Greatland Resources Ltd (ASX: GGP | AIM: GGP) Quarterly Activities Report – June Quarter 2025

Greatland joins the ASX as a leading Australian gold-copper producer

June quarter caps a transformational FY25 with more than $600 million cash flow from operations generated in just seven months, and 198,319 ounces of gold produced at AISC of $1,849 per ounce $575 million closing net cash to support key growth investments in FY26, targeting further multi-year Telfer life extension

Greatland Gold: From Junior Explorer to ASX Contender

The presentation is available for download from: https://www.greatland.com.au/investors/presentations/.

Highlights

Operations

§ FY25 production in just seven months¹ of 198,319 oz of gold (Au) plus 8,429t of copper (Cu) at an all-in-sustaining cost (net of by-product credits) (AISC) of $1,849/oz Au; production within guidance and AISC substantially better than guidance.

§ June quarter production of 78,283oz Au and 3,729t Cu at an AISC of $1,736/oz Au.

§ No Lost Time Injuries during the quarter. 12-month moving average lost time injury frequency rate (LTIFR) is 0 and Total Recordable Injury Frequency Rate (TRIFR) has improved significantly to 6.0 from 14.1 (31 December 2024).

§ Successful completion of the post acquisition integration of Telfer and Havieron operations into Greatland, including the stand-up of all systems, operational processes, and conclusion of transitional services arrangements.

§ Key Telfer mining leases achieved their second renewal, until December 2045.

Financial & Corporate

§ June quarter sales of 87,529oz Au and 3,740t Cu at weighted average realised prices of $5,014/oz gold and $12,718/t copper, generating net revenue of $487 million.

§ Strong operating cash flow of $310 million for the June quarter (March quarter: $297 million) delivered a closing cash balance of $575 million ($398 million at 31 March 2025), debt free.

§ ASX initial public offering (IPO) successfully completed in June 2025. Exceptionally strong investor demand for the $490 million offering priced at $6.60 per share and minimal dilution from a modest $50 million primary share issuance, with the balance a $440 million secondary sell down of shares held by Newmont.

§ Full upside exposure to the gold price with downside protection provided from gold put options at $3,905/oz (CY25) and $4,200/oz (CY26).

Growth

§ Significantly expanded drilling program underway, with six drill rigs at quarter end and 27,840 metres drilled in the June quarter. Encouraging assay results received from key extension targets in the West Dome Open Pit and Main Dome Underground.

§ $97 million growth capital invested in FY25, within guidance.

§ Commencement of key Telfer life extension projects including: second development drive to the new West Dome Underground project, pre-stripping of multi-year West Dome Open Pit Stage 7 extension, and tailings capacity expansion.

§ Havieron Feasibility Study and early works continue to progress, study completion remains on schedule for the December 2025 quarter.

FY26 outlook

§ FY26 guidance:

§ The first full-year production and AISC guidance follows an assessment undertaken subsequent to the final FY25 results and as part of the FY26 budget process, which included risk weighting the potential for lower gold grade of the existing ROM stockpiles mined in 2024 prior to Greatland’s acquisition of Telfer, and certain open pit areas intended to be mined in FY26.

§ $575 million net cash at the quarter end and continuing high volume production from Telfer is planned to fund key growth capital investments at Telfer targeting multi-year mine life extension, including:

‒        The largest drilling program in Telfer’s operating history, with ~ 240,000 metres total drilling planned (+145% vs. FY21-25 average) across eight drill rigs;

‒        Open pit life-extension pre-stripping, new mining fleet, and haul truck refurbishment;

‒        Underground life-extension development; and

‒        Tailings capacity expansion.

§ Greatland is undertaking significant infill drilling with tighter spacing than historically applied at Telfer, to inform and increase confidence in future mine planning and resource and reserve updates.

§ Havieron growth capital (pre FID) includes study completion, early works and development restart.

§ Further detail is set out in the FY26 Guidance section.

Notes:

All “$” values mentioned in this announcement are in Australian Dollars, unless specified

1.     From completion of the Telfer-Havieron acquisition on 4 December 2024 to 30 June 2025

Greatland Managing Director, Shaun Day, commented:

“The June 2025 quarter result has capped a transformational 2025 financial year for Greatland, in which we acquired and successfully integrated 100% ownership of Telfer and Havieron, extended Telfer’s mine life, generated more than $600 million of operating cash flow, and successfully completed an IPO on the ASX. Greatland has emerged from the year as a leading Australian gold-copper producer.”

“Looking ahead to FY2026, at Telfer we are focused on continuing safe and strong operational performance. Greatland is targeting further multi-year Telfer mine life-extensions by making important reinvestments, including into the drill rig with Telfer’s largest ever drilling program.”

“At Havieron, Greatland is well placed to complete our Feasibility Study on the expanded development in the December 2025 quarter and then resume the development of the world-class gold-copper project.”

Overview

Greatland Resources Limited (Greatland) is pleased to report operating (unaudited) results for the 3-month period from 1 April 2025 to 30 June 2025 (June quarter).

Greatland produced 78,283 oz Au and 3,729t Cu at AISC of $1,736/oz Au in the June quarter, with further details for the quarter and FY25 summarised below.

Table 1: June quarter and FY25 operating results (unaudited)

 Notes:

1.     FY25 total includes the 27-day operating period under Greatland ownership from completion of the Telfer-Havieron acquisition on 4 December 2024 to 31 December 2024, not shown separately given the short period for which costs were not reported.

2.     Net revenue includes adjustments for treatment and refining charges and payability deductions. Average price received is calculated by dividing net revenue by sales (i.e. average price received is also adjusted for treatment and refining charges and payability deductions).

3.     Reduction in mining costs from March to June quarter largely driven by deferral of West Dome Stage 2 ore mining, accelerated pre-stripping of Stage 7 (growth capital), and underground growth development.

4.     Reduction in sustaining capex from March to June quarter largely due to completion of TSF8 Stage 2 lift (sustaining capex) and commencement of Stage 3 lift (growth capex).

5.     Includes adjustments to reflect extension of Telfer mine life announced in April 2025.

Mining

West Dome Open Pit

Ore production during the June quarter was from Stage 2 and 7 (refer Figure 1 below), totalling 1.57Mt at 0.59g/t Au and 0.07% Cu, with grade mined in line with plan.

Total material mined was in line with plan. Mining of approximately 0.9Mt of ore from Stage 2 was deferred as dewatering system upgrades are being made following the significant Cyclone Zelia rainfall event during the March quarter. Waste pre-stripping of the Stage 7 Cutback was accelerated and progressed well during the quarter with approximately 3.0Mt of waste mined.

Main Dome Underground

Ore production during the June quarter was from the M-reef, A-reef, Western Flanks, Rey and Eastern Stockwork Corridor (ESC) mining areas (refer Figure 1), totalling 0.30Mt at 1.62g/t Au and 0.58% Cu.

Figure 1: June quarter mining areas

The improved productivity in underground development metres has been sustained with 1,392 metres for the June quarter (March quarter: 1,362 metres).

Figure 2: Main Dome underground monthly development metres

Processing

June quarter delivered processed tonnes of 4.9Mt with average head grade of 0.58g/t Au and 0.09% Cu. June quarter recoveries were 82% for gold (in line with plan) and 81% for copper (~10% better than plan).

FY25 gold recovery of 84.2% was the highest annual recovery since 2010. These are exceptional results given the lower than historical grades, achieved through a focus on stable grinding and flotation plant operation, and consistent feed rates to and utilisation of the pyrite flotation and concentrate CIL circuits.

Stockpiles

Closing run-of-mine (ROM) ore stockpiles at 30 June 2025 are estimated at 7.0Mt at average grade of 0.57g/t Au and 0.06% Cu for contained metal of 129koz Au and 4.5kt Cu. The grade of the ROM stockpiles has been recalibrated to reflect recent processing reconciliations.

Further low grade stockpiles at 30 June 2025 are estimated at 20.7Mt at average grade of 0.33g/t Au and 0.04% Cu for contained metal of 220koz Au and 9.0kt Cu.

Performance against FY25 guidance – commentary

FY25 total production of 198,319oz Au was within guidance of 196,000 – 210,000oz Au.

In terms of being towards the lower end of production guidance, the main contributing factor was lower than planned average gold head grade processed due to deferral of some West Dome Open Pit Stage 2 ore mining (the impact of Cyclone Zelia being described above) which was replaced with additional processing of ex-pit direct tip low grade material, and lower than planned head grade of stockpiles mined in 2024 prior to Greatland’s acquisition of Telfer. These factors have been considered in determining FY26 guidance. In addition, Greatland is undertaking significant infill drilling with tighter spacing than historically applied at Telfer, to inform and increase confidence in future mine planning and resource and reserve updates.

Pleasingly, FY25 AISC was significantly better than guidance of $2,100 – $2,250/oz Au, due largely to a combination of improved productivity, deferral of West Dome Stage 2 ore mining, accelerated pre-stripping in West Dome Stage 7 (growth capital) and increased processing of stockpiles acquired as part of the Telfer acquisition.

FY25 growth capex of $97 million was within guidance of $95 – 105 million.

Renewal of key Telfer mining leases

Greatland is pleased to confirm that key Telfer mining leases achieved their second renewal until December 2045 during the June quarter. Tenements M45/6, M45/7, M45/8, M45/9, M45/10, M45/11, G45/1, G45/2, G45/3, G45/4 and L45/3 (refer Figure 3) were all renewed until 17 December 2045.

Figure 3: Telfer tenements

 FY26 Guidance – Investing in multi-year life extension at Telfer

Greatland is pleased to provide its first full-year guidance since completing the acquisition of Telfer and Havieron in December 2024.

As its new owner, Greatland is investing to continue renewing and extending Telfer’s operations. The operational performance to date, coupled with identification of high potential mine life-extensions from Greatland’s expanded resource development drilling programs, underpin increasing confidence in the potential for further multi-year mine life extensions at Telfer.

In FY26, continued high volume production from Telfer, at reasonable costs in a strong gold price environment, is expected to continue to generate healthy margins and operating cash flow, supporting significant growth investments at both Telfer and Havieron.

Greatland’s objective is to maintain a sustainable production rate from Telfer leading up to the anticipated commencement of mining at Havieron.

Table 2: FY26 guidance ranges

Production and AISC

Gold production guidance is for 260 – 310koz Au at an AISC range of $2,400 – $2,800/oz Au.

Production guidance has been moderated from the 2-Year Outlook production target of 300 – 340koz at AISC of $2,400 – $2,600/oz Au announced by the Greatland group in April 2025. This follows an assessment undertaken subsequent to the final FY25 results and as part of the FY26 budget process, which included risk weighting the potential for lower gold grade of the existing ROM stockpiles mined in 2024 prior to Greatland’s acquisition of Telfer and certain open pit areas intended to be mined in FY26.

Greatland is undertaking significant infill drilling with tighter spacing than historically applied at Telfer, to inform and increase confidence in future mine planning and resource and reserve updates.

FY26 AISC guidance of $2,400 – $2,800/oz Au is based on the recently completed and approved bottom-up FY26 budget and production guidance range, and assumes a market copper price of $13,960/t.

Telfer growth capital

Key life-extension growth capital investments at Telfer planned for FY26 include:

§ Pre-stripping of West Dome Open Pit Stage 7 Extension, expected to provide ore feed into FY29.

§ Purchase of new and the refurbishment of existing open pit fleet equipment, to support the targeted multi-year extension of open pit operations.

§ Underground life-extension development of the West Dome Underground, with more than 2,900 metres of growth development planned in FY26 (FY25: ~1,050 metres). Planned development includes the new ESC, which has returned encouraging drilling results in terms of width and grade as set out below.

§ Expansion of tailings capacity, including completion of TSF8 Stage 3 lift and substantially progress of the Stage 4 lift (collectively expected to provide capacity at current processing rates until approximately late FY28).

The increased growth capital investment relative to the previous 2-Year Outlook has been approved through the FY26 budgeting process, in light of the strong operating performance and resulting strong balance sheet of the group. The investments reflect the pursuit of further multi-year mine life extensions at Telfer beyond the previous outlook period, a key objective of Greatland’s operating strategy.

Figure 4: Key Telfer life-extension investments and expected periods of benefit

Exploration & resource development

Greatland intends to undertake the most significant drilling program in Telfer’s operating history, with ~ 240,000 metres total drilling planned across eight drill rigs, comprising ~ 150,000 metres of resource growth drilling and ~ 90,000 metres of resource conversion drilling.

Figure 5: Telfer historic and planned FY26 drilling

Drilling results from CY25 drilling is expected to inform a Telfer Mineral Resource Estimate update during the March 2026 quarter and an Ore Reserve Estimate update in the June 2026 quarter. Detail on key targets of FY26 drilling is contained in the Telfer Resource Development – FY26 Outlook section below.

Regional exploration will be largely focused on the Paterson region surrounding Telfer and is planned to include more than 20,000 metres of drilling (FY25: 15,300 metres).

Havieron growth capital

Greatland’s Havieron Feasibility Study (FS) remains targeted for completion in the December 2025 quarter, and will include an executable capital cost estimate and project schedule for the completion of Havieron’s development. Final Investment Decision (FID) is expected following completion of the FS.

While Greatland awaits the executable project schedule to be delivered as part of the FS, de-risking of the project schedule is being undertaken through a number of early works planned during FY26. Havieron pre-FID growth capital guidance of $60 to $70 million for FY26 includes the following key items:

§ Owners’ costs and consultant costs for completion of the FS and design of critical path activities.

§ Restart of early works underground mine development.

§ Design, fabrication and installation of a reinforced concrete tunnel connecting the existing decline portal to surface level, and backfill of the existing box cut, to mitigate flow of surface water to the Havieron decline during periods of rainfall.

Telfer Resource Development

June 2025 quarter activities and results

Growth drilling has continued during the quarter with four diamond and two reverse circulation drilling rigs, with a total of 171 holes drilled during the quarter, for a total of 27,840 metres.

Drilling has continued focused evaluating extension to Stage 7 and Stage 2 in the West Dome Open Pit, while in the Main Dome Underground much of the focus for the quarter was on drilling within the ESC along with near mine targets at A Reef, Rey and the LLU.  

Late in the June quarter drilling recommenced at the high priority West Dome Underground project, and will be a key focus for the remainder of H1 FY26.

West Dome Open Pit

A comprehensive drill out of the Stage 2 cutback along with extension potential at depth was completed during the June quarter, with a total of 100 holes for 12,913m completed (Figure 6).

Figure 6: West Dome Open Pit – June Quarter 2025 Drilling

The following significant results were returned during the quarter, with the full list of results in Table 4.

§ 36m @ 1.6 g/t Au & 0.07% Cu from 43m (WR30814)

§ 36m @ 1.7 g/t Au & 0.12% Cu from 137m (WR31163)

§ 12m @ 3.1 g/t Au & 0.02% Cu from 97m (WR30813)

§ 19m @ 2.4 g/t Au & 0.46% Cu from 25m (WR29805)

§ 8m @ 12 g/t Au & 0.02% Cu from 33m (WR31638)

§ 8m @ 5.2 g/t Au & 0.20% Cu from 52m (WR31915)

§ 31m @ 1.3 g/t Au & 0.03% Cu from 136m (WR29807)

§ 15m @ 2.1 g/t Au & 0.08% Cu from 11m (WR31324)

§ 35m @ 0.9 g/t Au & 0.10% Cu from 32m (WR27634)

Drilling continued on the Stage 7 Extension, with a total of 15 holes for 3,755m drilled in the June quarter, following more than 7,000m drilling in the March quarter. The following significant results were returned during the quarter, with the full list of results in Table 4.

§ 28m @ 1.1 g/t Au & 0.09% Cu from 302m (WR42242)

§ 30m @ 0.97 g/t Au & 0.08% Cu from 264m (WR42242)

§ 6m @ 4.1 g/t Au & 0.01% Cu from 30m (WR41234)

§ 12m @ 2.0 g/t Au & 0.03% Cu from 156m (WR38715)

§ 31m @ 0.67 g/t Au & 0.06% Cu from 197m (WR39214)

§ 32m @ 0.56 g/t Au & 0.07% Cu from 208m (WR38713)

§ 19m @ 0.83 g/t Au & 0.02% Cu from 239m (WR39401)

Main Dome Underground

At the Main Dome Underground four underground diamond drill (DD) rigs targeted resource conversion (infill) on the ESC, A Reefs, LLU and Rey extensions. 

ESC (Eastern Stockwork Corridor)

The focus of the June quarter drilling at the ESC was to inform and support resource estimation and mine planning requirements, with a total of 34 holes for 8,113m completed.

Figure 7: Main Dome Underground Dome: ESC Infill – June Quarter 2025 Drilling

Drilling results have been highly encouraging and confirmed the updated geological model, and the presence of a consistent zones of high grade stockwork mineralisation.  Work is in progress to deliver a Mineral Resource estimate to support mining activities in the area.

The following significant results were returned during the quarter, with the full list of results in  Table 4.

§ 25m @ 6.9 g/t Au & 0.97% Cu from 182m (MUC5066054)

§ 35m @ 3.1 g/t Au & 0.37% Cu from 146m (MUC5066023)

§ 22.9m @ 3.0 g/t Au & 0.55% Cu from 213m (MUC5066048)

§ 16.4m @ 3.8 g/t Au & 0.84% Cu from 167m (MUC5066043)

§ 25.9m @ 2.4 g/t Au & 0.40% Cu from 204m (MUC5066047)

§ 18.5m @ 3.3 g/t Au & 0.65% Cu from 51m (MUC4942014)

§ 22m @ 2.6 g/t Au & 0.11% Cu from 155m (MUC5066024)

§ 25m @ 2.2 g/t Au & 0.45% Cu from 168m (MUC5066037)

§ 17.4m @ 3.1 g/t Au & 0.68% Cu from 137m (MUC5066052)

§ 17.3m @ 3.0 g/t Au & 0.69% Cu from 183m (MUC5066045a)

§ 47m @ 1.1 g/t Au & 0.11% Cu from 140m (MUC5066026)

§ 18.3m @ 2.7 g/t Au & 0.13% Cu from 204m (MUC5066034)

Of note, several drillholes targeting the ESC during the quarter intercepted a new zone approximately 150 metres above that is interpreted to be a repeat of the key structural and geological settings that host the ESC. In addition to this ‘repeat’ structure, drilling targeted the southern extension of the ESC also successfully intercepted mineralisation up to 300m to the south. Refer Figure 8.

Figure 8: Main Dome Underground: ESC Extensions – June Quarter 2025 Drilling

The following significant results demonstrate the potential of the ESC repeat, with geological interpretation underway to inform further drilling programs:

§ 36.1m @ 3.2 g/t Au & 0.21% Cu from 36.9m (MUC5066054)

§ 19m @ 2.8 g/t Au & 0.24% Cu from 87m (MUC5066040)

§ 32m @ 1.1 g/t Au & 0.07% Cu from 9m (MUC5066045a)

§ 25.7m @ 1.4 g/t Au & 0.16% Cu from 54m (MUC5066044)

§ 27.9m @ 1.0 g/t Au & 0.19% Cu from 0.08m (MUC5066023)

§ 11m @ 2.6 g/t Au & 0.13% Cu from 66m (MUC5066036)

§ 6.8m @ 4.1 g/t Au & 0.23% Cu from 45m (MUC5066034)

§ 16m @ 1.7 g/t Au & 0.33% Cu from 10m (MUC5066032)

The following significant were received from the ESC southern extension drilling program, with drilling ongoing:

§ 39m @ 1.2 g/t Au & 0.23% Cu from 138m (MUC5095006)

§ 13m @ 4.3 g/t Au & 0.38% Cu from 178m (MUC5095009)

§ 20m @ 1.6 g/t Au & 0.21% Cu from 84m (MUC5095010)

§ 10.5m @ 2.8 g/t Au & 1.6% Cu from 167.55m (MUC5095017)

§ 12m @ 2.0 g/t Au & 1.1% Cu from 183m (MUC5095019)

Lower Mine near-mine extensions

A total of 22 holes for 3,060m were drilled during the June quarter targeting near mine extensions to the active A Reef, Rey and LLU mining fronts.

Figure 9: Main Dome Underground: ESC Extensions – June Quarter 2025 Drilling

Drilling will continue to assess near mine extension opportunity throughout the year, with the following significant results received from both A Reef and LLU (refer also Figure 9):

§ A Reef

–  1.3m @ 9.2 g/t Au & 0.09% Cu from 70m (MUC4627043)

–  3.0m @ 9.2 g/t Au & 0.58% Cu from 31m (MUC4627044)

–  0.8m @ 12.5 g/t Au & 2.5% Cu from 89m (MUC4627046)

–  0.6m @ 26.9 g/t Au & 0.02% Cu from 80.6m (MUC4627047)

§ LLU

–  11m @ 2.5 g/t Au & 0.68% Cu from 158m (MUC4627030a)

–  4.6m @ 2.9 g/t Au & 1.2% Cu from 174m (MUC4627031a)

–  6.0m @ 1.7 g/t Au & 0.12% Cu from 208m (MUC4942013)

FY26 outlook – Telfer’s largest ever drilling program

Greatland is planning a transformational FY26 for Telfer with more than 240,000 metres of drilling planned, the most at Telfer in its operational history.

The planned drilling will involve the mobilisation of additional drilling capacity to site, targeting 150,000 metres of resource growth drilling and 90,000 metres of resource conversion drilling, with the objective of expanding the site’s Resources and Reserves to support further multi-year mine life extensions.

Three key extension opportunities are targeted, the West Dome Open Pit (WDO), Main Dome Underground (MDU) and West Dome Underground (WDU) with five diamond rigs and three reverse circulation (RC) rigs scheduled for much of the year.

West Dome Open Pit (WDO)

Drilling for FY26 will be focused on two key areas, the Stage 7 Extension, which will be targeted early in the year with the aim to expand the existing Stage 7 cutback. The second area of focus will be extension to the current Stage 2 which has the potential to support multi-year extension of the current mine life.

Figure 9: West Dome Open Pit proposed FY26 Drilling (blue shading represents a $4,500/oz optimisation pit shell)

Main Dome Underground (MDU)

An extensive drilling campaign is proposed for the MDU, aiming to bring multiple near mine extensions (A Reef / LLU / M Reefs / Rey) to a mine ready status, while also aiming to bring on new mine opportunities such as the ESC and Kylo. This program key objective is to successfully define and convert Mineral Resource to support a muti-year mine life for the Telfer Underground.

Figure 10: Main Dome Underground proposed FY26 Drilling

West Dome Underground (WDU)

The WDU is one of the most exciting discoveries at Telfer for many years. Following the success of the inaugural WDU underground drilling program (announced on 20 February 2025), an extensive drilling program is proposed for FY26, initially targeting conversion of a central 600m strike length (Figure 11) after which drilling will shift to be focused on extension of the mineral system, which remains open. 

Figure 11: West Dome Underground proposed FY26 Drilling

Havieron

The Havieron FS continues to progress and remains targeted for completion in December quarter 2025.

As announced in April 2025, the FS design criteria was finalised, with the study assessing an initial mining rate of 2.8Mtpa post ramp-up, increasing to between 4.0Mtpa – 4.5Mtpa by development of an underground crusher and material handling system.

The expansion case remains subject to ongoing assessment in the FS, however it is expected to be significantly value accretive for the following reasons:

§ Telfer infrastructure has sufficient capacity to process increased Havieron ore feed.

§ Planned haul road and infrastructure corridor between Telfer and Havieron does not need to be expanded to accommodate increased Havieron throughput.

§ Havieron above ground site infrastructure only requires moderate expansion to accommodate increased throughput.

§ Development of the underground crusher and material handling system is expected to be largely self-funded from Havieron cash flows.

Updates from the June 2025 quarter include:

§ Permitting and approvals process have progressed well, with information requests received from the WA Environmental Protection Authority (EPA) and the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW), the department administers the Environment Protection and Biodiversity Conservation Act 1999 (Cth). Shortly after quarter end responses were submitted to both agencies and a DCCEEW site visit was hosted.

§ Completed design and tender for supply and installation of a reinforced concrete tunnel connecting the existing decline portal to surface level, and backfill of the existing box cut, to mitigate flow of surface water to the Havieron decline during periods of rainfall.

§ Completed design of ventilation shafts VR2 and VR3. Specialist blind bore cutter heads were designed and fabrication is underway.

Corporate & Finance

Sales and revenue

Full upside exposure to the gold price and sales of 87,529oz Au and 3,740t Cu, at average realised prices of $5,014/oz Au and $12,718/t Cu, underpinned net sales revenues of $487 million.

Cash and liquidity

Greatland generated cash flow from operations of $310 million and cash build of $176 million in the June 2025 quarter, with a closing cash balance on 30 June 2025 of $575 million.

Greatland remains debt free with an undrawn $75m working capital facility providing additional liquidity buffer. 

Figure 12: June 2025 quarter cash movements

Notes:

1.     Corporate and finance includes corporate overheads, finance costs / interest, and premiums paid for gold put options.

2.     Transaction and One-Off Costs includes: $23.9m final purchase price adjustment to Newmont; $34.2m in cash consideration for the pre-ASX IPO surrender of in-the-money options by certain directors and employees; $9.4m in transaction fees for the Telfer-Havieron acquisition, SAP implementation and transitional services costs; and $4.4m in ASX IPO costs.

3.     Net proceeds of $50 million ASX IPO primary issuance and approximately £6.7m UK retail offer.

WA stamp duty for the Telfer-Havieron acquisition is due to be paid in the September 2025 quarter and is estimated to be approximately $46 million.

For tax purposes, Greatland’s accumulated losses are expected to have been fully utilised during the March 2025 quarter, with a tax liability for the FY25 period expected to be payable in the March 2026 quarter, following which tax is expected to be paid in regular monthly instalments.

ASX Initial Public Offer

In June 2025 Greatland successfully completed two major corporate initiatives following the acquisition of Telfer and Havieron, being Greatland’s ASX initial public offer (IPO) and listing, and the associated corporate reorganisation through which Greatland became the sole shareholder of Greatland Gold plc and parent of the Greatland group.

Greatland’s ASX IPO was strongly supported, with an oversubscribed $490 million offer at an offer price of $6.60 per share, which represented a ~3% discount to Greatland Gold plc’s five-day volume weighted average price to completion of the IPO bookbuild.  The offer comprised a $50 million primary issuance by Greatland and a $440 million secondary sell down of 50% of Newmont Corporation’s shares in Greatland that were received under the Telfer-Havieron acquisition.

A separate offer to UK residents retail investors was also oversubscribed and successfully completed, raising a further ~$14.0 million in gross proceeds.

Greatland is delighted to have completed the ASX listing and welcomed many high quality Australian and international institutional investors to its register, while minimising equity dilution to existing shareholders.

Integration

Greatland successfully completed its integration of the Telfer-Havieron operations during the quarter which resulted in the cessation of the transitional services arrangements with Newmont. The integration included the implementation of SAP and stand up of key functions in order to allow for the independent running of operations.

Hedging profile – downside price protection with full upside exposure

Greatland continues to maintain full upside exposure to the gold price, while achieving downside price protection through gold put options. Greatland’s current gold put options comprise the following:

Table 3: Gold put option program

 Sustainability

There were no Lost Time Injuries during the June 2025 quarter, and the 12-month moving average lost time injury frequency rate (LTIFR) is 0. There were no environmental non-compliances or significant incidents reported during the quarter. Greatland TRIFR has steadily declined to 6.0 from 14.1 (31 December 2024).

Greatland continues to work closely with the Martu people, the area’s native title holders. In this regard, Greatland engages closely with Jamukurnu-Yapalikurnu Aboriginal Corporation (JYAC), the Martu’s prescribed body corporate. JYAC demonstrated their support of the Telfer operations and provided a letter of support in respect of Greatland’s application to extend and renew its Telfer Mining Leases.

During the June 2024 quarter, Greatland’s second application to extend and renew the Telfer Mining Leases (on their 42^nd year anniversary) were granted by the Government of Western Australia with no further conditions imposed.

Corporate Structure

 Conference Call

Greatland will present the Quarterly Activities Report via a webcast for shareholders, research analysts, media and other interested stakeholders on Tuesday, 29 July 2025 at 1:00 pm AWST / 3:00 pm AEST / 6:00 am BST followed by a Q&A session.

To listen in live, please click on this link and register your details:

https://webcast.openbriefing.com/ggp-qtr4-2025/

It is recommended to log on at least five minutes before the scheduled commencement time to ensure you are registered in time for the start of the call. A recording of the call will be available on the same link after the conclusion of the webcast.

This announcement is approved for release by Shaun Day, Greatland’s Managing Director.

Contact

For further information, please contact:

Greatland Resources Limited

Shaun Day, Managing Director  |  Rowan Krasnoff, Chief Development Officer

info@greatland.com.au