Greatland Resources "Great land of gold and copper" (Buy) Spry

Research evidence excerpt

Greatland Resources "Great land of gold and copper" (Buy) Spry

Greatland Resources UBS Research

EXECUtive summary

Greatland Resources (GGP.ASX) holds 100% of the Telfer operation and the nearby Production could grow from 326koz

Havieron development project in the Paterson Province of northwest Western Australia. at A$2,165/oz AISC in FY26 to

It is tracking above the high end of FY26 guidance for 260-310koz at AISC of A$2,400- >500kozpa at A$2,100/oz AISC (FY26

2,800/oz (UBSe 326koz @ AISC A$2,165/oz) (YTD 250koz @ A$2,136/oz AISC). The real) by FY32/33

Resource update expected in June and updated Reserve in March 27 will provide the

foundation for life of mine plans and mine life extensions at Telfer. At Havieron, FID is

expected this quarter, having now received final environmental approvals, before first

ore in 2H FY29 (FID +2.5yrs) (UBSe start FY30e). This should see GGP reach >500kozpa

by FY33 with some of the lowest costs in the sector due to Havieron's high grades and

group copper credits.

There remains significant upside at Telfer converting more of the 8moz resource to Havieron is a Tier 1 asset with upside

reserves and extending high grade underground inventories at West Dome and Main and a clear key value driver

Dome, giving us enough confidence to model a 14 year life. However the long life, low

cost production from Havieron itself presents the baseload for GGP to leverage from. It

also offers its own further upside from; 1) de-bottlenecking mining to fill the 4.5mtpa

haulage capacity (UBSe only model the DFS 3.9mtpa), 2) conversion from resource to

reserve of the remaining 3.5moz (on top of reserves) and 3) further exploration upside.

While cost pressures and project execution are under the spotlight in this part of the Despite the heavy (~A$3bn)