Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP), in its quarterly activities report, told investors it had delivered a record quarterly cash build of A$260 million in the March quarter, as strong gold sales and high realised prices lifted its balance sheet to more than A$1.2 billion.
The Western Australia-focused gold and copper miner produced 82,723 ounces of gold and 4,128 tonnes of copper in the quarter at all-in sustaining costs of A$2,056 per ounce. Net revenue came in at A$742 million, supported by sales of 97,800 ounces of gold and 4,620 tonnes of copper.
Greatland said year-to-date production had reached 249,887 ounces of gold, leaving it on track for full-year output around, or slightly above, the upper end of its 260,000 to 310,000 ounce guidance range. Full-year AISC is expected to trend toward the lower end of the company’s A$2,400 to A$2,800 per ounce guidance.
Managing director Shaun Day said the quarter “delivered a record cash build of $260 million”, adding that the company realised an average gold price of more than A$6,700 per ounce and closed the period with A$1.208 billion in cash and no drawn debt.
"With full upside to the gold price we realised an average price of over $6,700 per ounce, generating $453 million cash flow from operations, to close the quarter with $1,208 million in cash with no drawn debt," Day added.
"The strength of our balance sheet positions Greatland very well to deliver our excellent organic growth profile, through both development of Havieron and continued investment in Telfer extension and growth."
The company also invested A$82.1 million in growth during the quarter, including Telfer expansion work, Havieron feasibility and early works, and resource development drilling.