REG - Greatland Resources - Half-Year Financial Results

Greatland ResourcesAnnouncement

Mon 10:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260223:nRSW9956Ta&default-theme=true

RNS Number : 9956T  Greatland Resources Limited  23 February 2026

NEWS RELEASE | 23 February 2026

 

 

Half-Year Financial Results to 31 December 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATIONS.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

Operational strength drives financial performance

 

Greatland Resources Limited (Greatland) (ASX:GGP, AIM:GGP) is pleased to
announce its results for the half-year ended 31 December 2025 (H1 FY26).

A full copy of the Half Year Financial Report for H1 FY26 is available here:
https://app.sharelinktechnologies.com/announcement-preview/asx/a596dcb4d4e208e8095c474bf76f97d3
(https://app.sharelinktechnologies.com/announcement-preview/asx/a596dcb4d4e208e8095c474bf76f97d3)

 

Highlights

Safety

·      TRIFR improved to 5.3 and LTIFR was 0.3 (12-month moving
average), with one lost time injury during the half year.

Financial performance

·      NPAT of $342.9m for the half year ended 31 December 2025, EBITDA
of $560.3m.

·      Net revenue of $977.3m benefited from full upside exposure to
strong commodity prices. Sales for the period comprised 154,411 ounces of
gold at an average gold price of $5,756/oz, and 6,578 tonnes of copper at
$13,606 per tonne.

·      Cash flow from operations for the half year was $658.5m, with
cash build of $373.6m, for a closing cash balance on 31 December 2025 of
$948.3m, debt free.

·      Investing cash outflows of $271.1m included a once-off payment of
$46.0m in stamp duty associated with the Telfer-Havieron acquisition that was
paid during the period.

Table 1: Key financial metrics

 Key financials ($m)       H1 FY26(1)
 Sales revenue             977.3
 EBITDA                    560.3
 Profit before income tax  487.9
 NPAT                      342.9
 Operating cash flow(2)    658.5
 Free cash flow(2)         387.4
 Closing cash(2)           948.3

    All figures presented in Australian Dollars.

Notes:

1.   Comparatives have not been provided to the prior half year ended 31
December 2024 due to that period including only one month of ownership of
Telfer by Greatland, following completion of Greatland's acquisition on 4
December 2024.

2.   As previously disclosed in the December 2025 Quarterly Activities
Report, closing cash includes $119.5m received in late-December 2025 for a
shipment that will be recorded as revenue (and metal sales) in the March
quarter, 2026.

Operational performance

·      Gold production of 167,163 ounces at an AISC of $2,176/oz was
achieved for the period.

·      Processed tonnes of 9.19Mt with average head grade of 0.61g/t Au
and 0.09% Cu. Recoveries were approximately 88.5% for gold and 80.0% for
copper, maintaining good recovery performance.

Table 2: Key operating metrics

 Key operating metrics        Units of Measure  H1 FY26(1)
 Total Material Milled        kt                9,193
 Grade                        g/t Au            0.61
 Gold Recovery                %                 88.5
 Gold Produced                oz                167,163
 Gold Sold                    oz                154,411
 Average Realised Gold Price  $/oz              5,756
 All in Sustaining Cost       $/oz              2,176

 

Havieron - Feasibility Study(3) and project advancement

·      Feasibility Study completed 1 December 2025, confirming a world
class, long life, lowest quartile cost gold-copper development leveraging
existing Telfer infrastructure.

·      Base case post-tax NPV(5) of $2.9b and post-tax IRR of 22.5%
(NPV(5) of $5.4b at $6,250/oz gold).

·      Steady state annual production target of 266koz gold and 9.6kt
copper at an AISC of $1,610/oz.

·      Pre-production capex of $1,065m, expected to be fully funded from
existing cash, future operational cash flows and a $500m debt commitment.

·      Environmental approvals from Commonwealth and WA departments
continue to progress, with receipt of primary approvals still targeted for
FY26.

·      Early works during the half included box cut works and restart of
underground development.

Note (3): The information in this announcement that relates to the Havieron
Feasibility Study (FS) and its outcomes, and the FS Mine Plan Production
Target (and the forecast financial information derived from the Production
Target) are extracted from Greatland's ASX and AIM announcement "Havieron
Project Feasibility Study" dated 1 December 2025. The Company confirms that
all material assumptions and technical parameters underpinning the Production
Target or forecast financial information derived from the Production Target
(as applicable) in that ASX and AIM announcement continue to apply and have
not materially changed.

 

The FS Mine Plan is a production target underpinned by approximately 80%
Probable Ore Reserves, 2% Indicated Mineral Resources, 13% Inferred Mineral
Resources and 5% Exploration Target (on a contained gold basis over the Life
of Mine (LOM)). The Inferred Mineral Resources and Exploration Target included
in the FS Mine Plan Production Target are predominantly in the later years of
the LOM. Refer to Section 7 of the announcement 'Havieron Project -
Feasibility Study' dated 1 December 2025 for further explanation and key
assumptions, and the basis for inclusion of Inferred Mineral Resources and
Exploration Target in the FS Mine Plan.

 

Cautionary statement: There is a low level of geological confidence associated
with Inferred Mineral Resources and there is no certainty that further
exploration work will result in the determination of Indicated Mineral
Resources. The potential quantity and grade of an Exploration Target is
conceptual in nature; there has been insufficient exploration to determine a
Mineral Resource and there is no certainty that further exploration work will
result in the determination of Mineral Resources. Accordingly, there is no
certainty that the FS Mine Plan Production Target (or the forecast financial
information derived from it) will be realised.

 

Growth, resource development and exploration

·      $177.0m invested in growth (Telfer $131.1m, Havieron $29.8m,
resource development $16.1m) during the period.

·      Completed construction of Tailing Storage Facility 8 Stage 3
expansion lift. 7.3Mt of growth waste stripping of the West Dome Open Pit
Stage 7 cutback. 1,712m of growth underground development at Main Dome and
West Dome Underground.

·      107,747m of resource growth and conversion drilling as part of
Telfer's record 240,000m FY26 drilling program. Telfer Mineral Resource
update, including a maiden West Dome Underground Mineral Resource estimate,
targeted in the March 2026 quarter.

Funding and risk management

·      Entered a binding commitment letter for $500m corporate debt
facilities with Tier 1 lending syndicate of ANZ, ING, HSBC, NAB and Westpac
(finalisation subject to certain conditions precedent).

·      Extended $75m working capital facility maturity to 30 June 2026;
facility remains undrawn.

·      Continued strategy of downside gold price protection via put
options while retaining full upside exposure (225,004oz from January 2026 to
June 2027; weighted average strike $4,500/oz).

Greatland Managing Director, Shaun Day, commented: "Our half-year result
reflects excellent operating and financial performance at Telfer through the
period, underpinned by disciplined cost control and full upside exposure to a
strong metal price environment, resulting in substantial cash generation and
profitability.

"With the Havieron Feasibility Study completed during the period, our
priorities now are continued operational execution at Telfer, demonstration of
the mine life extension opportunities at Telfer, and development of Havieron
to deliver a world-class integrated Havieron and Telfer operation.

"Our robust financial position, with closing net cash of $948 million and a
$500 million debt commitment, positions us strongly to deliver our exceptional
growth profile."

 

Contact

 

For further information, please contact:

 

Greatland Resources Limited

Shaun Day, Managing Director  |  Andrew Bowler, Head of Investor Relations

info@greatland.com.au (mailto:info@greatland.com.au)

 

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin  |  +44 203 368 3550

 

Corporate Brokers

Canaccord Genuity  |  James Asensio / George Grainger  |  +44 207 523 8000

RBC Capital Markets  |  James Agnew / Jamil Miah  |  Scott Redwood  |
+44 207 029 0528

 

Media Relations

Australia - Fivemark Partners  |  Michael Vaughan  |  +61 422 602 720

 

About Greatland

 

Greatland is a gold and copper mining company listed on the Australian
Securities Exchange and London Stock Exchange's AIM Market (ASX:GGP and
AIM:GGP) and operates its business from Western Australia.

 

The Greatland portfolio includes the 100% owned Telfer mine, the adjacent 100%
owned brownfield world-class Havieron gold-copper development project, and a
significant exploration portfolio within the surrounding region. The
combination of Telfer and Havieron provides for a substantial and long life
gold-copper operation in the Paterson Province in the East Pilbara region of
Western Australia.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IR GIGDDBGDDGLX



            Copyright 2019 Regulatory News Service, all rights reserved