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Greatland Gold

GGP.L
81
Gold · Basic Materials
Price
714.50 GBp
+14.50 (+2.07%)
Market Cap
£4.80B
Exchange
London Stock Exchange
Winston Score
81
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Exceptional
Growth
Strong
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good

Share count falling — buybacks

86.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 3.87B (2021) → 534.1M (2025)

Winston Score History

The full picture

Greatland Gold is a British mining company that finds and develops gold deposits. Its main asset is the Havieron gold-copper project in Western Australia, which it developed in partnership with Newmont, one of the world's largest gold miners. The company focuses on exploration and early-stage production, selling gold and copper to commodity markets.

Greatland Gold earns revenue by mining and selling gold and copper ore. It operates primarily in Australia, and its partnership with Newmont gives it access to established infrastructure and mining expertise that smaller exploration companies typically lack. The key growth driver is ramping up production at Havieron, but the main risks are typical for junior miners — cost overruns, commodity price swings, and the operational challenges of moving from exploration into full-scale production.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

38.4%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£289M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
51.3%
Healthy — 51.3% gross margin
Profit after running costs
Operating Margin
49.4%
Excellent — 49.4% operating margin
Return on the money invested
ROCE
51.6%
Exceptional — 51.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
>+1,000%
Fast-growing sales (>+1,000% YoY)
Profit growth
EPS YoY
>+1,000%
Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
198%
Turns 198% of profit into real cash
Spare cash per sale
FCF Margin
46.7%
Converts sales into free cash efficiently (46.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
308.71x
Comfortably covers interest (308.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.2x
Fair value — P/E 15.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.
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