Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said it produced almost 30,000 ounces of gold and more than 1.100 tonnes of copper in the first month of its ownership of the Telfer mine in Pilbara, Western Australia.
Dual train processing operations resumed on the first day of completion on 4 December, added the miner, with 1,466kt of ore processed to 31 December 2024.
In addition, some 539,000 tonnes of ore were mined from the West Dome open pit and 95,000t underground with run-of-mine stockpiles at 10.9Mt containing 247,000 oz gold and 7.6kt copper.
A feasibility study for development project Havierion, the other part of Greatland's mega acquisition, is targeted for the second half of this year.
Cash at the end of December was A$145 million with an undrawn A$75 million working capital facility.
Greatland added that the total production 33,882 oz gold equivalent since it took was up by a third on the average in the original mine plan, though it tempered this by adding the mill grade was higher than planned.
Shaun Day, managing director, said: "We are really pleased with the start we have made to our ownership of Telfer and Havieron."
"Transforming overnight from an explorer and developer to the owner and operator of Australia's third largest gold-copper processing operation is a substantial achievement.
"The combination of the high Australian dollar gold price, very substantial mined stockpiles at surface, Telfer mine life extension targets, and the approaching development of the world-class Havieron gold-copper asset presents a unique opportunity for near-term cashflow and medium-term growth.”
Day added that cost guidance will be provided with the March 2025 quarterly update, while it is still targeting a listing on the ASX in this year’s second quarter.