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The record Telfer Copper production and sales (at record Copper prices) will have helped the AISC for sure.

Comparison For Q4 FY25/Q1 FY26/Q2 FY26 & Q3 FY26 (Prices, Revenue, Cash Flow & Cash Balance):

We achieved an average gold price of A$5,014/oz in Q4 FY25 (1st April - 30th June 2025) which generated net revenue of A$487 million (including Copper) and an operating cash flow of A$310 million for the quarter, delivering a closing cash balance of A$575 million (from A$398 million at 31st March 2025), debt free.

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.

We achieved an average gold price of A$6,301/oz in Q2 FY26 (1st October - 31st December 2025) which generated net revenue of A$507 million (including Copper) and an operating cash flow of A$406 million for the quarter, delivering a closing cash balance of A$948 million (from A$750 million at 30 September 2025), debt free.

We achieved an average gold price of A$6,773/oz in Q3 FY26 (1st January - 31st March 2026) which generated net revenue of A$742 million (including Copper) and an operating cash flow of A$453 million for the quarter, delivering a closing cash balance of A$1,208 million (from A$948 million at 31st December 2025), debt free.

Where we are on COPPER:

Q4 FY25 - 3,729t PRODUCED WITH SALES OF 3,740t @ A$ 12,718/t = A$ 47,565,320 (9.77% OF REVENUE)

Q1 FY26 - 3,366t PRODUCED WITH SALES OF 3,277t @ A$ 12,552/t = A$ 41,132,904 (8.64% OF REVENUE)

Q2 FY26 - 3,528t PRODUCED WITH SALES OF 3,301t @ A$ 14,652/t = A$ 48,366,252 (9.54% OF REVENUE)

Q3 FY26 - 4,128t PRODUCED WITH SALES OF 4,620t @ A$ 15,803/t = A$ 73,009,860 (9.84% OF REVENUE)

Sorry, it's at 01:30 HRS. I forgot it's BST, not GMT now in UK.

Greatland Resources Limited (Greatland or the Company) (ASX: GGP, AIM:GGP) will lodge its Quarterly Activities Report for the March 2026 Quarter with the ASX on Tuesday, 28 April 2026. Greatland will present the Quarterly Activities Report via a webcast for shareholders, research analysts, media and other interested stakeholders on Tuesday 28 April 2026 at 8:30am AWST / 10:30am AEST (GMT 12:30am on Tuesday 28 April 2026), followed by a Q&A session.

To join the webcast, please click on the link below and register your details

https://webcast.openbriefing.com/ggp-qtr3-2026/

It is recommended to log on at least five minutes before the scheduled commencement time to ensure you are registered in time for the start of the webcast. A recording will be available on the same link after the conclusion of the webcast.

https://www.marketindex.com.au/asx/ggp/announcements/march-2026-quarter-results-and-webcast-6A1321716

Https://www.marketindex.com.au/news/the-10-most-shorted-asx-stocks-plus-the-biggest-risers-and-fallers-week-18

GGP UP 2.02% @ A$14.17 (£7.50) on the ASX today.

5th Highest Riser in the ASX 100.

Up 1.5% on AIM close on Friday

Generally ahead of our peer group, yet again...

Evolution +2.51%

Greatland +2.02%

Westgold +1.65%

Genesis +1.58%

Northern Star +1.28%

Regis +0.82%

Ramelius +0.54%

We also have the benefit of our Copper, which, still at only slightly below record prices, and at 10%+ of our revenue, should offset/part offset the energy price increases. Last quarter (Q3 FY26) the average copper price was up around 15% on the previous quarter, and it's maintaining those high levels.

Https://www.marketindex.com.au/news/weekend-wrap-what-miners-are-saying-about-the-fuel-crisis

As a reminder, Shaun Day commented as follows in the March Quarter 2026 Preliminary Production Update earlier this month:

"Greatland is closely monitoring potential supply chain and cost impacts due to the current conflict in the Middle East, and notes the following:

• Telfer is not currently impacted by diesel supply disruptions with fuel supplied directly by a global oil major on a long-term contact via Port Hedland.

• Telfer’s processing plant power is generated onsite by natural gas that is delivered via the Pilbara Pipeline System ex Port Hedland, from Western Australian natural gas production. Telfer’s underground operation utilises an electric shaft hoist, reducing diesel intensity of Greatland’s highest-grade ore sources.

• Telfer maintains significant surface stockpiles of 22Mt @ 0.36g/t Au & 0.05% Cu estimated at the end of March 2026, equal to more than 12 months of mill feed."

"A lot of mining quarterlies hit the market this week. Besides the usual updates about production, AISC and guidance – every company had their bit to say about the fuel crisis.

PLS Group (24-Apr) – “Diesel is a small component of the operating cost base under normal supply circumstances, representing approximately 4-5% of total production cash costs in the March Quarter. PLS does not foresee any immediate supply constraints for other key inputs, including explosives and processing reagents …”

Black Cat Syndicate (23-Apr) – “Despite unprecedented fuel price increases, fuel costs had a relatively minor impact, increasing from 6% of total costs in January, to 8% in March. A new long-term bulk fuel supply agreement was executed. Together with Lakewood’s grid-connected power, the Group is not experiencing any fuel supply constraints, supporting uninterrupted operations.”

Resolute Mining (23-Apr) – “There is a potential for increased AISC due to rising fuel prices, which could impact our operational costs in the coming quarters. At this stage, we are proactively managing these risks and, where possible, minimising any impacts.”

Perseus (23-Apr) – “There were no operational disruptions to the Group’s activities during Q3 FY26, and fuel supply is expected to be sufficient to support operations.”

Elevra (23-Apr) – "Elevra has only limited exposure to liquid fuel prices and reduced fuel availability, with diesel accounting for only ~5% of site operating costs and renewable hydroelectricity utilised in the process plant.”

Northern Star (22-Apr) – “On 20 January 2026, the Company revised its FY26 Group AISC guidance to A$2,600-2,800/oz, up from A$2,300-2,700/oz and maintains this revised forecast despite lower gold sales and higher diesel prices expected in the June quarter.”

Vault Minerals (22-Apr) – “No disruption to diesel supply to operations, with supply contract in place with a global oil major. Vault continues to monitor the situation with planning in place to leverage high grade underground mines and the large stockpile position across all operations should the situation deteriorate.”

Lynas (21-Apr) – “To date, we have not experienced any material disruptions due to the current global fuel supply situation. However, price increases are expected for a number of materials. It is difficult to forecast the magnitude and duration of these price increases.”

Rio Tinto (21-Apr) - “Other business inputs (such as jet fuel, caustic soda and others): prices rose, however, there was no disruption to our business. On sulphuric acid, we are a net long producer globally via our Kennecott smelter.”

Genesis Minerals (16-Apr) – “Genesis’ diesel is sourced from major importers under long term supply contracts. FY26 cost guidance was based on a diesel price of A$1.10 per litre (net of rebate), representing ~4% of total costs.”

If the commentary above is any guide, diesel concerns look overblown, for now."

Hear me out...

In this piece yesterday in Stockhead, Barry Fitzgerald, who often writes about Greatland, mentions Telfer when talking about Encounter Resources and their "drilling for 'Havieron-style copper/gold'" at its Lamil prospect, which is, in Oz/mining terms, just up the road from us, on the Telfer Mine Road.

What I found interesting, which I didn't know, was that they were one of the delegate companies in one of the Western Australia Critical/Strategic Minerals visits to the USA & Canada last month.

Here's their presentation:

https://www.encounterresources.com.au/wp-admin/admin-ajax.php?juwpfisadmin=false&action=wpfd&task=file.download&wpfd_category_id=6&wpfd_file_id=2017&preview=1

What's great is that we're mentioned (as usual as 'nearology') a few times, on Pages 18 & 22 with regards Copper.

Nice to have some free press put in front of the Yanks & Canucks.

Maybe Shaun has plans to participate in a future delegation in regards to Telfer/Havieron/O'Callaghan's?

We're still above where we closed on the ASX today @ A$13.89 (£7.34)

What's more, as I mentioned on Wednesday, we're doing better, yet again, than our peers too, which, IMHO, continues to show our quality being recognised further..

Genesis -3.95%

Ramelius -3.63%

Northern Star -3.49%

Greatland -2.32%

Newmont still very much concentrating on their own assets:

"From a disciplined capital allocation point of view, our focus remains firmly, firstly, on continuing to drive our own operations to be the best operators of these operations and to get them to operate in the way that they should. Then we have a number of brownfields opportunities that we believe would be very value accretive for us. By the time we get to greenfields projects and any potential acquisition opportunities, they will have to compete for capital within the broader portfolio. Our focus at this stage remains firmly internal on our own assets."

For a deeper dive if anyone interested, the Earnings Transcript...

https://www.theglobeandmail.com/investing/markets/stocks/NEM/pressreleases/1488638/newmont-nem-q1-2026-earnings-transcript/

PS I should add that I don't know if we even applied this round.

The Western Australia Exploration Incentive Scheme Round 33 Results have just been released today.

Nothing this round for Greatland Resources, but Antipa Minerals have got two subsidies, for Mollie Diamond Drilling & Tim's Dome.

We go back to Round 2, when we achieved a subsidy for the first time for drilling at Ernest Giles in 2010/11. Thereafter, Round 25 (2022/23) for Ramses; Round 26 (2023) for Meadows; Round 28 (2024) for Canning & Round 31 (2025/26) for O'Callaghan's.

https://www.wa.gov.au/media/160507/download?inline

https://www.wa.gov.au/organisation/department-of-mines-petroleum-and-exploration/geological-survey-of-western-australia/co-funded-exploration-drilling-program

I generally use the 'Allianz Country Risk Atlas' for trading background, and having worked in, and with Ghana, for over a decade, back in the 1980's/90's, it really hasn't improved that much on a risk basis.

Unsurprisingly, as you can see, the risk rating for Australia is the lowest, at AA1, and Ghana the highest, at C4...

https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2026/february/Country_Atlas_2026_AZ.pdf

Https://www.proactiveinvestors.com/companies/news/1091038/greatland-to-present-strong-quarter-via-april-28-webinar-1091038.html

Hopefully it'll turn into another U-Turn! ;-)

It's frankly ridiculous IMHO. Like many people, I trade regularly in my S&S ISAs, and will have uninvested cash in them, moving up & down regularly. How HMRC thinks that they can tax that cash I have no idea. It's also stupid because if you make a profit you can't crystalise that without penalty, if you don't want to invest the profit in another share (say if you expect the market to drop). You can't withdraw it into a cash ISA, so lose the tax-free wrapper if you do. It's frankly causing even more confusion for the average investor, who'll probably not bother, as you imply.

Funnily enough I was reading a piece in the Telegraph yesterday. A bit here:

"Rachel Reeves’s plans to penalise savers who hold cash in investment accounts have stalled despite months of Treasury meetings, The Telegraph understands.

In last year’s Budget, the Chancellor announced the controversial cut to the cash Isa limit from £20,000 to £12,000 for under-65s from April next year.

HMRC said later that it would penalise savers trying to use loopholes to circumvent the limit, including putting cash into stocks and shares Isas.

But industry sources told The Telegraph that after months of talks, the Treasury has not made crucial decisions about how the rules on investment accounts would work in practice.

HMRC has said that, under the new rules, anyone holding cash in stocks and shares accounts – which will retain the full £20,000 allowance in an effort to boost investment in UK markets – will face a charge.

The taxman also said it would not allow “cash-like” investments in the tax-free accounts. Transfers between stocks and shares Isas and Innovative Finance Isas to cash Isas will be banned.

However, the Government is yet to explain key aspects of the rule changes, including how interest earned on cash held in stocks and shares Isas will be taxed..."