Telfer Delivers 80.9koz Gold at $2,155 AISC, Generating $284m Cash Flow

Strong Operational Performance

Greatland Resources Limited has posted impressive results for the September 2025 quarter, underscoring its emergence as a significant Australian gold-copper producer. The Telfer operation delivered 80,900 ounces of gold and 3,400 tonnes of copper, with an exceptional gold recovery rate of 88.6%; the highest quarterly figure since 2010. This milestone reflects optimized processing and consistent operational execution across the Telfer flowsheet.

Ore throughput remained steady at 4.68 million tonnes, with average grades of 0.58 grams per tonne for gold and 0.09% for copper. Copper recovery also remained robust at 81.3%, sustaining strong by-product credits that help offset costs.

Financial Strength and Rapid Payback

Financially, Greatland demonstrated solid cash generation with $284 million in operating cash flow during the quarter and a closing cash balance of $750 million. The company remains debt free and holds an undrawn $75 million working capital facility, providing ample liquidity for ongoing investments. Notably, since completing the acquisition of Telfer in December 2024, Greatland has generated $885 million in cash flow from operations; 1.6 times the upfront acquisition consideration of $541 million; highlighting the rapid payback and value creation from the deal.

Sales revenue for the quarter reached $476 million, with an average realised gold price of A$5,277 per ounce, well above the all-in sustaining cost (AISC) of A$2,155 per ounce. This margin underscores the operation’s profitability and cost discipline, with AISC coming in below the company’s FY26 guidance range of A$2,400 to A$2,800 per ounce.

Advancing Growth Projects and Exploration

Greatland is actively investing in growth capital initiatives to extend mine life and enhance production capacity. At Telfer, key projects include the construction of tailings storage facility lifts, pre-stripping of the West Dome open pit, and refurbishment of mining fleet equipment. Underground development progressed with nearly 1,000 metres of growth development completed in the quarter.

Exploration drilling remains vigorous, with over 53,000 metres drilled targeting resource growth and conversion. A new high-grade zone was identified in the West Dome Underground, adding to the promising resource base. Drilling in the Main Dome Underground focused on near-mine extensions and new mining zones, with several areas scheduled for delivery to operations in the coming quarter.

Havieron Project Progress

The Havieron project continues to advance with permitting and early works underway. Installation of a concrete tunnel to mitigate surface water ingress and ventilation improvements have been completed. The feasibility study is on track for completion in December 2025, assessing an initial mining rate of 2.8 million tonnes per annum, with potential expansion to 4.0–4.5 million tonnes per annum. This development is expected to establish Havieron as a long-life, low-cost gold-copper mine complementing Telfer’s production platform.

Overall, Greatland Resources is building a robust platform for growth, leveraging strong operational performance, a healthy balance sheet, and a pipeline of development and exploration projects to secure its position as a leading Australian gold-copper producer.