Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) described the past financial year as transformative, its first 12 months owning the Telfer gold and copper mine, as it prepares for an ambitious programme of investment and expansion.
The dual-listed miner, which bought Telfer in Western Australia's Paterson province from Newmont in December 2024, took a final investment decision in June on Havieron, the neighbouring gold-copper deposit it intends to feed through the existing Telfer mill.
Construction spending on that project begins in earnest this year.
Guidance points to growth capital of A$365 million to A$435 million at Havieron and A$315 million to A$335 million at Telfer, plus A$70 million to A$80 million on resource development and exploration.
First gold from Havieron is not expected until the 2029 financial year.
The company reiterated guidance of 260,000 to 300,000 ounces of gold this year, down from 328,987 ounces produced in the year just ended.
All-in sustaining costs, a measure that captures the full cost of getting metal out of the ground, are guided at A$2,900 to A$3,330 an ounce, a sharp increase on the A$2,179 an ounce achieved last year.
Output will be weighted towards the second half because of open pit scheduling and a 15-day planned plant shutdown already completed in the first quarter.
Shaun Day, managing director, said the investments made this year would set the foundations for a period of production growth from a higher quality, longer life production centre in the Paterson region.
He said the group enters the year with net cash of approximately A$1.3 billion. That position was built during a year of strong metal prices and rising output.
Greatland also lifted Telfer's mineral resources by 150% to 7.9 million ounces of gold in March and raised ore reserves by a similar proportion in June, alongside a maiden resource at the West Dome Underground project.
Secondary permits for Havieron arrived after the year-end, clearing the way for surface disturbance and development work to begin.
The Havieron feasibility study, completed in December, put post-tax net present value at A$2.9 billion using a long-term gold price of A$4,500 an ounce, rising to A$5.4 billion at then-spot prices.
Pre-production capital was estimated at A$1,065 million, with a 17-year mine life and steady-state output of 266,000 ounces of gold a year at all-in sustaining costs of A$1,610 an ounce.
Turning to the year just ended, net profit after tax came in at A$862 million, up 156%.
Revenue more than doubled to A$2,259 million and earnings before interest, tax, depreciation and amortisation rose 186% to A$1,332 million.
Free cash flow quadrupled to A$737 million, leaving closing cash of A$1,289 million and no debt drawn.
Gold sold averaged A$6,223 an ounce, giving Greatland full exposure to a strong bullion price because its debt facilities carry no mandatory hedging requirement.
Milled grade slipped to 0.58 grams per tonne from 0.65 grams, offset by a 75% increase in throughput and improved recovery of 88.0%.
The recordable injury frequency rate fell to 4.5 from 5.9.
