Greatland Resources Launches ASX IPO with Strong Telfer Production and Havieron Development
Greatland Resources Limited is set to list on the ASX following a corporate reorganisation, showcasing robust production at its Telfer gold-copper mine and advancing development at the Havieron project.
- Corporate reorganisation via UK Scheme completed
- Dual listing planned on ASX and AIM
- Telfer mine operational with strong 2-year production outlook
- Havieron feasibility study underway targeting FY28 production
- A$50 million capital raise through share offer
Corporate Reorganisation and Listing
Greatland Resources Limited (Greatland) has embarked on a significant corporate reorganisation, transitioning to become the holding company of Greatland Gold plc (GGP) through a UK court-sanctioned scheme of arrangement. This move paves the way for a dual listing on both the Australian Securities Exchange (ASX) and the London Stock Exchange's AIM market, reflecting the company's strong ties to both Australian and UK investors.
The company aims to raise up to A$50 million via an initial public offering (IPO) on the ASX, complemented by a separate UK Retail Offer targeting approximately A$14 million. The offer is managed by a consortium of leading financial institutions including BofA Securities, Barrenjoey, and Canaccord, with co-managers Argonaut and Sternship providing additional support.
Telfer Gold-Copper Mine – Operational Strength
Greatland's flagship asset, the Telfer gold-copper mine located in Western Australia's Paterson Province, continues to deliver strong operational performance. The mine, which has produced over 15 million ounces of gold since 1977, reported production of 90,172 ounces of gold and 3,511 tonnes of copper in the March 2025 quarter, its first full quarter under Greatland's ownership.
Looking ahead, the company has outlined a two-year production target for FY26 and FY27, aiming for an average annual gold production of 280,000 to 320,000 ounces at an all-in sustaining cost (AISC) of A$2,400 to A$2,950 per ounce. This outlook is supported by a robust mineral resource estimate of 3.2 million ounces of gold and 117,000 tonnes of copper, alongside an ore reserve estimate of 0.7 million ounces of gold and 23,000 tonnes of copper.
Havieron Project – Advancing Development
Adjacent to Telfer, the Havieron gold-copper project represents one of Australia's largest high-grade gold discoveries in recent decades. Greatland holds 100% ownership following the acquisition of Newmont's 70% joint venture interest in December 2024. The project boasts a substantial mineral resource of 7.0 million ounces of gold and 275,000 tonnes of copper.
Development is well underway, with early works including over 2,100 meters of underground decline completed, representing approximately 80% of the vertical distance to the orebody. The ongoing feasibility study, targeted for completion in the December 2025 quarter, is assessing an initial mining rate of 2.8 million tonnes per annum, with plans to ramp up to 4.0 to 4.5 million tonnes per annum through the addition of a second decline and an underground crusher and conveyor system.
Exploration Portfolio and Growth Strategy
Beyond its core assets, Greatland maintains a significant exploration portfolio across the Paterson region and other parts of Western Australia, including projects such as Telfer Near Mine, Scallywag, Paterson South, Panorama, Yannarie, Mt Egerton, and Ernest Giles. The company’s strategy focuses on leveraging existing infrastructure, particularly at Telfer, to support a 'hub and spoke' model that facilitates regional growth and exploration success.
Financial Position and Risk Factors
Greatland's financial position is underpinned by a strong cash balance of A$398 million as of March 2025 and undrawn debt facilities, including a A$75 million working capital facility. The company has also secured a non-binding letter of support for a proposed A$775 million syndicated debt facility to fund Havieron's development.
Investors should be mindful of key risks including operational challenges at Telfer, particularly related to tailings storage facilities, uncertainties inherent in exploration and resource estimation, regulatory and environmental approvals, and commodity price volatility. The company has disclosed these risks comprehensively and is actively managing them as part of its operational and strategic planning.
Independent Technical Assessment
SRK Consulting has provided an Independent Technical Assessment Report confirming the adequacy and reliability of Greatland’s mineral resource and ore reserve estimates. The report supports the company’s production targets and development plans, providing confidence in the technical foundation underpinning the IPO and dual listing.
Bottom Line?
As Greatland Resources advances its dual listing and development plans, the completion of the Havieron feasibility study and ongoing Telfer production updates will be critical milestones to watch.
Questions in the middle?
- How will the completion of the Havieron feasibility study impact Greatland’s production profile and capital requirements?
- What are the potential implications of tailings storage facility remediation on Telfer’s operational continuity and costs?
- How might commodity price fluctuations, particularly in gold and copper, affect Greatland’s financial performance and investor returns?
