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Greatland Resources Ltd on Wednesday hailed a ‘strong’ second quarter of gold production, with full-year output seen at the upper end of its target range amid favourable pricing conditions for the shiny metal. In response, the company’s shares rose 0.7% to 694.90 pence on Wednesday morning in London, having surged 99% in the past year. The firm’s market capitalisation is £92.43 billion. The Western Australia-focused gold and copper miner said production over the three months ended in December rose to 86,273 ounces from 80,890 ounces on-quarter. All-in sustaining costs per ounce were down to A$2,196 or $1,538 from AUD 2,155. This compared to a realised gold price of A$6,301 an ounce, up from A$5,277 in the first quarter, with second-quarter gold sales of 72,212 ounces. The gold recovery rate was 88.4%, down marginally from 88.6% the prior quarter, which Greatland noted as the highest quarterly rate for its Telfer prospect in 15 years. Copper production edged up to 3,528 tonnes from 3,366t on-quarter, with 3,301 tonnes sold at an average price of A$14,652 per tonne. Second-quarter operating cash flow totalled A$406 million, up from A$284 million. The company preserved its debt-free status, ending December with A$948 million in cash, versus A$750 million at the end of September. For the full year ending June 30, Greatland sees gold production at the upper end of its 260,000-310,000 ounce target range, with output weighted to the first half. It sees AISC for financial 2026 at the lower end of A$2,4002,800 per ounce. According to the miner, ‘record’ drilling continues at Telfer, which is located on the land of the Martu people in Australia’s Great Sandy Desert. Of the West Dome Underground zone, Greatland said: ‘Recent drilling indicates that the mineral system is increasing in size towards the south’. Managing Director Shaun Day commented: ‘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 A$1.3 billion cash flow from operations, and built our net cash by A$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.’ Greatland in December outlined annual production targets at Havieron as 266,000 ounces of gold and 9,600 tonnes of copper, at an AISC of A$1,610 per ounce. The company described the site as ‘the largest Australian underground gold reserve outside of a global major gold producer.’ It plans to fund Havieron via cash and a debt commitment of A$500 million ‘with Tier-1 banks’. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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