GREATLAND RESOURCES LIMITED (AIM:GGP, OTC:GRLGF, ASX:GGP) has posted a strong performance for the June 2025 quarter, capping off a pivotal year marked by strategic acquisitions and significant operational gains.
With the integration of the Telfer and Havieron projects in Western Australia now complete, the company is positioned for continued growth, reporting $600 million in cash flow generated from just seven months of operations and more than 198,000 ounces of gold produced in FY25. It also highlighted a major milestone in the quarter with the successful completion of an initial public offering (IPO) in June that garnered “exceptionally strong” demand.
“The June 2025 quarter result has capped a transformational 2025 financial year for Greatland, in which we acquired and successfully integrated 100% ownership of Telfer and Havieron, extended Telfer’s mine life, generated more than $600 million of operating cash flow, and successfully completed an IPO on the ASX,” managing director Shaun Day said. “Greatland has emerged from the year as a leading Australian gold-copper producer.”
Key operations and financial highlights
In the June quarter, Greatland produced 78,283 ounces of gold and 3,729 tonnes of copper at an all-in sustaining cost (AISC) of $1,736 per ounce of gold. These results contributed to a record annual production of 198,319 ounces of gold, slightly below guidance due to unforeseen delays caused by Cyclone Zelia.
June quarter mining areas.
Despite this, AISC came in below forecast at $1,849 per ounce, reflecting operational efficiencies and stronger-than-expected copper credits.
The company achieved net sales revenue of $487 million in the quarter, with average realised prices of $5,014 per ounce for gold and $12,718 per tonne for copper. This was supported by robust operating cash flow of $310 million, bringing the closing cash balance to $575 million as of June 30, 2025.
Greatland remains debt-free, well-positioned to fund ongoing capital investment plans.
Growth strategy and investments in Telfer and Havieron
Greatland’s FY25 growth capital investment totalled $97 million, within guidance, with a significant portion of this amount directed towards extending the life of the Telfer mine, one of Australia's largest gold-copper mining complexes.
Telfer tenements.
The company is already progressing with key life-extension projects, including pre-stripping work in the West Dome Open Pit and ongoing development at the West Dome Underground. Greatland also initiated its largest-ever drilling program at Telfer, with plans for 240,000 metres of drilling across the mine in FY26. This work aims to expand resources and support multi-year mine life extensions.
Telfer historic and planned FY26 drilling.
At Havieron, the company is advancing its feasibility study, with a targeted completion date in the December 2025 quarter. Havieron remains a key growth project, with Greatland focused on progressing early works and obtaining development approvals.
Strong outlook for FY26
Looking ahead, Greatland is targeting gold production of between 260,000 and 310,000 ounces in FY26, with AISC ranging from $2,400 to $2,800 per ounce. The company plans to invest between $230 million and $260 million into growth capital at Telfer, focusing on the drilling campaign, mine life extension projects, and infrastructure upgrades. These investments aim to ensure Telfer’s continued production and extend the mine’s life well beyond its current horizon.
The company also plans $60 million to $70 million in growth capital for Havieron, setting the stage for the next phase of development.
“Looking ahead to FY2026, at Telfer we are focused on continuing safe and strong operational performance,” Day said. “Greatland is targeting further multi-year Telfer mine life extensions by making important reinvestments, including into the drill rig with Telfer’s largest-ever drill program.
“At Havieron, Greatland is well placed to complete our feasibility study on the expanded development in the December 2025 quarter and then resume the development of the world-class gold-copper project.”