Greatland Resources Ltd (AIM: GGP, ASX: GGP) delivered a strong finish to its 2026 financial year, exceeding production and cost guidance while significantly strengthening its balance sheet ahead of major investment at the Telfer-Havieron gold-copper complex.
The company produced 79,100 ounces of gold and 3,573 tonnes of copper during the June quarter at an all-in sustaining cost (AISC) of A$2,312 per ounce.
For the full year, gold production reached 328,987 ounces alongside 14,594 tonnes of copper, comfortably exceeding guidance of 260,000 to 310,000 ounces. Full-year AISC came in at A$2,179 per ounce, beating the guided range of A$2,400 to A$2,800 per ounce.
Cash generation boosts financial strength
Greatland generated A$545 million in quarterly revenue after selling 74,648 ounces of gold and 3,531 tonnes of copper at weighted average realised prices of A$6,468 per ounce and A$16,107 per tonne respectively.
Operating cash flow totalled A$302 million, enabling the company to increase its cash balance by A$81 million despite tax payments and increased investment across Telfer and Havieron.
The company ended June with A$1.289 billion in cash, no drawn debt and total available liquidity of A$1.764 billion, including A$475 million of undrawn revolving credit facilities.
Managing Director Shaun Day said the combination of strong operational performance and elevated metal prices had created a solid platform to fund Greatland’s long-term growth strategy.
Telfer reserve expansion extends mine life
During the quarter, Greatland increased the Telfer ore reserve by 1.1 million ounces, or 150%, taking contained gold reserves to 1.8 million ounces.
Group ore reserves now stand at 5 million ounces of gold and 196,000 tonnes of copper, including the unchanged Havieron reserve.
Operationally, Telfer achieved a sixth consecutive quarterly record for total open-pit material movement, mining 7.01 million tonnes during the period, while underground development also reached a record 1,945 metres.
Exploration highlights new growth potential
Exploration continued to deliver encouraging results, with drilling at the Pinnacles prospect confirming a significant extension to the West Dome mineralised system.
The standout intercept returned 58.7 metres at 6.5g/t gold and 0.1% copper, including 37 metres grading 9.98g/t gold.
The discovery remains open in multiple directions, with further drilling planned to define the extent of the mineralisation.
Havieron moves towards construction
Greatland approved the final investment decision for the Havieron project after securing key state and federal environmental approvals.
Construction is expected to begin once the remaining secondary approvals are received, with first gold targeted during FY29, approximately two and a half years after construction commences.
The company expects Havieron to require A$1.065 billion of pre-production capital, followed by A$673 million of expansion capital, much of which is expected to be funded from project cash flow.
FY27 to focus on investment-led growth
Greatland has guided FY27 gold production of 260,000 to 300,000 ounces at an AISC of A$2,900 to A$3,330 per ounce, reflecting lower planned mining grades as higher-grade stockpiles are depleted.
The company plans to invest between A$315 million and A$335 million in Telfer growth projects, A$365 million to A$435 million in Havieron development and a further A$70 million to A$80 million on exploration, including approximately 215 kilometres of drilling across its asset portfolio.
