Greatland Q4 2025 slides: Gold producer outperforms guidance, plans record drilling

Introduction & Market Context

Greatland Resources Ltd (ASX:GGP) presented its June Quarter 2025 results on July 29, highlighting strong operational performance and ambitious growth plans. The Australian gold-copper producer, which owns 100% of the Havieron and Telfer operations, has successfully completed its first reporting period since listing on the ASX. The company’s stock closed at $415 following the presentation, representing a 2.47% increase and reflecting positive investor sentiment toward its operational results and growth strategy.

Quarterly Performance Highlights

Greatland reported robust production figures for the June quarter, with 78.3 thousand ounces (koz) of gold and 3.7 thousand tonnes (kt) of copper produced at an all-in sustaining cost (AISC) of $1,736 per ounce. The company sold 87.5 koz of gold and 3.7 kt of copper at an average realized price of $5,014 per ounce, generating quarterly revenue of $487 million.

As shown in the following quarterly results summary:

The company demonstrated strong cash generation with operating cash flow of $310 million for the quarter, up from $298 million in the March quarter. This performance has bolstered Greatland’s financial position, with a cash balance of $575 million at quarter-end. The company remains debt-free and maintains an undrawn A$75 million working capital facility, providing additional financial flexibility.

FY25 Results and Achievements

For the fiscal year 2025, Greatland successfully met or exceeded all of its production and cost guidance metrics. Gold production reached 198,319 ounces, within the guided range of 196,000-210,000 ounces. Notably, the company significantly outperformed on costs, with an AISC of $1,849 per ounce against guidance of $2,100-2,250 per ounce. Growth capital expenditure was $97 million, also within the guided range of $95-105 million.

The company’s performance against FY25 guidance is illustrated here:

Greatland also made significant improvements in safety metrics, with the Total Recordable Injury Frequency Rate (TRIFR) more than halving from 14.1 in December 2024 to 6.0 by the end of June 2025. This improvement occurred in approximately seven months following the acquisition completion.

The safety trend is clearly demonstrated in this chart:

Processing operations achieved a gold recovery rate of 84.2% for FY25, which the company notes is the highest at Telfer since 2010. During the June quarter, 4.9 million tonnes were processed with average head grades of 0.58g/t Au and 0.09% Cu, achieving recovery rates of 82.4% for gold and 81% for copper.

Growth Strategy and FY26 Guidance

Looking ahead to fiscal year 2026, Greatland has outlined an ambitious growth strategy focused on extending the life of its Telfer operations while advancing the Havieron project. The company plans to fund these initiatives through continued high-volume production at Telfer.

Greatland’s FY26 guidance includes:

The company plans significant capital expenditure for FY26, with $230-260 million allocated to Telfer growth initiatives, $60-70 million for Havieron early works, and $55-60 million for exploration and resource development. This investment strategy aims to renew and extend Telfer operations through tailings storage facility upgrades, West Dome open pit pre-stripping, equipment purchases, and underground development.

For the Havieron project, the Feasibility Study remains on track for completion in the December 2025 quarter. The study is assessing an initial mining rate of 2.8 million tonnes per annum (Mtpa) post ramp-up, with plans to increase to between 4.0-4.5 Mtpa through the development of an underground crusher and material handling system.

The Havieron project details are illustrated here:

Exploration and Development Plans

A cornerstone of Greatland’s growth strategy is what the company describes as the most significant drilling program in Telfer’s operational history. The FY26 exploration and resource development plan includes 240km of planned drilling, comprising approximately 150km of growth drilling and 90km of conversion drilling.

The ambitious scale of the drilling program is visualized in this chart:

This extensive drilling program will utilize five diamond rigs and three reverse circulation (RC) rigs, focusing on three priority expansion opportunities: West Dome Open Pit, Main Dome Underground, and West Dome Underground. The first half of FY26 drilling is intended to inform a Telfer Mineral Resource Estimate update during the March 2026 quarter and an Ore Reserve update in the June 2026 quarter.

Financial Position and Outlook

Greatland’s strong operational performance has translated into robust financial results, with the June quarter generating $310 million in operating cash flow and a closing cash position of $575 million. The company maintains full exposure to gold price upside while securing downside protection through gold put options.

The financial performance is illustrated in this chart:

With its strong cash position and debt-free status, Greatland appears well-positioned to fund its ambitious growth plans for FY26. The company’s strategy of using current production to fund future growth initiatives while maintaining exploration momentum reflects a balanced approach to sustainable development.

As Greatland transitions from its first reporting period as a listed entity to executing on its growth strategy, investors will be watching closely to see if the company can maintain its operational momentum while successfully advancing its development projects.

Full presentation:

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