Greatland Resources Limited (LSE:GGP) reported gold production of 70,131 ounces and copper output of 2,927 tonnes for the September 2026 quarter, with all-in sustaining costs (AISC) of $2,925 per ounce of gold, as construction commenced at its Havieron gold-copper project in Western Australia.
The company maintained its FY27 production guidance of 260,000 to 300,000 ounces of gold, with expected AISC ranging from $2,900 to $3,330 per ounce.
Greatland said quarterly production and costs were ahead of its internal plan, primarily reflecting processing throughput and operational performance at its Telfer mine. The results included the completion of a planned 15-day maintenance shutdown at the processing plant.
The company ended September with a cash balance of $1.314 billion and no drawn debt, compared with $1.289 billion at the end of June 2026.
Quarterly Revenue Reaches $485 Million as Operating Cash Flow Totals $289 Million
Greatland reported net revenue of $485 million for the three months ended 30 September 2026, following sales of 71,901 ounces of gold and 2,714 tonnes of copper.
The weighted average realised gold price was $5,980 per ounce, while copper achieved an average price of $16,653 per tonne.
Operating cash flow totalled $289 million during the quarter, with cash increasing by $25 million after investment expenditure and tax payments.
The company paid $100 million in tax instalments during the period, comprising a $64 million quarterly payment relating to June 2026 and a further $36 million covering July and August.
Greatland expects to make an additional tax payment of approximately $155 million in December 2026 relating to FY26.
Total available liquidity stood at $1.789 billion at the end of September, including $475 million in undrawn revolving credit facilities.
The company also maintained its gold price protection arrangements through put options, providing downside protection while retaining exposure to increases in the gold price.
Telfer Processing Reaches 4.89 Million Tonnes During September Quarter
At Telfer, Greatland processed 4.89 million tonnes of ore during the quarter, with average grades of 0.50 grams per tonne of gold and 0.07% copper.
Gold recoveries reached 85.1%, while copper recoveries were 82.5%.
Open-pit operations produced 4.05 million tonnes of ore at average grades of 0.45 grams per tonne of gold and 0.04% copper.
Total open-pit material movement reached 7.86 million tonnes, marking the seventh consecutive quarterly increase. The company attributed the increase to higher equipment availability, improved mining productivity and operational changes at Stage 7.
Underground mining contributed 0.38 million tonnes of ore, grading 1.33 grams per tonne of gold and 0.32% copper.
Underground development totalled 2,021 metres, including 674 metres of growth-related development. Greatland continued work on access and ventilation infrastructure connecting the Main Dome and West Dome underground areas.
Mining costs totalled $88.1 million, while processing expenditure reached $89.5 million. Sustaining capital expenditure was $36.5 million, with site services costs of $23.8 million.
The company expects FY27 gold production to be weighted modestly towards the second half of the financial year, reflecting open-pit scheduling and the September maintenance shutdown.
Havieron Construction Begins Following Regulatory Approvals
Greatland commenced construction activities at its Havieron gold-copper project during September after receiving the secondary regulatory approvals required to begin development.
The company invested $45.2 million in Havieron during the quarter, covering initial construction activities, underground development and supporting infrastructure.
Work included the development of evaporation ponds, completion of a drilling platform for blind-bore operations and continued advancement of the primary and conveyor declines.
Greatland appointed Lycopodium to provide engineering, procurement, project controls and construction management services.
The company also completed preparatory work for the blind-bore contractor, Abergeldie Complex Infrastructure, with site establishment targeted for October.
Tendering commenced for major infrastructure packages, including a haul road and high-voltage powerline.
Separately, GR Engineering Services was awarded an early contractor engagement scope for upgrades to Train 1 of the Telfer processing plant, intended to optimise recoveries from Havieron ore.
Greatland is developing Havieron alongside its existing Telfer operations, with both assets forming part of its gold-copper production strategy in Western Australia’s Paterson Province.
Greatland Invests $96.7 Million in Growth and Exploration
Total expenditure on growth projects and capitalised exploration reached $96.7 million during the September quarter.
Of this amount, $45.2 million was allocated to Havieron development and $37.2 million to growth projects at Telfer.
Investment at Telfer included tailings storage expansion, open-pit fleet renewal, Stage 7 stripping and underground development.
The company also capitalised $13.3 million in resource development expenditure and $1.0 million in exploration costs, with a further $2.7 million of exploration expenditure recognised as an expense.
Drilling activities included 51 kilometres of resource growth drilling and 22 kilometres of conversion drilling.
Greatland operated six underground rigs, three reverse circulation rigs and three surface diamond drill rigs during the quarter.
An additional surface diamond drill rig was approved for the Pinnacles Prospect to continue testing extensions of the West Dome geological structure.
FY27 Guidance Maintained as Greatland Advances Development Programme
Greatland reaffirmed its full-year production and cost expectations following the first quarter of FY27.
The company continues to target gold production of 260,000 to 300,000 ounces, with AISC of between $2,900 and $3,330 per ounce.
Depreciation and amortisation are expected to total between $280 million and $320 million for FY27, compared with $144 million in FY26. Greatland attributed the anticipated increase to investment in underground development, open-pit stripping and tailings infrastructure at Telfer.
The company reported no lost-time injuries during the September quarter. Its 12-month moving average lost-time injury frequency rate was 0.2, while the total recordable injury frequency rate declined to 3.7 from 4.5 at the end of June.
Managing Director Shaun Day said quarterly gold production and AISC had performed ahead of the company’s plan, while investment continued at Telfer and Havieron.
Management also highlighted the commencement of Havieron construction and ongoing development of the West Dome Underground area.
Greatland said its investment programme remains focused on developing Havieron and extending production opportunities at Telfer, supported by its existing cash resources and available credit facilities.
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