OREMAVEN
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2026-11-06
◂ Monitor GGP ASX

Greatland Resources Limited

Producer · Gold · Copper · Australia Rating locked: sign in to view v8 · ggp-20261024t174328-full
Last 2026-11-06
A$10.33
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$7B
EV
A$5.9B
Cash
A$1.3B
Debt
A$0
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$1.3B2025-09-30: 750,000,000 A$2025-12-31: 948,000,000 A$2026-03-31: 1,208,000,000 A$2026-06-30: 1,289,000,000 A$ Construction Funded
Debt A$0 Net cash A$1.3B
Basic shares 674.7M 2026-07-28
Runway Construction Funded June cash1,288.938m plus undrawn475m against Havieron study peak1,130m; competing Telfer capex and gold-price dependence mean balance-sheet coverage is not a no-risk guarantee.

Liquidity

Financial position

Reported June cash1,288.938m, nil borrowings,475m revolvers. Estimated cutoff cash is model-bridged after shutdown-aware operating, capital and100m historical tax payments; outstanding historical tax121.788m separately paid in the first forecast stub. Base funding calendar remains cash positive; bear requires later equity as revolvers mature. Leases paid as operating cash cost, and closure/deferred claims paid once.

Inventory composition2

Inventory carrying value210.550m includes ore and other operating inventories. ROM31kozAu1.7ktCu and low-grade210kozAu8.5ktCu; do not add to resource or valuation again.

Telfer run-of-mine ore stockpiles on hand
— carrying · 1,400,000 t ore
Telfer low-grade ore stockpiles on hand
— carrying · 19,800,000 t ore

Capital structure

Ownership and dilution

Ordinary shares
674.7M
Fully diluted
699.5M

Latest precise corporate table in June quarterly (29July, information28July) reports674,667,361 ordinary shares,17,631,000 Wyloo warrants,800,000 employee options and6,438,844 performance rights: upper full dilution699,537,205. Annual shareholder table (27July) has lower award counts; latest quarterly used. September presentation rounds basic shares to675m. Existing trust overlap is not netted without precise current allocation. Wyloo nominal exercise4.1434 on4December2028 is compared with cutoff equity using its3.332084 present-value strike; no distributions assumed. Proceeds and additional shares arise only on modeled exercise, not June cash. Employee proceeds not credited with incomplete strike schedule.

Security classes3
ClassTypeQuantityStrikeExpiry
Wyloo warrantsOption17.6MA$4.1432028-12-04
Employee options, latest June quarterly corporate table; full current strike breakdown unavailableOption800K—2033-09-19
Performance rights, assumed fully exercised for valuationPerformance Right6.4M——

KPI history

Operating metrics · Telfer gold-copper mine and processing hub

Gold Production shown
024,15648,31372,46996,6262025-09-30: 80,890 oz Au2025-09-302025-12-31: 86,273 oz Au2025-12-312026-03-31: 82,723 oz Au2026-03-312026-06-30: 79,100 oz Au2026-06-30
MetricUnitTrend2025-09-302025-12-312026-03-312026-06-30
Gold Productionoz Au2025-09-30: 80,890 oz Au2025-12-31: 86,273 oz Au2026-03-31: 82,723 oz Au2026-06-30: 79,100 oz Au80,89086,27382,72379,100
Copper Productiont Cu2025-09-30: 3,366 t Cu2025-12-31: 3,528 t Cu2026-03-31: 4,128 t Cu2026-06-30: 3,573 t Cu3,3663,5284,1283,573
AiscAUD/oz Au2025-09-30: 2,155 AUD/oz Au2025-12-31: 2,196 AUD/oz Au2026-03-31: 2,056 AUD/oz Au2026-06-30: 2,312 AUD/oz Au2,1552,1962,0562,312
Gold Realized PriceAUD/oz Au2025-09-30: 5,277 AUD/oz Au2025-12-31: 6,301 AUD/oz Au2026-03-31: 6,773 AUD/oz Au2026-06-30: 6,468 AUD/oz Au5,2776,3016,7736,468
Operating metric source table20
MetricProjectPeriodPeriod typeValueStatus
Gold ProductionTelfer2025-09-30 quarterQuarter80,890 oz AuReported
Copper ProductionTelfer2025-09-30 quarterQuarter3,366 t CuReported
AiscTelfer2025-09-30 quarterQuarter2,155 AUD/oz AuReported
Gold Realized PriceTelfer2025-09-30 quarterQuarter5,277 AUD/oz AuReported
CashCompany2025-09-30Point In Time750,000,000 AUDReported
Gold ProductionTelfer2025-12-31 quarterQuarter86,273 oz AuReported
Copper ProductionTelfer2025-12-31 quarterQuarter3,528 t CuReported
AiscTelfer2025-12-31 quarterQuarter2,196 AUD/oz AuReported
Gold Realized PriceTelfer2025-12-31 quarterQuarter6,301 AUD/oz AuReported
CashCompany2025-12-31Point In Time948,000,000 AUDReported
Gold ProductionTelfer2026-03-31 quarterQuarter82,723 oz AuReported
Copper ProductionTelfer2026-03-31 quarterQuarter4,128 t CuReported
AiscTelfer2026-03-31 quarterQuarter2,056 AUD/oz AuReported
Gold Realized PriceTelfer2026-03-31 quarterQuarter6,773 AUD/oz AuReported
CashCompany2026-03-31Point In Time1,208,000,000 AUDReported
Gold ProductionTelfer2026-06-30 quarterQuarter79,100 oz AuReported
Copper ProductionTelfer2026-06-30 quarterQuarter3,573 t CuReported
AiscTelfer2026-06-30 quarterQuarter2,312 AUD/oz AuReported
Gold Realized PriceTelfer2026-06-30 quarterQuarter6,468 AUD/oz AuReported
CashCompany2026-06-30Point In Time1,289,000,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
ProductiontelferFY27260,000300,000 oz AuCurrent
AISCtelferFY272,9003,330 AUD/oz AuCurrent

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual report and original prospectus arrangement terms reconciled. Current concentrate contract schedules and ILUA rate are unavailable; modeled realized prices and a stated royalty estimate replace unsupported commercial precision.

WA gold 2.5% and copper concentrate 5% after allowable deductions; included within Telfer AISC and study costs.

Royalty · Active
Counterparties
Government of Western Australia
Applies to
Telfer gold-copper mine and processing hub · Havieron gold-copper project · Gold · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Gold royalty: 2.5 %
Copper royalty: 5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source discloses revenue-linked ILUA payment without public exact rate. Model estimates0.5% metal revenue additional to state rates, within AISC gross-up and calibrated against FY26 total royalties; sensitivity tests full costs.

Royalty · Active
Counterparties
Jamukurnu-Yapalikurnu Aboriginal Corporation
Applies to
Telfer gold-copper mine and processing hub · Havieron gold-copper project · Gold · Copper
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

MaximumUSD100m, annualUSD50m cap,50% of upside aboveUSD1850 gold on gold sold during first five payment years after commercial production. Nominal payment calendar and discounted bridge claim, not book liability, are used once.

Other · Active
Counterparties
Newmont NOL Pty Ltd
Applies to
Havieron gold-copper project · Gold
Economic direction
Burden
Period
From 2024-12-04; no end date stated
Key terms
Aggregate cap: 100,000,000 USD
Annual cap: 50,000,000 USD
Hurdle: 1,850 USD/oz
Participation: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

1.5% NSR on M45/203; no current production. No standalone positive project NAV can be supported without recovery, development and cost evidence. Royalty remains attached to this unpriced optionality.

Royalty · Active
Counterparties
Newmont NOL Pty Ltd
Applies to
O’Callaghans tungsten polymetallic project · Tungsten · Copper · Zinc · Lead
Economic direction
Burden
Period
From 2024-12-04; no end date stated
Key terms
NSR rate: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Purchased gold puts retain full upside. At cutoff September quarter expired; remaining December 37,498oz at4200, March37,500oz at5000 and June37,500oz at5200. No post-June2027 protection.

Commodity Hedge · Active
Counterparties
Financial counterparties
Applies to
Telfer gold-copper mine and processing hub · Gold
Economic direction
Benefit
Period
2026-07-01 to 2027-06-30
Key terms
Remaining protected volume: 112,498 oz Au
December floor: 4,200 AUD/oz
March floor: 5,000 AUD/oz
June floor: 5,200 AUD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Telfer copper-gold concentrate sold under market arrangements; reported realised prices are after payability and treatment/refining deductions. Future Havieron quality assessed marketable, no undisclosed binding price premium assumed.

Offtake · Active
Counterparties
Concentrate traders and smelters
Applies to
Telfer gold-copper mine and processing hub · Havieron gold-copper project · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Current51% effective interest; sole fund next stage to75%, no75% physical quantities counted.

Farm In · Active
Counterparties
Rio Tinto Exploration Pty Ltd
Applies to
Paterson South · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Conditional maximum interest: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Right to earn up to75%; JV not formed at June2026, no current earned interest disclosed.

Farm In · Active
Counterparties
Rincon Resources Limited
Applies to
Telfer South farm-in · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Conditional maximum interest: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Right to earn up to80%; conditional future interest excluded from current attributable resources.

Farm In · Active
Counterparties
Arabella Resources Pty Ltd
Applies to
Dingo Bore farm-in · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Conditional maximum interest: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional disposals of selected exploration tenements; no unsupported proceeds recognised, current interests retained pending completion evidence.

Other · Conditional
Counterparties
Aventine Resources Pty Ltd
Applies to
Scallywag and Panorama · Paterson South · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

AUD475m undrawn corporate revolving facilities plus AUD25m contingent instrument facility (9m guarantees). Revolvers support liquidity but undrawn funding is not equity value or cash.

Other · Active
Counterparties
ANZ · HSBC · ING · NAB · Westpac
Applies to
Havieron gold-copper project · Gold · Copper
Economic direction
Benefit
Period
From 2026-06-01; no end date stated
Key terms
Revolving funding: 475,000,000 AUD
Guarantee line: 25,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.