Greatland Resources (GGP) H2 2024 earnings summary

Executive summary

• Achieved a pivotal year with the transformative Havieron-Telfer Acquisition, consolidating 100% ownership of Havieron and acquiring the Telfer gold-copper mine, targeted for completion in Q4 2024.

• Raised $325M via institutional placing and $8.8M via retail offer, the largest mining capital raise on a London market since 2017.

• Advanced Havieron project development, updated Mineral Resource Estimate to 8.4Moz AuEq, a 29% increase year-over-year.

• Maintained a strong safety record with nil Total Recordable Injury Frequency Rate and no fatalities.

• Progressed exploration across multiple Western Australia projects, including Paterson South, Juri, Ernest Giles, Panorama, and Bromus.

Financial highlights

• Net assets at 30 June 2024: £41.0M (2023: £52.5M).

• Cash at 31 October 2024: £245.5M; cash at 30 June 2024: £4.8M (2023: £31.1M).

• Closing debt balance at 30 June 2024: £41.5M (2023: £41.5M).

• Havieron project costs capitalised: £16.4M (2023: £23.4M).

• Statutory loss: £14.9M (2023: £21.1M); loss before finance items and share-based payments: £11.6M (2023: £11.0M).

• Exploration expense: £4.2M (2023: £3.4M).

• Basic EPS: (0.29)p (2023: (0.44)p).

Outlook and guidance

• Completion of Havieron-Telfer Acquisition expected in Q4 2024, with integration planning underway.

• Targeting ASX cross-listing within six months of acquisition completion.

• Clear, non-dilutive funding pathway for Havieron development via banking syndicate support, equity raise, and Telfer cash flow.

• Ongoing focus on exploration and resource growth across Western Australia.