Greatland Resources (GGP) H1 2025 earnings summary

Executive summary

• Completed acquisition of 70% of Havieron and 100% of Telfer, consolidating full ownership and expanding regional assets as of 4 December 2024.

• Raised £255 million via oversubscribed institutional and retail equity offerings to fund the acquisition.

• Achieved a net profit after tax of £18.0 million for the half-year, reversing a £5.5 million loss year-over-year.

• Maintained a strong safety record with zero fatalities during the period.

Financial highlights

• Revenue for the half-year was £8.3 million, with gross profit of £2.8 million.

• Net profit after tax reached £18.0 million, compared to a £5.5 million loss in the same period last year.

• Closing cash position at 31 December 2024 was £71.9 million, up from £4.8 million at 30 June 2024.

• Net assets increased to £491.5 million from £41.0 million at 30 June 2024.

• Nil debt balance at period end, down from £41.5 million at 30 June 2024.

Outlook and guidance

• Feasibility Study for Havieron development targeted for completion in H2 2025, aiming for first ore in H2 2026 and first gold in H2 2027.

• Telfer mine life extension opportunities under evaluation, with investment decisions expected in FY25.

• Exploration programs planned across multiple tenements, including significant drilling and geophysics in CY25.