Greatland Resources: Reserves: no ore gap pre-Havieron here

Research evidence excerpt

Greatland Resources: Reserves: no ore gap pre-Havieron here

iQprofile SM Greatland Resources

Key Income Statement Data (Jun) 2024A 2025A 2026E 2027E 2028E Company Sector

(A$ Millions) Gold & Precious Metals

Sales 0 957 2,218 2,220 1,848

Associates & Other Revenue 0 0 0 0 0

Operating Expenses (28) (492) (988) (1,000) (1,017) Company Description EBITDA (28) 466 1,230 1,220 831

Depreciation & Amortization 0 (41) (140) (202) (195) Greatland resources is a gold producer and developer that is

EBIT (28) 425 1,090 1,018 636 listed on the ASX and AIM under the ticker GGP. GGP

Net Interest & Other income 0 17 16 34 33 consolidated ownership of the Telfer operation in Western

Pretax Income (29) 442 1,106 1,052 670 Australia in Dec'24. The operation has significant mine life

Tax (expense) / Benefit 0 (105) (324) (305) (194)

extension potential from underground mineralisation at

Outside Equity interest in Npat NA NA NA NA NA

Preference dividends NA NA NA NA NA West Dome coupled with open cut extensions. The nearby

Net Profit b/f Abnormals (29) 337 782 747 475 greenfield Havieron gold-copper project is expected to

Non-Recurring Items 0 0 0 0 0 produce first ore in FY28 with a multi-decade mine life

Net Income (Reported) (29) 337 782 747 475 averaging 270kozpa of Au and 10ktpa of copper.

Key Cash Flow Statement Data

EBITDA (28) 466 1,230 1,220 831

Change in Working Capital (2) 154 204 5 6 Investment Rationale

Other C'flow Items before int & tax 8 86 99 46 46 We are Neutral-rated on Greatland Resources. Investment

Net Interest Paid 0 0 0 0 0

positives include BofA's bullish view on gold, exposure to

Tax Paid 0 (105) (324) (305) (194)

Other C'flow from Operations 0 0 0 0 0 the highest grade undeveloped gold project in Australia via