Greatland Resources Surpasses FY26 Guidance with 1.8Moz Telfer Reserve Upgrade

FY26 Production Beats Expectations with Robust Margins

Greatland Resources (ASX:GGP) closed FY26 on a high note, producing 328,987 ounces of gold and 14,594 tonnes of copper at an all-in sustaining cost (AISC) of $2,179 per ounce, comfortably outperforming its guidance range of 260,000–310,000 ounces and $2,400–2,800/oz AISC. The June quarter alone delivered 79,100 ounces of gold at an AISC of $2,312/oz, supported by record open pit material movements and sustained high gold recoveries of 86.8%. This operational outperformance, combined with strong metal prices, generated $545 million in net revenue for the quarter and propelled the company's cash balance to a hefty $1.29 billion, all while maintaining a debt-free position.

Telfer Reserve Upgrade Signals Multi-Year Mine Life Extension

The quarter's standout was a substantial upgrade to the Telfer Ore Reserve, which surged by 1.1 million ounces to 1.8 million ounces, a 150% increase. This lifts Greatland’s Group Ore Reserve to 5.0 million ounces of gold and 196,000 tonnes of copper, underpinning a multi-year base load reserve. The West Dome Open Pit reserve alone expanded by 375% to 1.4 million ounces, while the Main Dome Underground reserve was newly established at 0.2 million ounces. The upgrade provides operational flexibility and supports ongoing underground expansion projects such as West Dome Underground (WDU) and the Vertical Stockwork Corridor (VSC), both subject to further studies.

Pinnacles Prospect Drilling Extends West Dome Structure

Exploration drilling at the Pinnacles prospect yielded exceptional results, confirming a roughly 1.2-kilometre extension to the West Dome geological structure. The highlight drill intercept included 58.7 metres grading 6.5 grams per tonne gold and 0.1% copper from a depth of 1,754 metres, with a high-grade core of 37 metres at nearly 10 g/t gold. This discovery lies approximately 1.5 kilometres from existing underground infrastructure, potentially accelerating future development timelines. Follow-up drilling is planned to delineate the mineralisation further along strike and down dip.

Havieron Project Advances to Construction Phase

Greatland’s board approved the Final Investment Decision for the Havieron gold-copper project in June 2026, following receipt of primary environmental approvals. The company expects to secure remaining secondary approvals imminently, enabling the commencement of site clearing and construction activities. During the quarter, $29.5 million was invested in feasibility and early works, including completion of the primary boxcut tunnel and progress on the main decline and pump station installations. Havieron’s first gold production is anticipated approximately 2.5 years after construction start, targeting FY29, with a steady-state production rate of around 266,000 ounces per annum expected within three years thereafter.

FY27 Guidance Reflects Transition to Lower-Grade Stockpiles and Growth Investments

Greatland projects FY27 gold production of 260,000–300,000 ounces at an elevated AISC range of $2,900–3,330/oz, reflecting a shift to lower-grade stockpiles and increased sustaining capital. The company plans significant growth capital expenditure, with $315–335 million allocated to Telfer and $365–435 million earmarked for Havieron pre-production activities. Exploration and resource development budgets stand at $70–80 million, supporting an ambitious 215-kilometre drilling program focused on resource conversion and near-mine growth, particularly at WDU and West Dome Open Pit. Early works at WDU have commenced, aiming for first development ore in FY28, while a study on the VSC sub-level cave mining is underway.

Corporate Strength and Leadership Changes

Greatland has fortified its financial position with a $500 million corporate debt facility arranged with Tier 1 banks, complementing its strong cash reserves and providing ample liquidity for upcoming projects. The company also announced key executive appointments, with Nick Strong joining as Chief Operating Officer in October 2026, while Otto Richter transitions to Chief Technical Officer. These leadership moves aim to support Greatland’s operational and technical growth ambitions.

Safety and Sustainability Maintain Upward Trajectory

Safety performance remained strong with zero lost time injuries recorded during the quarter, maintaining a 12-month moving average Lost Time Injury Frequency Rate (LTIFR) of 0.2 and a Total Recordable Injury Frequency Rate (TRIFR) of 4.5. No environmental non-compliances or significant incidents were reported, underscoring Greatland’s commitment to sustainable and responsible mining practices.