Greatland’s Debt-Free Stance Tested by $46M Stamp Duty and Market Risks
Greatland Resources has reported a robust December quarter with gold and copper production rising alongside a significant cash increase, all while maintaining a debt-free balance sheet.
- December quarter production, 86,273 oz gold and 3,528 tonnes copper
- Cash balance climbs to $948 million, up $198 million for the quarter
- No debt and unhedged gold exposure with downside protection via put options
- Sales slightly below production volumes for gold and copper
- Pending finalisation of All-In-Sustaining-Cost (AISC) figures
Strong Production Performance
Greatland Resources Limited has delivered a solid operational update for the December 2025 quarter, producing 86,273 ounces of gold and 3,528 tonnes of copper. These figures represent a steady increase compared to the previous quarter’s output of 80,890 ounces of gold and 3,366 tonnes of copper, underscoring the company’s growing momentum in its mining operations.
The combined half-year production now stands at 167,163 ounces of gold and 6,894 tonnes of copper, reflecting the company’s capacity to sustain and potentially expand its output in the coming months.
Robust Financial Position
Greatland’s financial health remains impressive, with closing cash reserves reaching $948 million as of 31 December 2025. This marks a substantial $198 million increase over the quarter, achieved despite a significant one-off payment of $46 million in stamp duty related to the Telfer-Havieron acquisition. Excluding this payment, the cash build would have been an even more remarkable $244 million.
Importantly, the company carries no debt, positioning it well to navigate market fluctuations or pursue further growth opportunities without the burden of financial leverage.
Sales and Cost Metrics
Sales volumes for the quarter were slightly lower than production, with 72,212 ounces of gold and 3,301 tonnes of copper sold. The company has yet to finalise its All-In-Sustaining-Cost (AISC) figures for the quarter, which will be disclosed in the upcoming December Quarterly Activities Report. This metric will provide clearer insight into the cost efficiency and profitability of Greatland’s operations.
Strategic Market Positioning
Greatland continues to maintain full exposure to the upside potential of gold prices, while also implementing some downside protection through gold put options. This balanced approach suggests a strategic hedging policy designed to safeguard cash flow without limiting potential gains from favourable market movements.
The company’s portfolio, anchored by the 100% owned Telfer mine and the adjacent Havieron development project, remains a cornerstone of its long-term growth strategy. Both assets are located in the prolific Paterson Province of Western Australia, a region known for its world-class mineral deposits.
Looking Ahead
Investors and analysts will be keenly awaiting the full December 2025 Quarterly Activities Report, scheduled for release on 28 January 2026, which will provide comprehensive details on costs, operational updates, and strategic outlook. A webcast hosted by Greatland’s management on the same day will offer further insights and an opportunity for direct engagement.
Bottom Line?
Greatland’s strong production and cash growth set the stage for a pivotal 2026 as cost details and market conditions unfold.
Questions in the middle?
- What will the final All-In-Sustaining-Cost figures reveal about operational efficiency?
- How effective are the gold put options in mitigating downside risk amid volatile markets?
- What strategic moves might Greatland pursue with its strengthened cash position?
