It has been a long road from the early days of speculative exploration on the AIM market to the moment Greatland Resources (GGP), formerly Greatland Gold, made its debut on the Australian Securities Exchange on 24 June 2025. For years retail investors watched as the company slowly pieced together a highly promising portfolio in Western Australia’s resource‑rich Paterson Province.
Now that long bet has matured into a fully integrated gold and copper producer underpinned by a cash‑generating asset and a tier‑one development project. The Greatland story has entered a new chapter one that is less about proving potential and more about delivering results.
The journey has been anything but linear. From the discovery of Havieron in 2018 to the transformational acquisition of both Havieron and Telfer from Newmont in December 2024, Greatland has navigated funding hurdles complex partnerships and market scepticism. But with its ASX listing now complete the company has repositioned itself as an institutional‑quality miner raising A$490 million in the process and unlocking broader investor participation across Australia’s deep capital markets.
The Game-Changing Deal: Owning Havieron and Telfer
The moment that changed everything for Greatland came in late 2024 when the company secured full ownership of the Havieron deposit and the Telfer mine from Newmont. Previously operating Havieron under a joint venture Greatland’s control had been limited. The acquisition valued at up to US$475 million saw Greatland take full control of both assets and brought Newmont on board as a major shareholder with a near 20.4% stake.
This deal fundamentally altered the company’s trajectory. By consolidating the two cornerstone assets Greatland unlocked immediate operational efficiencies and set the foundation for an integrated mining model. Havieron still in development now feeds into Telfer’s massive processing plant just 45 kilometres away. With shared infrastructure and a single operator the duo is now positioned to act as a hub for future expansion across the broader Paterson region.
Telfer: A Rejuvenated Cash Generator
Since taking over Telfer in December 2024 Greatland has wasted no time proving its worth. In the March 2025 quarter alone the mine produced more than 90,000 ounces of gold and 3,500 tonnes of copper generating A$253 million in free cash flow. This performance powers a steady operational turnaround.
What makes Telfer especially valuable is not just its immediate output but the long‑term optionality it offers. The site holds substantial stockpiles a proven processing plant and ample infrastructure all of which reduce risk and capital intensity. Greatland has already confirmed updated mineral reserves totalling 712,000 ounces of gold and 23,000 tonnes of copper. These reserves support a multi‑year production outlook while extension drilling at West Dome and Main Dome hints at the possibility of further additions.
Havieron: Vision Becomes Execution
Havieron is the crown jewel of Greatland’s portfolio now that the company holds 100 percent ownership. First discovered in 2018 this high‑grade gold and copper deposit has grown into one of the most compelling undeveloped projects in Australia. With a mineral resource of 8.4 million ounces gold equivalent the scale is already world class. What sets Havieron apart however is its proximity to Telfer which allows Greatland to develop the mine without building costly stand‑alone infrastructure.
The company is advancing toward the release of a definitive feasibility study in the second half of 2025 with first ore targeted for 2026. By 2028 Havieron is expected to hit steady‑state production of more than 258,000 ounces gold equivalent annually with all‑in sustaining costs projected at just US$818 per ounce.
Restructuring and Rebranding: A New Identity
In parallel with its asset transformation Greatland has undergone a corporate reinvention. As part of its ASX dual listing the company created a new Australian parent entity Greatland Resources Limited. The change was not merely administrative it marked a shift in identity from a UK‑based explorer to a fully Australian‑focused resource company with global aspirations.
The addition of “Resources” in the name reflects the company’s ambition to be more than a single‑asset gold play. With copper now playing an equal role in its growth story Greatland is positioning itself as a multi‑commodity producer aligned with global trends in electrification infrastructure development and clean energy demand. The new structure and branding help match its operational base with its capital markets footprint making it more accessible to institutional investors in Australia and beyond.
A Market Debut Worth Watching
When Greatland commenced trading on the ASX in June it was met with strong demand from investors. The company priced at the top end of its range at A$6.60 per share and ended its first day up more than 10 percent. This was not just a technical win it was a signal of confidence from the market that Greatland’s strategy management and assets are worthy of serious attention.
Analysts have taken note too. Coverage from Citi and Macquarie highlighted the company’s production growth potential and favourable cost base. While initial ratings remain neutral pending further data from Havieron’s feasibility study the company’s inclusion in key ASX indices is likely on the horizon which could draw more passive fund flows and improve liquidity further.
Leadership Built for Delivery
One of the most underappreciated parts of Greatland’s transformation is the quality of its management. At the helm is Managing Director Shaun Day whose background as CFO of Northern Star Resources gives him deep experience in operating and growing multi‑billion‑dollar mining businesses. Chief Operating Officer Simon Tyrrell formerly of Newcrest brings operational continuity and deep asset familiarity to the table.
The broader board includes mining veterans from Fortescue and BHP as well as strong institutional backing from Wyloo the investment vehicle of Andrew Forrest. These appointments reflect the company’s maturity and readiness to operate at scale. Investors can take confidence in a leadership team that has executed major projects before and understands the discipline required to deliver shareholder value over the long term.
Strength on the Balance Sheet
Financial strength has been central to Greatland’s progress. Following the Telfer and Havieron acquisition the company repaid all outstanding debt now holds more than A$398 million in cash with an additional A$75 million in undrawn working capital facilities. This clean balance sheet gives it substantial flexibility to fund Havieron’s development while continuing to invest in exploration.
In addition to cash the company has put prudent hedging measures in place with downside protection through put-options covering a significant portion of its gold production through 2025. This preserves margin in volatile markets and combined with strong free cash flow from Telfer positions Greatland to execute without relying on dilutive capital raises.
Building a Platform for Growth
Beyond Havieron and Telfer Greatland’s longer‑term strategy revolves around its hub‑and‑spoke model. With Telfer acting as the central processing hub the company is now able to explore and potentially develop additional deposits across its 2,300 square kilometres of tenure in Western Australia. Early‑stage prospects such as Scallywag and the Panorama trend offer further optionality.
This model is already proving its value. By integrating existing infrastructure with exploration upside Greatland can reduce development risk and bring new resources online faster. The scalability of its regional platform means even modest discoveries could become economic by feeding into Telfer’s mill reinforcing the sustainability of the company’s broader production profile.
Market Forces and Risks Ahead
As with all mining companies, Greatland remains exposed to the broader macro environment. Gold and copper prices are being supported by enduring structural trends, including central bank buying, inflation hedging, global electrification, AI infrastructure, and electric vehicles. In addition, recent news of President Trump’s proposed 50 percent tariff on U.S. copper imports, set to take effect August 1, 2025, has caused a sharp mid‑year rally, U.S. copper prices jumped by roughly 12%, reaching a record high above US $5.60 per pound on expectations of supply tightness.
That tariff-driven price spike offers short-term support to Greatland’s near-term copper revenues. However, it also adds volatility and uncertainty. Traders may unwind speculative positions if the policy changes or exemptions are granted, potentially reversing the rally. Conversely, persistent price elevation could enhance the economics of long-term copper projects like Havieron’s copper component.
Operationally, the ramp-up of Havieron and consistent performance at Telfer will require close monitoring and disciplined execution. Construction delays, cost overruns, or weaker-than-expected grades could pressure production forecasts. Still, Greatland has demonstrated high levels of planning, transparency, and execution. Combined with its strong financial base and deep technical expertise, the company appears relatively well placed to manage these challenges and capitalize on a favourable commodity environment.
Where to From Here?
As 2025 progresses retail investors will be watching closely for several key milestones. The release of the Havieron feasibility study ongoing resource updates at Telfer and broader exploration progress across the Paterson Province will all help define Greatland’s next steps. Meanwhile the potential for ASX 300 inclusion and expanded analyst coverage could further elevate the company’s market profile.
The last five years have seen Greatland evolve from a junior explorer with a promising drill result into one of Australia’s most closely watched mid‑cap mining stories. With institutional support high‑grade assets and a focused strategy the company has all the ingredients for long‑term value creation. Investors who got in early have already seen the benefits. For those arriving now the growth story may just be getting started.
And so the question now becomes: what next for Greatland? Could this once‑sleepy AIM explorer become ASX Company of the Year in 2026? Maybe…
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