GREATLAND RESOURCES LIMITED (GGP)
Share Price Analysis and Chart

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29/08/2025

1

Outperform

$7.10

14.89%

Greatland Resources' FY25 result was mixed, Macquarie notes, with earnings impacted by non-cash inventories while materially lower D&A saw a 43% profit 'beat'.

No dividend was declared, as expected, while net cash was a slight miss due to a half on half lease liability build. Commentary states the result was relatively messy given it is the first look at earnings post finalisation of the Telfer/Havieron acquisition.

Importantly, says Macquarie, there was no change to FY26 guidance. Target falls to $7.10 from $7.80, Outperform retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 59.70 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.80 cents.

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04/09/2025

2

Overweight

$5.75

-6.96%

Greatland Resources presented its first full-year results in AUD, and Jarden highlights they were largely in line with its expectations.

The difference lay mainly in inventory changes, forex gains and higher-than-expected tax, which led to a miss at the net profit line.

The broker made minimal changes to FY26 operational forecasts with production unchanged at 284koz at cost of $2,735/oz vs guidance of 260-310koz at $2,400-2,800/oz cost.

FY26 EBITDA forecast lifted by 8% on higher gold price forecast, but no change to FY27-28 estimates.

Overweight. Target rises to $5.75 from $5.70.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 52.60 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 15.40 cents.