Greatland Resources Limited Stock

Good day, and welcome to the Greatland Resources June Quarter 2026 Investor Call. [Operator Instructions] And finally, I would like to advise all participants that this call is being recorded. Thank you.

I'd now like to welcome Shaun Day, Managing Director to begin the conference. Shaun, over to you.

Thanks, Kevin. Welcome, everyone, and thanks for taking the time to dial in on a busy reporting day. I'm pleased to present Greatland's June 2026 quarterly results. Joining me here in the room is Otto Richter, our Chief Operating Officer; Monique Connolly, our Chief Financial Officer; Rowan Krasnoff, our Chief Development Officer; plus Andrew Bowler, our Head of Investor Relations.

Just turning to Slide 5. Firstly, I'd like to start by pointing out that Greatland's strong operating performance for the full year FY '26, having achieved 329,000 ounces. We meaningfully beat guidance and did better than $200 below the range for all-in sustaining cost guidance. And in parallel, we delivered our key growth and drilling programs in line with guidance. The production and all-in sustaining cost outperformance over the year was primarily driven by the confluence of improved productivities across the open pit and the underground mines, greatly improved gold and copper recoveries along with better-than-budgeted realized copper prices across the year.

Now to the June quarter on Slide 6. We delivered another strong quarter, producing more than 79,000 ounces of gold and 3,600 tonnes of copper. All-in sustaining costs came in at just over AUD 2,300 per ounce, which was again below the lower end of our full year guidance. In the quarter, we sold a little less ounces than produced with 75,000 ounces of gold and 3,000 tonnes of copper sold. This delivered operating cash flow of $302 million and a cash build of a further $81 million for the quarter. We closed the year with around $1.3 billion cash in the bank, and Greatland remains debt-free, which puts the company in a very robust position.

I'll leave Monique to talk in depth to -- but we finalized the execution of the $500 million corporate debt facility during the quarter as well. This provides around $1.8 billion of liquidity, which importantly substantially derisks and provides confidence we can deliver a considerable growth pathway. And we announced an exceptional Telfer reserve upgrade at the end of June, which include group reserves now increased to 5 million ounces. This includes a 1.1 million uplift to bring Telfer's reserves to 1.8 million ounces.

The Telfer reserve uplift defined a multiyear Main Dome underground reserve and secured a multiyear baseload open pit feed with further growth to come from undertaking studies at West Dome underground and a potential sublevel cave to open up the Vertical Stockwork Corridor. Our record surge in Telfer drilling continues, and we are increasingly confident of continued growth in reserves and resources.

With that, I'll now hand across to Otto to speak to the operations.

Thank you, Shaun. Turning to Slide 8. We will now look at the key drivers for this quarter's strong performance. Looking at West Dome open, pit first, the open pit total material mined again saw an increase quarter-on-quarter to 7 million tonnes. This is our sixth consecutive quarter-on-quarter increase in total material mines since Greatland took ownership and represents a 59% uplift in productivity since the March quarter last year. The continued growth is a result of improved productivity, while also a focus on bench turnover as they open up larger, more productive working fronts.

Thus, we are now just starting to see the benefit from our investment in the open pit fleet with the new Cat 6060 digger and our refreshed truck fleet improvement equipment availability. The open open pit mill feed grade notched down slightly from 0.49 grams to 0.44 as we saw a higher proportion of our partially costed material or lower-grade material being fed directly to the processing plant rather than being stockpiled, which is in line with our mine plan. While the result is slightly lower average grades processed, it avoids rehandling costs and has the added advantage of preserving more of our higher-grade ROM stockpiles.

Stage 7 growth stripping continues with 2.7 million tonnes waste mined for the quarter at a strip ratio of approximately 2.3, down again from the 2.7 last quarter. This downward trend is pleasing and is expected to continue as more ore is exposed and ore contribution increases. The overall strip ratio design strip ratio is approximately 1.1, as we've previously announced. The open pit grades reconciled as expected in the quarter, which is a very positive sign that our enhanced grade control system continues to deliver improved reconciliation outcomes.

Then turning to the Main Dome Underground. Our underground ore mined again exceeded 300,000 tonnes, in line with our previous quarter's performance. The underground development saw a 6 quarter of record development with 1,945 meters, including almost 400 meters of growth capital development. The second development drive to West Dome underground progressed by 240 meters and was 92% completed at quarter end.

We then turn to Slide 9, where we can see the processing outcomes for the quarter. We milled 5.2 million tonnes at 0.53 gram per tonne gold head grade with milled tonnes up and grade down quarter-on-quarter. The result was a slight decrease in ounces produced compared to the prior quarter, but highlighting our recoveries were tremendous again. In the September quarter, we achieved the highest quarterly gold recovery at Telfer since 2010 with 88.6% recovery. Pleasingly, we have maintained the strong recovery rate for the fourth straight quarter with 86.8% recoveries for gold in the June quarter, and our copper recoveries were also strong at 81.5%.

Moving on to the stockpiles. This quarter, we processed about 0.5 million tonne of ROM stockpiles with an estimated 1.4 million tonne at 0.68 grams per tonne remaining at quarter end. Our total stockpile drawdown of 1.3 million tonnes for the quarter was broadly consistent to the prior quarter and included the trialing of portions of the historic low-grade stockpiles.

The results of these low-grade stockpile trials were broadly as expected and have been incorporated into the FY '27 processing schedule. We also note that our higher-grade stockpiles will be utilized for mill feed blending throughout the remainder of FY '27. On projects, the TSF 8 Stage 4 construction is ongoing and scheduled to complete in the third quarter of FY '27 and and will provide capacity out to the second half of FY '28.

I'll now hand over to Monique to speak to the costs.

Thanks, Otto. As Shaun outlined earlier, we achieved an all-in sustaining cost of $2,312 per ounce for the quarter and $2,179 for the year, delivering a healthy beat to the $2,400 to $2,800 ounce guidance range. This is a great outcome driven by strong ounce production, good cost control and stronger than budgeted copper byproduct credits from current copper prices. Our all-in sustaining margin for the quarter was 4,156 ounces, resulting in an all-in sustaining margin of 64%.

Looking at the key operating cost items, mining costs of $91 million increased as planned due to higher total material moved. Processing costs of $71 million were lower than the prior quarter as there was no maintenance shutdown scheduled in the June quarter and due to processing of less Stage 2 material, which requires more reagents and consumables. Sustaining CapEx of $32 million was higher than the previous quarter as planned due to a gas turbine overhaul in the power plant and increased underground development. And site service costs of $26 million was in plan with -- was in line with plan and the previous quarters.

Turning to cash flow and finances. We generated revenue of $545 million from sales of 75,000 ounces of gold and 3,500 tonnes of copper, noting that sales of $20 million were completed in late June with cash not received until after the quarter ended. Gold sales were achieved at an average realized price of $6,468 per ounce. This resulted in Telfer's operating cash flow of $302 million and $81 million cash build, which was after a tax payment of $87 million for the March tax installments.

We closed the quarter with $1.3 billion of cash and no debt, having executed the $500 million corporate debt facilities during the quarter. Greatland remains fully exposed to any upside in the gold price with downside protection via gold put options out to June 2027 at an average strike price of $4,650 per ounce.

From a tax perspective, I've talked to the $87 million paid in the June quarter for the March tax installments. The June quarter installments of $64 million were paid this month and will now commence monthly installments for FY '27 with a final catch-up tax payment forecasted for the December quarter of this year, the value of which is being estimated and will be included in our FY '26 annual financial report, which will be released next month.

Turning to growth capital. As you know, FY '26 is a significant year of investment at Telfer with a view of multiyear life extension. Our growth capital program at Telfer has progressed well over the year, having been in line with our growth capital and resource and exploration guidance spend. At Telfer, we invested $59 million during the June quarter across TSF 8 Stage 4 lift construction, which is scheduled for completion in the second half of FY '27. West Dome open pit Stage 7 growth stripping underground development across A-Reefs, ESC and West Dome Underground and the Open Pit Mining Fleet Renewal Program.

I'll now hand over to Shaun to speak to our recent reserve upgrade.

Thanks, Monique, and I'll take us across to Slide 14. Towards the end of the June quarter, we delivered an updated reserve estimate for Telfer noting that our reserve estimate at Havieron was unchanged. Telfer reserves grew by 1.1 million ounces to achieve 1.8 million ounces. This is an outstanding outcome given we acquired 0 reserves at acquisition in December 2024.

The Telfer reserve update is based on only the first half of the FY '26 240,000-meter drilling program, providing the potential for Greatland to continue to deliver inventory growth from the full results of our FY '26 program and together with our new FY '27 drill program. The Telfer reserve upgrade saw group reserves grow to 5 million ounces representing a doubling of combined Telfer Havieron reserves in just under 18 months since acquisition.

On Slide 15, you can see visualization of where the reserve upgrades sit at Telfer. The reserves outlined a multiyear Main Dome underground reserves and secures a multiyear baseload open pit feed. Our intention is to continue to grow reserves by infill drilling, noting some 6.1 million ounces of resources sit outside that present reserve, with 3.5 million ounces within that West Dome Open Pit and plus another 2.6 million ounces sitting in the underground across Main Dome, West Dome Underground and that Vertical Stockwork Corridor.

In terms of the underground, we're undertaking studies to deliver growth and convert indicated material into reserves is also underway at West Dome Underground and for that Vertical Stockwork Corridor. Also of note, and you can see this in the top right, is the potential to convert 42% more gold from inferred resources that's just treated as waste within that West Dome Open Pit reserve shell, which has the potential to materially reduce strip ratios.

If we turn across to Slide 16, we can see the new Pinnacles discovery. This was an exciting development during the quarter that materially enhances the potential of our West Dome Underground project. The pinnacles program originated from our exploration team who wanted to test their geological model for the extent of that West Dome Underground structure. The whole, not just intercepted structure, but for the West Dome underground. But it returned an intersection of close to 60 meters true width at 6.5 grams gold and plus 0.1% copper. Importantly, the intersection lies 1.2 kilometers, a long trend of that West Dome Underground resource and shows good potential for the continuation of mineralization structures between that Pinnacle hole and across to the existing West Dome Underground.

The Pinnacles target remains open to the south with follow-up also required to the north of the West Dome underground. Further drilling has been planned to confirm the tenor and extent of the mineralization between the West Dome underground and the Pinnacles intersection as well as up to the south. Overall, it's a great indicator of West Dome Underground's potential to genuinely transform the Telfer underground.

Now to our guidance, which is captured on Slide 18. It's worth pointing out that FY '27 will be a year in which we began the execution of our organic growth strategy, underpinned by the full-scale development of Havieron, and the early works being undertaken on the West Dome Underground. We will commence investing in both these exciting projects in FY '27. But of course, we won't receive the benefits of our investment until subsequent years. with the first ore from West Dome underground presently expected in FY '28 and the first ore from Havieron through the mill in FY '29.

Production and operating cash flows from Telfer, along with our really healthy balance sheet will be important enablers for Greatland delivering growth projects at both Telfer and Havieron concurrently. To this end, we expect to produce 260,000 to 300,000 ounces at Telfer for the FY '27 year at an all-in sustaining cost of between AUD 2,900 and AUD 3,330 per ounce. Production is anticipated to be modestly weighted to the second half due to open pit scheduling, whilst also noting that we have our major process plant shutdown at Telfer during this first quarter.

Production from the open pit and underground mine areas are expected to improve on the level seen in FY '26 with the key driver of the reduced production coming from use of lower-grade stockpiles, which are replacing the high-grade stockpiles that were present in the FY '26 process fee. The change in year-on-year all-in sustaining cost in FY '27 are largely a function of the denominator from the lower gold production, increased open pit total material movements, albeit at more efficient unit rates and lower copper production along the broader inflationary pressures, which you see across the sector.

Growth capital at Havieron is guided at $365 million to $435 million with substantive investment to commence following receipt of the secondary approvals, which we expect to receive in the coming weeks. We continue to anticipate first gold from Havieron in FY '29 following project commencement.

In terms of Telfer growth capital guidance, it's $315 million to $335 million, which will be split across substantially completing the open fleet pit renewal. As Otto mentioned, we'll bring in another new 6060 Caterpillar digger. Underground development, the majority of which is this early works for West Dome Underground. Pace plant infrastructure. This is specifically for the West Dome underground, although I know it will be beneficial for Havieron in the future and power plant upgrades. We're also, of course, doing those studies on the West Dome Underground and the Vertical Stockwork, and we continue to increase tails capacity into FY '29 and ultimately with a view of being able to join up the TSF 7 and TSF 8 into a single, more efficient structure.

Our exploration and resource development spend guidance of $70 million to $80 million, builds on this the record drill surge delivered across FY '26, with more priority being put on infill and resource conversion drilling during '27, intended to grow reserves while a healthy amount of drilling remains budgeted for resource growth and extension drilling.

Moving to Slide 19. As mentioned earlier, FY '27 represents a saddle year in Greatland's journey with key investment not yielding the ounce production benefit until subsequent years. Slide 19 outlines Telfer's key investment projects across the year. And when the future material benefit of that growth will be delivered. Our spend on open pit fleet is in addition to the investment we weighed in across this past FY '26 year which is already achieving benefits in terms of the productivity you're observing with 6 consecutive quarters of increased productivity.

A majority of underground growth development investment is on West Dome Underground early works including the commencement of the third drive, which will provide haulage directly into Telfer's existing underground crusher and surface hoist, bringing that West Dome underground ore potentially through that very efficient existing infrastructure. These early works are intended to accelerate project delivery following the completion of our West Dome Underground study in FY '27, subject to the outcome of that study. First, development ore from West Dome Underground would be targeted next year. The pace infrastructure will be used both for the West Dome Underground, and the belt feeder where it ties into that Telfer processing plant will benefit the ultimate pace requirements for Havieron. And the TSF lift, we're planning will extend tail dam capacity out to FY '29.

Now just to conclude on Slide 21 before we move to the Q&A format. The June quarter rounds out an excellent year for Greatland, one in which the team exceeded guidance and added $714 million in cash to the bank to close with $1.3 billion of cash and no debt. The cash balance and ongoing production from Telfer is a robust platform to deliver a considerable organic growth pipeline of projects. Greatland delivered substantial reserve growth, successfully changing the perception of Telfer to one that now supports an extended mine life.

In FY '27 at Telfer, it will be the saddle year for the company in terms of production, but our investments unlock our flagship Havieron project and advance that West Dome Underground, which is expected to deliver significant benefits and growth in subsequent years. And finally, our record drill spend across FY '26 to deliver outstanding resource and reserve growth, and we look forward to continuing that program into this year. as we work to deliver multi-decade integrated Telfer-Havieron gold mining complex.

So with that, I'll invite Kevin to open up the call for Q&A.

[Operator Instructions] And your first question comes from the line of Hugo Nicolaci from Goldman Sachs.

Firstly, just picking up your comments on processing costs and the material step down this quarter, but you noted the lower consumables from the lower Stage 2 material. But can you just sort of step us through bit more of the detail there. How much of that's also the lower heap leaching tonnes and sort of what you expect or what you factored into the '27 guidance in terms of processing costs going forward?

Sorry, Hugo, yes, thanks for the question. Look, in terms of the processing costs for kind of the year ahead, we've tried to get that balance right. But because we're putting through some more oxide material, there's a little bit more consumable through that mill, some more reagent use. In terms of -- and also kind of reflects the general inflationary environment. That said, in terms of the dump leach, it's kind of an automatic stabilizer for our business at really high gold prices we can actually take a bit more ore and put it through the mill. That achieves higher recoveries. At a lower gold price, we can put more of that material onto the dump leach, still get the recoveries, albeit over the longer time. So it's all just part of that constant refinement and opportunity we have to optimize the throughput that we have through that processing.

Got it. And then just on Havieron, you've got a development spend next year, sort of a $365 million to $435 million, which I think looks broadly in line with the study late last year. But Obviously, we continue to see significant cost inflation, particularly at underground since the study would have been put together. How are you seeing the overall budget for the project on preproduction spend? And is that a bit over $1 billion still the right number from here?

Yes. Look, what I can say is you guys have done so far so good. We've been pretty open that June 2025 cost estimate clearly, we work in an environment where we're going to be delivering this over 3 years. There will be some inflationary impact of that of course. But we've been using this time well in terms of starting to -- or progressing a number of the contracting. And so far, there haven't been any surprises. So we're pretty pleased in how it's going. But yes, we'll continue to monitor that really closely. And there's just a huge amount of time, energy an effort being done to try to achieve Havieron well. There's no relax about it. We know it's a significant undertaking, but the team is motivated and engaged.

Great. And then maybe just one for one, Monique. It looks like some working capital, favorable impacts in the quarter there. Just confirming you'd continue to expect your payables to build and that sort of thing as your growth CapEx continues to ramp up from here? And then maybe we see that start to unwind on completion of some of these projects?

Yes, correct. That's exactly right. So I think as we start to ramp up CapEx, you'll see that working capital adjustment move and the other one to look out for is our revenue and what's happening with receivables over the quarter ends as well.

Got it. And last one, if I can. Just any comments on your corporate costs. It looks like roughly $35 million in the second half of '26. Is that the right run rate to sort of $70 million a year going forward?

That does sound a little high. So we did have the stamp duty costs coming through off the back of the acquisition of Telfer and Havieron. I think from a corporate, true corporate cost perspective, it's probably more around the $45 million to $50 million mark. And then you've obviously got your exploration costs and some finance costs coming through as well off the back of the debt facility being put in place.

Your next question comes from the line of David Radclyffe from Global Mining Research.

My first question is on guidance. You said it's obviously slightly second half weighted, I was wondering if you could maybe describe some of the potential levers here, such as the underground contributions are relatively flat. So is there any potential here maybe to pull forward some of the West Dome Underground development? And any other factors we should think about that could potentially flex up, I guess, up or down?

Yes. Thanks, David. So as we said, we're a little bit back weighted. That's multifactorial, but the 2 main factors are just the mining sequence, particularly on that open pit and then the major shutdown, which is actually presently underway, and I'm pleased to say more than halfway complete and progressing in fact, a fraction ahead of schedule. So that's really pleasing because it's good to get these things squared away.

In terms of -- you talked about kind of the underground, I think you're exactly right. When we think about opportunities in FY '27, we really think about what we can do around that underground to bring things forward. I don't think that's going to be dramatic, but naturally, we'll be seeking to see what we can do to accelerate that. And I think that West Dome Underground is where there's some slight opportunity to try to break in there and get some development ore and bring that up through the mill this year. I don't want to overstate that.

I think it's a reasonably modest volume, but that's the opportunity ahead of us if we can continue to improve the underground productivity rates, which you've seen us do again for 6 quarters in the year since acquisition, but that's the challenge we're setting the team. Can you accelerate that? And of course, that ore from that West Dome Underground is 4-plus grams higher copper. It would be a really nice sweetener. But again, if that came in, it probably wouldn't be until the June quarter, if at all. I don't want to overemphasize that, David, but naturally, those are the kind of things that we'd love to achieve if we can outperform.

Okay. That's clear. So maybe just to push on that a little bit, then when we think about the Vertical Stockwork Corridor on restarting the sublevel cave, obviously, the studies sort of weren't complete, and that didn't make it to the recent resource reserve upgrade. But is there any color you can provide on how those studies are progressing? And when you think about releasing that, hopefully, we don't have to wait for the next annual update. And then given the surplus hoisting capacity, it's still a pretty good gold price, I think most people would think why not start the sublevel cave sooner rather than later.

I'll take that one. For the VSC, so we currently -- because that has to tie into the bottom of the current sub-level cave, we're currently progressing with geotechnical work on that. The resource component of it is mostly done. So it's just finalizing the geotechnical work of tying into the existing sublevel cave and making sure that we get that continuous flow of material. Following that, we will then do the mine planning and financial study, and we're looking at finishing that study in the FY '27 year.

It sits very close to existing infrastructure, as you would see on the underground slide. And the benefit there is as soon as we get into it, we don't have to install, for example, major capital like our primary ventilation and hoisting capacity because that is already in place. And as you rightly pointed out, we would definitely make use of that existing infrastructure. I do have to point out that the Vertical Stockwork Corridor is narrower than what the original sublevel cave was. So we're expecting it to come in at a lower production rate than what the previous sublevel cave did. But combined with the West Dome underground, it will give us that full capacity or full utilization potential to tie into our existing infrastructure.

If I can just augment on that, Dave. I just want to kind of point out, look, Otto had significant caving experience out of Newcrest. Obviously, the site itself, Otto ran a very meaningful sublevel cave. And Nick, who's joining us on the 5th of October also comes with the caving background. So as far as what I might describe as the mid-cap goes, I think we have some exceptional and unique caving capabilities, which gives us a lot of confidence around this. There's a 6 million tonne per annum ployed sitting there. We're currently using it for about 1 million to 1.5 million tonnes per year. That is a great opportunity for us to better leverage that infrastructure, the West Dome Underground, the Vertical Stockwork sublevel cave.

But equally, and I think Otto kind of referred to this. This is we're very measured about how we view the geo tech. So this is going to be a 1 million, maybe 1.5million, possibly 2 million tonnes, probably 1.5 million tonne sublevel cave. So it's certainly not going to be a return to a 5 million tonne kind of sublevel cave.

Okay. No, that's clear. And then if I can sneak one more in. There's still obviously a lot of news flow around about strategic metals. I haven't managed to go through the entire quarterly yet. So I was wondering, is there any update on O'Callaghans and where you're at and what you're currently thinking?

Yes, I'll take this. This is Rowan Krasnoff. Possibly just by way of reminder for those who aren't familiar with O'Callaghans, this is our Tungsten deposit that we announced our first Greatland resource estimate for in March. That resource demonstrated the project scale and quality. It's one of the world's largest high-grade Tungsten deposits and it's 10 kilometers just to the south of Telfer.

As you say, look, Tungsten is a critical mineral and the market for it continues to be really strong. Obviously, our business is gold, copper focused, and we have a very substantial development that we're about to commence at Havieron. So I don't think you'll see us develop it ourselves, but we are focused on how we can create or realize value from it for our shareholders. A number of options remain on the table and that ranges from divestments to joint ventures or a spin-out.

We have received interest in the asset, but we want to ensure anything to do with it optimizes and maximizes value for our shareholders. And fortunately, the strength of our balance sheet allows us to be a bit patient and selective in that regard. So I can't be definitive at this stage, but we're working hard on at the moment and expect things to come together this year.

Your next question comes from the line of Adam Baker from Macquarie.

Just a quick question on guidance. It looks like you're pretty comfortable with stockpile that you've been putting through in the 4Q. So I was just wondering on your breakdown your mill feed in the 4Q -- sorry, into FY '27 guidance, I mean it does appear that 25% of the blend in the 4Q was from stockpiles with 10% from the higher-grade ROM stocks 15% from the lower grade. Should we expect similar moving forward over the next 12 months, noting, I guess, if you continue at that run rate, I guess, you got around 3 quarters worth of high-grade feed remaining?

Yes. Otto here, I'll take that one. We're looking at continuing roughly around that 30% mill-feed rate from stockpiles, albeit we'll be changing over to the lower grade stockpiles rather than the high-grade stockpiles fed during FY '26. Then the underground has a similar feed to what we've had in the Q4 and our open pit will slightly pick up throughput as we progress through the year. Hence, one of the reasons as Shaun pointed out that we are slightly back half-weighted in terms of tonnages. And as the open pit come through, we end up replacing or displacing any low-grade material from the stockpile.

And then we've got another just over -- and just the remaining, there's about just over 1 million or just under 2 million tonnes of the high-grade stockpile still left. So the intention of that is to blend that over the year to make sure that we have a stable or balanced ore feed through the process plant. So we'll use that remaining high rate feed through FY '27 as well.

And I guess, from what you saw in the 4Q, you didn't see any metallurgical challenges putting through the low-grade stocks?

So we've run 3 trials on that low-grade material. Obviously, compared to the large volume, it's still only a sample set, but we ran 3 trials in the Q4 period and our recoveries were broadly in line with what we were expecting from those, which gave us the confidence being included in the FY '27 mine plan or processing plan.

Okay. And just maybe one for you, Shaun, if I may, just acknowledge the higher capital expenditure over the next couple of years, but cash level is $1.3 billion. You've got an undrawn $500 million debt facility. Any consideration to capital returns?

Look, Adam, it's a kind question. But it's -- we think the best way we can deliver value for shareholders is deliver Havieron, deliver West Dome Underground. I'd like to David's question, love to deliver the sublevel cave as well. So I think if we deliver those 3 and the cash at bank derisks and should give market confidence of our ability to do it. So I think that's our initial focus. For good order, I'm a dividend kind of guy. If you look at history at Straits, Sakari, Northern Star, we were big dividend and consistent dividend payers. That is where we want to get to. But I think we've got a -- our goal here is to deliver shareholder returns, and we think right now that's delivering the growth.

[Operator Instructions] And your next question comes from the line of Daniel Morgan from Barrenjoey.

Obviously, very pleasing to see ongoing material movement growth on the open pit. Just wondering what you've got embedded in guidance or thinking about for FY '27? You've done about 26 million tonnes this year, growing sequentially. What does the next year look like?

So Otto here. I'll take that one. If you look at our Q4, we produced about 7 million tonnes TMM out of the open pit. We're expecting the average for FY '27 to be broadly in line with that with a modest uptick as we progress through the year. In terms of grade, expecting similar to what we had for the FY Q4 around that midpoint 4s.

Okay. And maybe just expanding on that. So obviously, this is a transition where you're in many respects for the company, but at that open pit, you've got a big focus on moving material. How big does the transition for like, if you look forward to FY '28? Do we -- have we opened up a lot of ore on the open pit so that we can generate more ore? Or are we still stripping back?

So there's 2 components to that. As you've seen with our reserve update, we've had a substantial reserve update, but that was only based, as Shaun said, on the first half of our drill program. There's obviously an ongoing drill component that we will include in the plan. And that may affect what our designs look like. At this stage, we're getting a really high plus 85% conversion of that inferred material over to indicated material. And as we've mentioned, our reserve is over 40% of our reserve ounces that are currently sitting in that inferred that hasn't been included in the reserve statement.

So that component, we will definitely work towards. And then as we open up Stage 7 -- as we open up Stage 7, that definitely exposes us to more ore. So we're expecting an uptick in ore. And then the next, I guess, big win or a big target that we are looking at is worth this updated drilling is to look at the timing of when does that next big cutback of our start. So certainly an uptick in the ore component. But based on drill results, definitely also looking at when do we start that cutback and that would potentially start in FY '28.

Okay. And I don't know, Otto, it's your place to address or if it's Shaun but can you just maybe talk about the demarcation of the roles between COO and Nick Strong coming in and Otto, you're moving to Chief Technical Officer, what are the different mandates and what's under your coverage and what you're trying to achieve?

Daniel, why don't I jump in and so just to make it easier for Otto, but Otto can augment. But look, I think what we see is -- and firstly, let me just say, Otto has just done the outstanding operational outcomes you've seen over the last 6 months. So it's a great credit to Otto. I'm really confident about this quarter. But we're -- we also -- we're really excited about Nick joining the team. But Otto's focus is going to be on that long-term life of mine planning. And Nick is bringing on board the West Dome Underground, bringing on board the sublevel cave, the big open pit extensions at West Dome Underground, perhaps at least understanding it's not bringing forward reassessing the Main Dome Underground, which also potentially is a notch higher grade.

So we just -- we are spoiled for optionality around this site. And the drill program is meant to really bring that optionality forward. so we can create flexibility and resilience in our operations. That's the work that Otto will do. And then he will effectively be passing that across to Nick to execute that budget year. But I think it's a really important. And I think all the companies I've had worked with have had this kind of structure as they've matured. It's a really important integration for us that COO, CTO interface. Otto, which is a big part of our selection process for Nick. I think we're set up for success there. But we love this. It's just a very big job for one person to do. So we think having the expertise of Otto and the expertise of Nick, I think, sets us up for success.

Yes, certainly, no shortage of things to look at. Maybe just last question on the West Dome Underground, I mean, obviously, you've had a lot of great exploration results, and it's fleshing out as you drill more. When might you expect to give the market a bit more color on what a potential mine plan might look like tonnes, grades, that sort of thing wrapped up in the study. Is that something that's on the agenda that we can hear about that.

So the study is currently progressing well. We're currently expecting to release that study in FY '27. There is the main focus in the short term is to make sure that we connect that second drive and give us the ventilation through to the ore body. That will then allow us to step out as well and look at what the, I guess, the full potential of that West Dome area is. But the area that's currently being done in the resource is currently going through that planning process, and we're hoping to complete that study by the end of H1 in FY '27.

And just to briefly add, what's already delineated there underwrites the investments we're putting in the infrastructure. And in terms of your preference there, Daniel, no one's dying aboard of that Greatland just yet.

No, I'm sure that's not the case. Thank you, Shaun and team for prospectus.

There are no further questions at this time. So I would like to hand back.

Okay. Well, with that, I just really want to thank everyone for dialing in. Appreciate, it's a busy season. But just delighted with what the team had delivered across FY '26 and it sets us up for a really pivotal FY '27, setting up the growth to create multiyear, if not multi-decade shareholder value. So thanks again.

That does conclude our conference for today. Thank you for participating. You may now all disconnect.

Thank you for standing by. Welcome to Greatland Resources March Quarter 2026 Investor Call. [Operator Instructions]

I would now like to turn the conference over to Shaun Day, Managing Director of Greatland. Shaun, please go ahead.

Thanks, Krista, and welcome, everyone. I'm pleased to present Greatland March 2026 quarterly results. I'm joined on the call by Monique Connolly, our Chief Financial Officer; Rowan Krasnoff, our Chief Development Officer; Otto Richer, our Chief Operating Officer; plus Andrew Bowler, our Head of Investor Relations.

If we turn across to really the first content slide, Slide 5, we delivered another strong quarter, producing 82,000 ounces of gold plus 4,000 tonnes of copper. All-in sustaining costs came in at AUD 2,056 per ounce, which was below the lower end of our full year guidance, which is a range of AUD 2,400 to AUD 2,800 per ounce.

Year-to-date, we've now produced 250,000 ounces and all-in sustaining cost of AUD 2,136 per ounce. This positions us very strongly against -- for the full year FY '26 outcome. And we said that we expect production to be around or slightly above the upper end of guidance with all-in sustaining cost towards that lower end of guidance.

In the quarter, we sold 98,000 ounces of gold and 4,600 tonnes of copper. This delivered revenue of $742 million, operating cash flow above $450 million, and most importantly, you saw that record cash build of $260 million for the quarter. That allowed us to close March with over $1.2 billion at the bank, debt free. And this is particularly beneficial in terms of derisking the execution of our growth strategy.

We announced an exceptional Telfer resource upgrade at the end of March, and that included expanding Telfer resource ounces to 8 million ounces. Group resources now stand just shy of 15 million ounces. And this substantial increase in the resource base has the potential to underpin a multi-decade operation at Telfer that operates alongside our world-class Havieron development project.

When we announced that resource update, we also announced Greatland first resource estimate for our 100% owned O'Callaghans Tungsten, and Rowan is going to speak to that later in our call.

Our record Telfer drilling program continues. This is this 240,000 meter surge in drilling and with the drill bit delivering ounces at around AUD 5 an ounce, we're increasingly confident of extending that drill cadence, at least partially into FY '27, where we could end up extending that to approach a out, say, 360,000 meters of drilling.

Turning across to Slide 7. We now look at the key drivers of what we felt was a really strong March quarter performance. In that West Dome open pit, open pit total material mined, again, saw an increase through the quarter. We're now up to 6.8 million tonnes from when we started there, delivering about 4.4 million tonnes. We've had additional ore coming online from our new Stage 7 cutback has been a big part of the focus for us. It's the fifth consecutive quarter-on-quarter increase in material mine since Greatland took ownership and now represents a 54% uplift in productivity as a function of TMM since we took over in March quarter last year.

The continued growth is a result of improved productivity with a focus on the drill and blast has been improved bench turnover and opened up larger, more productive work fronts. Plus, we just started to see the benefit of that investment in open pit fleet in the back half of this quarter.

The open pit mill feed grade notched down slightly to just under 0.5 brand, as we saw a higher proportion of partially cost of material or a lower grade being fed directly into the processing plant, rather being stockpiled. This is all in line with our second half plan. And while this result does not downgrade, it avoids the rehandling cost of removing that stockpile. And has the added advantage of it preserves some of those high-grade raw stockpiles.

In terms of the Stage 1 open pit, gross stripping continued with 2.9 million tonnes waste mined for the quarter at a strip ratio of 2.7x. That's down from 4.3x you observed last quarter as we move more into that ore body as more ore is exposed and the ore contribution increases the overall Stage 7 design strip ratio is approximately 1.1x. So you'll see that continue to trend down, although we are looking at expansion opportunities around that Stage 7 side.

Open peak grade reconciled as expected in the March quarter, which was another positive sign that our enhanced grade control system continues to deliver the improved reconciliation outcomes.

Turning to the Main Dome underground. The ore mine was approximately 300,000 tonnes, which is again, a record quarter for us. Underground development is progressing really strongly with 1,776 meters of development, again, a new record in terms of productivity, and that includes about $368 million growth capital development.

The other important thing for us is we continue to develop a second drive for that West Dome underground. That was progressed by about 255 meters, so we're just under 80% complete on taking out that second drive to the West Dome underground.

Turning to Slide 8. In terms of processing operations, we milled 4.8 million tonnes at 0.59 grams gold head grade with milled tonnes up quarter-on-quarter. This result generated a modest decrease from the December quarter, but recoveries were tremendous, again, running above 88% for the third quarter in the row. The 88% is a tremendous outcome and a great credit for the team. Also copper recoveries were the strongest we've seen at 82.6%, which again was a really good processing outcome for us during the quarter.

Turning to stockpiles. This quarter, we processed 1 million tonnes of ROM stockpiles. That's the high-grade stockpiles we have with an estimated 1.9 million, almost 2 million tonnes at 0.69 grams gold remaining at the end of the quarter. During the March quarter, the drawdown was about 1 million tonnes of stockpiles. This was a reduction from last -- in that December quarter where we drew down about 1.7 million tonnes of the high-grade stockpiles and that reflects that increased feed, particularly from the open pit. And pleasingly, stockpile grades reconciled in line with our expectations for the quarter.

At the end of the quarter, we still have at surface, those low-grade stockpiles of 20.6 million tonnes at about 0.33 grams plus copper. And they are expected -- some of that is expected to be incorporated into that FY '27 mine plan as we continue to draw down that high-grade stockpile.

We continue to work on the tower storage facilities with the stage -- TSF Stage 3 lift was completed, on schedule, on budget, which again, a great testament to the team at site. And that takes our installed tailings capacity out until March 2027 quarter. When we took over the asset, I think we had about 4 weeks, 5 weeks, of float on that tail's capacity. So pushing that out to 12 months is a really good outcome, and we're going to commence the TSF 8 Stage 4 construction in April, so that's already underway to continue to push that kind of bow wave of TSF capacity in front.

In regards to supply change impacts, just 1 very topical with the conflict in the Middle East. To date, we haven't seen any operational impacts from fuel or other consumables. That said, specifically on fuel supply sourced directly from a global oil major on a long-term contract, which continue to fulfill its obligations. We've seen no change in deliveries. The focus is continuity of supply for us across all goods and services. And I imagine this is common across the Australian economy and the resource sectors. We are actively managing our supply chain logistics and have appropriate response action plans in place if for quite.

Of note, Telfer maintains that really significant surface stockpile, just over 22 million tonnes at 0.36 grams gold at the end of the March quarter, equal to more than 12 months of mill feed. We think that's an exceptional buffer to have if there was ever a disruption. The Telfer mill is powered by WA gas delivered to site by a dedicated Telpagas pipeline. Telfer's underground operation utilizes an electric shaft hoist reducing the diesel intensity of Greatland's higher grade ore sources.

From a cost perspective, up until March 26, fuel constituted approximately 3.8% of our total cost structure. While there is a current elevation in the fuel price, and we've seen that almost double, it has been a limited direct impact on our cost base, given it's just 3.8% of direct costs.

That said, escalation in fuel prices is generally inflationary across the economy, and that's going to impact the resources sector as well. So we're mindful of those indirect cost impact as well.

With that, I'll hand across to Monique.

Thanks, Shaun. As outlined earlier, we achieved an all-in sustaining cost of $2,056 for the quarter and $2,136 on a year-to-date basis. This is a great outcome driven by strong ounce production, good cost control and stronger than budgeted copper byproduct credits from the current copper prices. Our all-in sustaining margin for the quarter was $4,717 per ounce.

Looking at the key operating cost items, mining cost of $82 million increased as planned due to higher overall ore mine, higher total material moved and lower capitalized production stripping from Stage 7, while maintaining consistent unit rates per tonne across the quarter. Processing cost of $82 million were lower than the prior quarter due to lower surface maintenance costs incurred during the planned March mill shutdown, the processing of last stage 2 material, which requires more reagents and consumables.

Sustaining CapEx of $29 million was higher than the previous quarter due to higher spend on the underground development and site services costs of $19 million were lower than the previous quarters with costs always weighted towards the first half of FY '26.

Full year all-in sustaining is currently expected to trend towards the lower end of the guidance range of $2,400 to $2,800. Given year-to-date all-in sustaining cost of $2,136, the June quarter all-in sustaining cost is expected to be higher than previous quarters, which is driven by production being slightly lower off the back of ongoing lower grade stockpile trials, high sustaining CapEx, which was planned to be heavily weighted to the last quarter, and you've seen that ramp up consistently quarter-on-quarter this financial year, and anticipated cost increases given the inflationary pressures as a result of the energy crisis that Shaun just spoke to.

Turning to cash flow and finances. We generated revenue of $742 million from sales of 98,000 ounces of gold at an average realized price of $6,773 and 4,600 tonnes of copper at a realized price of $15,800 per tonne.

Remembering that we began loading a shipment in late December, which only completed loading in early January containing 17,000 ounces of gold. The sale is recognized in January for accounting purposes that cash was received in December for $119 million. This resulted in Telfer's operating cash flow of $450 million and $260 million cash build after the FY '25 annual tax payment of $73 million. We closed the quarter with $1.2 billion of cash and no debt, and we remain fully exposed to any upside in the gold price and with downside protection by gold put options out to June 2027 at an average strike price of $4,560 per ounce.

In regards to noncash movements, we had inventory movements of $48.3 million, and depreciation, amortization for the quarter of $43.6 million, and we've guided full year D&A of approximately $140 million weighted towards the second half of FY '26.

From a tax perspective and also just remind everyone that we've now moved into a taxpayer position. As such, a quarterly tax installment of $87 million was paid in April based on approximately 12% of installment income, which consists of sales and interest income for the March 2026 quarter. The tax installment for June 2026 quarter is expected to be paid in July, following which it is expected to grow and will be reassessed from the ATO for monthly installments for FY '27. The remaining FY '28 tax return catch-up payment will then be paid in December 2026.

Overall, the March quarter highlights the strong cash generating capacity of the business, further derisking and providing flexibility and funding Havieron's development and Telfer's life extension opportunities.

Turning to growth capital. As you know, FY '26 is a significant year of investment at Telfer with a view of multiyear life extension. Our growth capital program is progressing well and in line with plan at $42 million spent during the March quarter across TSF Stage 3 lift construction which Shaun has already spoken to, which is now complete and providing our tailings capacity into 2027. Preplanning work for TSF Stage 4 Lift commenced in April, West Dome Stage 7 open pit growth stripping continued and the underground development across ARES, ASC and West Dome underground as well as the open pit mining fleet renewal program. Telfer's growth spend is tracking to our full year guidance of $230 million to $260 million.

In terms of resource development and exploration, we spent $16.7 million during the quarter, and at Havieron, we spent $27.5 million for feasibility study costs and early work.

I'll now hand back to Shaun.

Thanks, Monique. And just while we're still on that slide. Just some very recent news actually from Friday, so subsequent to quarter end, Greatland did receive the Commonwealth EPBC environmental approval for Havieron. That's a really pleasing outcome. And I think the team did a great job at managing and controlling that outcome. So we're really pleased, although it's measured at this time, because just to remind people, we still are required also to have the -- that state EPA approval. So we continue to focus on that, although that continues to track on course. So getting the federal EPBC I think, gives us more confidence about our time program there have run is an important milestone for us.

With that, I'll turn to Slide 13, which effectively just talks to that resource growth. Towards the end of the quarter, we delivered an updated resource estimate for Telfer with the acquisition cost of resource out at a compelling AUD 5 an ounce.

The Telfer resource delivered significant growth with Telfer adding an additional 4.8 million ounces of gold and bringing Telfer's total resource to 8 million ounces plus copper. The resource program has been transformational.

Since acquisition, is now better than 13x multiple from that 600,000 ounces of Telfer resource that we acquired at acquisition just 15 months ago. This, along with Havieron sees our group gold resource just shy of 15 million ounces.

Importantly, measuring indicated resources at Telfer grew to 3.8 million ounces with this material to be considered as part of our reserve update, which will be delivered in the June quarter.

In addition, Greatland released a resource estimate on the O’Callaghans Tungsten deposit, which I mentioned, Rowan Krasnoff will speak to you later.

Turning to Slide 14. This provides a visual of the resource at Telfer. As you see, there remains significant potential for further growth, resource and upgrade resource categorization in that West Dome open pit unmade and very much interim or initial resource at West Dome underground added or identified 600,000 ounces of high-grade material within that West Dome underground, and that remains a really key target for Greatland and that second drive going out there, we think, expedite the opportunities there.

The inclusion of the vertical software corridor, the VSC at the West Dome underground into the resource was also a key highlight, that sits at the bottom of the previous active sublevel cave and gives us an opportunity to consider extensions there.

With Telfer in large resource, along with that already at Havieron, it just shows the potential to underpin a multi-decade mining hub and Greatland focus now shifts to advancing higher-grade underground opportunities to augment the opportunities we have there. That involves our flagship Havieron project, that West Dome underground, that VSC, the vertical stock work, which potentially extends to SLC. But plus, in addition to that, for good order, we still know that there's open pit opportunities to read or at least redrill that Main Dome open pit, plus we have the 100% owned Southeast hub on existing mining leases, which provide a smaller, high-grade open pit opportunities.

With that, I'll now pass across to Rowan, who will talk about the O'Callaghans.

Thanks, Shaun. We were really pleased to announce our first Greatland Resource estimate for our 100% owned O’Callaghans tungsten deposit alongside the Telfer resource update in late March. That resource demonstrates the scale and quality of the O’Callaghans deposit, which as you can see on this slide, is 1 of the world's largest high-grade tons in deposits and located just 10 kilometers from Telfer. The deposit also benefits from significant copper, zinc and lead byproduct credits.

Just to provide some background on tungsten and the market for it, Tungsten has been classified as a critical mineral by all Western countries. Its extreme melting point, hardness and density, make it ideal and difficult to substitute for a number of applications, including in mining, construction, automotive, aerospace, defense, industrial and chemical uses. Aerospace and defense applications currently account for approximately 1/4 of global tungsten demand. China currently produces about 80% of global tungsten supply. Imposed export controls on tungsten in early 2025. Historically, a net exporter of tungsten, China became a significant net importer of tungsten in 2025. These and other factors have contributed to about a 700% increase in tungsten prices since early 2025 to USD 3,000 per metric tonne unit of APT. And for context, our mineral resource estimate uses pricing of USD 450 per metric ton unit of APT.

A lot of historical work has been completed on the project by previous owner Newcrest, including over 71,000 meters of drilling that has resulted in a very well-defined ore body. Newcrest also did a detailed 2014 pre-feasibility study, which assessed a 2 million tonne per annum mine with a stand-alone processing plant that would produce approximately 20% of current Western tungsten supply annually over 25 year mine life. There are also potential synergy opportunities from O’Callaghans, sharing some of the Telfer nonprocessing infrastructure.

We are fortunate to have a 100% owned world-class project in a critical and in-demand metal. So we're really focused at the moment on how we can create or realize value from it for shareholders.

Given the strength of our balance sheet, we can optimize the medium- to long-term value. We recognize that the current market is structurally supportive to see O’Callaghans developed as Western markets are desperately stating to secure supply of tungsten and O’Callaghans is a project with both scale and quality. So we want to do everything we can to ensure that O’Callaghans is 1 of the global tungsten projects that is progressed and prioritized in the current window.

I'll now hand back to Shaun for closing remarks.

Thanks, Rowan. And just before we open it up for questions, just to conclude on Slide 17. We feel really -- another really strong quarter from Greatland giving us a year-to-date production of 350,000 ounces and all-in sustaining cost of AUD 2,136 an ounce. This, combined with the full upside exposure to the gold price, we remain unhedged, gave us quarterly operational cash flow of $453 million and importantly, a record cash build of $260 million and a closing cash balance of just over $1.2 billion with no debt.

Based on year-to-date performance, we are currently expecting full year production to be around or slightly above the upper end of guidance and all-in sustaining cost to trend towards that lower end. Delivery of the Telfer O’Callaghans resource was a key highlight for the quarter and has the potential to underpin this multi-decade mining hub, whilst O’Callaghans presents an opportunity to deliver further value for shareholders, in this record tungsten pricing environment that Rowan described.

We also continue to invest in Telfer, in particular, our record 240,000 meter drilling program that has continued to deliver very encouraging results. and we look forward to delivering a Telfer mineral reserve update in this current June quarter.

With that, I'll invite Krista to open the line for questions.

[Operator Instructions] Your first questions come from Adam Baker with Macquarie.

Just looking at recovery, I mean, strong again at -- just wondering, when you integrate the lower-grade stockpiles into the mill feed, what could we expect this recovery rate to drop to?

Yes. Thanks, Adam. Look, importantly, you saw an increasing part of the blend in that March quarter of that lower grade partially costed material, that through combination of a lot more direct tipping. And as particularly as we develop that Stage 7 area, there's just more PCM to be able to put through. And you actually saw a pretty -- well, a great recovery outcome. You didn't really see any impact on that. We are doing a number of trials during this current June quarter, where we're putting dedicated batch processing of PCM material. By the way, we did a couple of them in the March quarter as well. Again, you're seeing that in the results. So we still feel maintaining north of 85%. We're confident about, but we're delighted when putting together 3 quarters of 88%. But we might have better visibility on that once we finish these trials. But so far, we haven't seen it have a big impact on recoveries. Although I'd observe overall, there should typically be some correlation between lower grade and a slight reduction in recoveries. That potentially continues to be on our expectation, notwithstanding the positive data we've received to date.

Okay. That's clear. And I'd be remiss not to ask about guidance. I mean, clearly, you're on the right end of guidance here. but particularly maybe 1 on costs. I mean, year-to-date at $2,136 an ounce. Clearly, you're tracking below the lower end at $2,400. Just wondering if the decision not to revise cost guidance lower. Is that just predicated on some of the cost actuation that you've seen such as the diesel price escalation, like you called out? Or is that predicated on a potential lower production output in the fourth quarter? Just any color on that would be helpful.

Yes. Adam, it's probably more around the former, just the -- what you're saying around kind of oil prices. We think we have a very good handle on the direct cost input of that, but also I think the indirect costs is where we feel we still want to see. And just a reminder, we think there's a little bit more sustaining CapEx in this December -- sorry, in this June quarter. That said, it's just being a little bit measured, just given the global kind of impact of the Middle East. But we're really trending well on that. But I think, like everyone, we're closely monitoring the cost structure.

Your next question comes from the line of Daniel Morgan with Barrenjoey.

My question is just, I mean, fresh ore delivery during the quarter was a key highlight for me. Just wondering if you could give us color on just how sustainable this is, talk to open pit material movements expected in the months ahead or tonnage from the open pit and also the underground?

Yes. Thanks, Daniel. I might speak to that in reverse order. Look, I think we're really proud of what we've attached in that underground. Daniel, you probably recall some of those early discussions from due diligence where the mine face in that underground was -- that acquisition was right up to right up to kind of planning. There's 0 reserves there, and it was a really challenging underground environment we took over we just through hard work and dedication. That team has just made progress every quarter. You've seen quarter-on-quarter and increase in the productivity of development meters. And that's been very much an ambition of creating more flexibility in the underground, opening up additional faces and you're starting to see the benefit hold that additional flexibility in that underground and look at the 300,000 tonnes we got out of there, a new record quarter for us, together with really good development out to West Dome underground, which we think is an exciting opportunity. I think that our view on that underground has literally moved to 180 degrees. We thought it was a really challenging environment. And that's not to say it's easy. There's still a lot of time, effort and energy that's needed in that underground. But the underground, I think, has been just a tremendous success story for us. And I think the long-term underground opportunities are particularly exciting for Greatland in terms of West Dome continuing the Main Dome underground, but also kind of thinking about the -- that vertical stock work and the SLC. Because remember, we've got that hoist here that has an installed capacity underground crusher and voice in excess of 6 million tonnes. So better leveraging that installed capacity, we think is a really good growth opportunity for us.

Moving to the open pit. Look, opening up the Stage 7 has been important for us, but look, increasing open pit productivity, same contract, same fleet, same team, but increasing productivity by 53%, I think, has been exceptional. You just started to see the benefit of the fleet renewal program in this quarter, literally in March. We deployed the new Cat 6060 deal. So that's really good. We were able to take the old Cat 6060 unit off-line, that had lower availability rates. The new 1 is performing really well. So you'll hopefully start to see that kick in for the June quarter. We're also renewing the 793 fleet with a number of rebuilds. We've got a couple of new trucks on site , well, actually a couple of new trucks on site as well. which are being delivered in this June quarter as well. So we feel it is reasonably sustainable in terms of the combination of the fleet renewal and importantly, that resource work that feeds into the reserve, again, opening up bigger benches, understanding the opportunity and it wouldn't surprise me if in FY '27, you see us start new work on a new kind of what I'll call Stage 2 cutback, so that hopefully gives us some more opportunity.

Having said that, that can be offset a little bit by grade as we continue to push forward. But I think the physical volumes and the physical productivity I think, continues to trend really well for us.

Okay. And might be in the weeds just a little bit, but the average realized price in the quarter with some $6,773 an ounce, which on my calculations, is $225 an ounce below the quarterly average and $8. Just wondering what drove that? I'd note that in prior quarters, you were around the quarterly average, I calculate of gold price.

Yes, potentially in the way there or a little bit of noise and I'm just trying to think of what that could be driven by potentially some true-ups from previous concentrate sales coming through. Daniel, but we'll take that offline and see if we've got a more robust answer on that loan.

Yes. I think we typically achieve basically average monthly prices. So look, some people might have outperformed a little bit and being better at hitting spikes in the gold price, but we're pretty comfortable with that we roughly achieve kind of average for the for each month, which is how we track it internally.

Yes. And then just looking into the near term, is there any major shuts or drivers of performance that you just want to call out that people should be aware of coming up?

Look, our major short is in July, so that comes out of this quarter. So nothing kind of on the immediate focus, but that will kind of be bought into our FY '27 planning. The only thing I might just shout out to the team is we did during the quarter, we did crusher rebuilds on those motors that they were a bit behind logbook servicing under the previous owner. And the team did a great job. You've seen the outcome this quarter. but that was a really important element for us to kind of derisk that crushing capacity and really wrapped with the work that the team did to really account see in our quarterly results, which is tremendous by that maintenance team. And we've really tried to change the mindset of maintenance at Telfer, we're there for the next 20-plus years. And I think that's really been good for oral as well that people see that investment, that Greatland and the philosophy Greatland's taking to that.

Your next question comes from Kate McCutcheon with Bank of America.

You flagged the pit design changes in the reserve update in June. Can you just talk through what we can expect in the reserve update? I guess, how much of that Stage 2 extension area can we expect to come in? You just mentioned that may form part of the mine plan for will West Dome underground make it in? Or does that need more time to come into the reserves? Just what we can expect in that June quarter update?

Thanks, Kate. Good question. I actually pass this across to [indiscernible], who can provide an update on that.

Thanks, Kate. As you've seen, that resource model was just released at the beginning of this month. So we're currently working through that if you look at the increase we've had on that indicated component of the resource, if I look at the West Dome open, that's gone up to over 100 million tonnes of indicated. Now that is across the entire West Dome that's been drilled out. There's still some areas that we would like to put some more drilling in as we've seen changes in growth happening with this resource update. So -- and on the underground side, we've got 3 million tonnes on indicated on the West Dome underground, but a total of 8 million tonnes already been drilled, if you include inferred. Now that's just from that single draw drive access we currently have. We're looking at extending that West is open both along strike and at depth and we don't get full coverage from the current area we're drilling for.

To answer your question in terms of what we can expect, it's a bit premature to comment on what will be in the reserve, but if you look at the component of indicated material and the material growth that we've seen in the indicated material, we are expecting a material change I'd like to highlight as well that Telfer underground historically didn't actually have a reserve. So that will be a material change in this next reserve update for the telephone ground.

And if I'd just add to that. Look, I think the other element I'd just kind of emphasize is this 240,000 meter program we really see holistically, it's not just about this reserve update. I think it's just an ongoing program out to effectively March 27, the next resource update and June 27 of the next reserve update. We could do something interim before that. But I think we really like the progress we're making over that time period, and this will be another interim update, although we like to think positively so.

Okay, cool. And then staying on forward-looking West Dome underground, we had the initial resource order just spoke to some of the upside there. Can you remind me around the timing there? You need another decline to get to the crusher best case or going well? Could we see development tons in a couple of years? And how are you thinking about incremental tons there? Or is some of that a bit early?

Yes. Look, I think, firstly, we're really positive about. This is the highest average grade you're seeing at Telfer since the 2005 restart. So this is a price. We've put 1 drive out there, which has become a drilling platform.

The second driver is 80% complete. And that will again develop -- give us some more drilling platforms, but also gives us a lot of the services, just the air and water to make that more sustainable.

Then I think in FY '27, you'll see a third drive go across there. And that will effectively make a line, so to speak, it's about a 1.5 kilometer trend back to the existing underground crusher and hoist. I think that infrastructure would effectively support development there. and gives you an indication of our conviction, given we're investing in 3 drives out there.

That first 600,000 ounces, I think, very much is an interim look at that, and we think the volume we've already seen, which continues to expand and talks to the opportunity.

Remember, there's been over 25 years of underground mining in that Main Dome underground and West Dome underground, the opportunity there is not completely different. So yes.

In terms of timing and size, I think that's where we really need that reserve work to be more definitive. But I think realistically, FY '27 is a year of development. But I think it comes into the frame for FY '28 or so. But I think the opportunity is for West Dome underground to actually beat have run into the mill and it's actually even slightly high grade. So it's really important for us. It's a way to derisk and give us a second avenue to increasing the proportion of high-grade underground feed into the Telfer mill.

Your next question comes from Ben Lyons with Jarden Securities Limited.

Congratulations on receiving the federal environmental approvals for Havieron. Clearly, that's a significant development. And I know you've only had the weekend to have a cursory review of it. But just wondering, I recall there was a couple of sensitive species in the Paterson region. The greater building and the night part. So just wondering if there were any significant conditions that have been attached to that federal approval in its first pass like land offsets or conditions on operating hours or that proposed hole whole road route through the Telfer?

Ben, thanks for the question. Glad someone highlighted it. The -- yes, look, we're really pleased. I think that PBC or the federal ones probably seen as more complex to achieve. So we're really pleased with the team. And I think they did a good job at kind of managing and controlling that process. And as an extension of that, certainly at the first half is what we expected it to be. So this is all positive. It includes defining an offset area up there. We think that's really important as the first defined offset area up in the Paterson region. I think that gives us an opportunity for future development to expand and extend and continue to invest in that offset area. So that's kind of 1 of the hidden benefits of having done this work. The only concept there, which I think has already been reported, is great and initiate that we would just do day haulage we thought that was a really good way to manage around concerns about nocturnal flights. The -- and -- but in terms of that we've actually started the 2 monitoring process. we'll determine whether there are no parts up there or not. But we just felt it was a way to sort to effectively agree a path forward without being distracted by that. So we've done monitoring in the past up there, which gives us a level of confidence. But another 2-year program, we think, creates a more -- a greater body of evidence for the EPA by state and federal to consider daytime and nighttime hours. But this is relatively small tonnage. It's 4 million tonnes. This is a precious metal mine, so [indiscernible] which is very achievable. We love the flexibility of night haulage over time, but both are achievable. And yes, we kind of celebrate this win, but we remain very focused now on getting that state EPA before we actually kick into kind of top gear.

Yes. Cool. And then from memory, it was the federal approval that was really the main constraint on any further surface disturbance like the Eatons or commencing the drill tags for the blind boring then. But so on those processes now commence given you've got the federal approvals? Or do you have to wait for a state before you can commence those critical path developments?

Ben, look, as you said in the -- in your first question, we -- it's a first pass like to be open with you kind of a challenge to the team. On Monday, which was a public holiday here in Persona, but exactly that question, does that allow us to press ahead with some of those lead time items. So we're reviewing that as part of the detailed review of that documentation. But then whether we can specifically do the evaporation ponds or not. We are doing kind of a number of early works up there right now. And we'll continue to press ahead. And I'm just kind of having a look in here, but I think there is a slide in here, which kind of shows some of the work we've been doing -- in the quarterly, sorry. In the quarterly, I think on Slide 8, you can see the that precast for kind of access into the underground. There's some basic cuts that we can do through that demium level. So we have remobilized. We're ramping up that site and just doing a lot of the work that we think will provide for a quick ramp-up. And that's even things like standing up an emergency response team, making sure they're trained. All those things that can normally just slow you down a little bit on that ramp-up. We're trying to think of all of those things in advance to place as well. So whether we specifically start the evaporation ponds. Yes, I'll have to come back to you on. But overall, you should be aware that we are kind of walking up the early works there and have been for the last couple of months.

Yes. Cool. Got it. Maybe just 1 last 1 O’Callaghans, please. Clearly, it's a globally strategic and significant asset and maybe it represents some significant hidden value in the Greatland portfolio. So Fantastic to have 100% ownership and ultimate flexibility over the development or potential divestment pathway for such a fantastic ore body. Just noting that some of those pure-play tungsten producers globally have got some very elevated market capitalizations, which would imply they've got a very low cost of equity and certainly a fulsome ability to pay for exposure to an asset like O’Callaghans? Just at a high level sort of conceptual approach? How important is it for Greatland to retain any economic exposure to that development? Or would you consider a full divestment as I said, great to have all of the options that you'll expose at present.

Thanks, Ben. Yes. Look, I think truly all options remain on the table, whether that's a partial divestment or a complete divestment, a joint venture spin out or a great end all that. I think Greatland concurrently developing O’Callaghans alongside Havieron is probably the least likely outcome. As you say, it's a very strong market presently. But that doesn't just lend itself to a sale. There are other options that I think can be attractive. And we're fortunate in the sense that we have a strong balance sheet we can be patient and we can optimize for medium- to long-term value.

We have no further questions at this time. I would like to turn the conference back over to Shaun Day for closing comments.

Thanks very much, Krista. Look, really, firstly, thanks, everyone, for dialing in. We appreciate it. Look, we thought the March quarter was strong positions ourselves for a successful FY '26 in terms of ounce profile and cost progress at Havieron, $1.2 billion in the bank, that gives us the opportunity to undertake and deliver Havieron, but also these other growth opportunities, such as the West Dome underground other opportunities in underground such as the vertical stock work, but also importantly, the open pit continuing to deliver Stage 7, but also looking at that really big Stage 2 opportunity. Plus, we think the success of that resource program or drilling program was really good. I think there's a real opportunity to see us kind of move that 240,000 ounces, so meters of drilling out to, say, 360,000 meters and just keep that cadence going into FY '27 given the success we've had and how it sets up Telfer, Havieron for a multi-decade opportunity.

With that, thanks again for dialing in.

Ladies and gentlemen, this does conclude today's call. Thank you for joining, and you may now disconnect.

Thank you for standing by, and welcome to the Greatland Resources December Quarter 2025 Investor Call. [Operator Instructions]

I would now like to hand the conference over to Mr. Shaun Day, Managing Director. Please go ahead.

Thank you, Ashley. Welcome to the December '25 Greatland quarterly results call. Joining me on the call today is our CFO, Monique Connolly; and our Chief Development Officer, Rowan Krasnoff.

Just turning to Slide 5, which provides the December quarterly results summary. We produced over 86,000 ounces of gold plus tonnes of copper for the quarter. Full year production guidance of 260,000 to 310,000 ounces remains unchanged. It was another really strong quarter for us just past but we also expect that could be a slight weighting towards the first half of the year. That said, we're well placed to achieve towards the upper end of production guidance and with that towards the lower end of cost guidance.

Pleasingly, all-in sustaining costs came in at $2,196 per ounce. This is a really good outcome. And as we continue to focus on cost control, whilst participating in the strong gold market pricing.

The operating cash flow was a highlight for the quarter with $406 million generated and around 12 months post acquisition, we now have $940 million of cash at bank debt free, which is a tremendous balance sheet strength. The outcomes post acquisition have been extraordinary, both in terms of achieving a 5-month cash payback. And from the $540 million acquisition price, we've added over $0.5 billion of shareholder value for each month since that acquisition.

During the quarter, on 1 December 2025, we released our Apron feasibility study, confirming the exceptional quality of Havieron as a world-class, long-life and lowest quartile cost asset Rowan will speak to the study outcomes later in the presentation deck. Our record Telfer drilling program continues. We now have 10 active rigs at site.

During the December quarter, we completed over 54,000 meters of drilling as the program continues to ramp up. In particular, the results from the West Dome underground were outstanding. And although we shared a specific West underground update earlier in the quarter, last week as part of our quarterly exploration update, we included 10 new drill holes, including a couple of which are our best gram-meter in sets yet in that West Dome Underground.

Turning to Slide 7, we'll unpack some of the key drivers of the quarter's strong results. The key chart for me is the middle chart with total material mined. This is up again this quarter to 6.6 million tonnes. It's the fourth consecutive quarter of increasing for a total increase of 49%. Growth in material mined in the fourth quarter since Greatland to lever at Telfer. So we're really pleased with that improvement in the productivity in that open pit.

The open pit fee grade dipped by just 0.02 of $1,000 to 0.58 grams per tonne. And we increased the proportion of partially cost of material or lower grade ore that we directed into the crushers. This has the dual advantage of: one, avoiding rehandling costs of putting down and picking up again. or stockpiles and secondly, it preserves the high-grade stockpiles.

In terms of Stage 7, growth stripping continues with 3.6 million tonnes of waste mined for the quarter at a strip ratio of 4.3x. This is down from around 7.2x in the last quarter as we continue to advance the Stage 7 towards the overall design strip ratio of 1.1x. Grades reconciled as expected in the December quarter, which was a really pleasing and positive sign. And this is all part of us having pivoted to a new grade control system, where traditionally Telfer relied on utilizing blast hole sampling.

We now undertake dedicated grade control drilling on a 12.5 meter grid, which is effectively offset to the 25-meter grid that we have for resource definition drilling, which again was bought in significantly from the previous approach of 50-meter spacing. So it's just a much better level of drill density. And as we continue to implement this system -- but we're really pleased with the early indications, which are positive around the approach we're taking.

Turning to the underground. The Main Dome underground, there was approximately 240,000 tonnes of oil mine, mostly from Ares the Eastern Stock works, the ESC and the high-grade stopes. Underground development is progressing strongly with just under 1,400 meters of development. including around 800 meters of growth capital development during the quarter. The second development drive out to the West Dome Underground advanced 372 meters. So that's around 68% complete at quarter end.

Moving to Slide 8 on processing. We mailed 4.5 million tonnes at 0.65 gram head grade, which was 12% higher than the previous quarter in terms of head grade. Recoveries were tremendous again. In the September quarter, we achieved the highest quarterly gold recovery at Telfer since 2010 at 88.6%, and we delivered this again in the December quarter at 88.4%. The consistency of this recovery is really encouraging for us as we move into the second half.

On to stockpiles. This quarter, we processed 1.7 million tonnes of ROM stockpiles, and we have an estimated 2.5 million tonnes of high-grade stockpiles remaining at the quarter end. And the preservation of those stockpiles reflect that increased use of direct tipping the partially cost of material out of the open drawdown of 1.7 million tonne stockpile was down significantly from the 2.5 million tonnes in the September quarter.

We retained the low-grade stockpile of just under 2 million tonnes at 0.33 grams which provides tonnes without mining costs, flexibility and contingency going forward. We expect some of the stockpile to be incorporated into the FY '27 mine plan. And then just a brief update on the tailings storage facilities, TSF Stage II lift construction is progressing to schedule, and we expect that to be completed in the current March '26 quarter, providing tailings capacity out to at least March 2027.

When we acquired Telfer, you might recall that we described that we had less than 6 weeks in float in the schedule to complete the Stage 2 is. So getting ahead now more than 12 months ahead in terms of our TSF capacity has been a really important derisking event for our operations. test effect Stage 4 construction schedule could commence in the June '26 quarter.

With that, I'll hand across to Monique to each costs.

Thanks, Shaun. As Shaun outlined earlier, we achieved an all-in sustaining cost of 2,196. This is a great outcome driven by strong as production, good cost control and stronger-than-budgeted copper fire product credits from the favorable current copper price. The first half performance positions us very well on an FY '26 basis. We expect production to trend towards the upper end of guidance range and all-in sustaining costs to trend towards the lower end. Our all-in sustaining cost margin for the quarter was 4,105, up 67% since the March 2025 quarter.

Looking at the key operating cost items, mining cost of $77 million increased as planned due to higher overall ore mined, higher total material moved and lower capitalized production stripping Processing cost of $92 million were higher than the prior quarter due to higher AFS maintenance costs incurred during the planned November mill shutdown and processing more Stage 2 material, which require more reagents and consumables. Given the operational strength, we are utilizing planned shutdown stream or preventative and proactive maintenance, which was a little behind prior to our acquisition.

Sustaining capital of $25 million was higher than the previous quarter due to advancement of the Telfer village upgrade and higher spend on underground development. And site services costs of $25 million were marginally lower than the previous quarter.

Now turning to cash flow and finance. We generated revenue of $507 million from sales of 72,000 ounces of gold and 3,300 tonnes of copper, noting that we began loading a shipment in late December, which only completed loading at early January, containing 17,000 ounces of gold. This was in the ordinary course of business, so the sales ounces and revenue will be recognized in January for accounting purposes for ounces that were produced during the December quarter. And you're seeing the $119 million cash received in our operating cash flow and cash balance at December 2025.

Gold sales were achieved at an average realized price of 6,300 over 1,000 per ounce less than the current spot price. This resulted in Delta's operating cash flow of $406 million and $198 million cash build, which is after a once-off $46 million at duty payment associated with the Telfer Havieron acquisition. We closed the quarter with $948 million of cash and no debt, and we remain fully exposed to any upside in the gold price with downside production by our gold put options out to June 2027 at an average strike price of $4,500.

In regards to noncash movements, we had inventory movements resulting in a credit to the P&L of $5.8 million; depreciation and amortization for the quarter of $24.6 million and we've guided full year depreciation and amortization of approximately $140 million weighted towards the second half of FY from a tax perspective and also just to remind everyone, as reported in our FY '25 annual report, we accrued a tax liability of $76 million to be paid in the March quarter.

This results in greatly commencing a cash tax payment position. And post March 2026, we expect to make monthly corporate tax installments. Overall, the December quarter highlights the strong cash generating capacity of the business, further derisking and providing flexibility in funding Havieron development.

Turning to growth capital. As you know, FY '26 is a significant year of investment at Telfer with a view of multi life extension. Our gross capital program at Telfer is progressing well and in line with plan at $61 million spent during the December quarter across Stage 3 lift which is now substantially complete and providing our tailings capacity into 2027. West Dome Stage 7 open pit growth stripping continued as with our underground development across ASC and West Dome underground and the open pit mining fleet renewal program.

Telsa's growth spend is tracking to our full year guidance of $230 million to $260 million. In terms of resource development and exploration, we spent approximately $15 million during the quarter, the results of which Shaun will speak to later.

At Havieron, we spent $19 million for feasibility study costs and early work, which resulted in widening of the box cut and portal work to enclose the box cut and connect to our aspire reinforced concrete tunnel. Mining recommenced when the extensions to the ventilation drive and access progressing towards the conveyor decline. And mining is currently being undertaken on a single shaft to take advantage of the existing machinery and people on site to allow progressing critical path development ahead of approvals being obtained, which are untied FY '26.

I'll now hand over to Rowan to discuss the Havieron feasibility study.

Thanks, Monique. As you will have seen, we released the Havieron feasibility study on the 1st of December, and confirm the pathway to a world-class long-life lowest quartile cost assailing gold copper mine, leveraging our existing Telfer infrastructure. Key highlights included loss of mine production of 4 million ounces gold equivalent, an updated ore reserve of 3.7 million ounces gold equivalent, which is the third largest underground gold reserve in Australia.

Integration with Telfer, with Havieron order be trucked to Telfer and processed at the Telfer mill derisking Havieron's delivery and underwriting the longevity of Telfer. An initial mine life of 17 years, including a 9-year steady state period, where production averages 266,000 ounces a year at lowest quartile all-in sustaining cost of AUD 1,610 per ounce and with the potential for that to be lower if Telfer extends and Havieron ore is co-processed with it.

Our preproduction CapEx of $1.065 billion is expected to be fully funded from existing cash reserves of $948 million at the end of December and our $500 million debt commitment with our Tier 1 lending syndicate.

Turning to the next slide. Here, we see the really robust financial outcomes of the study under our base case, Havieron stand-alone processing scenario. At the base case, AUD 4,500 per ounce long-term gold price which is almost 40% lower than today's spot gold price. Havieron generates free cash flow of $5.4 billion, an NPV of $2.9 billion, an IRR of 22.5% and a payback period of 4.2 years.

When we released the study on the first of December, the Spark gold price that we ran was $6,250 per ounce, which generated free cash flow of $9.6 billion, NPV of $5.4 billion, an IRR of 31.5% and a payback period of 3.2 years. The spot gold price today is more than $1,000 higher than the spot case that we ran in December.

Just turning to a few comps of Havieron. First, on the slide, you see our updated Harrier reserve of 38.5 million tonnes or 3.7 million ounces gold contained gold equivalent and we compare it to current Australian underground gold reserves of more than 500,000 ounces contained. You can see we're in a great company here behind Newmont's Tier 1 Cadia and Tanami assets in terms of reserve size. And we used a very conservative AUD 2,500 gold price for the ore reserve, which demonstrates the quality of Havieron and its ability to work through the cycle. So it's a really unique asset in the Australian mid-cap space.

And the next slide just shows where Havieron steady-state production and costs would sit relative to ASX primarily listed Australian gold mines. Based on their current year guidance. Our conservative Havieron stand-alone base case would be the second lowest cost mine with substantial annual production of 266,000 ounces per year. In the scenario we are targeting where we are able to fully utilize the Telfer milling capacity with Telfer, there is further downside opportunities to Havieron operating costs.

You can also see Havieron from this chart shown based on the midpoint of our guidance for this year, 285,000 ounces at $2,600 or in sustaining cost. Overall, this slide conveys the opportunity we see really well. If you can extend Telfer and run it alongside Havieron, there's a pathway to very substantial production and Havieron's cost profile would see our group all-in sustaining cost materially lower.

I'll hand over to Shaun to speak to our Telfer resource development for the quarter.

Thanks, Rowan. It's a great Havieron summary, and you can see why we love what it potentially does to the Greatland Group.

Turning to Slide 18, we'll come back Telfer in the resource development, starting with the West Dome open pit. Just another strong quarter in terms of this record drilling program. and with 54,000 meters drilled. Our expectations is all that drilling completed up to 31 December should be incorporated into our March 2026 Telfer Mineral Resource Update.

In terms of the MRE update, just to remind everyone, the focus for our first half drilling, particularly in the open pit has been around infill resource conversion rather than just growth drilling. So while we still expect to see some growth, you should also be looking for conversion of inferred indicated categories.

A lot of this drilling has been infill drilling for this -- particularly around Stage 7, taking that Stage 7 extension into that tie at 25 by 25-meter spacing. This was really a priority for us as we expect this to be our baseload open pit feed into FY '27 plus the FY '28. With the Stage 7 drilling now complete, a little ahead of schedule for the second half the rigs will focus on the Stage 2 extension.

This is a really large area that we're targeting for extension beyond FY '28. On the slide, it demonstrates it's really well it helpfully shows that current shell of drilling to date and the sheer volume of the opportunity that we're drilling stands out for that large Stage 2 extension.

Turning to Slide 19. This is the main time underground. The Main Dome Underground drilling in the quarter included both resource conversion and resource growth. In the first half, 4 near-mine extensions have been passed across to the ops team, which is A Reefs, Tarkin, the high-grade Rey plus part of that Eastern stock works at ESC. Growth drilling for the quarter focused on the Kylo target just located to the west of the A Reefs and includes some really positive results. You can see summarized on the slide, but there's also an ongoing focus on drilling out that Eastern stock work as well.

Just turning across to the West. A couple of final slides on the West Dome Underground, which is a genuinely exciting brownies opportunity sitting adjacent to existing underground infrastructure. The cross section on Slide 20 is a good visualization of the 3 mineralized domains identified in the West Dome Underground. That large subvertical Western Stockworks Corridor and the high-grade Western and Eastern Limbs. Encouraging, as we've drilled to the South, you've seen the 2 highest grade intercepts that we've had in that West I underground. And that just demonstrating that the system continues to stay open as we drill it out.

Slide 21, still on West Dome Underground. There's a planned schematic of the West Dome Underground. And it's worth casting your mind back to Slide 19, view of the Main Dome underground, and you can see geologically the same mineralized structure with the vertical software and that lower limit lenses have been identified in the West in underground, which are repeating structures from that main Dome underground, which has operated for more than 20 years.

In November, we provided a stand-alone update on the West Dome underground. That included drilling results from October and November. Exploration quarterly update last week included assays for a further 10 drill holes into West Dome Underground and a couple of standout intercepts there on the page, including that 411-gram meter and a meter 251-gram meter incept both from that same hole or that southern extension.

We continue to be encouraged by the drill results we're getting in the West Dome Underground, and we've allocated a third rig to the West Dome Underground to accelerate drilling in the second half of the year following completion of that second drill drive. We continue to target a maiden mineral resource estimate for the West Dome Underground in the March quarter. and this will help provide an initial understanding and should be able to capture that drilling up to 31 December again.

So just finally, turning to Slide 23. In summary, in Greatland, December quarter was really successful for us operationally with a great credit to the whole site team with just over 167,000 ounces of gold delivered at -- sorry, for the half, and that's had an all-in sustaining cost of $2,176. We continue to have full participation in the gold price, and this delivered that operating cash flow of $406 million, roughly a gross margin of 80% for the quarter, and that's driven a cash balance of over $948 million, which also goes to derisking the delivery of apron.

In terms of guidance, based on that first half performance, we're currently expecting full year production to turn towards the upper end of guidance. and all-in sustaining costs to trend towards the lower end. We delivered a key milestone in the Havieron feasibility study. And as Rowan described, it concerns a world-class, long-life and lowest quartile Australian gold copper mine, leveraging our existing Telfer infrastructure. And then finally, we continue our ambitious Telfer drill program with a view to delivering an updated Telfer JORC resource at the end of the March 26 quarter, which has the potential to capture some of the opportunities for Telfer mine life.

In summary, we feel we have a real confluence of immediate strong cash flow generation, a pathway to Telfer life extension, and all this in combination with the strongest organic growth profile in our peer group with the impending Havieron development.

With that, I'll now ask the moderator, Ashley to open up to any questions.

[Operator Instructions] Your first question today comes from Hugo Nicolaci with Goldman Sachs.

Shaun, Monique, Rowan, good see Australian to the quarter. First one for me, just on the guidance range. Obviously, good to see production cost lower. I apologize if I missed it, but can you just confirm what gold and copper pricing you're using in guidance now and if that's changed versus your prior sustaining guidance?

Thank you, Hugo. Happy New Year. In terms of guidance on pricing, again, I'm not sure we actually kind of went out to the market with a view on what the gold price would be for the year. In fact, it's probably exceeded our expectations. Copper price, which maybe goes into our all-in sustaining costs, which might be kind of where you're driving at. That we were using around AUD 14,000 copper. So the market price is a little bit above that now, but it's not dramatically different.

Got it. So just confirm your guidance at the lower end is still using around $14,000 for copper?

Yes. Yes, yes, exactly.

Got it. That's helpful. And then on the production piece, just clarifying the better gold production to date, obviously, benefiting from recoveries and things like that. But from a mining perspective, as some of that high-grade materials that are coming off the stockpiles and things in terms of timing, does that borrow a little bit from FY '27? Or should we see some upside risk maybe to FY '27, if you're able to maintain money rates and grade from an overall perspective?

Yes, I think when we started the year, we thought we're going to get through those high-grade stockpiles by December. What you're seeing is the ability of us to kind of push them out to the right? I think that's pleasing. And I mentioned kind of my -- probably my favorite chart in this deck was that total material mined. We've just increased the productivity of that open pit by 49% over the last 12 months. Just a great job by the team to deliver that. That brought in more fresh ore which has helped us push out that stockpile.

And I think that's been really important in terms of the outcomes we've got this quarter and I think sets us up strongly for the second half. and of course, to derisk FY '27, we want to open up that Stage 7. So the fact that we're kind of getting through the overburden there, I think, is really positive, and you're starting to see that strip ratio walk down quarter by quarter. And ultimately, we want to take that down to the kind of life of mine 1.1x on Stage 7 extension.

And then just maybe one for Monique just on the payment timing. That $119 million that came in. Can you just remind us what the provisional pricing terms on your shipments are? And should we expect a positive true-up on that shipment or also future shipments to come through with the copper and gold prices continue to run higher?

Yes. The original invoices are based on months of scheduled shipments, and then any true-ups that come in will be on the relevant spot price in that particular month.

Got it. So that $119 million is probably a top-up to come this quarter then?

Yes, correct.

Right. And then sort of cheeky last 1 if I can, just on puts, just noting you put a few more puts at the tail end in terms of risk management. Should we expect that to continue until you end up covering sort of the expected construction period for Havieron? Or does the corporate debt facility and your current cash and liquidity set you're up now from a risk management perspective, where maybe you don't need to keep that input?

Look, our strategy is really around risk management. So it's something that we assess every quarter. We've entered them into them up to June 2027, so 18 months in advance, likely to continue that, but it is something that we will affect based on the cost of the strike price that we're entering into at the time.

If I can add to that, , I appreciate you to understand this, but puts are the path of least regret we fully participate in the gold price. We like this protection. We're not mandated to have it. It's just our risk management strategy, as Monique described, but it's a little bit like taking out home insurance. My house has never burnt down. I actually don't even know someone who's had that happen to them, but I still take out home insurance. So we like it.

Your next question comes from Adam Baker with Macquarie.

Shaun and team, congrats on the solid quarter. Just back on guidance. I mean you're obviously tracking quite well with production representing 59% at the midpoint and even at the upper end tracking to 54% versus 526 production guidance and likewise with costs sitting below. Just on potential revisions to guidance and why you've elected to just maintain upper end the production or under costs. Did you say any -- identify any upside here? Or is this what you're comfortable with at that stage?

Let me answer that in 2 parts. Adam, and thanks for the question. Look, of course, we'd love to exceed guidance, and we'll we put a lot of editing to trying to optimize the site every day, every week, every month. But I think as you said, like that top end of guidance, we're suing we kind of flagged that the second half is probably a little less weighted and that reflects that.

We've had more of that high-grade stockpile to put forward in the first half to the second half. So we feel we're the kind of guide towards the top end of the market feels about right, and we'll give an update if we need to. But right now, we think that's achievable.

Okay. And recoveries are clearly tracking really well. Second quarter in a row of 88%. Your commentary sounds quite positive given the work completed processing plant. Just wondering on recovery rates moving forward, can we expect run rate like this moving forward? Or can we expect a little bit more variability depending on grades being pushed through the processing plant?

Yes. I think what we've commented before is we're really trying to target 85% plus recoveries. I think the last 2 quarters, we think in 88%, 88.6% and 88.4%, up tremendous. And again, we aspire to kind of do the best we can with those recoveries but even when we're thinking about guidance, we're not necessarily using 88% for every quarter. What we're trying to do is just be consistently north of -- and as the -- I think the fact that we've had 2 quarters like that is really encouraging though in that regard. And I love the consistency we've seen over the last 6 months.

Your next question comes from Daniel Morgan with Barrenjoey.

Sean, Monique and Rowan, just on the Telfer resource update for March. Can you just provide a little bit more clarity. I think you're saying December '25 is when the drilling is rolled off to be formally considered in that resource. And then can you just highlight what areas of Telfer in scope for a resource update like the parts, the various areas of the underground and does that include West Dome as well? I presume it does.

Yes. Daniel, thanks for the question. So firstly, your understanding and interpretation was correct. So drill cutoff will effectively be 31 December. Obviously, assays will continue to fall in and we'll be trying to capture all of them. But there's really 3 main areas we're trying to capture in this mineral resource estimate. Firstly, that Main Dome -- sorry, the West Dome open pit. The West Dome open pit, it is probably the -- obviously, for us that open pit is the largest volumes -- the focus for us in the first half of this year has been drilling out that Stage 7 extension because that has proximity to our mine plan, but there's also been some extension drilling as well. into that larger kind of stage 2 extension if we go back to the slide.

Then as we turn into the underground, the main Dome underground continues to be a focus for us. We like the drilling results we're getting there. and we think we continue to walk that forward. And then the third donation, which we do expect to be able to bring in to the MRE, is that West Dome Underground. And that's been probably exceeded our expectations in terms of the consistency of the intercepts we're getting there, similar structures to main but so far high grade. So we really like that and it's sitting kind of around kilometers, lateral haul of the existing underground crusher and hoist. So we love the location of that as well.

So those 3 areas will all come in. I don't want to overbuild the vacation on West Dome underground. It's a relatively small number of intercepts that we've had there, but I think it will give you a flavor as to what we're kind of piecing together.

Okay. And just pivoting over to the mining physicals, so a good job getting material movements to consistently rise. Just wondering what does the future look like future quarters? Should we expect this level of material movements to be sustained, lift a little bit more? Is the split of waste to ore going to be moving towards more ore? And also, is the underground ore contribution? Is that expected to be pretty stable at these levels as it has been or could that lift?

Okay. Well, Daniel, yes, firstly, look, we're really pleased with the open pit team to deliver a 49% increase in TMM moved over 12 months, I think, is an extraordinary achievement. So yes, really, glad that we've been able to do that. In terms of how we see that moving forward. What I like about what we've done is we've largely done that with the existing fleet. We are -- have a meaningful amount of fleet renewal. I think we've really just got on refurb truck back in the first half a couple more -- we'll have half a dozen of those refurb trucks into the second half plus the new CAT 660 shovel. So we feel the fleet renewal should derisk continued productivity into that second half.

Having said that, every time we a high watermark, we can't necessarily call out our average. But I think we've got basis to believe we're well placed to continue to see or at least maintain those productivity gains. And that what we're going to endeavor to do. In terms of that mining vehicles and the split between ore and waste, what you've been seeing in the first 6 months is very much us opening up that stage I think what we had 4.2x strip ratio, maybe -- and then we had about 7x strip ratio, 7.2% in the previous quarter. ultimately, the strip ratio for that Stage 7 comes down to an average of 1.1%.

So you can see West Dome or getting through that kind of overburden and getting down towards ore. And I think that sets us up for what we'll be putting through the mill in FY '27 and then FY '28.

And then just that on the ground pit, Shaun?

Sorry, the underground. Yes, look, it's been pretty consistent around that 250,000 tonnes of ore per month track per quarter from the underground look, we are looking at ways to kind of walk that up. But again, I think that's really going to be a function of this updated JORC resource, updated JORC reserve, I think we've talked about this, Daniel, when we took over the mine, the mining phase was right up next to mine planning.

For us, we thought it would be kind of 12 to 18 months. to actually get that bow wave of mine planning out in front of us. I think kind of hopefully by the end of this quarter, maybe in the June quarter, we'll have achieved that. and then we can reassess opportunities to expand that run rate. But for now, I think that's kind of a steady state. We've got a lot of infrastructure there, that voice can do over 6 million tonnes per year. there's lots of flexibility for growth or bringing in West Dome underground. But for now, that's our run rate, but let us kind of reassess that once we've updated that JORC reserve in the June quarter.

Just last question. Just these trials of low-grade stocks. Does that happen this quarter or June quarter? And can you maybe just expand on what the strategy is with the trials and what you're looking for?

Yes. Look, well, firstly, we've been putting a lot of this partially cost of material, let's call it, low grade during the last quarter and price for that as well. So we've got good visibility of that through the mill. But what we also want to do is just do some trials on some of those stockpiles where there's 4 or 5 stockpiles there, where we'll independently run them through the mill. On a trial basis, just to get a handle on recoveries and everything.

You've seen for the last 2 quarters, what the introduction of PCM does for the recoveries, and we've been hitting plus 8%. So the processing team has done a great job there. Having said that, we'd like to get to grips across that full 21 million tonnes of stockpile. So that's what we're doing. We just think it's prudent to understand and derisk that moving forward to our mine plans.

Your next question comes from Jack Whelan with Citi.

Shaun and team, congrats on the strong quarter. on the Telfer had 2 train scenario now that you've got some more information from drilling and the gold prices continue to rally. Are you able to give any more color on the 2 train scenario, including what would be required for this to play out? And if possible, what timing might look like? Yes, Jack yes, it's a good question. Like, well, firstly, just to restate for everyone, but we are currently running the 2 trains.

The 2 trains are 10 million tonnes of taste, which gives us a total throughput of 20 million tonnes. That's presently the third largest gold processing center in Australia behind the big Newmont assets of Boddington and Cadia. So this is infrastructure. One of the lovely things about Telfer is it's 210 million tonne trains. That gives us optionality, and we really like that optionality.

Ultimately, we have the high grade Havieron coming online. We have the high-grade Telfer underground, perhaps even you get a third underground with that West Dome underground. That gives you a lot of high-grade throughput into that Train 1. Train 2 is likely in the long run to be dominated by even pit material. And this is where that drilling program is so important to us, and we think that JORC update, both the resource in March and the reserve in June, is going to kind of complete that story a little bit. It will only be a snapshot in time.

That drill program continues, and I'm really confident that when you get to kind of March, June 2027, you're going to see even better numbers. But we think this kind of will start mapping out that story to give the market more confidence around the life extensions at Telfer. And the history I bring to this is, I think Northern Star, we bought 4 assets from majors with a mine life of less than 12 months. And of those 6 assets we bought off majors, all 6 are still operating a decade later. And at today's gold price, there must be some cause for optimism that we can achieve the same at Greatland.

[Operator Instructions] Your next question comes from Alex Barkley with RBC.

On the falling pit strip ratio driven by Stage 7, which is we should create, do you expect that to keep going into FY '27? Or should we expect new pit extensions coming then and making sure your total pit tugs remains high?

Yes. Thanks, Alex. This probably comes down to your view on life extension at Telfer, and I'm probably cup half full. But if you were to think that, that big Stage 2 extension is available to Greatland at some stage. I imagine just like we've really kind of leaned in to a 12, 18 months ahead of it actually being scheduled in our ore feed. I imagine a similar patent would play out on the stage 2 extension. So although I think you've got visibility on the baseload ore feed on Stage 7 across '27 and '28.

I think at some stage, hopefully, we're talking about the '29 ore feed and that will necessitate a cutback in that large Stage 2 volume at some stage. So it wouldn't surprise me. We're doing that work now. in terms of the JORC resource and the JORC reserve, and we'll do our budgeting process and approve a cut back, if any, in that Stage 2 extension. But if we are -- if it does hold together, I think you'd see some of that stuff cut back start in FY '27, if I was to kind of crystal ball the future. But let us do our homework to be definitive on that.

Okay, sure. And a question on costs. It seems like having a quite strong ROM performance. Is that in some way, changing the contribution the mill feed that you're expecting from the stockpiles, which don't have an all-in sustaining cost contribution? And then similarly, putting through some of the partially costed low-grade raw material. Is there a net impact on all-in sustaining costs, noting it is lower grade? Just sort of how that might have shifted versus your thoughts when you set guidance?

Yes, Alex. So just embedding your question is a good understanding that acquisition stockpiles don't fall into all-in sustaining cost. So yes, I think we've tried to be transparent with people and explain that in terms of unpacking our all-in sustaining cost and I think, particularly when you saw that June '25 number, we've really tried to emphasize that asset.

What you are seeing, and we did kind of try to flesh this out a little bit in the debt is this quarter, we went from last 4 million to 2.5 million tonnes of that kind of acquisition stockpile down to about 1.7 million tonnes of that acquisition stockpile. So the impact of that benefit was less, in fact, the smallest you've seen in this last December quarter and the all-in sustaining cost, we thought was really good. So, did you want to jump in there, Alex?

Yes. I mean...

Go ahead.

It sounds like, if anything, your cost should have gone a little bit higher.

Yes, correct. And plus, we also put through some more of that slightly lower grade, partially foster material. Having said that, I think we got the benefit offsetting the stockpiles. We got the benefit of more frac or direct feed coming out of that open pit. So it's kind of the balance of those 2, they pretty much offset each other. I think if you look, we did what, $2,155 in the first quarter, $2,196 in the second quarter, so an average of $2,176.

They're pretty similar numbers. So I think what you've had is just an offset there, the 2 trends. But we think it's a really positive trend. And we also think it's been beneficial that we've kind of dragged to the right that stockpile as well. So I think overall, I think that's maybe the other positive, which I'm glad you fleshed out in the question there, Alex.

Absolutely. Just a quick one on the resource update. You spoke about the importance of improving the confidence and converting the resource. Do you have any thoughts on adding lower confidence resources that don't have the tighter 25 x 25 spacing, maybe just in inferred?

Yes. Look, for us to bring something historically at Telfer, to in the open pit, on average, 5 50-meter spacing was sufficient to bring into indicated not just recently but literally on acquisitions. So if you go back to I think it was a February 2025 mini JORC update, we reclassified that material into inferred and put in our own standard of wanting meter spacing for open pit in material. We think that was a prudent decision to take.

In terms of the JORC update you're going to get in March, and we're still working on this. So -- but I think there'll be -- the key element will be a lot of infill drilling, which is taking that old 50-meter space drilling, in filling it and then us being able to bring it back from inferred and bring it back into indicated category. That's been a real focus and priority for us because that's going to influence our FY '27 and FY '28 mine plan.

You are also seeing other open pit, including that Stage 2 extension, some drilling. We're kind of pivoting to that more now, now that we've completed that Stage 7 infill. So you're going to see some of that but the center of gravity of what we've been doing has actually been infill drilling. You'll see some both, but I also want to be transparent that a lot of it is going to be improving the ratio.

There are no further following questions at this time. I'll now hand back to Mr. Day for closing remarks.

Thanks very much, Ashley. Just really to say thank you for people for dialing in. We'll have our half year results out next month in February, and then the JORC resource in -- well, in March. So thank you again. Bye.

That does conclude our conference for today. Thank you for participating. You may now disconnect.