Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has delivered March quarter gold production of 82,723 ounces alongside 4,128 tonnes of copper, with all-in sustaining costs (AISC) of $2,056 per ounce.
Year-to-date production for FY26 reached 249,887 ounces of gold and 11,022 tonnes of copper at an AISC of $2,136 per ounce, positioning the company to meet — or slightly exceed — the upper end of its 260,000–310,000 ounce full-year production guidance.
Full-year costs are also trending favourably, with AISC expected to land towards the lower end of the $2,400–$2,800 per ounce guidance range.
Managing director Shaun Day said the March quarter result reflected continued operational improvement at Telfer and strong financial performance.
“We are pleased to have delivered another strong operational result which delivered a record cash build of $260 million for the March quarter,” he said.
“Based on the strong year-to-date performance, we currently expect full-year production to be around, or slightly above, the upper end of the guidance range, and full-year AISC to trend towards the lower end of guidance.
“The strength of our balance sheet positions Greatland very well to deliver our organic growth profile, through development of Havieron and continued investment in Telfer.”
Day added that the updated resource base has the potential to support a long-life gold-copper mining hub.
Operational performance lifts at Telfer
The quarter saw record open pit material movements and ore mined at Telfer, supported by consistently strong metallurgical performance. Gold recovery remained high at 88.4%, in line with first-half FY26 levels.
Safety metrics continued to improve, with zero lost time injuries recorded during the period. The 12-month moving average lost time injury frequency rate (LTIFR) stands at 0.2, while the total recordable injury frequency rate (TRIFR) improved to 4.6.
Revenue and cash position strengthen
Sales totalled 97,800 ounces of gold and 4,620 tonnes of copper at average realised prices of $6,773 per ounce and $15,803 per tonne respectively, generating net revenue of $742 million.
Operating cash flow reached $453 million, contributing to a record quarterly cash build of $260 million. This lifted Greatland’s cash balance to $1.21 billion at March 31, 2026, up from $948 million at the end of December, with the company remaining debt free.
The group retains full exposure to upside in the gold price, while downside protection is partially supported through gold put options with strike prices set at $4,200 per ounce for CY26, $5,000 for Q1 CY27 and $5,200 for Q2 CY27.
Growth investment and drilling ramp-up
Greatland invested $42 million in growth capital at Telfer during the quarter, including tailings storage expansion, open pit pre-stripping, underground development and fleet renewal.
Exploration and resource growth activities continued at pace, with a record 240,000 metre annual drilling program underway. A total of 78,302 metres was completed during the March quarter, up from 54,204 metres in the prior quarter, supported by 10 active drill rigs.
Resource upgrade underpins long-term outlook
A March 2026 mineral resource update significantly expanded the Telfer resource base, with total resources increasing by 4.8 million ounces (+150%) to 8.0 million ounces of gold and 370,000 tonnes of copper.
Measured and Indicated resources grew by 2.4 million ounces (+163%) to 3.8 million ounces of gold and 249,000 tonnes of copper.
Across the broader portfolio, Greatland reported a group mineral resource of 14.9 million ounces of gold and 645,000 tonnes of copper, with the Havieron resource unchanged.
The company also highlighted the O’Callaghans deposit, which hosts 70 million tonnes at 0.35% tungsten trioxide alongside copper, zinc and lead credits. Located 10 kilometres south of Telfer, the project is fully owned and sits on a granted mining lease.