Retail investors who have been following Greatland’s journey will know that 2024 was a defining year. The company made its biggest move yet—completing the transformational acquisition of both Havieron and Telfer, marking its transition into a full-fledged gold-copper producer. This wasn’t just a minor shift; it was a game-changer.
Greatland secured 100% ownership of Havieron and full control of Telfer in a landmark deal with Newmont, finalized on December 4, 2024. The acquisition involved an upfront payment of US$167 million in cash, alongside US$167.5 million in Greatland shares, which resulted in Newmont becoming a 20.4% shareholder in the company. In addition, Greatland repaid US$52.4 million (£41.4 million) in joint venture debt, leaving the company debt-free.
This deal not only consolidates Greatland’s position as a major player in the Paterson Province but also unlocks significant synergies between Havieron and Telfer. By owning both assets outright, Greatland can fully optimize an integrated mining and processing operation, accelerating development timelines and maximizing operational efficiencies.
The Power of Full Ownership
Taking full control of Havieron wasn’t just about consolidating an asset—it was about unlocking value and removing barriers to development. Before this deal, Greatland operated Havieron under a joint venture with Newmont, which meant decisions and profits were shared. Now, with 100% ownership, Greatland has complete freedom to optimize mining plans, accelerate development, and fully integrate operations with Telfer.
The acquisition has also significantly strengthened Greatland’s financial position. The company successfully repaid a $52.4 million joint venture loan, leaving it debt-free. That’s a remarkable turnaround considering that just six months earlier, Greatland had £41.5 million in debt and only £4.8 million in cash. Now, with £71.9 million in cash and a new A$100 million credit facility secured with ANZ, HSBC, and ING, the company has a much stronger financial foundation to support its growth plans.
Telfer: A Revenue-Generating Machine
While Havieron represents the future, Telfer is the here and now. Acquired alongside Havieron, Telfer has quickly proven to be a valuable cash-generating asset. In 27 days in December Telfer delivered nearly 30,000 ounces of gold and over 1,100 tonnes of copper.
With stockpiles containing almost 500,000 ounces of gold at the end of 2024 and the first concentrate shipment generating £48 million in revenue in January, Greatland is already seeing the financial benefits of this mine.
Telfer’s processing capacity is one of the largest in Australia, capable of handling 10Mtpa. This scale is crucial because it allows Greatland to maximize efficiency while keeping costs under control. But beyond immediate production, Telfer plays another strategic role—it serves as the processing hub for the entire Paterson Province. With Havieron feeding into Telfer, and the potential for new discoveries to do the same in the future, this hub-and-spoke model could significantly extend Telfer’s mine life and create further opportunities for growth.
Havieron’s Development is Gaining Momentum
With full ownership secured, Greatland is pushing ahead with the development of Havieron. The deposit is already recognized as one of the largest undeveloped gold-copper projects in Australia, with a resource of 8.4Moz gold equivalent. More importantly, it has the potential to be a low-cost, high-margin operation, thanks to its proximity to Telfer’s existing infrastructure.
The feasibility study for Havieron remains on track for completion in the second half of 2025. This study will refine the mine plan, optimize throughput capacity, and lay out a long-term development strategy. If all goes as planned, first ore production is expected in 2026, with steady-state production anticipated at around 221,000 ounces of gold per year over a 15-year mine life. That’s a significant boost to Greatland’s future revenue potential.
Financial Strength and Strategic Vision
One of the biggest concerns for any mining company is funding, and Greatland has managed this transition exceptionally well. The company has demonstrated financial discipline, raising equity capital when needed and securing strategic debt facilities to support its plans.
The decision to hedge 100,000 ounces of gold production at A$3,887.50 per ounce also provides a level of stability, protecting against gold price volatility while ensuring solid revenue generation. This kind of financial planning is crucial as Greatland navigates the transition from an explorer to a major producer.
The recent RNS updates have also highlighted Greatland’s commitment to keeping investors informed. The company has been transparent about its progress, from announcing key milestones to providing insight into the West Dome underground project. All signs point to a company that is not only executing its strategy but also managing risk effectively.
A Closer Look at the Half-Year Financial Report
The latest half-year financial report, released on March 4, 2025, provides the most detailed look yet at Greatland’s transformation. The numbers reinforce the strength of the business, with Telfer’s strong production and a vastly improved cash position standing out as key highlights.
Operationally, the integration of Telfer and Havieron is progressing well, and the company remains focused on extending Telfer’s mine life. The report also confirms that the feasibility study for Havieron is advancing as planned, with major technical and environmental studies nearing completion.
On the financial side, Greatland’s cash balance of £71.9 million provides a solid buffer as it moves forward with its development plans. The elimination of debt is a major de-risking factor, making the company more resilient to market fluctuations.
Looking ahead, the next six months will be critical. The company is targeting an ASX dual listing in the June quarter, which will expand its investor base and increase liquidity. There’s also the upcoming resource update for Telfer, which could further strengthen the mine’s long-term outlook.
Risks to Watch Out For
While Greatland Gold’s fundamentals look strong, investors should always be mindful that the company’s fate is not solely in its own hands. Broader macroeconomic factors will play a crucial role in determining its future success, particularly when it comes to the price of gold and copper—the two commodities at the heart of its business.
Gold Prices and the Safe-Haven Trade
Gold prices have been on a strong run, driven by global economic uncertainty, high inflation, and geopolitical tensions—particularly the ongoing war in Ukraine. Investors have flocked to gold as a safe-haven asset, pushing prices higher. In recent months, central banks, particularly in China and India, have also been aggressive gold buyers, further supporting the market.
But what happens if these drivers reverse? If a peace agreement is reached in Ukraine, investor demand for safe-haven assets could ease, potentially leading to a decline in gold prices. Similarly, if global inflation comes under control and central banks shift toward interest rate cuts, this could strengthen riskier assets like equities while reducing demand for gold. A falling gold price could directly impact Greatland’s revenue, as lower margins on production would reduce profitability.
That said, Greatland has taken some protective measures by hedging 100,000 ounces of gold production at A$3,887.50 per ounce, providing a buffer against short-term price volatility. However, if prices drop significantly below this level in the long term, Greatland’s financial outlook could weaken.
Copper’s Role in the AI and EV Boom
Copper has been another strong performer, with demand fuelled by the rapid rollout of artificial intelligence (AI), electric vehicles (EVs), and renewable energy infrastructure. These sectors require vast amounts of copper, and supply has struggled to keep up, pushing prices higher.
Greatland benefits from this trend—higher copper prices mean higher revenue from its production at Telfer and, in the future, Havieron. However, the flipside is that any slowdown in AI data centre construction, EV adoption, or clean energy investment could weaken copper demand. If interest rates stay higher for longer, governments and corporations may pull back on infrastructure projects, slowing demand for raw materials.
Another factor to watch is China, the world’s largest copper consumer. If China’s economy weakens, or if its property sector struggles further, copper prices could decline, affecting Greatland’s profitability.
Other Risks: Operational and Financial Uncertainty
Beyond commodity prices, there are other risks investors should be aware of. Mining operations always carry technical and logistical challenges, from unexpected equipment failures to higher-than-expected costs for exploration and development. While Greatland has done well so far, bringing Havieron into production on time and within budget remains a critical test.
There’s also currency risk—Greatland’s revenues are tied to commodity prices denominated in USD, but many of its costs are in AUD and GBP. Fluctuations in exchange rates could impact financial results.
Lastly, while Greatland is currently in a strong financial position, it will need significant capital investment to develop Havieron and extend Telfer’s mine life. The company has successfully raised funds in the past, but if market conditions tighten, access to financing could become more difficult.
What’s Next for Greatland?
With full control of its assets, a strong balance sheet, and a clear development path, Greatland is now positioned as a serious player in the gold-copper sector. The transition from a junior explorer to a major producer is well underway, and the potential upside for investors is significant.
However, as the risks highlighted above show, Greatland’s future is not just in its own hands. The company can control its operations, costs, and development strategy, but gold and copper prices, inflation trends, interest rates, and geopolitical events will also play a crucial role in shaping its success.
The next six months will be crucial. The company is targeting an ASX dual listing in the June quarter, which could increase investor interest and liquidity. The Havieron feasibility study remains on track for completion in the second half of 2025, providing more clarity on the long-term economics of the mine. There is also an upcoming resource update for Telfer, which could extend its mine life and further strengthen Greatland’s financial outlook.
Despite the uncertainties, Greatland remains one of the most compelling stories in the gold-copper space right now. The company has made remarkable progress in a short period, moving from an explorer to an active producer with a cash-generating mine and a world-class development asset.
For investors, this is no longer just a speculative exploration play. Greatland Gold is now a revenue-generating mining company with a pathway to long-term growth. Whether already invested or considering an entry, the next twelve months could be one of the most exciting periods in the company’s history.
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