Greatland Resources Limited

Thank you for standing by. Welcome to Great Lion Resources March Quarter 2026 Investor Call. All lions have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, please press star, then the number one on your telephone keypad. If you'd like to withdraw your question, again, press star one. Thank you. I would now like to turn the conference over to Sean Day. Managing Director of Greatland. Sean, please go ahead.

Thanks, Krista, and welcome, everyone. I'm pleased to present Greatland's March 2026 quarterly result. I'm joined on the call by Monique Congley, Chief Financial Officer, Rowan Krasnoff, Chief Development Officer, Otto Richer, Chief Operating Officer, plus Andrew Bowler, Head of Investor Relations. If we turn across to really the first content slide, slide five, we delivered another strong quarter producing 82,000 ounces of gold plus 4,000 tonnes of copper. All in sustaining costs came in at $2,056 Australian dollars per ounce, which was below the lower end of our full year guidance, which is a range of Australian $2,400 to $2,800 per ounce. Year-to-date, we've now produced 250,000 ounces at an all-in sustaining cost of Aussie $2,136 per ounce. This division does vary strongly for the full-year FY26 outcome, and we said that we expect production to be around or slightly above the upper end of guidance with all-in sustaining cost towards that lower end of guidance. In the quarter, we sold 98,000 ounces of gold and 4,600 tonnes of copper. This delivered revenue of $742 million, operating cash flow above $450 million, and most importantly, you saw that record cash build of $260 million for the quarter. That allowed us to close March with over $1.2 billion at the bank, debt-free. And this is particularly beneficial in terms of de-risking the execution of our growth strategy. We announced an exceptional total resource upgrade at the end of March, and that included expanding total resource ounces to 8 million ounces. Group resources now stand just shy of 15 million ounces. And this substantial increase in the resource base has the potential to underpin a multi-decade operation at Telfer that operates alongside our world-class Havron development project. When we announced that resource update, we also announced Greatland's first resource estimate for a 100% owned Ocala Hams tungsten deposit, and Ron's going to speak to that later in our call. Our record Telford drilling program continues. This is this 240,000-metre surge in drilling, and with the drill bit delivering ounces at around $5 an ounce Aussie, we're increasingly confident of extending that drill cadence at least partially into FY27, where we could end up extending that drill program out to, say, 360,000 metres of drilling. Turning across to Slide 7, We now look at the key drivers of what we felt was a really strong March quarter performance. In that West Home open pit, open pit total material mined again saw an increase through the quarter. We're now up to 6.8 million tonnes from when we started there, delivering about 4.4 million tonnes. With that additional ore coming online from our new Stage 7 cutback has been a big part of the focus for us. It's the fifth consecutive quarter-on-quarter increase in material mine since Greatland took ownership and now represents a 54% uplift in productivity as a function of TMM since we took over in March quarter last year. The continued growth is a result of improved productivity with a focus on the drill and blast has been improved bench turnover and opened up larger, more productive work fronts. Plus, we just started to see the benefit of that investment in open pit fleet in the back half of this quarter. The open pit mule feed grade notched down slightly to just under 0.5 grams. as we saw a higher proportion of partially costed material or our lower grade being fed directly into the processing plant rather than being stockpiled. This is all in line with our second half plan. And while this result does notch down grade, it avoids the re-handling cost of removing that stockpile and has the added advantage of it's preserved some of those high-grade ROM stockpiles. In terms of the Stage 7 open pit, growth stripping continued with 2.9 million tonnes waste mined for the quarter at a strip ratio of 2.7 times. That's down from 4.3 times you observed last quarter as we move more into that ore body. As more ore is exposed and the ore contribution increases, the overall Stage 7 design strip ratio is approximately 1.1 times. So you'll see that continue to trend down, although we are looking at expansion opportunities around that Stage 7 design. Open pit grades reconciled as expected in the March quarter, which is another positive sign that our enhanced grade control system continues to deliver the improved reconciliation outcomes. Turning to the Main Dome Underground, the ore mine was approximately 300,000 tonnes, which is, again, a record quarter for us. Underground development is progressing really strongly with 1,776 metres of development. Again, a new record in terms of productivity, and that includes about $368 million growth capital development. The other important thing for us is we continue to develop out a second drive to that West Dome underground. That was progressed by about 255 metres, so we're just under 80% complete on taking out that second drive to the West Dome underground. Turning to slide 8, in terms of processing operations, We milled 4.8 million tonnes at 0.59 grams gold head grade. We've milled tonnes up quarter on quarter. This result generated a modest decrease from the December quarter, but recoveries were tremendous again, running above 88% for the third quarter in the row. is a tremendous outcome and a great credit for the team. Also, copper recoveries were the strongest we've seen at 82.6%, which again was a really good processing outcome for us during the quarter. Turning to stockpiles, this quarter we processed a million tonnes of ROM stockpiles. That's the high-grade stockpiles we have. with an estimated 1.9, almost 2 million tonnes, that 0.69 grams gold remaining at the end of the quarter. During the March quarter, the drawdown was about 1 million tonnes of stockpiles. This was a reduction from last, in that December quarter, where we drew down about 1.7 million tonnes of the high-grade stockpiles, and that reflects that increased feed, particularly from the open pit. and pleasingly stockpile grades reconciled in line with our expectations for the quarter. At the end of the quarter, we still have at surface those low-grade stockpiles of 20.6 million tonnes at about 0.33 grams plus copper, and some of that is expected to be incorporated into that FY27 mine plan as we continue to draw down that higher-grade stockpile. We continue to work on the tail storage facilities where the TFSA Stage 3 lift was completed on schedule, on budget, which, again, great testament to the team at site. And that takes our installed tailings capacity out till March 2027 quarter. When we took over the asset, I think we had about four weeks, five weeks, of float on that tail's capacity. So pushing that out to 12 months is a really good outcome, and we're going to commence the TSF-8 Stage 4 construction in April, so that's already underway, to continue to push that kind of bow wave of TSF capacity in front. In regards to supply change impacts, this is kind of very topical with the conflict in the Middle East. To date, we haven't seen any operational impacts from fuel or other consumables. That said, specifically on fuel, supply is sourced directly from a global oil major on a long-term contract, which continue to fulfil its obligations. We're seeing no change in deliveries. The focus is continuity of supply for us across all goods and services, and I imagine this is common across the Australian economy and the resource sectors. We're actively managing our supply chain logistics and have appropriate response action plans in place if required. Of note, Telfer maintains that really significant surface stockpile, just over 22 million tonnes, at 0.36 grams gold. at the end of the March quarter, equal to more than 12 months of mill feed. We think that's an exceptional buffer to have if there was ever a disruption. The Telfer mill is powered by WA Gas, delivered to site by a dedicated Telfer gas pipeline. Telfer's underground operation utilises an electric shaft hoist, reducing the diesel intensities. of Greatland's highest grade ore sources. From a cost perspective, up until March 26, fuel constituted approximately 3.8% of our total cost structure. While there is a current elevation in the fuel price, and we've seen that almost double, it has been a limited direct impact on our cost base, given it's just 3.8% of direct cost. That said, escalation in fuel prices is generally inflationary across the economy and that's going to impact the resources sector as well. So we're mindful of those indirect cost impacts as well. With that, I'll hand across to Monique.

Thanks, Sean. As outlined earlier, we achieved an all-in sustaining cost of $2,056 for the quarter and $2,136 on a year-to-date basis. This is a great outcome driven by strong ounce production, good cost control and stronger than budgeted copper by-product credits from the current copper prices. Our all-in sustaining margin for the quarter was $4,717 per ounce. Looking at the key operating cost items, mining costs of $82 million increased as planned due to higher overall ore mined, higher total material moved and lower capitalised production stripping from Stage 7, while maintaining consistent unit rates per tonne across the quarter. Processing costs of $82 million were lower than the prior quarter due to lower surface maintenance costs incurred during the planned March mill shutdown, the processing of less Stage 2 material, which requires more reagents and consumables. Sustaining capex of $29 million was higher than the previous quarter due to higher spend on the underground development, and site services costs of $19 million were lower than the previous quarter, with costs always weighted towards the first half of FY26. Full-year oil and sustaining is currently expected to trend towards the lower end of the guidance range of $2,400 to $2,800. Given year-to-date oil and sustaining cost of $2,136, the June's quarter oil and sustaining cost is expected to be higher than previous quarters, which is driven by production being slightly lower off the back of ongoing lower-grade stockpile trials, higher sustaining capex, which was planned to be heavily weighted to the last quarter, and you've seen that ramp up consistently quarter-on-quarter this financial year. and anticipated cost increases given the inflationary pressures as a result of the energy crisis that Sean just spoke to. Turning to cash flow and finances, we generated revenue of $742 million from sales of 98,000 ounces of gold at an average realized price of $6,773 and 4.6 thousand tons of copper at a realized price of $15,800 per tonne. Remembering that we began loading as shipment in late December, which only completed loading in early January, containing 17,000 ounces of gold. The sale was recognised in January for accounting purposes, but cash was received in December for $119 million. This resulted in Telstra's operating cash flow of $450 million and $260 million cash billed after the FY25 annual tax payment of $73 million. We closed the quarter with $1.2 billion of cash and no debt and we remain fully exposed to any upside in the gold price and with downside protection by gold put options out to June 2027 at an average strike price of $4,560 per ounce. In regards to non-cash movements, we had inventory movements of $48.3 million and depreciation amortization for the quarter of $43.6 million. and we've got a full year DNA of approximately $140 million weighted towards the second half of FY26. From a tax perspective, and also just to remind everyone that we've now moved into a taxpayer position, as such, a quarterly tax installment of $87 million was paid in April based on approximately 12% of installment income, which consists of sales and interest income for the March 2026 quarter. The tax instalment for June 2026 quarter is expected to be paid in July, following which it is expected Greatland will be reassessed from the ATO for monthly instalments for FY27. The remaining FY28 tax return catch-up payment will then be paid in December 2026. Overall, the March quarter highlights the strong cash-generating capacity of the business, further de-risking and providing flexibility in funding Havron's development and Telfer's life extension opportunities. Turning to growth capital, as you know, FY26 is a significant year of investment at Telfer with a view of multi-year life extension. Our growth capital program is progressing well and in line with plan at $42 million spent during the March quarter across TSS Stage 3 lift construction, which Sean has already spoken to, which is now complete, and providing our tailings capacity into 2027. Pre-planning work for TSS Stage 4 lift commenced in April. West Dome Stage 7 open pit growth stripping continued, and the underground development across Ares, ESC and West Dome Underground, as well as the open pit mining fleet renewal program. Telfer's growth spend is tracking to our full year guidance of $230 to $260 million. In terms of resource development and exploration, we spent $16.7 million during the quarter, and at Halbron we spent $27.5 million for feasibility, study costs and early work. I now hand back to Sean.