REG - Greatland Resources - Unaudited Preliminary FY25 Final Report
28/08/2025 08:15
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RNS Number : 0248X Greatland Resources Limited 28 August 2025
Greatland Resources Limited
E: info@greatland.com.au
W: https://greatland.com.au
: x.com/greatlandgold
NEWS RELEASE | 28 August 2025
Unaudited Preliminary FY25 Final Report
Year Ended 30 June 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.
Greatland Resources Limited (the Company or Greatland) (ASX: GGP, AIM:GGP) has
today lodged its unaudited preliminary full-year final report for year ended
30 June 2025 (FY2025).
Highlights:
Renewed safety focus at Telfer generating improved outcomes
§ Total recordable injury frequency rate improved to 6.0 at 30 June 2025
(14.1 at 31 Dec 2024)
§ Integration of Telfer operation under Greatland ownership completed
efficiently and to plan
Significant cash generation from just seven months of operations in FY2025
§ Revenue from customer contracts of $961.3 million at an average achieved
gold price of $4,785 per ounce
§ Net cash flow from operating activities of $601.1 million
§ Segment earnings before interest, tax, depreciation and amortisation of
$526.7 million
§ Net profit before tax of $441.9 million reflecting high margin production
from Telfer
§ Net profit after tax of $337.3 million
Strong foundation set for FY2026 plans across Telfer and Havieron
§ Cash and cash equivalents of $574.7 million at 30 June 2025
§ Nil debt at 30 June with significant liquidity available
§ Full exposure to the current spot gold and copper prices
Commenting on the FY2025 unaudited results, Greatland Managing Director Shaun
Day said:
"Producing such a strong set of financial results from the first seven months
of ownership of Telfer is a great credit to the significant efforts of our
team. Our focus continues to be on the delivery of our FY2026 operational plan
and progressing the growth opportunities at Haverion and Telfer."
This announcement is approved for release by Shaun Day, Greatland Managing
Director.
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | Rowan Krasnoff, Chief Development Officer
info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Baldwin | +44 203 368 3550
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Media Relations
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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.
Unaudited Preliminary Final Report - Year Ended 30 June 2025
Greatland Resources Limited (ASX/AIM: GGP) (the Company or Greatland) reports
its 30 June 2025 full year financial information in accordance with ASX
Listing Rule 4.3A. These unaudited results are prepared in accordance with
Australian Accounting Standards. Amounts presented are in Australian dollars
(AUD), except as otherwise noted.
KEY INFORMATION 30 June 2025 30 June 2024 Change Change
$'000 $'000 $'000 %
Revenue from contracts with customers 961,300 - 961,300 100%
Profit / (loss) from ordinary activities after tax attributable to members 337,260 (28,561) 365,821 1,281%
Net profit / (loss) for the period attributable to members 337,260 (28,561) 365,821 1,281%
Net tangible assets per securities 3.09 0.03 3.06 10,200%
EXPLANATION OF RESULTS
Reorganisation and admission of the Company to ASX and AIM
Greatland Resources Limited (the Company or Greatland) became the 100% holding
company of Greatland Gold plc and its subsidiaries on 20 June 2025, following
the implementation of a shareholder approved and court sanctioned members'
scheme of arrangement under the Companies Act 2006 (UK), through which
shareholders of Greatland Gold plc were issued shares in the Company in
exchange for their shares in Greatland Gold plc (the Reorganisation). As a
result of the Reorganisation, on 20 June 2025 the Company gained control over
each of the entities listed in the 'Details of entities over which control has
been gained or lost' section below (the Group).
Prior to the Reorganisation, Greatland Gold plc was the parent company of the
Group. Prior period financial information contained in this report represents
the consolidated historical financial information for Greatland Gold plc.
On 23 June 2025, following completion of the Reorganisation, the Company's
shares were admitted to the Official List of the Australian Securities
Exchange (ASX) and to trading on the London Stock Exchange's AIM Market (AIM).
Acquisition
On 4 December 2024, the Greatland group of companies (held by Greatland Gold
plc as the then ultimate holding company) completed the acquisition of 100%
ownership of the producing Telfer gold-copper mine (Telfer), a 70% ownership
interest in the Havieron gold-copper project (Havieron) (consolidating
Greatland's ownership of Havieron to 100%), and other related interests in
assets in the Paterson region of Western Australia (the Acquisition) from
certain Newmont Corporation subsidiaries (Newmont). The Acquisition
transformed the Greatland group from an exploration and development group
whose principal asset was its 30% non-managing joint venture interest in
Havieron, into a substantial Australian gold-copper producer.
Operating and financial results
The Group's key focuses for the year ended 30 June 2025 were:
* negotiation, execution and completion of the Acquisition, and associated
equity and debt financing;
* integration and operation of the assets acquired through the Acquisition; and
* the Reorganisation and admission of the Company to ASX and AIM.
Revenue from customer contracts of $961.3 million consisted of the sale of
gold and copper produced from the Telfer mine during the Group's ownership
from 4 December 2024 to 30 June 2025, approximately a seven-month period. The
increase in revenue from the prior year (nil) is due to the acquisition and
operation of the Telfer mine which transformed the Group from a non-revenue
generating exploration and development group into a substantial producer of
gold and copper. Consequently, the Group generated a significant maiden profit
before tax of $441.9 million.
As at 30 June 2025, the Group had cash and cash equivalents of $574.7 million
(30 June 2024: $9.2 million) and nil borrowings (30 June 2024: $79.1 million).
During the period, the Group generated $601.1 million net cash flows from
operating activities.
DIVIDEND INFORMATION
No dividends have been paid or declared since the start of the financial year
and it is not proposed to pay any dividends in respect of the full year.
ADDITIONAL INFORMATION
Requirement Title
A statement of comprehensive income Consolidated Statement of Comprehensive Income
A statement of financial position Consolidated Statement of Financial Position
A statement of retained earnings Consolidated Statement of Changes in Equity
A statement of cash flows Consolidated Statement of Cash Flows
Earnings per share Consolidated Statement of Comprehensive Income
DETAILS OF ENTITIES OVER WHICH CONTROL HAS BEEN GAINED OR LOST
As a result of the Reorganisation, Greatland, through its wholly-owned
subsidiary, owns 100% interest in the Group's assets, and the Group structure
is set out below:
DETAILS OF ASSOCIATED AND JOINT VENTURE ENTITIES
The Group has no associated or joint venture entities.
STATUS OF AUDIT
The Company's financial statements are in the process of being audited. The
Company expects to release its audited financial statements and FY25 Annual
Report during September 2025. The Company does not anticipate any material
variance from the unaudited results provided in this Preliminary Final Report.
FINANCIAL AND OPERATIONAL PERFOMANCE SUMMARY
Greatland adopts a combination of International Financial Reporting Standards
(IFRS) and non-IFRS financial measures to assess performance. This includes
EBITDA and net debt which are used to assist internal and external
stakeholders to better understand the financial performance of the Group and
its operations.
Review of results (unaudited)
Financial Overview 30 June 2025 30 June 2024 Change
$'000 $'000 $'000
Revenue from contracts with customers 961,300 - 961,300
Segment EBITDA 526,667(1) (8,086) 534,753
Net profit / (loss) after tax 337,260 (28,561) 365,821
Cash flows from operating activities 601,114 (21,680) 622,794
Cash and cash equivalents 574,663 9,168 565,495
Debt - (79,124) 79,124
Basic earnings per share (cents) 63.57 (11.23) 74.80
(1) Segment EBITDA (as described in Note 3 Segment information) is calculated
as revenue less cost of sales excluding depreciation and amortisation. Cost of
sales of $461.4 million includes change in inventories of $39.4 million,
mainly related to stockpiles acquired as part of the Telfer acquisition, and
depreciation and amortisation of $40.5 million both of which are excluded from
in all-in sustaining cost (AISC).
HEALTH, SAFETY AND WELLBEING
Greatland promotes an environment where safety is one of our key priorities.
Greatland is focused on delivering safety leadership at all levels of the
business to strengthen the culture of awareness and zero harm. Greatland
maintains an effective approach to the health and safety of its employees, and
the communities in which we operate: the identification and control of hazards
and ongoing management of the risk associated with them.
Since Greatland completed the Acquisition, the continued focus on visible
field leadership (providing leaders with the right tools and information to
lead by example and timely feedback and support) has seen significant
improvements in Telfer's recordable injuries, with the total recordable injury
frequency rate (TRIFR) improving from 14.1 at 31 December 2024 to 6.0 at 30
June 2025. There were no fatalities at the Group's projects during the year.
CORPORATE
Acquisition
Greatland Gold plc announced on 10 September 2024 that it had entered into a
binding agreement with Newmont in respect of the Acquisition to acquire 100%
ownership of the Telfer mine, 70% ownership of the Havieron project
(consolidating the Group's ownership of Havieron to 100%), and other related
interests in assets in the Paterson region. The Group completed the
Acquisition on 4 December 2024.
In connection with the Acquisition, a fully underwritten institutional placing
to raise US$325 million ($481.0 million) and a retail offer to raise US$8.8
million ($12.2 million) (together, the Acquisition Fundraising) were
successfully completed by Greatland Gold plc (both gross before associated
fees). On 30 September 2024, a general meeting of the shareholders of
Greatland Gold plc approved the Acquisition and the associated equity
fundraising.
At Acquisition completion, the Group paid the upfront cash consideration of
US$165.1 million ($256.7 million) (comprising of US$155.1 million cash
consideration and estimated purchase price adjustments) and US$167.5 million
consideration in the form of 2,669,182,291 Greatland Gold plc ordinary shares
issued to Newmont, representing approximately 20.4% of Greatland Gold plc
shares then on issue. The fair value of the shares issued at Acquisition
completion was $394.3 million based on the Greatland Gold plc share price on 4
December 2024.
At Acquisition completion, the Group also repaid debt of US$52.4 million
($81.5 million), the entire outstanding balance of the Havieron joint venture
loan to Newmont, which was subsequently terminated.
During the year Greatland paid a further US$15.4 million ($23.9 million) in
Acquisition purchase price adjustments to Newmont. Greatland expects to pay to
Newmont on a deferred basis up to a maximum of US$100 million in deferred cash
consideration, which may be payable to Newmont on the first five years of
Havieron gold production, through a 50% price upside participation by Newmont
above a US$1,850/oz hurdle gold price, subject to an annual cap of
US$50 million and aggregate cap of US$100 million. The fair value of the
deferred consideration has been estimated at $115.6 million at 30 June 2025.
Debt facilities
During the year the Group executed:
* a facility agreement with ANZ, HSBC and ING (together, the Banking Syndicate)
in respect of a $75 million working capital facility (Working Capital
Facility) and a $25 million contingent instrument facility (Contingent
Instrument Facility); and
* a non-binding letter of support with the Banking Syndicate, in respect of
$775 million in proposed banking facilities, including $750 million in
facilities that would be available to fund capital to complete the planned
development of Havieron.
At 30 June 2025, the Working Capital Facility remained undrawn and $8.5
million remained available under the Contingent Instrument Facility.
Greatland intends to finalise debt financing arrangements for the development
of Havieron following completion of the Havieron Feasibility Study which is
targeted in the December 2025 quarter.
During the year Greatland retained full upside exposure to the gold price,
while implementing some downside protection through the purchase of gold put
options. The Group purchased AUD denominated gold put options from the Banking
Syndicate in respect of 300,000oz of gold, with a series of expiry dates
through calendar year 2025 (CY25) and calendar year 2026 (CY26). At 30 June
2025, the following put options remain in place:
Quarter End Date Gold Volumes Under Options (oz) Average blended strike price (A$ per oz)
(Expiry)
30-Sep-2025 38,910 3,905
31-Dec-2025 30,792 3,905
31-Mar-2026 37,502 4,200
30-Jun-2026 37,502 4,200
30-Sep-2026 37,502 4,200
31-Dec-2026 37,498 4,200
Total 219,706 4,106
The put options establish a price level at which the Group has the right, but
not the obligation, to sell gold, therefore providing a minimum downside price
protection for the protected ounces while retaining full upside exposure to
the gold price across 100% of Telfer production volumes.
In September 2023 Greatland entered into a $50 million working capital
facility with cornerstone shareholder, Wyloo Consolidated Investments Pty
Ltd. During the year $7 million was drawn down under the facility, and then
subsequently repaid from the proceeds of the equity raising described above
and the facility terminated.
Reorganisation and ASX initial public offer and listing
In connection with the Acquisition, in September 2024 Greatland Gold plc
announced its intention to undertake a listing of the post-Acquisition Group
on the ASX within approximately six months from Acquisition completion.
Consistent with this, the Group successfully completed two major corporate
initiatives during June 2025, being the Reorganisation through which Greatland
became the sole shareholder of Greatland Gold plc and parent of the Group, and
Greatland's ASX initial public offer (IPO) and listing.
The ASX IPO was strongly supported, with an oversubscribed $490 million offer
at an offer price of $6.60 per share. The offer comprised a $50 million
primary issuance by Greatland and a $440 million secondary sell down by Bright
SaleCo Limited, a special purpose vehicle incorporated to facilitate the sale
under the IPO of 50% of Newmont's shares in Greatland that were originally
received in the form of shares in Greatland Gold plc as part of the
consideration under the Acquisition. A separate offer to UK resident retail
investors was also oversubscribed and successfully completed, raising a
further ~$14.0 million in gross proceeds. On 23 June 2025, Greatland was
admitted to the ASX and AIM, with trading on ASX commencing on 24 June 2025.
OPERATIONS
Assets
The Greatland portfolio includes the 100% owned Telfer gold-copper mine, the
adjacent 100% owned world class Havieron gold-copper project (under
development), and a significant exploration portfolio within the surrounding
Paterson Province and broader Western Australia.
Figure 1: Map of Greatland's assets
Vision and Strategy
Greatland aspires to become a profitable multi-mine resources company by
focusing on the responsible and sustainable discovery, development,
extraction, processing and sale of precious and base metals.
Greatland's strategy is to renew and develop an integrated Telfer-Havieron
mining and processing operation, with the intention of creating a generational
gold-copper mining complex. To help achieve this, Greatland is focused on the
following:
1. Continuing to operate Telfer profitably;
2. Extending Telfer's mine life;
3. Developing and optimising Havieron through to production; and
4. Leveraging the Telfer infrastructure to enable a 'hub and spoke'
strategy in the Paterson region.
Greatland has assembled a highly experienced team that is committed to
delivering on its strategy. The senior team is supported by a Board with
significant expertise and experience in the global resources sector.
Greatland's leadership team has a strong track record and is strongly aligned
with the Company's shareholders.
Telfer, Western Australia
Telfer is an operating gold-copper mine located in the Paterson Province of
Western Australia. Telfer first produced gold in 1977 and has produced more
than 15Moz of gold to date.
Telfer is a fly-in fly-out mine with both open pit and underground mining
operations, an established workforce and significant infrastructure. Gold and
copper are produced by a large processing facility comprising dual 10Mtpa
capacity trains, totalling 20Mtpa in nominal capacity, that produces gold a
copper-gold concentrate, gold doré and gold middlings high-grade concentrate.
Ore from Telfer is currently being mined from the West Dome open pit and the
Telfer underground.
Telfer's strategic positioning in the Paterson region, with existing
infrastructure and processing capacity, de-risks, expedites and reduces the
cost of completing Havieron's development. As the only operating processing
infrastructure in the Paterson region with surplus capacity, Telfer enables a
'hub and spoke' strategy to incorporate accretive regional opportunities.
Operations
The Group acquired 100% ownership of Telfer from Newmont on 4 December 2024,
on completion of Acquisition.
In FY25 during the period of Greatland's ownership from 4 December 2024 to 30
June 2025 (approximately seven months), Greatland:(1)
* produced 198,319oz of gold and 8,429t of copper, at an All-In-Sustaining-Cost
(net of by-product credits and excluding inventory movements which mainly
relate to stockpiles acquired through the Acquisition) (AISC) of $1,849 per
ounce of gold;
* sold 180,570oz of gold and 7,445t of copper at average realised prices of
$4,785/oz gold and $12,923/t copper (both after adjustments for treatment and
refining charges and payability deductions), for total revenue from contracts
with customers of $961.3 million;
* processed 10.97Mt of material, utilising both processing trains, with an
average grade of 0.65g/t gold and 0.10% copper, and recoveries of 84.2% for
gold and 79.2% for copper;
* mined 4.82Mt of ore at the Telfer West Dome open pit (total material mined of
10.46Mt) and 0.67Mt of ore at the Telfer underground.
A key driver of the strong FY25 operational performance was significant
improvement in recoveries. FY25 gold recovery of 84.2% was the highest annual
gold recovery achieved at Telfer since 2010, an exceptional result given the
lower than historical grade processed in FY25. The improved recoveries were
achieved through a focus on stable grinding and flotation plant operation, and
consistent feed rates to and utilisation of the pyrite flotation and
concentrate carbon-in-leach (CIL) circuits.
Through the Acquisition, Greatland acquired significant stockpiles that were
mined under previous ownership of Telfer. Processing of stockpiles during
FY25, together with productivity and cost improvements under Greatland's
ownership, contributed to achievement of the low AISC of $1,849/oz. At 30 June
2025, estimated stockpiles at Telfer were:
Ÿ 7.0Mt run-of-mine stockpiles at 0.57g/t gold and 0.06% copper, containing
129koz gold and 4.5kt copper; and
Ÿ 20.7Mt low grade stockpiles at 0.33g/t gold and 0.04% copper, containing
220koz gold and 9.0kt copper.
Note 1 - See ASX announcement entitled "June 2025 Quarterly Activities Report"
released by Greatland on ASX on 29 July 2025
Resource and Reserve
During FY25, the Group announced its inaugural Mineral Resource Estimate and
Ore Reserve Estimate for Telfer(2).
Greatland made significant progress in resource development during the year,
completing more than 78,000 metres of resource growth and conversion drilling
from 4 December 2024 to 30 June 2025. Drilling for the full FY25 focused on
the following key areas:
Ÿ West Dome Underground project, where a maiden underground drilling campaign
confirmed the near-mine underground opportunity;
Ÿ West Dome Open Pit Stage 2 Extension, Stage 7 Cutback and Stage 7
Extension; and
Ÿ Main Dome Underground Eastern Stockwork Corridor (ESC) and A-Reefs areas.
Greatland's CY25 drilling results are 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.
Note 2 - For further information, see ASX announcement entitled "Replacement
Prospectus" released by Greatland on ASX on 23 June 2025
Extension
Significant progress and investments were made during the year to Telfer mine
life extension opportunities.
These investments included tailings storage facility lift construction to
expand tailings capacity, commencement of waste pre-stripping of the West Dome
Open Pit Stage 7 extension, significantly increased underground development
including at the exciting new West Dome Underground opportunity, and
significantly increased resource development drilling.
In April 2025, the Group announced an extension of Telfer's mine life to the
end of FY27, a significant extension from the Group's pre-Acquisition 15-month
mine life to late CY25. Looking ahead, the Group is making further growth
capital investments at Telfer, targeting further multi-year mine life
extensions.
Continued extension of Telfer's mine life was enabled during the year with key
Telfer mining leases achieved their second renewal until December 2045.
Tenements M45/6, M45/7, M45/8, M45/9, M45/10, M45/11, G45/1, G45/2, G45/3,
G45/4 and L45/3 were all renewed until 17 December 2045.
Havieron, Western Australia
Havieron is a world-class high grade underground gold-copper development
project located approximately 45km to the east of Telfer in the Paterson
province of Western Australia.
The Havieron deposit was discovered by the Greatland group in 2018. It is
one of the largest high-grade gold discoveries in Australia of the last 20
years and is currently the second largest undeveloped gold project by Mineral
Resource in Australia. Following discovery, Havieron was advanced under an
unincorporated joint venture between Greatland and Newcrest Mining Limited
(2019 - 2023), and then Newmont (2023 - 2024). The Group consolidated 100%
ownership of Havieron in December 2024.
Havieron has a Mineral Resource Estimate (inclusive of Ore Reserve) of 131Mt
at 1.67g/t gold and 0.21% copper for a total of 7.0Moz gold and 275kt copper
and an Ore Reserve Estimate of 24.9Mt @ 2.98g/t gold and 0.44% copper for a
total of 2.4Moz gold and 109kt copper(3). The Havieron Mineral Resource
Estimate is contained within a compact 650 metre strike length and is
currently defined over 1,400 vertical metres. The Havieron ore body has an
exceptional ounce per vertical metre profile, with the Mineral Resource
estimate averaging more than 9,150 gold equivalent ounces per vertical metre
through the top 300 metres of the ore body, and more than 7,900 gold
equivalent ounces through the top 1,000 metres.
Early works commenced in January 2021 and are advanced, including 2,110 metres
of development of the underground main access decline, through 80% of the
total depth to the top of the Havieron ore body. Underground development is
currently paused prior to completion of the Feasibility Study.
Note 3 - See ASX announcement entitled "Replacement Prospectus" released by
Greatland on ASX on 23 June 2025
Greatland's Feasibility Study (FS) for the completion of Havieron's
development is underway and targeted to be completed in the December 2025
quarter. The FS is building upon previous study work undertaken by Newcrest
Mining Limited as the Havieron joint venture manager in the period from 2019
to 2023.
During the year Greatland finalised the design criteria for the FS, with the
study assessing an initial mining rate of 2.8Mtpa post ramp-up, increasing to
between 4.0Mtpa - 4.5Mtpa by development of a second decline, material
handling system and underground crusher. This represents a significant
expansion of Havieron, from the approximately 2.8Mtpa single decline truck
haulage operation that was contemplated by previous study work.
The expansion case remains subject to ongoing assessment in the FS, however
Greatland considers that the expanded mining rate has the potential to be
highly value accretive for the following reasons:
Ÿ Telfer infrastructure has sufficient capacity to process increased Havieron
ore feed;
Ÿ Planned haul road and infrastructure corridor between Telfer and Havieron
does not need to be expanded to accommodate increased Havieron throughput;
Ÿ Havieron above ground site infrastructure only requires moderate expansion
to accommodate increased throughput; and
Ÿ Development of the underground crusher and material handling system is
expected to be largely self-funded from Havieron cash flows.
The FS will define an executable project schedule and capital expense estimate
for the completion of Havieron's development, and an operating cost estimate.
While Greatland awaits the executable project schedule to be delivered as part
of the FS, de-risking of the project schedule through critical path analysis
is being undertaken. During the year, key early works activities included:
Ÿ Award of the early works package for two blind bore ventilation shafts,
completion of design of the shafts, and completion of the design and
commencement of fabrication of specialist blind bore cutter heads.
Ÿ Completed the design and tendered 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.
Ÿ Progress of the environmental permitting and approvals processes with the
WA Environmental Protection Authority (EPA) and the Commonwealth Department of
Climate Change, Energy, the Environment and Water (DCCEEW).
Exploration
Greatland holds a significant portfolio of precious and base metals
exploration projects in Western Australia, with a focus on the Paterson
Province of Western Australia.
Greatland's key exploration projects are:
Paterson region
Ÿ Telfer Near Mine: 100% ownership of tenements covering over 750km(2) within
30km of the Telfer processing plant. During the year, key activities included
over 7,500m of reverse circulation (RC) and diamond drilling focused on near
term extensions to known resources along the Telfer trend. Assay results were
pending at the end of the year, with encouraging geological logging.
Ÿ Paterson South: Seven exploration tenements covering a combined area of
1,022km(2), for which the Group is earning into up to a 75% interest under a
farm-in and joint venture arrangement with Rio Tinto Exploration Pty Limited,
a subsidiary of Rio Tinto Limited. During the year, key activities included
drill testing of several targets in close proximity (within approximately
15km) from Havieron and at the Telfer lookalike Paterson dome for
approximately 5,800m of RC and diamond drilling. Follow up drilling is planned
in both areas targeting combined copper / gold and copper anomalies
respectively.
Ÿ Scallywag: 100% ownership of six exploration tenements covering an area of
approximately 334km(2) located adjacent to and around Havieron. During the
year, key activities included a magnetotelluric (MT) survey over the Kraken
target and follow up drilling for approximately 1,080m of diamond and RC
drilling in close proximity to Havieron.
Three of the Scallywag tenements and the Panorama project (a further three
tenements outside the Paterson) are subject to a conditional sale agreement
with Aventine Resources Pty Ltd (ACN 686 650 297) (Aventine Resources). The
sale to Aventine Resources demonstrates Greatland's approach to exploration
portfolio optimisation and its support of the Aventine Resources team to
establish a new greenfields gold explorer in the Paterson Region.
Broader Western Australia
Ÿ Ernest Giles: 100% ownership of five exploration tenements covering an area
of approximately 1,323km(2) located approximately 250km north-east of Laverton
in the Yilgarn region. Ernest Giles is an underexplored Archean greenstone
belt which lies within the highly mineralised Yilgarn Craton, to the north of
the world-class Tropicana and Gruyere gold mines. During the year, key
activities included the completion of a 3D induced polarisation (IP)
electrical survey over the Meadows prospect which identified multiple
anomalies associated with both banded iron units (BIF) and structures within
dolerites, and the planning of over 8,500m of reverse circulation (RC) and
diamond drilling that commenced at the end of June 2025 and will be completed
in FY26.
Ÿ Mt Egerton: 100% ownership of six exploration tenements covering an area of
approximately 576km(2) located approximately 230km north of Meekatharra in the
Gascoyne region. During the year, key activities were negotiation of a land
access agreement and preparation for on-ground reconnaissance work to commence
in FY26.
Forward Looking Statements
This report includes forward looking statements and forward looking
information within the meaning of securities laws of applicable jurisdictions.
Forward looking statements can generally be identified by the use of words
such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate",
"believe", "continue", "objectives", "targets", "outlook" and "guidance", or
other similar words and may include, without limitation, statements regarding
estimated reserves and resources, certain plans, strategies, aspirations and
objectives of management, anticipated production, study or construction dates,
expected costs, cash flow or production outputs and anticipated productive
lives of projects and mines.
These forward looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance and
achievements or industry results to differ materially from any future results,
performance or achievements, or industry results, expressed or implied by
these forward-looking statements. Relevant factors may include, but are not
limited to, changes in commodity prices, foreign exchange fluctuations and
general economic conditions, increased costs and demand for production inputs,
the speculative nature of exploration and project development, including the
risks of obtaining necessary licences and permits and diminishing quantities
or grades of reserves, political and social risks, changes to the regulatory
framework within which Greatland operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on assumptions as to the financial,
market, regulatory and other relevant environments that will exist and affect
Greatland's business and operations in the future. Greatland does not give any
assurance that the assumptions will prove to be correct. There may be other
factors that could cause actual results or events not to be as anticipated,
and many events are beyond the reasonable control of Greatland. Forward
looking statements in this report speak only at the date of issue. Greatland
does not undertake any obligation to update or revise any of the forward
looking statements or to advise of any change in assumptions on which any such
statement is based.
Non-GAAP measures
Some of the financial performance measures used in this report are non-IFRS
financial measures, including "all-in sustaining cost", "total cash cost",
"net cash", "free cash flow", "operating cash flow", "sustaining capital" and
"growth capital". These measures are presented as they are considered to
provide useful information to assist investors with their evaluation of the
business's underlying performance. Since the non-IFRS performance measures
listed herein do not have any standardised definition prescribed by IFRS, they
may not be comparable to similar measures presented by other companies.
Accordingly, they are intended to provide additional information and should
not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS.
Competent Persons and JORC Compliance
The information in this report that relates to Ore Reserve Estimates and
Mineral Resource Estimates has been extracted from the ASX announcement
entitled "Replacement Prospectus" released by Greatland on ASX on 23 June 2025
(Relevant Announcement), available at
https://www.greatland.com.au/investors/announcements/. The Competent Person
responsible for the Ore Reserve Estimates in the Relevant Announcement is Mr
Otto Richter and the Competent Person responsible for the Mineral Resource
Estimates in the Relevant Announcement is Mr Michael Thomson.
Greatland confirms that it is not aware of any new information or data that
materially affects the information included in the Relevant Announcement.
Greatland confirms that all material assumptions and technical parameters
underpinning the estimates in the Relevant Announcement continue to apply and
have not materially changed. Greatland confirms that the form and context in
which each Competent Person's findings are presented have not been materially
modified from the Relevant Announcement.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Notes 2025 2024 (Restated)(1)
$'000 $'000
Revenue 4 957,367 -
Cost of sales 5 (461,380) -
Gross profit 495,987 -
Other income / (expenses) 7 30,259 129
Exploration and evaluation expenses (9,846) (8,086)
Corporate and other expenses 6 (41,390) (11,317)
Share based payment expense 24 (28,610) (6,299)
Transaction costs related to a business combination 25 (14,748) (2,914)
Transaction costs expensed in relation to ASX listing (6,779) -
Profit / (loss) before finance items and tax 424,873 (28,487)
Finance income 19 23,623 1,576
Finance costs 19 (6,593) (1,650)
Profit / (loss) before tax 441,903 (28,561)
Income tax expense 8 (104,643) -
Profit / (loss) for the year 337,260 (28,561)
Other comprehensive income / (loss):
Items to be reclassified to profit / (loss) in subsequent periods:
Net foreign exchange differences on translation of foreign operations, net of 4,880 26
tax
Net change in fair value of cash flow hedges taken to equity, net of tax (9,635) -
Total comprehensive income / (loss) for the year attributable to equity 332,505 (28,535)
holders of Greatland Resources Limited
Profit / (loss) for the year attributable to the ordinary equity holders of
Greatland Resources Limited:
Basic earnings / (losses) per share (cents) 9 63.57 (11.23)
Diluted earnings / (losses) per share (cents) 9 63.14 (11.23)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the year ended 30 June 2025
(1) The reporting currency of the Group was changed from sterling to
Australian dollars during the financial year. Refer to Note 2(a) for further
details.
The above Statement should be read in conjunction with the accompanying notes.
Notes 30 June 2025 30 June 2024 (Restated)(1) 1 July 2023 (Restated)(1)
$'000 $'000 $'000
ASSETS
Cash and cash equivalents 16 574,663 9,168 59,332
Trade and other receivables 10 34,162 262 222
Inventories 11 200,306 - -
Derivative financial instruments 20 605 - -
Other current assets 8,396 4,082 24,741
Total current assets 818,132 13,512 84,295
Inventories 11 39,956 - -
Exploration and evaluation assets 12 127,256 452 503
Property, plant and equipment 13 1,098,340 157,519 115,109
Financial assets held at fair value through profit and loss 21 28,441 75 168
Derivative financial instruments 20 1,695 - -
Deferred tax assets 8 - - -
Other non-current assets 1,556 - -
Total non-current assets 1,297,244 158,046 115,780
TOTAL ASSETS 2,115,376 171,558 200,075
LIABILITIES
Trade and other payables 14 212,706 9,903 16,212
Lease liabilities 18 14,301 253 244
Current tax liabilities 8 76,112 - -
Provisions 15 11,837 8 354
Total current liabilities 314,956 10,164 16,810
Deferred contingent consideration 25 115,579 - -
Borrowings 17 - 79,124 79,052
Deferred tax liabilities 8 41,451 - -
Lease liabilities 18 17,268 335 542
Provisions 15 286,011 3,834 3,714
Total non-current liabilities 460,309 83,293 83,308
TOTAL LIABILITIES 775,265 93,457 100,118
NET ASSETS 1,340,111 78,101 99,957
EQUITY
Share capital 23 1,170,140 183,712 183,332
Other reserves (24,646) 37,032 30,772
Retained earnings / (accumulated losses) 194,617 (142,643) (114,147)
TOTAL EQUITY 1,340,111 78,101 99,957
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2025
( )
(1)The reporting currency of the Group was changed from sterling to Australian
dollars during the financial year. Refer to Note 2(a) for further details.
The above Statement should be read in conjunction with the accompanying notes.
Share capital Reorg- Cash flow hedge reserve Foreign currency translation reserve Share based payment reserve Capital return reserve(2) Retained earnings/ (accumulated losses) Total equity
$'000 anisation Reserve $'000 $'000 $'000 $'000 $'000 $'000
Notes $'000
As at 1 July 2023 (Restated)(1) 183,332 - - 11,414 19,358 - (114,147) 99,957
Profit / (loss) for the year - - - - - - (28,561) (28,561)
Other comprehensive income / (loss) - - - (39) - - 65 26
Total comprehensive income / (loss) - - - (39) - - (28,496) (28,535)
Transactions with owners:
Share based payments 24 - - - - 6,299 - - 6,299
Contributions of equity, net of transaction costs 23 380 - - - - - - 380
As at 30 June 2024 (Restated)(1) 183,712 - - 11,375 25,657 - (142,643) 78,101
Profit / (loss) for the year - - - - - - 337,260 337,260
Other comprehensive income / (loss) - - (9,635) 4,880 - - - (4,755)
Total comprehensive income / (loss) - - (9,635) 4,880 - - 337,260 332,505
Transactions with owners:
Share based payments 24 - - - - 11,331 - - 11,331
Surrender of options 23 34,210 - - - (24,168) (26,006) - (15,964)
Capital reorganisation 23 18,080 (18,080) - - - - - -
Contributions of equity, net of transaction costs 23 934,138 - - - - - - 934,138
As at 30 June 2025 1,170,140 (18,080) (9,635) 16,255 12,820 (26,006) 194,617 1,340,111
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the year ended 30 June 2025
(1)The reporting currency of the Group was changed from sterling to Australian
dollars during the financial year. Refer to Note 2(a) for further details.
(2.)As a result of the surrender options, capital returned in excess of the
originally recognised share based payment expense has been disclosed in a
capital return reserve. Refer to Note 23 Share capital for further
information.
The above Statement should be read in conjunction with the accompanying notes.
Notes 2025 2024 (Restated)(1)
$'000 $'000
Cash flows from operating activities
Profit/ (loss) before tax 441,903 (28,561)
Adjustments for:
Share based payment expense 24 28,610 6,299
Depreciation and amortisation 13 50,746 310
Other non-cash items (26,326) 70
Finance costs 19 6,593 1,650
Finance income 19 (23,623) (1,576)
Movements in assets and liabilities:
Other current and non-current assets (5,867) (80)
Inventories 40,655 -
Trade and other receivables (29,207) 22
Trade and other payables 142,816 (1,648)
Provisions and other liabilities (16,309) 80
Interest received 9,162 1,754
Interest paid (4,949) -
Purchase of gold put premiums (13,090) -
Net cash flows from operating activities 601,114 (21,680)
Cash flows from investing activities
Payments for mine development and fixed assets 13 (160,265) (26,688)
Exploration expenditure capitalised 12 (8,986) -
Cash consideration for Telfer-Havieron acquisition 25 (280,659) -
Transaction costs related to asset acquisition 25 (12,561)
Net cash flows from investing activities (462,471) (26,688)
Cash flows from financing activities
Proceeds from issue of shares 23 557,199 380
Transaction costs from issue of shares 23 (17,366) -
Proceeds from borrowings 17 7,000 -
Repayment of borrowings 17 (87,683) -
Repayment of lease principal 18 (10,323) (248)
Payments to directors and employees for surrender of options 23 (34,210) -
Payments for prepaid borrowing costs for debt - (1,895)
Net cash flows from financing activities 414,617 (1,763)
Net increase/ (decrease) in cash and cash equivalents 553,260 (50,131)
Cash and cash equivalents at the beginning of the period 9,168 59,332
Effect of exchange rate differences on cash and cash equivalents 12,235 (33)
Cash and cash equivalents at the end of the year 16 574,663 9,168
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the year ended 30 June 2025
(1)The reporting currency of the Group was changed from sterling to Australian
dollars during the financial year. Refer to Note 2(a) for further details.
The above Statement should be read in conjunction with the accompanying notes.
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
Principal accounting policies
1. Corporate information
2. Basis of preparation
Financial performance
3. Segment information
4. Revenue
5. Cost of sales
6. Corporate and other expenses
7. Other income and expenses
8. Income tax
9. Earnings per share
Operating assets and liabilities
10. Trade and other receivables
11. Inventories
12. Exploration and evaluation assets
13. Property, plant and equipment
14. Trade and other payables
15. Provisions
Capital structure and financing
16. Cash and cash equivalents
17. Borrowings
18. Lease liability
19. Finance income and finance costs
20. Derivative financial instruments
21. Financial assets fair valued through profit and loss
22. Financial risk management
23. Share capital
Other notes
24. Share based payments
25. Acquisition of Havieron project and Telfer gold-copper mine
26. Subsequent events
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
FOR THE YEAR ENDED 30 JUNE 2025
PRINCIPAL ACCOUNTING POLICIES
1 CORPORATE INFORMATION
Greatland Resources Limited (Greatland or the Company) is a for profit company
limited by shares, domiciled and incorporated in Australia, whose shares are
traded on the Australian Securities Exchange (ASX) (ASX:GGP) and the LSE AIM
(AIM:GGP). Greatland's shares commenced trading on the ASX from 24 June 2025,
and commenced trading on the LSE AIM on 23 June 2025.
The registered office of the Company is Level 2, 502 Hay Street, Subiaco, WA,
6008.
The nature of operations and principal activities of the Group are
exploration, mine development, mine operations and the sale of gold and
gold-copper concentrate.
2 BASIS OF PREPARATION
The financial report is a general purpose financial report which:
Ÿ has been prepared in accordance with Australian Accounting Standards (AAS)
and other authoritative pronouncements of the Australian Accounting Standards
Board (AASB) and the Corporations Act 2001 (Cth);
Ÿ complies with International Financial Reporting Standards (IFRS) and
interpretations adopted by the International Accounting Standards Board
(IASB);
Ÿ has been prepared on a historical cost basis except for certain financial
instruments which have been measured at fair value through the Consolidated
Statement of Comprehensive Income;
Ÿ is presented in Australian dollars with all values rounded to the nearest
thousand dollars ($'000) unless otherwise stated, in accordance with ASIC
Corporations (Rounding in Financial / Directors' Reports) Instrument 2016/191;
and
Ÿ does not early adopt AAS and Interpretations that have been issued or
amended but are not yet effective.
a) Change in reporting currency
Effective 24 June 2025, post ASX listing, the reporting currency of the Group
was changed from sterling (£) to Australian dollars ($). The change in
presentation currency provides investor and other stakeholders with greater
transparency in relation to the Group's performance as it better reflects the
primary economic environment in which the Group operates.
The amounts for prior periods have been translated into Australian dollars
using the methods outlined below:
Ÿ Consolidated Statement of Comprehensive Income and Consolidated Statement
of Cash Flows have been translated into Australian dollars using average
foreign currency rates prevailing from the relevant year;
Ÿ assets and liabilities in the Consolidated Statement of Financial Position
have been translated into Australian dollars at the closing foreign currency
rate on the relevant balance sheet date;
Ÿ equity section of the Consolidated Statement of Financial Position,
including retained earnings, share capital and other reserves, has been
translated into Australian dollars on the basis that Greatland had always
reported in Australian dollars; and
Ÿ earnings / (losses) per share has been restated to Australian dollars to
reflect the change in presentation currency.
b) Significant changes in the state of affairs
Greatland was incorporated on 30 May 2023 and became the parent company of
Greatland Gold plc in a restructure where existing shareholders exchanged
their shares in Greatland Gold plc for shares in the Company on 20 June 2025.
Prior to the restructure, Greatland Gold plc was the parent company of the
Group. The restructure has been accounted for as a capital reorganisation and
did not result in a business combination for accounting purposes. Financial
information of the Group has been presented as a continuation of the
pre-existing Greatland Gold plc consolidated entity. Accordingly, the assets
and liabilities continued to be recorded at their existing values in the
Consolidated Statement of Financial Position.
Prior period financial information contained in this report therefore
represents the consolidated historical financial information for Greatland
Gold plc.
On 24 June 2025, the Company successfully commenced trading on the ASX
following an Initial Public Offering (IPO) of $490.0 million (before costs),
which included ~$50.0 million by way of a subscription of new shares in the
Company and approximately $440.4 million by way of a secondary sell-down by
Bright SaleCo Limited, a special purpose vehicle incorporated to facilitate
the sale under the IPO of 50% of Newmont's shares in Greatland. A separate
offer to UK resident retail investors was also oversubscribed and successfully
completed, raising a further ~$14.0 million in gross proceeds.
c) Basis of consolidation
The consolidated financial statements comprise of the financial statements of
Greatland and its subsidiaries.
Subsidiaries are those entities controlled directly or indirectly by the
Company. The results of the subsidiaries are included in the Consolidated
Statement of Comprehensive Income for the same reporting period or the date of
acquisition (where applicable) using the same accounting policies as 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. All intra-group balances and transactions,
including any unrealised income and expenses arising from intragroup
transactions, are eliminated in full in preparing the consolidated financial
statements.
d) Foreign currency translation
Both the functional and presentational currency of Greatland is Australian
dollars. Each entity in the Group determines its own functional currency, the
primary economic environment in which the entity operates, and items included
in the financial statements of each entity are measured using that functional
currency.
Transactions in foreign currencies are recorded at the spot rate 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 Consolidated Statement of Comprehensive
Income.
On consolidation of a foreign operation, assets and liabilities are translated
at the balance sheet rate, income and expenses are translated at average
foreign currency rates prevailing for the relevant period. Gains/losses
arising on translation of foreign controlled entities into Australian dollars
are taken to the foreign currency translation reserve.
e) Significant accounting judgements, estimates and assumptions
Determination of mineral resources and ore reserves
The Group reports its Mineral Resources and Ore Reserves in accordance with
the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves - the JORC Code. The
information on Mineral Resources and Ore Reserves is prepared by Competent
Persons as defined by the JORC Code. Estimates of mineral resources and ore
reserves are utilised in several estimates and judgments impacting the
financial statements, in particular allocating value to acquired assets,
assessing for indicators of impairment of non-current assets and in
determining the depreciation/amortisation of assets using the units of
production method
There are numerous uncertainties inherent in estimating Mineral Resources and
Ore Reserves. Assumptions that are valid at the time of estimation may change
significantly when new information becomes available.
Changes in the forecast prices of commodities, exchange rates, production
costs or recovery rates may change the economic status of reserves and may,
ultimately, result in the reserves being restated. Such changes may impact
asset carrying values, depreciation and amortisation rates, deferred
development costs and provisions for restoration.
Other critical accounting judgements
Other critical accounting judgements, estimates and assumptions are discussed
in the following notes:
Description Notes
Income tax 8
Unit of production method of depreciation / amortisation 13
Impairment of assets 11, 12, 13
Exploration and evaluation assets 12
Life of component ratio for stripping asset 13
Mine rehabilitation provision 15
Share based payments 24
Acquisition of Havieron project and Telfer gold-copper mine 25
The Group has adopted all of the new, revised or amending Accounting Standards
and Interpretations issued by the AASB that are relevant to its operations and
effective for an accounting period that begins on or after 1 July 2024.
Set out below are the new and revised Standards and amendments thereof
effective for the current year that are relevant for the Group:
f) New standards and interpretations effective from 1 July 2024:
Ÿ AASB 2020-1 Amendments to Australian Accounting Standards: Classification
of Liabilities as Current or Non-Current (AASB 101)
Ÿ AASB 2022-6 Amendments to Australian Accounting Standards: Non-Current
Liabilities with Covenants (AASB 101)
Ÿ AASB 2022-5 Amendments to Australian Accounting Standards: Lease Liability
in a Sale and Leaseback (AASB 16)
Ÿ AASB 2023-1 Amendments to Australian Accounting Standards: Disclosures and
Statement of Cash Flows: Supplier Finance Arrangements (AASB 7 & AASB 107)
The amendments listed above did not have any material impact on the Group.
g) New accounting standards and interpretations issued but not
effective
At the date of approval of these financial statements, the following standards
and interpretations which have not been applied in these financial statements
were in issue but not yet effective:
Ÿ AASB 2023-5 Amendments to Amendments to Australian Accounting Standards:
Lack of Exchangeability - effective 1 January 2025 (AASB 1, AASB 121 &
AASB 1060)
Ÿ AASB 2024-2 Amendments to Australian Accounting Standards: Classification
and Measurement of Financial Instruments - effective 1 January 2026 (AASB 7
& AASB 9)
Ÿ AASB 18 Presentation and Disclosure in Financial Statements - effective 1
January 2027
The new and amended Standards and Interpretations which are in issue but not
yet mandatorily effective, with exception to the item listed below, are not
expected to have a material impact on the Group.
AASB 18 Presentation and Disclosure in Financial Statements
AASB 18 was issued in June 2024 and will replace AASB 101 Presentation of
Financial Statements, effective for annual periods beginning on or after 1
January 2027. The new standard introduces new classification and presentation
requirements, primarily impacting the Consolidated Statement of Comprehensive
Income and related notes, as well as introducing additional disclosure
requirements for management-defined performance measures.
The Group is in the process of assessing the impact of the new standard,
however it is not expected to have an impact on the recognition and
measurement of assets, liabilities, income and expenses, and is expected to
only result in changes in the classification and presentation of these in the
consolidated financial statements, as well as some additional disclosures in
the notes.
The Group does not intend to early adopt any of the new standards or
interpretations. It is expected that where applicable, these standards and
interpretations will be adopted on each of the respective effective dates.
FINANCIAL PERFORMANCE
This section focuses on the financial performance of the Group, covering both
profitability and resulting return to shareholders via earnings per share.
3 SEGMENTAL INFORMATION
Operating segments are reported in a manner that is consistent with the
internal reporting to the Group's executive management team (the Chief
Operating Decision Makers) for the purpose of making decisions about resource
application and assessing performance.
Greatland operates two segments, the principal activities of each are
summarised below:
Ÿ Telfer-Havieron - mining and processing of gold and copper, mine
development
Ÿ Exploration - exploration and evaluation of gold and copper mineralisation
Segment results for the year ended 30 June 2025 Telfer-Havieron Exploration Total
$'000 $'000 Corporate and other $'000
$'000
Revenue 957,367 - - 957,367
Cost of sales, excluding depreciation and amortisation (420,854) - - (420,854)
Segment gross profit 536,513 - - 536,513
Exploration and evaluation expenses (2,377) (7,469) - (9,846)
Segment EBITDA 534,136 (7,469) - 526,667
Depreciation and amortisation (40,526) - (281) (40,807)
Segment EBIT 493,610 (7,469) (281) 485,860
Capital expenditure 210,855 10 6,787 217,652
Segment assets 2,019,693 1,087 94,596 2,115,376
Segment liabilities (1,581,829) (18,861) 825,425 (775,265)
Segment results for the year ended 30 June 2024 Telfer-Havieron Exploration Total
(Restated) $'000 $'000 Corporate and other $'000
$'000
Revenue - - - -
Cost of sales, excluding depreciation and amortisation - - - -
Segment gross profit - - - -
Exploration and evaluation expenses (301) (7,785) - (8,086)
Segment EBITDA (301) (7,785) - (8,086)
Depreciation and amortisation - - (310) (310)
Segment EBIT (301) (7,785) (310) (8,396)
Capital expenditure 31,471 - 358 31,829
Segment assets 160,597 1,500 9,461 171,558
Segment liabilities (219,636) (11,631) 137,810 (93,457)
Segment EBITDA is a non-IFRS measure, being earnings before interest, tax,
depreciation and amortisation and is calculated as follows profit before
income tax, plus depreciation, amortisation, impairment, share based payments,
corporate and finance costs less interest income.
Interest income, finance costs and acquisition costs are not allocated to the
operating segments as this type of activity is driven by the central finance
function which manages the cash position of the Group.
Segment EBIT reconciles to net profit before tax for the year ended 30 June
2025 as follows:
2025 2024 (Restated)
$'000 $'000
Segment EBIT 485,860 (8,396)
Corporate and other expenses (41,109) (11,007)
Share based payment expense (28,610) (6,299)
Transaction costs related to Telfer-Havieron acquisition (14,748) (2,914)
Transaction costs related to the IPO (6,779) -
Other income 30,259 129
Finance income 23,623 1,576
Finance costs (6,593) (1,650)
Profit/ (loss) before tax 441,903 (28,561)
Geographical information
Substantially all of the Group's assets and liabilities are located in
Australia.
The geographical information below analyses statutory Group revenue from
continuing operations. Revenue is primarily presented by the geographical
destination of the product.
2025 2024
$'000 (Restated)
$'000
Australia 137,435 -
China 511,363 -
Rest of Asia 288,716 -
Canada 19,853 -
Total revenue 957,367 -
4 REVENUE
2025 2024
$'000 (Restated)
$'000
Revenue from contracts with customers
Dore 137,851 -
Concentrate 713,185 -
Treatment and refining deductions (941) -
Total gold revenue 850,095 -
Concentrate 94,311 -
Treatment and refining deductions 2,792 -
Total copper revenue 97,103 -
Dore 148 -
Concentrate 4,552 -
Treatment and refining deductions (55) -
Total silver revenue 4,645 -
Revenue from the provision of freight services 9,457 -
Total revenue from contracts with customers 961,300 -
Hedge gains / (losses) (3,933) -
Total sales revenue 957,367 -
Recognition and measurement
The Group primarily generates revenue from the sale of gold, copper and silver
in the form of concentrate and dore. The sales of these commodities are
considered to be performance obligations as they are the contractual promises
by the Group to transfer distinct goods to customers. The transaction price
allocated to each performance obligation is recognised as the performance
obligation is satisfied. Satisfaction occurs when control of the promised
commodity is transferred to the customer.
Dore revenue is recognised at a point in time upon transfer of control to the
customer and is measured at the amount to which the Group expects to be
entitled which is based on the deal agreement. Concentrate revenue is
recognised net of treatment and refining charges upon receipt of the bill of
lading when the goods are delivered for shipment under Cost, Insurance, and
Freight (CIF) Incoterms.
Revenue from the provision of freight services
The Group sells most of its commodities on CIF Incoterms. In the case of CIF
Incoterms, the Group is responsible for shipping services after the date at
which control of the commodities passes to the customer at the port of
loading. The provision of shipping services in these types of arrangements are
a distinct service (and therefore a separate performance obligation) to which
a portion of the transaction price should be allocated and recognised over
time as the shipping services are provided.
5 COST OF SALES
2025 2024
$'000 (Restated)
$'000
Site production costs 281,577 -
Employee benefit expenses 55,002 -
Royalties 31,269 -
Selling costs 13,594 -
Change in inventories 39,412 -
Depreciation and amortisation 40,526 -
Total cost of sales 461,380 -
6 CORPORATE AND OTHER EXPENSES
2025 2024
$'000 (Restated)
$'000
Employee benefit expenses 15,849 7,000
Depreciation and amortisation 281 310
Other administrative costs (including integration) 25,260 4,007
Total corporate and other expenses 41,390 11,317
7 OTHER INCOME / (EXPENSES)
2025 2024
$'000 (Restated)
$'000
Gains / (losses) on financial assets at fair value through profit or loss 17,231 (93)
Other income 13,028 222
Total other income / (expenses) 30,259 129
8 INCOME TAX
Income tax expense comprises current and deferred tax and is recognised in
profit or loss, except to the extent it relates to items recognised in equity
as disclosed below:
2025 2024
$'000 (Restated)
$'000
Components of income tax are:
Current income tax
Current year tax expense / (benefit) 121,208 -
Adjustment for current tax of prior periods - -
Deferred income tax
Deferred tax expense / (benefit) 28,743 -
Bring to account tax (benefit) on tax losses and other temporary differences (45,308) -
Adjustment for deferred tax of prior periods - -
Total income tax expense 104,643 -
2025 2024
$'000 (Restated)
$'000
Reconciliation of income tax expense to pre-tax profit:
Profit / (loss) from continuing operations before income tax 441,903 (28,560)
Income tax expense at the Australian tax rate of 30% (2024: weighted average 132,571 (8,128)
rate of 28%)
Increase / (decrease) in income tax due to:
Bring to account tax (benefit) on tax losses and other temporary differences (45,308) -
Share based payments 8,583 1,877
Other permanent differences 7,694 -
Net deferred tax assets not brought to account 1,103 14,156
Movement in unrecognised temporary differences - 19
Deferred tax relating to the origination and reversal of temporary differences - (7,924)
Total income tax expense / (benefit) 104,643 -
2025 2024
$'000 (Restated)
$'000
Deferred income tax related to items recognised directly in other
comprehensive income / (loss):
Derivative financial instruments 4,129 -
Total 4,129 -
2025 2024
$'000 (Restated)
$'000
Current tax (liability) / asset:
Opening balance at 1 July - -
Tax paid / (refunded) - -
Current tax charge 121,208 -
Utilisation of prior period tax losses (45,096)
Adjustment for current tax of prior periods - -
Closing balance 76,112 -
( )
Temporary differences brought to account
Deferred tax assets: 2025 2024
$'000 (Restated)
$'000
The balance comprises temporary differences attributable to:
Mine development - 6,331
Provisions & accruals 9,963 795
Other deductible temporary differences 4,731 3,339
Derivative financial instruments recognised in other comprehensive income 4,129
Gross deferred tax assets 18,823 10,465
Amount offset from deferred tax liabilities pursuant to set-off provisions (18,823) (10,465)
Net deferred tax assets recognised - -
Deferred tax liabilities: 2025 2024
$'000 (Restated)
$'000
The balance comprises temporary differences attributable to:
Property, plant and equipment (12,486) (9,702)
Mine properties (32,040)
Exploration and evaluation assets (10,439)
Investments held at fair value (5,169) -
Other taxable temporary differences (140) (763)
Gross deferred tax liabilities (60,274) (10,465)
Amount offset from deferred tax assets pursuant to set-off provisions 18,823 10,465
Net deferred tax liabilities recognised (41,451) -
Unrecognised deferred tax assets: 2025 2024
$'000 (Restated)
$'000
Items for which no deferred tax assets have been recognised are attributable
to the following:
Rehabilitation, restoration and dismantling provision 81,658 -
Unused tax losses(1) 10,533 45,645
Total unrecognised deferred tax assets 92,191 45,645
(1) Losses for which no deferred tax assets have been recognised relate to
unrecognised UK revenue losses, unrecognised Australian revenue losses (prior
year only) and unrecognised Australian capital losses.
Movements in deferred tax balances
Deferred tax assets Mine development Provisions and accruals Other Total
$'000 $'000 $'000 $'000
At 1 July 2024 (Restated) 6,331 795 3,339 10,465
Recognition of prior year temporary differences - - 213 213
Acquired as part of Telfer-Havieron acquisition (Note 25) (6,331) 13,798 (3,339) 4,128
(Charged) / credited to profit or loss - (4,630) 4,518 (112)
Recognised directly in other comprehensive income / (loss) - - 4,129 4,129
At 30 June 2025 - 9,963 8,860 18,823
Deferred tax liabilities Property, plant and equipment Mine development Exploration and evaluation Other Total
$'000 $'000 $'000 $'000 $'000
At 1 July 2024 (Restated) (9,702) - - (763) (10,465)
Acquired as part of Telfer-Havieron acquisition (Note 25) (2,797) (8,730) (10,414) 763 (21,178)
(Charged) / credited to profit or loss 13 (23,310) (25) (5,309) (28,631)
Recognised directly in other comprehensive income / (loss) - - - - -
At 30 June 2025 (12,486) (32,040) (10,439) (5,309) (60,274)
Recognition and measurement
Current tax assets and liabilities for the period are measured at 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 reporting date in the countries where the Group
operates.
Income 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 income tax
(current or deferred) is also dealt with in equity.
Deferred income tax is provided on all temporary differences between
accounting carrying amounts and the tax bases of assets and liabilities at the
balance sheet date.
Deferred income tax liabilities are recognised for all taxable temporary
differences other than for the exemptions permitted under accounting
standards.
Deferred income tax assets are recognised for all deductible temporary
differences and unutilised tax losses only to the extent that it is probable
that future taxable amounts will be available to utilise these other than for
the exemptions permitted under accounting standards. The recognition of
deferred tax assets requires management to assess the likelihood that the
Group will comply with the relevant tax legislation in the jurisdictions in
which it operates and will generate sufficient taxable earnings in future
years to utilise these deferred tax assets. This assessment requires the use
of estimates and assumptions such as commodity prices, operating performance
and financing costs. The carrying amount of deferred tax assets is reviewed at
each reporting 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
deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that
are expected to apply in the period when the liability is settled or the asset
realised, based on tax rate and tax laws that have been enacted or
substantially enacted at the balance sheet date.
The Group offsets deferred tax assets and deferred tax liabilities if, and
only if, it has a legally enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same taxation authority on
either the same taxable entity or different taxable entities which intend
either to settle current tax liabilities and assets on a net basis, or to
realise the assets and settle the liabilities simultaneously, in each future
period in which significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
Tax consolidation
Greatland Holdings Group Pty Ltd, a 100% owned subsidiary of Greatland Gold
plc, and its 100% owned Australian resident subsidiaries formed a tax
consolidated group with effect from 14 February 2023. Greatland Holdings Group
Pty Ltd is the head entity of the tax consolidated group. Members of the tax
consolidated group have entered into a tax funding agreement under which the
wholly-owned entities fully compensate Greatland Holdings Group Pty Ltd for
any current tax payable assumed and are compensated by Greatland Holdings
Group Pty Ltd for any current tax receivable and deferred tax assets related
to unused tax losses or unused tax credits that are transferred to Greatland
Holdings Group Pty Ltd under the tax consolidation regime.
Greatland Resources Limited is a standalone taxpayer in Australia and given it
only recently became the parent company of the Group it has not formed a Tax
Consolidated Group.
9 EARNINGS PER SHARE
2025 2024
Cents (Restated)
Cents
Basic earnings / (losses) per share 63.57 (11.23)
Diluted earnings / (losses) per share 63.14 (11.23)
Weighted average number of shares used as the denominator 2025 2024
Number (Restated)
Number
Weighted average number of ordinary shares in calculating basic earnings per 530,560,004 254,230,255
share
Adjustment for calculation of diluted earnings per share:
Rights and options 3,586,457 -
Weighted average number of ordinary shares in calculating diluted earnings per 534,146,461 254,230,255
share
Recognition and measurement
Basic earnings per share
Basic earnings per share is calculated by dividing profit / (loss)
attributable to equity holders of Greatland and the weighted average number of
ordinary shares outstanding during the financial year, adjusted for any bonus
elements in the ordinary shares issued during the year and excluding treasury
shares.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of
basic earnings per share to consider:
Ÿ the after-income tax effect of interest and other financing costs
associated with dilutive potential ordinary shares; and
Ÿ the weighted average number of additional ordinary shares that would have
been outstanding assuming the conversion of all dilutive potential ordinary
shares.
The prior year comparative diluted losses per share excludes potential
ordinary shares that would result in a decrease in basic losses per share, as
they were considered anti-dilutive.
OPERATING ASSETS AND LIABILITIES
This section shows the assets used to generate the Group's trading performance
and the liabilities incurred. Assets and liabilities relating to the Group's
financing activities are addressed in the capital structure and financing
section, Notes 16 to 22.
10 TRADE AND OTHER RECEIVABLES
2025 2024
$'000 (Restated)
$'000
Trade receivables 20,912 -
Sundry debtors 13,250 262
Total trade and other receivables 34,162 262
Recognition and measurement
Receivables are classified at initial recognition and subsequently measured at
amortised cost or fair value through profit or loss. The classification of
receivables at initial recognition depends on the receivable's contractual
cash flow characteristics and the Group's business model for managing them.
Trade receivables are initially measured at the transaction price determined
in accordance with the accounting policy for revenue. All other receivables
are initially measured at fair value.
Trade and other receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective interest method.
Trade receivables are less any allowance for the expected future issue of
credit notes and for non-recoverability due to credit risk. The Group applies
the 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.
11 INVENTORIES
Current 2025 2024
$'000 (Restated)
$'000
Ore stockpiles 84,805 -
Gold in circuit 9,895 -
Finished goods 41,928 -
Consumable stores and spare parts 63,678 -
Total current inventories 200,306 -
Non-current
Ore stockpiles 39,956 -
The cost of inventories recognised as an expense includes $nil (2024: $nil) in
respect of write downs of inventory to net realisable value.
Recognition and measurement
Ore stockpiles and finished goods are physically measured or estimated and
valued at the lower of cost and net realisable value. Cost represents the
weighted average cost and includes direct costs and an appropriate portion of
fixed and variable production overhead expenditure, including depreciation and
amortisation, incurred in mining and processing activities into finished
goods.
Consumables stores and spare parts are valued at the lower of cost and net
realisable value. Any allowance for obsolescence is determined by reference to
specific stock items identified. A regular and on-going review is undertaken
to establish the extent of surplus items and an allowance is made for any
potential loss on their disposal.
Net realisable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and the estimated costs
necessary to make the sale.
Ore stockpiles which are not scheduled to be processed in the 12 months after
the reporting date are classified as non-current inventory. The Group believes
the processing of these stockpiles will have a future economic benefit to the
Group and accordingly values these stockpiles at the lower of cost and net
realisable value. If there is significant uncertainty as to if and/or when the
stockpiled ore will be processed by the Group, the ore is expensed as mined,
or as such indicators arise.
The determination of the current and non-current portion of the ore stockpile
includes the use of estimates and judgements about when the ore stockpile draw
downs for processing will occur. These estimates and judgements are based on
current forecasts and mine plans and expected developments, taking in to
account operating history.
Key estimates and assumptions - Net realisable value of ore stockpiles
The computation of net realisable value for ore stockpiles involves
significant judgements and estimates in relation to timing and cost of
processing, commodity prices, foreign exchange rates, recoveries and the
timing of sale of the dore and concentrate produced. A change in any of these
assumptions will alter the estimated net realisable value and may therefore
impact the carrying value of ore stockpiles.
12 EXPLORATION AND EVALUATION ASSETS
Notes 2025 2024
$'000 (Restated)
$'000
Opening balance as at 1 July 452 503
Acquired as part of Telfer-Havieron acquisition 25 117,818 -
Additions 8,986 -
Disposals - (51)
Closing balance as at 30 June 127,256 452
Recognition and measurement
Exploration and evaluation assets includes acquisition costs, costs associated
with exploring, investigating, examining and evaluating an area of
mineralisation, and assessing the technical feasibility and commercial
viability of extracting the mineral resource from that area.
Exploration and evaluation expenditure is capitalised and carried forward to
the extent that it relates to:
(i) acquisition costs; or
(ii) costs are expected to be recouped through successful development
and exploitation of the area of interest or alternatively through sale.
The recoverability of the exploration and evaluation assets is dependent on
the successful development and commercial exploration, or alternatively, sale
of the respective area of interest.
Exploration and evaluation and development assets are assessed for impairment
if:
Ÿ Insufficient data exists to determine commercial viability; or
Ÿ Other facts and circumstances suggest that the carrying amount exceeds
the recoverable amount.
Exploration and evaluation assets shall be assessed for impairment, and any
impairment loss shall be recognised, before reclassification to mine
properties. No amortisation is charged during the exploration and evaluation
phase.
An exploration and evaluation asset will be reclassified to mine development
when the technical feasibility and commercial viability of extracting a
mineral resource are demonstrable and mine development activities have
commenced.
Key estimates and assumptions - Exploration and evaluation assets
Judgement is required to determine whether future economic benefits are
likely, from either exploitation or sale, or whether activities have not
reached a stage that permits a reasonable assessment of the existence of
reserves. In addition to these judgements, the Group has to make certain
estimates and assumptions. The determination of a JORC resource is itself an
estimation process that involves varying degrees of uncertainty depending on
how the resources are classified (i.e. measured, indicated or inferred). The
estimates directly impact when the Group capitalises exploration and
evaluation expenditure. The capitalisation policy requires management to make
certain estimates and assumptions as to future events and circumstances, in
particular, the assessment of whether economic quantities of reserves will be
found. Any such estimates and assumptions may change as new information
becomes available.
The recoverable amount of capitalised expenditure relating to undeveloped
mining projects (projects for which the decision to mine has not yet been
approved at the required authorisation level within the Group) can be
particularly sensitive to variations in key estimates and assumptions. If a
variation in key estimates or assumptions has a negative impact on recoverable
amount it could result in a requirement for impairment or write-down.
13 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment Mine development
Right-of-use assets Site infrastructure Assets under construction Mine properties Assets under construction Total
$'000 $'000 $'000 $'000 $'000 $'000
Opening net book amount 1 July 2023 (Restated) 796 159 - - 114,154 115,109
Additions 234 124 - - 31,471 31,829
Capitalised interest - - - - 11,076 11,076
Disposals (245) (4) - - - (249)
Depreciation (190) (56) - - - (246)
Closing net book value 30 June 2024 595 223 - - 156,701 157,519
Cost 857 767 - - 156,701 158,325
Accumulated depreciation and impairment (262) (544) - - - (806)
Net book amount 30 June 2024 595 223 - - 156,701 157,519
Acquired as part of Telfer-Havieron acquisition (Note 25) 16,257 182,659 - 29,512 550,022 778,450
Additions 24,987 2,993 93,384 55,133 32,169 208,666
Capitalised interest - - - - 4,696 4,696
Disposals (244) (1) - - - (245)
Depreciation (11,944) (9,214) - (29,588) - (50,746)
Closing net book value 30 June 2025 29,651 176,660 93,384 55,057 743,588 1,098,340
Cost 41,533 185,932 93,384 84,645 743,588 1,149,082
Accumulated depreciation and impairment (11,882) (9,272) - (29,588) - (50,742)
Net book amount 30 June 2025 29,651 176,660 93,384 55,057 743,588 1,098,340
Recognition and measurement
Right-of-use assets
Right-of-use assets are measured at cost comprising the following:
Ÿ the amount of the initial measurement of lease liability
Ÿ any lease payments made at or before the commencement date less any lease
incentives received
Ÿ any initial direct costs, and restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's
useful life and the lease term on a straight-line basis. If the group is
reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset's useful life.
Property, plant and equipment
Property, plant and equipment is stated at historical cost. Historical cost
includes expenditure that is directly attributable to the acquisition of the
items and costs incurred in bringing the asset into use.
Subsequent costs are included in the asset's carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item flow to the Group and the cost of
the item can be measured reliably. The carrying amount of the replaced part is
de-recognised. All other repairs and maintenance costs are recognised in the
Consolidated Statement of Comprehensive Income as incurred.
An item of property, plant and equipment and any significant part initially
recognised is derecognised upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net
disposal proceeds and the carrying amount of the asset) is included in the
Consolidated Statement of Comprehensive Income when the asset is derecognised.
Mine Development
Mine development represents expenditure incurred when the technical
feasibility and commercial viability of extracting a mineral resource are
demonstrable and includes costs incurred up until such time as the asset is
capable of being operated in a manner intended by management. It also includes
exploration and evaluation costs related to the mineral resource, which are
transferred to mine development at the point when such feasibility of
development is established.
Mine development is stated at historical cost less impairment losses, if any.
Historical cost includes expenditure that is directly attributable to the
acquisition of the items and costs incurred in bringing the asset into use.
Expenditure incurred in constructing a mine is accumulated separately for each
area of interest in which economically recoverable reserves and resources have
been identified. This expenditure includes direct costs of construction,
drilling costs and removal of overburden to gain access to the ore, borrowing
costs capitalised during construction and an appropriate allocation of
attributable overheads. Further, any revenue generated during the
pre-production phase of mining is recorded in profit and loss as revenue with
appropriate costs of production allocated and charged to profit and loss.
All expenditure incurred prior to commencement of production from each
development property is carried forward to the extent to which recoupment out
of future revenue from the sale of production, or from the sale of the
property, is reasonably assured. When further development is incurred in
respect of a mine property after commencement of commercial production, such
expenditure is carried forward as part of the cost of the mine property only
when future economic benefits are reasonable assured, otherwise the
expenditure is classified as part of the cost of production and expensed as
incurred. Such capitalised development expenditure is added to the total
carrying value of mine development being amortised.
Depreciation does not commence until the asset is in the location and
condition necessary for it to be capable of operating in the manner intended
by management.
The Group uses the units of production basis when depreciating mine-specific
assets which results in a depreciation charge proportional to the depletion of
the anticipated remaining life of mine production. In applying the units of
production method, depreciation is calculated using the expected total
contained ounces as determined by the life of mine plan specific to that mine
property.
An item of mine development is derecognised upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss
arising on derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in
the Consolidated Statement of Comprehensive Income when the asset is
derecognised.
Key estimates and assumptions - Mine Development
Development activities commence after commercial viability and technical
feasibility of the project is established. Judgement is applied by management
in determining when a project is commercially viable and technically feasible.
In exercising this judgement, management is required to make certain estimates
and assumptions as to future events. If, after having commenced the
development activity, a judgement is made that a development asset is impaired
the relevant capitalised amount will be written off to the Consolidated
Statement of Comprehensive Income.
Further details are included in Note 2(e) above.
Production stripping and underground advance development expenditure
Stripping (waste removal) costs for both the open pit and underground are
incurred both during the development phase and the production phase of
operations. Stripping costs incurred during the development phase are
capitalised as part of mine development costs. Stripping costs incurred during
the production phase are generally considered to create two benefits:
Ÿ the production of ore inventory in the period - accounted for as a part of
the cost of producing those ore inventories; or
Ÿ improved access to the ore to be mined in the future - recognised as
'production stripping asset', if the following criteria are met:
- future economic benefits (being improved access to the ore body)
associated with the stripping activity are probable;
- the component of the ore body for which access has been improved
can be accurately identified; and
- the costs associated with the stripping activity associated with
that component can be reliably measured.
The amount of stripping costs deferred is based on the appropriate ratio
obtained by dividing the amount of waste tonnes mined by the quantity of gold
ounces contained in the ore for each component of the mine. Stripping costs
incurred in the period are deferred to the extent that the actual current
period waste to contained gold ounce ratio exceeds the life of component
expected waste to contained gold ounce ratio ('life of component') ratio.
A component is defined as a specific volume of the ore body that is made more
accessible by the stripping activity and is determined based on mine plan. An
identified component of the ore body is typically a subset of the total ore
body of the mine. Each mine may have several components, which are identified
based on the mine plan.
The stripping asset is initially measured at cost, which is the accumulation
of costs directly incurred to perform the stripping activity that improves
access to the ore within an identified component, plus an allocation of
directly attributable overhead costs.
The production stripping asset is depreciated over the expected useful life of
the identified component of the ore body that is made more accessible by the
activity, on a units of production basis. Economically recoverable reserves
are used to determine the expected useful life of the identified component of
the ore body.
Key estimates and assumptions - Production Stripping
The life of component ratio is a function of the mine design and therefore
changes to that design will generally result in changes to the ratio. Changes
in other technical or economic parameters that impact reserves will also have
an impact on the life of component ratio even if they do not affect the mine
design. Changes to production stripping resulting from a change in life of
component ratios are accounted for prospectively.
Impairment
At each reporting date, the Group assesses whether there are any indicators of
impairment. If any indicator exists, the Group estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's
or cash generating unit's (CGU) fair value less cost of disposal and its value
in use. Recoverable amount is determined for an individual asset, unless the
asset does not generate cash inflows that are largely independent of those
from other assets or groups of assets. When the carrying amount of an asset or
CGU exceeds its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount.
The recoverable amount of mine development is dependent on the Group's
estimate of the Ore Reserve that can be economically and legally extracted.
The Group estimates its Ore Reserve and Mineral Resource based on information
compiled by appropriately qualified persons relating to the geological data on
the size, depth and shape of the ore body, and requires complex geological
judgments to interpret the data.
Impairment losses are recognised in the Statement of Comprehensive Income. The
current year assessment identified no indicators of impairment.
Capitalised borrowing costs
General and specific borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset are capitalised
during the period of time that is required to complete and prepare the asset
for its intended use or sale. Qualifying assets are assets that necessarily
take a substantial period of time to get ready for their intended use or sale.
Depreciation and amortisation
Items of plant and equipment and mine development are depreciated over their
estimated useful lives.
The Group uses the units of production basis when depreciating mine-specific
assets which results in a depreciation charge proportional to the depletion of
the anticipated remaining life of mine production. Each item's economic life
has due regard to both its physical life limitations and to present
assessments of economically recoverable reserves of the mine property at which
it is located.
For the remainder of assets, the straight line method is used, resulting in
estimated useful lives between 3 - 20 years, the duration of which reflects
the specific nature of the asset.
Estimates of remaining useful lives, residual values and depreciation methods
are reviewed annually for all major items of property, plant and equipment and
mine development. Any changes are accounted for prospectively.
When an asset is surplus to requirements or no longer has an economic value,
the carrying amount of the asset is reviewed and is written down to its
recoverable amount or derecognised.
Key estimates and assumptions - Units of production method
The Group uses the units of production basis when depreciating/amortising
mine-specific assets which results in a depreciation/amortisation charge
proportional to the depletion of the anticipated remaining life of mine
production. Each item's economic life, which is assessed annually, has due
regard to both its physical life limitations and to present assessments of
economically recoverable reserves of the mine property at which it is located.
These calculations require the use of estimates and assumptions. Any change in
these estimates and assumptions are accounted for prospectively.
Capital commitments
The Group's capital commitments were $18.2 million at 30 June 2025 (2024: $5.4
million).
14 TRADE AND OTHER PAYABLES
2025 2024
$'000 (Restated)
$'000
Trade and other payables 166,672 9,903
Stamp duty payable on Telfer-Havieron acquisition 46,034 -
Total trade and other payables 212,706 9,903
Recognition and measurement
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.
The amounts are unsecured and are non-interest bearing. The carrying value of
these trade and other payables is considered to approximate fair value due to
the short-term nature of the payables.
15 PROVISIONS
2025 2024
$'000 (Restated)
$'000
Current
Employee benefits 11,837 8
Total current provisions 11,837 8
Non-current
Employee benefits 4,676 214
Rehabilitation, restoration and dismantling 281,335 3,620
Total non-current provision 286,011 3,834
Total provisions 297,848 3,842
Movements in the rehabilitation provision during the financial year are set
out below:
Rehabilitation
Notes $'000
Opening balance as at 1 July 2024 (Restated) 3,620
Acquired as part of Telfer-Havieron acquisition 25 277,458
Amounts used during the year (1,392)
Unwinding of discount 2,383
Changes in discounting and assumptions (734)
Closing balance as at 30 June 2025 281,335
Recognition and measurement
Employee Benefits
Liabilities for wages and salaries, annual leave and any other employee
benefits are measured at the amounts expected to be paid when the liabilities
are settled.
The liability for long service leave and other long-term benefits is measured
at the present value of the estimated future cash outflows resulting from
employees' services provided up to the reporting date. Long-term benefits not
expected to be settled within 12 months are discounted using the rates
attaching to high quality corporate bonds at the reporting date, which most
closely match the terms of maturity of the related liability. In determining
the liability for these long-term employee benefits, consideration has been
given to expected future increases in wage and salary rates, the Group's
experience with staff departures and periods of service. Related on-costs are
also included in the liability.
Rehabilitation, restoration and dismantling
The Group recognises a provision for the estimate of the future costs of
restoration activities on a discounted basis at the time of disturbance. The
nature of these restoration activities includes dismantling and removing
structures, rehabilitating mines, dismantling operating facilities, closure of
plant and waste sites, and restoration, reclamation and re-vegetation of
affected areas. When the liability is initially recognised, the present value
of the estimated costs is capitalised by increasing the carrying amount of the
related assets to the extent that it was incurred by the
development/construction of the asset.
Over time, the discounted liability is increased for the change in the present
value based on a discount rate that reflects current market assessments.
Additional disturbances or changes in rehabilitation costs will be recognised
as additions or changes to the corresponding asset and rehabilitation
liability when incurred. The unwinding of the effect of discounting the
provision is recorded as a finance cost in the Consolidated Statement of
Comprehensive Income. The carrying amount capitalised as a part of mining
assets is depreciated/amortised over the life of the related asset.
Rehabilitation and restoration obligations arising from the Group's
exploration activities are recognised immediately in the Consolidated
Statement of Comprehensive Income. If a change to the estimated provision
results in an increase in the rehabilitation liability and therefore an
addition to the carrying value of the related asset, the Group considers
whether this is an indication of impairment of the asset. If the revised
assets, net of rehabilitation provisions, exceed the recoverable amount, that
portion of the increase to the provision is charged directly to the
Consolidated Statement of Comprehensive Income.
Key estimates and assumptions - Rehabilitation provisions
The Group assesses its rehabilitation, restoration and dismantling
(rehabilitation) provision at each reporting date. Significant estimates and
assumptions are made in determining the provision as there are numerous
factors that will affect the ultimate amount payable. These factors include
estimates of the extent, timing and costs of rehabilitation activities,
technological changes, regulatory changes and cost increases as compared to
the inflation rates. These uncertainties may result in future actual
expenditure differing from the amounts currently provided. The provision at
reporting date represents management's best estimate of the present value of
the future rehabilitation costs.
The provision for rehabilitation has been recorded assuming a risk-free
nominal discount rate derived from an Australian 10 year government bond rate
of 4.5% and long-term inflation of 3.0%. The discount rate approximates the
estimated period for when the majority of the future rehabilitation costs are
expected to be incurred.
CAPITAL STRUCTURE AND FINANCING
This section outlines how the Group manages its capital and related financing
activities.
16 CASH AND CASH EQUIVALENTS
2025 2024
$'000 (Restated)
$'000
Cash at bank 449,663 8,968
Short-term deposits 125,000 200
Total cash and cash equivalents 574,663 9,168
Recognition and measurement
Short-term deposits are usually between one to three months depending on the
short-term cash flow requirements of the Group. The Group holds short-term
deposits with financial institutions that have a long-term S&P (or
equivalent) credit rating of A or above.
17 BORROWINGS
2025 2024
$'000 (Restated)
$'000
Non-current
Secured borrowings - 79,124
Total non-current borrowings - 79,124
During the period, Greatland made a $81.5 million (US$52.4 million) cash
repayment of the entire outstanding balance of the loan with Newmont NOL Pty
Limited, a wholly owned subsidiary of Newmont Corporation (Newmont), which has
now been terminated as part of the Telfer-Havieron acquisition. Refer to Note
25 Acquisition of Havieron project and Telfer gold-copper mine for further
details.
On 3 December 2024, the Company executed a Syndicated Facility Agreement and
related documentation with ANZ, HSBC and ING for a $75.0 million Working
Capital Facility and $25.0 million Contingent Instrument Facility. As at 30
June 2025 the Working Capital Facility was undrawn. The facility is secured
against all property of Greatland Pty Ltd (which is the entity that holds the
Telfer operating assets and Havieron assets), over the shares in Greatland Pty
Ltd held by Greatland Holdings Group Pty Ltd and the rights of Greatland
Holdings Group Pty Ltd in subordinated loans owed by Greatland Pty Ltd; a
featherweight security (similar to a floating charge) has also been granted
over Greatland Holdings Group Pty Ltd's other property. The Syndicated
Facility Agreement states that EBITDA must exceed 1.2x net debt, tested
quarterly. There have been no breaches in the financial covenants during the
current financial year or prior financial year.
At 30 June 2025, the Group had drawn $16.7 million in bank guarantees under
the Contingent Instrument Facility (2024: $nil). The Working Capital Facility
expires on 1 December 2025 and the Contingent Instrument Facility expires on
15 January 2028.
Recognition and measurement
At initial recognition, financial liabilities are classified as financial
liabilities at fair value through profit or loss, amortised cost, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate. All financial liabilities are recognised initially at fair value
and, in the case of those measured at amortised cost, net of directly
attributable transaction costs. The subsequent measurement of financial
liabilities depends on their classification, as described below.
Financial liabilities measured at amortised cost
Borrowings are measured at amortised cost using the effective interest method.
Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the effective interest method amortisation
process.
Amortised cost is calculated by considering any discount or premium on
acquisition and fees or costs that are an integral part of the effective
interest.
A reconciliation of movements in borrowings to cash flows arising from
financing activities is set out below:
Borrowings
$'000
Opening balance as at 1 July 2024 (Restated) 79,124
Cash movements
Proceeds from borrowings 7,000
Repayments of borrowings (87,683)
Interest paid (4,915)
Non-cash movements
Interest expense 4,915
Exchange rate variations 1,559
Closing balance as at 30 June 2025 -
18 LEASE LIABILITY
2025 2024
$'000 (Restated)
$'000
Current lease liabilities 14,301 253
Non-current lease liabilities 17,268 335
Total lease liability 31,569 588
Recognition and measurement
Liabilities arising from a lease are initially measured on present value
basis. Lease liabilities include the net present value of the following
lease payments:
Ÿ fixed payments (including in-substance fixed payments), less any lease
incentives receivable;
Ÿ variable lease payments that are based on an index or a rate, initially
measured using the index or rate as at the commencement date;
Ÿ amounts expected to be payable by the Group is reasonably certain to
exercise that option; and
Ÿ payments of penalties for terminating the lease, if the lease term reflects
the Group exercising that option.
The lease payments are discounted using the interest rate implicit in the
lease. If that rate cannot be readily determined, which is generally the case
for leases in the Group, the lessee's incremental borrowing rate is used,
being the rate that the individual lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value to the right-of-use asset
in a similar economic environment with similar terms, security and conditions.
The Group is exposed to potential future increases in variable lease payments
based on an index or rate, which are not included in the lease liability until
they take effect. When adjustments to lease payments based on an index or rate
take effect, the lease liability is reassessed and adjusted against the
right-of-use asset.
Lease payments are allocated between principal and finance costs. The finance
cost is charged to profit or loss over the lease period to produce a constant
periodic rate of interest on the remaining balance of the liability for each
period.
The expense relating to short-term leases of low value (included in
administrative expense) were $9.0 million at 30 June 2025 (FY24: $nil).
Lease liabilities
Notes $'000
Opening balance as at 1 July 2024 (Restated) 588
Cash movements
Repayments of lease liability (10,323)
Interest paid 19 (1,382)
Non-cash movements
Acquired as part of Telfer-Havieron acquisition 25 16,788
Interest expense 19 1,382
Additions 24,516
Closing balance as at 30 June 2025 31,569
19 FINANCE INCOME AND FINANCE COSTS
Notes 2025 2024
$'000 (Restated)
$'000
Finance income
Foreign exchange gains on net cash 13,145 -
Interest income 10,478 1,576
Total finance income 23,623 1,576
Finance costs
Foreign exchange losses on net cash - (258)
Finance facility fees (2,513) (1,313)
Interest on lease liabilities 18 (1,382) (25)
Unwinding of discount on provisions and changes in discounting and assumptions 15 (1,649) (48)
Other (1,049) (6)
Total finance costs (6,593) (1,650)
Recognition and measurement
Interest income
Interest income is recognised as interest accrues using the effective interest
method.
Finance costs
Provisions and other payables are discounted to their present value when the
effect of the time value of money is significant. The impact of the unwinding
of these discounts is reported in finance costs.
20 DERIVATIVE FINANCIAL INSTRUMENTS
2024
2025 (Restated)
$'000 $'000
Current assets
Gold put options - cash flow hedges 605 -
Non current assets
Gold put options - cash flow hedges 1,695 -
Total derivative financial instruments 2,300 -
During the year, the Group entered into two tranches of AUD denominated gold
put option contracts from the Banking Syndicate. The first tranche was at a
premium of $9.9 million in respect of 150,000oz of gold from 1 February 2025
to 31 December 2025, payable on a deferred basis. The second tranche was for
150,000oz gold for the period 1 February 2026 to 31 December 2026 on an
upfront basis at a premium of $10.1 million.
2024
2025 (Restated)
Carrying amounts ($'000) 2,300 -
Notional amount (oz) 219,702 -
Average strike price / oz $4,106 -
Maturity dates July-25 to -
Dec-26
Hedge ratio 1:1 -
Change in intrinsic value of outstanding hedge instruments since inception - -
Change in value of hedged item used to determine hedge ineffectiveness - -
The derivative financial instruments are considered level 2 in the fair value
hierarchy. The options were out of the money on inception and the decrease
in fair value during the period relates to changes in time value only. There
was no hedge ineffectiveness recognised in the period.
Derivative financial instruments
The Group uses derivative financial instruments to manage certain market
risks. Derivatives are initially recognised at fair value on the date a
derivative contract is entered into and are subsequently remeasured to their
fair value at each reporting date. The resulting gain or loss is recognised in
Profit/(loss) before tax for the year immediately unless the derivative is
designated and effective as a hedging instrument, in which event, the timing
of recognition in the Consolidated Statement of Comprehensive Income for the
year depends on the nature of the hedge relationship.
For instruments in hedging transactions, the Group formally designates and
documents the relationship between hedging instruments and hedged items at the
inception of the transaction, as well as its risk management objective and
strategy for undertaking various hedge transactions.
The effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow hedges are recognised in Other
Comprehensive Income (OCI) and accumulated in the Cash Flow Hedge Reserve in
equity. Any gain or loss relating to an ineffective portion is recognised
immediately in the Statement of Comprehensive Income for the year. Amounts
accumulated in the Cash Flow Hedge Reserve are transferred in the periods when
the hedged item affects profit/(loss) for the year, for instance when the
forecast sale that is hedged takes place.
Hedge accounting is discontinued when the hedging instrument expires or is
sold, terminated or exercised, if it no longer qualifies for hedge accounting
or if the Group changes its risk management objective for the hedging
relationship. At that point in time, any cumulative gain or loss on the
hedging instrument recognised via OCI remains deferred in the Cash Flow Hedge
Reserve until the original forecasted transaction occurs. When the forecasted
transaction is no longer expected to occur, the cumulative gain or loss that
was deferred in the Cash Flow Hedge Reserve is recognised immediately in the
Consolidated Statement of Comprehensive Income for the year.
If a hedging instrument being used to hedge a commitment for the purchase or
sale of gold or copper is redesignated as a hedge of another specific
commitment and the original transaction is still expected to occur, the gains
and losses that arose on the hedging instrument prior to its redesignation are
deferred and included in the measurement of the original purchase or sale when
it takes place. If the hedging instrument is redesignated as a hedge of
another commitment because the original purchase or sale transaction is no
longer expected to occur, the gains and losses that arose on the hedge prior
to its redesignation are recognised in the Consolidated Statement of
Comprehensive Income for the year at the date of the redesignation.
21 FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT AND LOSS
Notes 2025 2024
$'000 (Restated)
$'000
Listed securities 7, 25 28,441 75
Total 28,441 75
As part of the acquisition of Telfer-Havieron, Greatland acquired 410,264,785
fully paid ordinary shares and 27,075,000 unlisted options in ASX-listed
Antipa Minerals Limited (ASX:AZY) (with the relevant number of shares and
options subsequently reduced on a 10:1 basis following a consolidation that
occurred after acquisition). The fair value at acquisition date of the Antipa
shares was $11.1 million, refer to Note 25 Acquisition of Havieron project and
Telfer gold-copper mine for further details. The change in share price from
acquisition date to 30 June 2025 was $17.2 million which is recognised in the
Consolidated Statement of Comprehensive Income, refer to Note 7 Other Income /
(Expenses) for further details.
Recognition and measurement
The listed securities are valued using quoted prices in an active market and
are considered level 1 in the fair value hierarchy. Changes in the fair value
are recorded in the Statement of Comprehensive Income within Other Income /
(Expenses).
22 FINANCIAL RISK MANAGEMENT
This note explains the Group's exposure to financial risks and how these risks
could affect the Group's future financial performance.
The Board has the overall responsibility for the establishment and oversight
of the risk management framework. The Audit and Risk Committee is responsible
for developing and monitoring risk management policies. The Committee reports
regularly to the Board on its activities, which includes overseeing how
management monitors compliance with the Group's risk management policies and
procedures and reviewing the adequacy of the risk management framework in
relation to the risks faced by the Group.
Risk management policies are established to identify and analyse the risks
faced by the Group, to set appropriate risk limits and controls, and to
monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect market conditions and the Group's
activities.
The Group's activities expose it primarily to the following financial risks:
Ÿ Market risk, including commodity price risk, foreign currency exchange
risk, interest rate risk and other market risks;
Ÿ Credit risk; and
Ÿ Liquidity risk.
Market Risk
a) Commodity price risk
The Group is exposed to commodity price fluctuation, in particular to gold
prices. The Group aims to realise average metal prices, which are materially
consistent with the prevailing average market prices for the same period.
Gold price risk is managed with the use of gold put options to establish gold
floor prices in Australian dollars over a portion of the Group's gold
production. These put options enable Greatland to retain full upside exposure
to the current, and any future rises in the gold price, while achieving
downside price protection to a fall in the gold price below the strike price.
Further information in relation to these put options are included in Note 20
Derivative Financial Instruments. Given the terms of the options, likely
movements in gold price at 30 June 2025 would have an insignificant impact on
their fair value.
Gold prices, cash flows and economic conditions are constantly monitored to
determine whether to implement further hedging programs.
b) Foreign currency risk
The functional currency of the Group's operations is primarily the Australian
dollar. Certain operating and capital expenditure is incurred in currencies
other than the functional currency. The majority of the Group's revenue is
affected by movements in USD:AUD exchange rate that impacts on the Australian
gold price whereas the majority of costs (including expenditure) are in
Australian dollars. The Group is also exposed to changes in foreign exchange
rates on cash holdings denominated in foreign currencies.
The carrying amount of the Group's financial assets and liabilities by its
currency risk exposure is listed below:
2025 2024
USD GBP USD GBP
$'000 £'000 $'000 £'000
Cash and cash equivalents 54,130 6,521 - 519
Trade and other receivables 13,782 - - -
Trade and other payables (5,461) (108) - -
Deferred contingent consideration (75,704) - - -
Borrowings - - (52,412) -
The following table demonstrates the sensitivity of the exposure at the
balance sheet date to a reasonably possible change in USD/GBP/AUD exchange
rate, with all other variables held constant. The impact on the Group's
Profit/(loss) before tax is due to changes in the fair value of monetary
assets and liabilities, expressed in AUD.
Effect on Profit/(loss) before tax
2025 2024
$'000 $'000
USD/AUD exchange rate - increase 4% (2024: 4%) (3,667) 3,043
USD/AUD exchange rate - decrease 4% (2024: 4%) 3,973 (3,297)
GBP/AUD exchange rate - increase 6% (2024: 6%) (761) (56)
GBP/AUD exchange rate - decrease 6% (2024: 6%) 858 63
c) Interest rate risk
The Group's policy is to retain its surplus funds in interest bearing deposit
accounts including term deposits available up to 12 months' maximum duration.
The Group considers that a +/-1% movement in interest rates represents
reasonable possible changes. The sensitivity analysis assumes that the change
in interest rates is effective from the beginning of the year and the
fixed/floating mix and balances are constant over the year.
Effect on Profit/(loss) before tax 2025 2024
$'000 $'000
Increase 1% 5,609 183
Decrease 1% (5,609) (183)
d) Other market risk
The primary goal of the Group's investment in equity securities is to hold the
investment for the long term for strategic purposes. All the Group's equity
investments are publicly traded on the ASX.
The Group has performed a sensitivity analysis relating to its exposure to
equity price risk at reporting date. For investments classified as fair value
through profit and loss, a 10% change at the reporting date is considered a
reasonably possible change in the relevant index and would have
increased/decreased Profit/(loss) before tax by the amounts shown below. This
analysis assumes that all other variables remain constant.
Effect on Profit/(loss) before tax 2025 2024
$'000 $'000
Increase 10% 2,699 8
Decrease 10% (2,699) (8)
Credit risk
Credit risk refers to the risk that a counterparty will not meet its
obligations under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its financing
activities, including deposits with financial institutions. At the reporting
date, the carrying amount of the Group's financial assets represents the
maximum credit exposure.
The Group has adopted a policy of dealing with creditworthy counterparties as
a means of mitigating the risk of financial loss from defaults. Cash is
deposited only with institutions approved by the Board, typically with a
current minimum credit rating of BBB (or equivalent) as determined by a
reputable credit rating agency, e.g. Standard & Poor's. Permitted
instruments by which the Group hedges gold price risk are entered into with
financial counterparties with a minimum credit of A (or equivalent). The Group
has established limits on aggregate funds on term deposits or invested in
money markets to be placed with a single financial counterparty and monitors
credit and counterparty risk.
Credit risk in trade receivables is managed by the Group undertaking a regular
risk assessment process including assessing the credit quality of the
customer, taking into account its financial position, past experience and
other factors. As there are a relatively small number of transactions, they
are closely monitored to ensure payments are made on time. Credit risk arising
from sales to customers is managed by contracts that stipulate either an
upfront payment, or a provisional payment of 95% of the estimated value of the
sale is payable promptly on vessel loading supported by letter of credit
arrangements with approved financial institutions. The balance outstanding is
received within one to four months of the goods arriving at the final delivery
destination. The Group does not have any significant receivables which are
past due or impaired at the reporting date and it is expected that these
amounts will be received when due.
Liquidity risk
Liquidity risk arises from the possibility that the Group will encounter
difficulty in meeting obligations associated with financial liabilities that
are settled by delivering cash or another financial asset. The Group manages
liquidity risk by conducting rolling forecasts of the Group's available cash
reserves on the basis of expected cash flows.
a) The Group had access to the following undrawn borrowing
facilities at the end of the reporting year:
2025 2024
$'000 $'000
Working capital facility 75,000 -
The working capital facility may be drawn at any time until maturity which is
1 December 2025. Refer to Note 17 Borrowings for further details.
b) Maturities of financial liabilities
The table below analyses the Group's financial liabilities into relevant
maturity groupings based on their contractual maturities. The amounts
disclosed in the table are contractual discounted cash flows. Balances due
within 12 months equal their carrying balances as the impact of discounting is
not significant.
Contractual maturities of financial liabilities On demand or less than 1 year Total contractual cashflows
At 30 June 2025 $'000 Between 1 and 5 years Over 5 years $'000 Carrying amount
$'000 $'000 $'000
Trade payables 212,706 - - 212,706 212,706
Lease liabilities 16,555 16,462 1,320 34,337 31,569
Deferred contingent consideration - 152,672 - 152,672 115,579
Total liabilities 229,261 169,134 1,320 399,715 359,854
Contractual maturities of financial liabilities On demand or less than 1 year Total contractual cashflows
At 30 June 2024 $'000 Between 1 and 5 years Over 5 years $'000 Carrying amount
$'000 $'000 $'000
Trade payables 9,903 - - 9,903 9,903
Lease liabilities 284 335 - 619 589
Borrowings - 79,124 - 79,124 79,124
Total liabilities 10,187 79,459 - 89,646 89,616
Capital management
Greatland's capital includes shareholders' equity, reserves and net debt. Net
debt is defined as Borrowing and Lease liabilities less Cash and cash
equivalents.
Management controls the capital of the Group to generate long-term shareholder
value and ensure that the Group can fund operations and continue as a going
concern. Management effectively manages the Group's capital by assessing the
Group's financial risks and adjusting its capital structure in response to
changes in these risks and in the market. These responses include share issues
and debt considerations. Given the nature of the Group's current activities,
the entity will remain dependent on debt and equity funding in the short to
medium term until such time as the Group becomes self-financing from the
commercial production of mineral resources.
23 SHARE CAPITAL
No. of Shares Total
Notes $'000
Balance at 1 July 2024 of authorised fully paid shares 5,090,376,282 183,712
Issued at $0.093 - equity raise on 30-Sep-2024 a) 5,319,736,029 493,234
Issued at $0.093 - Telfer-Havieron consideration shares on 4-Dec-2024 b) 2,669,182,291 394,305
Issued at $0.246 - surrender of options c) 139,248,894 34,210
Share consolidation from impact of Reorganisation d) (12,557,616,355) 18,080
Issued at $6.60 - equity raise on 23-Jun-2025 9,691,633 63,965
Less: transaction costs on share issue - (17,366)
Balance at 30 June 2025 of authorised fully paid shares 670,618,774 1,170,140
No. of Shares Total
$'000
Balance at 1 July 2023 of authorised fully paid shares 5,068,626,282 183,332
Issued at $0.047 - exercise of options on 24-Sep-2023 1,500,000 71
Issued at $0.057 - exercise of options on 24-Sep-2023 1,250,000 71
Issued at $0.005 - exercise of options on 1-Oct-2023 14,000,000 75
Issued at $0.027 - exercise of options on 1-Oct-2023 2,500,000 67
Issued at $0.038 - exercise of options on 1-Oct-2023 2,500,000 96
Balance at 30 June 2024 of authorised fully paid shares 5,090,376,282 183,712
a) September 2024 equity raise
On 10 September 2024, in connection with the acquisition of 100% ownership of
the producing Telfer gold-copper mine (Telfer), 70% ownership interest in the
Havieron gold-copper project (Havieron) (consolidating Greatland's ownership
of Havieron to 100%), and other related interests in assets in the Paterson
region (the Acquisition) from certain Newmont Corporation subsidiaries
(Newmont), a fully underwritten institutional placing to raise
US$325.0 million ($481.0 million) (Institutional Placing) and retail offer to
raise US$8.8 million ($12.2 million) (Retail Offer) (together, the Acquisition
Fundraising), both before costs, were announced by Greatland Gold plc. The
Institutional Placing was oversubscribed and successfully closed its
allocations on 11 September 2024, and the Retail Offer was oversubscribed and
successfully closed its allocations on 12 September 2024. On 30 September
2024, a general meeting of the shareholders of Greatland Gold plc approved the
issue of shares under the Acquisition Fundraising.
b) Newmont consideration shares
As part of the Acquisition consideration, on completion of the Acquisition on
4 December 2024 Greatland Gold plc issued 2,669,182,291 ordinary shares to
Newmont, representing approximately 20.4% of Greatland Gold plc shares then in
issue. Pursuant to the Acquisition agreement, the shares represented US$167.5
million in Acquisition consideration at a value of 4.80 pence per share, equal
to the issue price of the Acquisition Fundraising.
The fair value of the shares issued at Completion was $394.3 million based on
the share price on 4 December 2024. Refer to Note 25 Acquisition of Havieron
project and Telfer gold-copper mine for further details.
c) Surrender of options
In connection with the scheme of arrangement under the Companies Act 2006 (UK)
(UK Scheme) that effected the Reorganisation, on 22 April 2025 Greatland Gold
plc announced that it had entered into agreements with certain Directors and
senior employees for the surrender of an aggregate of 497,700,000 Greatland
Gold plc share options (Surrender Agreements).
The Surrender Agreements provided that, subject to Greatland Gold plc
shareholder approval of the UK Scheme being obtained at the shareholder
meeting held on 12 May 2025:
Ÿ the options would be surrendered for consideration of 6.64 pence per
option, a value calculated by an independent financial advisor based on the
Black-Scholes-Merton option valuation methodology; and
Ÿ the option holders agreed to reinvest 50% of the consideration payable to
them to subscribe for new ordinary shares in Greatland Gold plc on the fifth
business day after the UK Scheme shareholder meeting, at a price per share
equal to the 1-day volume weighted average price (VWAP) on the preceding
trading day (i.e. the 1-day VWAP on the fourth business day after the UK
Scheme shareholder meeting).
Accordingly, following Greatland Gold plc shareholder approval of the UK
Scheme on 12 May 2025, the options were surrendered in accordance with the
Surrender Agreements on 19 May 2025 and an aggregate of £16.5 million
($34.2 million) was paid to the option holders and an aggregate of
139,248,894 new fully paid ordinary shares in Greatland Gold plc were
subscribed for by the option holders on 19 May 2025 at a price of 11.87 pence
per share, the 1-day VWAP of Greatland Gold plc shares on 16 May 2025. Further
details are included in Note 24 Share Based Payments.
d) Share consolidation
As part of the Reorganisation and ASX listing process, an effective 20 to 1
share consolidation was effected through the UK Scheme on 20 June 2025,
whereby one Greatland share was issued to Greatland Gold plc shareholders in
exchange for every 20 Greatland Gold plc shares held by them at the UK Scheme
record date. Refer to Note 2(b) for further details regarding the
reorganisation.
e) Wyloo warrants
Greatland entered into an agreement for a strategic equity investment with
Wyloo Consolidated Investments Pty Ltd (Wyloo) on 12 September 2022. As part
of the equity subscription, a further $73.1 million may be raised from Wyloo
in the future through the conversion of 17,631,000 warrants (based on the 20
to 1 exchange ratio as applied under the UK Scheme), with a strike price of
$4.1434 per share and expiry date of 4 December 2028. In connection with the
support provided by Wyloo for the September 2024 equity raising, Greatland
agreed to amend the warrants so that the period in which Wyloo can exercise
the warrants was extended from 13 October 2025 to 4 December 2028. The
warrants were recognised in the statement of financial position at nil value
on issue.
Recognition and measurement
Ordinary shares are classified as equity. They entitle the holder to
participate in dividends and have no par value. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
OTHER NOTES
24 SHARE BASED PAYMENTS
The total expense arising from the share based payment transactions recognised
during the year was as follows:
Note 2025 2024
$'000 (Restated)
$'000
Employee long term incentive plan (a) 11,331 6,299
Surrender of options fair value expense (b) 17,279 -
Total 28,610 6,299
(a) Employee Long Term Incentive Plan (LTIP)
Greatland Gold plc's Board approved LTIP was adopted in February 2022. The
LTIP is designed to provide long-term incentives for employees (including
executive Directors) to deliver long-term shareholder returns. Under the LTIP,
participants are granted performance rights or options which vest if certain
performance or exercise conditions are met. No individual has a contractual
right to receive any guaranteed benefits. Holders of outstanding performance
rights under the LTIP and options agreed to the cancellation of their
performance rights and options immediately prior the UK Scheme taking effect,
and Greatland agreed to make offers for replacement performance rights and
options under an incentive plan adopted by the Greatland Board on 15 April
2025 (Greatland LTIP). Following ASX listing, Greatland made the relevant
offers for replacement performance rights and options.
Set out below are performance rights granted in the financial year, originally
by Greatland Gold plc and subsequently replaced with performance rights
granted under the Greatland LTIP over ordinary shares which are granted for
nil cash consideration. Management has assessed that non-market and market
conditions are more than probable to be achieved by the expiry date and
therefore the total value of the performance rights incorporates all
performance rights awarded. The expense recorded as share based payments is
recognised to the service period end date on a straight-line basis as the
service conditions are inherent in the award.
Each performance right converts to one ordinary share in the Company upon
satisfaction of the performance conditions linked to the performance rights.
The performance rights do not carry any other privileges. The fair value of
the non-market condition performance rights granted is determined based on the
number of performance rights awarded multiplied by the Company's share price
on the date awarded.
The expense for the period of $11.3 million represents the fair value of the
instruments expensed over the vesting period.
The Group granted the following during the financial year:
Ÿ FY24 Performance Rights: 874,809 performance rights outstanding under the
Greatland LTIP which were in respect of the 2024 financial year. The amount of
performance rights will vest depending on a number of performance targets
during a three year performance period from 1 July 2023 to 30 June 2026. The
share based payment expense to be recognised in future periods is $0.5
million.
Ÿ FY25 Performance Rights: 2,390,366 performance rights outstanding under the
Greatland LTIP which were in respect of the 2025 financial year. The amount of
performance rights will vest depending on a number of performance targets
during a three year performance period from 1 July 2024 to 30 June 2027. The
share based payment expense to be recognised in future periods is $2.6
million.
Ÿ Acquisition Special Exertion: 1,433,852 Acquisition Special Exertion
Performance Rights were granted under the Greatland LTIP on a one-off basis to
recognise the transformative nature of the Acquisition, and the exceptional
time commitment, efforts and demands in assessing, negotiating, executing and
implementing the Acquisition. There were three tranches related to the
performance rights:
- Tranche 1: vested immediately on date of grant
- Tranche 2: vests at date of publication of Group's audited FY25
financial results, subject to the Greatland share price at that time exceeding
$2.85
- Tranche 3: vests at date of publication of the Group's audited
FY26 financial results, subject to the Greatland share price at that time
exceeding $2.85
The share based payment expense to be recognised in future periods is $1.4
million.
(b) Surrender of options fair value expense
As described in Note 23(c) Equity above, in connection with the UK Scheme that
effected Reorganisation, on 22 April 2025 Greatland Gold plc announced that it
had entered into the Surrender Agreements with certain Directors and senior
employees for the surrender of an aggregate of 497,700,000 Greatland Gold plc
share options. The share options had been issued as one-off grants to the
relevant Directors and senior employees, to attract and incentivise retention
of key individuals to enable and enhance Greatland Gold plc's aspiration to
evolve from a junior explorer to a leading mid-tier developer and producer.
The share options were issued in 2022 (to non-executive Directors Mark
Barnaba, Elizabeth Gaines, Paul Hallam and James Wilson) and 2023 (to Managing
Director Shaun Day and other senior employees), and had an exercise price of
11.9 pence and expiry date of 31 August 2026.
In the context of the Group's ASX listing, the Surrender Agreements were
entered into in order to:
Ÿ better align the holders' interests with shareholders;
Ÿ significantly reduce the extent of potential dilution to shareholders of
the options if they were exercised;
Ÿ comply with best practice corporate governance expected of an ASX200
company by institutional shareholders, proxy advisors and other stakeholders;
and
Ÿ avoid any concern or perception on the part of relevant stakeholders that
the options could incentivise short-termism or bias in their holders' decision
making.
In the absence of surrender, the options would otherwise have been exchanged
for equivalent options issued by Greatland over its shares.
The Surrender Agreements provided that:
Ÿ the surrender of the options was subject to and would only occur after
approval of the UK Scheme by Greatland Gold plc's shareholders at the UK
Scheme shareholder meeting (but would occur prior to the UK Scheme becoming
effective);
Ÿ in consideration for the surrender of the options, the holders were
entitled to a cash payment of 6.64 pence per option, a value that was
determined by an independent financial advisor based on the
Black-Scholes-Merton option valuation methodology, as at 16 April 2025;
Ÿ each holder agreed to reinvest a sum equal to 50% of the cash payment due
to them, by subscribing for new fully paid ordinary shares in Greatland Gold
plc on the fifth business day after approval of the UK Scheme by Greatland
Gold plc's shareholders, at a market price based on 1-day VWAP of Greatland
Gold plc shares on the trading day immediately prior to the date of the share
issue. The remaining 50% of the cash payment would be retained by the holder,
including for payment of estimated tax liabilities in respect of the
surrender; and
Ÿ the Greatland Gold plc shares issued to the holder (and the Greatland
shares issued in exchange for those shares under the UK Scheme) would be
subject to a lock-in for a period of 12 months following the date of issue of
the Greatland Gold plc shares, subject to limited market standard exceptions
for lock-ins.
Following Greatland Gold plc shareholder approval of the UK Scheme on 12 May
2025, the options were surrendered in accordance with the Surrender Agreements
on 19 May 2025 and an aggregate of £16.5 million ($34.2 million) was paid to
the option holders in cash and the balance of the consideration of £16.5
million ($34.2 million) was used by the option holders to subscribe for an
aggregate of 139,248,894 new fully paid ordinary shares in Greatland Gold plc
on 19 May 2025 at a price of 11.87 pence per share, the 1-day VWAP of
Greatland Gold plc shares on 16 May 2025.
The options held by non-executive Directors were already vested and expensed
as a share based payment expense in FY23. The options held by the Managing
Director and other senior employees were vested but subject to exercise
conditions which had not, at that time, been satisfied, and therefore the
Surrender Agreements resulted in an acceleration of the remaining share based
payment expense to be recognised for these options of $3.3 million during
FY25.
The consideration of 6.64 pence per option for the surrender of options was
determined by an independent financial advisor using Black-Scholes option
valuation methodology using a 16 April 2025 valuation date. As noted above,
the Surrender Agreements were conditional on the UK Scheme being approved at
the Greatland Gold plc shareholder meeting held on 12 May 2025, and as such
the final valuation for the purposes of the financial statements was completed
as at this date, being the accounting grant date. The valuation of the options
on 12 May 2025 was determined to be 5.30 pence per option, with the difference
in value reflecting the movement in the Greatland Gold plc share price between
16 April 2025 (14.14 pence) and 12 May 2025 (12.50 pence). This resulted in
an expense of $14.0 million impacting share based payment expense and reducing
the amount recognised in the share based payment reserve.
The fair value of the modified options was determined using the following
model inputs:
Fair value of performance rights and assumptions 2024 LTIP
Grant date and vesting date 12 May 2025
Fair value 5.30 pence
Share price at grant date 12.5 pence
Exercise price 11.9 pence
AUD:GBP FX rate 0.4848
Expected volatility 90%
Expected dividends nil
Risk free interest rate 3.74%
Valuation methodology Black Scholes
Fair value of performance rights granted
The fair value at grant date is independently determined using an adjusted
form of the Black-Scholes Model which includes a Monte Carlo simulation model
for the TSR rights. The key assumptions were as follows:
Fair value of performance rights and assumptions 2024 LTIP 2025 LTIP 2025 LTIP Special Exertion
(Award 1) (Award 2)
Number granted 874,809 1,845,627 544,739 1,433,852
Grant date 16 October 2024 16 October 2024 25 April 2025 25 April 2025
Fair value - market hurdle $1.34 RTSR1: $1.63 RTSR1: $3.85 T1: n/a
RTSR2: $1.42 RTSR2: $3.72 T2: $5.10
T3: $4.77
Fair value - non-market hurdle $2.47 $2.47 $5.35 $5.35
Share price at grant date $2.50 $2.50 $5.39 $5.39
Exercise price $0.04 $0.04 $0.04 $0.04
Expected volatility 60% 60% 70% 90%
Vesting date 30 June 2026 30 June 2027 T1: 25 April 2025
30 June 2027 T2: 31 August 2025
T3: 31 August 2026
Life of performance rights 10 years 10 years 10 years 10 years
Expected dividends nil nil nil nil
Risk free interest rate 3.80% 3.82% 4.06% T1: 3.91%
T2: 3.94%
T3: 4.00%
Valuation methodology Monte Carlo & Monte Carlo & Monte Carlo & Monte Carlo &
Black Scholes Black Scholes Binomial tree Binomial tree
The above table has been converted using the 20 to 1 consolidation effected
upon the UK Scheme on 20 June 2025 outlined further in Note 23d) Equity.
Options
The following table illustrates the number of, and movements in options during
the period:
Weighted average exercise price Year ended 30 June 2025 Weighted average exercise price Full year ended
30 June 2025 (Restated) (Restated)
30 June 2024 30 June 2024
Outstanding at the beginning of the year $4.40 27,135,000 $3.83 13,087,500
Granted during the period $4.59 1,250,000 $4.58 15,135,000
Exercised during the period - - ($0.01) (1,087,500)
Surrendered during the period $4.33 (24,885,000) - -
Forfeited during the period $4.58 (3,250,000) - -
Outstanding at the end of the period $10.36 250,000 $4.40 27,135,000
Vested and exercisable $10.36 250,000 $4.18 12,000,000
The above table has been converted using the 20 to 1 consolidation effected
upon the UK Scheme on 20 June 2025 outlined further in Note 23d) Equity.
Rights
The following table illustrates the number of, and movements in rights during
the period:
Weighted average exercise price Year ended 30 June 2025 Weighted average exercise price Full year ended
30 June 2025 (Restated) (Restated)
30 June 2024 30 June 2024
Outstanding at the beginning of the year $0.04 3,134,330 $0.04 1,175,000
Granted during the period $0.04 4,846,162 $0.04 2,220,302
Exercised during the period - - - -
Forfeited during the period $0.04 (347,135) $0.04 (260,972)
Outstanding at the end of the period $0.04 7,633,357 $0.04 3,134,330
Vested and exercisable $0.04 1,502,952 - -
The above table has been converted using the 20 to 1 consolidation effected
upon the UK Scheme on 20 June 2025 outlined further in Note 23d) Equity.
Recognition and measurement
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 were granted. Non-vesting conditions and market vesting conditions are
factored into the fair value of the options granted. If all other vesting
conditions are satisfied, a charge is made irrespective of whether the
marketing vesting conditions are satisfied. The cumulative expense is not
adjusted for failure to achieve market vesting conditions or where a
non-vesting condition is not satisfied.
Estimating fair value for share based payment transactions requires
determining the most appropriate valuation model, which is dependent on the
terms and conditions of the grant. This estimate also requires determining the
most appropriate inputs to the valuation model including the expected life of
the share option, volatility and dividend yield and making assumptions about
them.
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 cancellation of share options, the share based payment expense is
accelerated through the Statement of Comprehensive Income.
Key estimates and assumptions - Share based payments
The fair value of performance rights is measured using a Black-Scholes model
which includes a Monte Carlo simulation model for the TSR rights. The fair
value includes assumptions for the expected volatility, dividend yield and a
risk-free rate as at the measurement date which are detailed above. The
sensitivity of share based payment expense mainly arises from the volatility
assumption. A 60% to 70% volatility was applied to Greatland's long term
incentive plan based on the historical volatility of the share price at the
time of grant and considering the volatility of several peer companies over
the relevant vesting period.
The surrender of options and special exertion grant valuations adopted a 90%
volatility calculated using the historical volatility of the share price and
considering the volatility of several peer companies over a one-year period,
reflective of the shorter term expiry for the options. A +/- 10% change in
volatility would result in a $5.0 million impact to share based payment
expense.
25 ACQUISITION OF HAVIERON PROJECT AND TELFER GOLD-COPPER MINE
On 4 December 2024 (Completion), certain wholly owned subsidiaries of
Greatland completed the Acquisition from Newmont Telfer, a 70% interest in
Havieron and other related interests in assets in the Paterson region.
(a) Consideration
Greatland paid the following consideration for the Havieron-Telfer
Acquisition:
Ÿ $256.7 million cash consideration, comprising of the initial US$155.1m
($241.1 million) cash consideration and purchase price adjustments of US$10
million ($15.5 million);
Ÿ $394.3 million in the form of 2,669,182,291 Greatland Gold plc ordinary
shares issued to Newmont (Consideration Shares), representing approximately
20.4% of Greatland Gold plc shares then on issue. This represents the fair
value of the shares based on the share price on 4 December 2024 (Completion)
of $0.1477 per share.
Ÿ $23.9 million in aggregate purchase price adjustments, for:
(i) ore mined and stockpiled between 1 October 2024 and Completion
and acquired by Greatland at Completion;
(ii) to compensate Newmont for running only one of the two Telfer
processing trains from 27 October 2024 until Completion (thus preserving ore
and stockpiles for Greatland to process after Completion) due 180 days after
Completion; and
Ÿ US$52.4 million ($81.5 million) cash repayment of the entire outstanding
balance of the Havieron joint venture loan, which was terminated on completion
of the Havieron-Telfer Acquisition.
$'000
Cash consideration paid 256,723
Deferred consideration paid 23,936
Shares issued 394,305
Deferred contingent consideration(1) 107,337
Capitalised acquisition costs 47,729
Net purchase consideration 830,030
(1) Represents the fair value of the deferred contingent consideration as at 4
December 2024.
Greatland incurred acquisition-related costs of $62.4 million associated with
the acquisition, including legal fees, due diligence costs and stamp duty.
Acquisition related costs of $14.7 million are included in acquisition and
integration expense in the Consolidated Statement of Comprehensive Income
related to the Telfer business combination. Acquisition-related costs of $47.7
million were capitalised as part of the asset acquisition related to Havieron.
Greatland will pay Newmont up to a maximum of US$100.0 million (c. $155.5
million) in deferred cash consideration on the first five years of Havieron
gold production, through a 50% price upside participation by Newmont above a
US$1,850/oz hurdle gold price, subject to an annual cap of US$50.0 million and
aggregate cap of US$100.0 million. The deferred contingent consideration will
be revalued and reassessed at each reporting date. At 30 June 2025 it was
fair valued at $115.6 million reflecting the foreign currency rate at 30 June
2025. Changes in the fair value of the deferred consideration are capitalised
against mine development given it relates to consideration in relation to the
Havieron asset acquisition.
The deferred contingent consideration is considered level 3 in the fair value
hierarchy.
(b) Assets and liabilities recognised as part of the Acquisition
The assets and liabilities recognised as a result of the Acquisition are as
follows:
Fair value recognised on acquisition
$'000
Trade and other receivables 32,640
Inventories 280,876
Exploration and evaluation assets 117,818
Mine development 579,534
Right-of-use asset 16,257
Property, plant and equipment 182,659
Financial assets held at fair value through profit and loss 11,077
Trade and other (1,741)
payables
Deferred tax liability (17,050)
Provisions - employee benefits and other (77,794)
Provisions for mine rehabilitation (277,458)
Lease liabilities (16,788)
Net assets acquired 830,030
Recognition and measurement
Asset acquisition
Greatland has considered the acquisition of Havieron and Telfer as separate
transactions, consistent with the requirements of AASB 3 Business
Combinations. The acquisition of the 70% interest in Havieron has been treated
as an asset acquisition rather than a business combination having determined
the concentration test in AASB 3 was met. The concentration test is met if
substantially all of the fair value of the gross assets acquired is
concentrated in a single identifiable asset or group of similar identifiable
assets. The determination of the fair value for such assets and thus both the
concentration test and any subsequent asset acquisition accounting involves
the use of significant estimates and judgements. The value paid for Havieron
was determined to be concentrated in the value of acquired mine properties and
exploration and evaluation assets.
When an asset acquisition does not constitute a business combination, the
assets and liabilities are assigned to carrying amount based on their relative
fair values and no deferred tax will arise in relation to the acquired assets
and assumed liabilities, as the initial recognition exemption for the deferred
tax under AASB 112 Income Taxes is applied. No goodwill arises on the
acquisition and transaction costs of the acquisition are included in the
capitalised cost of the asset.
Business Combination
The acquisition of the Telfer gold-copper mine has been accounted for as a
business combination.
The acquisition method of accounting is used to account for all business
combinations, regardless of whether equity instruments or other assets are
acquired. The consideration transferred for the acquisition of a subsidiary
comprises the fair values of the assets transferred; liabilities incurred to
the former owners of the acquired business; equity interests issued by the
Group; fair value of any asset or liability resulting from a contingent
consideration arrangement; and fair value of any pre-existing equity interest
in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are, with limited exceptions, measured
initially at their fair values at the acquisition date. The application of
acquisition accounting requires significant judgement and estimates to be
made. The Group engages independent third parties to assist with the
determination of the fair value of assets acquired, liabilities assumed,
non-controlling interest, if any, and goodwill, based on recognised business
valuation methodologies. The income valuation method represents the present
value of future cash flows over the life of the asset using:
Ÿ financial forecasts, which rely on management's estimates of reserve
quantities and exploration potential, costs to produce and develop reserves,
revenues, and operating expenses;
Ÿ long-term growth rates;
Ÿ appropriate discount rates; and
Ÿ expected future capital requirements.
The market valuation method uses prices paid for a similar asset by other
purchasers in the market, normalised for any differences between the assets.
The cost valuation method is based on the replacement cost of a comparable
asset at the time of the acquisition adjusted for depreciation and economic
and functional obsolescence of the asset and estimates of residual values.
Acquisition related costs are expensed as incurred.
If the consideration transferred is in excess of the acquisition date fair
value of the net identifiable assets acquired, the difference is recorded as
goodwill. If those amounts are less than the fair value of the net
identifiable assets of the subsidiary acquired and the measurement of all
amounts has been reviewed, the difference is recognised directly in profit or
loss as a bargain purchase.
If the initial accounting for the business combination is not complete by the
end of the reporting period in which the acquisition occurs, an estimate will
be recorded. Subsequent to the acquisition date, but not later than one year
from the acquisition date, the Group will record any material adjustments to
the initial estimate based on new information obtained that would have existed
as of the date of the acquisition.
Key estimates and assumptions - Deferred contingent consideration
Additional consideration may be payable in cash to Newmont of up to a maximum
of US$100.0 million (c. $155.5 million) on the first five years of Havieron
gold production, through a 50% price upside participation by Newmont above a
US$1,850/oz hurdle gold price, subject to an annual cap of US$50.0 million and
aggregate cap of US$100.0 million. At acquisition date, this has been
calculated to have a fair value of US$69.0 million ($107.3 million) using a
deterministic approach based on base case projections (including consensus
gold prices). The liability was revalued at 30 June 2025 based on revised gold
price assumptions and exchange rates to US$75.7 million ($115.6 million).
(c) Other Information
From the date of Acquisition, Telfer contributed $957.4 million of revenue and
$520.7 million to profit before tax.
If the acquisition had occurred on 1 July 2024, consolidated pro-forma revenue
and profit for the year ended 30 June 2025 would have been $1,134.7 million
and $423.9 million respectively. These amounts have been calculated using
Telfer-Havieron's results for the respective period.
26 SUBSEQUENT EVENTS
On 24 July 2025, Greatland issued 132,899 new Ordinary Shares in satisfaction
of the up-front consideration due to Rio Tinto Exploration Pty Limited (RTX)
in relation to the farm in and joint venture with RTX in respect of the
Paterson South project. This agreement was announced by Greatland Gold plc on
30 May 2023 and was further described in the Company's Australian prospectus
dated 30 May 2025.
No other matters or circumstances have arisen since the end of the year that
have significantly affected, or may significantly affect, the operations,
results of operations or state of affairs of the Group in subsequent
accounting periods.
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