Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has capped a strong December quarter at its Telfer gold-copper operation, delivering higher production, robust margins and a further step-up in cash generation as its first full year of ownership draws to a close.
The company produced 86,273 ounces of gold and 3,528 tonnes of copper during the quarter at an all-in sustaining cost (AISC) of $2,196 per ounce, generating cash flow from operations of $406 million and lifting its closing cash balance to $948 million. Greatland remains debt free.
December 2025 quarter cash movements.
Managing director Shaun Day said the result reflected continued operational momentum across mining, processing and cost control.
“We are pleased to have delivered another strong operational performance in the December quarter, with gold production of 86,273 ounces at an AISC of $2,196 per ounce,” Day said. “Key drivers included continued growth in open pit ore mined (a 32% increase in volume of mill feed mined) and maintained high gold recovery of 88.4%, continuing the strong trend from last quarter.”
Production and operating performance
December quarter output increased on the prior quarter as higher open pit mining rates were maintained and recoveries remained strong.
Key operating highlights included:
- Gold production: 86,273oz (September quarter: 80,890oz)
- Copper production: 3,528t (September quarter: 3,366t)
- Gold recovery: 88.4%, consistent with the previous quarter
- Processed tonnes: 4.51Mt at an average head grade of 0.65g/t gold
Mining productivity continued to improve, supported by fleet upgrades and expanded working areas in the open pits, while underground mining remained focused on the Main Dome and West Dome Underground areas.
December quarter mining areas.
Cash flow, revenue and guidance outlook
Greatland sold 72,212 ounces of gold and 3,301 tonnes of copper at average realised prices of $6,301 per ounce and $14,652 per tonne respectively, generating net revenue of $507 million for the quarter.
With full exposure to the gold price, the company recorded a $198 million cash build over the period, even after a one-off $46 million stamp duty payment related to the Telfer-Havieron acquisition.
Based on first-half performance, Greatland now expects:
- FY26 gold production to trend towards the upper end of guidance (260,000–310,000oz)
- FY26 AISC to trend towards the lower end of guidance ($2,400–$2,800/oz)
Growth investment and drilling momentum
Growth capital spending totalled $90.3 million for the quarter, including $61.2 million invested at Telfer across tailings expansion, open pit pre-stripping, underground development and fleet renewal.
The company’s record 240,000-metre FY26 drilling program continued at pace, with 54,204 metres completed during the quarter. Drilling at West Dome Underground delivered the highest-grade intercept to date, including 55.3 metres at 7.4 g/t gold and 0.43% copper from 427 metres.
A maiden mineral resource estimate for West Dome Underground is targeted for the March 2026 quarter.
Havieron feasibility milestone
During the quarter, Greatland completed the Havieron Feasibility Study, confirming a pathway to a long-life, lowest-quartile cost gold-copper mine leveraging existing Telfer infrastructure.
The updated Havieron ore reserve of 38.5Mt contains 3.3Moz of gold and 128,000t of copper, making it the largest Australian underground gold reserve outside the global majors.
“Conclusion of the December quarter completes our first full 12 months of ownership of Telfer, in which we produced over 335,000 ounces of gold and 14,000 copper, generated $1.3 billion cash flow from operations and built our net cash by ~$800 million,” Day said.
Havieron’s development is expected to be funded from existing cash, operating cash flows and a $500 million binding debt commitment with a Tier-1 banking syndicate.