Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has delivered a $342.9 million net profit after tax for the six months to December 31, 2025, underscoring the cash-generating strength of its Telfer gold-copper operation as it advances the Havieron Project in Western Australia’s Paterson Province.
The dual-listed gold and copper producer reported underlying earnings (EBITDA) of $560.3 million and net revenue of $977.3 million for the half, supported by strong commodity prices and full exposure to upside in the gold market.
Sales for the period totalled 154,411 ounces of gold at an average realised price of $5,756 per ounce and 6,578 tonnes of copper at $13,606 per tonne.
Cash build and debt-free balance sheet
Operating cash flow reached $658.5 million, enabling a cash build of $373.6 million over the half. Greatland closed the period with $948.3 million in cash and no debt.
Investing cash outflows of $271.1 million included a one-off $46.0 million stamp duty payment associated with the Telfer–Havieron acquisition.
“Our half-year result reflects excellent operating and financial performance at Telfer through the period, underpinned by disciplined cost control and full upside exposure to a strong metal price environment, resulting in substantial cash generation and profitability,” Greatland managing director Shaun Day said.
“Our robust financial position, with closing net cash of $948 million and a $500 million debt commitment, positions us strongly to deliver our exceptional growth profile,” Day said.
Telfer delivers steady output
Gold production for the half totalled 167,163 ounces at an all-in sustaining cost (AISC) of $2,176 per ounce.
The operation processed 9.19 million tonnes of material at an average head grade of 0.61 g/t gold and 0.09% copper. Recoveries remained solid at about 88.5% for gold and 80.0% for copper.
Growth investment during the period totalled $177.0 million, including $131.1 million at Telfer and $29.8 million at Havieron, alongside $16.1 million in resource development.
Key milestones included completion of the Tailings Storage Facility 8 Stage 3 expansion lift, 7.3 million tonnes of growth waste stripping at the West Dome Stage 7 cutback, and 1,712 metres of underground development at Main Dome and West Dome Underground.
Drilling also ramped up, with 107,747 metres completed as part of a record 240,000-metre FY26 program. An updated Telfer Mineral Resource estimate, including a maiden West Dome Underground resource, is targeted for the March 2026 quarter.
Havieron feasibility confirms scale
The Havieron Feasibility Study, completed on December 1, 2025, confirmed the project as a long-life, lowest-quartile-cost gold-copper development leveraging existing Telfer infrastructure.
On a base case, the study outlined a post-tax NPV (5%) of $2.9 billion and an internal rate of return of 22.5%. At a gold price of $6,250 per ounce, post-tax NPV rises to $5.4 billion.
Steady-state annual production is targeted at 266,000 ounces of gold and 9,600 tonnes of copper at an AISC of $1,610 per ounce. Pre-production capital expenditure of $1.065 billion is expected to be funded through existing cash, future operational cash flows and a newly secured $500 million corporate debt facility.
Environmental approvals from Commonwealth and Western Australian authorities continue to progress, with primary approvals still targeted in FY26. Early works during the half included box cut construction and the restart of underground development.
Funding and price protection
During the period, Greatland entered a binding commitment letter for $500 million in corporate debt facilities with a Tier 1 syndicate comprising ANZ, ING, HSBC, NAB and Westpac, subject to customary conditions.
The company also extended the maturity of its $75 million working capital facility to June 30, 2026, with the facility remaining undrawn.
As part of its risk management strategy, Greatland has continued to use put options to protect downside gold price risk while retaining full upside exposure, covering 225,004 ounces from January 2026 to June 2027 at a weighted average strike price of $4,500 per ounce.
“With the Havieron Feasibility Study completed during the period, our priorities are now continued operational execution at Telfer, demonstration of the mine life extension opportunities at Telfer, and development of Havieron to deliver a world-class integrated Havieron and Telfer operation,” Day said.