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Greatland Resources Ltd on Monday said its group ore reserves increased by 62% to 5.0 million ounces of gold, driven by a sharp increase at its Telfer mine, as the company targets further resource growth through an ongoing drilling programme. The Perth, Australia-based gold and copper miner said group ore reserves as of March 31 totalled 157 million tonnes grading 0.99 grams per tonne of gold and 0.12% copper, containing 5.0 million ounces of gold and 196,000 tonnes of copper. The increase was led by Telfer, where ore reserves rose more than doubled to 1.8 million ounces of gold from 700,000 ounces previously, after depletion. Greatland said this established a ‘substantial baseload reserve’ supporting an initial multi-year mine life. The West Dome open pit reserve more than quadrupled to 1.4 million ounces of gold, while the Main Dome underground reserve added 200,000 ounces. Telfer stockpiles also contain a further 300,000 ounces of gold, providing operational flexibility. Greatland said the updated reserve reflects only around the first half of its planned 240,000-metre drilling programme for financial 2026 and excludes the West Dome Underground and Vertical Stockwork Corridor projects, which remain subject to ongoing studies. The company said it plans to maintain current drilling rates into financial 2027 to target further resource and reserve growth, with a focus on expanding higher-grade underground mining areas alongside development of the Havieron project. Managing Director Shaun Day said the combined 5.0 million-ounce reserve at Telfer and Havieron marked ‘an important step towards a multi-decade mine life’ for the gold-copper complex. ‘This substantial uplift in reserves at Telfer only reflects drilling from just our first 12 months of ownership, with ongoing high cadence drilling planned to support future resource and reserve upgrades,’ Day said. Greatland also announced financial close on facility B of its $500 million corporate debt package. The $225 million revolving credit facility, which remains undrawn, has a seven-year tenor and will support working capital, general corporate purposes and Havieron development. The company noted the updated Telfer reserve uses assumed medium-term gold and copper prices of A$4,000 per ounce and A$6.00 per pound respectively, compared with spot prices of around A$5,930 per ounce for gold and A$8.70 per pound for copper as of June 27. Shares in Greatland Resources fell 2.0% to 631.40 pence in London on Monday afternoon. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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