Greatland Resources (GGP.AX, GGP.L): Another positive drilling result. Telfer Reserves increase 150%.

Research evidence excerpt

Greatland Resources (GGP.AX, GGP.L): Another positive drilling result. Telfer Reserves increase 150%.

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28 Jun 2026 23:10:40 ET │ 12 pages

Greatland Resources (GGP.AX, GGP.L)

Another positive drilling result. Telfer Reserves increase 150%.

CITI'S TAKE

Jack Whelan AC

GGP released a reserve update today, reporting a 62% increase in group +61-2-8225-5979

reserves to 5.0Moz gold and 196kt copper (157Mt at 0.99g/t Au and 0.12% jack.whelan@citi.com

Cu), with the company roughly a third of the way into their ~360km drilling

campaign. The headline result was driven by a 150% increase in the Telfer

reserve to 1.8Moz, including an increase in West Dome Open Pit reserves to

1.4Moz (from 0.3Moz). We now expect the open pit mine life to extend to

~2035 (from 2033), extending the long-term utilisation of the 20mtpa mill

capacity. GGP also announced financial close on Facility B, a $225M

undrawn revolving credit facility with 7-year tenor for general corporate

purposes including Havieron development (from its $500M corporate debt

facility). In our view, today’s update is a de-risking event: baseload reserve

visibility at Telfer is now established and West Dome open pit mine life

extends beyond our prior assumptions.

West Dome Open Pit upside: — The residual West Dome Mineral Resource not yet

in reserve stands at 244Mt for 3.5Moz, of which 219Mt (3.2Moz) of Inferred material

sits within the current pit shell but is treated as waste. With GGP’s Inferred-to-

Indicated conversion rate running above 85%, the opportunity to lower the strip

ratio and extend open pit mine life further is meaningful.

Telfer update: — The total Telfer reserve of 1.8Moz comprises the West Dome Open

Pit (1.4Moz), a maiden Main Dome Underground reserve of 3.6Mt at 1.33g/t Au and