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I think that a lot will surface at Diggers & Dealers next week, where pretty much everyone in the Oz mining industry will be present. However, sorting out the rumours from the facts will, as usual, be difficult. I'm looking forward to it, as I always do, and I'm sure that Shaun Day's presentation will also settle some nerves. He's an excellent, knowledgeable in depth about Greatland, public speaker, and he'll have had time to sort out where he needs to go from yesterday, I'm sure.

The FY26 Telfer growth capital guidance is currently A$230 – 260m to fund key investments across mine development, supporting infrastructure and fleet expected to renew and extend Telfer operations:

- TSF8 Stage 3 and 4 lifts

- West Dome Open Pit pre-stripping (Stage 7 Extension)

- Purchase and refurbishment of open pit fleet equipment

- Underground growth development (WDU, ESC ext, Rey ext, South West, Western Flanks ext, A-Reefs ext).

The realisation of benefits of that are expected to be 'Partial' in FY26 and 'Substantial' in FY27 and beyond. (FY27, FY28, FY29+)

Greatland Resources and Ramelius Resources have delivered strong results for the June quarter, with the former benefiting from its recent acquisition of the Telfer gold mine.

Greatland Resources

Greatland has cemented its status as a leading gold-copper producer, posting $600 million in operating cash flow in just seven months following the acquisition of Telfer and the Havieron gold project.

The June quarter saw 78,283 ounces of gold production and 3729 tonnes of copper at an all-in sustaining cost (AISC) of $1736 per ounce.

“The June quarter result has capped a transformational 2024–25 financial year (FY25) for Greatland, in which we acquired and successfully integrated 100 per cent ownership of Telfer and Havieron, extended Telfer’s mine life, generated more than $600 million of operating cash flow, and successfully completed an IPO on the ASX,” Greatland managing director Shaun Day said.

“Greatland has emerged from the year as a leading Australian gold-copper producer.”

The company closed the quarter with $575 million in net cash and is now targeting FY26 gold production of 260,000–310,000 ounces at an AISC of $2400 2800 per ounce.

“Looking ahead to FY26, at Telfer we are focused on continuing safe and strong operational performance,” Day said.

“At Havieron, Greatland is well placed to complete our feasibility study on the expanded development in the December 2025 quarter and then resume the development of the world-class gold-copper project.”

Major capital investments are planned to extend the mine life at Telfer and advance Havieron, including the largest drilling campaign in Telfer’s history with 240,000m planned.

https://www.australianmining.com.au/ramelius-and-greatland-power-ahead/

Exactly Rotherby, and, as myself and others commented yesterday, it's very important, IMHO, to remember that Simon Tyrrell made it clear to the analysts that the revised ore grades were conservative. It would be stupid to give levels that later would be downgraded again. I'm pretty sure that they are also basing the FY26 AISC on conservative numbers too (higher than necessary), for the same reason. There were so many positives there, and it just requires a bit more patience to see the big rewards.

Interesting take in 'The Australian' today:

"Evolution urged to pounce on fallen Greatland Resources

Market watchers want the gold miner to reconsider its no-acquisition stance and snap up Greatland Resources after the Andrew Forrest-backed miner’s shares plunged 24 per cent."

https://www.theaustralian.com.au/subscribe/news/1/?sourceCode=TAWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.theaustralian.com.au%2Fbusiness%2Fdataroom%2Fevolution-mining-urged-to-pounce-on-greatland-resources-despite-kleins-acquisition-aversion%2Fnews-story%2F0d5cb0ba3e498446dbe0a0499801263b&memtype=anonymous&mode=premium&v21=GROUPA-Segment-1-NOSCORE&V21spcbehaviour=append

Register for Live Stream:

https://www.diggersndealers.com.au/dnd/wp-login.php?action=register

Shaun Day is presenting on Tuesday, 5th August at 12:05 PM AWST = 05:05 AM UK BST.

https://x.com/Greatland_GGP/status/1950374123756278064

https://pbs.twimg.com/media/GxEe60mbUAAAXzd?format=jpg&name=small

https://www.diggersndealers.com.au/dnd/wp-content/uploads/DnD-2025-Presenter-Programme_300625.pdf

I disagree 100%. That's exactly why he should be doing one asap, not hiding away. He's generally a very good communicator, just not so good today, and I'm sure he'd be more than able to get the proper message across.

I'm wondering if Shaun Day will be doing any interviews over the coming days. After the Q1 2025 Results he did an interview with Proactive the following day, and with Liam on Aim On Air 8 days later.

I'm hoping that he will, because, once the initial 'dust has settled' a bit more, IMHO it would be a good, opportune time to maybe clarify some of the points from the results, in a more collected format.

If not, it'll be very interesting to see and hear what he says in his presentation at Diggers & Dealers next Tuesday, 5th August.

Hopefully, one way or another, he'll be able to get over a better, but still accurate picture, and with more of the positive factors covered.

@ 96dc2 "Do you think the massive drop on the ASX caught them off guard before the presentation? Maybe an explanation of him seeming a bit nervous and then going defensive. I’m sure it’s a lesson learned."

I'd say that that was certainly part of it, and thought the same myself.

Yup, no change in their price target either, which they set on initiation of Greatland Resources last week.

In the webcast, Simon Tyrrell called the revised grades "conservative", which would be the correct thing to do, as you wouldn't want that to come back and bite you later. I'd hope, but of course, it can't be certain, that we find that they are not that much lower than first estimated. As always, only time will tell.

Canaccord Genuity moderate FY26 numbers but maintain BUY and A$13.20 (£6.45) target.

Clearly this is not a good day for GGP, but it's always vitally important to get the unfavourable news out, in full, as it allows for quicker resolution, reduces uncertainty, and can prevent further complications later.

We've risk weighted the potential for lower gold grade of the existing ROM stockpiles mined in 2024 prior to Greatland’s acquisition of Telfer, and certain open pit areas intended to be mined in FY26. The 'new' grades are said to be 'conservative' by Simon Tyrrell. We're also undertaking significant infill drilling with tighter spacing than historically applied at Telfer, to inform and increase confidence in future mine planning and resource and reserve updates.

Apart from that, there is generally good news with a significantly expanded drilling program underway, with encouraging assay results already received from key extension targets in the West Dome Open Pit and Main Dome Underground. The start of key Telfer life extension projects are underway, including the second development drive to the new West Dome Underground project, pre-stripping of multi-year West Dome Open Pit Stage 7 extension, and tailings capacity expansion. And, of course, the Havieron Feasibility Study and early works continuing to progress, with the study completion remaining on schedule for the December 2025 quarter (October - December 2025).

It'll be a rough ride for a bit, and I'm sure an initial overreaction, but at least we've got the bad news out, and can hopefully move on up very soon.

I've never really researched it much, but, over the years, I really don't believe that it's generally any rule that sustainable rises in the GGP share price have occurred either before, or immediately after any results. I've always believed that they tend to often come 'out of the blue', often days, or weeks after. As I say, I've not really looked into it, but that's my feeling after many years. That said, I'm expecting excellent results tomorrow, whatever happens immediately to the sp as a result. Patience has generally been, and will no doubt continue to be the game, as poni says.

FTSE AIM 100: PwC AND BDO BATTLE FOR VALUE

The latest Adviser Rankings Ltd figures for AIM auditors reveal a quarter of mixed fortunes for firms across the rankings.

While PKF Littlejohn continues to lead by client numbers, PwC has overtaken BDO to claim the top position by aggregate market capitalisation of its clients, reflecting the strategic importance of a high-value client base over sheer volume.

PwC GAINS MARKET CAP LEAD OVER BDO

PwC’s rise to the top by market cap follows its appointment to Greatland Resources, a FTSE AIM 100 constituent...

This high-profile audit win significantly boosted PwC’s total client value, even as BDO maintained its lead in several other segments.

BDO had previously held the lead position by market cap, supported by a wide portfolio of AIM clients, including strength across Technology, Financials, and Consumer sectors. However, its growth this quarter was outpaced by PwC’s gains.

https://www.accountancyage.com/2025/07/28/ftse-aim-100-pwc-and-bdo-battle-for-value/

No problem Doyezee! I admit, it can be confusing getting one's head around the various peculiarities of the Oz financial/calendar system, as we've found out before with what Shaun Day has stated at meetings, and in interviews in the past. It generally requires a double take! TT

Hi Doyezee! I think you may possibly be confusing the 2025 calendar year quarters, with the Australian Financial Year quarters.

The Australian 2025 Financial Year ended on the 30th June 2025.

The Financial Year in Australia (FY25) guidance from GGP was:

§ Gold production: 196,000 - 210,000oz

§ AISC1: A$2,100 - A$2,250/oz Au

§ Growth capital: A$95 - 105 million

FY25 guidance represents approximately seven months of Greatland ownership, from completion of the Telfer acquisition on 4 December 2024 to 30 June 2025.

So, between 84Koz & 90Koz per quarter.

Hope that helps.

Hi MFU! Their Chester Opportunities Fund just got the top spot on the Mercer tracker for the best equity fund in FY25, beating 119 rival funds with a 25.4% return.

QUALITY

Havieron along with Hemi are two of Australia’s most prominent undeveloped gold deposits. The underutilised Telfer capacity provides strong opportunity for GGP to process both its own resources and also consolidate other assets in the region (which could include Minyari Dome, Winu or other regional discoveries).

We are also attracted to the track record of management and the board in generating value including MD Shaun Day who was the ex-CFO at Northern Star and COO Simon Tyrell who was previously GM processing at Northern Star and was Senior Plant Metallurgist at Telfer with Newcrest.

INSIGHT

With meaningful sunk infrastructure (up to AUD3bn replacement cost) we see the opportunity for continued strong free cash flow and the likelihood that Telfer extends beyond the current mine-plan. Options to do so include the Stage 7 extension zone to the West Dome open pit; Underground mining at the Main Dome; and the West Dome (underground) Deeps. Given the size of Telfer capacity and lack of other regional infrastructure we also see the potential for regional options such as Minyari Dome, or Winu, either through acquisition or toll treating to provide highly accretive upside to the production profile.

We have also observed an early strong improvement in operational performance of Telfer under GGP management (although we are conscious it is early days). Gold recoveries increased from an average of 81% and copper recoveries of 72% under Newcrest management to 86% for gold and 80% for copper in the March 2025 quarter under GGP ownership.