Greatland Resources capped off 2025 with robust gold and copper production at Telfer, generating $406 million in operating cash flow, while its Havieron feasibility study confirmed a world-class, low-cost gold-copper mine with a $4.2 billion pre-tax NPV.
- December quarter gold production of 86,273 ounces at $2,196/oz AISC
- Operating cash flow of $406 million and closing cash balance of $948 million, debt free
- Havieron Feasibility Study confirms $4.2 billion pre-tax NPV and $1.065 billion pre-production capex
- FY26 production guidance trending to upper end of 260,000–310,000 ounces with lower AISC
- Ongoing resource development drilling delivers high-grade intercepts at Telfer’s West Dome Underground
Strong Operational Momentum at Telfer
Greatland Resources Limited has delivered a standout December quarter, producing 86,273 ounces of gold and 3,528 tonnes of copper at an all-in sustaining cost (AISC) of $2,196 per ounce. This performance builds on the company’s first full year of ownership at the Telfer mine, where it has produced over 335,000 ounces of gold and 14,000 tonnes of copper, generating approximately $1.3 billion in operating cash flow.
Key operational drivers included a 32% increase in open pit ore mined volume and sustained high gold recoveries of 88.4%. The company’s focus on improving open pit productivity and grade control systems has resulted in a 49% increase in total material mined from March to December 2025. Underground development also progressed steadily, with significant drilling success at the West Dome Underground project, including exceptional high-grade intercepts that suggest the mineral system is expanding.
Robust Financial Position and Production Outlook
Financially, Greatland reported $406 million in cash flow from operations for the quarter, boosting its cash reserves to $948 million while remaining debt free. Sales of 72,212 ounces of gold and 3,301 tonnes of copper at average realised prices of $6,301 per ounce and $14,652 per tonne respectively, underpin this strong cash generation. The company maintains full upside exposure to gold prices, complemented by downside protection through gold put options with strike prices ranging from $4,200 to $5,200 per ounce through mid-2027.
Based on first-half performance, Greatland expects FY26 gold production to trend towards the upper end of its guidance range of 260,000 to 310,000 ounces, with AISC anticipated at the lower end of $2,400 to $2,800 per ounce. Sustaining and growth capital expenditures continue, with $61.2 million invested in Telfer during the quarter, including tailings expansion, open pit pre-stripping, underground development, and fleet renewal.
Havieron Feasibility Study Validates World-Class Project
The highlight of the quarter was the completion of the Havieron Feasibility Study, confirming a pathway to a world-class, long-life, lowest quartile cost gold-copper mine leveraging existing Telfer infrastructure. The study outlines a pre-production capital expenditure of $1.065 billion and a life-of-mine plan targeting 4.1 million ounces of gold and 153,000 tonnes of copper over 17 years.
Financial metrics are compelling, with a pre-tax net present value (NPV) of $4.2 billion at a 5% discount rate based on conservative metal prices, rising to $7.9 billion at current spot prices. The internal rate of return post-tax stands at 22.5%, increasing to 31.5% with spot gold prices. Funding for Havieron’s development is expected to come from Greatland’s strong cash reserves, ongoing Telfer cash flow, and a recently secured $500 million corporate debt facility from a syndicate of Tier 1 banks including ANZ, HSBC, ING, NAB, and Westpac.
Exploration and Resource Development Drive Growth
Greatland’s resource development drilling program remains on track, with 54,204 metres completed in the December quarter as part of a targeted 240,000-metre annual program. The West Dome Underground project continues to deliver exceptional assay results, with high-grade intercepts such as 55.3 metres at 7.4 grams per tonne gold and 0.43% copper. These results underpin the company’s confidence in extending mine life and expanding resource potential.
At the same time, the company is advancing mine planning and infrastructure projects, including tailings storage facility expansions and dump leach infrastructure upgrades, ensuring sustainable production growth. Safety performance improved with only one lost time injury during the quarter and no environmental incidents reported.
Looking Ahead
With a robust balance sheet, strong operational momentum, and a transformative new project in Havieron, Greatland Resources is well positioned to capitalise on rising gold and copper markets. The company’s next milestones include securing environmental approvals for Havieron, progressing underground development, and continuing resource expansion drilling. Investors will be watching closely as Greatland moves from feasibility to construction and production at Havieron, potentially reshaping the company’s growth trajectory.
Bottom Line?
Greatland’s strong cash flow and Havieron’s feasibility set the stage for a new era of growth, but execution and approvals remain key hurdles.
Questions in the middle?
- When will Greatland receive final environmental approvals to proceed with Havieron’s development?
- How will ongoing resource drilling impact the mine life and production profile at Telfer and Havieron?
- What are the risks and contingencies associated with the $500 million debt facility and project financing?