Highlights

  • Greatland Resources shares have surged 90% over the past year to AUD 13.87.
  • December quarter production delivered 86,273 ounces of gold and 3,528 tonnes of copper.
  • Cash flow reached AUD 406 million, lifting closing cash to AUD 948 million.
  • Record drilling continued at Telfer mine, targeting a maiden mineral resource estimate at West Dome.
  • Growth capital expenditure of AUD 61.2 million focused on open pit and underground development.

Greatland Resources Ltd (ASX:GGP) drifts slightly lower, closing in the red at AUD 13.87 on 28 January 2026 despite its favourable quarterly updates. Although the share has surged by around 90%, as the company continues to report operational and financial updates from its Telfer gold-copper operation in Western Australia.

Latest Quarterly Update

The latest December quarter activities report, released on 28 January 2026, outlines production, cash flow and ongoing investment across the site, following a separate resource development and exploration update released earlier in the month.

For the December quarter 2025, Greatland reported gold production of 86,273 ounces and copper production of 3,528 tonnes. This compared with 80,890 ounces of gold and 3,366 tonnes of copper in the September quarter, taking first-half FY26 production to 167,163 ounces of gold and 6,894 tonnes of copper.

All-in sustaining cost for the quarter was AUD 2,196 per ounce of gold. Gold recoveries remained stable at 88.4%, consistent with the previous quarter. Safety performance continued to improve, with one lost time injury recorded and a 12-month moving average lost time injury frequency rate of 0.3. The total recordable injury frequency rate was reported at 5.3.

Cash Position Strengthens as Sales and Investment Continue

Sales during the quarter totalled 72,212 ounces of gold and 3,301 tonnes of copper. Weighted average realised prices were AUD 6,301 per ounce for gold and AUD 14,652 per tonne for copper, generating net revenue of AUD 507 million.

Operating cash flow reached AUD 406 million for the quarter, lifting closing cash to AUD 948 million on 31 December 2025, up from AUD 750 million at the end of September. The company reported no debt at quarter end. Gold price exposure included put options providing partial downside protection through calendar years 2026 and 2027.

Growth capital expenditure at Telfer totalled AUD 61.2 million during the December quarter. Investment focused on tailings expansion, open pit pre-stripping, underground development and open pit fleet renewal.

Drilling Update Adds Detail to Telfer’s Mine Outlook

On 22 January 2026, Greatland released a resource development and exploration update outlining continued drilling activity across Telfer mine and surrounding prospects. A total of 54,204 metres of resource development drilling was completed during the December quarter, keeping the company on track for its planned 240,000-metre FY26 drilling program.

At the West Dome Underground project, drilling returned the highest-grade intercepts recorded to date, with a maiden mineral resource estimate targeted for the March 2026 quarter. Additional drilling across West Dome Open Pit, Main Dome Underground and several regional targets continued to test extensions to known mineralisation, supporting ongoing mine planning and exploration programs.

Investor Takeaway

The December quarter results and ongoing drilling activity at Telfer underscore Greatland Resources’ continued operational momentum and financial resilience. With production trending towards the upper end of guidance, a cash-rich balance sheet, and a record drilling program advancing both near-mine and regional resources, the company maintains visibility on its short- and medium-term growth potential while retaining full exposure to gold price movements.