Greatland Resources Limited (AIM/ASX: GGP) has reported a strong start to its 2027 financial year, producing 70,131 ounces of gold and generating A$485 million in quarterly revenue, while officially commencing construction at its Havieron gold-copper project in Western Australia.
The company produced 70,131 ounces of gold and 2,927 tonnes of copper during the three months ended 30 September 2026, with all-in sustaining costs (AISC) of A$2,925 per ounce of gold, outperforming its operational plan.
Greatland maintained its full-year gold production guidance of 260,000 to 300,000 ounces, alongside expected all-in sustaining costs of A$2,900 to A$3,330 per ounce.
The Telfer operation processed 4.89 million tonnes of ore during the quarter, achieving gold recoveries of 85.1% and copper recoveries of 82.5%, despite completing a planned 15-day processing plant maintenance shutdown.
Mining productivity also improved, with record open-pit material movements and ore extraction. Total material mined reached 7.86 million tonnes, while underground development continued progressing across several priority areas.
Quarterly gold sales totalled 71,901 ounces at an average realised price of A$5,980 per ounce, alongside copper sales of 2,714 tonnes at A$16,653 per tonne.
The sales generated A$485 million in net revenue, while operating cash flow reached A$289 million.
Greatland ended September with A$1.314 billion in cash and no drawn debt, an increase of A$25 million during the quarter despite significant development expenditure and A$100 million in tax instalments.
Including undrawn credit facilities, the company reported total available liquidity of A$1.789 billion, providing financial flexibility as it advances its growth projects.
Construction at Havieron formally commenced during September 2026, following receipt of the necessary secondary regulatory approvals.
The company invested A$45.2 million in Havieron development during the quarter, supporting initial construction activities, evaporation ponds, underground development and preparations for additional infrastructure.
Engineering and construction management specialist Lycopodium has been appointed to support project delivery, while work has begun on major infrastructure packages, including haul roads and power supply arrangements.
Greatland also invested A$37.2 million in growth capital at Telfer, covering tailings storage expansion, open-pit stripping, fleet improvements and underground development.
Exploration activity remained substantial, with 51 kilometres of resource growth drilling and 22 kilometres of resource conversion drilling completed during the quarter.
Further drilling is planned at the Pinnacles prospect, targeting potential extensions to the West Dome geological system.
Managing Director Shaun Day said Greatland had delivered stronger-than-planned production and cost performance, supported by improved processing throughput and higher mining productivity.
He highlighted the company’s debt-free balance sheet and growing cash position as important foundations for developing Havieron while extending the operating life and resource base at Telfer.
Greatland expects production to be moderately weighted towards the second half of its financial year, reflecting mine scheduling and the completion of major plant maintenance during the September quarter.
For investors, the combination of strong operating cash flow, substantial liquidity and the formal commencement of Havieron construction represents an important development milestone.
The company’s growing investment in Havieron and Telfer is intended to establish a larger, longer-life gold and copper production operation in Western Australia.
However, future production growth will depend on successful project execution, development expenditure and operating performance, while profitability remains exposed to movements in gold and copper prices.
Attention will now turn to construction progress at Havieron, further exploration results at Telfer and delivery of Greatland’s 260,000–300,000-ounce full-year gold production guidance, as the company advances its integrated gold-copper development strategy.
