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Greatland Resources’ September-quarter performance has strengthened Telfer’s role as the cash-generating foundation for the development of the nearby Havieron gold-copper project.
The Western Australian gold-copper operation generated $289 million in operating cash flow during the September quarter while Greatland continued investing in Telfer and the development of its nearby Havieron project.
“We are pleased to have started the 2027 financial year with a well-executed operational performance and good cost control in the first quarter, which included successful completion of the year’s major planned maintenance of the process plant,” Greatland Resources managing director Shaun Day said.
“During the quarter, we achieved excellent process plant throughput, improved open pit productivity, increased underground ore output and record copper recoveries which culminated in both gold production and [all-In sustaining cost] performing better than plan.”
Greatland produced 70,131oz of gold and 2927 tonnes of copper at an all-in sustaining cost (AISC) of $2925/oz. The result keeps the company on track for its 2027 financial year (FY27) guidance of 260,000–300,000oz at an AISC of $2900–3330/oz.
Production declined from 79,100oz in the June quarter, although the September period included a planned 15-day maintenance shutdown at Telfer’s processing plant. Greatland said production was expected to be weighted modestly towards the second half of FY27 due to open-pit scheduling and the shutdown.
The operation still sold 71,901oz of gold and 2714 tonnes of copper, generating net revenue of $485 million. Strong gold prices, processing throughput and operational cash flow helped Greatland increase its cash balance by $25 million despite tax payments and rising expenditure on its growth projects.
Greatland ended September with $1.31 billion in cash, no drawn debt and total available liquidity of $1.79 billion.
“An increase in cash build was achieved, notwithstanding significant investment in Telfer and Havieron growth capex, the ongoing surge in exploration and elevated tax payments,” Day said.
“This balance sheet strength provides a robust platform to deliver our organic growth objectives through the development of Havieron and ongoing investment to grow and extend Telfer.”
Greatland has provided guidance for the 2027 financial year, with growth capital of $315–335 million at Telfer and $365–435 million at Havieron. It expects to spend a further $70–80 million on exploration and resource development.
Operational activity remained strong during the quarter. Greatland reported record open-pit material movement and ore mined, while underground development reached another quarterly record. Gold recovery averaged 85.1 per cent despite the planned plant shutdown.
Drilling also continued at scale with the Telfer geology team completing approximately 51km of resource-growth drilling and 22km of conversion drilling during the quarter. The work is intended to identify higher-grade ore and support additional open-pit and underground mining opportunities.
West Dome Underground is particularly important to Greatland’s plan where early works have commenced, including development work intended to provide an additional connection between the prospective mining area and Telfer’s existing underground crushing and hoisting infrastructure.
Havieron remains the centrepiece of the company’s longer-term strategy. Located approximately 45km from Telfer, the underground gold-copper project is designed to use the existing processing plant and supporting infrastructure.
Greatland’s feasibility study outlined an initial 17-year mine life, with average annual production of approximately 270,000oz of gold and 10,000 tonnes of copper. The project’s ore reserve stands at 38.5 million tonnes grading 2.63g/t gold and 0.33 per cent copper, containing 3.3 million ounces of gold and 128,000 tonnes of copper.
“We are particularly pleased to have commenced the construction stage of our world-class Havieron project, while continuing to make good progress at Telfer’s high-grade West Dome Underground,” Day said.
“The investments we make in FY27 will lay the foundations for a period of sustained production growth towards a higher-quality, longer-life gold-copper production centre at an integrated Telfer-Haverion.”
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