REG - Greatland Resources - Quarterly Activities Report - June Quarter 2025
29/07/2025 07:00
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RNS Number : 9628S Greatland Resources Limited 29 July 2025
Greatland Resources Limited
E: info@greatland.com.au
W: https://greatland.com.au
: x.com/greatlandgold
NEWS RELEASE | 29 July 2025
Quarterly Activities Report - June Quarter 2025
Greatland joins the ASX as a leading Australian gold-copper producer
June quarter caps a transformational FY25 with more than $600 million cash
flow from operations generated in just seven months, and 198,319 ounces of
gold produced at AISC of $1,849 per ounce
$575 million closing net cash to support key growth investments in FY26,
targeting further multi-year Telfer life extension
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Highlights
Operations
§ FY25 production in just seven months(1) of 198,319 oz of gold (Au) plus
8,429t of copper (Cu) at an all-in-sustaining cost (net of by-product credits)
(AISC) of $1,849/oz Au; production within guidance and AISC substantially
better than guidance.
§ June quarter production of 78,283oz Au and 3,729t Cu at an AISC of
$1,736/oz Au.
§ No Lost Time Injuries during the quarter. 12-month moving average lost time
injury frequency rate (LTIFR) is 0 and Total Recordable Injury Frequency Rate
(TRIFR) has improved significantly to 6.0 from 14.1 (31 December 2024).
§ Successful completion of the post acquisition integration of Telfer and
Havieron operations into Greatland, including the stand-up of all systems,
operational processes, and conclusion of transitional services arrangements.
§ Key Telfer mining leases achieved their second renewal, until December
2045.
Financial & Corporate
§ June quarter sales of 87,529oz Au and 3,740t Cu at weighted average
realised prices of $5,014/oz gold and $12,718/t copper, generating net revenue
of $487 million.
§ Strong operating cash flow of $310 million for the June quarter (March
quarter: $297 million) delivered a closing cash balance of $575 million ($398
million at 31 March 2025), debt free.
§ ASX initial public offering (IPO) successfully completed in June 2025.
Exceptionally strong investor demand for the $490 million offering priced at
$6.60 per share and minimal dilution from a modest $50 million primary share
issuance, with the balance a $440 million secondary sell down of shares held
by Newmont.
§ Full upside exposure to the gold price with downside protection provided
from gold put options at $3,905/oz (CY25) and $4,200/oz (CY26).
Growth
§ Significantly expanded drilling program underway, with six drill rigs at
quarter end and 27,840 metres drilled in the June quarter. Encouraging assay
results received from key extension targets in the West Dome Open Pit and Main
Dome Underground.
§ $97 million growth capital invested in FY25, within guidance.
§ Commencement of key Telfer life extension projects including: second
development drive to the new West Dome Underground project, pre-stripping of
multi-year West Dome Open Pit Stage 7 extension, and tailings capacity
expansion.
§ Havieron Feasibility Study and early works continue to progress, study
completion remains on schedule for the December 2025 quarter.
FY26 outlook
§ FY26 guidance:
Metric Guidance range
Gold production (koz) 260 - 310
AISC ($/oz Au) 2,400 - 2,800
Telfer growth capital ($m) 230 - 260
Exploration & resource development ($m) 55 - 60
Havieron growth capital (pre FID) ($m) 60 - 70
§ The first full-year production and AISC guidance follows an assessment
undertaken subsequent to the final FY25 results and as part of the FY26 budget
process, which included risk weighting the potential for lower gold grade of
the existing ROM stockpiles mined in 2024 prior to Greatland's acquisition of
Telfer, and certain open pit areas intended to be mined in FY26.
§ $575 million net cash at the quarter end and continuing high volume
production from Telfer is planned to fund key growth capital investments at
Telfer targeting multi-year mine life extension, including:
‒ The largest drilling program in Telfer's operating history,
with ~ 240,000 metres total drilling planned (+145% vs. FY21-25 average)
across eight drill rigs;
‒ Open pit life-extension pre-stripping, new mining fleet, and
haul truck refurbishment;
‒ Underground life-extension development; and
‒ Tailings capacity expansion.
§ Greatland is undertaking significant infill drilling with tighter spacing
than historically applied at Telfer, to inform and increase confidence in
future mine planning and resource and reserve updates.
§ Havieron growth capital (pre FID) includes study completion, early works
and development restart.
§ Further detail is set out in the FY26 Guidance section.
Notes:
All "$" values mentioned in this announcement are in Australian Dollars,
unless specified
1. From completion of the Telfer-Havieron acquisition on 4 December
2024 to 30 June 2025
Greatland Managing Director, Shaun Day, commented:
"The June 2025 quarter result has capped a transformational 2025 financial
year for Greatland, in which we acquired and successfully integrated 100%
ownership of Telfer and Havieron, extended Telfer's mine life, generated more
than $600 million of operating cash flow, and successfully completed an IPO on
the ASX. Greatland has emerged from the year as a leading Australian
gold-copper producer."
"Looking ahead to FY2026, at Telfer we are focused on continuing safe and
strong operational performance. Greatland is targeting further multi-year
Telfer mine life-extensions by making important reinvestments, including into
the drill rig with Telfer's largest ever drilling program."
"At Havieron, Greatland is well placed to complete our Feasibility Study on
the expanded development in the December 2025 quarter and then resume the
development of the world-class gold-copper project."
Overview
Greatland Resources Limited (Greatland) is pleased to report operating
(unaudited) results for the 3-month period from 1 April 2025 to 30 June 2025
(June quarter).
Greatland produced 78,283 oz Au and 3,729t Cu at AISC of $1,736/oz Au in the
June quarter, with further details for the quarter and FY25 summarised below.
Table 1: June quarter and FY25 operating results (unaudited)
Operations Unit Jun Q 2025 Mar Q 2025 FY25 Total (1)
Mill production
Ore milled kt 4,917 4,584 10,966
Mill head grade Au g/t Au 0.58 0.68 0.65
Cu % Cu 0.09% 0.10% 0.10%
Recovery Au % 82.4% 86.7% 84.2%
Cu % 81.1% 80.0% 79.2%
Metal produced Au oz 78,283 90,172 198,319
Cu t 3,729 3,511 8,429
Sales
Sales Au Oz 87,529 89,125 180,570
Cu t 3,740 3,705 7,445
Average price received (2) Au A$/oz 5,014 4,585 4,785
Cu A$/t 12,718 13,140 12,923
Net revenue (2) Au A$m 439 409 864
Cu A$m 48 49 97
Total A$m 487 458 962
Open pit mining
Total material mined kt 4,889 4,398 10,464
Ore mined kt 1,566 2,611 4,816
Mined grade Au g/t Au 0.59 0.64 0.62
Cu % Cu 0.07% 0.05% 0.06%
Contained metal Au oz 29,864 53,527 95,709
Cu t 1,172 1,266 2,804
Underground mining
Ore mined kt 298 278 671
Mined grade Au g/t Au 1.62 1.72 1.78
Cu % Cu 0.58% 0.70% 0.58%
Contained metal Au oz 15,452 15,361 38,294
Cu t 1,726 1,945 3,911
Closing ore stockpiles (ROM)
Ore Mt 7.0 9.2
Average grade Au g/t Au 0.57 0.64
Cu % Cu 0.06% 0.06%
Contained metal Au koz 129 188
Cu kt 4.5 5.9
Closing ore stockpiles (low grade)
Ore Mt 20.7 20.7
Average grade Au g/t Au 0.33 0.33
Cu % Cu 0.04% 0.04%
Contained metal Au koz 220 220
Cu kt 9.0 9.0
Costs
Mining (3) A$m 42.7 84.2 152.5
Processing A$m 64.9 65.5 145.3
G&A A$m 22.9 16.8 50.2
TC/RC and freight A$m 5.2 6.4 11.8
Royalties A$m 18.8 12.2 31.3
Sustaining capex (4) A$m 28.6 49.9 82.3
Rehabilitation (5) A$m 0.2 2.9 2.2
By-product credits A$m (47.4) (46.1) (108.9)
AISC A$m 135.9 191.7 366.6
AISC/oz Au produced A$/oz 1,736 2,126 1,849
Growth capex A$m 76.4 19.3 97.2
Notes:
1. FY25 total includes the 27-day operating period under Greatland
ownership from completion of the Telfer-Havieron acquisition on 4 December
2024 to 31 December 2024, not shown separately given the short period for
which costs were not reported.
2. 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
treatment and refining charges and payability deductions).
3. Reduction in mining costs from March to June quarter largely driven
by deferral of West Dome Stage 2 ore mining, accelerated pre-stripping of
Stage 7 (growth capital), and underground growth development.
4. Reduction in sustaining capex from March to June quarter largely
due to completion of TSF8 Stage 2 lift (sustaining capex) and commencement of
Stage 3 lift (growth capex).
5. Includes adjustments to reflect extension of Telfer mine life
announced in April 2025.
Mining
West Dome Open Pit
Ore production during the June quarter was from Stage 2 and 7 (refer Figure 1
below), totalling 1.57Mt at 0.59g/t Au and 0.07% Cu, with grade mined in line
with plan.
Total material mined was in line with plan. Mining of approximately 0.9Mt of
ore from Stage 2 was deferred as dewatering system upgrades are being made
following the significant Cyclone Zelia rainfall event during the March
quarter. Waste pre-stripping of the Stage 7 Cutback was accelerated and
progressed well during the quarter with approximately 3.0Mt of waste mined.
Main Dome Underground
Ore production during the June quarter was from the M-reef, A-reef, Western
Flanks, Rey and Eastern Stockwork Corridor (ESC) mining areas (refer Figure
1), totalling 0.30Mt at 1.62g/t Au and 0.58% Cu.
Figure 1: June quarter mining areas
The improved productivity in underground development metres has been sustained
with 1,392 metres for the June quarter (March quarter: 1,362 metres).
Figure 2: Main Dome underground monthly development metres
Processing
June quarter delivered processed tonnes of 4.9Mt with average head grade of
0.58g/t Au and 0.09% Cu. June quarter recoveries were 82% for gold (in line
with plan) and 81% for copper (~10% better than plan).
FY25 gold recovery of 84.2% was the highest annual recovery since 2010. These
are exceptional results given the lower than historical grades, achieved
through a focus on stable grinding and flotation plant operation, and
consistent feed rates to and utilisation of the pyrite flotation and
concentrate CIL circuits.
Stockpiles
Closing run-of-mine (ROM) ore stockpiles at 30 June 2025 are estimated at
7.0Mt at average grade of 0.57g/t Au and 0.06% Cu for contained metal of
129koz Au and 4.5kt Cu. The grade of the ROM stockpiles has been recalibrated
to reflect recent processing reconciliations.
Further low grade stockpiles at 30 June 2025 are estimated at 20.7Mt at
average grade of 0.33g/t Au and 0.04% Cu for contained metal of 220koz Au and
9.0kt Cu.
Performance against FY25 guidance - commentary
FY25 total production of 198,319oz Au was within guidance of 196,000 -
210,000oz Au.
In terms of being towards the lower end of production guidance, the main
contributing factor was lower than planned average gold head grade processed
due to deferral of some West Dome Open Pit Stage 2 ore mining (the impact of
Cyclone Zelia being described above) which was replaced with additional
processing of ex-pit direct tip low grade material, and lower than planned
head grade of stockpiles mined in 2024 prior to Greatland's acquisition of
Telfer. These factors have been considered in determining FY26 guidance. In
addition, Greatland is undertaking significant infill drilling with tighter
spacing than historically applied at Telfer, to inform and increase confidence
in future mine planning and resource and reserve updates.
Pleasingly, FY25 AISC was significantly better than guidance of $2,100 -
$2,250/oz Au, due largely to a combination of improved productivity, deferral
of West Dome Stage 2 ore mining, accelerated pre-stripping in West Dome Stage
7 (growth capital) and increased processing of stockpiles acquired as part of
the Telfer acquisition.
FY25 growth capex of $97 million was within guidance of $95 - 105 million.
Renewal of key Telfer mining leases
Greatland is pleased to confirm that key Telfer mining leases achieved their
second renewal until December 2045 during the June quarter. Tenements M45/6,
M45/7, M45/8, M45/9, M45/10, M45/11, G45/1, G45/2, G45/3, G45/4 and L45/3
(refer Figure 3) were all renewed until 17 December 2045.
Figure 3: Telfer tenements
FY26 Guidance - Investing in multi-year life extension at Telfer
Greatland is pleased to provide its first full-year guidance since completing
the acquisition of Telfer and Havieron in December 2024.
As its new owner, Greatland is investing to continue renewing and extending
Telfer's operations. The operational performance to date, coupled with
identification of high potential mine life-extensions from Greatland's
expanded resource development drilling programs, underpin increasing
confidence in the potential for further multi-year mine life extensions at
Telfer.
In FY26, continued high volume production from Telfer, at reasonable costs in
a strong gold price environment, is expected to continue to generate healthy
margins and operating cash flow, supporting significant growth investments at
both Telfer and Havieron.
Greatland's objective is to maintain a sustainable production rate from Telfer
leading up to the anticipated commencement of mining at Havieron.
Table 2: FY26 guidance ranges
Metric Guidance range
Gold production (koz) 260 - 310
All-in-Sustaining Costs (AISC, $/oz Au) 2,400 - 2,800
Telfer growth capital ($m) 240 - 260
Exploration & resource development ($m) 55 - 60
Havieron growth capital (pre FID) ($m) 60 - 70
Production and AISC
Gold production guidance is for 260 - 310koz Au at an AISC range of $2,400 -
$2,800/oz Au.
Production guidance has been moderated from the 2-Year Outlook production
target of 300 - 340koz at AISC of $2,400 - $2,600/oz Au announced by the
Greatland group in April 2025. This follows an assessment undertaken
subsequent to the final FY25 results and as part of the FY26 budget process,
which included risk weighting the potential for lower gold grade of the
existing ROM stockpiles mined in 2024 prior to Greatland's acquisition of
Telfer and certain open pit areas intended to be mined in FY26.
Greatland is undertaking significant infill drilling with tighter spacing than
historically applied at Telfer, to inform and increase confidence in future
mine planning and resource and reserve updates.
FY26 AISC guidance of $2,400 - $2,800/oz Au is based on the recently completed
and approved bottom-up FY26 budget and production guidance range, and assumes
a market copper price of $13,960/t.
Telfer growth capital
Key life-extension growth capital investments at Telfer planned for FY26
include:
§ Pre-stripping of West Dome Open Pit Stage 7 Extension, expected to provide
ore feed into FY29.
§ Purchase of new and the refurbishment of existing open pit fleet equipment,
to support the targeted multi-year extension of open pit operations.
§ Underground life-extension development of the West Dome Underground, with
more than 2,900 metres of growth development planned in FY26 (FY25: ~1,050
metres). Planned development includes the new ESC, which has returned
encouraging drilling results in terms of width and grade as set out below.
§ Expansion of tailings capacity, including completion of TSF8 Stage 3 lift
and substantially progress of the Stage 4 lift (collectively expected to
provide capacity at current processing rates until approximately late FY28).
The increased growth capital investment relative to the previous 2-Year
Outlook has been approved through the FY26 budgeting process, in light of the
strong operating performance and resulting strong balance sheet of the group.
The investments reflect the pursuit of further multi-year mine life extensions
at Telfer beyond the previous outlook period, a key objective of Greatland's
operating strategy.
Figure 4: Key Telfer life-extension investments and expected periods of
benefit
Exploration & resource development
Greatland intends to undertake the most significant drilling program in
Telfer's operating history, with ~ 240,000 metres total drilling planned
across eight drill rigs, comprising ~ 150,000 metres of resource growth
drilling and ~ 90,000 metres of resource conversion drilling.
Figure 5: Telfer historic and planned FY26 drilling
Drilling results from CY25 drilling is expected to inform a Telfer Mineral
Resource Estimate update during the March 2026 quarter and an Ore Reserve
Estimate update in the June 2026 quarter. Detail on key targets of FY26
drilling is contained in the Telfer Resource Development - FY26 Outlook
section below.
Regional exploration will be largely focused on the Paterson region
surrounding Telfer and is planned to include more than 20,000 metres of
drilling (FY25: 15,300 metres).
Havieron growth capital
Greatland's Havieron Feasibility Study (FS) remains targeted for completion in
the December 2025 quarter, and will include an executable capital cost
estimate and project schedule for the completion of Havieron's development.
Final Investment Decision (FID) is expected following completion of the FS.
While Greatland awaits the executable project schedule to be delivered as part
of the FS, de-risking of the project schedule is being undertaken through a
number of early works planned during FY26. Havieron pre-FID growth capital
guidance of $60 to $70 million for FY26 includes the following key items:
§ Owners' costs and consultant costs for completion of the FS and design of
critical path activities.
§ Restart of early works underground mine development.
§ Design, fabrication and installation of a reinforced concrete tunnel
connecting the existing decline portal to surface level, and backfill of the
existing box cut, to mitigate flow of surface water to the Havieron decline
during periods of rainfall.
Telfer Resource Development
June 2025 quarter activities and results
Growth drilling has continued during the quarter with four diamond and two
reverse circulation drilling rigs, with a total of 171 holes drilled during
the quarter, for a total of 27,840 metres.
Drilling has continued focused evaluating extension to Stage 7 and Stage 2 in
the West Dome Open Pit, while in the Main Dome Underground much of the focus
for the quarter was on drilling within the ESC along with near mine targets at
A Reef, Rey and the LLU.
Late in the June quarter drilling recommenced at the high priority West Dome
Underground project, and will be a key focus for the remainder of H1 FY26.
West Dome Open Pit
A comprehensive drill out of the Stage 2 cutback along with extension
potential at depth was completed during the June quarter, with a total of 100
holes for 12,913m completed (Figure 6).
Figure 6: West Dome Open Pit - June Quarter 2025 Drilling
The following significant results were returned during the quarter, with the
full list of results in Table 4.
§ 36m @ 1.6 g/t Au & 0.07% Cu from 43m (WR30814)
§ 36m @ 1.7 g/t Au & 0.12% Cu from 137m (WR31163)
§ 12m @ 3.1 g/t Au & 0.02% Cu from 97m (WR30813)
§ 19m @ 2.4 g/t Au & 0.46% Cu from 25m (WR29805)
§ 8m @ 12 g/t Au & 0.02% Cu from 33m (WR31638)
§ 8m @ 5.2 g/t Au & 0.20% Cu from 52m (WR31915)
§ 31m @ 1.3 g/t Au & 0.03% Cu from 136m (WR29807)
§ 15m @ 2.1 g/t Au & 0.08% Cu from 11m (WR31324)
§ 35m @ 0.9 g/t Au & 0.10% Cu from 32m (WR27634)
Drilling continued on the Stage 7 Extension, with a total of 15 holes for
3,755m drilled in the June quarter, following more than 7,000m drilling in the
March quarter. The following significant results were returned during the
quarter, with the full list of results in Table 4.
§ 28m @ 1.1 g/t Au & 0.09% Cu from 302m (WR42242)
§ 30m @ 0.97 g/t Au & 0.08% Cu from 264m (WR42242)
§ 6m @ 4.1 g/t Au & 0.01% Cu from 30m (WR41234)
§ 12m @ 2.0 g/t Au & 0.03% Cu from 156m (WR38715)
§ 31m @ 0.67 g/t Au & 0.06% Cu from 197m (WR39214)
§ 32m @ 0.56 g/t Au & 0.07% Cu from 208m (WR38713)
§ 19m @ 0.83 g/t Au & 0.02% Cu from 239m (WR39401)
Main Dome Underground
At the Main Dome Underground four underground diamond drill (DD) rigs targeted
resource conversion (infill) on the ESC, A Reefs, LLU and Rey extensions.
ESC (Eastern Stockwork Corridor)
The focus of the June quarter drilling at the ESC was to inform and support
resource estimation and mine planning requirements, with a total of 34 holes
for 8,113m completed.
Figure 7: Main Dome Underground Dome: ESC Infill - June Quarter 2025 Drilling
Drilling results have been highly encouraging and confirmed the updated
geological model, and the presence of a consistent zones of high grade
stockwork mineralisation. Work is in progress to deliver a Mineral Resource
estimate to support mining activities in the area.
The following significant results were returned during the quarter, with the
full list of results in Table 4.
§ 25m @ 6.9 g/t Au & 0.97% Cu from 182m (MUC5066054)
§ 35m @ 3.1 g/t Au & 0.37% Cu from 146m (MUC5066023)
§ 22.9m @ 3.0 g/t Au & 0.55% Cu from 213m (MUC5066048)
§ 16.4m @ 3.8 g/t Au & 0.84% Cu from 167m (MUC5066043)
§ 25.9m @ 2.4 g/t Au & 0.40% Cu from 204m (MUC5066047)
§ 18.5m @ 3.3 g/t Au & 0.65% Cu from 51m (MUC4942014)
§ 22m @ 2.6 g/t Au & 0.11% Cu from 155m (MUC5066024)
§ 25m @ 2.2 g/t Au & 0.45% Cu from 168m (MUC5066037)
§ 17.4m @ 3.1 g/t Au & 0.68% Cu from 137m (MUC5066052)
§ 17.3m @ 3.0 g/t Au & 0.69% Cu from 183m (MUC5066045a)
§ 47m @ 1.1 g/t Au & 0.11% Cu from 140m (MUC5066026)
§ 18.3m @ 2.7 g/t Au & 0.13% Cu from 204m (MUC5066034)
Of note, several drillholes targeting the ESC during the quarter intercepted a
new zone approximately 150 metres above that is interpreted to be a repeat of
the key structural and geological settings that host the ESC. In addition to
this 'repeat' structure, drilling targeted the southern extension of the ESC
also successfully intercepted mineralisation up to 300m to the south. Refer
Figure 8.
Figure 8: Main Dome Underground: ESC Extensions - June Quarter 2025 Drilling
The following significant results demonstrate the potential of the ESC repeat,
with geological interpretation underway to inform further drilling programs:
§ 36.1m @ 3.2 g/t Au & 0.21% Cu from 36.9m (MUC5066054)
§ 19m @ 2.8 g/t Au & 0.24% Cu from 87m (MUC5066040)
§ 32m @ 1.1 g/t Au & 0.07% Cu from 9m (MUC5066045a)
§ 25.7m @ 1.4 g/t Au & 0.16% Cu from 54m (MUC5066044)
§ 27.9m @ 1.0 g/t Au & 0.19% Cu from 0.08m (MUC5066023)
§ 11m @ 2.6 g/t Au & 0.13% Cu from 66m (MUC5066036)
§ 6.8m @ 4.1 g/t Au & 0.23% Cu from 45m (MUC5066034)
§ 16m @ 1.7 g/t Au & 0.33% Cu from 10m (MUC5066032)
The following significant were received from the ESC southern extension
drilling program, with drilling ongoing:
§ 39m @ 1.2 g/t Au & 0.23% Cu from 138m (MUC5095006)
§ 13m @ 4.3 g/t Au & 0.38% Cu from 178m (MUC5095009)
§ 20m @ 1.6 g/t Au & 0.21% Cu from 84m (MUC5095010)
§ 10.5m @ 2.8 g/t Au & 1.6% Cu from 167.55m (MUC5095017)
§ 12m @ 2.0 g/t Au & 1.1% Cu from 183m (MUC5095019)
Lower Mine near-mine extensions
A total of 22 holes for 3,060m were drilled during the June quarter targeting
near mine extensions to the active A Reef, Rey and LLU mining fronts.
Figure 9: Main Dome Underground: ESC Extensions - June Quarter 2025 Drilling
Drilling will continue to assess near mine extension opportunity throughout
the year, with the following significant results received from both A Reef and
LLU (refer also Figure 9):
§ A Reef
- 1.3m @ 9.2 g/t Au & 0.09% Cu from 70m (MUC4627043)
- 3.0m @ 9.2 g/t Au & 0.58% Cu from 31m (MUC4627044)
- 0.8m @ 12.5 g/t Au & 2.5% Cu from 89m (MUC4627046)
- 0.6m @ 26.9 g/t Au & 0.02% Cu from 80.6m (MUC4627047)
§ LLU
- 11m @ 2.5 g/t Au & 0.68% Cu from 158m (MUC4627030a)
- 4.6m @ 2.9 g/t Au & 1.2% Cu from 174m (MUC4627031a)
- 6.0m @ 1.7 g/t Au & 0.12% Cu from 208m (MUC4942013)
FY26 outlook - Telfer's largest ever drilling program
Greatland is planning a transformational FY26 for Telfer with more than
240,000 metres of drilling planned, the most at Telfer in its operational
history.
The planned drilling will involve the mobilisation of additional drilling
capacity to site, targeting 150,000 metres of resource growth drilling and
90,000 metres of resource conversion drilling, with the objective of expanding
the site's Resources and Reserves to support further multi-year mine life
extensions.
Three key extension opportunities are targeted, the West Dome Open Pit (WDO),
Main Dome Underground (MDU) and West Dome Underground (WDU) with five diamond
rigs and three reverse circulation (RC) rigs scheduled for much of the year.
West Dome Open Pit (WDO)
Drilling for FY26 will be focused on two key areas, the Stage 7 Extension,
which will be targeted early in the year with the aim to expand the existing
Stage 7 cutback. The second area of focus will be extension to the current
Stage 2 which has the potential to support multi-year extension of the current
mine life.
Figure 9: West Dome Open Pit proposed FY26 Drilling (blue shading represents a
$4,500/oz optimisation pit shell)
Main Dome Underground (MDU)
An extensive drilling campaign is proposed for the MDU, aiming to bring
multiple near mine extensions (A Reef / LLU / M Reefs / Rey) to a mine ready
status, while also aiming to bring on new mine opportunities such as the ESC
and Kylo. This program key objective is to successfully define and convert
Mineral Resource to support a muti-year mine life for the Telfer Underground.
Figure 10: Main Dome Underground proposed FY26 Drilling
West Dome Underground (WDU)
The WDU is one of the most exciting discoveries at Telfer for many years.
Following the success of the inaugural WDU underground drilling program
(announced on 20 February 2025
(https://polaris.brighterir.com/public/greatland_gold/news/rns/story/x56qd0r)
), an extensive drilling program is proposed for FY26, initially targeting
conversion of a central 600m strike length (Figure 11) after which drilling
will shift to be focused on extension of the mineral system, which remains
open.
Figure 11: West Dome Underground proposed FY26 Drilling
Havieron
The Havieron FS continues to progress and remains targeted for completion in
December quarter 2025.
As announced in April 2025, the FS design criteria was finalised, with the
study assessing an initial mining rate of 2.8Mtpa post ramp-up, increasing to
between 4.0Mtpa - 4.5Mtpa by development of an underground crusher and
material handling system.
The expansion case remains subject to ongoing assessment in the FS, however it
is expected to be significantly value accretive for the following reasons:
§ Telfer infrastructure has sufficient capacity to process increased Havieron
ore feed.
§ Planned haul road and infrastructure corridor between Telfer and Havieron
does not need to be expanded to accommodate increased Havieron throughput.
§ Havieron above ground site infrastructure only requires moderate expansion
to accommodate increased throughput.
§ Development of the underground crusher and material handling system is
expected to be largely self-funded from Havieron cash flows.
Updates from the June 2025 quarter include:
§ Permitting and approvals process have progressed well, with information
requests received from the WA Environmental Protection Authority (EPA) and the
Commonwealth Department of Climate Change, Energy, the Environment and Water
(DCCEEW), the department administers the Environment Protection and
Biodiversity Conservation Act 1999 (Cth). Shortly after quarter end responses
were submitted to both agencies and a DCCEEW site visit was hosted.
§ Completed design and tender for supply and installation of a reinforced
concrete tunnel connecting the existing decline portal to surface level, and
backfill of the existing box cut, to mitigate flow of surface water to the
Havieron decline during periods of rainfall.
§ Completed design of ventilation shafts VR2 and VR3. Specialist blind bore
cutter heads were designed and fabrication is underway.
Corporate & Finance
Sales and revenue
Full upside exposure to the gold price and sales of 87,529oz Au and 3,740t
Cu, at average realised prices of $5,014/oz Au and $12,718/t Cu, underpinned
net sales revenues of $487 million.
Cash and liquidity
Greatland generated cash flow from operations of $310 million and cash build
of $176 million in the June 2025 quarter, with a closing cash balance on
30 June 2025 of $575 million.
Greatland remains debt free with an undrawn $75m working capital facility
providing additional liquidity buffer.
Figure 12: June 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 includes: $23.9m final purchase price
adjustment to Newmont; $34.2m in cash consideration for the pre-ASX IPO
surrender of in-the-money options by certain directors and employees; $9.4m in
transaction fees for the Telfer-Havieron acquisition, SAP implementation and
transitional services costs; and $4.4m in ASX IPO costs.
3. Net proceeds of $50 million ASX IPO primary issuance and
approximately £6.7m UK retail offer.
WA stamp duty for the Telfer-Havieron acquisition is due to be paid in the
September 2025 quarter and is estimated to be approximately $46 million.
For tax purposes, Greatland's accumulated losses are expected to have been
fully utilised during the March 2025 quarter, with a tax liability for the
FY25 period expected to be payable in the March 2026 quarter, following which
tax is expected to be paid in regular monthly instalments.
ASX Initial Public Offer
In June 2025 Greatland successfully completed two major corporate initiatives
following the acquisition of Telfer and Havieron, being Greatland's ASX
initial public offer (IPO) and listing, and the associated corporate
reorganisation through which Greatland became the sole shareholder of
Greatland Gold plc and parent of the Greatland group.
Greatland's ASX IPO was strongly supported, with an oversubscribed $490
million offer at an offer price of $6.60 per share, which represented a ~3%
discount to Greatland Gold plc's five-day volume weighted average price to
completion of the IPO bookbuild. The offer comprised a $50 million primary
issuance by Greatland and a $440 million secondary sell down of 50% of Newmont
Corporation's shares in Greatland that were received under the Telfer-Havieron
acquisition.
A separate offer to UK residents retail investors was also oversubscribed and
successfully completed, raising a further ~$14.0 million in gross proceeds.
Greatland is delighted to have completed the ASX listing and welcomed many
high quality Australian and international institutional investors to its
register, while minimising equity dilution to existing shareholders.
Integration
Greatland successfully completed its integration of the Telfer-Havieron
operations during the quarter which resulted in the cessation of the
transitional services arrangements with Newmont. The integration included the
implementation of SAP and stand up of key functions in order to allow for the
independent running of operations.
Hedging profile - downside price protection with full upside exposure
Greatland continues to maintain full upside exposure to the gold price, while
achieving downside price protection through gold put options. Greatland's
current gold put options comprise the following:
Table 3: Gold put option program
Quarter end date Gold volumes under put options (koz) Weighted Average
Strike Price (A$/oz)
30-Sep-2025 38,910 3,905
31-Dec-2025 30,792 3,905
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
Total 219,706 4,106
Sustainability
There were no Lost Time Injuries during the June 2025 quarter, and the
12-month moving average lost time injury frequency rate (LTIFR) is 0. There
were no environmental non-compliances or significant incidents reported during
the quarter. Greatland TRIFR has steadily declined to 6.0 from 14.1
(31 December 2024).
Greatland continues to work closely with the Martu people, the area's native
title holders. In this regard, Greatland engages closely with
Jamukurnu-Yapalikurnu Aboriginal Corporation (JYAC), the Martu's prescribed
body corporate. JYAC demonstrated their support of the Telfer operations and
provided a letter of support in respect of Greatland's application to extend
and renew its Telfer Mining Leases.
During the June 2024 quarter, Greatland's second application to extend and
renew the Telfer Mining Leases (on their 42(nd) year anniversary) were granted
by the Government of Western Australia with no further conditions imposed.
Corporate Structure
Category Metric
Ordinary shares on issue (#) 670,751,673
Unquoted securities (#) 6,278,357 Performance Rights
1,355,000 Employee Options
250,000 Managing Director Options
17,631,000 Warrants
Market capitalisation ($ billion) $4.6 billion (as at ASX close price, 28 July 2025)
Cash balance ($ million) $575 million (as at 30 June 2025)
Conference Call
Greatland will present the Quarterly Activities Report via a webcast for
shareholders, research analysts, media and other interested stakeholders on
Tuesday, 29 July 2025 at 1:00 pm AWST / 3:00 pm AEST / 6:00 am BST
followed by a Q&A session.
To listen in live, please click on this link and register your details:
https://webcast.openbriefing.com/ggp-qtr4-2025/
(https://webcast.openbriefing.com/ggp-qtr4-2025/)
It is recommended to log on at least five minutes before the scheduled
commencement time to ensure you are registered in time for the start of the
call. A recording of the call will be available on the same link after the
conclusion of the webcast.
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
Media Relations
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.
Competent Persons Statement
Information in the report pertaining to Exploration results has been reviewed
and approved by Mr Michael Thomson, a Member of the Australian Institute of
Geoscientists (AIG), who has more than 20 years relevant industry experience.
Mr Thomson, an employee of the Company, has sufficient experience relevant
to the style of mineralisation, type of deposit under consideration, and to
the activity which he is undertaking to qualify as a Competent Person as
defined by the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and
under the AIM Rules - Note for Mining and Oil & Gas Companies, which
outline standards of disclosure for mineral projects. Mr Thomson consents
to the inclusion in this announcement of the matters based on this information
in the form and context in which it appears.
Drillhole Data and Au- Cu Significant Intersections
Reporting Criteria: Intercepts reported are downhole drill width (not true
width) Au >0.50ppm (0.5g/t Au) and minimum 1m downhole width with maximum
consecutive internal dilution of 5m. Average grades are based on
length-weighting of samples grade, and only those intercepts with a gram
metres (Au_ppm x length) above 10 gram metres have been reported. Gold and
copper grades are reported to two significant figures, the downhole lengths
are rounded to 0.1m which may cause some apparent discrepancies in interval
widths. Underground samples are from core drilling which is NQ2 in diameter
while open pit samples are from reverse circulation (RC) drilling.
Table 4: Significant intercepts
Area Stage HOLEID EAST NORTH RL Depth Dip Azimuth From To Width Au ppm Cu pct Au
(GM)
Main Dome A Reef MUC4627043 60,351 11,046 4,619 95 50 307 70.0 71.3 1.3 9.18 0.09 12
Main Dome A Reef MUC4627044 60,351 11,045 4,619 85 63 261 31.0 34.0 3.0 9.23 0.58 28
Main Dome A Reef MUC4627046 60,354 11,057 4,618 123 65 26 89.0 89.8 0.8 12.51 2.54 10
Main Dome A Reef MUC4627047 60,355 11,057 4,618 115 74 60 80.6 81.3 0.6 26.93 0.02 16
Main Dome ESC MUC5066054 61,102 11,120 5,059 230 -81 331 182.0 207.0 25.0 6.93 0.97 173
Main Dome ESC MUC4942013 61,078 11,021 4,939 220 -42 193 45.0 61.3 16.3 2.59 0.29 42
Main Dome ESC MUC5066054 61,102 11,120 5,059 230 -81 331 36.9 73.0 36.1 3.24 0.21 117
Main Dome ESC MUC5066023 61,055 11,117 5,065 260 -80 243 146.0 181.0 35.0 3.06 0.37 107
Main Dome ESC MUC5066053 61,067 11,065 5,044 180 -68 258 138.0 149.0 11.0 1.99 0.27 22
Main Dome ESC MUC5066048 61,118 11,112 5,057 290 -63 345 213.4 236.3 22.9 2.99 0.55 68
Main Dome ESC MUC5066033 61,102 11,120 5,059 219 -72 248 144.5 180.0 35.5 0.67 0.20 24
Main Dome ESC MUC5066043 61,115 11,110 5,057 209 -77 258 167.3 183.8 16.5 3.83 0.84 63
Main Dome ESC MUC5095004 60,939 10,772 5,091 230 -60 150 151.0 163.0 12.0 1.50 0.15 18
Main Dome ESC MUC5066047 61,119 11,112 5,057 265 -66 341 204.1 230.0 25.9 2.39 0.40 62
Main Dome ESC MUC5066028 61,055 11,118 5,065 237 -85 323 155.7 175.0 19.4 1.25 0.12 24
Main Dome ESC MUC5066025 61,054 11,119 5,065 223 -67 322 164.0 188.0 24.0 1.60 0.14 38
Main Dome ESC MUC5066032 61,055 11,119 5,065 240 -78 334 164.0 197.0 33.0 0.83 0.21 27
Main Dome ESC MUC5066039 61,102 11,119 5,059 215 -78 285 165.0 180.0 15.0 2.53 0.44 38
Main Dome ESC MUC4942014 61,078 11,021 4,939 220 -23 201 51.0 69.5 18.5 3.29 0.65 61
Main Dome ESC MUC5066031 61,055 11,118 5,065 225 -72 342 168.0 193.0 25.0 0.84 0.09 21
Main Dome ESC MUC5066024 61,055 11,117 5,065 200 -76 280 155.0 177.0 22.0 2.58 0.11 57
Main Dome ESC MUC5066027 61,054 11,119 5,065 215 -69 328 170.0 178.0 8.0 1.86 0.28 15
Main Dome ESC MUC5066037 61,102 11,119 5,059 249 -75 312 168.0 193.0 25.0 2.17 0.45 54
Main Dome ESC MUC5066052 61,068 11,065 5,044 180 -87 191 137.0 154.5 17.5 3.11 0.68 54
Main Dome ESC MUC5066041 61,102 11,119 5,059 261 -67 334 185.0 220.0 35.0 1.12 0.29 39
Main Dome ESC MUC5066043 61,115 11,110 5,057 209 -77 258 186.7 187.1 0.4 66.20 1.71 26
Main Dome ESC MUC5066039 61,102 11,119 5,059 215 -78 285 188.0 195.0 7.0 2.14 0.08 15
Main Dome ESC MUC5066034 61,102 11,114 5,059 260 -58 328 188.0 198.0 10.0 4.30 0.17 43
Main Dome ESC MUC5066042 61,102 11,119 5,059 280 -62 342 193.0 208.3 15.3 1.08 0.13 16
Main Dome ESC MUC5066038 61,102 11,120 5,059 260 -51 337 193.3 222.0 28.7 0.52 0.12 15
Main Dome ESC MUC5066035 61,102 11,120 5,059 255 -62 325 202.0 218.0 16.0 0.97 0.15 16
Main Dome ESC MUC5066040 61,103 11,120 5,059 289 -55 340 202.0 214.0 12.0 1.43 0.08 17
Main Dome ESC MUC5066045a 61,054 11,119 5,066 230 -81 79 182.7 200.0 17.3 3.00 0.69 52
Main Dome ESC MUC5066026 61,054 11,118 5,065 210 -74 318 140.0 187.0 47.0 1.09 0.11 51
Main Dome ESC MUC5066034 61,102 11,114 5,059 260 -58 328 203.7 222.0 18.3 2.74 0.13 50
Main Dome ESC MUC5066038 61,102 11,120 5,059 260 -51 337 229.0 236.0 7.0 1.61 0.07 11
Main Dome ESC MUC5066040 61,103 11,120 5,059 289 -55 340 230.0 254.0 24.0 0.81 0.15 20
Main Dome ESC MUC5066050 61,118 11,113 5,057 244 -63 351 231.0 239.0 8.0 1.97 0.43 16
Main Dome ESC_exc MUC5095006 60,940 10,774 5,091 230 -65 91 138.0 177.0 39.0 1.15 0.23 45
Main Dome ESC_exc MUC5095007 60,940 10,773 5,091 240 -71 115 148.0 170.0 22.0 0.77 0.13 17
Main Dome ESC_exc MUC5095008 60,941 10,773 5,091 230 -59 108 162.0 169.0 7.0 2.24 0.61 16
Main Dome ESC_exc MUC5095009 60,939 10,772 5,091 250 -45 170 91.0 92.5 1.5 7.94 0.30 12
Main Dome ESC_exc MUC5095009 60,939 10,772 5,091 250 -45 170 178.0 191.0 13.0 4.35 0.38 57
Main Dome ESC_exc MUC5095010 60,938 10,772 5,091 227 -65 168 84.0 104.0 20.0 1.62 0.21 32
Main Dome ESC_exc MUC5095011 60,939 10,772 5,091 248 -54 165 59.0 60.0 1.0 12.80 0.11 13
Main Dome ESC_exc MUC5095017 60,944 10,798 5,090 242 -64 60 167.6 178.1 10.6 2.81 1.65 30
Main Dome ESC_exc MUC5095019 60,945 10,798 5,091 248 -59 48 183.0 195.0 12.0 2.03 1.12 24
Main Dome ESC_exc MUC5095019 60,945 10,798 5,091 248 -59 48 1.0 12.2 11.2 1.18 0.03 13
Main Dome ESC_exc MUC5095019 60,945 10,798 5,091 248 -59 48 112.0 117.0 5.0 3.18 0.22 16
Main Dome ESC_Upper MUC5066040 61,103 11,120 5,059 289 -55 340 87.0 106.0 19.0 2.81 0.24 53
Main Dome ESC_Upper MUC5066045a 61,054 11,119 5,066 230 -81 79 9.0 41.0 32.0 1.13 0.07 36
Main Dome ESC_Upper MUC5066044 61,118 11,112 5,057 281 -67 328 54.0 79.7 25.7 1.35 0.16 35
Main Dome ESC_Upper MUC5066023 61,055 11,117 5,065 260 -80 243 0.1 28.0 27.9 1.03 0.19 29
Main Dome ESC_Upper MUC5066053 61,067 11,065 5,044 180 -68 258 12.0 26.0 14.0 0.72 0.01 10
Main Dome ESC_Upper MUC5066024 61,055 11,117 5,065 200 -76 280 16.0 27.0 11.0 0.93 0.17 10
Main Dome ESC_Upper MUC5066027 61,054 11,119 5,065 215 -69 328 17.0 33.0 16.0 1.01 0.13 16
Main Dome ESC_Upper MUC5066031 61,055 11,118 5,065 225 -72 342 17.5 26.0 8.5 1.66 0.22 14
Main Dome ESC_Upper MUC5066036 61,102 11,120 5,059 251 -69 320 66.0 77.0 11.0 2.56 0.13 28
Main Dome ESC_Upper MUC5066030 61,055 11,119 5,065 250 -64 341 20.9 36.0 15.1 1.06 0.02 16
Main Dome ESC_Upper MUC5066044 61,118 11,112 5,057 281 -67 328 24.0 31.0 7.0 2.24 0.07 16
Main Dome ESC_Upper MUC5066052 61,068 11,065 5,044 180 -87 191 27.0 44.0 17.0 0.63 0.02 11
Main Dome ESC_Upper MUC5066050 61,118 11,113 5,057 244 -63 351 42.0 71.0 29.0 0.96 0.11 28
Main Dome ESC_Upper MUC5066041 61,102 11,119 5,059 261 -67 334 36.0 56.0 20.0 0.99 0.12 20
Main Dome ESC_Upper MUC5066053 61,067 11,065 5,044 180 -68 258 36.0 39.0 3.0 5.17 0.12 16
Main Dome ESC_Upper MUC5066034 61,102 11,114 5,059 260 -58 328 45.0 51.8 6.8 4.07 0.23 28
Main Dome ESC_Upper MUC5066036 61,102 11,120 5,059 251 -69 320 40.0 60.0 20.0 0.91 0.26 18
Main Dome ESC_Upper MUC5066032 61,055 11,119 5,065 240 -78 334 10.0 26.0 16.0 1.66 0.33 27
Main Dome ESC_Upper MUC5066040 61,103 11,120 5,059 289 -55 340 44.5 53.7 9.2 1.46 0.26 13
Main Dome ESC_Upper MUC5066043 61,115 11,110 5,057 209 -77 258 38.6 40.0 1.4 18.93 0.03 26
Main Dome ESC_Upper MUC5066026 61,054 11,118 5,065 210 -74 318 18.4 34.0 15.6 1.61 0.14 25
Main Dome ESC_Upper MUC5066033 61,102 11,120 5,059 219 -72 248 36.0 55.0 19.0 1.29 0.26 25
Main Dome ESC_Upper MUC5066040 61,103 11,120 5,059 289 -55 340 59.0 69.0 10.0 2.28 0.12 23
Main Dome ESC_Upper MUC5066043 61,115 11,110 5,057 209 -77 258 56.0 75.0 19.0 1.18 0.23 22
Main Dome ESC_Upper MUC5066027 61,054 11,119 5,065 215 -69 328 61.0 64.0 3.0 3.63 0.07 11
Main Dome ESC_Upper MUC5066025 61,054 11,119 5,065 223 -67 322 62.0 63.0 1.0 13.04 0.01 13
Main Dome ESC_Upper MUC5066035 61,102 11,120 5,059 255 -62 325 47.0 59.6 12.6 1.76 0.46 22
Main Dome ESC_Upper MUC5066033 61,102 11,120 5,059 219 -72 248 70.0 81.0 11.0 1.22 0.15 13
Main Dome ESC_Upper MUC5066028 61,055 11,118 5,065 237 -85 323 10.0 30.0 20.0 1.07 0.11 21
Main Dome ESC_Upper MUC5066048 61,118 11,112 5,057 290 -63 345 71.0 90.0 19.0 0.93 0.24 18
Main Dome ESC_Upper MUC5066037 61,102 11,119 5,059 249 -75 312 72.0 84.0 12.0 1.64 0.13 20
Main Dome ESC_Upper MUC5066038 61,102 11,120 5,059 260 -51 337 77.2 80.0 2.8 4.65 0.01 13
Main Dome ESC_Upper MUC5066050 61,118 11,113 5,057 244 -63 351 78.0 89.0 11.0 0.94 0.18 10
Main Dome ESC_Upper MUC5066035 61,102 11,120 5,059 255 -62 325 79.0 93.0 14.0 1.05 0.14 15
Main Dome ESC_Upper MUC5066042 61,102 11,119 5,059 280 -62 342 82.0 93.0 11.0 1.61 0.30 18
Main Dome ESC_Upper MUC5066045a 61,054 11,119 5,066 230 -81 79 70.0 80.3 10.3 2.03 0.21 21
Main Dome ESC_Upper MUC5066038 61,102 11,120 5,059 260 -51 337 99.6 102.7 3.1 4.39 0.92 14
West Dome Stage 2 WR29306 58,489 12,938 5,225 124 -70 0 0.0 32.0 32.0 0.71 0.08 23
West Dome Stage 2 WR31425 58,566 13,148 5,227 130 -55 180 21.0 31.0 10.0 2.09 0.26 21
West Dome Stage 2 WR31324 58,597 13,139 5,228 100 -70 360 11.0 26.0 15.0 2.07 0.08 31
West Dome Stage 2 WR32421 58,608 13,240 5,237 174 -70 39 116.0 125.0 9.0 1.84 0.00 17
West Dome Stage 2 WR32422 58,603 13,253 5,237 162 -62 47 111.0 131.0 20.0 0.83 0.01 17
West Dome Stage 2 WR32422 58,603 13,253 5,237 162 -62 47 48.0 55.0 7.0 3.32 0.59 23
West Dome Stage 2 WR31427 58,486 13,147 5,228 114 -75 320 32.0 47.0 15.0 0.71 0.03 11
West Dome Stage 2 WR27308 58,420 12,736 5,228 120 -70 0 24.0 43.0 19.0 0.55 0.12 11
West Dome Stage 2 WR29608 58,569 12,969 5,228 136 -64 36 34.0 36.0 2.0 14.07 0.27 28
West Dome Stage 2 WR29107 58,548 12,906 5,228 126 -56 59 11.0 23.0 12.0 1.16 0.05 14
West Dome Stage 2 WR29608 58,569 12,969 5,228 136 -64 36 84.0 98.0 14.0 1.16 0.06 16
West Dome Stage 2 WR27308 58,420 12,736 5,228 120 -70 0 0.0 18.0 18.0 0.59 0.05 11
West Dome Stage 2 WR32420 58,528 13,216 5,228 126 -71 359 112.0 125.0 13.0 0.89 0.06 12
West Dome Stage 2 WR27307 58,440 12,719 5,228 168 -65 359 60.0 83.0 23.0 0.85 0.12 20
West Dome Stage 2 WR28746 58,532 12,859 5,228 168 -78 24 20.0 26.0 6.0 2.52 0.06 15
West Dome Stage 2 WR27634 58,492 12,760 5,228 202 -70 360 32.0 67.0 35.0 0.90 0.10 31
West Dome Stage 2 WR27309 58,403 12,742 5,228 102 -69 359 17.0 47.0 30.0 0.73 0.04 22
West Dome Stage 2 WR27112 58,469 12,701 5,228 90 -59 44 2.0 12.0 10.0 1.63 0.09 16
West Dome Stage 2 WR27310 58,489 12,744 5,228 132 -70 27 68.0 73.0 5.0 4.72 0.12 24
West Dome Stage 2 WR28306 58,430 12,830 5,228 60 -68 10 11.0 36.0 25.0 1.28 0.10 32
West Dome Stage 2 WR30816 58,516 13,085 5,226 138 -70 360 63.0 93.0 30.0 0.58 0.16 17
West Dome Stage 2 WR27633 58,490 12,766 5,228 228 -69 344 139.0 155.0 16.0 0.97 0.02 16
West Dome Stage 2 WR27633 58,490 12,766 5,228 228 -69 344 38.0 52.0 14.0 1.04 0.11 15
West Dome Stage 2 WR27633 58,490 12,766 5,228 228 -69 344 214.0 222.0 8.0 1.68 0.00 13
West Dome Stage 2 WR28304 58,519 12,827 5,228 222 -70 0 75.0 98.0 23.0 1.45 0.14 33
West Dome Stage 2 WR31638 58,527 13,196 5,228 60 -81 325 33.0 41.0 8.0 11.91 0.02 95
West Dome Stage 2 WR26821 58,443 12,692 5,228 117 -70 360 71.0 90.0 19.0 3.63 0.30 69
West Dome Stage 2 WR30817 58,542 13,086 5,226 132 -70 360 60.0 67.0 7.0 2.00 0.34 14
West Dome Stage 2 WR28105 58,502 12,809 5,228 246 -70 0 199.0 209.0 10.0 3.36 0.02 34
West Dome Stage 2 WR27807 58,508 12,785 5,228 210 -70 360 13.0 24.0 11.0 1.07 0.03 12
West Dome Stage 2 WR27637 58,503 12,767 5,228 102 -70 14 36.0 49.0 13.0 2.66 0.43 35
West Dome Stage 2 WR27806 58,493 12,785 5,228 200 -70 45 23.0 64.0 41.0 0.56 0.08 23
West Dome Stage 2 WR27806 58,493 12,785 5,228 200 -70 45 190.0 193.0 3.0 4.55 0.07 14
West Dome Stage 2 WR28305 58,413 12,832 5,229 120 -70 360 13.0 41.0 28.0 0.76 0.03 21
West Dome Stage 2 WR30816 58,516 13,085 5,226 138 -70 360 124.0 138.0 14.0 2.51 0.06 35
West Dome Stage 2 WR29815 58,521 12,985 5,222 45 -70 360 1.0 12.0 11.0 1.01 0.01 11
West Dome Stage 2 WR28304 58,519 12,827 5,228 222 -70 0 189.0 205.0 16.0 1.00 0.01 16
West Dome Stage 2 WR27807 58,508 12,785 5,228 210 -70 360 40.0 68.0 28.0 1.26 0.20 35
West Dome Stage 2 WR28304 58,519 12,827 5,228 222 -70 0 124.0 136.0 12.0 1.16 0.04 14
West Dome Stage 2 WR31163 58,594 13,112 5,228 174 -67 342 137.0 173.0 36.0 1.73 0.12 62
West Dome Stage 2 WR30129 58,566 13,011 5,228 162 -70 360 144.0 160.0 16.0 1.17 0.03 19
West Dome Stage 2 WR30129 58,566 13,011 5,228 162 -70 360 8.0 30.0 22.0 0.75 0.02 16
West Dome Stage 2 WR30813 58,564 13,160 5,228 120 -62 180 97.0 109.0 12.0 3.11 0.02 37
West Dome Stage 2 WR29807 58,555 12,991 5,228 180 -70 0 136.0 167.0 31.0 1.25 0.03 39
West Dome Stage 2 WR28607 58,518 12,860 5,228 220 -70 0 183.0 196.0 13.0 1.30 0.02 17
West Dome Stage 2 WR29304 58,544 12,936 5,227 178 -70 0 163.0 178.0 15.0 1.49 0.01 22
West Dome Stage 2 WR29304 58,544 12,936 5,227 178 -70 0 119.0 123.0 4.0 4.88 0.09 20
West Dome Stage 2 WR28607 58,518 12,860 5,228 220 -70 0 2.0 12.0 10.0 1.84 0.05 18
West Dome Stage 2 WR29304 58,544 12,936 5,227 178 -70 0 17.0 40.0 23.0 0.59 0.10 14
West Dome Stage 2 WR29304 58,544 12,936 5,227 178 -70 0 47.0 64.0 17.0 1.08 0.23 18
West Dome Stage 2 WR31425 58,566 13,148 5,227 130 -55 180 38.0 61.0 23.0 1.72 0.04 40
West Dome Stage 2 WR28105 58,502 12,809 5,228 246 -70 0 51.0 81.0 30.0 0.51 0.08 15
West Dome Stage 2 WR28105 58,502 12,809 5,228 246 -70 0 99.0 114.0 15.0 0.70 0.07 11
West Dome Stage 2 WR28105 58,502 12,809 5,228 246 -70 0 20.0 44.0 24.0 0.61 0.09 15
West Dome Stage 2 WR27106 58,442 12,711 5,228 146 -70 0 42.0 68.0 26.0 0.55 0.08 14
West Dome Stage 2 WR31916 58,639 13,204 5,242 180 -75 360 125.0 129.0 4.0 4.06 0.03 16
West Dome Stage 2 WR31643 58,518 13,159 5,228 120 -70 360 0.0 12.0 12.0 1.31 0.05 16
West Dome Stage 2 WR31426 58,518 13,145 5,228 126 -74 0 103.0 126.0 23.0 0.78 0.07 18
West Dome Stage 2 WR27634 58,492 12,760 5,228 202 -70 360 10.0 22.0 12.0 0.99 0.15 12
West Dome Stage 2 WR31324 58,597 13,139 5,228 100 -70 360 33.0 59.0 26.0 0.86 0.04 22
West Dome Stage 2 WR31647 58,623 13,165 5,228 102 -57 360 6.0 17.0 11.0 1.26 0.14 14
West Dome Stage 2 WR31323 58,618 13,132 5,230 120 -70 360 27.0 46.0 19.0 1.08 0.13 20
West Dome Stage 2 WR31162 58,632 13,114 5,230 80 -70 360 1.0 4.0 3.0 3.64 0.27 11
West Dome Stage 2 WR30814 58,597 13,139 5,228 180 -58 190 43.0 79.0 36.0 1.56 0.07 56
West Dome Stage 2 WR30817 58,542 13,086 5,226 132 -70 360 12.0 37.0 25.0 2.16 0.19 54
West Dome Stage 2 WR31864 58,495 13,181 5,228 120 -69 344 30.0 32.0 2.0 5.03 0.01 10
West Dome Stage 2 WR27111 58,473 12,706 5,228 140 -70 360 67.0 96.0 29.0 0.88 0.11 26
West Dome Stage 2 WR27111 58,473 12,706 5,228 140 -70 360 42.0 59.0 17.0 0.86 0.05 15
West Dome Stage 2 WR27111 58,473 12,706 5,228 140 -70 360 119.0 127.0 8.0 2.30 0.14 18
West Dome Stage 2 WR29303 58,558 12,937 5,228 171 -70 1 22.0 45.0 23.0 0.72 0.14 17
West Dome Stage 2 WR29303 58,558 12,937 5,228 171 -70 1 162.0 170.0 8.0 1.86 0.06 15
West Dome Stage 2 WR27305 58,488 12,736 5,228 210 -70 360 128.0 149.0 21.0 2.53 0.05 53
West Dome Stage 2 WR29612 58,550 12,956 5,228 162 -70 359 155.0 162.0 7.0 3.04 0.02 21
West Dome Stage 2 WR27306 58,467 12,718 5,229 250 -63 360 233.0 241.0 8.0 1.74 0.10 14
West Dome Stage 2 WR27306 58,467 12,718 5,229 250 -63 360 17.0 34.0 17.0 0.66 0.11 11
West Dome Stage 2 WR27306 58,467 12,718 5,229 250 -63 360 111.0 121.0 10.0 2.32 0.11 23
West Dome Stage 2 WR31917 58,589 13,184 5,227 132 -69 360 63.0 66.0 3.0 4.74 0.05 14
West Dome Stage 2 WR31161 58,549 13,148 5,228 120 -75 197 97.0 109.0 12.0 1.02 0.03 12
West Dome Stage 2 WR27810 58,422 12,790 5,228 97 -68 28 1.0 33.0 32.0 0.72 0.06 23
West Dome Stage 2 WR28108 58,422 12,808 5,228 102 -67 13 25.0 47.0 22.0 0.62 0.05 14
West Dome Stage 2 WR28108 58,422 12,808 5,228 102 -67 13 83.0 97.0 14.0 0.83 0.12 12
West Dome Stage 2 WR28611 58,532 12,864 5,228 120 -66 35 39.0 46.0 7.0 1.62 0.20 11
West Dome Stage 2 WR28611 58,532 12,864 5,228 120 -66 35 56.0 69.0 13.0 1.06 0.04 14
West Dome Stage 2 WR28308 58,522 12,835 5,228 101 -70 3 47.0 49.0 2.0 7.66 0.04 15
West Dome Stage 2 WR28308 58,522 12,835 5,228 101 -70 3 72.0 101.0 29.0 0.73 0.07 21
West Dome Stage 2 WR29804 58,578 12,997 5,228 130 -70 360 89.0 96.0 7.0 1.49 0.01 10
West Dome Stage 2 WR29804 58,578 12,997 5,228 130 -70 360 10.0 30.0 20.0 0.84 0.94 17
West Dome Stage 2 WR27636 58,412 12,757 5,228 96 -70 0 27.0 50.0 23.0 2.13 0.04 49
West Dome Stage 2 WR29805 58,581 12,992 5,228 100 -55 50 25.0 44.0 19.0 2.43 0.46 46
West Dome Stage 2 WR29809 58,564 12,987 5,228 130 -70 0 43.0 54.0 11.0 0.94 0.25 10
West Dome Stage 2 WR30813 58,564 13,160 5,228 120 -62 180 20.0 39.0 19.0 1.22 0.11 23
West Dome Stage 2 WR31163 58,594 13,112 5,228 174 -67 342 38.0 54.0 16.0 1.67 0.03 27
West Dome Stage 2 WR31163 58,594 13,112 5,228 174 -67 342 0.0 19.0 19.0 0.96 0.09 18
West Dome Stage 2 WR30310 58,583 13,054 5,229 182 -70 360 140.0 149.0 9.0 1.54 0.06 14
West Dome Stage 2 WR31639 58,597 13,162 5,228 176 -70 0 4.0 34.0 30.0 0.92 0.03 27
West Dome Stage 2 WR31639 58,597 13,162 5,228 176 -70 0 77.0 84.0 7.0 3.17 0.03 22
West Dome Stage 2 WR31639 58,597 13,162 5,228 176 -70 0 117.0 148.0 31.0 0.84 0.05 26
West Dome Stage 2 WR31639 58,597 13,162 5,228 176 -70 0 44.0 67.0 23.0 0.66 0.03 15
West Dome Stage 2 WR29806 58,566 13,008 5,228 140 -70 360 115.0 126.0 11.0 1.19 0.14 13
West Dome Stage 2 WR29806 58,566 13,008 5,228 140 -70 360 22.0 28.0 6.0 2.75 0.82 17
West Dome Stage 2 WR31641 58,632 13,154 5,230 168 -70 360 122.0 136.0 14.0 1.70 0.03 24
West Dome Stage 2 WR31641 58,632 13,154 5,230 168 -70 360 40.0 62.0 22.0 0.67 0.25 15
West Dome Stage 2 WR30814 58,597 13,139 5,228 180 -58 190 128.0 130.0 2.0 8.02 0.35 16
West Dome Stage 2 WR31915 58,498 13,186 5,228 126 -70 0 52.0 60.0 8.0 5.22 0.20 42
West Dome Stage 7 WR42242 58,711 14,216 5,532 387 -56 92 302.0 330.0 28.0 1.12 0.09 31
West Dome Stage 7 WR42242 58,711 14,216 5,532 387 -56 92 264.0 294.0 30.0 0.97 0.08 29
West Dome Stage 7 WR41234 58,742 14,125 5,531 260 -83 265 30.0 36.0 6.0 4.11 0.01 25
West Dome Stage 7 WR38715 58,878 13,880 5,533 276 -59 88 156.0 168.0 12.0 1.97 0.03 24
West Dome Stage 7 WR39214 58,859 13,927 5,532 260 -70 91 197.0 228.0 31.0 0.67 0.06 21
West Dome Stage 7 WR38713 58,856 13,879 5,533 260 -79 270 208.0 240.0 32.0 0.56 0.07 18
West Dome Stage 7 WR39401 58,849 13,951 5,531 280 -62 91 239.0 258.0 19.0 0.83 0.02 16
West Dome Stage 7 WR39212 58,848 13,934 5,531 280 -85 97 195.0 216.0 21.0 0.70 0.13 15
West Dome Stage 7 WR40906 58,768 14,102 5,531 260 -73 91 216.0 240.0 24.0 0.56 0.03 13
West Dome Stage 7 WR38713 58,856 13,879 5,533 260 -79 270 177.0 197.0 20.0 0.67 0.67 13
West Dome Stage 7 WR39214 58,859 13,927 5,532 260 -70 91 135.0 150.0 15.0 0.81 0.07 12
West Dome Stage 7 WR39214 58,859 13,927 5,532 260 -70 91 107.0 124.0 17.0 0.71 0.35 12
West Dome Stage 7 WR40905 58,722 14,097 5,531 260 -90 162 33.0 42.0 9.0 1.30 0.01 12
West Dome Stage 7 WR39212 58,848 13,934 5,531 280 -85 97 167.0 184.0 17.0 0.62 0.05 11
West Dome Stage 7 WR39401 58,849 13,951 5,531 280 -62 91 165.0 183.0 18.0 0.58 0.01 11
West Dome Stage 7 WR39401 58,849 13,951 5,531 280 -62 91 201.0 217.0 16.0 0.64 0.05 10
West Dome Stage 7 WR40906 58,768 14,102 5,531 260 -73 91 14.0 18.0 4.0 2.50 0.01 10
Main Dome Tarkin MUC4517089 60,622 10,387 4,531 160 -64 256 117.0 136.0 19.0 0.60 0.86 11
Main Dome Tarkin MUC4627030a 60,287 10,999 4,622 170 -60 321 158.0 169.0 11.0 2.46 0.68 27
Main Dome Tarkin MUC4627031a 60,286 10,998 4,623 182 -60 299 174.0 178.6 4.6 2.93 1.17 13
Main Dome Tarkin MUC4942013 61,078 11,021 4,939 220 -42 193 208.0 214.0 6.0 1.70 0.12 10
JORC 2012 Table 1: Section 1 - Sampling Techniques and Data
Criteria Commentary
Sampling techniques Resource definition drilling at Telfer involves a combination of reverse
circulation (RC) and diamond drilling throughout the mining period. For
diamond drilling, samples are taken according to lithological boundaries, with
geologists defining sample intervals and selecting the assay methodology.
Historically, high-grade reef samples were sent for screen fire assay, while
other samples underwent fire assay for gold and additional elements.
Core sizes for resource drilling usually range from NQ to PQ, while smaller
sizes (NQ or LTK60) are used for grade control. Diamond drilling typically
samples lithological units with lengths between 0.2 to 1.2 meters, with
1-meter intervals being most common and they are barcoded and submitted for
laboratory analysis.
Historically, RC drilling typically produces 1-meter samples, from which a 2-5
kg sub-sample is taken using a riffle splitter, then pulverised for gold
assay. Earlier RC drilling involved samples from 0.5-meter to 2-meter
intervals, with the small intervals were used to target reefs. Recent RC
drilling for resource definition uses 1-meter intervals and split using cone
splitter from which a 2-5 kg sub-sample is taken with bulk reject material
stored temporarily. While grade control uses 2-meter intervals and split using
cone splitter. All RC drilling has field duplicates conducted at a 1:20 ratio.
Rock chip samples, collected manually from exposed development faces, are
typically 2-3 kg, collected perpendicular to bedding, and include all relevant
domains (reef, hanging wall, footwall). These samples are stored in
pre-numbered bags for analysis.
Drilling techniques Drilling at the Telfer has evolved over time, following industry-standard
protocols. Before 1998, drilling targeted mainly previously mined areas, while
from 1998 to 2002, diamond drilling formed the primary data source for current
Mineral Resource estimates, supplemented by RC drilling. Currently, RC
drilling is the primary data source for the open pit resources and diamond
drilling for underground resources.
Currently, NQ2 is the dominant drill size for diamond drilling and RC Drilling
is drilled with a pre-collar of 143mm then reduced to 134mm diameter.
Additional core sizes, including NQ, HQ, HQ3, LTK60, and limited PQ and BQ,
have also been used at Telfer. LTK60 and BQ have mainly been used for grade
control. The Reflex orientation tool is used by drillers, with all core
being oriented using Ezy-Mark to mark the bottom of the hole. The core is then
re-constructed in V-Rail, where the orientation line is drawn along the core
Drill sample recovery Core recovery data from diamond drilling is systematically recorded by
comparing drillers' depth blocks with database records and is stored in the
geological database. If excessive core loss occurs, a wedge hole is often
drilled to recover the lost interval. A review in 2019 confirmed no
significant relationship between sample recovery and grade for either core or
RC samples, with high core recovery minimising potential loss effects.
Following the review, weighing each RC sample at the rig was implemented to
ensure consistent sample support in resource estimation.
Logging Geological logging is conducted for all diamond and reverse circulation (RC)
drill holes, capturing lithology, alteration, mineralisation, veining, and
structure (for diamond core). Diamond drill holes are also quantitatively
logged for veining, vein percentage, and structure. All drill core is
photographed before sampling, using either slide film or digital cameras.
Logged data is validated before merging into the database, which contains over
1,000 km of logged geology, covering approximately 80% of total drilling. Rock
Quality Designation (RQD) is routinely recorded, with around 900 diamond holes
geotechnically assessed. The level of logging detail is appropriate for
resource estimation and related studies.
Sub-sampling techniques and sample preparation Sampling and quality control procedures are designed for the material being
tested. Geologists define sample intervals to avoid crossing key lithological
contacts and select appropriate assay methods. Diamond core is typically
sampled as half-core, while RC samples are collected dry, with conditions
recorded. Since 2015, cone splitters have replaced riffle splitters for RC
sampling, with field duplicates taken at a 1:20 ratio.
Core samples are processed through drying, crushing, and pulverising, with
historical standards requiring 90% passing 75 µm. Older RC drilling used
0.5-2 m intervals, while recent resource definition drilling follows 1 m
intervals (2 m for grade control), with a 5 kg primary split collected.
Samples are prepared at the Telfer lab, where they are crushed, sub-split, and
pulverised to 95% passing 106 µm. Gold is analysed via 30 g fire assay, while
base metals, sulphur, and arsenic are tested by ICP. Cyanide-soluble copper is
determined by bottle roll leach with AAS analysis. To ensure accuracy, 1 in 20
samples undergo external lab verification.
Quality of assay data and laboratory tests Assay and quality control protocols at the Telfer deposit have evolved to
align with industry standards. Before 1998, quality control procedures
followed industry norms of the time, with no major concerns identified. From
1998 onwards, protocols were enhanced, particularly during prefeasibility and
feasibility studies conducted between 1998 and 2002.
Samples are primarily prepared at the Telfer laboratory and then sent to
external commercial labs for analysis. Currently, all resource definition
samples have been assayed through a combination of the Telfer Laboratory and
the Bureau Veritas (BV) Commercial Lab in Perth and all grade control samples
have been sent through Telfer Laboratory. Gold is analysed using fire assay,
while multi-element analyses-including silver, arsenic, bismuth, copper, iron,
nickel, lead, sulphur, and zinc-are conducted using ICP techniques.
Cyanide-soluble copper is assessed via bottle roll leach with AAS analysis.
Since 1998, comprehensive quality control measures have been in place,
including the use of Certified Reference Materials (CRMs), blanks, duplicate
assays, blind pulp re-submissions and checks at independent laboratories.
Matrix-matched CRMs were introduced in 1999, and transition to multi client
CRMs in 2018. Since 2000, Telfer's laboratory was managed by commercial
organisations until Telfer re-opening in 2002 has been managed by Newcrest and
now, Greatland.
Regular reviews of Quality Assurance and Quality Control (QAQC) procedures,
including sample resubmissions and bias assessments, help ensure data accuracy
and reliability. Monthly reports document any anomalies, with corrective
actions taken as needed. Comparison studies, including analyses of duplicate
pulp samples sent to external laboratories, confirm data precision, with a 90%
repeatability rate. The QAQC protocols and assay techniques used are
considered reliable for Mineral Resource estimation.
During the 2002 feasibility study, 13,570 pulp duplicate samples were
dispatched from the Telfer preparation laboratory for analysis at a check
laboratory. Insignificant bias was identified between the original and check
laboratories for gold (-0.8%) and copper (0.5%).
Verification of sampling and assaying Drill hole data is securely stored in an acQuire database, with stringent
controls to ensure data integrity and prevent errors or duplication. Data
collection, including collar coordinates, drill hole designation, logging, and
assaying, follows strict protocols to maintain accuracy. Validation involves
multiple stages, with input from geologists, surveyors, assay laboratories,
and down-hole surveyors where applicable.
Data entry has evolved from manual methods to direct digital input,
incorporating automated validation checks. Internal and external reviews
further enhance data quality before resource estimation. Resource data is
managed daily by site geologists, with additional verification by a
centralised resource team.
Sampling details are recorded digitally, utilising barcode and tracking
systems to monitor sample integrity throughout the process. Recent drilling
programs employ numbered bags for tracking consistency. Regular audits of both
internal and commercial laboratories ensure compliance with quality standards.
No assay data adjustments have been made in the Mineral Resource estimate.
Location of data points Mining operations at Telfer Gold Mine adhere to periodic reporting
requirements for the WA Department of Mines, Industry Regulation and Safety
(DMIRS), using the MGA94/AHD coordinate system for official submissions.
However, site operations utilise the Telfer Mine Grid (TMG) and Telfer Height
Datum (THD), requiring coordinate transformations between the national and
operational coordinate systems.
This has been supplied by AAM Surveys in 1995 (AMG84 to Telfer Mine Grid) and
AAMHATCH in February 2007 (Telfer Mine Grid to MGA Transformation). Both
reports also addressed the height datum and in 2007 established the THD=AHD +
5193.7m.
A local grid covers the whole of the Telfer mine area (Telfer Mine Grid 2002).
It is oriented with grid north at 44o03'12' west of magnetic north.
Topographic control is maintained through a combination of surface and aerial
surveys, with routine updates for pits and underground voids. Drill hole
collars are surveyed upon completion by mine surveyors. The natural surface
topography, along with current pit surveys and underground voids (development,
stopes and vertical openings) are used to deplete the resources and account
for changes in mining areas at Telfer.
Downhole survey methods have evolved over time, progressing from early
single-shot cameras to modern electronic tools. Currently, drilling programs
include multi-shot surveys at regular intervals, with post-completion surveys
conducted at finer resolutions. Specific drilling campaigns may incorporate
gyroscopic surveys where required. Routine in-pit drilling, particularly for
pre-production and grade control, typically excludes downhole surveys, relying
on collar surveys for accuracy.
Data spacing and distribution The drill hole spacing is sufficient to demonstrate geological continuity
appropriate for the Mineral Resource and the classifications applied under the
2012 JORC Code.
The drill spacing applied to specific domains within the overall resource is
variable and is considered suitable for the style of mineralisation and
mineral resource estimation requirements.
Orientation of data in relation to geological structure The Telfer mine site topography is dominated by two large scale asymmetric
dome structures with steep west dipping axial planes. Main Dome is in the
southeast portion of the mine and is exposed over a strike distance of 3 km
north-south and 2 km east-west before plunging under transported cover. West
Dome forms the topographical high in the northwest quadrant of the mine and
has similar dimensions to Main Dome. Both fold structures have shallow to
moderately dipping western limbs and moderate to steep dipping eastern limbs.
Surface drilling is orientated to ensure optimal intersection angle for the
reefs. Underground drilling orientation may be limited by available collar
locations, but acceptable intersection angles are considered during the drill
hole planning process. No orientation bias has been indicated in the
drilling data.
Sample security Sample security is maintained through a tracking system from drilling to
database entry. While barcoding was previously used, it has been replaced with
pre-numbered calico bags for resource development and underground drilling
samples.
All sample movements, including dispatch details, drill hole identification,
sample ranges, and analytical requests, are recorded in a database. Any
discrepancies identified upon receipt by the laboratory are validated to
ensure data integrity.
Audits or reviews In-house reviews of data, QAQC results, sampling protocols and compliance with
corporate and site protocols are carried out at various frequencies by company
employees not closely associated with the Telfer projects. Procedure audits
and reviews are carried out by corporate employees during site visits.
JORC 2012 Table 1: Section 2- Reporting of Exploration Results
Criteria Commentary
Mineral tenement and land tenure status Mining and ore processing at Telfer operate under granted leases and licenses
covering all key infrastructure, including open pits, underground resources,
processing facilities, waste storage, and support services. The Telfer Main
Dome Underground Mineral Resource is within mining leases M45/6 and M45/8,
while the West Dome Mineral Resource, approximately 3km northwest of the Main
Dome open pit, lies within leases M45/7 and M45/33. These leases are currently
under renewal.
An Indigenous Land Use Agreement (ILUA) has been in place since December 2015,
covering all operational aspects of the site. Telfer operations also remain
compliant with the Mining Rehabilitation Fund (MRF) levy.
Exploration done by other parties The Telfer district was first geologically mapped by the Bureau of Mineral
Resources in 1959, though no gold or copper mineralization was identified. In
1971, regional sampling by Day Dawn Minerals NL detected anomalous copper and
gold at Main Dome. From 1972 to 1975, Newmont Pty Ltd conducted extensive
exploration and drilling, defining an open pit reserve primarily in the Middle
Vale Reef.
In 1975, BHP Gold acquired a 30% stake in the project, and in 1990, Newmont
and BHP Gold merged their Australian assets to form Newcrest Mining Limited.
Newcrest managed exploration and resource drilling from 1990 until its
acquisition by Newmont Corp on November 6, 2023. Newmont later divested
Telfer, selling it to Greatland Gold on December 4, 2024, which now oversees
exploration and drilling activities.
Geology Telfer is located within the northwestern Paterson Orogen and is hosted by the
Yeneena Supergroup, a 9 km thick sequence of marine sedimentary rocks. Gold
and copper mineralization occurs in stratiform reefs and stockworks within the
Malu Formation of the Lamil Group, controlled by both structure and lithology.
Mineralisation styles include high-grade narrow reefs, reef stockwork
corridors, sheeted vein sets, and extensive low-grade stockwork, which forms
most of the sulphide resource. Sulphide mineralisation consists mainly of
pyrite and chalcopyrite, with copper minerals including chalcopyrite,
chalcocite, and bornite. Gold is primarily free-grained or associated with
sulphides and quartz/dolomite gangue, with a correlation between vein density
and gold grade.
The highest gold and copper grades occur within bedding sub-parallel reef
systems, including multiple reef structures in Main Dome, such as E-Reefs,
MVR, M10-M70 reefs, A-Reef, and B-Reefs (notably B30). Additional
mineralisation occurs in northwest-trending and north-dipping veins. Stockwork
mineralisation, found in open pits, Telfer Deeps, and the Vertical Stockwork
Corridor (VSC), is best developed in the axial zones of Main Dome and West
Dome, often extending over large areas (0.1 km to 1.5 km). It can include
brecciated zones filled with quartz, carbonate, and sulphides
Drill hole Information Refer to Table 4 - Significant Intercepts.
Data aggregation methods Significant assay intercepts are reported using length-weighted averages based
on predefined thresholds, with a maximum allowable internal dilution.
For Open pit (RC) significant intercepts a maximum of 5m of internal dilution,
minimum width of 3m, minimum grade of 0.5g/t and a gram metre (grade x length)
of greater than 10gm.
For Underground diamond significant intercepts a maximum of 5m of internal
dilution, minimum width of 1m, minimum grade of 0.5g/t and a gram metre (grade
x length) of greater than 10gm.
Relationship between mineralisation widths and intercept lengths Significant assay intervals represent apparent widths, as drilling is not
always perpendicular to the dip of mineralisation. True widths are typically
less than downhole widths and can only be estimated once all results are
received and final geological interpretations are completed. Where access
permits all holes are drilled to intercept as close to true width as possible.
Diagrams As provided
Balanced reporting This is the second quarterly report released by the Greatland group since
taking ownership of the Telfer mine. Drilling results will be reported
regularly released to the market
Earlier reporting of exploration programs conducted by Newcrest and Greatland
have previously been reported. Drilling programmes are ongoing and further
material results will be reported in subsequent releases.
Other substantive exploration data NIL
Further work Drilling is ongoing with further work is planned to evaluate exploration
opportunities that extend the known mineralisation.
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