Greatland Resources Limited

E: [email protected]

W: https://greatland.com.au

NEWS RELEASE | 28 April 2026

March 2026 Quarterly Activities Report

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

March quarter delivers record quarterly cash build
of $260 million

Quarterly production of 82,723 ounces of gold at AISC of $2,056/oz, which generated $453 million cash flow from operations and delivered closing cash of $1,208 million

Highlights

Operations

§  March quarter production of 82,723oz Au and 4,128t Cu at an AISC of $2,056/oz Au
(YTD FY26: 249,887oz Au and 11,022t Cu at an AISC of $2,136/oz Au).

§  Record open pit material movements and ore mined in the quarter as high gold recoveries were maintained, with 88.4% recovery achieved in the March quarter, similar to H1 FY26.

§  Zero lost time injuries occurred during the quarter, resulting in a 12-month moving average Lost Time Injury Frequency Rate (LTIFR) of 0.2. The overall safety statistics have continued to improve, and Total Recordable Injury Frequency Rate (TRIFR) is 4.6.

Financial & Corporate

§  Sales of 97,800oz Au and 4,620t Cu at weighted average realised prices of $6,773/oz gold and $15,803/t copper, generating net revenue of $742 million.

§  Cash flow from operations of $453 million and cash build of $260 million for the quarter delivered a closing cash balance of $1,208 million ($948 million at 31 December 2025), debt free.

§  Full upside exposure to the gold price with partial downside protection provided from gold put options at a strike price of $4,200/oz (CY26), $5,000/oz (Q1 CY27) and $5,200/oz (Q2 CY27).

Growth

§  $42 million in Telfer growth capex invested across tailings storage expansion, open pit pre-stripping, underground development and open pit fleet renewal.

§  Record 240,000 metre annual Telfer drilling program continues to plan, with 10 drill rigs in operation. A total 78,302 metres was completed in the quarter (December quarter: 54,204 metres).

Mineral Resource update (announced 30 March 2026)

§  Telfer Mineral Resource Estimate (MRE) as at 31 December 2025:

‒        Total MRE growth of 4.8Moz (+150%) to 419Mt @ 0.59g/t Au & 0.09% Cu for 8.0Moz Au & 370kt Cu, at a discovery cost of $5/oz.

‒        Measured and Indicated MRE growth 2.4Moz (+163%) to 170Mt @ 0.69g/t Au & 0.13% Cu for 3.8Moz & 249kt Cu.

‒        Group MRE of 550Mt @ 0.84g/t Au & 0.12% Cu for 14.9Moz Au & 645kt Cu (Havieron unchanged in the update).

§  O'Callaghans MRE of 70Mt @ 0.35% tungsten trioxide (WO₃) / 0.30% Cu / 0.57% Zn / 0.28% Pb for 246kt WO₃ / 207kt Cu / 371kt Zn / 182kt Pb.

‒        O'Callaghans is one of the largest high-grade tungsten deposits globally and benefits from significant copper, zinc and lead mineralisation.

‒        100% owned by Greatland and located just 10km south of Telfer on a granted Mining Lease.

Greatland Managing Director, Shaun Day, commented:

"We are pleased to have delivered another strong operational result which delivered a record cash build of $260 million for the March quarter. Gold production of 82,723 ounces at an AISC of $2,056 per ounce was supported by strong contributions from both open pit and underground, and high gold recovery of 88.4%, continuing the trend of operational improvement at Telfer under Greatland ownership.

"Based on the strong year-to-date performance, we currently expect full-year production to be around, or slightly above, the upper end of the guidance range of 260,000 - 310,000 ounces, and full-year AISC to trend towards the lower end of the guidance range of $2,400 - $2,800 per ounce.

"With full upside to the gold price we realised an average price of over $6,700 per ounce, generating $453 million cash flow from operations, to close the quarter with $1,208 million in cash with no drawn debt. The strength of our balance sheet positions Greatland very well to deliver our excellent organic growth profile, through both development of Havieron and continued investment in Telfer extension and growth.

"A key highlight of the March quarter was the delivery of a significant resource upgrade at Telfer which increased Greatland's total gold resources to nearly 15 million ounces, and delivered an excellent return on our investment in drilling. The enlarged resource base has the potential to underpin a multi-decade, world class gold-copper mining hub."

Conference Call

Greatland presented the Quarterly Activities Report via a webcast for shareholders, research analysts, media and other interested stakeholders on Tuesday, 28 April 2026 followed by a Q&A session.

To view the replay, please click on this link and register your details:

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

Overview

Greatland Resources Limited (Greatland) is pleased to report operating (unaudited) results for the 3-month period from 1 January 2026 to 31 March 2026 (March quarter).

Greatland produced 82,723oz Au and 4,128t Cu at AISC of $2,056/oz Au in the March quarter.

With FY26 year-to-date (YTD) production of 249,887oz Au, full-year production is currently expected to be around, or slightly above, the upper end of the production guidance range of 260,000 - 310,000oz Au.

With YTD All-In-Sustaining Cost (AISC) of $2,136/oz Au, full-year AISC is currently expected to trend towards the lower end of the guidance range of $2,400 - $2,800/oz Au.

Table 1: March quarter results, with December, September and June quarter results for comparison, FY26 YTD

Notes:

1.     Metal produced for gold includes dump leach ounces which are recovered separately to the processing plant circuit.

2.     Sales and revenue for copper-gold concentrate is recognised upon receipt of the bill of lading when the goods are delivered for shipment under Cost, Insurance, and Freight (CIF) Incoterms. Payment was received during the December quarter for a shipment that commenced loading in December 2025 but was not completed until January 2026. Accordingly, sales and revenue for this shipment has been recognised in the March 2026 quarter, however the cash was received in the December 2025 quarter.

3.     Total net revenue includes adjustments for treatment and refining charges and payability deductions. Average price received is calculated by dividing net revenue by sales (i.e. average price received is also adjusted for payability deductions).

4.     AISC is stated per ounce of gold produced, net of by-products (copper) credits. AISC excludes inventory movements which relate to utilisation of stockpiles acquired as part of the Telfer acquisition (expense of $18.4 million) and finished goods movements of $30.2 million, impacting EBIT by a debit of $48.6 million for the quarter.

5.     Depreciation and amortisation is expected to be approximately $140 million for FY26, weighted towards H2.

Mining

Open Pit

Mill feed ore mined during the March quarter was from Stage 2, Stage 7 and Stage 8 (refer Figure 1), totalling 3.63Mt at 0.49g/t Au and 0.07% Cu. Dump leach ore mined was 0.17Mt.

Total material mined (TMM) was 6.76Mt including approximately 3.13Mt of waste. This is the fifth consecutive quarter on quarter increase in TMM, driven by higher equipment availability and productivity from a new CAT6060 digger commencing operations, commissioning 2 additional haul trucks, returning 3 haul trucks from the ongoing truck rebuild programme, and a focus on drilling and blasting to improve bench turnover and open up larger, more productive work fronts in Stage 7.

Strip ratio (waste:ore) for the Stage 7 development during the quarter was 2.7, down from 4.3 in the previous quarter as more ore is exposed. Total Stage 7 waste mined in the quarter was 2.89Mt for a total cumulative waste mined of 13.55Mt to the end of the March quarter. The overall Stage 7 design strip ratio is approximately 1.1. Potential pit design changes from the March MRE update will be reviewed in the June quarter.

Underground

Ore mined during the March quarter was predominantly from A-reef, Rey and the Eastern Stockwork Corridor (ESC) areas of the Main Dome Underground (MDU) (refer Figure 1), totalling 0.31Mt at 2.08g/t Au and 0.80% Cu.

Record development metres of 1,776m was achieved for the quarter, with 368m growth capital development including extension opportunities at West Dome Underground (WDU) and ESC. The second development drive from the MDU to the WDU progressed 255m during the March quarter and was 79% complete at quarter end.

Figure 1: March quarter mining areas

Processing

March quarter delivered processed tonnes of 4.82Mt with average head grade of 0.59g/t Au and 0.10% Cu. Recoveries were 88.4% for gold and 82.6% for copper for the quarter, maintaining the good recent recovery performance at Telfer under Greatland ownership. Gold and copper production of 82,723 oz and 4,128 kt respectively was achieved for the quarter.

The dump leach piping infrastructure replacement project, which aims to ensure the long-term productivity of dump leach ounces, was completed during the quarter and is operational.

Costs

March quarter actuals

Mining costs of $82.2 million were higher than the previous quarter due to higher overall ore mined and higher total material moved.

Processing costs of $81.5 million were lower than the previous quarter primarily due to lower surface maintenance costs incurred during the March quarter planned shutdown compared to the December quarter planned shutdown, and the processing of less Stage 2 material which requires more reagents and consumables.

Sustaining capex of $28.7 million was higher than the previous quarter due to higher spend on underground development.

Site services of $19.2 million were lower than the previous quarter, with costs weighted towards the first half of FY26.

Outlook

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

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

§  Processing plant power is generated onsite by natural gas that is produced in Western Australia and delivered via the Pilbara Pipeline System ex Port Hedland. Telfer's underground operation utilises an electric shaft hoist, reducing diesel intensity of Greatland's highest-grade ore sources.

§  Telfer maintains significant surface stockpiles of 23Mt @ 0.36g/t Au & 0.05% Cu estimated at the end of March 2026, equal to more than 12 months of mill feed.

§  Direct diesel costs at Telfer represent ~3.8% of the total cost base (operating and capital costs) YTD. It is acknowledged that continued elevated diesel prices have the potential to result in cost inflation across the resources sector and economy more broadly.

With YTD All-In-Sustaining Cost (AISC) of $2,136/oz Au, full-year AISC is currently expected to trend towards the lower end of the guidance range of $2,400 - $2,800/oz Au.

Stockpiles

Closing run-of-mine (ROM) ore stockpiles at 31 March 2026 are estimated at 1.9Mt at an average grade of 0.69g/t Au and 0.13% Cu for contained metal of 41koz Au and 2.4kt Cu. Drawdown of stockpiles during the quarter reduced to approximately 1.0Mt, the third consecutive quarter-on-quarter reduction, as increased output from open pit and underground accounted for more than 80% of total mill feed.

Low grade stockpiles at 31 March 2026 are estimated at 20.6Mt at average grade of 0.33g/t Au and 0.04% Cu for contained metal of 221koz Au and 9.1kt Cu.

Low-grade stockpiles are expected to be incorporated into the mine plan in FY27. Targeted trial campaigns commenced in the March quarter and will continue for the remainder of FY26 to assess both grade and metallurgical performance, with the outcomes to inform the FY27 processing schedule.

Table 2: Stockpiles (estimated)

Growth

A total of $82.1 million was spent on growth during the quarter, comprising:

§  Telfer: $41.8 million across TSF8 Stage 3 lift construction, TSF8 Stage 4 lift construction, West Dome Open Pit Stage 7 growth stripping, underground growth development (primarily across A-Reef, ESC and West Dome Underground) and new open pit mining fleet equipment. Full year Telfer growth capital guidance remains $230 - 260 million.

§  Havieron: $27.5 million for Feasibility Study costs and early works (refer below).

§  Exploration & resource development: $12.8 million capitalised for resource development from 52,981 metres of resource growth drilling, with a further $3.9 million of exploration expensed.

Havieron

Updates from the March 2025 quarter include:

§  Permitting and Approvals: The permitting processes with the Commonwealth Department of Climate Change, Energy, the Environment and Water (approval under the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act)) and the Western Australian Environmental Protection Authority (approval under the Environmental Protection Act 1986 (WA) (EP Act)) continued to progress during the quarter. Subsequent to quarter end, Greatland received Commonwealth primary environmental approval under the EPBC Act, with State primary environmental approval under the EP Act continuing to progress. The EP Act approval is targeted in FY26, with timing subject to ongoing processes.

§  Decline tunnel: The precast floor footings and reinforced concrete arch installation has completed (see Figure 2), with backfill and compaction now underway with completion scheduled for May 2026. The decline tunnel project will de-risk the long-life Havieron operation against rainfall events.

§  Blind bores: Preliminary works are progressing in line with schedule. Drill cutter heads were shipped and landed in Perth in April. Additional early works being undertaken in rig pre-commissioning and mobilisation planning.

§  Development mining: Mining continues from the primary decline across to the ventilation drives and access progressing towards the conveyor decline. Dewatering pump station installation progressing in line with scheduled requirements.

§  Resourcing: Project Office established with recruitment of key owner's team positions and project delivery partner underway.

§  Tendering: Commenced for critical path project packages (site bulk earthworks pads, evaporation ponds and electrical upgrades) in preparation for project FID.

Figure 2: Completed instillation of precast floor footings and reinforced concrete at Havieron portal

Mineral Resource update

The Company announced an updated Telfer Mineral Resource Estimate (MRE) (as at 31 December 2025) on 30 March 2026, with Telfer resources growing by 4.8Moz to 419Mt @ 0.59g/t Au & 0.09% Cu for 8.0Moz Au & 370kt Cu, at a discovery cost of $5/oz. Higher confidence Measured and Indicated Telfer Resources grew 163% to 170Mt @ 0.69g/t Au & 0.13% Cu, for 3.8Moz & 249Kt Cu.

Highlights from the Telfer MRE update included:

§  West Dome Open Pit (WDO) grew by 2.8Moz to 338Mt @ 0.45g/t Au & 0.04% Cu for 4.9Moz Au & 149Kt Cu (+135%) and includes a higher-grade component of 258Mt @ 0.53g/t Au & 0.05% Cu for 4.4Moz Au & 131kt Cu.

§  Main Dome Underground (MDU) MRE grew by 1.5Moz to 2.2Moz (+225%), including growth of 37.5Mt @ 1.09 g/t Au & 0.33% Cu for 1.3Moz Au & 125Kt Cu from the Vertical Stockwork Corridor (VSC) area below the previous sub-level cave mine area.

§  West Dome Underground Maiden MRE of 8.0Mt @ 2.30g/t Au & 0.44% Cu for 0.6Moz Au & 35Kt Cu, which consists of:

‒        Lower Limey Unit (LLU): 3.5Mt @ 3.36g/t Au & 0.51% Cu

‒        Western Stockwork Corridor (WSC): 4.5Mt @ 1.47g/t Au & 0.38% Cu

Total Group resources now stand at 550Mt @ 0.84g/t Au & 0.12% Cu for 14.9Moz Au & 645kt Cu (Havieron unchanged in the update).

Greatland's first MRE for O'Callaghans was also completed and totals 70Mt @ 0.35% tungsten trioxide (WO₃) / 0.30% Cu / 0.57% Zn / 0.28% Pb for 246Kt WO₃ / 207Kt Cu / 371Kt Zn / 182Kt Pb.

Table 3: 2025 Telfer & Havieron Mineral Resource Statement

Notes: Mineral Resources are reported as at 31 December 2025, grades are reported to two decimal places to reflect appropriate precision in the estimate, and this may cause apparent discrepancies in totals. Cutoffs for the Telfer MRE are applied based on a NSR using metal prices of $4,200/oz Au and A$6.50/lb and current site cost and revenue assumptions. Cutoffs for the Havieron MRE was based on a NSR using metal prices of A$2,360/oz Au and A$5.20/lb Cu.

Telfer Drilling & Exploration

The FY26 drill program continues with a total of 184,322m (resource growth and resource conversion drilling) across West Dome Open Pit, West Dome Underground and Main Dome Underground completed YTD. Greatland remains on track to complete the targeted 240,000m of drilling in FY26.

Corporate & Finance

Sales and revenue

Greatland retains full upside exposure to the gold price. Sales of 97,800oz Au and 4,620t Cu at average realised prices of $6,773/oz Au and $15,803/t Cu, generated net sales revenues of $742 million.

Payment was received during the December quarter for a shipment that commenced loading in December 2025 but was not completed until shortly after the quarter ended, comprising 17,014oz Au and 854t Cu. Accordingly, sales and revenue for this shipment has been recognised in the March 2026 quarter, however the cash of $119 million was received in the December 2025 quarter.

Cash and liquidity

Cash flow from operations for the quarter was $453 million, with cash build of $260 million, for a closing cash balance on 31 March 2026 of $1,208 million.

Greatland remains debt free with an undrawn $75 million working capital facility for total available liquidity of $1,283 million. 

Figure 3: March 2026 quarter cash movements

Notes:

1.     Corporate and finance includes corporate overheads, finance costs / interest, and premiums paid for gold put options.

A tax liability for FY25 of $73 million was paid in the March 2026 quarter. A quarterly tax instalment of $87 million will be paid in April 2026 based on an assessed rate of approximately 12% of instalment income, as determined by the ATO, for the March 2026 quarter. The tax instalment for the June 2026 quarter is expected to be paid in July 2026, following which Greatland will be re-assessed for monthly instalments in FY27.

Depreciation and amortisation (D&A) for the quarter was $43.6 million. Full year FY26 D&A is expected to be approximately $140 million, weighted towards H2.

Heading profile - downside price protection with full upside exposure

Greatland continues to maintain full upside exposure to the gold price, while achieving downside price protection through gold put options. Greatland's current gold put options are the following:

Table 4: Gold put option program

Sustainability

No lost time injury occurred during the quarter, and the 12-month moving average lost time injury frequency rate (LTIFR) is 0.2. There were no environmental non-compliances or significant incidents reported during the quarter. Greatland's TRIFR at quarter end was 4.6 (31 December 2025: 5.5).

Corporate Structure

This announcement is approved for release by Shaun Day, Greatland's Managing Director.

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 (AIM:GGP, ASX: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.

Forward-Looking Statements

This document includes forward-looking statements and forward-looking information within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "targets", "outlook" and "guidance", or other similar words and may include, without limitation, statements regarding estimated reserves and resources, certain plans, strategies, aspirations and objectives of management, anticipated production, study or construction dates, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Greatland operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward-looking statements are based on assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Greatland's business and operations in the future. Greatland does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Greatland. Forward-looking statements in this document speak only at the date of issue. Greatland does not undertake any obligation to update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based.

Non-GAAP Measures

Some of the financial performance measures used in this announcement are non-IFRS financial measures, including "all-in sustaining cost", "total cash cost", "net cash", "free cash flow", "operating cash flow", "sustaining capital" and "growth capital". These measures are presented as they are considered to provide useful information to assist investors with their evaluation of the business's underlying performance. Since the non-IFRS performance measures listed herein do not have any standardised definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

ASX Listing Rule 5.23

This announcement contains references to Mineral Resource estimates for Telfer, Havieron and O'Callaghans, which have been extracted from the Company's ASX announcements dated 30 March 2026 titled 'December 2025 Group Mineral Resource Statement' and 'December 2025 O'Callaghans Mineral Resource Statement'.

The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements, and in the case of the estimates of Mineral Resource and Ore Reserve, that all material assumptions and technical parameters underpinning each of the estimates in the relevant ASX announcement continue to apply and have not materially changed.