This report is an updated version of the report published on 22 September 2025 at 12:03 PM AEST.

Greatland Resources Limited (ASX: GGP)  

Greatland Resources Limited is an Australian gold and copper mining company. The company focuses on exploration, mine development, operations, and the sale of gold and gold-copper concentrate. Greatland’s operations are headquartered in Subiaco, Western Australia.

Recommendation Rationale – SELL at AUD 7.13

• Technical Standpoint: GGP’s share price has surpassed the R1 level recommended on 8 September 2025. The approx. 14-day RSI is now around 73.60, trading in overbought territory. This upward move raises the likelihood of a near-term pullback as profit-taking sets in, increasing the probable risk of short-term consolidation.
• Rising Finance Costs: Finance costs surged to AUD 6.6 million in FY25 from AUD 1.7 million in FY24, indicating higher debt servicing pressure.
• Increasing Non-Current Liabilities: Total non-current liabilities jumped to AUD 460.3 million in FY25 from AUD 83.3 million in FY24, reflecting a significant increase in long-term obligations.
• Overvalued Multiples: On a forward 12-month – key valuation multiples (EV/EBITDA, Price/Earnings, and Price/Cash Flow) are higher than average of the Basic Materials’ sector. 

GGP Daily Price Chart 

(Source: REFINITIV; Analysis by Kalkine Group)  

Valuation Methodology: Price/Earnings Approach (FY June'26E) (Illustrative)

The stock might trade at a premium to peers given its turnaround to a net profit of AUD 337.3 million in FY25 from a loss of AUD 28.6 million in FY24, and improvement in diluted EPS to 63.1 cents in FY25 from negative 11.2 cents in FY24.

For conducting the valuation, peers Emerald Resources NL (ASX: EMR), Gold Road Resources Ltd (ASX: GOR), and Develop Global Ltd (ASX: DVP) have been considered.

Given its current trading levels, 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 7.13, as of 22 September 2025 at 11:33 AM AEST.

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 22 September 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. 

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