Greatland Resources Limited (GGP) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thanks, Darcy. Sean Day here from Great Learned. I'm joined on the call by Simon Tyrrell, Chief Operating Officer, Nick Conley, Chief Financial Officer, and Rowan Krasnoff, Chief Development Officer. Let me just say up front that we recognise our guidance is different and lower than the outlook previously provided. The reason for the change is that part of the FY26 budget process we undertook a risk assessment and we felt it was appropriate and prudent to apply a risk factor to the expected grade of the ROM stockpiles which we acquired through the acquisition and to some open pit material planned to be mined this year. The risk rating of the ROM stockpile has been an outcome of our budgeting process. After we saw the full June quarter numbers, and that gave us multiple data points, we decided to take the decision to ensure that we were taking a conservative approach to delivering FY26 year guidance. The previous approach at the Telfer site was for indicated resource to be defined around a 50 by 50 metre drilling spacing. since acquisition, has moved to a high density of 25 by 25 metre drill spacing, which we think is the structural fix for this in the medium to long term. So what does this mean for FY26 guidance? Although the answers are still potentially there, we wanted to provide a more conservative and high confidence range. Hence, we risk rated the ore grade on those pre-acquisition ROM stockpile and ore that was still drilled out to that 50-50 drill spacing. And with that ROM stockpile, the majority of that is going to be processed in this FY26 year. In terms of FY27, the ROM stockpile is anticipated to be a small component of mill feed. And with the increased density of drilling, ultimately, I think we are well-placed to overcome the legacy variances in grade....