Member Info for TimberTrader

Forecast models for 2025 adopt a range of scenarios underpinned by supply constraints and accelerating demand. Analysts predict prices will generally remain above $10,000 per tonne. In addition, institutional forecasts range from $8,300 to $10,265 per tonne. This dynamic has contributed to a volatile market with widening bid-ask spreads.

The period from 2026 to 2027 is expected to amplify supply–demand imbalances. Investment banks now project prices reaching between $11,000 and $13,500 per tonne, reflecting genuine shortages rather than speculative premiums. Additionally, historical ratio analysis supports this outlook, pointing to copper’s undervaluation relative to gold.

Long-term projections depend on supply response timing and sustained electrification demand. Conservative estimates point to prices around $13,000 per tonne by 2030, while bull cases suggest they could reach $17,000 per tonne. In these scenarios, the copper price forecast remains a central guide, especially as new mine developments take decades to materialise.

Don't Forget the Greatland Copper!

Copper Price Forecast 2025: Structural Bull Market Ahead

https://discoveryalert.com.au/copper-price-forecast-2025-market-insights/

50% of ASX 200 index are down again today, but GGP 9th highest riser at +3.36%.

4th LOWEST AISC from given figures.

MinerDeck Latest Q3 2025 Gold Production Mid-Tiers

Greatland Resources 9th

https://pbs.twimg.com/media/G6C2P8LX0AAPDl5?format=jpg&name=large

https://x.com/MinerDeck/status/1990791428637929841

@ Vitautas You seem to have left out "IF there's a plague of frogs"?

Exactly! As I posted at the weekend, just to get some reality about the gold price...

We achieved an average gold price of A$5,277/oz in Q1 FY26 (1st July - 30th September 2025) which generated net revenue of A$476 million (including Copper) and an operating cash flow of A$284 million for the quarter, delivering a closing cash balance of A$750 million (from A$575 million at 30 June 2025), debt free.

The Gold price, so far in Q2 FY26, hasn't dropped below A$5,880/oz, which was the price at the start, on the 2nd October!

The Gold price, so far in Q2 FY26, has reached as high as A$6,765/oz!

The Gold price today is still +/- A$6,200/oz!

And don't forget the Copper. Up +/- 5% since the end of Q1 FY26.

The oil price is also down around 5% so far in Q2 FY26, compared to Q1 FY26, which should help the AISC too.

Also, don't forget that we started the 2025 calendar year with a Gold price of only A$4,250/oz, and look at the Free Cash Flow we achieved in Q3 FY25 at that price alone.

Greatland Resources Retained at Qverweight at Barrenjoey with Price Target of A$12.00 (£5.92).

https://www.marketindex.com.au/news/evening-wrap-asx-200-slammed-as-tech-wreck-deepens-on-tne-plunge-jhx-pls

Shaun Day doesn't repost much on 'X', so it can be interesting to see what he does, when he does...

https://x.com/SharesChat/status/1990094392627966337

Https://www.linkedin.com/posts/macmahon_mininginnovation-telfermine-heavyequipment-activity-7396010469074956288-bmS-

Reviving the Giants of Telfer!

Following Greatland Gold’s acquisition of the Telfer mine, a fleet of 12 Caterpillar 793C trucks is getting a second life through a full rebuild program at Macmahon’s Perth workshop.

Each truck is stripped, inspected, and rebuilt to OEM spec with major components replaced if they have below 20% life remaining. Each truck also receives abrasive blasting, a new coat of paint, and safety and functional upgrades, as necessary.

This isn’t just a mechanical feat, it’s a training ground for our apprentices and a showcase of collaboration across trades. With over 5,000 crew-hours per

truck, the program reflects the scale and precision of the work involved in rebuilding these machines.

Two trucks down. Ten to go. 💪

https://www.facebook.com/macmahonmining/posts/-reviving-the-giants-of-telferfollowing-greatland-golds-acquisition-of-the-telfe/1396434612492751/

I've been thinking that week too, for some time now, since Shaun Day's last comments. So, to tie me down more, I'll go 9th December.

ASX close @ A$7.81 = £3.88

Up 5.2% on AIM close on Friday (£3.6885)

"It's supremely undervalued"

Hi zoros! Personally, I'd expect dividends to be paid well before 5+ years, especially if free cash generation continues at the current rate, or better. My best estimate, at this time, would be 2-3 years, and there may even be a special dividend before that, which I've mentioned before. Institutional investors would probably not want to wait for 5 years+ for any dividends, IMHO. I'm not necessarily saying that that's what I want, but it's what a lot of other investors would want.

Hi Rotherby! The only thing I'm not sure about, which would be relevant, is the regular maintenance shutdown period(s) for this quarter. It's my understanding that it's this month, and it may be the slightly larger annual maintenance. However, I'm guessing still around 2 weeks duration. However, I don't think it's a total shutdown, more likely staged, allowing other areas to still operate. Luckily we have a specialist maintenance shutdown team who plan this all out, so hopefully expedited. TT

We're now just about halfway through Q2 FY26 and just look at the gold price...

We achieved an average gold price of A$5,277/oz in Q1 FY26 (1st July - 30th September 2025) which generated net revenue of A$476 million (including Copper) and an operating cash flow of A$284 million for the quarter, delivering a closing cash balance of A$750 million (from A$575 million at 30 June 2025), debt free.

The Gold price, so far in Q2 FY26, hasn't dropped below A$5,880/oz, which was the price at the start, on the 2nd October!

The Gold price, so far in Q2 FY26, has reached as high as A$6,765/oz!

The Gold price today is still +/- A$6,245/oz!

And don't forget the Copper. Up +/- 5% since the end of Q1 FY26.

The oil price is also down around 5% so far in Q2 FY26, compared to Q1 FY26, which should help the AISC too.

Now, if that isn't looking fantastic for Q2 FY26, I don't know what is. OK, I accept there's another just over 6 weeks to go, but it should be noted that we started the 2025 calendar year with a Gold price of just A$4,250/oz, and look at the Free Cash Flow we achieved in Q3 FY25 at that price alone.

GLA!

...and look what happened earlier this week, when had a 6-7% drop in one day - It went up 10% the next day! 'm not saying that will necessarily happen again, but there's clearly a lot of volatility in ALL markets at the moment. The fundamentals are still there though, and the picture going forwards is increasingly positive too.

Great! Thanks Dip!

I thought you posted on the 20th October that you'd "sold the lot" Victorocto?