This report is the updated version of the report published on December 11, 2025, 09:05 AM GMT.

Greatland Resources Limited

Greatland Resources Limited (LSE: GGP), a member of the FTSE AIM 100 index, is an Australia-based gold and copper producer engaged in operating the Telfer gold mine, advancing the Havieron gold-copper project, and exploring a broad regional portfolio. This Report covers the Key Recommendation Rationale, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 427.90

• Resistance near Current levels: GGP’s stock price has breached Resistance (R1) which was stated in the previous report on 10 November 2025 therefore, there can be a possibility of a decline from resistance levels. Considering the market conditions and the price action, it is prudent to exit the stock.
• Heavy Reliance on a Short Operating Period for Results - The financial performance is based on only seven months of Telfer operations, which may not fully reflect the sustainability of margins or production levels over a full year. This creates uncertainty around whether such exceptional revenue and profit figures can be consistently replicated, particularly once costs stabilise and ongoing operational challenges emerge.
• Significant Future Financial Commitments and Liabilities - Despite the current debt-free position, Greatland faces large deferred consideration obligations of up to US$100 million to Newmont, as well as proposed banking facilities of up to $775 million related to Havieron development. These commitments could lead to substantial future cash outflows or higher leverage, increasing financial risk at a time when the company is transitioning from acquisition to long-term operational execution.

Valuation Methodology: Price/ Earnings Approach

Share Price Chart  

Price Chart (as of December 11, 2025). Source: Refinitiv 

Conclusion

GGP is expected to trade at a discount, considering Heavy Reliance on a Short Operating Period for Results and fears of global slowdown. For conducting the valuation, the following peers have been considered – Serabi Gold PLC (LSE: SRB), Griffin Mining Ltd (LSE: GFM) and others.

Given its current trading levels, Significant Future Financial Commitments and Liabilities, recent rally in the share price, relative valuation, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 427.90 as of 11 December 2025 at 08:21 AM GMT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 11 December 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: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and/or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 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 6: Dividend Yield may vary as per the stock price movement.