Greatland Resources Limited (GGP) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thanks, Darcy, and welcome everyone to the Great Learned March 2025 quarterly result. This is our first full quarterly result for Telta Havron, so we're really pleased to share it with you today. Joining myself is Rowan Krasnoff, Head of Business Development. So with that, I'll try to go through the deck reasonably briefly to leave the balance of time for questions. But when we look at the March quarter result, we felt it was a really positive quarter for us. We produced just over 90,000 ounces, 90.2 thousand ounces of gold, plus 3.5 thousand tonnes of copper. and we delivered that at a $2,126 all-in sustaining cost. Our realized price for the quarter was really strong because we're not heads. We fully participate in the gold price. And, of course, now we're in a market with a $5,000 gold price, which is really positive. What did that lead to? That helped us to deliver free cash flow of $253 million. That $253 million, you can see that in our bank account. We went from $145 million at the end of December to $398 million at 31 March. We're debt-free. This has given us a fantastic foundation for growth. We also, during the quarter, added a little bit more protection. The way we've done this is we've bought some gold put options. Put options are the... path of least regret. It's a right but not an obligation to deliver. So we've got options sitting there at $4,200 across coming the year 2026. Of course we celebrate when they expire unused and we're participating in the higher spot price but we think it's a really sensible protection because it's effectively locking in a margin circa $2,000 August which we think is incredibly cheap insurance for us to achieve that. We also came out with quarterly guidance for the full year. This is effectively the period just less than s...