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Hi Palla! Yes, he did, but also mentioned 'March Quarter' too. TBF, it's probably going to be March, I agree, reading the transcript again.

Yup, that's what I'm really looking forward to too! Telfer MRE & WDU Maiden MRE, both of which could possible drop before March. I'm sure they'll be timed well!

Like others, I'm increasingly impressed by Rowan Krasnoff, who was also excellent at the Town Hall meeting.

Hi Icarus! Thinking about this, and being one that was thinking that there may have been an increase in production guidance/reduction in AISC guidance, having seen what he said, I'm happy with how Shaun Day has done this. He's pretty much always been a "Under-promise and over-deliver" CEO/MD. It's well known by the brokers where we actually stand, and I'd rather see the slightly more cautious stand, rather than over promise and then, if there was a later issue, have to backtrack.

Greatland Gold presented its Q2 2026 earnings with a robust performance, highlighted by strong cash flow and significant production metrics. Despite a slight dip in its stock price, the company maintains a positive outlook with promising future projects.

KEY TAKEAWAYS

Produced 86,000 ounces of gold and 3,500 tons of copper.

Operating cash flow reached AUD 406 million, with a debt-free cash balance of AUD 948 million.

All-in sustaining costs (AISC) were AUD 2,196 per ounce, with a gross margin of approximately 80%.

Havieron Feasibility Study projects a life of mine production of 4 million gold equivalent ounces.

Full-year production guidance aims towards the upper end of 260,000-310,000 ounces.

COMPANY PERFORMANCE

Greatland Gold demonstrated strong operational performance during Q2 2026. The company produced 86,000 ounces of gold and 3,500 tons of copper, contributing to a robust operating cash flow of AUD 406 million. The company remains debt-free, with a cash reserve of AUD 948 million. These results come amid a favorable gold and copper price environment, positioning Greatland Gold competitively within the mid-cap Australian gold mining space.

FINANCIAL HIGHLIGHTS

Gold production: 86,000 ounces

Copper production: 3,500 tons

Operating cash flow: AUD 406 million

Cash balance: AUD 948 million

All-in sustaining costs: AUD 2,196 per ounce

Gross margin: Approximately 80%

OUTLOOK AND GUIDANCE

Greatland Gold is optimistic about its future, with full-year production guidance towards the upper end of 260,000-310,000 ounces and all-in sustaining costs trending towards the lower end of guidance. The company expects a mineral resource update for the Telfer site in March 2026 and anticipates potential life extension beyond current plans. Development at Havieron is progressing, with first production expected in FY27.

RISKS AND CHALLENGES

Market volatility in gold and copper prices could impact revenue.

Operational risks related to mining and drilling activities.

Potential delays in the Havieron project could affect future production timelines.

Regulatory changes in the mining sector may pose compliance challenges.

Competition from other mid-cap gold mining companies in Australia.

Greatland Gold’s Q2 2026 performance underscores its strong operational capabilities and strategic positioning within the industry. Despite minor stock fluctuations, the company’s future outlook remains positive, driven by its robust financial health and promising project pipeline.

FULL TRANSCRIPT.....

https://uk.investing.com/news/transcripts/earnings-call-transcript-greatland-golds-q2-2026-sees-strong-cash-flow-93CH-4473456

I had a question for anyone more up to speed on ETF's, but specifically the Sprott JUNIOR Gold Miners ETF.

The maximum Market Cap for existing index constituents in that ETF must not be more than US$ 4 Billion, according to their latest rule changes on the 22nd December. We've been above that for some time now.

I believe that the Sprott ETF tracks the 'Solactive Junior Gold Miners Custom Factors Index', which also changed to a maximum Market Cap of US$ 4 Billion recently, reflecting the same.

The next rebalance of BOTH is due in March (the last was September 2025).

Am I right in assuming that (provided our Market Cap remains above US$ 4 Billion), we would automatically then become a constituent of the Sprott Gold Miners ETF, tracking the 'Solactive Gold Miners Custom Factors Index'?

I generally agree with that, unless there is a positive change in the FY26 Production guidance figures and/or reduction in the FY26 AISC guidance figures tonight, which is a possibility, in which case there may be a further move north (provided no major reduction in the gold price today.

Greatland will release its FULL December 2025 Quarterly Activities Report IN THE UK TONIGHT AT 11:30 PM.

(In Oz Wednesday, 28 January 2026 at 7:30 am AWST / 10:30 am AEDT)

Greatland will host a webcast for shareholders, research analysts, media and other interested stakeholders at 11.30 PM ON TUESDAY, 27TH JANUARY followed by a Q&A session.

To listen in live, please click on this link and register your details:

https://webcast.openbriefing.com/ggp-qtr2-2026/

Yup, looks like it was indeed another drag down, then let go day!

As gold hit an all-time high of A$7374/oz, these multimillion-ounce projects are looking more compelling by the day.

While Australia is a mature gold mining jurisdiction, there are still a handful of large projects yet to be developed with economics that look better than ever due to a gold price of more than A$7350 an ounce.

HEMI

MT. TODD

BODA KAISER

HAVIERON

Greatland Resources (ASX/LSE: GGP) discovered the Havieron gold-copper project in WA in 2018 before bringing in Newcrest Mining as a partner in 2019.

Newcrest was acquired by Newmont Corporation (NYSE: NEM) and it sold Havieron, and the nearby Telfer mine, to Greatland for US$475 million in late 2024.

Havieron has a resource of 131Mt at 1.7g/t gold and 0.21% copper for 7Moz of gold and 275,000t of copper and a reserve of 38.5Mt at 2.63g/t gold and 0.33% copper for 3.3Moz of gold and 128,000t of copper, which the company says is the largest Australian underground gold reserve outside Newmont’s Cadia and Tanami operations.

Havieron is expected to produce 266,000ozpa of gold and 9600tpa of copper at AISC of A$1610/oz over 17 years, with ore to be processed through the Telfer plant, 45km away.

Capital costs were forecast at A$1.065 billion, which is expected to be funded from cash of A$948 million at December 31, ongoing cashflow from Telfer and a A$500 million from a syndicate of banks.

The project has a base case post-tax NPV5 of A$2.9 billion and IRR of 22.5% at a gold price of A$4500/oz, increasing to a A$5.4 billion NPV and 31.5% IRR at A$6250/oz.

Havieron is expected to generate undiscounted post-tax free cashflow of A$5.4 billion at A$4500/oz, or A$550 million annually.

The base case assumes standalone processing of Havieron ore, but the potential remains for improved economics if the Telfer mine life is extended.

Greatland is conducting a record 240,000m of drilling at Telfer in FY26.

First gold from Havieron is expected around 2.5 years after a final investment decision, which is expected to be made after the granting of environmental approvals this year.

https://www.miningforum.live/p/australias-largest-undeveloped-gold

As I've said numerous times, it's unfortunate that the likes of Telfer WDU is not viewed in the same way because it's growth drilling, rather than exploration drilling, but hey!

Sure guys, it's at Fort Knox. Oh, hang on a minute...

Is the pope catholic?

I'm guessing yet another AIM drag sp down, and then let go later day.

@ almtrue Link is in the following...

https://www.marketindex.com.au/asx/ggp/announcements/december-2025-quarter-production-update-6A1306208

If you haven't watched the film 'The Big Short', and/or 'Margin Call', then I recommend them! Usually available on Prime or Netflix. I watched 'The Big Short' again last night.

Even better, the webcast is tomorrow night at 11.30 pm in the UK.

"Andrew Forrest and his family have a net worth 0f $14.4 billion but it’s unlikely that they have ever earned an easier $500 million thanks to a well-timed investment in gold, a metal also attracting fellow Australian billionaire Gina Rinehart.

Both Forrest and Rinehart, with her estimated net worth of $26.4 billion made their fortunes mining iron ore but as demand for that steel-making material peaks and the price eases they’re spreading their portfolios.

Energy has been an attraction for both though with differences.

Forrest prefers his energy served green with investments in wind and solar power as well as a largely failed attempt to master green hydrogen.

Rinehart prefers traditional energy with a large and growing exposure to oil and gas as well as highly profitable investments in rare earths in Australia and the U.S.

Gold has been added recently, partly because the price has been rising strongly for the past three years but also because it’s a natural for both as their families have deep roots in Australia’s major gold-producing State of Western Australia.

Fast $500 Million

Forrest’s fast $500 million came by exercising an option to increase his stake in the relatively new miner Greatland Gold which acquired the big Telfer mine from U.S.-based Newmont 18-months two ago when gold price was around $2400 an ounce.

At the time of the Telfer purchase, one of the Forrest family companies, Wyloo, had a roughly 9% stake in Greatland as well as having an option to buy another 9.9% from Newmont at a price of US$2 a share (A$3).

When Forrest exercised the Wyloo option last week Greatland was trading at $9, triggering an instant profit of $500 million.

Like all gold mining companies Greatland has been riding high on the gold price which has more than doubled to $4987 since it bought Telfer.

Wyloo chief executive Luca Giacomazzi said he was confident that there was more value to be unlocked in Telfer and the nearby Havieron gold deposit...."

https://www.forbes.com/sites/timtreadgold/2026/01/25/aussie-iron-ore-billionaires-go-for-gold-as-the-price-soars/

In U.S. Dollars - US$5,093/oz

https://www.tradingview.com/chart/?symbol=OANDA%3AXAUUSD

In Australian Dollars - A$7,352/oz

https://www.tradingview.com/chart/?symbol=OANDA%3AXAUAUD

Interesting read....

https://grokipedia.com/page/telfer_mine

"We started the year at $4321 gold and $70 silver. Today, spot gold closed at $4983, up $650 (15%) in three weeks. Silver closed at $103, up $33 (47%) in three weeks. Silver is now up 194% since early August (less than 6 months). The GSR (gold-silver ratio) has squeezed down to 48, and the SGR (silver-gold ratio) is at 2.1%. Silver has just about caught up to gold, although it could overshoot. I expected to see a GSR of 40 and an SGR of 2.5. We will likely see that soon, and I expect to see the squeeze continue. An SGR of 3% looks likely. Let’s do the math: $6,000 x 3% = $180 silver.

The wind is at gold’s back. That is not likely to change in 2026. We will get a few corrections, but they are to be bought, and the chance of this gold bull market ending in 2026 is extremely low. The worst case is perhaps a 15% correction, and we probably won’t get one that deep. We can expect perhaps one deep correction of 10% to 12%. That will be a buying opportunity...."

https://x.com/DonDurrett/status/2014867144031522965