Greatland Resources Executes Conversion of 437,500 Employee Options to Ordinary Shares Under Incentive Plan

Employee Share Trust Enables Smooth Option Conversion at Greatland Resources

The 437,500 vested options were converted through the Greatland Resources Limited Employee Share Trust, with CPU Share Plans Pty Limited serving as trustee. Instead of issuing new shares from treasury, the transaction involved transferring existing fully paid ordinary shares from the trustee to the option holder. This approach is a common structure for employee incentive schemes in Australia, allowing companies to hold shares in trust so that when options vest and are exercised, settlement occurs via internal share transfers rather than dilutive new share issuances.

The company’s update clarifies that this conversion is part of the quarterly maintenance of securities issued under the employee incentive scheme. Notably, the exercised options were not held by key management personnel or associates, nor were they issued under schemes requiring additional disclosure for KMP transactions. This distinction is important for investors evaluating the nature of securities movement, indicating the conversion pertains to a broader employee base rather than executive remuneration.

Details of Converted GGPAC Options: Exercise Price, Expiry, and Exercise Window

The converted options fall under ASX code GGPAC, with an expiry date of 19 September 2033 and an exercise price of $0.04 per option. The exercise window ran from 30 April 2026 to 12 May 2026, with the resulting 437,500 ordinary shares issued and transferred on 14 May 2026. The low exercise price reflects terms set when these options were originally granted under the employee incentive scheme.

The update notes that these 437,500 options do not represent all outstanding GGPAC options. After this conversion, 800,000 GGPAC options remain unexercised, all with the same $0.04 exercise price and 19 September 2033 expiry. Investors should watch for potential future exercises of these remaining options, which would also result in transfers of existing shares from the Employee Share Trust rather than new share issuances.

Greatland Resources’ Capital Structure Post-Conversion

Following this option conversion, Greatland Resources has 674,667,361 fully paid ordinary shares (ASX:GGP) quoted on the ASX, as reported in Part 4 of the company’s Appendix 3G filing. The filing includes a standard caveat that automatically generated securities figures may not reflect the current issued capital if other forms are concurrently processed by ASX, so investors should consider this an indicative figure pending any simultaneous lodgements.

Unquoted securities include 17,631,000 warrants (GGPAA), 800,000 options (GGPAC) expiring 19 September 2033 at $0.04, and 6,750,171 performance rights (GGPAD). These unquoted instruments represent potential future claims on share capital. The company did not disclose exercise prices, vesting conditions, or expiry dates for the GGPAA warrants or GGPAD performance rights in this update.

Investor Transparency via Appendix 3G Filing

The Appendix 3G is an ASX regulatory form used to notify the market when unquoted equity securities such as options, performance rights, or warrants are converted or exercised into quoted securities. For Greatland Resources, this filing is the formal method to keep the market informed of changes to the company’s securities structure arising from employee incentive scheme activity. This notification, filed on 14 July 2026, is the first formal lodgement regarding these 437,500 converted options and was submitted approximately two months after the 14 May 2026 share issue date.

From a governance perspective, the Appendix 3G process ensures that any share movements from trust vehicles to individual holders—even without new share creation—are formally recorded and disclosed. This provides retail and institutional investors with confirmation that Greatland Resources is conducting routine employee incentive scheme maintenance. The use of an Employee Share Trust, administered by CPU Share Plans Pty Limited, demonstrates a professionally managed approach common among ASX-listed companies with established incentive programs.

Future Dilution Potential from Remaining Unquoted Securities

With 674,667,361 ordinary shares quoted on ASX, Greatland Resources holds a significant pool of unquoted securities that could convert into ordinary shares. The 17,631,000 GGPAA warrants represent the largest potential conversion pool, followed by 6,750,171 performance rights (GGPAD) and 800,000 remaining GGPAC options at $0.04. Collectively, these unquoted instruments total approximately 25,181,171 potential additional ordinary shares, representing about 3.7% of the current quoted share count on a fully diluted basis based on disclosed figures.

Investors should note that actual dilution depends on whether and when these securities are exercised or vest. Performance rights typically vest upon meeting performance and time-based criteria, so not all 6,750,171 may convert. Similarly, the warrants and remaining options depend on holder decisions and market conditions relative to exercise prices. The company did not disclose exercise prices or vesting conditions for GGPAA warrants or GGPAD performance rights in this update. Shareholders seeking a full picture of Greatland Resources’ fully diluted capital structure should consult the latest annual report or securities register.

Employee Incentive Scheme’s Role in Talent Retention at Greatland Resources

Employee share and option schemes are widely used retention and incentive tools for ASX-listed companies, especially in the resources sector where skilled personnel competition is strong. By granting options at a fixed low exercise price—in this case $0.04 for GGPAC—Greatland Resources aligns employee financial interests with shareholders by enabling participation in equity upside over the long term. The Employee Share Trust, administered by CPU Share Plans Pty Limited, provides a structured, compliant vehicle for holding and transferring shares to eligible employees.

The update confirms this conversion involved employees who are not key management personnel, indicating the scheme extends beyond executives to a broader employee base. The quarterly maintenance of scheme securities reflects regular administrative reviews to ensure vested entitlements are settled orderly. This quarterly cadence is typical of well-governed employee incentive programs and provides the market with consistent, incremental updates on share movements within the scheme rather than infrequent large disclosures.

About Greatland Resources Limited and Its ASX Securities

Greatland Resources Limited is an ASX-listed company trading under ticker GGP. This update focuses solely on securities conversion activity and does not detail the company’s operations, projects, or assets. Investors seeking comprehensive information on Greatland Resources’ business activities should consult the company’s investor relations materials, annual reports, and other ASX disclosures.

From a securities perspective, Greatland Resources maintains a structured capital base with both quoted and unquoted instruments. Ordinary shares (GGP) are the primary listed security, complemented by warrants, options, and performance rights as unquoted instruments. Multiple classes of unquoted securities are typical for development-stage resources companies that use equity-linked instruments for employee retention, capital raising, and incentives. The immediate share price impact of this option conversion was not evident from public information; investors should assess this capital structure update in the context of broader market conditions and company progress.

Timeline for GGP Option Exercise and Share Issuance

The option conversion process spanned several weeks with key milestones: the first GGPAC option exercise occurred on 30 April 2026, initiating the exercise window. The final exercise date was 12 May 2026, with all 437,500 options exercised within approximately two weeks. The resulting ordinary shares were issued and transferred on 14 May 2026, completing settlement. The Appendix 3G notification was lodged on 14 July 2026, about two months after the share issue, consistent with the company’s quarterly maintenance reporting approach.

The delay between the 14 May 2026 issue date and 14 July 2026 lodgement aligns with the company’s practice of grouping quarterly employee incentive scheme conversions for reporting rather than disclosing each transaction individually. Investors should be aware that formal market notifications may lag actual share transfers, which is a common and permissible practice for employee incentive transactions not involving key management personnel.