Greatland Resources reports strong quarterly cash build

(Sharecast News) - Greatland Resources reported a record quarterly cash build of $260m in the March quarter on Tuesday, supported by strong production at Telfer, high gold recoveries and elevated realised gold prices.

The AIM-traded company said March-quarter production totalled 82,723 ounces of gold and 4,128 tonnes of copper at an all-in sustaining cost of $2,056 per ounce.

For the financial year to date, production stood at 249,887 ounces of gold and 11,022 tonnes of copper at an AISC of $2,136 per ounce.

Greatland said record open-pit material movements and ore mined were achieved during the quarter, while gold recoveries remained high at 88.4%, broadly in line with the first half of the financial year.

The firm recorded no lost-time injuries in the quarter, leaving its 12-month moving average lost-time injury frequency rate at 0.2 and its total recordable injury frequency rate at 4.6.

Sales totalled 97,800 ounces of gold and 4,620 tonnes of copper at weighted average realised prices of $6,773 per ounce of gold and $15,803 per tonne of copper, generating net revenue of $742m.

Cash flow from operations was $453m, helping lift the closing cash balance to $1.21bn from $948m at the end of December.

Greatland said it remained debt free.

Managing director Shaun Day said the company had delivered "another strong operational result" and a record cash build.

"Gold production of 82,723 ounces at an AISC of $2,056 per ounce was supported by strong contributions from both open pit and underground, and high gold recovery of 88.4%, continuing the trend of operational improvement at Telfer under Greatland ownership," he said.

Day said strong year-to-date performance meant Greatland now expected full-year production to be "around, or slightly above" the upper end of its guidance range of 260,000 to 310,000 ounces, with full-year AISC trending towards the lower end of the $2,400 to $2,800 per ounce guidance range.

The company said it retained full upside exposure to the gold price, while partial downside protection was provided by gold put options with strike prices of $4,200 per ounce for calendar 2026, $5,000 per ounce for the first quarter of 2027 and $5,200 per ounce for the second quarter of 2027.

"With full upside to the gold price we realised an average price of over $6,700 per ounce, generating $453 million cash flow from operations, to close the quarter with $1,208 million in cash with no drawn debt," Day said.

"The strength of our balance sheet positions Greatland very well to deliver our excellent organic growth profile, through both development of Havieron and continued investment in Telfer extension and growth."

Greatland invested $42m of Telfer growth capital expenditure during the quarter across tailings storage expansion, open-pit pre-stripping, underground development and open-pit fleet renewal.

Its record 240,000-metre annual Telfer drilling programme remained on plan, with 10 drill rigs in operation and 78,302 metres completed in the quarter, up from 54,204 metres in the December quarter.

The company also highlighted a mineral resource update announced on 30 March, which increased the Telfer mineral resource estimate as at 31 December 2025 by 4.8m ounces, or 150%, to 419m tonnes at 0.59 grams per tonne of gold and 0.09% copper, for 8.0m ounces of gold and 370,000 tonnes of copper.

The measured and indicated resource increased by 2.4m ounces, or 163%, to 170m tonnes at 0.69 grams per tonne of gold and 0.13% copper, for 3.8m ounces of gold and 249,000 tonnes of copper.

Greatland said its group mineral resource now stood at 550m tonnes at 0.84 grams per tonne of gold and 0.12% copper, for 14.9m ounces of gold and 645,000 tonnes of copper, with Havieron unchanged in the update.

"A key highlight of the March quarter was the delivery of a significant resource upgrade at Telfer which increased Greatland's total gold resources to nearly 15 million ounces, and delivered an excellent return on our investment in drilling," Day said.

"The enlarged resource base has the potential to underpin a multi-decade, world class gold-copper mining hub."

The company also reported an O'Callaghans mineral resource estimate of 70m tonnes at 0.35% tungsten trioxide, 0.30% copper, 0.57% zinc and 0.28% lead, containing 246,000 tonnes of tungsten trioxide, 207,000 tonnes of copper, 371,000 tonnes of zinc and 182,000 tonnes of lead.

Greatland said O'Callaghans was one of the largest high-grade tungsten deposits globally, was 100% owned by the company and was located 10 kilometres south of Telfer on a granted mining lease.

At 1300 BST, shares in Greatland Resources were down 1.63% at 724p.

Reporting by Josh White for Sharecast.com.

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