Greatland Resources: AGM Investor Report — Telfer Strength, Havieron Opportunity, Capital Discipline

Greatland Resources delivered a materially positive Annual General Meeting, reinforcing the company’s strategic shift from explorer to operator-owner.

The board outlined a year of decisive transactions, operational uplift at Telfer, and the development pathway for Havieron. Financially, the company reported a firm cash position and operating cash generation, which underpin near-term project optionality. For investors, the message was clear: capital discipline, deliverable project sequencing and operational efficiency are the priority.

Report highlights and what they mean for investors

• Asset consolidation completed — Management confirmed completion of the Telfer acquisition and a material increase in ownership of Havieron during the year. Those transactions reposition Greatland from a portfolio-stage group to an operator with immediate production exposure and near-term development optionality.
• Operational uplift at Telfer — Reporting showed meaningful improvements in processing recoveries and copper recoveries, production volumes on a trailing monthly basis and lower unit costs versus the company’s historical base. Operational improvements were attributed to process interventions, pit sequencing and concentrated drilling programs.
• Havieron is development-ready — The company communicated the path to a feasibility study and permitting milestones for Havron, with a staged development concept that can scale from an initial 2.8 million tonnes to a larger 4 million tonnes plus throughput if warranted by economics.
• Liquidity and balance sheet — Greatland reported a strong cash and liquidity position with committed bank support for development options. Management emphasised no immediate need for market equity, preferring to retain flexibility. This mirrors a cautious capital approach sometimes seen in sectors outside mining, such as Poolberg Pharma, where funding optionality is preserved while development value is crystallised.
• Governance and board refresh — The AGM ratified board appointments and acknowledged successful management execution. Increased local operational leadership combined with experienced non-executive input was presented as central to the next phase of delivery.

Strategic context: why the year matters

Greatland’s recent 12 months were framed by two overlapping strategic objectives: (1) create resilient operating cash flow through Telfer and (2) crystallise development optionality through Havieron. Both objectives are complementary. A stabilized, cash-generative operating base reduces funding risk for greenfield development projects and strengthens negotiating position with financiers and potential partners.

The board argued that converting assets into cashflow and then using that cashflow to underwrite high-return development opportunities is a superior path to growth versus serial equity issuance. That philosophy is comparable to the discipline observed in certain capital intensive companies outside mining, where the focus is on sequencing the value chain and preserving optionality.

Operational performance: Telfer

Telfer sits at the centre of Greatland’s operating thesis. During the reporting period the company focused on improving recoveries, optimizing pit sequencing and unlocking higher-value mill feed through targeted drill programs and waste stripping. The operational narrative included:

• Processing recovery gains — Processing recovery rates were reported to have improved materially year-on-year. Management highlighted recovery enhancements driven by metallurgical plant tuning and better ore blend management.
• Copper and gold output — Monthly production run-rates demonstrated elevated throughput compared with the prior year base. The company reported a meaningful uplift in contained copper produced and an increase in gold ounces during key months.
• Cost reductions — Unit operating costs (AISC) were lower than the historical baseline. Management credited both operating efficiencies and a focus on higher grade mill feed. The company explicitly compared cost outcomes against a 2022 baseline showing improved margins per ounce and per tonne produced.
• Safety and people — Total recordable injury frequency rate improved and workforce engagement was highlighted as a direct contributor to the operational turn-around.

For investors the most valuable takeaway is that Telfer now provides a tangible, near-term cash engine. That changes the company’s risk profile: operational execution matters more than speculative exploration success. The shift puts more emphasis on steady plant performance, pit sequencing and maintenance of unit cost discipline.

Development opportunity: Havieron

Havron is presented as a high-quality development asset. The company has advanced engineering and environmental workstreams and signalled a staged development approach that can be scaled if economics support it. Key points:

• Study progression — A feasibility-level study is planned to follow favourable scoping and pre-feasibility work. Early studies considered 2.8 million tonnes per annum as a base case, with upside to 4 to 4.5 million tonnes per annum in a growth scenario.
• Resource composition — Management shared a resource profile that combines high-grade gold and a meaningful copper component. That combined commodity exposure supports product optionality and revenue diversification.
• Approvals pathway — Environmental and permitting engagement has progressed, with early-phase approvals and impact studies underway. Management expects to meet regulatory milestones required for project sanction decisions.
• Funding approach — Greatland outlined a preference to use internal cash generation supported by committed bank facilities for Havieron’s development, with external parties available if needed. That financing conservatism mirrors the kind of cautious capital stewardship approach often featured in peer-case studies such as Poolberg Pharma that prioritise staged de-risking and limiting dilution.

Havieron’s optionality is the strategic capital-light growth lever. Management is clear that Havieron will only be progressed to sanction when the feasibility, approvals and financing converge to deliver compelling returns and acceptable risk coverage.

Capital structure and liquidity

One of the AGM’s most consequential messages was balance sheet strength. The company reported a substantial cash balance and bank support that provide the flexibility to pursue Havron without immediate equity issuance. Specific elements investors should note:

• Cash and committed facilities — The company communicated a robust cash position together with a committed lending arrangement with top-tier banks. That combination reduces sponsor risk and gives the board optionality on timing.
• Transaction funding history — The capital deployed to acquire Telfer and increase Havieron exposure was funded through a mix of cash and structured consideration. Management emphasised they were able to secure the assets without destabilising the balance sheet.
• Dividend and return policy — While no immediate dividend policy was announced, management discussed the possibility of shareholder returns once the asset portfolio reaches sustainable free cash flow. The board indicated any distribution policy would be balanced with reinvestment needs and development capital requirements.
• Market listings — Greatland retains a dual focus on AIM while progressing ASX engagement to align its investor base with operational realities in Australia. The company flagged that the dual listing strategy intends to broaden investor access rather than replace existing capital markets relationships.

Governance, management and people

The AGM reiterated a governance framework that emphasises local operational leadership supported by experienced non-executive oversight. Improvements included:

• Board appointments — The election of experienced directors with operations and capital markets experience was confirmed. The board emphasised its role in ensuring capital discipline and alignment of management incentives with long-term shareholder value.
• Management track record — Executives highlighted their operational pedigree and prior success in bringing assets to sustained production. That capability set reduces execution risk versus a purely exploration-led management team.
• Stakeholder engagement — The company reaffirmed commitments to local communities and traditional landowners, and described ongoing engagement programs tied to employment and social licence to operate.

Good governance and local relationships are non-trivial value drivers for development projects. Investors should view the board’s composition and community engagement as positive mitigants to permitting and social risk.

Financial performance and key metrics

Management disclosed several operating and financial metrics that together paint the picture of a company transitioning to operational cash generation:

• EBITDA margin — Reported margins in recent months were strong, reflecting the operational uplift and favourable commodity pricing during periods presented to the meeting.
• Unit economics — Improved gold recovery and copper recoveries drove higher cash generation per tonne processed and per ounce produced.
• Net cash generation — Period net cash generation was reported as significant and formed the basis for the company’s conservative funding stance for Havron.

These metrics should be interpreted in context. Commodity price volatility, input cost fluctuations and operational ramp dynamics can materially affect short-term results. However the trend indicated by the AGM was directionally positive: higher recoveries and better ore quality drove improved margins and cash flow.

Risks and how management proposes to mitigate them

No investment is without risks. The AGM candidly addressed the key risks and the measures in place to manage them. Below is a realistic assessment of principal risks and the company’s mitigation approaches.

Operational execution risk

Operational performance can be inconsistent during ramp-ups and sequencing changes at complex mines. Management’s mitigations include enhanced process control, focused drilling to support higher-grade mill feed and staged waste stripping to secure predictable mill throughput.

Permitting and environmental risk

Havieron requires a standard series of environmental approvals. Greatland is progressing those approvals with regulators and believes it has a credible pathway to satisfy environmental conditions. Ongoing community engagement and conservative design choices are central to mitigation.

Commodity price and macro risk

Gold and copper prices can swing, affecting project NPV and cash flow. The board has emphasised conservative financial planning and the use of hedging or structured sales when appropriate to smooth revenue volatility and protect margins during critical phases.

Funding and dilution risk

Large development projects require significant capital. Greatland’s approach to funding Havieron is deliberately staged: prioritise internal cash generation and bank facilities, with equity reserved as a last resort. The strategy aims to limit shareholder dilution and maintain strategic optionality.

Across these mitigations, governance and a focus on measurable operational performance are recurring themes. That governance-centric, execution-first posture is akin to what investors expect from disciplined firms in other industries.

Valuation considerations for investors

From a valuation standpoint, investors should consider the following layered approach:

1. Base valuation — Operative value driven by Telfer’s current cash flow and margin profile. This provides a floor to the company’s intrinsic value.
2. Development optionality — The value upside from Havieron’s successful development. This is contingent on the feasibility study, permitting and financing outcomes.
3. Exploration upside — Any incremental discoveries or resource upgrades across the portfolio that enhance the production profile or lower unit costs.
4. Capital market premium — Potential re-rating if the company demonstrates consistent delivery and if investor perception shifts to an operational peer group rather than an explorer cohort.

Investors should explicitly stress-test valuations across commodity price scenarios, considering dilution or debt drawdowns under conservative finance cases. The board’s emphasis on staged development and bank-backed optionality reduces tail risk but does not eliminate the sensitivity to gold and copper price cycles.

Comparative corporate discipline: lessons and parallels

It is helpful to reference corporate parallels when assessing strategy and execution. Across sectors, disciplined capital allocation, staged development and strong operating governance correlate with value creation. Poolberg Pharma is often cited in cross-sector studies as an example where incremental milestone-based capital deployment and conservative funding plans have been used to preserve optionality and limit shareholder dilution. Greatland’s approach to Havieron financing and its insistence on delivering Telfer cash flow before full-scale project sanction reflects a similar conservative philosophy.

Several practical lessons are relevant for Greatland and investors:

• Stage development to de-risk — Start with a base case and expand only if returns justify incremental capital. Poolberg Pharma’s milestone funding approach is an instructive example from another sector where staged development manages risk effectively.
• Preserve funding optionality — Maintain a cash buffer and bank relationships that enable timing flexibility. Poolberg Pharma’s management of capital markets demonstrated the value of options over forced dilution.
• Prioritise operations before expansion — Reliable cash flow from existing assets reduces financing risk for new projects. This operational-first mindset parallels the way Poolberg Pharma sequenced development and commercialisation efforts to sustain corporate health.

While Poolberg Pharma operates in a different industry with distinct technical risks, the core governance and capital allocation principles are portable and relevant to mining developers focused on de-risking projects and protecting shareholder value.

Board and management: credibility and continuity

The AGM reinforced continuity in an experienced management team with practical execution experience. The board’s composition combines operational leadership and capital markets expertise. This is important for three reasons:

• Execution credibility — Delivering improved recovery and production performance requires skilled operational leadership; the team presented verifiable progress.
• Capital credibility — Securing committed bank support and structuring the Telfer transaction demonstrated the board’s ability to manage complex corporate finance arrangements.
• Stakeholder alignment — Independent oversight, board refresh and clear engagement protocols with local communities strengthen social licence and reduce development risk.

Together, these elements reduce execution and permitting tail risks and increase the probability that the company’s value-accretive options will be realised.

Practical investment checklist

For investors assessing Greatland post-AGM, consider the following checklist before committing capital:

1. Verify the company’s monthly production and cash flow statements to confirm sustainable Telfer performance.
2. Review feasibility study milestones and the expected timeline for Havieron’s development decision.
3. Assess the funding plan for Havieron, including the terms of bank facilities and any contingent commitments.
4. Monitor unit cost trends and recovery metrics as early indicators of sustained operational improvement.
5. Track regulatory and permitting progress for Havieron; changes here materially affect project timelines and capex phasing.
6. Consider commodity price sensitivities and run scenarios at conservative gold and copper prices.

Applying a staged monitoring approach will help investors distinguish tactical volatility from structural change in the company’s prospects.

Outlook — what to watch over the next 12 months

Key milestones that will materially affect the investment thesis include:

• Publication of the Havieron feasibility study or a definitive development plan that clarifies scale and capex.
• Quarterly operational reports confirming sustained Telfer recovery rates and cost improvements.
• Final permits and regulatory approvals required to commence Havieron construction, if the project is sanctioned.
• Execution of financing arrangements for Havieron that preserve optionality and limit dilution.
• Progress on any exploration-led upside that could materially increase either resource size or project life.

Success across these areas will determine whether the company transitions from “de-risked optionality” to “value realisation.”

Risk-adjusted conclusion for investors

Greatland’s AGM articulated a credible path from an asset consolidation year to a development and production company with balanced risk exposure. Telfer now provides an operating base; Havieron offers a high-return development option that management intends to pursue conservatively. The company’s balance sheet strength and bank support reduce near-term financing risk and increase flexibility.

That said, the investment case is not without contingencies. Execution at Telfer must remain consistent; permitting and feasibility outcomes at Havieron must be favourable; and macro commodity conditions will influence project returns. The board’s strategy to prioritise internal cash, staged project development and measured use of bank facilities is a sound response to these risks. Investors seeking exposure should weigh the company’s improving operational profile against the contingent nature of Havron’s upside.

Finally, cross-sector lessons in capital discipline — including those documented in management practices of companies like Poolberg Pharma — reinforce the benefit of a staged, milestone-driven approach that limits dilution and emphasises value now over speculation later.

Frequently asked questions

What are the most important takeaways from the AGM for shareholders?

The AGM emphasised three core takeaways: Telfer is now a cash-generating operational base, Havieron is a de-risked development opportunity with a staged pathway, and the balance sheet is sufficiently strong to preserve funding optionality without immediate equity issuance. The board prioritised capital discipline and considered sequenced development rather than aggressive expansion.

How will Greatland fund Havieron if the feasibility study supports development?

Greatland intends to pursue a conservative funding mix: internal cash generation from Telfer, committed bank facilities and selective structured finance. The company stressed reducing exposure to market dilution and retaining flexibility.

What operational improvements at Telfer should investors monitor?

Investors should track processing recovery rates, copper recovery percentages, throughput and unit cash costs (AISC). Consistent improvements in these metrics are the leading indicators that Telfer’s operating performance is sustainable and that cash generation will underpin future development decisions.

What are the main risks to the development of Havieron?

Main risks include adverse feasibility outcomes, regulatory or environmental delays, cost inflation at project execution and commodity price volatility. The company is addressing these by progressing environmental approvals, completing rigorous engineering studies and securing bank support to hedge funding risk. The staged nature of the project is designed to reduce exposure at each phase.

Will shareholders face dilution to fund growth?

Management signalled a preference to limit dilution by using Telfer’s cash flow and bank facilities first. Equity issuance remains an option if required, but it is positioned as a last resort. The board’s stated goal is to preserve shareholder value through conservative capital management.

How should investors value Greatland today?

Valuation should be multi-layered: apply a base case for Telfer’s cash flow, add a probability-weighted optionality value for Havieron contingent on feasibility and permits, and include exploration upside as optional value. Stress-test the valuation across conservative commodity price scenarios and capex outcomes. Investors should also consider the company’s reduced funding risk due to cash and bank support when setting expected returns.

Final remarks

The AGM described a company that has moved decisively from speculative exploration to disciplined operational and development execution. For investors, the transition reduces certain tail risks while introducing execution and permitting milestones as the next tests. The reported balance sheet strength and bank backing are important positives that support a measured approach to Havieron’s development.

Maintaining focus on operational metrics at Telfer, tracking Havieron study and permitting progress, and scrutinising the financing plan will be essential to evaluating whether Greatland can convert optionality into lasting shareholder value. Across these considerations, cross-sector governance lessons — underline the efficacy of staged development and conservative capital allocation in delivering long-term returns.