Greatland Resources Limited

Thank you Ashley and welcome everyone to the September 25 Greatland quarterly results call. Joining me on the call today is Chief Operating Officer Simon Tyrrell and Chief Development Officer Rowan Krasnoff. I'll go through the deck briefly and then we'll open it up for questions and answers. And as I slide through the deck, just note the disclaimer, but I'll leave people to review that from our website. So moving to slide four. During the quarter, we produced just under 81,000 ounces of gold plus 3,400 tons of copper for the quarter. And we achieved this production whilst consolidating the significant improvements we've made in safety since Greatlands acquisition of Telfer. In terms of the full year production guidance of 260 to 310,000 ounces, that remains unchanged. Of course, we're really pleased with such a strong quarter, but I do note there's a slight weighting of our production outcome towards the first half of the year. Yeah, pleasingly, I think one of the highlights of the quarter was the all-in sustaining cost came in at $2,155 per ounce Australian. This is a really good outcome. And it's a reflection of our continued focus on cost control whilst we continue to participate in really strong gold market pricing. A highlight for the quarter was the gold recoveries at 88.6%. This is the highest quarterly gold recovery since FY 2010, which is a great credit to Simon and the team at Sight. During the quarter, we realised a gold price of $5,277 per ounce. You know, Greatland fully participates in the market price of gold. Greatland, as you're aware, you know, adopted an approach of purchasing put options. This provides us a measure of insurance whilst allowing us to fully participate in the upside of the gold price. This approach has worked really well, and purchasing put options are the path of least regret. In terms of cash flow, this quarter delivered good revenue, driving an operational cash flow of just on $284 million. And you saw a further cash build up to $175 million for the quarter. Remarkably, just three quarters, Greatlands has generated $750 million cash at bank with no debt. This can be compared to the acquisition price of $541 million. We achieved a payback on the acquisition inside of six months, which is just a splendid outcome. In addition, we're investing in the asset. In FY26, we're undertaking a record amount of drilling at Telfer. That's off to a strong start. We've got eight ResDes rigs plus another two on regional exploration, but we did more than 53,000 metres drilled in the quartering resource development. Plus, together with this, we maintain significant stockpiles at surface containing over 300,000 ounces plus over 12,000 tonnes of copper in that same volume. I'll now pass across to Simon Tyrrell to walk through the operational slides.

Thanks, Sean. As Sean mentioned, there's a good quarter operationally and we'll go through some key details. So on to slide six. We'll start with West Dome open pit. We've returned to a two-digger mining plan this quarter, and open pit total material mined has increased quarter and quarter to 5.9 million tonnes, with ore sourced from Stages 2 and 8 and Stage 7. We have commenced reporting mined tonnes to dump leach to provide further insight to the operation, and this quarter, 274,000 tonnes of ore mined went to dump leach. Stage two and eight contributed the bulk of all mined, and as it's at the base of the pit, very low strip ratios of 0.1 were achieved. Stage seven growth stripping continues with 3.7 million tonnes waste mined for the quarter, a strip ratio of 7.2. It should be noted that this is relative to the overall stage seven design strip ratio of 1.1. During the quarter, reviewed a short-term metal pricing strategy and coupled with an updated cost structure and high recoveries, this has identified up to 2 million tonnes of additional low-grade material within the existing pit designs in FY26 alone. This will give us some optionality for mill feed further in the year. The open pit fleet renewal program is in full swing with orders for a Caterpillar 6060 excavator two Komatsu WA1200 front end loaders and two Caterpillar 793 dump trucks being placed. The first two of a planned 12 793 truck rebuilds have just returned to site this weekend. Now that we have confirmed delivery schedules for these equipment, we will look to include the productivity improvements in the open pitch schedule moving forward. Resource growth drilling progressed at the tighter 25 by 25 spacing whilst infill drilling practices are in the process of transferring from blast hole sampling to reverse circulation sampling. This will provide additional resolution in the grade control modeling as the blast hole sampling provides one sample over 12 meters depth whilst the RC sampling will provide an assay every two meter interval. Moving on to main dome. Underground ore mined was 20% above plan at 0.28 million tonnes and mostly from A Rees, Ray and Eastern Stockwork Corridor. Underground development was again solid with 1,325 metres of development, including 368 metres of growth capital in the second development drive to the West Home Underground to support exploration activities. Moving on to slide seven. Moving to processing operations, there are a number of highlights in the quarter. We milled 4.7 million tonnes in line with plan and recoveries were exceptional at 88.6% recovery for gold and 81.3% recovery for copper. As Sean mentioned, gold recovery was the highest quarterly recovery at Telfer since 2010 and this was achieved primarily due to operational focus on improving the pyrite flotation and leaching circuit performance. where maximising the sulphur flotation recovery in the CIL utilisation directly relates to an increased gold recovery. We are increasingly confident in maintaining high recoveries for FY26 based on the operational experience to date. Together, this delivered nearly 81,000 ounces of gold on a similar grade but lower tonnage to last quarter. On to ROM stockpiles. This quarter we processed 2.5 million tonnes of ROM stockpiles with 4.5 million tonnes remaining at quarter end. These are expected to be largely utilised by the March 26 quarter. In terms of grade, this quarter's stockpiles performed in line with the assumptions that our FY26 guidance is based on and this gives us confidence that our FY26 guidance adequately calibrates for these stockpiles. Some key projects progressed during the quarter. The largest planned shutdown of the year occurs in July and we've taken the approach to progress works that will have benefits past 2027. For example, we have commenced the gas turbine maintenance program that will refurbish all gas turbines over a three-year period. Another example is we have commenced a structural refurbishment program which will extend the infrastructure use into the following decades. These are examples of the confidence we have in delivering a multi-year life mine plan mid next year. We don't talk much about the dump leach and don't intend to moving forward, but it is a modest but efficient contributor to production at approximately 4,000 ounces for the quarter. A pipeline replacement project is underway that will extend the dump leach operations through to end of mine life. TSF 8 Stage 3 lift construction is progressing well to schedule and expected to complete it in the December quarter. This lift will provide tailings capacity until the March 27 quarter. When we acquired Telfer, there was very little scheduled float on tailings capacity. This was one of our key risks, so getting ahead of this in terms of capacity was an important de-risking of our operations. TSF 8 Stage 4 construction is scheduled to commence in the fourth quarter of this financial year. Moving on to slide eight and costs. As Sean mentioned, we achieved an all in sustaining cost of $21.55 per ounce below the low end of guidance and this sets us up strongly to deliver on this year's target. Cost control continues to be a strong focus and we've essentially kept costs flat over the preceding three quarters. As a result, with an average realized Sale price of $5,277 per ounce, we have achieved greater than 100% margin, an excellent outcome as we prepare for our future investments. Some of the key details, site services costs were in line with plan. This quarter will be a high watermark for site services as there were one-off costs during the quarter, such as $4 million allocated to TSF7 remediation. Mining costs of $65 million were below plan. The quarter-and-quarter increase was due to a higher proportion of oil mined relative to waste in Stage 7, which is capitalised cost. Processing costs of $80 million were in line with plan, with the quarter-and-quarter increases largely due to the costs of the planned maintenance program in the processing plant and power station discussed previously. Sustaining capital was $18 million and below planned due to delays and timings of costs for projects and lower on a quarter basis overall. due to the completion of the TSF 8 Stage 2 lift last quarter and the allocation of Stage 3 lift to growth capex this quarter. Moving on to slide 9. This slide recaps the growth initiatives and as you know FY26 is a significant year of investment at Telfer with a view for a multi-year life of mine extension. Our growth capital program at Telfer is progressing well and in line with plan at $70 million spent across the TSF8 Stage 3 lift, the West Dome Stage 7 open pit growth stripping, the underground development and the mining fleet renewal program. Spend is tracking to our four-year guidance of $230 to $260 million. And at Havron, we spent $10 million on feasibility study costs and early works. The early works included commencement of installation of a concrete tunnel connecting the portal to surface. This will eliminate risk associated with high rainfall events often seen in northern WA. The blind board design and fabrication continued with the cutter heads ready to be delivered to site. Our record resource development drilling program of 240,000 meters is well underway with 53,000 meters across 711 holes Drilled ahead of plan, which Sean will speak to now. Over to you, Sean.

Thanks for that, Sam. Look, Telfer is a big site. So I'll just do a brief around the grounds of the Telfer mining area, just focusing on that drilling program. So looking at slide 10, we start with the West Dome open pit. During the quarter, we completed 25,000 metres of growth drilling and 16,000 metres of resource conversion drilling. And we're taking this to the 25 by 25 metre spacing, which we implemented basically at the point of acquisition to give us that improved confidence in the resource. The stage seven extension is the immediate focus for us. This is intended to provide Telfer's base load fee through FY27 and FY28. So that's the immediate target. But then we move into the stage two extension, and this is the key area beyond FY28. And it's worth taking a moment to pause here and just look at that slide. When you look at just the volume of that opportunity, it really stands out. In terms of volume, it's a multiple of the Stage 7 two-year opportunity. And at the present gold price, we think it's just an exceptional opportunity for significant life extension at Telfer, and that continues to be our focus. During the September quarter, we've actually exceeded plan in terms of that open pit drilling. That's put us ahead of schedule on the Stage 7 drill out. which means we're able to pivot early to focus on that stage two extension drilling, which I think is a really exciting opportunity for the organisation. Turning to slide 11 in the deck, this is the Telfer West Dome Underground. This is likely my favourite slide in the deck. West Dome Underground is undoubtedly the most exciting discoveries in Telfer recent history, and it's a really key growth opportunity for us. Just to put it in context, the main dome underground began in the 1990s, and it continues operating today some 30 years later, having produced more than 3 million ounces of gold. This is our first drive into the West Dome underground. You've got the same geological units So the size of the prize here is extraordinary. We announced that first set of drilling from the west dome underground, that phase one drilling results in February 25. This delivered the really high grades, the highest average grades you've seen at Telfer since 2005. Excellent mining with great strike length. And we confirmed that those same key geological units that you see in the main dome underground that carry that high-grade mineralization repeat in the West Dome Underground. So say we've got two rigs on West Dome Underground. We've completed nine holes. We did that quarterly exploration drilling update last week. You just saw the first two holes come back with assays from that. The three intercepts Probably the highlight there is the hole 99, which had two separate intercepts in it covering over 75 metres combined, including 5.6 grams plus 0.25 copper. So we really like what's coming together here. It's a very promising opportunity for us. And what we're seeking to do is just try to bring a small start of this West Dome Underground into that hole into that York resource update that we want to do around the end of the March quarter. So it continues to be a real focus on us, for us, this West Dome underground. In terms of staying in the underground but moving to slide 12, the Telfer Main Dome underground, we drilled another over 7,000 metres across 67 holes. The focus for us was very much that ESC, that Eastern Stock Works. ESC central area, we were able to successfully take from the ResDes team and pass across to the underground team. Delivering donations like this to the operating teams is part of our really clear focus here of creating greater flexibility and resilience in the underground space. That's why development meters has been a real focus for us since acquisition. And we think this just continues to bear fruit as we create additional mining areas in the underground. Slide 13. Again, still in that Telfer underground, just looking at some of the main dome underground, just looking at some of the higher grade donations that we're drilling out. If you have a look at the Kylo area, This is just successfully extended mineralisation as we continue to kind of drill this forward. And whilst Tarkin, further to the right of screen, we completed the resource conversion drilling program for the quarter. And again, another area that's been able to pass across from ResDev to the operating team to again provide that greater flexibility and resilience, which has been a focus for us as we want to, we inherit a mind where that the mine faces right up next to mine planning. And over the last 10 months, we've really started to improve that and get ahead on mine planning and development. Slide 14 is main dome underground, still the ray area. Ray is a really high-grade area for us, but particularly copper-rich. We're going in and we're taking out the secondary stoves. There's a paste plant at surface, at Telfer. It was effectively a new plant built a while ago but hadn't been used. That was commissioned. It's allowed us to take out these secondary stoves in Ray. But in addition to that, we've completed a program that's extended mineralisation along Strike, again, with a view to kind of delivering that to the ops team during this present quarter. So, again, really positive development there at Ray. If I just switch to slide 15, which is Havron. Havron, the feasibility study continues to be progressed, and we're really targeting getting that to market during the current quarter. I think realistically that's December, but we want to try to get that as early in December as possible, and that will follow the review by SRK. The permitting process continues there at Tavron. We've actually got some pretty positive engagement with the relevant EPA departments, so we feel that is tracking well. And then in parallel to this, as we prepare to re-enter, we effectively have re-entered, we're doing a lot of work around ventilation. The box cart where we're actually taking that to be a surface portal to manage rainfall events into the future. We're just moving the chain forward as we approach the feasibility study and final terminating. Slide 15, which just gives a bit of an overview on the financing. There's quite a lot of information on this slide. But in essence, we generated $476 million of revenue during the quarter from the sale of just over 82,000 ounces of gold. But again, just over 3,000 tons of copper as well, which is a great kicker. Gold sales was about $5,277 an ounce. And the key takeaway on that is that's roughly $1,000 lower than the current gold price, which again sets us up for good success in the quarter ahead. The waterfall chart on the left of screen just shows the build-up then from original cash position, which was already a very healthy $575 million. We generated $285 million of operating cash flow, and then we invested in the site. We spent around $87 million on the opportunities to extend the life of Telfer, but we still ended the quarter with just over $750 million cash at bank, zero debt. We remain exposed to the market gold price, which we think is positive. The same for copper. But we do have that put portfolio, which just gives us protection. It's insurance. We don't expect to use it, but it's nice to have the insurance in. And even at those what look like low prices today, $4,200 gold, when we entered them, you know, we're giving ourselves high fives. It looks so attractive. But we're very glad that we did that as put options. So we continue to participate in the gold prices. A few just items to remind people for this quarter. We've just paid $46 million to the Office of State Revenue here in Western Australia for stamp duty for the acquisition. So you're going to see that in the December quarter numbers. And we do flag and just remind people when we released our financial statements, you would have seen the tax liability of $76 million. We expect that to be paid in the March quarter. Effectively, that profit generation you've seen has meant we've gone through those carry forward tax losses a little bit quicker than otherwise. So we'll pay that in the March quarter and thereafter we'll move to regular monthly installments of tax. In addition, particularly for the analysts, we just want to give updates, which you see in the body of our quarterly announcements, In terms of the non-cash inventory movement, a credit of $18.2 million. And we also give a bit of guidance on depreciation and amortization, which was $20 million for the quarter. But that should grow to about $120, $140 million for the full year because we do continue to invest in the site and the acquisition depreciation is a little bit slower than some of that new assets that we're putting in. But importantly, just kind of turning back to that cash flow position, that $750 million at bank, no debt. I think that really sets us up for success in terms of Havron. It de-risks and provides a lot of flexibility about delivering Havron, which we think is hugely attractive. I'll just turn to slide 17 as well. Just puts in context the cash generation we've delivered since Greatlands taken ownership of Telfer. $885 million of operational cash flow. That's translated into zero debt, that big cash balance. But the upfront consideration was just $541 million. And even by June, we delivered over $600 million in cash flow. A payback of inside of six months, we're somewhat 1.6 times already. So it's been really, really strong outcome for us and what we've been able to achieve at Telfer. It's a remarkable achievement. And to do a payback that quickly, I think is rare. And again, it sets us up for success and financial flexibility for delivering Havron. Just to conclude the presentation on slide 18, the September quarter was a really successful operating quarter and a great credit to the operational team at Sykes. At Chelsea, there's really been two key focuses for us, just continued operational delivery, but also completion of this ambitious program around investing in the drill bits, which we think you'll see part of that manifest in that Telfer mineral resource in the March 26th quarter, plus then the following quarter, the June quarter, when we can come out with the ore reserve update. But those rules are going to continue to run in the second half of the year. So we continue just to add inventory potentially. At Havron, we just continue to focus on delivering that feasibility study in December. In combination, we think the development of Havron and the opportunity to extend the life of Telfer gives us this exceptionally strong platform. We can capitalise on the current strong gold price and copper price environment. We can leverage these Telfer operations into delivering Havron. And we also have this wonderful opportunity to extend the life of Telfer because the strongest you're going to see Greatland is when you're operating Havron and Telfer together. So this is a pretty rare confluence of immediate cash flow generation and complementary growth. With that, I'll now ask the moderator, Ashley, to open it up to questions.