Key Highlights

• Quarterly gold production of 70,131 ounces at an AISC of A$2,925/oz, both outperforming plan

• Havieron project construction commenced in September 2026 following receipt of all secondary approvals

• Closing cash balance of A$1,314 million with no drawn debt

• On track for FY27 guidance of 260,000 to 300,000 ounces at an AISC of A$2,900 to A$3,330/oz

Greatland Resources Ltd (ASX:GGP) closed at A$10.83 on 05 November 2026, gaining 14.60% for the session. The S&P/ASX 200 (XJO) added 2.61% (+230.60 points) to 9,065.10, while the S&P/ASX 300 Metal & Mining index (XMM) surged 7.90% (+580.50 points) to 7,930.90. Overnight Wall Street gains following Democrats' decisive U.S. midterm election victory lifted sentiment across global markets. Gold gained 1.77% to USD 4,145.70, silver advanced 1.00% to USD 53.22, and copper edged up 0.06% to USD 14,086.00. Greatland Resources is a gold and copper producer operating the Telfer mining complex in Western Australia's Paterson Province, with the Havieron development project positioned as a cornerstone of its future growth.

Operational Performance in the September Quarter

In its Quarterly Report released on 26 October 2026, Greatland reported gold production of 70,131 ounces and copper production of 2,927 tonnes at an AISC of A$2,925 per ounce, with both production and costs performing better than internal plans. The outperformance was driven by processing throughput at the Telfer plant, where ore processed totalled 4.888 million tonnes during the quarter despite a planned 15-day maintenance shutdown. Gold recovery rates stood at 85.1%, while copper recoveries reached a record 82.5%. Open pit operations achieved record material movements and record ore mined during the period. Gold sales for the quarter totalled 71,901 ounces at a weighted average realised price of A$5,980 per ounce, alongside 2,714 tonnes of copper at A$16,653 per tonne, generating net Revenue of A$485 million.

Cash Flow and Financial Position

Greatland generated A$289 million in operating Cash Flow during the September quarter, building a cash surplus of A$25 million despite A$100 million in tax instalments covering what effectively amounted to five months of payments. The company ended the quarter with a debt-free cash balance of A$1,314 million, up from A$1,289 million at 30 June 2026. The company maintains gold Put Option protection at strike prices of A$4,200 per ounce for calendar year 2026, and ranging from A$5,000 to A$5,200 per ounce through the third quarter of calendar year 2027, providing downside revenue protection while retaining full upside exposure to rising gold prices.

Havieron Development Commences

A significant milestone was reached during the quarter with the formal commencement of the Havieron development project in September 2026, following receipt of all required secondary approvals. Capital Expenditure on Havieron totalled A$45.2 million during the quarter, focused on underground development and associated infrastructure. At Telfer, A$37.2 million in growth capital was invested across tailings storage expansion, open pit fleet renewal, pre-stripping activities, and underground development. The Telfer geology team completed 51 kilometres of growth drilling and 22 kilometres of resource conversion drilling, with nine drill rigs in operation across the complex. An additional surface diamond drill rig has been approved for the Pinnacles Prospect to test extensions of the West Dome geological structure.

FY27 Outlook and Growth Strategy

Greatland reaffirmed FY27 full-year production guidance of 260,000 to 300,000 ounces of gold at an AISC of A$2,900 to A$3,330 per ounce. Production is expected to be modestly weighted to the second half of FY27 due to open pit scheduling and the September quarter maintenance shutdown. Managing Director Shaun Day noted the investments being made in FY27 would lay the foundations for sustained production growth towards a higher-quality, longer-life gold-copper production centre at an integrated Telfer-Havieron complex.

Risks to Monitor

Key risks include the execution and capital cost management of the Havieron underground development over the multi-year construction and commissioning timeline. Declining open pit gold grades at Telfer, with head grade falling from 0.65 g/t in December 2025 to 0.50 g/t in September 2026, represent a grade profile risk. Elevated tax payments compressed cash accumulation during the quarter, and similar patterns may recur. Copper price fluctuations affect the by-product Credit contribution. The remote Paterson Province location introduces logistical cost and Supply chain considerations.

Looking Forward

Greatland Resources is positioned at the intersection of near-term cash generation from Telfer and long-term value creation through Havieron. With A$1.3 billion in cash, no drawn debt, and gold price hedging in place, the company has significant financial flexibility to fund its dual Investment program. The coming quarters will be defined by Havieron development milestones, Pinnacles exploration outcomes, and the ongoing optimization of the Telfer operation as the integrated production hub takes shape.