This report is an updated version of the report published on 11 November 2025, at 1:15 PM AEDT.

Greatland Resources Ltd (ASX: GGP)

Company Overview: Greatland Resources Limited (ASX: GGP) is an Australian gold and copper producer, primarily operating the Telfer gold mine—one of Australia’s largest gold-copper mining complexes—located in Western Australia. The company also holds a 100% interest in the nearby Havieron gold-copper project, which is currently under development, and maintains a regional exploration portfolio across Western Australia. 

Recommendation Rationale: SELL at AUD 8.240

• Surpassed Resistance: GGP’s share price has surpassed the ‘Resistance 2’ level recommended on 29 October 2025, representing over 18% gain in a short period, making it an opportune moment to realize profits.
• Rising Costs: The company reported a significant increase in all-in sustaining costs (AISC) expected to surge to AUD 2,400-2,800 per ounce in FY26, up from historical levels. This raise concerns over margin erosion despite expected higher production volumes.
• Investor Confidence and Management Concerns: The swift revision of forecasts right after listing has raised questions about management’s depth of due diligence and operational insight, eroding investor trust in the leadership and future execution.
• Market Volatility and Valuation Risks: The stock has experienced volatile trading and sharp price declines triggered by these operational and guidance setbacks, indicating heightened risk and fragile valuation in the near term.

Daily Price Chart

(Source: REFINITIV; Analysis by Kalkine Group; Chart Date: 11 November 2025)

Valuation Methodology: Price/Cash Flow Multiple Approach (FY June'26E) (Illustrative)

Stock might trade at a slight premium to its peers considering the profit growth in FY25, acquisition and integration of Telfer Mine and Havieron project, and expected production increase. For conducting the valuation, the following peers - Vault Minerals Ltd (ASX: VAU), Catalyst Metals Ltd (ASX: CYL), and Aurelia Metals Ltd (ASX: AMI), have been considered.

Given the stock is approaching to its R2 level, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 8.240, as of 11 November 2025, at 12:45 PM AEDT.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 11 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 5: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.