Highlights

  • FY26 gold production reached 328,987 ounces.
  • The company reported FY26 Revenue of AUD 2.26 billion.
  • September quarter gold production was 70,131 ounces.
  • FY27 guidance is 260,000–300,000 ounces of gold.

Greatland Resources (ASX:GGP) operates the Telfer gold-copper mine in Western Australia and is developing the nearby Havieron gold-copper project. Its 2026 operating strategy combines cash generation from Telfer with Investment in new underground production capacity. The two Assets are linked by plans to use Telfer's existing processing infrastructure for Havieron ore. This arrangement could reduce the need for an entirely separate processing complex, although development and modification work remains necessary.

Telfer production and FY26 results

For the year ended 30 June 2026, Greatland Resources (ASX:GGP) reported revenue of AUD 2,259 million and net profit after tax of AUD 862 million. EBITDA reached AUD 1,332 million and free Cash Flow was AUD 737 million. The company produced 328,987 ounces of gold and approximately 14,594 tonnes of copper during FY26. Gold output exceeded its guidance range of 260,000 to 310,000 ounces, while All-In Sustaining Cost was AUD 2,179 per ounce, below the guided AUD 2,400 to AUD 2,800 range.

Telfer processed more than 19 million tonnes of ore during the financial year. Its production and cost performance helped support the group's development expenditure. These operating results are particularly relevant because Havieron is a capital-intensive project, and Greatland must maintain sufficient Liquidity while building the next stage of its Mining operations.

September quarter and FY27 guidance

Greatland Resources (ASX:GGP) produced 70,131 ounces of gold and 2,927 tonnes of copper in the September 2026 quarter. All-in sustaining cost was AUD 2,925 per ounce, compared with AUD 2,312 in the preceding quarter. Gold sales totalled 71,901 ounces at a realised price of AUD 5,980 per ounce, generating net revenue of AUD 485 million. Operating Cash Flow was AUD 289 million.

At the end of September, the company reported AUD 1,314 million in cash and no drawn debt. Its FY27 guidance is for 260,000 to 300,000 ounces of gold at an all-in sustaining cost of AUD 2,900 to AUD 3,330 per ounce. Management attributed the anticipated higher costs partly to lower planned mining grades and investment spending. Production is expected to be weighted towards the second half of the financial year, subject to mining schedules.

Havieron construction and execution

Greatland Resources (ASX:GGP) progressed Havieron following its investment decision and the receipt of development approvals during 2026. The company estimated pre-production Capital of AUD 1.065 billion, with further expansion capital estimated at AUD 673 million. These amounts are project estimates rather than completed expenditure. First gold is targeted for FY29, and construction progress remains dependent on underground development, infrastructure installation and procurement.

The September quarter included AUD 45.2 million of Havieron development capital. Work covered early earthworks and preparation for underground infrastructure, while process plant modifications at Telfer formed part of the wider development plan. The principal risks are construction delays, higher capital costs, changing gold prices and the ability of Telfer to deliver cash flow while Havieron is built. The company also faces the challenge of maintaining operating performance during a period of significant investment.

Key Insights

Telfer generated material Earnings and cash flow in FY26, while Havieron entered development. FY27 cost guidance and construction expenditure will be central to the next reporting periods.