Greatland Turns Havieron Approval Into Construction Start

Havieron Moves Into Construction

Greatland Resources Limited (ASX:GGP) has moved its flagship Havieron project into formal construction, giving the gold producer a second major growth engine just as its Telfer operation delivered a solid start to FY27. The September quarter included A$45.2 million of Havieron development spending after all secondary approvals required to begin construction were received.

Surface works have started on evaporation ponds and a blind bore drill-rig pad, while mining continues along Havieron’s primary and conveyor declines. Greatland has appointed Lycopodium for engineering, procurement, project controls and construction management, and has awarded early contractor engagement for the Telfer process plant’s Train 1 upgrade to GR Engineering Services. The project’s progress follows the Havieron development approval, which was previously reported alongside a A$500 million corporate debt facility and a board-approved final investment decision.

Quarterly Production Remains On Guidance

Greatland produced 70,131 ounces of gold and 2,927 tonnes of copper in the three months to 30 September, with both production and AISC described as better than plan. Net revenue reached A$485 million from sales of 71,901 ounces of gold and 2,714 tonnes of copper, at realised prices of A$5,980 per ounce and A$16,653 per tonne respectively.

Processing throughput was the quarter’s operational bright spot: 4.89 million tonnes were milled despite a planned 15-day maintenance shutdown. Gold recovery was 85.1%, while copper recovery reached 82.5%. Open-pit material movement rose for the seventh consecutive quarter, and underground development reached a record 2,021 metres for the seventh consecutive quarter.

The numbers are not entirely frictionless. AISC increased to A$2,925 per ounce from A$2,312 in the June quarter, while gold production fell from 79,100 ounces. Greatland attributed the quarter’s performance to planned maintenance, mine scheduling and strong throughput, and said production is expected to be weighted towards the second half of FY27. It nevertheless retained guidance of 260,000 to 300,000 ounces of gold at an AISC of A$2,900 to A$3,330 per ounce, following the FY26 production beat that preceded the new financial year.

Cash Builds Despite Growth Spending

“September 2026 quarter cash movements”

Operating cash flow was A$289 million and cash increased by A$25 million during the quarter, leaving Greatland with A$1.314 billion in cash and no drawn debt at 30 September. Available liquidity stood at A$1.789 billion, including A$475 million of undrawn revolving credit facilities.

That cash build came despite A$96.7 million of growth and capitalised exploration spending, including A$37.2 million at Telfer and A$13.3 million on resource development. Greatland also paid A$100 million in tax instalments during the quarter and expects an additional catch-up tax payment of about A$155 million in December 2026. The report says ongoing monthly PAYG instalments will continue for the rest of FY27.

Telfer Expansion Carries Execution Load

“September quarter mining areas”

Telfer remains the cash-generating base while Havieron absorbs development capital. Spending at Telfer covered the TSF8 tailings-storage expansion, Stage 7 open-pit stripping, fleet renewal and underground development, while drilling teams completed 51 kilometres of growth drilling and 22 kilometres of conversion drilling during the quarter.

Greatland also approved another surface diamond rig for the Pinnacles prospect, targeting an extension of the West Dome geological structure. Gold put options provide downside protection on almost 150,000 ounces through September 2027, with weighted average strike prices ranging from A$4,200 to A$5,200 per ounce while leaving the company exposed to higher spot prices.