Grange Resources (GRR) Q2 2025 TU earnings summary

Executive summary

• Achieved 813 days Lost Time Injury free, maintaining outstanding safety performance.

• Increased concentrate production to 520kt and pellet production to 607kt, both higher than the previous quarter.

• Pellet sales rose to 573kt, up 34.7% from the March quarter, driven by higher production and stockpile drawdown.

• Access to higher-grade ore at Centre Pit expected to support production for the remainder of the year.

Financial highlights

• Average realised product price dropped to US$105.30/t (A$164.32/t), down from US$124.15/t (A$198.01/t) in the March quarter.

• Cash and liquid investments decreased to A$239.37 million, mainly due to accelerated waste stripping and growth capex.

• C1 unit costs averaged A$182.32/t, up from A$178.08/t in the previous quarter, peaking early in the quarter and declining in June.

• Operating costs remained below budget and are forecast to decrease in the second half of 2025.

Outlook and guidance

• Forecast to meet full-year production plan and budgeted costs, with concentrate production expected to increase.

• Strip ratio at Centre Pit expected to decrease, supporting lower costs and higher ore grades.

• Steel prices have strengthened in July, with current pellet pricing indices at approximately US$120/t.