Greatland Gold — Financial Results Year Ended 30 June 2026

Greatland delivered strong profits, cash flow, and major project approvals in FY26.

What the company is saying

Greatland Resources Limited presents a narrative of operational and financial strength, highlighting a net profit after tax of $862 million and EBITDA of $1,332 million for the year ended 30 June 2026. The announcement emphasizes robust revenue of $2,259 million from gold and copper sales, a significant cash build of $714 million, and free cash flow of $737 million. Management spotlights the completion of the Havieron Feasibility Study, reporting an NPV (5%) of $2.9 billion post-tax and the Board's final investment decision for Havieron after securing $500 million in corporate debt facilities. The company frames its achievements as evidence of disciplined execution, underlining the receipt of all primary environmental approvals and a material uplift in Telfer Mineral Resources (+4.8Moz, +150%). The tone is confident and data-driven, with claims substantiated by precise figures and no reliance on aspirational language. There is no attempt to obscure risks or overstate forward-looking potential; the focus remains on realised outcomes and funded growth.

What the data suggests

The disclosed numbers confirm a year of strong financial performance, with net profit after tax of $862 million and EBITDA of $1,332 million. Revenue of $2,259 million was generated from sales of 326,859oz gold at $6,223/oz and 14,730t copper at $14,895/t, with production closely matching sales volumes. Cash build of $714 million and free cash flow of $737 million resulted in closing cash of $1,289 million and total liquidity of $1,764 million, including $475 million of undrawn debt. Operationally, the company produced 328,987oz of gold and 14,594t of copper at an AISC of $2,179/oz, with processing of 19.2Mt at an average grade of 0.58g/t gold. The Havieron Feasibility Study provides an NPV (5%) of $2.9 billion post-tax and forecasts $5.4 billion in undiscounted post-tax free cash flow, with a 22.5% post-tax IRR. All claims are directly supported by the data, with no gaps between narrative and evidence. The quality and completeness of the disclosures are high, though the absence of prior period data limits trend analysis.

Analysis

The announcement is highly factual and supported by detailed, period-specific financial and operational data. All key claims are realised and substantiated by explicit numerical disclosures, including net profit after tax, EBITDA, free cash flow, and production metrics. The tone is positive but proportionate to the strong results achieved in FY26, with no evidence of narrative inflation or overstatement. Forward-looking statements are present elsewhere in the full text, but the summary and key claims focus exclusively on realised outcomes. The capital outlays referenced (e.g., for Havieron) are paired with clear evidence of funding execution and are not presented as aspirational. There is no gap between narrative and evidence; the language accurately reflects the company's measurable progress.

Risk flags

• ●Execution risk remains for the Havieron project despite final investment decision and funding, as construction and ramp-up to steady-state production involve technical, operational, and schedule uncertainties. Delays or cost overruns could impact the projected NPV and IRR.
• ●Capital intensity is high, with $1,065 million in pre-production capital expenditure for Havieron and FY27 guidance indicating $315–$335 million at Telfer and $365–$435 million at Havieron. Sustaining this level of investment requires continued operational performance and access to liquidity.
• ●Commodity price risk is material, as project economics and realised margins are sensitive to fluctuations in gold and copper prices. The feasibility study uses base case pricing, but spot case NPVs and IRRs indicate significant sensitivity to market conditions.

Bottom line

This announcement signals that Greatland Resources Limited is in a strong financial position, having delivered substantial profits, cash flow, and liquidity in FY26. The company has completed all major pre-construction milestones for the Havieron project, including feasibility, permitting, and funding, and has materially upgraded Telfer's resource base. The narrative is credible, with every claim substantiated by detailed numbers and no evidence of hype or overstatement. While the outlook for Havieron is positive, investors should recognise that value realisation from this project depends on successful execution over the next several years. The most important takeaway is that Greatland has moved from promise to delivery, but the next phase will test its ability to convert funded projects into sustained cash flow growth.

Announcement summary

(AIM:GGP, ASX:GGP) Greatland Resources Limited announced its financial results for the full-year ended 30 June 2026, reporting a net profit after tax of $862 million and EBITDA of $1,332 million. Revenue for FY26 was $2,259 million from sales of 326,859oz gold at an average price of $6,223/oz and 14,730t copper at an average realised price of $14,895/t. The company achieved a cash build of $714 million and free cash flow of $737 million, with closing cash of $1,289 million and total available liquidity of $1,764 million. Operationally, Greatland produced 328,987oz of gold and 14,594t of copper at an All-In-Sustaining Cost (AISC) of $2,179/oz gold produced, processing 19.2Mt of material at an average grade of 0.58g/t gold and 0.1% copper. The Havieron Feasibility Study was completed in December 2025, showing an undiscounted free cash flow of $7.7 billion pre-tax and $5.4 billion post-tax, and a net present value (NPV 5%) of $4.2 billion pre-tax and $2.9 billion post-tax at base case metal pricing. Greatland's Board approved the final investment decision for Havieron in June 2026, following receipt of State and Federal primary environmental approvals and execution of $500 million of corporate debt facilities with a Tier 1 lending syndicate.

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