Greatland Resources Ltd (AIM:GGP | ASX:GGP | OTC:GRLGF) has delivered a powerful set of half-year results to 31 December 2025, reporting net profit after tax of $342.9 million, highlighting the cash-generating strength of its Telfer gold-copper operation as it advances the Havieron Project in Western Australia’s Paterson Province.
Earnings Driven by Strong Gold and Copper Markets
For the six-month period, Greatland reported:
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Net revenue: $977.3 million
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EBITDA: $560.3 million
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Operating cash flow: $658.5 million
Sales included 154,411 ounces of gold at an average realised price of $5,756 per ounce, alongside 6,578 tonnes of copper at $13,606 per tonne.
Managing Director Shaun Day credited disciplined cost control and full exposure to rising gold prices for the strong performance.
Balance Sheet Strength: $948m Cash, No Debt
The company ended the half with $948.3 million in cash and zero debt, following a cash build of $373.6 million during the period.
Investing outflows totalled $271.1 million, including a one-off $46.0 million stamp duty payment related to the Telfer–Havieron acquisition.
In addition, Greatland secured a $500 million corporate debt commitment from a Tier 1 banking syndicate comprising ANZ, ING, HSBC, NAB and Westpac, strengthening its funding position ahead of Havieron development. Its $75 million working capital facility remains undrawn and has been extended to June 2026.
Telfer Delivers Operational Stability
Gold production for the half reached 167,163 ounces at an all-in sustaining cost (AISC) of $2,176 per ounce.
The operation processed 9.19 million tonnes at average grades of 0.61 g/t gold and 0.09% copper, with recoveries of approximately 88.5% for gold and 80.0% for copper.
Growth investment totalled $177.0 million, including:
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$131.1 million at Telfer
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$29.8 million at Havieron
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$16.1 million in resource development
Operational milestones included completion of the Tailings Storage Facility 8 Stage 3 lift, 7.3 million tonnes of growth waste stripping at West Dome Stage 7, and 1,712 metres of underground development.
Drilling activity accelerated, with 107,747 metres completed as part of a record 240,000-metre FY26 program. An updated Telfer Mineral Resource estimate, including a maiden West Dome Underground resource, is expected in the March 2026 quarter.
Havieron Feasibility Confirms Tier-One Scale
The Havieron Feasibility Study, completed on 1 December 2025, confirmed the project as a long-life, lowest-quartile-cost gold-copper development leveraging Telfer infrastructure.
Key base-case metrics include:
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Post-tax NPV (5%): $2.9 billion
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IRR: 22.5%
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Pre-production capex: $1.065 billion
At a gold price of $6,250 per ounce, post-tax NPV increases to $5.4 billion.
Steady-state annual production is projected at:
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266,000 ounces of gold
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9,600 tonnes of copper
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AISC of $1,610 per ounce
Development funding is expected to come from existing cash reserves, ongoing operating cash flow and the newly secured $500 million debt facility.
Primary environmental approvals remain targeted for FY26, with early works including box cut construction and the restart of underground development already underway.
Risk Management Strategy
Greatland continues to hedge selectively using put options, protecting downside gold price risk while retaining upside exposure. The company has secured coverage for 225,004 ounces between January 2026 and June 2027 at a weighted average strike price of $4,500 per ounce.
The Investment Case
Greatland now sits in a notably strong financial position:
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Nearly $1 billion in cash
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No debt
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A producing asset generating substantial free cash flow
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A $2.9 billion NPV growth project advancing toward development
With Havieron fully de-risked at the feasibility level and Telfer continuing to deliver, the company enters its next phase focused on execution, mine life extension and building a fully integrated Havieron–Telfer operation.
For investors, the story is shifting from turnaround to scaled growth — backed by cash, infrastructure and rising gold leverage.
