Greatland Resources (LSE:GGP) has granted 774,272 long-term incentive performance rights to employees under its FY27 equity incentive plan, including awards to Chief Operating Officer Nickolas Strong and Chief Financial Officer Monique Connolly.
The gold and copper mining company said the awards provide eligible employees with rights to receive ordinary shares, subject to vesting and exercise conditions linked to continued service and performance over a three-year period.
The performance period runs from 1 July 2026 to 30 June 2029, with achievement against the relevant targets to be assessed at the end of the 2029 financial year.
The company has also disclosed awards to persons discharging managerial responsibilities (PDMRs) in accordance with UK Market Abuse Regulation requirements.
Performance Rights Linked to Shareholder Returns and Mineral Resources
Greatland’s FY27 long-term incentive awards are subject to performance conditions covering shareholder returns and the development of the company’s mineral resource and reserve base.
The three-year performance framework includes relative total shareholder return (TSR), assessed against an index and a designated peer group.
Total shareholder return measures investment performance through changes in share price and distributions to shareholders over the assessment period.
Additional performance conditions relate to growth in mineral resources and reserves, reflecting the company’s operational focus on its gold and copper assets in Western Australia.
The different performance measures carry specified weightings within the incentive plan, although the supplied announcement does not provide the individual percentage allocations.
Vesting will depend on the achievement of the applicable performance hurdles and satisfaction of service conditions.
Awards Include Chief Operating Officer and Chief Financial Officer
The 774,272 performance rights granted under the FY27 plan include allocations to Chief Operating Officer Nickolas Strong and Chief Financial Officer Monique Connolly.
The awards form part of Greatland’s equity-based remuneration arrangements for employees and senior management.
Under the plan, participants may become entitled to ordinary shares if the relevant vesting requirements are satisfied and the rights are exercised.
The company has disclosed the awards made to its PDMRs, including information concerning the number of rights, grant date and applicable terms.
The disclosures are intended to meet regulatory requirements governing transactions and remuneration arrangements involving senior executives of listed companies.
The announcement does not specify the individual allocations to Strong and Connolly in the supplied material.
Havieron Project Delivery Included in Managing Director Incentives
Greatland’s incentive arrangements also include a performance condition linked to delivery of the Havieron gold-copper development project.
This condition applies to the managing director’s incentive arrangements and remains subject to shareholder approval.
Havieron is located in Western Australia’s Paterson Province, adjacent to Greatland’s Telfer mining operation.
The project forms part of the company’s plans to develop its gold and copper production assets in the region.
The inclusion of a Havieron delivery condition introduces a project-specific performance measure alongside the broader shareholder return and mineral resource targets used in the incentive framework.
Any awards subject to shareholder approval will depend on the relevant approval being obtained.
Equity Awards May Result in Additional Ordinary Shares
The performance rights represent potential future entitlements to ordinary shares rather than immediate allocations of shares.
The number of rights that ultimately vest will depend on the applicable service requirements and performance outcomes over the three-year assessment period.
Where rights vest and are exercised through the issue of new shares, the awards could increase Greatland’s issued share capital and dilute existing shareholders’ percentage ownership.
The actual impact will depend on the number of rights that vest and the method used to satisfy the awards.
The performance conditions will be assessed following the conclusion of the period ending 30 June 2029.
Greatland Continues Development of Telfer and Havieron Assets
Greatland operates a portfolio of gold and copper assets in Western Australia, including the wholly owned Telfer mine and the adjacent Havieron development project.
Telfer is an established mining operation, while Havieron represents a development asset within the same regional mining area.
The company’s activities also include exploration across the Paterson Province, where it is evaluating opportunities to expand its mineral resource and reserve base.
Growth in resources and reserves is one of the measures incorporated into the FY27 performance rights programme.
Greatland’s operational strategy includes managing production at Telfer, advancing Havieron and undertaking exploration activities across its regional portfolio.
About Greatland Resources
Greatland Resources (LSE:GGP) is a gold and copper mining company with operations and development projects in Western Australia.
The company is listed on the Australian Securities Exchange and London’s AIM market.
Its principal assets include the 100%-owned Telfer gold-copper mine and the neighbouring Havieron development project in the Paterson Province.
Greatland also holds regional exploration interests and focuses on mineral resource development, mining operations and the advancement of its gold and copper project portfolio.
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