Greatland Gold has entered 2025 with momentum and purpose, carrying the weight of a transformational year behind it and a clear path forward. After securing full ownership of both Havieron and Telfer in a landmark deal with Newmont, the company has rapidly evolved from a junior explorer into a fully-fledged, cash-generating gold-copper producer.
But this is only the beginning. The groundwork laid in 2024 is now propelling Greatland into its next chapter, one defined by ambitious growth, institutional credibility, and strategic clarity.
This next phase includes a high-profile cross-listing on the Australian Securities Exchange (ASX), a major corporate rebranding, and a sharpened focus on delivering long-term value from its tier-one assets in Western Australia. Together, these changes reflect more than just operational progress, they signal Greatland’s emergence as a serious player on the global mining stage.
Rebranding for Growth: A New Name, A New Structure
In April 2025, Greatland announced a significant corporate restructure ahead of its planned cross-listing on the Australian Securities Exchange (ASX). As part of this process, a new Australian-incorporated parent entity, Greatland Resources Limited, will be created to sit above the existing UK company, Greatland Gold plc. Once approved by shareholders and the UK Court through a formal scheme of arrangement, Greatland Gold will become a wholly owned subsidiary of this new parent company.
The creation of Greatland Resources Limited, the Australian-incorporated parent company, marks more than a technical restructuring ahead of the ASX dual listing. It reflects a strategic evolution in how the company defines itself. The addition of “Resources” signals Greatland’s emergence as a true multi-commodity business, with copper now sitting alongside gold as a central pillar of its growth strategy.
This expanded identity better aligns with the company’s operational footprint, which is now fully based in Australia, and its ambition to become a leading mid-tier producer. While gold remains core to the company’s DNA, copper is playing an increasingly critical role in the long-term outlook, supported by rising demand from electrification, AI infrastructure, and clean energy transitions.
“Greatland Resources” represents more than ownership structure, it’s a declaration of scale, versatility, and intent. It marks the next stage in Greatland’s journey from explorer to diversified producer, underpinned by operational excellence and the capacity to lead in one of the world’s most resource-rich jurisdictions.
With that broader identity taking shape, the next step is clear: aligning its capital markets presence with its Australian growth story through an ASX listing.
From AIM to ASX: A Listing That Aligns with the Future
In Q2 2025, Greatland will take a pivotal step in its evolution by securing a cross listing on the Australian Securities Exchange (ASX). While the company will retain its AIM presence in London, this ASX listing marks a strategic alignment with its operational reality. Greatland is now a 100% Australian-focused miner, with Australian assets, an Australian leadership team, and a long-term growth strategy rooted in the Paterson Province.
The ASX is the natural home for a company of Greatland’s scale and ambition. It is the world’s premier exchange for mining and resource companies, offering greater visibility, stronger liquidity, and access to a deeper pool of institutional capital. For investors in Australia, home to the likes of the BHP Group (BHP) and Rio Tinto (RIO), Greatland’s arrival comes at a time of heightened interest in gold-copper assets with scale and near-term production.
The listing also paves the way for potential inclusion in key indices like the ASX 300 and, eventually, the ASX 200. That’s not just a milestone for visibility, it has real implications for passive fund flows and sustained investor engagement. Companies like De Grey and Genesis have already demonstrated what’s possible with strong domestic backing, and Greatland is positioning itself to follow that same upward trajectory.
But a listing is only as powerful as the people behind it. In Greatland’s case, the team is built to execute.
Leadership Built for Execution
Behind every successful transformation is a team capable of delivering it, and Greatland has assembled one of the most experienced and capable leadership groups in the sector. At the helm is Managing Director Shaun Day, whose previous role as CFO of Northern Star Resources gave him direct experience in scaling operations, managing multi-billion-dollar budgets, and navigating complex acquisitions. Alongside him, Chief Operating Officer Simon Tyrrell brings deep operational insight from his time overseeing processing, asset management, and major projects at both Northern Star and Newcrest.
But it doesn’t stop there. Greatland’s broader management team includes specialists with decades of experience across mining engineering, metallurgy, geology, and large-scale capital project delivery, many of whom have previously worked on the exact same assets now under Greatland’s control. This continuity is invaluable; the team knows the terrain, the ore bodies, and the infrastructure intimately.
The board has also been fortified with heavyweights from Fortescue Metals Group and BHP, adding further credibility and strategic depth. This is not a junior company punching above its weight, this is a leadership group purpose-built to run large-scale, cash-generating mining operations.
And it’s already showing. Just weeks after closing the acquisition of Telfer and Havieron, the operational turnaround has begun.
Telfer Delivers Cash Flow, Havieron Sets the Future
Telfer, acquired from Newmont in December 2024, is already proving its value. In less than a month of ownership, Greatland generated 33,882 ounces of gold equivalent, early confirmation that the mine can be both a reliable producer and a key source of near-term cash flow. Under Greatland’s 15-month mine plan, Telfer is expected to produce over 425,000 ounces of gold equivalent, supported by a newly published Mineral Resource of 3.2Moz of gold and 117kt of copper.
Critically, Telfer’s strength lies not just in its current production, but in its flexibility and growth potential. The site hosts over 400,000 ounces of contained gold in surface stockpiles, giving Greatland the ability to maintain consistent throughput while pursuing development at depth. Near-term extension opportunities at the West Dome and Main Dome are also being actively progressed, with recent drilling and geological assessments indicating strong potential to add further mine life without major capital outlay.
On April 15th 2025, Greatland released an updated Ore Reserve estimate for Telfer, confirming 712,000 ounces of gold and 23,000 tonnes of copper. This reserve supports a two-year production outlook, reinforcing Telfer’s role as a key cash-generating asset. In parallel, the company outlined plans to expand the Havieron project, highlighting potential for increased throughput and mine life. This strategic expansion underscores the Havieron’s scalability and its role in Greatland’s long-term production profile.
As for Havieron itself, Greatland’s flagship development asset has steadily advanced toward production. With 100% ownership now secured, the company has full control to execute its development vision. The deposit, already one of Australia’s largest undeveloped gold-copper resources at 8.4Moz gold equivalent, offers the kind of scale, grade, and proximity to infrastructure that operators dream of. The feasibility study is on track for release in the second half of 2025, and first ore production is expected in 2026. By 2028, Havieron is forecast to reach steady-state production of 258,000 ounces gold equivalent annually, with a sector-leading AISC of just US$818/oz.
Together, Telfer and Havieron represent a rare combination: an established cash generator and a long-life, low-cost growth engine, both supported by existing infrastructure, regional synergies, and a clear development pathway.
This dual-asset platform gives Greatland an enviable base, and the financial strength to build from it.
Financial Strength and Institutional Support
Greatland enters the next phase of its growth story with one of the strongest balance sheets in its peer group. As of December 31, 2024, the company held £71.9 million in cash and carried zero debt, having fully repaid the US$52.4 million owed to Newmont as part of the landmark Telfer-Havieron acquisition. This clean financial slate gives Greatland significant flexibility as it ramps up operations and finalizes development plans at Havieron.
The March 2025 Quarterly Activities Report provided a comprehensive operational update. Key highlights included continued progress on the Havieron feasibility study, improved operational efficiency at Telfer, and infrastructure enhancements to support expansion. Financially, the company remains strong, maintaining a solid cash position while advancing funding arrangements to support future growth.
In parallel, the company has secured a robust funding framework to support its ambitions. A A$100 million syndicated facility, comprised of a A$75 million working capital line and a A$25 million contingent instrument facility, has already been executed with Tier 1 banks ANZ, HSBC, and ING. In addition, Greatland has received a non-binding letter of support from the same syndicate for a further A$775 million in project finance, including a substantial A$650 million term facility dedicated to Havieron’s development. This level of institutional backing is a powerful endorsement of Greatland’s strategy, asset quality, and leadership.
To further de-risk near-term revenue, the company has also implemented a smart hedging strategy. It has purchased put options covering 150,000 ounces of Telfer gold production through the end of 2025 at an average strike price of A$3,905 per ounce. This ensures downside protection in the event of a gold price pullback, while still preserving full exposure to any upside in the market, an approach that reflects both prudence and confidence.
All signs point to a company that is not only well-funded but financially disciplined, with the right tools in place to weather volatility and keep advancing on its long-term objectives.
Gold at Record Highs—What Comes Next?
Despite its robust foundations, Greatland remains exposed to the same operational, market, and macroeconomic challenges that affect all mining companies. Havieron, while progressing well, is still a development-stage asset. Any delays in completing the feasibility study, securing final permits, or ramping up construction could push back timelines and add pressure to capital planning. Telfer, though already delivering cash flow, is a complex, mature operation, unexpected technical issues, processing constraints, or cost overruns could impact performance in the near term.
Then there are external forces beyond Greatland’s control. Copper, currently buoyed by AI data centres, EV infrastructure, and clean energy projects, could see demand soften if global growth slows or China’s recovery falters. A sharp correction in copper prices would hit revenue projections, especially as Havieron’s copper contribution becomes more central in later years. Gold, too, remains volatile, subject to shifts in interest rates, inflation expectations, and geopolitical sentiment.
Currency movements are another layer of complexity. With revenues largely denominated in U.S. dollars and a cost base in Australian and British currencies, swings in FX rates could affect margins. While hedging provides some buffer, the risk is ever-present.
That said, Greatland appears better equipped than most to manage these headwinds. The company has already demonstrated strong financial discipline and technical capability. It has substantial cash reserves, locked-in working capital facilities, and strategic hedges in place. Its leadership team has a proven track record of delivering under pressure, and its projects benefit from scale, location, and infrastructure advantages. In short, it’s a company built not just for opportunity, but for resilience.
Looking Ahead: A Defining Year for Greatland
With the ASX listing targeted for the June quarter, an updated Telfer Mineral Resource already released, and the Havieron feasibility study progressing steadily toward completion in the second half of 2025, Greatland is entering one of the most consequential periods in its corporate history. The pieces are in place. Execution is now the focus, and the upside is compelling.
This isn’t the Greatland of yesterday, a small-cap explorer dependent on market sentiment and isolated drill results. This is a new Greatland: a well-capitalized, technically capable, fully-integrated producer with two cornerstone assets, a nationally significant infrastructure base, and one of the most experienced leadership teams in the Australian mining sector.
For investors, the risk profile has fundamentally shifted. While exploration remains part of the growth strategy, Greatland is now anchored by operational cash flow, development scale, and strong institutional backing. It is positioned not just to participate in the next gold and copper cycle, but to lead within it.
Whether your investment thesis is driven by rising demand for gold as a safe-haven asset, the structural deficit in global copper supply, or the long-term electrification of everything, from AI data centres to EVs, Greatland sits at the intersection of it all. And with strategic control of both Telfer and Havieron, the company has the rare ability to sequence growth, manage risk, and unlock value without external dependencies.
If management delivers on its current roadmap, the bold acquisition of 2024 won’t just be seen as a turning point, it will be remembered as the moment Greatland stepped into its own. A move that reshaped its future. And potentially, a moment that helped reshape the Australian mid-tier mining landscape itself.
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