Greatland Resources Limited has delivered a definitive Feasibility Study for its Havieron Project, reaffirming its status as a world-class, low-cost gold-copper development in Western Australia.
The study outlines annual pre-tax free cash flow of approximately US$739 million at steady-state production and reports a substantial updated Ore Reserve of 38.5 million tonnes grading 2.63g/t gold and 0.33% copper. This equates to 3.3 million ounces of contained gold and 128,000 tonnes of copper.
Pre-production capital expenditure is estimated at US$1.065 billion, with the company indicating the development is fully financed through its US$750 million cash balance, ongoing cash flow contributions from Telfer, and an existing US$500 million debt facility.
The base-case post-tax Net Present Value stands at US$2.9 billion, delivering an Internal Rate of Return of 22.5%. Greatland noted further upside could be unlocked through potential extensions to Telfer’s mine life, enabling co-processing of ore and reducing long-term operating costs.
The Feasibility Study positions Havieron as a major new asset within the Australian resources sector, with significant optionality for enhanced value creation as development advances.
Greatland Managing Director, Shaun Day, commented:
“Greatland discovered Havieron in 2018 and returned to 100% ownership of the project 12 months ago.
Today, we are delighted to deliver our Feasibility Study which confirms Havieron’s world-class quality and sets the pathway for its development into a long-life, low cost, leading Australian gold-copper mine that will integrate efficiently with the existing infrastructure at Telfer.
The results of the study are robust, generating an IRR3 of 22.5% at a long term $4,500/oz gold price. At a long term price equal to the current spot gold price, this rises to 31.5% IRR.
The assessed steady state average production target3 of 266koz gold and 9.6kt copper annually would generate significant after tax free cash flow of $550 million per annum at our base case pricing, or $870 million per annum at spot gold pricing.
We approach this development phase with an exceptionally strong balance sheet, substantial ongoing production from Telfer, and new corporate debt finance commitments6 with a Tier 1 lending syndicate, that together provide us confidence that Havieron’s development is expected to be fully funded.
The delivery of Havieron positions Greatland for long-term success, complementing the ongoing, strong operational performance of Telfer. Looking ahead, we look forward to obtaining the final permits required to take final investment decision and resume full development at Havieron, and to outlining our integrated Telfer-Havieron production plan.
The potential is to deliver Havieron and in parallel extend the mine life of Telfer to achieve the full potential of the Greatland platform.”
Full Announcement & Presentation
A full version of the FS Announcement and Presentation are available for download at the links below:
· Havieron Feasibility Study (Full Announcement)
· Havieron Feasibility Study – Presentation
Greatland presented the FS outcomes and funding strategy via a webcast for shareholders, research analysts, media and other interested stakeholders on 1 December 2025 at 6.30 am AWST / 9.30 am AEST (10.30 pm GMT on 30 November 2025) followed by a Q&A session.
A recording of the call is available here: https://webcast.openbriefing.com/webcast-2025-2/
This announcement is approved for release by the Greatland Board of directors.
Contact
For further information, please contact:
Greatland Resources Limited
Shaun Day, Managing Director | Rowan Krasnoff, Chief Development Officer
info@greatland.com.au
