Greatland Resources Limited

Thanks, Darcy. Sean Day here from Great Learned. I'm joined on the call by Simon Tyrrell, Chief Operating Officer, Nick Conley, Chief Financial Officer, and Rowan Krasnoff, Chief Development Officer. Let me just say up front that we recognise our guidance is different and lower than the outlook previously provided. The reason for the change is that part of the FY26 budget process we undertook a risk assessment and we felt it was appropriate and prudent to apply a risk factor to the expected grade of the ROM stockpiles which we acquired through the acquisition and to some open pit material planned to be mined this year. The risk rating of the ROM stockpile has been an outcome of our budgeting process. After we saw the full June quarter numbers, and that gave us multiple data points, we decided to take the decision to ensure that we were taking a conservative approach to delivering FY26 year guidance. The previous approach at the Telfer site was for indicated resource to be defined around a 50 by 50 metre drilling spacing. since acquisition, has moved to a high density of 25 by 25 metre drill spacing, which we think is the structural fix for this in the medium to long term. So what does this mean for FY26 guidance? Although the answers are still potentially there, we wanted to provide a more conservative and high confidence range. Hence, we risk rated the ore grade on those pre-acquisition ROM stockpile and ore that was still drilled out to that 50-50 drill spacing. And with that ROM stockpile, the majority of that is going to be processed in this FY26 year. In terms of FY27, the ROM stockpile is anticipated to be a small component of mill feed. And with the increased density of drilling, ultimately, I think we are well-placed to overcome the legacy variances in grade. So with that, we'll do a page turn and we'll try to get through the presentation in the next 10 or so minutes and then move into the Q&A format. So just moving to slide four, which is the performance against the FY25 guidance. So this is really the FY25 year where we've achieved guidance across gold production. We've achieved a really good falling sustaining cost outcome and our growth capital is sitting there within the guidance range. Moving to slide five, which really just does the highlights for the quarter. You know, for the quarter just past, we did just over 78,000 ounces of gold plus just under 4,000 tons of copper at an all-in sustaining price of $1,736. You know, with that average realized price of just over $5,000, $5,014 an ounce, we delivered revenue of $487 million. Now that delivered the operating cash flow at Telfer of $310 million, slightly shading the March quarter at $298 million with that slightly elevated gold price. That left us with a cash balance. You can see that cash flow coming to the cash balance of $575 million. And to remind you, we're debt-free and with no fixed forward hedges, but some put options where we can elect, but there's no obligation to deliver. We have some protection on the gold price while still fully participating. A lot of this quarter is also around growth. We've got the West Dome open pit, stage seven, and in that underground, we're driving out to the, putting a second drive out into the West Dome underground and the ESC. That eastern stock works, we think is going to be a really strong development area for us, which comes into our FY26 mine plan. Of course, during the quarter, we completed the ASX listing. And then also, we retain strong stockpiles. And we think that gives us ongoing flexibility in terms of mining across future years. with still having around 7 million tonnes of ROM stockpile, but just over 20 million tonnes of that lower-grade material. Turning to slide six, we're really pleased with the safety performance. We've just continued to improve through that integration period. Integrations are hard. We completed the integration, and we've done that safely as well. And from a sustainability point of view, We had good relationships with the local Martu people and JAYAC, their statutory organisation. And they actually assisted us, or at least sent a letter of support into the Government of Western Australia around our second mining lease renewal. That was the 21st year anniversary. which now, or 42nd year anniversary of our mining leases, the second mining lease review, which now takes it out to 2045. And I think we are the first mining company to successfully renew, second renew mining leases. So that's a really good outcome for us. With that, I'll pass to Simon Tyrrell to talk through the results.

Thank you, Sean. As noted, quarter... Quarter full production was within guidance at 78,283 ounces and with a laser focus on costs substantially lower than guided oil and sustaining cost of $1,736 per ounce was achieved. Starting at slide eight, open pit oil was predominantly mined from stage two. With the main change, it was a deferral of 0.9 million tonnes of oil into FY26 while additional dewatering infrastructure was installed in fit. Total material mined was in line with forecast, the three million tonnes of stage seven pre-stripping undertaken. Underground productivity was sustained whilst drill rigs were increased from two to four during the quarter. We have developed into the eastern stock work corridor during the quarter with minor development tonnes mined. Development of the second drive towards Westholm Underground progressed with approximately 50% of development metres went into growth areas evenly split between ESC and West Dome Underground. Moving to slide 9, our processing productivity improvements continue to highlight ELFA's capability, with FY25 being the highest goal recovery year since 2010. This is an outstanding achievement given the lower grades currently processed. I've noted is the higher copper recovery that has been sustained and it is approximately 10% above historical levels due to good plant performance. Gold recovery returned to life of mine recovery model levels. Moving to slide 10. Growth expenditure ramped up in the fourth quarter to $76 million. This marked Greatlands commencement of reinvestment into Telfer. Growth expenditure was across open pit pre-stripping, underground development, tailings storage facility expansion, have run development and resource development. Open pit drill rigs increased from one to two by the end of the quarter with 16,700 metres drilled. Westame Drilling focused on stage seven extension and stage two extension with the majority of this ore to be mined post FY27 pending successful results. Moving to slides 11, 12 and 13, underground drill rigs increased from two to four by the end of the quarter. For 11,200 metres drilled, targeting near mine extensions, including the Eastern Stockwell Corridor, the Eastern Stockwell Corridor extension, A Reefs and Ray, new areas such as the ESC repeat were identified whilst targeting the ESC. Near mine extensions provide opportunity to add easily accessible ounces. $7 million was spent in the fourth quarter on resource development drilling, whilst the FY26 budget has $37 million allocated. Moving to slide 14, the Havron feasibility study has progressed on schedule and includes the previously announced ramp up to four to four and a half million tonnes per annum and remains on target for December quarter. Permitting and approvals have progressed well with the EPA and DQ and early works including design and tender of the reinforced concrete portal tunnel and completion of the ventilation shaft design and procurement of the specialised blind bore cutter heads have progressed. I'll now pass on to Monique to present the corporate and finance.

Thanks, Simon. And just to recap on what Sean has previously touched on, the June quarter delivered strong operating cash flows of $310 million and over $600 million in the seven months of operation. We went from 398 million in the bank at the end of March to 575 million at the end of the June quarter. And importantly, we remained debt free. The June quarter included strong capital cash spend of 96 million across growth and sustaining in order to progress stage seven, the underground development, our resource development and have run. The June quarter also, we added more protection to the commodity price by taking out 150,000 ounces of gold put options on an upfront basis at a cost of around 10 million. that has a strike price of $4,200 for calendar year 2026. This continues to protect Greatland from downside risk to the gold price, while ensuring we participate in any upside. Overall, both a positive quarter and year of cash build to facilitate the support for key growth investments in FY26, targeting that further multi-year Telfer life extension. The June quarter also saw the successful completion of integration of Telfer and Havron operations. was a huge milestone and effort for the team in standing up all of the systems and operational processes across a range of functions. And this also included the stand-up of our ERP system, SAP Bahana, to allow for streamlining our business processes, improving visibility and cost and productivity. This now concludes the transitional services arrangements with Newmont within six months post-acquisition and allows us the independent running of operations going forward. I now pass back to Sean to chat through the FY26 guidance.