of recoverable reserves, economic feasibility studies and all technical and administrative overheads directly associated with those projects. Costs associated with an exploration activity will only be capitalised if, in management's opinion, the results from that activity led to a material increase in the market value of the exploration asset which is determined by management to be following the economic feasibility stage. Generally, costs associated with non-drilling activities, such as geophysical and geochemical surveys, are not capitalised. Costs associated with drilling activities at an exploration asset may be capitalised, on a case by case basis, depending upon management's assessment of the impact of those activities on the market value of that particular asset at that time which is determined by management to be following the economic feasibility stage. � Recoupment of capitalised exploration and development costs is dependent upon successful development and commercial exploitation of each area of interest and are amortised over the expected commercial life of each area once production commences. The Company adopts the 'area of interest' method of accounting whereby a substantial proportion of exploration and development costs relating to an area of interest are capitalised and carried forward until abandoned.� In the event that an area of interest is abandoned, or if the Directors consider the expenditure to be of no value, accumulated exploration costs are written off in the financial year in which the decision is made.� All expenditure incurred prior to approval of an application is expensed with the exception of refundable rent which is raised as a debtor. Impairment reviews are carried out regularly by the Directors of the Company. Where a project is abandoned or is considered not to be of commercial value to the Company, the related costs are written off or provisions are made.
�			�
1.18	Share based payments The fair value of options granted to directors and others in respect of services provided is recognised as an expense in the profit and loss account with a corresponding increase in equity reserves - the share based payment reserve. On exercise or cancellation of share options, the proportion of the share based payment reserve relevant to those options is transferred to the profit and loss account reserve. On exercise, equity is also increased by the amount of the proceeds received. The fair value is measured at grant date and the charge is spread over the relevant vesting period. The fair value of options is calculated using the Black-Scholes model taking into account the terms and conditions upon which the options were granted. Vesting conditions are non-market and there are no market vesting conditions. The exercise price is fixed at the date of grant and no compensation is due at the date of grant.		�
�	�	�	�

�

2	Revenue and segmental analysis
�	The Group's prime business segment is mineral exploration.� The Group operates within two geographical segments, the United Kingdom and Australia. The UK sector consists of the parent company which provides administrative and management services to the subsidiary undertaking based in Australia. The aggregation of these two segments into a single United Kingdom business unit reflects the way information is presented to the Chief Operating Decision Maker, who is the Group's Chief Executive Officer. The following tables present revenue and loss information and certain asset and liability information by geographical segments:
�	�	UK	Australia	Total
�	Year ended 30 June 2020	�	�	�
�	Revenue Total segment revenue	� -	� -	� -
�	Total consolidated revenue	-	-	-
�	Result Segment results	� (1,061,048)	� (4,135,314)	� (5,196,362)
�	Loss before tax and finance income/costs Interest receivable Interest payable Other income	(1,061,048) 275 6,229 -	(4,135,314) 1,888 (12,463) 55,438	(5,196,362) 2,163 (6,234) 55,438
�	Loss before taxation Taxation expense	(1,054,544) -	(4,090,451) -	(5,144,995) -
�	Loss after taxation	(1,054,544)	(4,090,451)	(5,144,995)

�

�	� As at 30 June 2020	UK �	Australia �	Total �
�	Assets and liabilities	�	�	�
�	Segment assets	4,374,330	4,263,531	8,637,861
�	Total assets	4,374,330	4,263,531	8,637,861
�	� Segment liabilities	� (229,983)	� (1,093,494)	� (1,323,477)
�	Total liabilities	(229,983)	(1,093,494)	(1,323,477)
�	� Other segment information: Capital expenditure	� � -	� � 85,984	� � 85,984
�	Depreciation	-	67,396	67,396
�	Amortisation	25,133	40,097	65,230
�	Impairment	-	38,376	38,376

�

2	Revenue and segmental analysis, continued	UK	Australia	Total
�	Year ended 30 June 2019	�	�	�
�	Revenue Total segment revenue	� -	� -	� -
�	Total consolidated revenue	-	-	-
�	Result Segment results	� (914,837)	� (2,339,165)	� (3,254,002)
�	Loss before tax and finance costs Interest receivable	(914,837) 250	(2,339,165) 4,945	(3,254,002) 5,195
�	Interest payable	(15,500)	-	(15,500)
�	Loss before taxation Taxation expense	(930,087) -	(2,334,220) -	(3,264,307) -
�	Loss after taxation	(930,087)	(2,334,220)	(3,264,307)

�

�	� As at 30 June 2019	UK �	Australia �	Total �
�	Assets and liabilities	�	�	�
�	Segment assets	2,275,468	2,677,907	4,953,375
�	Total assets	2,275,468	2,677,907	4,953,375
�	� Segment liabilities	� (255,510)	� (374,859)	� (630,369)
�	Total liabilities	(255,510)	(374,859)	(630,369)
�	� Other segment information Capital expenditure	� � -	� � 929,338	� � 929,338
�	Depreciation	-	37,131	37,131
�	Amortisation	-	-	-
�	Impairment	-	18,450	18,450

�

3	Net finance costs	2020 �	2019 �
�	�	�	�
�	Finance income Finance costs	17,663 (21,734)	5,195 (15,500)
�	�	(4,071)	(10,305)

�

� 4	� Expenses by Nature	� 2020 �			� 2019 �
�	Loss on ordinary activities before taxation is stated after charging: Auditors' remuneration - audit Depreciation Amortisation Impairment charge Directors' emoluments	� 17,000 67,396 65,230 38,376 1,089,226			� 16,200 37,131 - 18,450 962,406
�	� Services provided by the Company's auditor and its associates	�			�
�	During the period, the Group (including overseas subsidiaries) obtained the following services from the Company's auditors and its associates:
�	�	� 2020 �			� 2019 �
�	Fees payable to the Company's auditor and its associates for the audit of the Company and Group Financial Statements	17,000			16,200
�	� Auditors' remuneration for audit services above excludes AU$9,950 (2019: AU$7,814) charged by Charles Foti Business Services (Australia) relating to the audit of the subsidiary company. �
5	Taxation					�
�	�		2020	2019		�
�	Analysis of charge in year		�	�		�
�	Tax on profit on ordinary activities		-	-		�
�	�	�	�	�	�	�

�

�	Factors affecting tax charge for year
�	The tax assessed on the loss on ordinary activities for the period differs from the standard rate of corporation tax in the UK of 19% (2018: 19%) and Australia of 27.5%. The differences are explained below:
�	�	2020	2019	�
�	�	�	�	�
�	Loss on ordinary activities before tax	(5,144,995)	(3,264,307)	�
�	�	�	�	�
�	Loss multiplied by weighted average applicable rate of tax	(1,196,211)	(758,951)	�
�	Effects of:	�	�	�
�	Expenses not deductible for tax: Share option charge	� 35,920	� 57,714	�
�	Tax losses on which no deferred tax asset is recognised	1,160,291	701,237	�
�	Income tax expense	-	-	�

�

�	The weighted average applicable tax rate of 23.25% (2019: 23.25%) used is a combination of the standard rate of corporation tax rate for entities in the United Kingdom of 19% (2019: 19%), and 27.5% (2019: 27.5%) in Australia.
�	No deferred tax asset has been recognised because there is insufficient evidence of the timing of suitable future profits against which they can be recovered.

�

Losses carried forward:	�	�
Brought forward losses 30 June 2019	12,072,653	8,950,444
Current year losses	5,000,805	3,122,209
Losses carried forward 30 June 2020	17,073,458	12,072,653

�

6	Employee information (excluding directors) Staff costs comprised:	2020 �	2019 �
�	Wages and salaries	502,172	195,139
�	Bonus	151,613	23,798
�	Pension Share option charge	57,624 62,777	15,220 58,471
�	�	774,186	292,628
�	�	Number	Number
�	Exploration Administration	6 2	2 1

�

Of the total Staff costs in the year, �669,759 (2019: �229,773) arises from work on the Exploration Properties and has been expensed to the Income Statement as exploration costs.

�

Dividends

No dividends were paid or proposed by the Directors. (2019: �Nil)

�

8	Directors' emoluments		�	�	2020 �	2019 �
�	Directors' remuneration Share option charge		�	�	997,511 91,715	787,116 175,290
�	�		�	�	1,089,226	962,406
�	�	� Directors' salary	� Pension	� Bonus	� Share Based Payments	� Total
�	2020	�	�	�	�	�
�	Executive directors Callum Baxter Gervaise Heddle Non-executive directors Alex Borrelli Clive Latcham	� 185,024 185,024 � 43,750 33,750	� 44,278 44,278 � 1,165 -	� 205,121 205,121 � 25,000 25,000	� 30,015 30,015 � 3,159 28,526	� 464,438 464,438 � 73,074 87,276
�	�	447,548	89,721	460,242	91,715	1,089,226

�

Of the total Directors' emoluments disclosed above in the income statement, 75% (or �348,329) for Callum Baxter and 25% (or �116,110) for Gervaise Heddle has been allocated to exploration costs in the income statement for the year. Directors remuneration and bonus relates to short term employee benefits. Pension / superannuation payments relate to long term employee benefits.

�

Share based payments reflect the Black Scholes value of share options granted during the year. See Note 17.

�

Also, see Note 22 for related party transactions.

�

�	Directors' salary	Pension	Bonus	Share Based Payments	Total
2019	�	�	�	�	�
Executive directors Callum Baxter Gervaise Heddle Non-executive directors Alex Borrelli Clive Latcham (appointed 15 October 2018)	� 166,944 166,944 � 40,000 21,319	� 30,826 30,826 � 785 -	� 144,736 144,736 � 20,000 20,000	� 75,893 75,893 � 13,552 9,952	� 418,399 418,399 � 74,337 51,271
�	395,207	62,437	329,472	175,290	962,406

�

Of the total Directors' remuneration disclosed above in the income statement, 75% (or �256,879) for Callum Baxter and 25% (or �85,626) for Gervaise Heddle has been allocated to exploration costs in the income statement for the year. Directors remuneration and bonus relates to short term employee benefits. Pension / superannuation payments relate to long term employee benefits.

�

The aggregate gains made on the exercise of options during the year was �5,357,450 (2019: �1,150,600)

�

Share based payments reflect the Black Scholes value of share options granted during the year. See Note 17.

�

Also, see Note 22 for related party transactions.

�

�	9	Earnings per share		�	�
�		The basic earnings per share is derived by dividing the loss / profit for the period attributable to ordinary shareholders by the weighted average number of shares in issue.�
�		�	2020 �		2019 �
�		Loss for the period	(5,144,995)		(3,264,307)
�		� Weighted average number of Ordinary shares of �0.001 in issue Loss per share - basic	� 3,593,407,809 � (0.14) pence		� 3,252,941,141 � (0.10) pence
�		� An inclusion of the potential Ordinary shares would result in a decrease in the loss per share, they are considered to be anti-dilutive; as such, a diluted earnings per share is not included. If the 204,500,000 outstanding options at 30 June 2020 (2019: 213,500,000) were included to calculate the diluted loss per share.�
�		� Weighted average number of Ordinary shares of �0.001 in issue inclusive of outstanding options Loss per share - diluted	� 3,797,907,809 (0.14) pence		� 3,466,441,141 � (0.09) pence
�			�		�
�	�	�	�	�	�

�

10	Tangible fixed assets - Group	�	�	�	�
�	�	Motor vehicle	Equipment	Leasehold Improvements	Total
�	Cost	�	�	�	�
�	At 30 June 2019	33,310	113,863	-	147,173
�	Disposals Additions	- 83,892	- 5,411	- 6,320	- 95,623
�	Foreign exchange rate fluctuations	344	1,177	-	1,521
�	At 30 June 2020	117,546	120,451	6,320	244,317
�	Depreciation	�	�	�	�
�	At 30 June 2019 Disposals	5,126 � -	38,933 � -	- � -	44,059 � -
�	Charge	39,573	27,816	7	67,396
�	Foreign exchange rate fluctuations	256	545	-	801
�	At 30 June 2020	44,955	67,294	7	112,256
�	Net book value	�	�	�	�
�	At 30 June 2020	72,591	53,157	6,313	132,061
�	At 30 June 2019	28,184	74,930	-	103,114

�

Motor vehicle

Equipment

Leasehold Improvements

Total

�

Cost

�

At 30 June 2018

49,267

�

Disposals

Additions

33,310

65,464

98,774

�

Foreign exchange rate fluctuations

(868)

�

At 30 June 2019

33,310

113,863

147,173

�

Depreciation

�

At 30 June 2018

Disposals

�

7,390

�

7,390

�

Charge

5,174

31,957

37,131

�

Foreign exchange rate fluctuations

(48)

(414)

(462)

�

At 30 June 2019

5,126

38,933

44,059

�

Net book value

�

At 30 June 2019

28,184

74,930

103,114

�

At 30 June 2018

41,877

�

Intangible non-current assets - Group

�

2020

�

2019

�

Exploration properties

�

At 30 June 2019

�

2,647,577

�

1,864,442

�

Additions

�

830,563

�

Impairment

�

(38,376)

�

(18,450)

�

Foreign exchange rate fluctuations

�

10,956

�

(28,978)

�

At 30 June 2020

�

2,620,157

�

2,647,577

�

Impairment

�

At 30 June 2019

�

(630,794)

�

(630,794)

�

Charge

�

-

�

Foreign exchange rate fluctuations

�

-

�

At 30 June 2020

�

(630,794)

�

(630,794)

�

Net book amount

�

At 30 June 2020

�

1,989,363

�

2,016,783

�

At 30 June 2019

�

2,016,783

�

1,233,648

�

�� Impairment review

As at 30 June 2020, the Directors carried out an impairment review of the exploration properties and considered an impairment charge was not required (2019: �nil). However, during the year �3,365,893 (2019: �2,295,560) of exploration related costs have been charged directly to the Income Statement as these costs were deemed non-beneficial to the future value of the exploration properties. Costs directly related to exploration programmes that, in the opinion of the Directors, are considered to add value to the respective exploration properties are capitalised.

�

12	Right of use asset	�	�	�	�	�
�	�	�	Group		Company
�	�	�	2020	2019	2020	2019
�	�	�	�	�	�	�

�

Properties	�	�	�	�	�
Opening balance on adoption of IFRS 16	�	479,846	-	100,532	-
Accumulated amortisation	�	(65,230)	-	(25,133)	-
At 30 June 2020	�	414,616	-	75,399	-

�

In December 2018 Greatland Pty Ltd entered into a lease agreement with Bondall Pty Ltd for office premises. The initial term of the lease is 5 years, expiring on 30 November 2023. The Company has the option to extend the lease for a further 5 year term, expiring on 30 November 2028.

�

In December 2018 Greatland Gold plc entered into a lease agreement with The Argyll Club (formerly London Executive Offices) for offices premises. The initial term of the lease was 24 months, expiring on 30 November 2020. The Company has extended the lease for a further 24 month terms, expiring on 30 November 2022.

�

The current lease liability relates to the rental and interest payments due for current period to 30 November 2019 and the non-current lease liability relates to the rental and interest payments up to and including the periods to 30 November 2028.

�

13	Investments in subsidiary - Company		�
�	Cost	�	�
�	At 30 June 2019	�	50,000
�	Impairment of investment	�	-
�	At 30 June 2020	�	50,000
�	Net book amount	�	�
�	At 30 June 2020	�	50,000
�	At 30 June 2019	�	50,000

�

The parent company of the Group holds more than 20% of the share capital of the following company:

�

Company

Country of registration

Class

Proportion held

Nature of business

�

Greatland Pty Ltd

Australia

Common

100%

Mineral exploration

�

The registered address of Greatland Pty Ltd is Unit B9, 431 Roberts Road, Subiaco, WA, 6008

�

14	Trade and other receivables	Group		Company
�	�	2020 �	2019 �	2020 �	2019 �
�	Current trade and other receivables: Prepayments Other debtors Loans due from subsidiary	� 55,211 23,865 -	� 51,104 26,376 -	� 41,011 - 11,346,748	� 28,198 - 6,596,748
�	Total current trade and other receivables	79,076	77,480	11,387,759	6,624,946
�	� The loan due from subsidiary was interest free throughout the period and has no fixed repayment date. No provision �nil (2019: �nil) has been made against this loan.

�

15	�Trade and other payables	Group		Company
�	�	2020 �	2019 �	2020 �	2019 �
�	Current trade and other payables: Trade creditors Accruals Salaries and social security Employee benefits Lease liability	� 668,514 64,481 29,700 114,015 56,049	� 356,282 209,016 10,577 54,494 -	� 73,344 64,481 29,700 511 24,440	� 35,010 209,016 10,577 907 -
�	Total current trade and other payables	932,759	630,369	192,476	255,510
�	�	�	�	�	�
�	�	Group		Company
�	�	2020 �	2019 �	2020 �	2019 �
�	Non-current trade and other payables:	�	�	�	�
�	Employee benefits	34,592	-	-	-
�	Lease liability	356,126	-	37,506	-
�	Total non-current trade and other payables:	390,718	-	37,506	-
�	�	�	�	�	�
�	Total trade and other payables	1,323,477	630,369	229,982	255,510

�

Current employee benefits relate to annual leave and non-current benefits relates to long service leave.

�

��

�

Share capital

Called up, allotted, issued and fully paid	Number	Cost of share issue	�
�	�	Cost of share issue	�
�	�	�	�
As at 30 June 2019, Ordinary shares of �0.001 each	3,323,420,145	-	3,323,420
Issued during the year	�	�	�
On 12 August 2019, at a price of �0.0185, for cash	225,813,513	-	225,814
On 26 September 2019, at a price of �0.0028, for cash	28,000,000	-	28,000
On 02 March 2020, at a price of �0.0250, for cash �	75,037,838	(128,340)	75,038
On 01 April 2020, at a price of �0.0250, for cash �	2,243,243	(3,837)	2,243
On 01 May 2020, at a price of �0.0250, for cash �	16,377,027	(28,010)	16,377
On 19 May 2020, at a price of �0.007, for cash	17,500,000	-	17,500
On 22 May 2020, at a price of �0.014, for cash �	6,000,000	-	6,000
On 01 June 2020, at a price of �0.0250, for cash	10,412,163	(17,809)	10,412
On 16 June 2020, at a price of �0.014, for cash	14,000,000	-	14,000
On 16 June 2020, at a price of �0.007, for cash	17,500,000	-	17,500
On 30 June 2020, at a price of �0.0250, for cash	23,902,702	(40,882)	23,903
As at 30 June 2020, Ordinary shares of �0.001p each	3,760,206,631	(218,878)	3,760,207

�

Total share options in issue

As at 30 June 2020 there were 204.5 million unexercised options over Ordinary shares; 25 million exercisable at 0.2 pence per share in issue, 14 million exercisable at 0.28 pence per share in issue, 12.5 million exercisable at 0.7 pence per share in issue, 19.5 million exercisable at 1.4 pence per share in issue,� 39.5 million exercisable at 2 pence per share in issue, 20 million exercisable at 2.5 pence per share in issue, 37 million exercisable at 2.5 pence per share in issue and 37 million exercisable at 3.0 pence per share in issue (2019: 213.5 million).

�

Total warrants in issue

On 3 September 2019 the 11,363,636 warrants issued to DDH1 expired. In respect of these expired warrants the share based payment charge of �14,200 was transferred to reserves.�

As at 30 June 2020 there were 97,840,540 million unexercised investor warrants over Ordinary shares at 2.5 pence outstanding. Since the year end a further 60,063,511 warrants over Ordinary shares at 2.5 pence were exercised. The remaining unexercised warrants expire on 27 August 2021.

No expense was recorded in the year in respect of these warrants.

�

Share based payments

�

The Company grants share options to employees as part of the remuneration of key management personnel and directors to enable them to purchase ordinary shares in the Company. Under the plan, 74 million options were granted for no cash consideration; 64 million options were granted for a period of three years expiring on 25 September 2023 and 10 million options were granted for a period of three years expiring on 07 January 2024. The share options outstanding at 30 June 2020 had a weighted average remaining contractual life of 2.4 years (2019: 2.9 years). Maximum term of new options granted was 4 years from the grant date. The weighted average exercise price of share options as at the date of exercise is �0.0073 (2019: �0.0035). The share options outstanding at 30 June 2020 had a range of exercise prices between �0.0020 and �0.0300.

�	Granted during the period		Unexercised at 30 June 2019 �		Share options exercised	Unexercised at 30 June 2020		Exercise price (pence)		Date from which exercisable		Expiry date �
C Baxter		-	17,500,000	(17,500,000)			-		0.7p		18 Aug 2017	16 Feb 2021
C Baxter		-	14,000,000	-			14,000,000		1.4p		07 Sep 2019	06 Sep 2022
C Baxter		-	14,000,000	-			14,000,000		2.0p		07 Sep 2019	06 Sep 2022
C Baxter		9,000,000	-	-			9,000,000		2.5p		26 Sep 2020	25 Sep 2023
C Baxter		9,000,000	-	-			9,000,000		3.0p		26 Sep 2020	25 Sep 2023
A Borrelli		-	25,000,000	-			25,000,000		0.2p		20 Apr 2016	20 Apr 2021
A Borrelli		-	14,000,000	-			14,000,000		0.28p		18 Jan 2017	18 Jul 2022
A Borrelli		-	7,500,000	-			7,500,000		0.7p		18 Aug 2017	16 Feb 2021
A Borrelli		-	2,500,000	-			2,500,000		1.4p		07 Sep 2019	06 Sep 2022
A Borrelli		-	2,500,000	-			2,500,000		2.0p		07 Sep 2019	06 Sep 2022
G Heddle		-	28,000,000	(28,000,000)			-		0.28p		18 Jan 2017	18 Jul 2020
G Heddle		-	17,500,000	(17,500,000)			-		0.7p		18 Aug 2017	16 Feb 2021
G Heddle		-	14,000,000	-			14,000,000		1.4p		07 Sep 2019	06 Sep 2022
G Heddle		-	14,000,000	(14,000,000)			-		2.0p		07 Sep 2019	06 Sep 2022
G Heddle		9,000,000	-	-			9,000,000		2.5p		26 Sep 2020	25 Sep 2023
G Heddle		9,000,000	-	-			9,000,000		3.0p		26 Sep 2020	25 Sep 2023
G Cryan		-	5,000,000	-			5,000,000		0.7p		18 Aug 2017	16 Feb 2021
G Cryan		-	3,000,000	-			3,000,000		1.4p		07 Sep 2019	06 Sep 2022
G Cryan		-	3,000,000	-			3,000,000		2.0p		07 Sep 2019	06 Sep 2022
G Cryan		1,500,000	-	-			1,500,000		2.5p		26 Sep 2020	25 Sep 2023
G Cryan		1,500,000	-	-			1,500,000		3.0p		26 Sep 2020	25 Sep 2023
B Wasse		-	6,000,000	(6,000,000)			-		1.4p		07 Sep 2019	06 Sep 2022
B Wasse		-	6,000,000	-			6,000,000		2.0p		07 Sep 2019	06 Sep 2022
B Wasse		3,000,000	-	-			3,000,000		2.5p		26 Sep 2020	25 Sep 2023
B Wasse		3,000,000	�	-			3,000,000		3.0p		26 Sep 2020	25 Sep 2023
C Latcham		-	10,000,000	-			10,000,000		2.5p		21 Mar 2020	20 Mar 2023
C Latcham		1,500,000	-	-			1,500,000		2.5p		26 Sep 2020	25 Sep 2023
C Latcham		1,500,000	-	-			1,500,000		3.0p		26 Sep 2020	25 Sep 2023
M Sawyer		-	10,000,000	-			10,000,000		2.5p		21 Mar 2020	20 Mar 2023
M Sawyer		3,000,000	-	-			3,000,000		2.5p		26 Sep 2020	25 Sep 2023
M Sawyer		3,000,000	-	-			3,000,000		3.0p		26 Sep 2020	25 Sep 2023
T Harris		5,000,000	-	-			5,000,000		2.5p		26 Sep 2020	25 Sep 2023
T Harris		5,000,000	-	-			5,000,000		3.0p		26 Sep 2020	25 Sep 2023
J Janik		5,000,000	-	-			5,000,000		2.5p		08 Jan 2021	07 Jan 2024
J Janik		5,000,000	-	-			5,000,000		3.0p		08 Jan 2021	07 Jan 2024
�		74,000,000	213,500,000	(83,000,000)			204,500,000		�		�	�
�	�	�	�	�	�	�	�	�	�	�	�	�

�

The fair value of the 64 million options granted on 26 September 2019 using an adjusted Black-Scholes method and assumptions were as follows:

Options issued	32 million share options	32million share options	�
Grant date	26 September 2019	26 September 2019	�
Fair value at measurement date	0.187 pence	0.114 pence	�
Share price at grant date	1.77 pence	1.77 pence	�
Exercise price	2.5 pence	3.0 pence	�
Expected volatility Vesting period: 1 year after grant	32% 26 September 2020	32% 26 September 2020	�
Option life	36 months	36 months	�
Expected dividends	0.00%	0.00%	�
Risk free interest rate	0.50%	0.50%	�
Discount	40%	40%	�
Fair value of options granted	�35,836	�21,851	�

�

The fair value of the 10 million options granted on 08 January 2020 using an adjusted Black-Scholes method and assumptions were as follows:

Options issued	5 million share options	5million share options	�
Grant date	08 January 2020	08 January 2020	�
Fair value at measurement date	0.328 pence	0.220 pence	�
Share price at grant date	2.04 pence	2.04 pence	�
Exercise price	2.5 pence	3.0 pence	�
Expected volatility Vesting period: 1 year after grant	33% 08 January 2021	33% 08 January 2021	�
Option life	36 months	36 months	�
Expected dividends	0.00%	0.00%	�
Risk free interest rate	0.50%	0.50%	�
Discount	40%	40%	�
Fair value of options granted	�9,842	�6,598	�

�

The fair value of the share options expensed during the year was �154,492, being the value of the options attributable to the vesting period to 30 June 2020 (2019: �234,032). �8,265 and �14,229 will be expensed in the following years, being the value of these options attributable to the end of their vesting dates. �116,945 in respect of the exercised share options was transferred to reserves (2019: �142,098).

The volatility is set by reference to the historic volatility of the share price of the Company.

�

Cash and cash equivalents - Group

30 June 2020

�

Currency adjustments

�

Net Cash flow

�

30 June 2019

�

Cash at bank and in hand

6,022,745

189,314

3,077,433

2,755,998

�

Total cash and cash equivalents

6,022,745

189,314

3,077,433

2,755,998

�

Cash and cash equivalents - Company

30 June 2020

�

Currency adjustments

�

Net Cash flow

�

30 June 2019

�

Cash at bank and in hand

4,257,920

2,010,649

2,247,271

�

Total cash and cash equivalents

4,257,920

2,010,649

2,247,271

�

Cash at bank earns interest at floating rates based on daily bank deposit rates.�

Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

�

Commitments

As at 30 June 2020, the Company had entered into the following commitment:

Exploration commitments

Ongoing exploration expenditure is required to maintain title to the Group mineral exploration permits. No provision
has been made in the financial statements for these amounts as the expenditure is expected to be fulfilled in the
normal course of the operations of the Group.

�

Lease liability

In December 2018 Greatland Pty Ltd entered into a lease agreement with Bondall Pty Ltd for office premises. The initial
term of the lease is 5 years, expiring on 30 November 2023. The Company has the option to extend the lease for a
further 5 year term, expiring on 30 November 2028.

In December 2018 Greatland Gold plc entered into a lease agreement with The Argyll Club (formerly London Executive
Offices for offices premises. The initial term of the lease was 24 months, expiring on 30 November 2020. The
Company has extended the lease for a further 24 month terms, expiring on 30 November 2022

The current lease liability relates to the rental and interest payments due for current period to 30 November 2019 and the
non-current lease liability relates to the rental and interest payments up to and including the periods to 30 November 2028.

�	Group	Group	Company	Company
�	2020	2019	2020	2019
�	�	�	�	�
�	�	�	�	�
Lease payments payable:	�	�	�	�
Current (< 1 year)	56,049	13,045	24,440	13,045
2-5 years	234,429	-	37,506	-
> 5 years	121,697	-	-	-
�	412,175	13,045	61,946	13,045

�

Significant agreements and transactions

On 8 June 2020, Greatland signed a series of agreements in relation to the Havieron project variously between Newcrest Operations Limited ("Newcrest"), Western Desert Lands Aboriginal Corporation (Jamukurnu-Yapalikunu), the Prescribed Body Corporate for the Martu People of the Central Western Desert region in Western Australia ("WDLAC"), Greatland Gold plc ("Greatland") and Greatland Pty Ltd ("GPL") to assist in the process for a Mining Lease application.

�

There were no other significant agreements and transactions to report other than those reported in Note 21.

�

Events after the reporting period

Post-Balance Sheet Capital Raises and issue of options

On 2 July 2020 the Company received a binding option exercise notice from Callum Baxter for 14,000,000 options at 1.4 pence per share for a total consideration of �196,000.

On 24 July 2020 the Company received a binding option exercise notice from Gervaise Heddle for 5,000,000 options at 2.0 pence per share for a total consideration of �100,000.

On 29 July 2020 the Company received a binding option exercise notice from Clive Latcham for 1,250,000 options at 2.5 pence per share for a total consideration of �31,250.

On 4 August 2020 the Company announced that during July 2020, it had issued 1,591,893 new ordinary shares of 0.1p each from its block listing authority of 10 February 2020 for a total consideration of �37,797.

On 1 September 2020 the Company announced that during August 2020, it had issued 11,891,892 new ordinary shares of 0.1p each from its block listing authority of 10 February 2020 for a total consideration of �297,297.

On 25 September 2020 the Company received binding option exercise notices from employees for 2,500,000 options at 0.7 pence per share for a total consideration of �17,500 and 6,000,000 options at 2.0 pence per share for a total consideration of �120,000.

On 28 September 2020 the Company received binding option exercise notices from employees for 13,000,000 options at 2.5 pence per share for a total consideration of �325,000 and 5,000,000 options at 3.0 pence per share for a total consideration of �150,000.

On 29 September 2020 the Company received binding option exercise notices from an employee for 3,000,000 options at 2.5 pence per share for a total consideration of �75,000 and 3,000,000 options at 3.0 pence per share for a total consideration of �90,000.

On 1 October 2020 the Company announced that during September 2020, it had issued 32,816,214 new ordinary shares of 0.1p each from its block listing authority of 10 February 2020 for a total consideration of �820,405.

On 2 November 2020 the Company announced that during October 2020, it had issued 13,763,512 new ordinary shares of 0.1p each from its block listing authority of 10 February 2020 for a total consideration of �344,088.

Corporate

On 30 July 2020 the Company announced that it had appointed Berenberg and H&P Partners as joint corporate brokers and financial advisers to the company with immediate effect.

On 27 August 2020 the Company announced that it had appointed PKF Littlejohn LLP as auditors to the Company with immediate effect.

On 10 September 2020, the Western Australian Department of Mines, Industry Regulation and Safety ("DMIRS") has granted Mining Lease application 45/1287 for the Havieron gold-copper deposit. The Mining Lease covers the 12 block area that is subject to the Farm-in Agreement between Greatland and Newcrest dated 12 March 2019.

�

Related party transactions

Remuneration of key management personnel

The remuneration of the directors, and other key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS24 Related Party Disclosures.

�

2020

�

2019

�

Short-term employee benefits

Share based payments

Key management personnel

�

997,511

154,492

711,409

787,116

233,761

234,157

�

1,863,412

1,255,034

Financial instruments - Group

�

The Group uses financial instruments comprising cash, liquid resources and debtors/creditors that arise from its operations.

�

�	�	Group	Group	Company	Company
�	�	2020	2019	2020	2019
�	�	�	�	�	�
Financial assets at amortised cost		�	�	�	�
Trade and other receivables excluding prepayments		38,065	49,282	-	-
Cash and cash equivalents		6,022,745	2,755,998	4,257,920	2,247,271
�		6,060,810	2,805,280	4,257,920	2,247,271
�		�	�	�	�
Financial liabilities		�	�	�	�
Trade and other payables (at amortised cost)		911,301	630,368	168,036	255,510
Lease liabilities (current and non-current)		412,175	-	61,946	-
�		1,323,476	630,368	229,982	255,510
�		�	�	�	�	�

The Group's exposure to currency and liquidity risk is not considered significant. The Group's cash balances are held in Pound Sterling and in Australian dollars, the latter being the currency in which the significant operating expenses are incurred.� To date the Group has relied upon equity funding to finance operations. The Directors are confident that adequate cash resources exist to finance operations to commercial exploitation, but controls over expenditure are carefully managed.

�

The net fair value of financial assets and liabilities approximates the carrying values disclosed in the financial statements.� The currency of the financial assets is as follows:

�

Cash and short term deposits

�

30 June 2020

�

30 June 2019

�

Sterling

�

4,257,920

2,247,271

�

Australian Dollars

�

1,764,825

508,727

�

At 30 June 2020

�

6,022,745

2,755,998

�

The financial assets comprise interest earning bank deposits.

�

Contingent liabilities

Acquisition of Havieron Project

Under the terms of the agreement for the acquisition of the Havieron Gold Project an initial payment of A$25,000 in cash and 65,490,000 ordinary shares of 0.1 pence each in the Company were made. However, a second payment of 145,530,000 ordinary shares of 0.1 pence each will be made upon a "Decision to Mine".

�

25	Ultimate Controlling Party There is considered to be no ultimate controlling entity.

�

for the year ended 30 June 2020

Group balance sheet

EQUITY

Retained earnings

TOTAL EQUITY

Group statement of changes in equity

for the year ended 30 June 2020

�

�

Share capital

Share premium

Share based payment reserve

Retained earnings

Other reserves

Total

As at 30 June 2018

3,002,256

9,749,891

243,472

(8,950,444)

221,190

4,266,365

�

�

�

�

�

�

�

Loss for the year

-

-

-

(3,264,307)

-

(3,264,307)

Currency translation differences

-

-

-

-

(52,730)

(52,730)

Total comprehensive income

-

-

-

(3,264,307)

(52,730)

(3,317,037)

Share option charge

-

-

248,232

-

-

248,232

Transfer on exercise of options and warrants

-

-

(142,098)

142,098

-

-

Share capital issued

321,164

2,936,782

-

-

-

3,257,946

Cost of share issue

-

(132,500)

-

-

-

(132,500)

Total contributions by and distributions to owners of the Company

321,164