Greatland Resources Posts Record $260M Cash Build and Expands Telfer Resource by 150%

Record Cash Build and Operational Strength

Greatland Resources (ASX:GGP) posted a standout March quarter, generating a record $260 million cash build to close the period with $1.208 billion in cash and zero debt. The company produced 82,723 ounces of gold at an all-in sustaining cost (AISC) of $2,056 per ounce, alongside 4,128 tonnes of copper, maintaining strong operational momentum at its flagship Telfer mine. This robust performance translated into $453 million cash flow from operations, bolstered by gold sales of 97,800 ounces at an average realised price of $6,773 per ounce and copper sales of 4,620 tonnes at $15,803 per tonne.

Operationally, Greatland achieved record open pit material movements and ore mined, supported by a new CAT6060 digger and additional haul trucks, which helped reduce the strip ratio in the Stage 7 open pit. Underground mining also hit a milestone with 1,776 metres of development, progressing extensions at West Dome Underground and the Eastern Stockwork Corridor. The processing plant maintained gold recoveries at 88.4%, consistent with the first half of FY26, underpinning stable production quality.

Safety metrics improved further, with zero lost time injuries reported and a 12-month moving average lost time injury frequency rate (LTIFR) of 0.2. The Total Recordable Injury Frequency Rate (TRIFR) also improved to 4.6, reflecting ongoing focus on workplace safety.

Substantial Mineral Resource Growth at Telfer

One of the quarter’s highlights was the release of an updated Telfer Mineral Resource Estimate (MRE) as of 31 December 2025, which saw total resources surge by 4.8 million ounces, or 150%, to 419 million tonnes grading 0.59 g/t gold and 0.09% copper, equating to 8.0 million ounces of gold and 370,000 tonnes of copper. The Measured and Indicated resource categories grew even more sharply, by 163%, to 170 million tonnes at 0.69 g/t gold and 0.13% copper. This expansion was driven by significant gains at West Dome Open Pit, which alone grew by 2.8 million ounces, and Main Dome Underground, which increased by 1.5 million ounces.

The company’s total group resources, including Havieron and other assets, now stand at 550 million tonnes grading 0.84 g/t gold and 0.12% copper, containing 14.9 million ounces of gold and 645,000 tonnes of copper. This expanded resource base positions Greatland to underpin a multi-decade gold-copper mining hub in the Paterson Province. The company’s FY26 drill program remains on track with 184,322 metres completed year-to-date, progressing a targeted 240,000 metres for the full year, including resource growth and conversion drilling across key Telfer zones.

Greatland’s maiden Mineral Resource Estimate for the O’Callaghans deposit was also announced, confirming one of the world’s largest high-grade tungsten resources at 70 million tonnes grading 0.35% tungsten trioxide, alongside significant copper, zinc, and lead credits. Located just 10 kilometres south of Telfer, O’Callaghans benefits from infrastructure synergies and adds a valuable diversification to Greatland’s portfolio.

Havieron Project Advances Toward Final Investment Decision

Progress at the Havieron gold-copper development project continued steadily, with Greatland securing Commonwealth environmental approval under the EPBC Act and advancing state-level approvals with the Western Australian Environmental Protection Authority. Construction milestones included completion of precast floor footings and reinforced concrete arch installation at the decline tunnel portal, with backfill and compaction underway and scheduled for completion in May 2026. This infrastructure aims to mitigate operational risks from rainfall events and supports the project's long-life potential.

Mining development continues apace with ventilation drives and conveyor decline access progressing on schedule. Early works and feasibility study costs incurred during the quarter totalled $27.5 million, reflecting the company’s commitment to advancing Havieron toward a final investment decision. The project office has been established with key personnel onboarded, and tendering for critical project components has commenced.

Financial Position and Hedging Strategy

Greatland’s financial position remains robust with no drawn debt and an undrawn $75 million working capital facility, providing total liquidity of $1.283 billion. The company maintains full exposure to the gold price upside while managing downside risk through a gold put option program covering 187,502 ounces at strike prices ranging from A$4,200 to A$5,200 per ounce through mid-2027. This strategy balances cash flow certainty with participation in favourable market movements.

The company also paid a $73 million tax liability for FY25 during the quarter and anticipates an $87 million instalment in April 2026. Depreciation and amortisation expenses for FY26 are forecast at approximately $140 million, weighted toward the second half of the year.

Operational Outlook and Cost Pressures

Greatland expects full-year FY26 gold production to be near or slightly above the upper guidance range of 260,000 to 310,000 ounces, with AISC trending toward the lower end of the $2,400 to $2,800 per ounce guidance. The company is closely monitoring potential cost impacts from geopolitical tensions in the Middle East but notes that Telfer’s operations are currently insulated from diesel supply disruptions due to long-term contracts and onsite natural gas power generation. Diesel costs represent approximately 3.8% of the total cost base, but ongoing price inflation remains a risk factor for the sector.

Stockpile drawdown continued with 1.0 million tonnes consumed in the quarter, reducing run-of-mine ore stockpiles to 1.9 million tonnes at 0.69 g/t gold and 0.13% copper. Low-grade stockpiles of 20.6 million tonnes at 0.33 g/t gold are planned for incorporation into the mine plan in FY27, with trial processing campaigns underway to assess metallurgical performance.

Greatland’s growth capital investment of $82.1 million in the quarter was split between Telfer ($41.8 million), Havieron ($27.5 million), and exploration/resource development ($15.7 million). This includes tailings storage facility expansions, open pit prestripping, underground development, and fleet renewal, supporting the company’s strong organic growth trajectory.

Greatland’s March quarter results build on the company’s strong operational and financial momentum reported earlier this year, including a robust half-year profit and a $4.2 billion pre-tax NPV Havieron feasibility study. With a strengthened balance sheet and expanded resource base, the company is well positioned to navigate the challenges and opportunities ahead in the gold and copper markets.

Investors will be watching closely as Greatland progresses state environmental approvals for Havieron and integrates its expanded resource base into updated mine plans in the coming quarters, testing the scalability and cost control of its operations amid evolving market conditions.

Record $260 million cash build and 70Mt high-grade tungsten announcements provide important context for this quarterly update.