Shares in Greatland Resources Ltd (AIM: GGP, ASX: GGP) advanced a further 13.94% to 673.83 pence in London trading on Wednesday as market participants absorbed the implications of a substantial resource upgrade at its Telfer operation in Western Australia. The equity gains have been reinforced by a broader revaluation of precious metals stocks, with gold prices rising 1.8% following de-escalatory communications from Iran that have eased geopolitical tensions in the Middle East region.
The stock has demonstrated considerable momentum this week, advancing more than 25% since Monday, when the company unveiled a 150% increase in the mineral resource estimate at Telfer. The mineral resource now stands at 8 million ounces of gold, representing a material increase in the company’s asset base. The December 2025 resource estimate incorporates an additional 4.8 million ounces of gold, achieved at a discovery cost of approximately $5 per ounce, which represents exceptional economic efficiency in resource definition.
The quality of the resource base has notably improved, with the measured and indicated category, the most reliable classification for mine planning and conversion into mineable reserves, expanding by 163% to 3.8 million ounces. When combined with the adjacent Havieron deposit, Greatland’s total resource now comprises 14.9 million ounces of gold equivalent and 645,000 tonnes of copper. This combined resource encompasses multiple mining sources, including the West Dome Open Pit contributing 4.9 million ounces, the Main Dome Underground supplying 2.2 million ounces, and a newly defined West Dome Underground resource of 0.6 million ounces at grades approximating 2.3 grammes per tonne.
The increasing contribution from higher-grade underground mineralisation is anticipated to assume greater strategic importance in future production optimisation. The West Dome Underground deposit exhibits geological characteristics comparable to the established Main Dome Underground operation and remains open for potential lateral and depth extensions. The expanded resource foundation supports the operational viability of Telfer’s existing processing infrastructure, which processes 20 million tonnes of ore annually and which Greatland assumed ownership of in December 2024.
Shaun Day, Managing Director, characterised the combined Telfer and Havieron resource as possessing the potential to establish a “multi-decade, world-class mining hub.” The company has targeted the second quarter of 2026 for release of an updated ore reserve estimate at Telfer. Exploration activity during 2025 completed more than 134,000 metres of drilling, with a further 100,000 metres scheduled for execution in the current period. This sustained exploration programme reflects management confidence in converting inferred mineral resources into the higher-confidence measured and indicated categories that provide stronger geological certainty for mining operations.
