Key Highlights

  • Gold production of 328,987 ounces in FY26 was above guidance of 260,000 to 310,000 ounces.
  • All-in sustaining cost was A$2,179 per ounce, below the guided range of A$2,400 to A$2,800.
  • Cash rose to A$1.289 billion at 30 June 2026, and the company had no drawn debt.
  • A final Investment decision on the Havieron project has been reached, while costs are guided higher for FY27.

What changes when a gold developer becomes a producer with a billion-dollar cash balance and a second mine approved? That is the position Greatland Resources (ASX:GGP) reached by the end of FY26. The company, which owns the Telfer gold-copper operation and the Havieron project in Western Australia's Paterson Province, reported gold output above its guidance, no drawn Debt and a final investment decision on Havieron. The harder questions now concern costs, which are guided higher for FY27, and the execution of a large Capital programme. The period-specific figures provide context for the company’s operating performance and execution priorities.

FY26 production and cash

Copper production was 14,594 tonnes. All-In Sustaining Cost (AISC), a measure of the full cost of sustaining production per ounce, was A$2,179 per ounce for the year, below the guided range of A$2,400 to A$2,800.

In the June quarter alone, the company produced 79,100 ounces of gold and 3,573 tonnes of copper at an AISC of A$2,312 per ounce. The company had no drawn debt and A$475 million of undrawn revolving Credit facilities, giving total Liquidity of A$1.764 billion.

Business model and Revenue drivers

Greatland is a gold and copper producer, with gold the larger revenue source. Revenue therefore moves with dollar gold price, ounces sold and, to a lesser degree, the copper price. Because the June quarter realised gold price was A$6,468 per ounce against an AISC of A$2,312, the Margin per ounce was wide. That margin is the main reason cash rose so quickly, and it is also the main sensitivity: a lower gold price or a more encouraging Australian dollar would compress it.

Telfer, which Greatland acquired from Newmont, is an established open-pit and underground operation with a processing plant. Management's strategy has been to extend mine life through exploration and reserve growth before Havieron, a high-grade underground deposit near Telfer, supplements production.

Telfer reserves and exploration

The company reported an increase in Telfer ore reserves of 1.1 million ounces, which it described as a rise of 150%, taking contained gold reserves at Telfer to 1.8 million ounces. Group reserves stand at 5 million ounces of gold and 196,000 tonnes of copper, with the Havieron reserve unchanged.

Open-pit material movement reached 7.01 million tonnes in the June quarter, a sixth consecutive quarterly record, and underground development reached a record 1,945 metres. At the Pinnacles prospect in West Dome, the company reported an intercept of 58.7 metres at 6.5 grams per tonne gold, including 37 metres at 9.98 grams per tonne.

The Havieron decision

Greatland approved a final investment decision on Havieron after receiving state and federal environmental approvals. First gold is targeted in FY29, about two and a half years after construction begins. Pre-production capital is A$1.065 billion, and expansion capital is A$673 million, much of which management expects to fund from project cash flow.

This matters because Havieron is the company's route to a larger, longer-lived business. It also changes the risk profile. A developer's risk is whether the project is built on time and budget, and a project of this size inside a producing company puts that risk on the balance sheet. The cash position reduces funding risk, but it does not remove the risk of cost inflation, schedule slippage or underground ground-condition issues.

FY27 guidance

Guidance for FY27 is for gold production of 260,000 to 300,000 ounces, lower than the FY26 outcome. AISC is guided at A$2,900 to A$3,330 per ounce, well above the FY26 result of A$2,179. Growth capital at Telfer is guided at A$315 million to A$335 million, Havieron development capital at A$365 million to A$435 million, and exploration at A$70 million to A$80 million, including about 215 kilometres of drilling.

The comparison is the key analytical point. Production is expected to fall and unit costs to rise materially, so the FY26 margin should not be treated as a run rate. These are management's forecasts, and the company has a record of outperforming its own guidance in FY26, but there is no assurance that will continue.

Sector and competitive position

Greatland competes for investor attention with Australian mid-tier gold producers, which have benefited from a high gold price. Its advantages are scale at Telfer, a large resource base and a high-grade second asset.

Risks and what to watch

Gold price and exchange rate, which determine margins.

Higher guided unit costs and lower guided production in FY27.

Havieron construction, including remaining approvals, cost and schedule.

Reserve conversion and exploration outcomes.