Key Highlights

  • Net profit after tax reached $862 million for FY26, up 156% on FY25, with EBITDA of $1,332 million, up 186%.
  • Revenue increased 136% to $2,259 million from the sale of 326,859oz of gold at an average price of $6,223/oz and 14,730t of copper.
  • Free Cash Flow was $737 million, up 413% on FY25, contributing to a cash build of $714 million and closing cash of $1,289 million.
  • FY27 guidance points to gold production of 260,000-300,000oz at a higher AISC of $2,900-$3,330/oz as growth Capital Investment ramps up.

Greatland Resources Limited (ASX:GGP) reported results for FY26, representing the company's first full financial year of Telfer operations following its Acquisition in December 2024. Net profit after tax was $862 million, up 156% on FY25's $337 million, while EBITDA rose 186% to $1,332 million from $466 million. Revenue increased 136% to $2,259 million, generated from sales of 326,859 ounces of gold at an average price of $6,223 per ounce and 14,730 tonnes of copper at an average realised price of $14,895 per tonne.

Operating cash flow rose 104% to $1,238 million, while free cash flow increased 413% to $737 million from $144 million in FY25. The company reported a cash build of $714 million during the year, with closing cash of $1,289 million, up 124% on FY25's $575 million. Total available Liquidity stood at $1,764 million, comprising cash and $475 million of undrawn corporate Debt facilities. The company carried no closing debt.

Operational Performance and Rising Costs

On an operational basis, Greatland produced 328,987 ounces of gold and 14,594 tonnes of copper during FY26, at an All-In-Sustaining Cost of $2,179 per ounce of gold produced, up 18% from $1,849 per ounce in FY25. The company processed 19.2 million tonnes of material, a 75% increase on FY25, with average grade of 0.58 grams per tonne gold, down 11% from 0.65 grams per tonne, and gold recovery improving to 88.0% from 84.2%.

Mining activity during the year included 11.3 million tonnes of ore extracted at the West Dome Open Pit, with total material mined of 26.3 million tonnes, and 1.2 million tonnes of ore mined at the Main Dome Underground. The company's Total Recordable Injury Frequency Rate reduced to 4.5 from 5.9 over the year, down substantially from 14.1 at the time of the Telfer acquisition in December 2024.

Havieron Feasibility Study and Final Investment Decision

A key milestone during FY26 was the completion of the Havieron Feasibility Study in December 2025, which outlined undiscounted free cash flow of $7.7 billion pre-tax and $5.4 billion post-tax at base case metal price assumptions, and a net present value of $4.2 billion pre-tax at a 5% discount rate. The base case Life-of-Mine Plan envisages Mining of 50.3 million tonnes at 2.52 grams per tonne gold and 0.30% copper, for 4.1 million ounces of gold and 153,000 tonnes of copper, with first gold expected approximately 2.5 years from project commencement.

Following completion of the study and receipt of primary environmental approvals, Greatland's Board approved the final investment decision for Havieron in June 2026, alongside the execution of $500 million in corporate debt facilities with a syndicate including ANZ, ING, HSBC, NAB and Westpac. The company also reported substantial resource and reserve upgrades at Telfer during the year, including a 150% increase in Mineral Resources to 7.9 million ounces of gold announced on 30 March 2026, and a 150% increase in Ore Reserves to 1.8 million ounces of gold announced on 29 June 2026.

FY27 Guidance Reflects Growth Investment Phase

Greatland issued FY27 gold production guidance of 260,000 to 300,000 ounces, below FY26's actual production, at an AISC range of $2,900 to $3,330 per ounce, materially higher than FY26's $2,179 per ounce. The company said production is anticipated to be modestly second-half weighted due to open pit scheduling and the impact of a planned 15-day process plant shutdown in the first quarter. FY27 growth capital spending is guided at $315-335 million for Telfer and $365-435 million for Havieron, reflecting the commencement of pre-production capital spend at Havieron, with first gold from that project expected during FY29.

Managing Director Shaun Day said FY26 was a transformative year for Greatland, with the first full year of Telfer ownership delivering results driven by productivity improvements in open pit and underground mining and processing performance. He said FY27 investment would set the foundations for a period of production growth delivered by a higher-quality, longer-life gold-copper production centre in the Paterson region, with the company entering the year with net cash of approximately $1.3 billion.

Conclusion

Greatland Resources delivered a substantial increase in profitability and cash generation in its first full financial year of Telfer ownership, supported by higher gold and copper prices alongside operational improvements across mining and processing. With the Havieron Feasibility Study completed and final investment decision approved, the company is entering an intensive investment phase in FY27 that is expected to lift AISC materially above FY26 levels as growth capital is deployed across both Telfer and Havieron, positioning the combined operations as a longer-life gold-copper production centre in the Paterson Province.