NEWS RELEASE | 23 February 2026

Half-Year Financial Results to 31 December 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Operational strength drives financial performance

Greatland Resources Limited (Greatland) (ASX:GGP, AIM:GGP) is pleased to announce its results for the half-year ended 31 December 2025 (H1 FY26).

A full copy of the Half Year Financial Report for H1 FY26 is available here: https://app.sharelinktechnologies.com/announcement-preview/asx/a596dcb4d4e208e8095c474bf76f97d3

Highlights

Safety

·      TRIFR improved to 5.3 and LTIFR was 0.3 (12-month moving average), with one lost time injury during the half year.

Financial performance

·      NPAT of $342.9m for the half year ended 31 December 2025, EBITDA of $560.3m.

·      Net revenue of $977.3m benefited from full upside exposure to strong commodity prices. Sales for the period comprised 154,411 ounces of gold at an average gold price of $5,756/oz, and 6,578 tonnes of copper at $13,606 per tonne.

·      Cash flow from operations for the half year was $658.5m, with cash build of $373.6m, for a closing cash balance on 31 December 2025 of $948.3m, debt free.

·      Investing cash outflows of $271.1m included a once-off payment of $46.0m in stamp duty associated with the Telfer-Havieron acquisition that was paid during the period.

Table 1: Key financial metrics

    All figures presented in Australian Dollars.

Notes:

1.   Comparatives have not been provided to the prior half year ended 31 December 2024 due to that period including only one month of ownership of Telfer by Greatland, following completion of Greatland's acquisition on 4 December 2024.

2.   As previously disclosed in the December 2025 Quarterly Activities Report, closing cash includes $119.5m received in late-December 2025 for a shipment that will be recorded as revenue (and metal sales) in the March quarter, 2026.

Operational performance

·      Gold production of 167,163 ounces at an AISC of $2,176/oz was achieved for the period.

·      Processed tonnes of 9.19Mt with average head grade of 0.61g/t Au and 0.09% Cu. Recoveries were approximately 88.5% for gold and 80.0% for copper, maintaining good recovery performance.

Table 2: Key operating metrics

Havieron - Feasibility Study³ and project advancement

·      Feasibility Study completed 1 December 2025, confirming a world class, long life, lowest quartile cost gold-copper development leveraging existing Telfer infrastructure.

·      Base case post-tax NPV₅ of $2.9b and post-tax IRR of 22.5% (NPV₅ of $5.4b at $6,250/oz gold).

·      Steady state annual production target of 266koz gold and 9.6kt copper at an AISC of $1,610/oz.

·      Pre-production capex of $1,065m, expected to be fully funded from existing cash, future operational cash flows and a $500m debt commitment.

·      Environmental approvals from Commonwealth and WA departments continue to progress, with receipt of primary approvals still targeted for FY26.

·      Early works during the half included box cut works and restart of underground development.

Note (3): The information in this announcement that relates to the Havieron Feasibility Study (FS) and its outcomes, and the FS Mine Plan Production Target (and the forecast financial information derived from the Production Target) are extracted from Greatland's ASX and AIM announcement "Havieron Project Feasibility Study" dated 1 December 2025. The Company confirms that all material assumptions and technical parameters underpinning the Production Target or forecast financial information derived from the Production Target (as applicable) in that ASX and AIM announcement continue to apply and have not materially changed.

The FS Mine Plan is a production target underpinned by approximately 80% Probable Ore Reserves, 2% Indicated Mineral Resources, 13% Inferred Mineral Resources and 5% Exploration Target (on a contained gold basis over the Life of Mine (LOM)). The Inferred Mineral Resources and Exploration Target included in the FS Mine Plan Production Target are predominantly in the later years of the LOM. Refer to Section 7 of the announcement 'Havieron Project - Feasibility Study' dated 1 December 2025 for further explanation and key assumptions, and the basis for inclusion of Inferred Mineral Resources and Exploration Target in the FS Mine Plan.

Cautionary statement: There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources. The potential quantity and grade of an Exploration Target is conceptual in nature; there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources. Accordingly, there is no certainty that the FS Mine Plan Production Target (or the forecast financial information derived from it) will be realised.

Growth, resource development and exploration

·      $177.0m invested in growth (Telfer $131.1m, Havieron $29.8m, resource development $16.1m) during the period.

·      Completed construction of Tailing Storage Facility 8 Stage 3 expansion lift. 7.3Mt of growth waste stripping of the West Dome Open Pit Stage 7 cutback. 1,712m of growth underground development at Main Dome and West Dome Underground.

·      107,747m of resource growth and conversion drilling as part of Telfer's record 240,000m FY26 drilling program. Telfer Mineral Resource update, including a maiden West Dome Underground Mineral Resource estimate, targeted in the March 2026 quarter.

Funding and risk management

·      Entered a binding commitment letter for $500m corporate debt facilities with Tier 1 lending syndicate of ANZ, ING, HSBC, NAB and Westpac (finalisation subject to certain conditions precedent).

·      Extended $75m working capital facility maturity to 30 June 2026; facility remains undrawn.

·      Continued strategy of downside gold price protection via put options while retaining full upside exposure (225,004oz from January 2026 to June 2027; weighted average strike $4,500/oz).

Greatland Managing Director, Shaun Day, commented: "Our half-year result reflects excellent operating and financial performance at Telfer through the period, underpinned by disciplined cost control and full upside exposure to a strong metal price environment, resulting in substantial cash generation and profitability.

"With the Havieron Feasibility Study completed during the period, our priorities now are continued operational execution at Telfer, demonstration of the mine life extension opportunities at Telfer, and development of Havieron to deliver a world-class integrated Havieron and Telfer operation.

"Our robust financial position, with closing net cash of $948 million and a $500 million debt commitment, positions us strongly to deliver our exceptional growth profile."

Contact

For further information, please contact:

Greatland Resources Limited

Shaun Day, Managing Director  |  Andrew Bowler, Head of Investor Relations

[email protected]

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin  |  +44 203 368 3550

Corporate Brokers

Canaccord Genuity  |  James Asensio / George Grainger  |  +44 207 523 8000

RBC Capital Markets  |  James Agnew / Jamil Miah  |  Scott Redwood  |  +44 207 029 0528

Media Relations

Australia - Fivemark Partners  |  Michael Vaughan  |  +61 422 602 720

About Greatland

Greatland is a gold and copper mining company listed on the Australian Securities Exchange and London Stock Exchange's AIM Market (ASX:GGP and AIM:GGP) and operates its business from Western Australia.

The Greatland portfolio includes the 100% owned Telfer mine, the adjacent 100% owned brownfield world-class Havieron gold-copper development project, and a significant exploration portfolio within the surrounding region. The combination of Telfer and Havieron provides for a substantial and long life gold-copper operation in the Paterson Province in the East Pilbara region of Western Australia.