RE: Greatland Resources Retained at outperform at Macquarie with Price Target: $10.5014 Nov 2025 06:51
Macquarie tips 35% upside for Greatland Resources shares
Motley Fool Australia
...According to Macquarie, Greatland plans to release an updated Feasibility Study (FS) for its 100%-owned Havieron gold-copper project in late 2025. Havieron sits about 45 km from the company's Telfer mine.
The broker said Havieron will transform GGP's business with high-grades to improve the cost base.
Macquarie now models Havieron as a larger 4.0Mtpa operation rather than 2.8Mtpa, with higher mining rates, more metal, and a 26% lift in steady-state production. However, this also means higher upfront capital costs and a small increase in operating costs.
While not our base case, we see further potential for growth at Havieron. With the likely materials handling system being a conveyor, in our view, upside could come from debottlenecking of the conveyor in excess of ~5Mtpa.
The broker said this could unlock economies of scale benefits that could see inventory sourced from the lower-grade areas of Havieron including the Breccia Zone.
Macquarie said that although Havieron's long-term outlook has improved, the slower ramp-up and higher capital costs offset the gains.
As a result, their ASX target price stays at $10.50/share along with an outperform rating.
However, after today's 4% fall for Greatland Resources shares, the price target from Macquarie indicates an upside of approximately 35%.
Looking at valuations elsewhere, it seems other brokers also see Greatland Resources shares as undervalued.
TradingView has a 12 month price target of $9.91 which indicates more than 27% upside.
Online brokerage platform Selfwealth lists Greatland Resources shares as undervalued by 19%.
https://www.fool.com.au/2025/11/14/macquarie-tips-35-upside-for-greatland-resources-shares/
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