Grange Resources (GRR) Q3 2026 TU earnings summary

Executive summary

• Q3 delivered higher production and sales, lower unit cash operating costs, and increased cash reserves; FID for the North Pit Underground Project was made on 14 October.

• The Sub-Level Cave development is expected to extend production and pellet supply continuity to 2035.

Financial highlights

• Cash and liquid investments rose to A$300.41m from A$267.90m in the June quarter; trade receivables fell to A$7.82m from A$23.72m.

• Growth capex expenditure was ~A$15.9m during Q3, including equipment rebuilds and furnace MCC and PLC upgrades.

Outlook and guidance

• Underground development is scheduled to recommence in Q1 2027; first Sub-Level Cave ore is expected in 2028, ramping to ~4 Mtpa by 2030.

• Open-pit mining is expected to be completed during 2028; Sub-Level Cave production is forecast to support pellet supply continuity to 2035.

• A future Block Cave remains an option, subject to further studies, funding and a separate investment decision.