Greatland Resources (GGP) H2 2025 earnings summary

Executive summary

• Completed transformative acquisition of 100% of Telfer mine and Havieron project from Newmont for ~$450M, funded by a $334M equity raise and debt facilities.

• Transitioned from explorer to leading gold-copper producer, producing 198,319oz gold and 8,429t copper in ~7 months post-acquisition.

• Achieved first gold pour at Telfer in December 2024 and completed ASX IPO, raising $490M and listing in June 2025.

• Strong safety improvements, with TRIFR reduced from 14.1 to 5.9.

Financial highlights

• Revenue: $961.3M for FY25 (compared to $0 in FY24, pre-acquisition).

• EBITDA: $526.7M (vs. -$8.1M in FY24).

• Net profit after tax: $337.3M (vs. -$28.6M in FY24).

• Cash flow from operations: $601.1M (vs. -$21.7M in FY24).

• Cash and cash equivalents: $574.7M at 30 June 2025.

• All-in sustaining cost (AISC): $1,849/oz gold.

Outlook and guidance

• FY26 gold production guidance: 260,000–310,000oz.

• FY26 AISC guidance: $2,100–$2,250/oz.

• Major investment planned in Telfer mine life extension, including 240,000m drilling, open pit pre-stripping, and tailings expansion.

• Havieron feasibility study targeted for completion in December 2025, with ramp-up to 4.0–4.5Mtpa mining rate under assessment.