Greatland Resources has reported a 62% surge in its Group Ore Reserve to 5.0 million ounces of gold as of March 2026, driven by a 150% jump in the Telfer Ore Reserve to 1.8 million ounces following a major drilling campaign.
- Group Ore Reserve grows 62% to 5.0Moz gold
- Telfer Reserve increases 150% to 1.8Moz gold
- West Dome Open Pit Reserve expands 375% to 1.4Moz gold
- Ongoing drilling targets further resource and reserve growth
- Financial close on $225m revolving credit facility secured
Substantial Reserve Growth Anchors Multi-Year Mine Life
Greatland Resources (ASX:GGP) has posted a significant 62% increase in its Group Ore Reserve to 5.0 million ounces of gold and 196,000 tonnes of copper as at 31 March 2026. This leap was largely driven by a 150% rise in the Telfer Ore Reserve to 1.8 million ounces, underpinned by an intensive drilling campaign that covered roughly half of the company’s planned 240,000-metre FY26 program.
The West Dome Open Pit, the primary driver of near-term production, saw its Ore Reserve swell by 375% to 1.4 million ounces of gold, reflecting the success of ongoing resource conversion drilling that upgraded approximately 15 million tonnes of inferred material to indicated status. This upgrade underpins a multi-year base load reserve, with 90.6 million tonnes at 0.46 g/t gold and 0.05% copper now classified as Ore Reserve.
Underground Expansion and Stockpile Flexibility
Alongside open pit gains, the Main Dome Underground Ore Reserve was established at 0.2 million ounces of gold and 11,000 tonnes of copper, marking a new reserve addition where previously there was none. This supports a multi-year mine life extension and complements ongoing studies focused on the West Dome Underground and Vertical Stockwork Corridor projects, which remain in resource status pending further evaluation.
Greatland also highlighted 22.5 million tonnes of stockpiled material at 0.36 g/t gold and 0.05% copper, contributing 0.3 million ounces of gold to the reserve. These stockpiles provide operational flexibility and resilience to processing throughput, allowing the company to better manage ore feed and grade blending.
Economic Assumptions and Financial Arrangements
The Ore Reserve update incorporates medium-term metal price assumptions of A$4,000 per ounce for gold and A$6.00 per pound for copper, notably below current spot prices near A$5,930 per ounce and A$8.70 per pound respectively. These conservative assumptions feed into break-even net smelter return cut-offs tailored for open pit, underground, stockpile, and dump leach material.
Financially, Greatland has secured financial close on Facility B of its $500 million corporate debt facility, a $225 million undrawn revolving credit line with a seven-year tenor. This facility underpins working capital needs and supports the development of the Havieron gold-copper project, complementing the company’s strong balance sheet and operational liquidity.
Operational and Technical Foundations
Telfer remains a mature, large-scale operation with a 20 million tonnes per annum processing plant, comprising two parallel trains producing gold doré and copper-gold concentrate. The mine benefits from established infrastructure, including a sealed airstrip, camp facilities for a 1,700-person fly-in fly-out workforce, and road and port access for concentrate shipment.
Mining methods include conventional truck and shovel open pit operations at West Dome, and longhole open stoping underground at Main Dome, with detailed mine designs and schedules supporting the Ore Reserve estimate. Metallurgical recoveries average 78-81% for gold and 65-78% for copper in open pit ore, and 90% gold and 94% copper underground, consistent with historical performance.
Upside Potential and Strategic Outlook
Greatland’s Managing Director Shaun Day emphasised the substantial upside potential from inferred resources within the Ore Reserve pit shells, currently treated as waste. Conversion of these inferred ounces could materially reduce strip ratios and improve mined grades, particularly in the West Dome Open Pit where inferred to indicated conversion rates exceed 85%.
With a multi-decade mine life envisioned for the Telfer-Havieron complex, the company plans to maintain high drilling cadence into FY27, focusing on high-grade underground opportunities and further reserve growth. This strategy aims to increase the contribution of high-grade underground ore to processing feed over time, leveraging the scale and low-cost infrastructure of the Telfer operation.
Bottom Line?
Greatland’s reserve growth solidifies Telfer’s long-term potential, but ongoing drilling and study outcomes will be critical to sustaining this momentum.
Questions in the middle?
- How quickly can Greatland convert inferred resources in West Dome to reserves to improve economics?
- What timelines are envisaged for unlocking the West Dome Underground and Vertical Stockwork Corridor projects?
- How sensitive is the project’s economics to fluctuations in gold and copper prices beyond current medium-term assumptions?