Greatland Resources (ASX:GGP): What Do Telfer Output and Havieron Construction Mean for FY27?

Aditi Sarkar

29 October 2026 03:15 PM AEDT

Greatland Resources (ASX:GGP): What Do Telfer Output and Havieron Construction Mean for FY27?

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Highlights

Greatland Resources (ASX:GGP) produced 70,131 ounces of gold and 2,927 tonnes of copper in the September 2026 quarter.
Quarterly net revenue was AUD 485 million, with operating cash flow of AUD 289 million.
FY27 gold production guidance remains 260,000–300,000 ounces at AISC of AUD 2,900–3,330 per ounce.
Havieron construction commenced in September 2026, while closing cash reached AUD 1,314 million with no drawn debt.

Greatland Resources Limited develops and produces gold and copper in Western Australia, with its Telfer mining and processing complex forming the operating centre of its business and the nearby Havieron deposit progressing through development. The September 2026 quarterly update detailed production, cash generation and the start of construction activities at Havieron. On 29 October 2026, Greatland Resources (ASX:GGP) shares were trading at AUD 10.155, up 1.55% during the session. Attention now turns to FY27 mine scheduling, growth capital expenditure and the integration of future Havieron production with existing Telfer infrastructure.

Company Business

Greatland Resources (ASX:GGP) operates the Telfer gold-copper complex in the Paterson region of Western Australia. Telfer encompasses open-pit and underground mining, associated infrastructure and mineral processing facilities. Operations include the West Dome Open Pit and Main Dome Underground, while the company is assessing development at West Dome Underground. Its processing plant provides a potential pathway for treating ore from the Havieron gold-copper project, located within the same regional mining system.

The company also undertakes drilling and resource conversion around Telfer and regional exploration in the Paterson province. Its business is therefore exposed both to current gold-copper production and to the expenditure required to sustain existing mines and bring new ore sources into operation. Greatland Resources (ASX:GGP) reports production costs using all-in sustaining cost, or AISC, per ounce of gold, net of by-product credits.

Recent Development

In the September 2026 quarter, Greatland Resources (ASX:GGP) produced 70,131 ounces of gold and 2,927 tonnes of copper. The reported AISC was AUD 2,925 per ounce of gold. A planned 15-day processing-plant maintenance shutdown was completed, while gold recovery averaged 85.1%. The company also reported record open-pit material movement and ore mined during the quarter. These operational measures provide a basis for tracking the remaining FY27 production schedule.

Havieron moved into the construction phase in September following receipt of the secondary approvals required to commence development. Spending on the project totalled AUD 45.2 million during the quarter, covering early construction and development activities. A further AUD 37.2 million of Telfer growth expenditure supported work including tailings capacity, fleet renewal, pre-stripping and underground development. Telfer drilling comprised 51 kilometres of growth drilling and 22 kilometres of conversion drilling. Greatland reported no lost-time injuries during the quarter.

Financial Performance and Sector Context

For the year ended 30 June 2026, Greatland Resources (ASX:GGP) reported revenue of AUD 2,259 million, EBITDA of AUD 1,332 million and net profit after tax of AUD 862 million. Operating cash flow was AUD 1,238 million and free cash flow totalled AUD 737 million. FY26 output was 328,987 ounces of gold and 14,594 tonnes of copper at an AISC of AUD 2,179 per ounce. The reporting year represented its first complete financial year of Telfer ownership.

In the September FY27 quarter, sales of 71,901 ounces of gold and 2,714 tonnes of copper generated net revenue of AUD 485 million. Operating cash flow totalled AUD 289 million. Cash increased by AUD 25 million to AUD 1,314 million at 30 September 2026, despite AUD 100 million of tax instalments and development spending. The company reported no drawn debt. Gold and copper prices, ore grades, processing recovery and input costs remain material variables for its earnings and cash flows.

Risks to Consider

Greatland Resources (ASX:GGP) is exposed to gold and copper price movements, variable ore grades and mining-cost inflation. Production can be interrupted by equipment performance, planned maintenance, geotechnical conditions or operational incidents. Havieron also entails construction, procurement, permitting-compliance and cost risks. Increased growth expenditure and tax payments may affect near-term cash balances, even when underlying operations remain cash-generative. Resource conversion and mine scheduling are relevant to maintaining Telfer output.

What to Watch Next

The company has retained FY27 guidance for 260,000–300,000 ounces of gold at AISC of AUD 2,900–3,330 per ounce. Its FY27 capital programme includes AUD 315–335 million at Telfer, AUD 365–435 million at Havieron and AUD 70–80 million for resource development and exploration. Greatland expects first Havieron gold during FY29. Subsequent quarterly reports will show progress against planned Telfer investment, exploration and construction milestones, together with changes in cash and operational costs.

Key Insights

Greatland Resources (ASX:GGP) entered FY27 with continuing production at Telfer, positive quarterly operating cash flow and construction underway at Havieron. Its FY26 results provide a full-year financial baseline, while September-quarter data show current output and spending requirements. The main measures to monitor are gold production relative to guidance, AISC, delivery of Havieron works, Telfer resource development and liquidity through the investment phase.

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