Greatland Resources Ltd (AIM: GGP, ASX: GGP) has increased its Group Ore Reserve by 62% to 5.0 million ounces of gold, marking a major milestone in its strategy to establish a long-life gold and copper mining operation centred on the Telfer mine and Havieron project in Western Australia’s Paterson Province.
The updated March 2026 Ore Reserve totals 157 million tonnes grading 0.99g/t gold and 0.12% copper, containing 5.0 million ounces of gold and 196,000 tonnes of copper.
The increase was driven primarily by a substantial expansion at Telfer, where the first phase of Greatland’s drilling campaign has delivered a 150% increase in Ore Reserves, after allowing for mining depletion.
Telfer reserve surges
Telfer’s Ore Reserve has grown by 1.1 million ounces to 1.8 million ounces of gold, comprising 119 million tonnes at 0.46g/t gold and 0.06% copper.
The updated reserve includes 90.6 million tonnes from the West Dome Open Pit and 22.5 million tonnes of stockpiles, providing a strong multi-year production base.
West Dome was the standout performer, with its Ore Reserve increasing by 375% to 1.4 million ounces of gold. Within this sits a higher-grade component of 70.8 million tonnes grading 0.53g/t gold, containing 1.2 million ounces.
Greatland has also declared a maiden Main Dome Underground Ore Reserve of 200,000 ounces, supporting an extension to underground mining operations.
Importantly, the updated reserve excludes the West Dome Underground project and the Vertical Stockwork Corridor, both of which remain classified as Mineral Resources and could provide further upside following additional studies.
Havieron provides long-term growth
The Havieron Underground Project remains unchanged with an Ore Reserve of 3.3 million ounces of gold and 128,000 tonnes of copper, reinforcing its importance as the long-term growth engine of the business.
Combined, Telfer and Havieron now host 5.0 million ounces of gold and 196,000 tonnes of copper in Ore Reserves.
Managing director Shaun Day described the update as an outstanding achievement.
“This substantial uplift in reserves at Telfer only reflects drilling from just our first 12 months of ownership, with ongoing high cadence drilling planned to support future resource and reserve upgrades,” he said.
US$500 million funding secured
Greatland also confirmed financial close of Facility B within its US$500 million corporate debt package.
The newly completed US$225 million revolving credit facility, which remains undrawn, has a seven-year term and will provide funding flexibility for working capital, general corporate purposes and the continued development of Havieron.
Looking ahead, the company plans to maintain an intensive drilling programme throughout FY27, targeting further resource and reserve growth, advancing studies at West Dome Underground and the Vertical Stockwork Corridor, while progressively increasing higher-grade underground production alongside the development of Havieron.
