REG - Greatland Resources - December Quarter 2025 Activities Report
Wed 07:20
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RNS Number : 7030Q Greatland Resources Limited 28 January 2026
Greatland Resources Limited
E: info@greatland.com.au
W: https://greatland.com.au
: x.com/greatlandgold
NEWS RELEASE | 28 January 2026
Quarterly Activities Report - December Quarter 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
Strong December quarter caps an outstanding first full year at Telfer
Quarterly production of 86,273 ounces of gold at AISC of $2,196/oz, which
generated $406 million cash flow from operations and delivered closing cash
of $948 million
Highlights
Operations
§ December quarter production of 86,273oz Au and 3,528t Cu at an AISC of
$2,196/oz Au (September quarter: 80,890oz Au and 3,366t Cu; FY26 H1:
167,163oz Au and 6,894t Cu).
§ High gold recoveries were maintained, with 88.4% recovery achieved in the
December quarter, similar to the September quarter.
§ One lost time injury occurred during the quarter, resulting in a 12-month
moving average lost time injury frequency rate (LTIFR) of 0.3. The overall
safety statistics have continued to improve and Total Recordable Injury
Frequency Rate (TRIFR) is 5.3.
Financial & Corporate
§ Sales of 72,212oz Au and 3,301t Cu at weighted average realised prices of
$6,301/oz gold and $14,652/t copper, generating net revenue of $507 million.
§ Cash flow from operations of $406 million for the quarter delivered a
closing cash balance of $948 million (from $750 million at 30 September
2025), debt free.
§ Full upside exposure to the gold price with partial downside protection
provided from gold put options at a strike price of $4,200/oz (CY26),
$5,000/oz (CY27 Q1) and $5,200/oz (CY27 Q2).
Growth
§ $61.2 million in Telfer growth capex invested across tailings expansion,
open pit pre-stripping, underground development and open pit fleet renewal.
§ Record 240,000 metre annual Telfer resource development drilling program
continues, with 10 drill rigs in operation. A total 54,204 metres of resource
development drilling was completed in the quarter (September quarter:
53,543 metres), with good progress made in all areas.
§ West Dome Underground project drilling continues to deliver exceptional
results, with the highest grade intercept to date including 55.3m @ 7.4g/t Au
& 0.43% Cu from 427m and 27.0m @ 9.3g/t Au & 0.15 % Cu from 495m
(both from drillhole WUC4550104). The recent drilling indicates that the
mineral system is increasing in size towards the south, which remains open.
Havieron
§ Havieron Feasibility Study completed with results announced on 1 December
2025, confirming pathway to a world-class, long-life, lowest quartile cost
Australian gold-copper mine, leveraging existing Telfer infrastructure.
§ Updated Havieron Ore Reserve of 38.5Mt at 2.63g/t Au & 0.33% Cu for
3.3Moz Au & 128kt Cu, the largest Australian underground gold reserve
outside of a global major gold producer.
Greatland Managing Director, Shaun Day, commented:
"We are pleased to have delivered another strong operational performance in
the December quarter, with gold production of 86,273 ounces at an AISC of
$2,196 per ounce. Key drivers included continued growth in open pit ore mined
(a 32% increase in volume of mill feed mined) and maintained high gold
recovery of 88.4%, continuing the strong trend from last quarter.
"Based on the first half performance, we currently expect full-year production
to trend towards the upper end of the guidance range of 260,000 - 310,000
ounces, and full-year AISC towards the lower end of the guidance range of
$2,400 - $2,800 per ounce.
"With full upside to the significant gold price increase during the quarter,
we achieved an average realised price of over $6,300 per ounce, generating
$406 million cash flow from operations and cash build of $198 million, to
close the quarter with $948 million in cash.
"Conclusion of the December quarter completes our first full 12 months of
ownership of Telfer in which we produced over 335,000 ounces of gold and
14,000 tonnes of copper, generated ~$1.3 billion cash flow from operations,
and built our net cash by ~$800 million.
"An important milestone was achieved during the quarter with the completion
and release of the results of the Havieron Feasibility Study which confirmed
the pathway to a world-class, long-life, lowest quartile cost Australian
gold-copper mine, leveraging existing Telfer infrastructure. Havieron's
development is expected to be fully funded from cash together with a $500
million binding debt commitment with Tier-1 banks."
Conference Call
Greatland presented the Quarterly Activities Report via a webcast for
shareholders, research analysts, media and other interested stakeholders on
Wednesday, 28 January 2026 followed by a Q&A session.
To view the replay, please click on this link and register your details:
https://webcast.openbriefing.com/ggp-qtr2-2026/
(https://webcast.openbriefing.com/ggp-qtr2-2026/)
Overview
Greatland Resources Limited (Greatland) is pleased to report operating
(unaudited) results for the 3-month period from 30 September 2025 to 31
December 2025 (December quarter).
Greatland produced 86,273oz Au and 3,528t Cu at AISC of $2,196/oz Au in the
December quarter.
FY26 production is expected to be slightly weighted towards the first half of
FY26. Based on the first half performance, full-year production is currently
expected to trend towards the upper end of the FY26 production guidance range
of 260,000 - 310,000oz Au, and AISC currently expected to trend towards the
lower end of the guidance range of $2,400 - $2,800/oz Au.
Mark Benson was promoted to the role of General Manager - Telfer in January
2026.
Table 1: December quarter results, September, June and March quarter results
for comparison
Operations Unit Dec Q 2025 Sep Q 2025 Jun Q 2025 Mar Q 2025
Mill production
Ore milled kt 4,513 4,680 4,917 4,584
Mill head grade Au g/t Au 0.65 0.58 0.58 0.68
Cu % Cu 0.10% 0.09% 0.09% 0.10%
Recovery Au % 88.4% 88.6% 82.4% 86.7%
Cu % 78.7% 81.3% 81.1% 80.0%
Metal produced (1) Au oz 86,273 80,890 78,283 90,172
Cu t 3,528 3,366 3,729 3,511
Sales
Sales (2) Au oz 72,212 82,199 87,529 89,125
Cu t 3,301 3,277 3,740 3,705
Average price received (2, 3) Au A$/oz 6,301 5,277 5,014 4,585
Cu A$/t 14,652 12,552 12,718 13,140
Net revenue (2, 3) Au A$m 455 434 439 409
Cu A$m 48 41 48 49
Total A$m 507 476 487 458
Open pit mining
Total material mined kt 6,571 5,915 4,889 4,398
Ore mined (mill feed) kt 2,363 1,789 1,566 2,611
Mined grade Au g/t Au 0.58 0.60 0.59 0.64
Cu % Cu 0.06% 0.07% 0.07% 0.05%
Contained metal Au oz 43,712 34,303 29,864 53,527
Cu t 1,518 1,174 1,172 1,266
Ore mined (dump leach) kt 411 274 99 26
Underground mining
Ore mined kt 243 283 298 278
Mined grade Au g/t Au 1.65 1.89 1.62 1.72
Cu % Cu 0.64% 0.58% 0.58% 0.70%
Contained metal Au oz 12,912 17,138 15,452 15,361
Cu t 1,565 1,648 1,726 1,945
Costs
Mining A$m 77.3 65.4 42.7 84.2
Processing A$m 92.4 80.0 64.9 65.5
Site services A$m 25.1 29.1 22.9 16.8
TC/RC and freight A$m 2.4 6.2 5.2 6.4
Royalties A$m 17.6 14.8 18.8 12.2
Sustaining capex A$m 25.1 17.9 28.6 49.9
Rehabilitation A$m 1.3 3.2 0.2 2.9
By-product credits A$m (51.7) (42.3) (47.4) (46.1)
AISC A$m 189.5 174.5 135.9 191.7
AISC/oz Au produced (4) A$/oz 2,196 2,155 1,736 2,126
Telfer growth capex A$m 61.2 69.8 58.3 8.7
Inventory movements (4) A$m (5.8) 18.2 54.2 16.1
Depreciation & amortisation (5) A$m 24.6 19.6 19.4 19.1
Notes:
1. Metal produced for gold includes dump leach ounces which are
recovered separately to the processing plant circuit.
2. Sales and revenue for copper-gold concentrate is recognised upon
receipt of the bill of lading when the goods are delivered for shipment under
Cost, Insurance, and Freight (CIF) Incoterms. Payment was received during the
quarter for a shipment that commenced loading in December 2025, but was not
completed until shortly after the quarter ended, comprising 17,014oz Au and
854t Cu. Accordingly sales and revenue for this shipment will be recognised in
the March 2026 quarter, however the cash was received in the December 2025
quarter.
3. Net revenue includes adjustments for treatment and refining charges
and payability deductions. Average price received is calculated by dividing
net revenue by sales (i.e. average price received is also adjusted for
payability deductions).
4. AISC is stated per ounce of gold produced, net of by-products
(copper) credits. AISC excludes inventory movements which relate to
utilisation of stockpiles acquired as part of the Telfer acquisition (expense
of $21.0 million) and positive finished goods movements of $26.8 million,
impacting EBIT by a credit of $5.8 million for the quarter.
5. Depreciation and amortisation is expected to be approximately $140
million for FY26, weighted towards H2. See further explanation in the
Corporate & Finance section.
Mining
Open Pit
Mill feed ore mined during the December quarter was from Stage 2, Stage 7 and
Stage 8 (refer Figure 1), totalling 2.36Mt at 0.58g/t Au and 0.06% Cu. Dump
leach ore mined was 0.41Mt.
Total material mined (TMM) was 6.57Mt including approximately 3.80Mt of waste.
A focus on increasing open pit productivities in Stage 2 and Stage 8, and
opening up larger working areas in Stage 7, has seen the fourth consecutive
quarter on quarter increase in TMM. Investment in open pit fleet and improved
productivities has resulted in a 49% increase in TMM from the March to
December 2025 quarters.
Strip ratio (waste:ore) for the Stage 7 development during the quarter was
4.3, down from 7.2 in the previous quarter as more ore is exposed. Stage 7
mining is currently predominantly waste mining, with 3.6Mt waste mined in the
December quarter, and 10.7Mt total waste mined cumulatively to the end of
December. The overall Stage 7 design strip ratio is approximately 1.1.
Significant progress was made during the quarter in implementing improvements
to the grade control systems in the open pit. Reverse circulation (RC) grade
control drilling has been fully incorporated into the sampling program,
replacing previous reliance on blast hole sampling alone. In Stage 7, this
represents a transition from no RC coverage to majority RC data across mined
blocks. RC drilling provides higher-resolution grade information through 2m
composites, compared with 12m composites from blast hole sampling, within a
12.5m × 12.5m grade control pattern. Open pit grades reconciled in-line with
expectations for the December quarter.
Underground
Ore mined during the December quarter was predominantly from A-reef, Rey and
the Eastern Stockwork Corridor (ESC) areas of the Main Dome Underground (MDU)
(refer Figure 1), totalling 0.24Mt at 1.65g/t Au and 0.64% Cu.
Development metres totalled 1,387m for the quarter, with 804m growth capital
development including extension opportunities at West Dome Underground (WDU)
and ESC. The second development drive from the MDU to the WDU progressed 372m
during the December quarter and was 68% complete at quarter end.
Figure 1: December quarter mining areas
Processing
December quarter delivered processed tonnes of 4.51Mt with average head grade
of 0.65g/t Au and 0.10% Cu. December quarter recoveries were 88.4% for gold
and 78.7% for copper, maintaining the good recovery performance. Gold
production of 86,273 oz was achieved for the quarter.
The dump leach piping infrastructure replacement project, which aims to ensure
the long-term productivity of dump leach ounces, continued during the quarter
and is scheduled to be completed in the March 2026 quarter.
The TSF8 Stage 3 lift is substantially complete and provides tailings capacity
until the March 2027 quarter. TSF8 Stage 4 lift construction is planned to
commence in the June 2026 quarter.
Costs
Mining costs of $77.3 million were higher than the previous quarter due to
higher overall ore mined, higher total material moved and lower production
stripping.
Processing costs of $92.4 million were higher than the previous quarter
primarily due to higher surface maintenance costs incurred during the planned
November mill shutdown and processing more Stage 2 material which requires
more reagents and consumables.
Sustaining capex of $25.1 million was higher than the previous quarter due to
advancement of the Telfer village upgrade and higher spend on underground
development.
Site services costs of $25.1 million were modestly lower than the previous
quarter.
Stockpiles
Closing run-of-mine (ROM) ore stockpiles at 31 December 2025 are estimated at
2.7Mt at an average grade of 0.66g/t Au and 0.11% Cu for contained metal of
57koz Au and 3.0kt Cu.
The ROM stockpile grade increased relative to the September quarter due to an
increased proportion of higher-grade underground ore in stockpile relative to
open pit stockpiles.
Following the consumption of higher-grade open pit ROM stockpiles earlier in
the year, overall stockpile grade performance reconciled in line with
expectations in the December quarter. The site reconciliation review initiated
in the September quarter identified several improvements in stockpile
management to reduce short-term grade variability. While the changes are still
being implemented across the site, stockpile grades reconciling in line with
expectations for the quarter is encouraging.
Following a review of the mine planning approach, a greater proportion of
ex-pit low grade ore is now being fed directly to the processing plant rather
than being stockpiled. While this results in lower average grades processed,
it avoids rehandling costs and has the added advantage of preserving more ROM
stockpiles. Together with higher mined ore availability this quarter, reliance
on ROM stockpiles has reduced from 2.5Mt in the September quarter to
approximately 1.7Mt this quarter.
Low grade stockpiles at 31 December 2025 are estimated at 20.8Mt at average
grade of 0.33g/t Au and 0.04% Cu for contained metal of 221koz Au and 9.1kt
Cu.
Low-grade stockpiles are expected to be incorporated into the mine plan in
FY27. A targeted trial campaign has been scheduled for the second half of FY26
to assess both grade and metallurgical performance, with the outcomes to
inform the FY27 processing schedule.
Table 2: Stockpiles (estimated)
Stockpiles Unit Dec Q 2025 Sep Q 2025 Jun Q 2025 Mar Q 2025
Closing ore stockpiles (ROM) - estimated
Ore Mt 2.7 4.5 7.0 9.2
Average grade Au g/t Au 0.66 0.63 0.57 0.64
Cu % Cu 0.11 0.07 0.06 0.06
Contained metal Au koz 57 92 129 188
Cu kt 3.0 3.2 4.5 5.9
Closing ore stockpiles (low grade) - estimated
Ore Mt 20.8 20.8 20.7 20.7
Average grade Au g/t Au 0.33 0.33 0.33 0.33
Cu % Cu 0.04 0.04 0.04 0.04
Contained metal Au koz 221 221 220 220
Cu kt 9.1 9.1 9.0 9.0
Growth
A total of $90.3 million was spent on growth during the quarter, comprising:
§ Telfer: $61.2 million across TSF8 Stage 3 lift construction, West Dome Open
Pit Stage 7 growth stripping, underground growth development (primarily across
A-Reef, ESC and West Dome Underground) and new open pit mining fleet
equipment. Full year Telfer growth capital guidance remains $230 - 260
million.
§ Havieron: $19.4 million for Feasibility Study costs and early works (refer
below).
§ Exploration & resource development: $9.6 million capitalised for
resource development from 20,769 metres of resource growth drilling, with a
further $5.3 million of exploration expensed.
Havieron
Feasibility Study(1)
The Havieron Feasibility Study (FS) was completed on 1 December 2025, with the
results announced in the 'Havieron Project - Feasibility Study'
(https://polaris.brighterir.com/public/greatland_gold/news/rns/story/w3000yw)
announcement of the same date.
Greatland was delighted to present the results of the study, which confirmed
the pathway to a world-class, long-life, lowest quartile cost Australian
gold-copper mine, leveraging existing Telfer infrastructure.
Key highlights of the FS included the following (refer to announcement
'Havieron Project - Feasibility Study'
(https://polaris.brighterir.com/public/greatland_gold/news/rns/story/w3000yw)
published 1 December 2025 for additional details and footnotes):
§ Financials:
- Undiscounted free cash flow of $7.7 billion pre-tax and $5.4 billion
post-tax at base case metal price assumptions (A$4,500/oz long-term gold)
- Net present value (NPV(5%)) of $4.2 billion pre-tax and $2.9 billion
post-tax at base case metal pricing (A$4,500/oz long-term gold)
- NPV(5%) increases to $7.9 billion pre-tax and $5.4 billion post-tax at the
spot gold pricing (A$6,250/oz gold)
- Internal rate of return (IRR) post-tax of 22.5% (31.5% at A$6,250/oz gold)
§ Physicals and Costs:
- Base case is a 'Havieron Standalone' conservative operating cost model
that assumes no extension of current Telfer mine life, processing only
Havieron ore through Telfer mill
- Life-of-Mine Plan (Production Target):
§ 50.3Mt mined at 2.52g/t Au & 0.30% Cu, for 4.1Moz gold and 153kt copper
contained
§ First gold expected ~2.5 years from final investment decision (FID), to be
taken following receipt of requisite environmental approvals targeted in FY26
§ Pre-production capital expenditure of $1,065 million (including 11%
contingency and 3.5% growth allowance)
§ Post-production expansion capital expenditure of $673 million largely
self-funded from Havieron cash flows
§ Initial mine life of 17 years total life of mine (LOM) including initial
nine-year steady state
- Steady state average annual production target of 266koz gold and 9.6kt
copper, at an AISC of $1,610/oz
- Updated Ore Reserve of 38.5Mt at 2.63g/t Au & 0.33% Cu, for 3.3Moz
gold and 128kt copper
§ Increase of 55% tonnage and 36% contained metal from previous estimates
§ Based on conservative metal pricing of A$2,500/oz gold and A$10,141/t
copper
§ Havieron is Australia's third largest underground gold Ore Reserve
§ Funding:
- Pre-production capital expenditure of $1,065 million (including
contingency) is expected to be funded from a combination of:
§ Greatland cash reserves ($948 million at 31 December 2025, nil debt)
§ Ongoing cash flow from Telfer operations
§ $500 million corporate debt commitments with Tier 1 lending syndicate of
ANZ, HSBC, ING, NAB and Westpac (discussed in the Corporate & Finance
section below)
- Subsequent expansion capital expenditure of $673 million is expected to be
largely self-funded from Havieron cashflows
§ Upside Potential:
- Extending Telfer and co-processing with Havieron ore, under a targeted
'Telfer Hub' scenario, would potentially result in a lower Havieron AISC due
to fixed cost savings
- Significant residual Havieron Mineral Resource outside Mine Plan to expand
/ extend Havieron including 87Mt at 1.1g/t Au & 0.15% Cu, for 3.1Moz gold
and 130kt copper
- Havieron Mineral Resource growth and conversion from further drilling from
underground:
§ Breccias and Link Zone (outside FS Mine Plan) are relatively less drilled
as surface drilling has focused on the higher grade Crescent Zone
§ Deposit remains open at depth
- Installation of underground conveyor haulage and crushing infrastructure
will enhance the economics of additional inventory for future extension of
steady state period / LOM
Note (1): The information in this announcement that relates to the FS and its
outcomes, and the FS Mine Plan Production Target (and the forecast financial
information derived from the Production Target) are extracted from Greatland's
RNS announcement "Havieron Project - Feasibility Study" dated 1 December
2025. The Company confirms that all material assumptions and technical
parameters underpinning the Production Target or forecast financial
information derived from the Production Target (as applicable) in that RNS
announcement continue to apply and have not materially changed.
The FS Mine Plan is a production target underpinned by approximately 80%
Probable Ore Reserves, 2% Indicated Mineral Resources, 13% Inferred Mineral
Resources and 5% Exploration Target (on a contained gold basis over the Life
of Mine (LOM)). The Inferred Mineral Resources and Exploration Target included
in the FS Mine Plan Production Target are predominantly in the later years of
the LOM. Refer to Section 7 of the full ASX announcement which is cross
referenced in the RNS announcement 'Havieron Project - Feasibility Study'
dated 1 December 2025 for further explanation and key assumptions, and the
basis for inclusion of Inferred Mineral Resources and Exploration Target in
the FS Mine Plan.
Cautionary statement: There is a low level of geological confidence associated
with Inferred Mineral Resources and there is no certainty that further
exploration work will result in the determination of Indicated Mineral
Resources. The potential quantity and grade of an Exploration Target is
conceptual in nature, there has been insufficient exploration to determine a
Mineral Resource and there is no certainty that further exploration work will
result in the determination of Mineral Resources. Accordingly there is no
certainty that the FS Mine Plan Production Target (or the forecast financial
information derived from it) will be realised.
Project development
Further updates from the December 2025 quarter include:
§ Permitting and Approvals: The permitting processes with the Australian
Department of Climate Change, Energy, the Environment and Water (approval
under the Environment Protection and Biodiversity Conservation Act 1999 (Cth))
and the Western Australian Environmental Protection Authority (approval under
the Environmental Protection Act 1986 (WA)) continue to progress. Both
approvals are targeted in FY26, but remain subject to the ongoing processes.
§ Decline tunnel: Boxcut civil works were completed this quarter to allow the
placement of the precast tunnel footings. Delivery of the reinforced concrete
arche sections and footings progressed to schedule, with installation to
commence in January 2026.
§ Blind bores: Preliminary works are progressing in line with schedule. Drill
cutter head fabrication has been completed and is being prepared for shipping.
Additional early works being explored in rig pre-commissioning, mobilisation
planning along with other long lead procurement activities, specifically new
drill string and ground engagement cutters.
§ Development mining: Mining recommenced with extensions to the ventilation
drives and access progressing towards the conveyor decline. Mining is
currently being undertaken on a single shift to take advantage of the existing
machinery and people on site to allow progressing critical path development
ahead of approvals.
§ Decline ventilation: Spray lining of the VR1B and VR1C ventilation
raisebores was successfully completed.
Telfer Resource Development & Exploration
The FY26 drill program is well underway, with a total of 54,204m (resource
growth and resource conversion drilling) from 756 holes across West Dome Open
Pit, West Dome Underground and Main Dome Underground in the December quarter.
Greatland remains on track to complete the targeted 240,000m of drilling in
FY26, with increased drill capacity now on site to accelerate the program in
the March 2026 quarter.
The West Dome Underground (WDU) project was again a highlight, delivering the
highest grade intercept to date during the December quarter. Exceptional assay
results returned during the quarter included:
§ 55.3m @ 7.4 g/t Au & 0.43 % Cu (411 gram-metres Au (gm)(2)) from 427m
(WUC4550104)
§ 27.0m @ 9.3 g/t Au & 0.15 % Cu (251gm) from 495m (WUC4550104)
§ 50.2m @ 2.8 g/t Au & 0.36 % Cu (141gm) from 263m (WUC4550105)
§ 56.6m @ 2.2 g/t Au & 1.26% Cu (127gm) from 337m (WUC4550083)
§ 82.2 @ 1.9 g/t Au & 0.31% Cu (156gm) from 360.7m (WUC4550092)
Note (2): Formula: gm = interval width multiplied by Au grade
A third drill rig has been allocated to the West Dome Underground for the
remainder of FY26, and a maiden Mineral Resource Estimate is targeted in the
March 2026 quarter.
In the West Dome Open Pit, drilling during the December quarter focused on two
priority cutback opportunities:
§ Stage 7 Extension: Extension of the existing Stage 7 cutback towards the
north of the open pit, which is expected to provide Telfer's baseload ore feed
for FY27 and FY28.
§ Stage 2 Extension: Extension of the current Stage 2 towards the south, east
and west. The area being targeted with drilling is substantial and has the
potential to support multi-year extension of the Telfer open pit mine life
beyond FY28.
Stage 7 Extension drilling was completed during the quarter, with drill
capacity shifting to predominately concentrate on the southern Stage 2
Extension which will remain a focus for much of the March 2026 quarter.
At the Main Dome Underground, December quarter drilling focused on the
resource conversion at the A Reef and Eastern Stockwork Corridor (ESC), and
resource growth at the Kylo target where results returned during the quarter
confirmed significant mineralisation. The focus of the second half of FY26
drilling is longer term growth opportunities, such as the ESC extensions, VSC,
Kylo and A Reef North, which have the potential to provide significant mine
life extension and are all adjacent to the existing underground
infrastructure.
Detailed information is contained in the 'December Quarter Resource
Development & Exploration Activities Report'
(https://polaris.brighterir.com/public/greatland_gold/news/rns/story/rmg049r)
released on 22 January 2026, and the 'West Dome Underground Project Update
(https://polaris.brighterir.com/public/greatland_gold/news/rns/story/xpkk9jr)
' released on 27 November 2025.
Corporate & Finance
Sales and revenue
Greatland retains full upside exposure to the gold price. Sales of
72,212oz Au and 3,301t Cu at average realised prices of $6,301/oz Au
and $14,652/t Cu, generated net sales revenues of $507 million.
Sales and revenue for copper-gold concentrate is recognised upon receipt of
the bill of lading when the goods are delivered for shipment under Cost,
Insurance, and Freight (CIF) Incoterms. Payment was received during the
quarter for a shipment that commenced loading in December 2025 but was not
completed until shortly after the quarter ended, comprising 17,014oz Au and
854t Cu. Accordingly sales and revenue for this shipment will be recognised in
the March 2026 quarter, notwithstanding the $119 million payment was received
in the December 2025 quarter.
Cash and liquidity
Cash flow from operations for the quarter was $406 million, with cash build
of $198 million, for a closing cash balance on 31 December 2025 of $948
million.
The once-off payment of $46 million in stamp duty associated with the
Telfer-Havieron acquisition was paid during the quarter. Cash build would have
been $244 million if the stamp duty payment were excluded.
Closing cash included approximately $119 million received during the quarter
for the shipment described above that completed loading shortly after the
quarter end.
Greatland extended the maturity date from 1 December 2025 to 30 June 2026 for
the $75 million working capital facility provided by ANZ, HSBC and ING,
enabling additional liquidity and working capital flexibility for the Telfer
operation and facilitating the intended transition to the announced $500
million of corporate debt facilities. The facility remains undrawn at today's
date.
Greatland remains debt free with an undrawn $75 million working capital
facility for total available liquidity of $1,023 million.
Figure 2: December 2025 quarter cash movements
Notes:
1. Corporate and finance includes corporate overheads, finance costs /
interest, and premiums paid for gold put options.
2. Transaction and One-Off Costs relate to stamp duty paid for the
acquisition of Telfer.
A tax liability for the FY25 period, estimated to be $76 million, is expected
to be paid in the March 2026 quarter, following which tax is expected to be
paid in regular monthly instalments. The monthly instalments will be
calculated as a percentage of revenue, with the percentage to be advised by
the Australian Taxation Office following submission of Greatland's FY25 tax
return in the March 2026 quarter.
Depreciation and amortisation (D&A) for the quarter was $24.6 million.
Full year FY26 D&A is expected to be approximately $140 million, weighted
towards H2.
Debt Commitment
During the quarter, as outlined in the Havieron FS announcement, Greatland
entered into a binding commitment letter for $500 million in corporate debt
facilities with a Tier 1 lending syndicate of ANZ, HSBC, ING, NAB and Westpac,
comprising the following:
§ $250 million 5-years Revolving Credit Facility (Facility A)
§ $225 million 7-years Revolving Credit Facility (Facility B)
§ $25 million Contingent Instrument Facility (CIF)
Financial close of the facilities is subject to various conditions precedent,
including the finalisation and execution of a facility agreement (on terms
consistent with an agreed long form term sheet).
Following financial close, these funds may be utilised for working capital and
general corporate purpose of Greatland including construction, development and
operation of Havieron (Facility A and Facility B), and the issue of bank
guarantees, performance guarantees and other contingent instruments in favour
of third parties (CIF).
The $500 million in corporate debt commitments was reduced from the previous
$775 million non-binding letter of support for project finance facilities
(signed in September 2024), having regard to Greatland's substantial cash
reserves.
For further information regarding the terms of the debt commitment, including
the conditions precedent please refer to the announcement released on 1
December 2025 'Havieron Project - Feasibility Study'
(https://polaris.brighterir.com/public/greatland_gold/news/rns/story/w3000yw)
, section 1.9.
Hedging profile - downside price protection with full upside exposure
Greatland continues to maintain full upside exposure to the gold price, while
achieving downside price protection through gold put options. Greatland's
current gold put options comprise the following:
Table 3: Gold put option program
Quarter end date Gold volumes under put options (oz) Weighted Average
Strike Price (A$/oz)
31-Mar-2026 37,502 4,200
30-Jun-2026 37,502 4,200
30-Sep-2026 37,502 4,200
31-Dec-2026 37,498 4,200
31-Mar-2027 37,500 5,000
30-Jun-2027 37,500 5,200
Total 225,004 4,500
Sustainability
One lost time injury occurred during the quarter, and the 12-month moving
average lost time injury frequency rate (LTIFR) is 0.3. There were no
environmental non-compliances or significant incidents reported during the
quarter. Greatland's TRIFR at quarter end was 5.3 (30 September 2025: 6.5).
Corporate Structure
Category Metric
Ordinary shares on issue (#) 672,906,505
Unquoted securities (#) 6,484,672Performance Rights
1,355,000 Employee Options
250,000 Managing Director Options
17,631,000 Warrants
Market capitalisation ($ billion) $9.4 billion (as at ASX close price, 27 January 2026)
Cash balance ($ million) $948 million (as at 31 December 2025)
This announcement is approved for release by Shaun Day, Greatland's Managing
Director.
Contact
For further information, please contact:
Greatland Resources Limited
Shaun Day, Managing Director | Rowan Krasnoff, Chief Development Officer
info@greatland.com.au (mailto:info@greatland.com.au)
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Baldwin | +44 203 368 3550
Corporate Brokers
Canaccord Genuity | James Asensio / George Grainger | +44 207 523 8000
RBC Capital Markets | James Agnew / Jamil Miah / Scott Redwood |
+44 207 029 0528
Media Relations
Australia - Fivemark Partners | Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a gold and copper mining company listed on the Australian
Securities Exchange and London Stock Exchange's AIM Market (ASX:GGP and
AIM:GGP) and operates its business from Western Australia.
The Greatland portfolio includes the 100% owned Telfer mine, the adjacent 100%
owned brownfield world-class Havieron gold-copper development project, and a
significant exploration portfolio within the surrounding region. The
combination of Telfer and Havieron provides for a substantial and long life
gold-copper operation in the Paterson Province in the East Pilbara region of
Western Australia.
Forward Looking Statements
This document includes forward looking statements and forward looking
information within the meaning of securities laws of applicable jurisdictions.
Forward looking statements can generally be identified by the use of words
such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate",
"believe", "continue", "objectives", "targets", "outlook" and "guidance", or
other similar words and may include, without limitation, statements regarding
estimated reserves and resources, certain plans, strategies, aspirations and
objectives of management, anticipated production, study or construction dates,
expected costs, cash flow or production outputs and anticipated productive
lives of projects and mines.
These forward looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance and
achievements or industry results to differ materially from any future results,
performance or achievements, or industry results, expressed or implied by
these forward-looking statements. Relevant factors may include, but are not
limited to, changes in commodity prices, foreign exchange fluctuations and
general economic conditions, increased costs and demand for production inputs,
the speculative nature of exploration and project development, including the
risks of obtaining necessary licences and permits and diminishing quantities
or grades of reserves, political and social risks, changes to the regulatory
framework within which Greatland operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on assumptions as to the financial,
market, regulatory and other relevant environments that will exist and affect
Greatland's business and operations in the future. Greatland does not give any
assurance that the assumptions will prove to be correct. There may be other
factors that could cause actual results or events not to be as anticipated,
and many events are beyond the reasonable control of Greatland. Forward
looking statements in this document speak only at the date of issue. Greatland
does not undertake any obligation to update or revise any of the forward
looking statements or to advise of any change in assumptions on which any such
statement is based.
Non-GAAP measures
Some of the financial performance measures used in this announcement are
non-IFRS financial measures, including "all-in sustaining cost", "total cash
cost", "net cash", "free cash flow", "operating cash flow", "sustaining
capital" and "growth capital". These measures are presented as they are
considered to provide useful information to assist investors with their
evaluation of the business's underlying performance. Since the non-IFRS
performance measures listed herein do not have any standardised definition
prescribed by IFRS, they may not be comparable to similar measures presented
by other companies. Accordingly, they are intended to provide additional
information and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
Currency
Unless the context requires otherwise, references to $ and A$ are to
Australian dollars.
JORC Competent Persons
Mineral Resources & Exploration Target
The statement of estimates of Mineral Resources and Exploration Target for
Havieron in this announcement was reported by the Company in accordance with
the JORC Code (2012 edition) in the RNS announcement "Havieron Project -
Feasibility Study" dated 1 December 2025, for which the consent of the
Competent Person Mr Michael Thomson was obtained. A copy of that announcement
is available at www.greatland.com.au. Mr Thomson is the Principal Resource
Geologist for the Company. Mr Thomson is a full-time employee of the Company
group and has a financial interest in the Company. The Company confirms it is
not aware of any new information or data that materially affects the Mineral
Resources and Exploration Target estimates information included in that
announcement and that all material assumptions and technical parameters
underpinning the Mineral Resources estimates in that announcement continue to
apply and have not materially changed. The Company confirms that the form and
context in which the Competent Person's findings are presented have not been
materially modified from that announcement.
Ore Reserves
The statement of estimates of Ore Reserves for Havieron in this announcement
was reported by the Company in accordance with the JORC Code (2012 edition) in
the RNS announcement "Havieron Project - Feasibility Study" dated 1 December
2025, for which the consent of the Competent Person Mr Otto Richter was
obtained. A copy of that announcement is available at www.greatland.com.au. Mr
Richter is the Group Mining Engineer for the Company. Mr Richter is a
full-time employee of the Company group and has a financial interest in the
Company. The Company confirms it is not aware of any new information or data
that materially affects the Ore Reserves estimates information included in
that announcements and that all material assumptions and technical parameters
underpinning the Ore Reserves estimates in that announcement continue to apply
and have not materially changed. The Company confirms that the form and
context in which the Competent Person's findings are presented have not been
materially modified from those announcements.
Exploration Results
The information pertaining to Telfer Resource Development exploration results
in this announcement was reported by the Company in accordance with the JORC
Code (2012 edition) in the RNS announcement "Resource Development &
Exploration Activities Report December Quarter 2025" dated 22 January 2026 for
which the consent of the Competent Person Mr Michael Thomson was obtained. A
copy of that announcement is available at www.greatland.com.au
(http://www.greatland.com.au) . Mr Thomson is the Principal Resource Geologist
for the Company. Mr Thomson is a full-time employee of the Company group and
has a financial interest in the Company. The Company confirms it is not aware
of any new information or data that materially affects the exploration results
information included in that announcement. The Company confirms that the form
and context in which the Competent Person's findings are presented have not
been materially modified from that announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
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