Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, ASX:GGP) has reported a strong opening to its 2026 financial year, producing 80,890 ounces of gold and 3,366 tonnes of copper in the September quarter at an all-in sustaining cost (AISC) of $2,155 an ounce.
The company generated $284 million in operating cash flow, closing the period with $750 million in cash and no debt.
Gold recovery averaged 88.6%, the highest quarterly rate achieved at the Telfer mine since 2010, while there were no lost-time injuries.
Quarterly sales reached 82,199 ounces of gold and 3,277 tonnes of copper, generating $476 million in net revenue at average realised prices of $5,277 per ounce of gold and $12,552 per tonne of copper.
The company has now delivered $885 million in cumulative cash flow from operations since completing the Telfer acquisition in December 2024, surpassing its initial $541 million acquisition cost.
Growth investment remained a focus during the quarter, with $69.8 million in capital spending across Telfer’s tailings expansion, open pit pre-stripping, underground development and fleet renewal.
Resource drilling accelerated, with 53,543 metres completed in the quarter, almost double the previous period, as part of a record 240,000-metre annual programme. Drilling identified an encouraging new high-grade zone at the West Dome Underground area.
Work on the Havieron feasibility study and early site activities is continuing, with completion targeted for December 2025. The company said strong cash generation from Telfer provides flexibility and de-risks funding for Havieron’s future development.
Managing director Shaun Day said the quarter had delivered “tremendous cash generation” and confirmed that the company remains on track with its growth and exploration plans.
“This cash build was achieved notwithstanding $87 million of growth capex and exploration spending,” he said. “We are pleased to see encouraging results across the Telfer operations, particularly the new high-grade zone at West Dome Underground.”
Greatland maintained its full-year production guidance of 260,000 to 310,000 ounces of gold at an AISC between $2,400 and $2,800 an ounce, with output expected to be slightly weighted towards the first half of the year.
The company also retains full upside exposure to the gold price, with downside protection through gold put options set at $3,905 per ounce for calendar 2025 and $4,200 per ounce for 2026.