Greatland Resources delivered a robust start to FY26, reporting strong gold and copper production alongside significant cash flow and promising exploration results at Telfer.
- September quarter gold production of 80,890 ounces at AISC of $2,155/oz
- $284 million operating cash flow and $750 million cash balance, debt free
- Record 240,000m annual drilling program underway with new high-grade zones identified
- Havieron Feasibility Study progressing, targeting completion in December 2025
- Full-year FY26 gold production guidance maintained at 260,000-310,000 ounces
Strong Operational Performance
Greatland Resources Limited has kicked off FY26 with a solid quarterly performance, producing 80,890 ounces of gold and 3,366 tonnes of copper at an all-in sustaining cost (AISC) of $2,155 per ounce. This marks a notable achievement, with gold recovery rates reaching 88.6%, the highest quarterly figure at the Telfer mine since 2010. Operational safety also improved, with zero lost time injuries reported during the quarter.
The company’s operational efficiency translated into robust financial results. Sales for the quarter totalled 82,199 ounces of gold and 3,277 tonnes of copper, generating net revenue of $476 million. Operating cash flow was a strong $284 million, boosting the company’s cash reserves to $750 million while maintaining a debt-free balance sheet.
Growth and Exploration Momentum
Greatland invested $69.8 million in growth capital expenditure at Telfer, focusing on tailings storage expansion, open pit pre-stripping, underground development, and fleet renewal. The company is executing a record 240,000-metre annual drilling program, with 53,543 metres completed in the quarter alone. This drilling has already uncovered an exciting new high-grade zone at the West Dome Underground, which could enhance future production profiles.
Meanwhile, the Havieron project’s feasibility study is progressing well, with completion targeted for December 2025. Early works, including decline tunnel reinforcement and ventilation upgrades, are underway, positioning Havieron for a smooth transition to development pending final approvals.
Financial Discipline and Hedging Strategy
Greatland’s financial discipline is evident in its rapid payback of the Telfer-Havieron acquisition cost, having generated $885 million in cumulative operating cash flow since December 2024, exceeding the upfront consideration of approximately $541 million. The company also maintains a prudent hedging strategy, holding gold put options that provide downside price protection at $3,905 to $4,200 per ounce through 2026, while retaining full exposure to any upside in gold prices.
Looking ahead, full-year FY26 production guidance remains steady at 260,000 to 310,000 ounces of gold, with an AISC range of $2,400 to $2,800 per ounce. The company’s strong cash position and operational momentum provide flexibility to fund growth initiatives and de-risk the Havieron development.
Sustainability and Safety
Greatland continues to prioritise safety and environmental stewardship. The quarter saw no lost time injuries and no environmental non-compliances, underscoring the company’s commitment to responsible mining practices as it scales operations.
Bottom Line?
Greatland’s strong cash flow and exploration success set the stage for a pivotal year ahead, with the Havieron feasibility study completion poised to unlock further value.
Questions in the middle?
- How will the new high-grade zones at West Dome Underground impact long-term production forecasts?
- What are the key risks and timelines associated with Havieron’s development and permitting process?
- How might fluctuations in gold and copper prices affect Greatland’s cash flow and hedging strategy in FY26?