Greatland Posts $977M Revenue and 167,000 Ounces Gold in H1 FY26

Strong Financial Performance Anchored by Telfer Acquisition

Greatland Resources Limited has reported a striking turnaround in its half-year results for the period ended 31 December 2025, posting a net profit after tax of $342.9 million, a remarkable 876% increase compared to the prior corresponding period. This surge is largely attributable to the full consolidation of the Telfer gold-copper mine, acquired in December 2024, which contributed significantly to revenue of $977.3 million.

The Telfer mine, located in Western Australia's Paterson Province, produced 167,163 ounces of gold and 6,894 tonnes of copper during the half-year, maintaining strong recovery rates of 88.5% for gold and 80% for copper. The all-in sustaining cost of $2,176 per ounce of gold reflects operational efficiency amid increased mining activities, including a 34% rise in total material mined.

Capital Investment Fuels Growth and Exploration

Greatland invested $177 million in growth capital during the period, focusing on expanding Telfer's infrastructure and underground development, as well as advancing the Havieron project. The company completed over 107,000 metres of drilling aimed at resource growth and conversion, with notable high-grade intercepts at the West Dome Underground project.

At Havieron, the recently completed feasibility study confirmed the project's potential as a world-class, long-life, low-cost gold-copper mine. The study outlined a pre-tax net present value of $4.2 billion at a 5% discount rate based on conservative metal prices, with first gold production expected approximately 2.5 years after the final investment decision. The initial mine life is projected at 17 years, with steady-state annual production of 266,000 ounces of gold and 9,600 tonnes of copper at an all-in sustaining cost of $1,610 per ounce.

Financial Position and Hedging Strategy

Greatland's balance sheet strengthened considerably, with total assets rising to $2.7 billion and cash reserves nearing $950 million at period end. The company secured $500 million in corporate debt facilities from a consortium of Tier 1 banks, including ANZ, HSBC, ING, NAB, and Westpac, to support ongoing development and working capital needs. This facility complements the company's hedging program, which provides downside protection on gold prices through put options while allowing full upside exposure to commodity price gains.

Outlook and Strategic Considerations

Greatland continues to advance permitting and early works at Havieron, targeting environmental approvals within the fiscal year. The company is also progressing open pit and underground mining expansions at Telfer, supported by fleet renewal and improved grade control systems. Exploration efforts remain focused on near-mine extensions and regional projects in Western Australia, including the Paterson South joint venture with Rio Tinto Exploration.

While the results underscore Greatland's operational momentum and strategic positioning, the company has not declared dividends, signalling a focus on reinvestment and growth. Investors will be watching closely as Greatland navigates regulatory approvals and executes its ambitious development plans.