Greatland Resources Limited

Thanks, Darcy, and welcome everyone to the Great Learned March 2025 quarterly result. This is our first full quarterly result for Telta Havron, so we're really pleased to share it with you today. Joining myself is Rowan Krasnoff, Head of Business Development. So with that, I'll try to go through the deck reasonably briefly to leave the balance of time for questions. But when we look at the March quarter result, we felt it was a really positive quarter for us. We produced just over 90,000 ounces, 90.2 thousand ounces of gold, plus 3.5 thousand tonnes of copper. and we delivered that at a $2,126 all-in sustaining cost. Our realized price for the quarter was really strong because we're not heads. We fully participate in the gold price. And, of course, now we're in a market with a $5,000 gold price, which is really positive. What did that lead to? That helped us to deliver free cash flow of $253 million. That $253 million, you can see that in our bank account. We went from $145 million at the end of December to $398 million at 31 March. We're debt-free. This has given us a fantastic foundation for growth. We also, during the quarter, added a little bit more protection. The way we've done this is we've bought some gold put options. Put options are the... path of least regret. It's a right but not an obligation to deliver. So we've got options sitting there at $4,200 across coming the year 2026. Of course we celebrate when they expire unused and we're participating in the higher spot price but we think it's a really sensible protection because it's effectively locking in a margin circa $2,000 August which we think is incredibly cheap insurance for us to achieve that. We also came out with quarterly guidance for the full year. This is effectively the period just less than seven months, 196,000 to 210,000 ounces and largely consistent oil and sustaining costs between that $2,100 and $2,250 Aussie. So, look, we feel it's a really good start and it's the first time we've daylighted what Telfer looks like as a standalone asset. When we think about some of the outperformance we were able to do during the quarter, we feel this slide five kind of gives a very good and brief summary of some of the key elements we were able to do. Firstly, we participated at this really strong gold price of $4,585. Obviously, that's a great tailwind, not just for us, but for the sector. But what we were able to do is maintain production at historically significant levels, but also walk down the all-in sustaining cost and create that positive jaws where we had the gold price received going up and notching down the all-in sustaining costs. One of the really important elements we did on that second chart was a key element from us during the due diligence was what we thought we could do in just adding back a bit more discipline and hygiene to the site, particularly around processing and in turn recoveries. If you look at recoveries over the last three years, they're sitting around 81% gold. We walked that up 5.7 full percentage points. to 86.7 in the quarter. And a slightly better story with copper from about 71, 72% up to 80%, which was a 8.3 improvement in percentage recovery points. That is a remarkable improvement. And if you have a look at that improved recoveries, that delivers about $100 million a year at a $5,000 Aussie dollar gold price. So really significant. We'll talk to the recoveries a little bit more through the next slide, but it just shows what you can do with a focus on this asset. Just turning to Telfer, during the quarter we also came out with an updated resource on the asset, 3.2 million ounces plus 117,000 tonnes of copper. That's across 155 million tonnes. The centre of gravity for these uplifts was in that west dome open pit, which is where our focus of mining is, and the majority of that mining. We think we're in that open pit for a long time to come, and we're really pleased with the growth there along structure. The other area where we focused was in that main dome underground pit, Historically, Newcrest was really targeting that sub-level cave, the lower-grade bulk stokes. A couple of years ago, the mine pivoted to stoking, to long-haul open stoking, and effectively we've really targeted the higher-grade areas. You see that mostly in that lower reaches of the mine around the A reef area. That's right next to the underground crusher. and that super-efficient and high-production shaft, so a low-cost shaft. So we like those ounces there. We've got some other ounces we've delineated further up around the M-reef structures. But again, it's just a focus. We've doubled the number of drill rigs at on-site, and I think you might see us continue to invest in that because the endowment on Telfer is remarkable. We also provided the updated guidance. This just brought out the following two years. We have that range of 300,000 to 340,000 ounces for next year, 260,000 to 300,000 ounces for FY27. Really the purpose of this was to demonstrate the continuity and the ongoing production at Telfer. for Havron coming in in FY28. Previously, people asked about the gap. In less than five months, we've delivered that an over 18-month mine life extension to demonstrate that there's continuity at Telfer. And, of course, the grade when we bring Havron online is five times higher in FY28. Really low-cost assets. We then augment the TELFA profile with Havron and your expectation should be TELFA continues. We've still got another year delineated of reserves in the West Dome open pit plus 19 million tonnes of stockpiles at surface. So the expectation is both continue to be on this date and what we're going to do is continue to refine the mine plan around FY26 and 27. We think there's some improvement opportunities there. We've really tried to drive this. We got the resource out in 15 weeks. Four weeks later we've brought out this reserve update and life of mine update or outlook. So we think it's really helpful to demonstrate that to the market. Just going forward and just briefly looking at this West Dome open pit slide. Now, as I said, this is the centre of gravity for our mining. And really the story here is not just the volume that we've increased, but really the whole pit shell has expanded with drilling to the south in that we've also got the stage two extension at the bottom of the pit and then the stage seven cut back towards the top of West Dome. We love the flexibility this affords us. It's not just The increase in volume, it's the increase in mining flexibility around the West Dome open pit. And I think a really good example of that is the Zelia cyclone that came through. You saw a lot of companies in that region have to update guidance around that. You didn't hear an update from us. You've seen the quarter. It was a really, we think, solid quarter. We comfortably beat the streaks. And we're able to do that because when we did, we were inundated with water. We had water come into the pit. I was up there last week. It's fully pumped out again. But we're able just to pivot the mining faces. And that flexibility is really important. I might just add as well, since I spoke about recoveries before, what we are doing right now is that stage seven cutback. That's a really good cutback for us. We're at surface. We don't really have a vertical haul up the pit, so shorter overburden, haulage, cheaper haulage, but it's in an oxide material. So you will see the recoveries on that notch down in the next quarter when we put that through the mill, just to make sure people are aware of that. But overall, I think you'll still see it in the context of improved recoveries overall, but there will be a little bit of oxide material blended through. And then turning to the underground, just like in the open pit, this is the main dome underground. What we've tried to focus on is improving the number of mining faces we have available to us. The A reefs have expanded, M reefs, we have the really high-grade ray down the bottom there. Also, we're starting to bring online that ESC. That's the eastern stock work. I think that gets a lot bigger for us as well, but Improving mining faces just gives us that additional underground flexibility and having a look at the development rates we're getting. In the last month we achieved 470 metre of jumbo. That's outstanding and again is all about the sea change if you have a look at to what the jumbo development metres were prior to our ownership. That focus, and a number of us have some really good underground mining pedigree out of Northern Star, I think is, again, one of the hallmarks that we can bring to Telfer. Finally, just to briefly close out Telfer, just the areas that are still left to be added on this slide 11. Again, very much a long structure in that West Dome open pit. We really like that. The main dome, we're not operating in the main dome, is contingent, but we have that existing cut back there. Also, behind that in the north face, we really like what we see there. That's probably a bit of a slow burn for us. We'd like to drill it out some more, but no one's really entered this main dome for a long time. I think the last pitch show was at 1450, 1500. So we think when we rerun that, there's some really good long-life opportunity for us there. In the underground, again, the bulk donations at Eastern Stockwork, a bit lower right next to the Crusher and Shaft. The vertical stockwork, big donations. And then across into the West Dome, we had an announcement on this a couple of weeks ago. Fantastic grades, the highest grade seen at Delta since 2005. Good gold, even better copper. We've got one drive across to that where we shared the 19 intercepts. We've started the second drive out there. That demonstrates a little bit of our confidence in that and the conviction we have. That will give us another drill platform, but it will also allow us to commence mining in due course if it all hangs together. But with those 24-plus metre mining with high-grade 750 metres of strike length We like what we see. Just to reiterate in the next program, we also want to understand the geotech and the hydrology a bit more. The hydrology is a bit of a focus for us because there is a bit of water around there. Not excessive, but it is a focus for us before we have full conviction on that. But we certainly think it's a great upside in the portfolio. I'll just move across to Havron. Look, Havron... There's a huge focus for us, of course, on Telfer because it's immediate ounces, but also when we look into this, the big prize here is Havron. 20-year, five times higher grade than Telfer Open Pit, sitting around 8,000 ounces per vertical metre. It's a beautiful ore body. And the big kicker for us in the last announcement was we're taking that Havron from... the PFS of 2.8 million tonnes. We're now looking at upsizing this for maybe up to 4.5 million tonnes for Havron. Of course, we already will be building the bitumen haul road connecting it to Telfer. Telfer is a really large processing capacity, so the incremental investment, which is likely self-funded because the initial decline is already far down, and that will be the start of mining there, gives us a lot of flexibility about how we bring on a larger Havron. And I expect the IRR on those incremental terms, given all the fixed infrastructure is in place, I think will be compelling. So with that, I'll pass across to Rowan just to give an update on the ASX listing.

Thanks, Sean. On Friday, we announced that we'd formally commenced our ASX listing process. We described our intention to list on ASX since the acquisition. On Friday we launched documents with courts in the UK and that's just to affect a UK scheme of arrangement that will insert an Australian public company as our parent company for when we come to ASX. So when we get to ASX we'll be an Australian public company with a primary ASX listing and a secondary AIM listing. So we're delighted to be able to give people a clearer timetable to the ASX listing, which we expect will complete in late June. We think we present as a really compelling case when we come to ASX. If you benchmark us on production, cash flow, I think March quarter we've printed the highest cash flow of anyone who's reported yet. But we also have this great confluence of near-term significant production at good margin. and a quality multi-decade Havron coming around the corner soon. So we're excited to get to ASX. We haven't made any decision on a capital raising. We have preserved an ability to do a modest raising. We finished the March quarter with about $400 million cash in the bank, but we'll consider that as we go through the process. So next steps, we'll have a UK scheme meeting in early May, and then expect to be lodging a prospectus with ASIC later in May, and then listing on ASX and AIM from late June. There is a slide here just setting out the post-listing structure and key events, but it's really, as I described, having an Australian public company and primary ASX, secondary AIM listing.

Thanks, Rowan. We'll just close out our last slide just on our timetable pathway. Look, I think the emphasis here is really we set out a reasonably ambitious pathway for ourselves to complete the acquisition. The integration has gone well to date, but integrations are hard and there's no relax about that. That's an ongoing focus for us. but we undertook to get an ASX listing by June. Rowan's, on the first half of the year, Rowan's leading that, and we should achieve it. We said we'd come out with an updated Telfer resource, which we've done, an updated reserve, which we've done. We've demonstrated that mine life extension well beyond two years. In four, almost five months, we've added 18 months of mine life. Yeah, that's really important. And then in terms of the Havron feasibility study, that's something we maintain that will come out with that updated feasibility study in the second half of the year. But it's lovely to share with you the potential upsizing in that feasibility study. And then we'll be able to kind of show what a combined Telfer-Havron looks like over time. So with that I'll open it up to questions Darcy but hopefully that gives you a really good understanding of how our March quarters kind of transpired.