Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) closed the June 2026 quarter with a strong operating and financial performance, beating full-year production and cost guidance while strengthening its balance sheet ahead of major investment in the Telfer-Havieron gold-copper complex.
The company produced 79,100 ounces of gold and 3,573 tonnes of copper during the quarter at an all-in sustaining cost (AISC) of A$2,312 per ounce.
This lifted FY26 production to 328,987 ounces of gold and 14,594 tonnes of copper at an AISC of A$2,179 per ounce, outperforming guidance of 260,000-310,000 ounces at A$2,400-A$2,800 per ounce.
Strong cash generation strengthens balance sheet
Greatland sold 74,648 ounces of gold and 3,531 tonnes of copper during the quarter at weighted average realised prices of A$6,468 per ounce and A$16,107 per tonne respectively.
The sales generated net revenue of A$545 million and operating cash flow of A$302 million.
After tax payments and increased spending on growth projects at Telfer and Havieron, Greatland added A$81 million to its cash holdings, ending June with A$1.289 billion and no drawn debt.
Available liquidity stood at A$1.764 billion, including A$475 million of undrawn revolving credit facilities.
Managing director Shaun Day said the operational performance and strong metal prices had provided Greatland with a robust platform to advance its organic growth strategy.
“Telfer’s operational success and delivery into a strong metal price environment culminated in a substantial strengthening of Greatland’s balance sheet,” he said.
Telfer delivers record mining performance
Telfer recorded its sixth consecutive quarter of increased total open pit material movements, with 7.01 million tonnes mined during the period.
Open pit ore production reached 3.53 million tonnes at 0.44 g/t gold and 0.05% copper, while underground production totalled 318,000 tonnes at 1.74 g/t gold and 0.49% copper.
Underground development also achieved a sixth consecutive quarterly record, reaching 1,945 metres.
The processing plant treated 5.19 million tonnes at a head grade of 0.53 g/t gold and 0.08% copper. Gold recovery remained high at 86.8%, while copper recovery was 81.5%.
The company invested A$59 million in Telfer growth capital during the quarter, covering tailings storage expansion, fleet renewal, open pit pre-stripping and underground development.
Reserve upgrade supports longer mine life
Greatland completed a substantial upgrade to the Telfer ore reserve during the quarter, increasing contained gold by 1.1 million ounces, or 150%, to 1.8 million ounces.
The updated reserve comprises 119 million tonnes at 0.46 g/t gold and 0.06% copper, containing 1.8 million ounces of gold and 68,000 tonnes of copper.
Group ore reserves now total 5 million ounces of gold and 196,000 tonnes of copper, including the unchanged Havieron reserve.
The expanded reserve establishes a multi-year baseload for Telfer, supported by 90.6 million tonnes at the West Dome open pit, 22.5 million tonnes of stockpiles and a maiden 3.6-million-tonne reserve at the Main Dome underground operation.
Pinnacles discovery extends West Dome potential
Exploration drilling continued to demonstrate growth potential around the existing Telfer infrastructure.
Greatland completed 41 kilometres of drilling during the quarter, including resource growth, conversion and grade-control programs.
At the Pinnacles prospect, around 1.2 kilometres south of the existing West Dome underground resource, drilling returned:
- 58.7 metres at 6.5 g/t gold and 0.1% copper from 1,754 metres, including;
- 37 metres at 9.98 g/t gold and 0.14% copper; and
- 34.1 metres at 1.1 g/t gold from 1,820 metres.
The result confirmed a significant extension of the West Dome geological structure, with mineralisation remaining open to the north and south.
Follow-up drilling is planned between Pinnacles and West Dome, as well as along strike and down-dip from the discovery intersection.
Havieron moves toward construction
Greatland’s board approved the final investment decision for Havieron during the quarter after the project secured primary state and federal environmental approvals.
The company expects outstanding secondary approvals to be received in the coming weeks, allowing site clearing and construction to begin.
Greatland spent A$29.5 million on the Havieron feasibility study and early works during the quarter.
The primary boxcut tunnel installation and backfilling have been completed, while work progressed on blind bores, underground development, dewatering infrastructure and tendering for critical project packages.
Havieron is expected to require A$1.065 billion of pre-production capital before first gold, followed by A$673 million of expansion capital, which is expected to be largely funded by project cash flow.
First gold is targeted about 2.5 years after construction begins, during FY29.
FY27 investment to underpin future growth
Greatland has issued FY27 production guidance of 260,000-300,000 ounces of gold at an AISC of A$2,900-A$3,330 per ounce.
Production is expected to be lower than FY26 because higher-grade stockpiles will be replaced by lower-grade material in the processing schedule, alongside reduced open pit and underground grades.
The company expects to invest A$315-A$335 million in Telfer growth capital and A$365-A$435 million in Havieron pre-production development during FY27.
A further A$70-A$80 million has been allocated to exploration and resource development, including around 215 kilometres of planned drilling.
At Telfer, Greatland will progress studies and early works at West Dome underground, assess the potential restart of sub-level cave mining at the Vertical Stockwork Corridor and continue developing Main Dome underground.
First development ore from West Dome underground is targeted during FY28, subject to study outcomes.
