They are some very interesting updates recently, Both Newcrest and Newmont, as previous owners/ operators, removed the stockpile tonnes from Ore Reserves.
• Greatland’s IPO prospectus reinstated these same tonnes as Ore Reserves and included them in forward production targets, without disclosing the prior downgrades or providing the technical justification for reversing the decision of two major global mining companies.
Key question: What new evidence or technical rationale did Greatland rely on to reinstate tonnes that both Newcrest and Newmont had excluded?
• The timing of first ore from Havieron—now not expected until 2028—raises further questions, especially given that the current EPA approval has not been updated since December 2024, when public consultation closed. • Greatland’s prospectus relied on the 2021 hydrogeological report for critical water management and cost assumptions in its PFS, despite having submitted updated 2024 EPA hydro modelling that demonstrated materially higher water inflows (up to 4x greater, with reclassification to an unconfined aquifer) and much higher costs.
The 2025 prospectus did not disclose the material differences between the 2021 and 2024 hydro models, leaving investors unaware of significant new risks (unless they went hunting on the EPA website) and the fact that the PFS is no longer valid under the updated assumptions.
AZY Price at posting:
56.5¢ Sentiment: Buy Disclosure: Held
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