Can Greatland Sustain Growth Amid Rising Costs and Grade Risks at Telfer?

A Transformational Year for Greatland Resources

Greatland Resources Limited has marked a pivotal moment in its corporate history with the completion of FY25, a period defined by the acquisition and seamless integration of the Telfer and Havieron gold-copper operations. In just seven months since the acquisition closed in December 2024, Greatland produced an impressive 198,319 ounces of gold and 8,429 tonnes of copper at an all-in sustaining cost (AISC) of $1,849 per ounce of gold, outperforming initial guidance.

The June quarter alone delivered 78,283 ounces of gold and 3,729 tonnes of copper at an even lower AISC of $1,736 per ounce, underscoring operational efficiency. Safety metrics improved markedly, with zero lost time injuries and a significant reduction in total recordable injury frequency rate, reflecting a strong commitment to workplace safety.

Financial Strength and Market Confidence

Financially, Greatland demonstrated robust cash generation, with operating cash flow exceeding $600 million over the seven-month period and $310 million generated in the June quarter alone. The company closed the quarter with a net cash position of $575 million, maintaining a debt-free balance sheet and an undrawn $75 million working capital facility, providing ample liquidity for growth initiatives.

June 2025 also saw Greatland’s successful initial public offering (IPO) on the ASX, raising $490 million with strong investor demand. The IPO was structured to minimise dilution, with only $50 million in primary shares issued and the remainder comprising a secondary sell-down of Newmont Corporation’s shares. This move has positioned Greatland as a leading Australian gold-copper producer with a market capitalisation of approximately $4.6 billion.

Strategic Growth and Life Extension Initiatives

Looking ahead, Greatland has set ambitious FY26 guidance, targeting gold production between 260,000 and 310,000 ounces at an AISC range of $2,400 to $2,800 per ounce. This guidance reflects a cautious approach, incorporating risk adjustments for lower grades in existing stockpiles and certain open pit areas.

Central to the company’s growth strategy is a record drilling program at Telfer, with approximately 240,000 metres planned, an increase of 145% over the FY21-25 average. This program aims to convert resources to reserves and identify extensions to the mine life through exploration at the West Dome Open Pit, Main Dome Underground, and West Dome Underground.

Key life-extension projects include accelerated pre-stripping of the West Dome Open Pit Stage 7 extension, underground development drives, fleet upgrades, and tailings storage facility expansions. These investments are supported by the renewal of critical mining leases at Telfer until 2045, securing long-term operational continuity.

Progress at Havieron and Environmental Stewardship

Meanwhile, the Havieron project’s feasibility study remains on track for completion in December 2025, with early works underway to de-risk the development schedule. Greatland continues to engage closely with regulatory authorities and the Martu people, the traditional owners of the land, maintaining strong social license and environmental compliance.

Gold price exposure is fully retained with downside protection via put options, balancing risk and opportunity in a volatile market. The company’s operational and financial discipline, combined with strategic growth investments, positions Greatland well for sustained value creation.