No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Greatland Resources said on Monday that group ore reserves had risen 62% to 5.0m ounces of gold and 196,000 tonnes of copper, after the first phase of its drilling programme drove a 150% increase in the Telfer reserve to 1.8m ounces.
The AIM-traded firm said the updated Telfer reserve stood at 119m tonnes at 0.46 grams per tonne gold and 0.06% copper, including a 375% increase in the West Dome Open Pit reserve to 1.4m ounces and a new 0.2m-ounce reserve at Main Dome Underground.
Greatland said the estimate was based on about half of its planned 240,000-metre FY26 drill programme, with further drilling and studies targeting additional open pit and underground reserve growth.
Managing director Shaun Day said the combined Telfer and Havieron reserve was "an outstanding achievement" and an important step towards a multi-decade mine life, adding that ongoing drilling showed "strong potential" to bring on additional high-grade underground mining areas.
Greatland also said it had reached financial close on Facility B of its $500m corporate debt package, giving it access to a $225m undrawn revolving credit facility.
At 1342 BST, shares in Greatland Resources were down 1.97% at 631.32p.
Reporting by Josh White for Sharecast.com.
See latest RNS on Investegate
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.