Key Highlights

•  Telfer produced 70,131 ounces of gold and 2,927 tonnes of copper, with 71,901 ounces of gold sold and net Revenue of A$485 million.

•  AISC was A$2,925 an ounce and the plant treated 4.89 million tonnes at 0.50 g/t gold, with gold recovery of 85.1 per cent.

•  Construction has started at the Havieron project, and guidance remains a forecast dependent on grade, recoveries and Mining sequence.

Greatland Resources (ASX:GGP) has reported gold production of 70,131 ounces from its Telfer operation in Western Australia for the September 2026 quarter, the first quarter of its 2027 financial year. The quarterly update, released earlier this week, also confirmed that construction has started at the Havieron project and that the company ended the period with more than A$1.3 billion in cash.

Production and costs at Telfer

Alongside the gold, Telfer produced 2,927 tonnes of copper. Greatland sold 71,901 ounces of gold and 2,714 tonnes of copper, generating net revenue of A$485 million. The realised gold price averaged A$5,980 an ounceing on the release.

All-in sustaining costs (AISC) came in at A$2,925 an ounce, and the company said quarterly production and costs were ahead of its internal plan this quarter. The processing plant treated 4.89 million tonnes grading 0.50 g/t gold and 0.07% copper, with recoveries of 85.1% for gold and 82.5% for copper.

Most of the mill feed came from the open pits, which supplied 4.05 million tonnes at 0.45 g/t gold. Underground mining contributed 0.38 million tonnes at a higher 1.33 g/t gold and 0.32% copper. Total open-pit material movement rose to 7.86 million tonnes, the seventh consecutive quarterly increase.

Cash position and spending

Operating cash flow reached A$289 million. Cash rose by A$25 million over the quarter to A$1.314 billion at 30 September, after Investment spending and A$100 million in tax payments. Greatland has no drawn Debt and holds A$475 million in undrawn revolving Credit facilities, giving total Liquidity of about A$1.79 billion.

The relatively modest cash build reflects heavy reinvestment. Growth and capitalised exploration spending totalled A$96.7 million, including A$45.2 million at Havieron and A$37.2 million on Telfer growth, while sustaining Capital at Telfer was A$36.5 million. The company also flagged a tax payment of roughly A$155 million relating to FY26, due in December 2026, which is likely to weigh on cash movement in the current quarter.

Havieron construction under way

Greatland said construction at Havieron began in September after it received the secondary regulatory approvals needed for development. Early works include evaporation ponds, a drilling platform for blind-bore operations and progress on the primary and conveyor declines.

Lycopodium has been engaged for engineering, procurement, project controls and construction management, while Abergeldie Complex Infrastructure is handling the blind-bore work. Tenders are open for a haul road and a high-voltage powerline. GR Engineering Services is involved in upgrades to Telfer's Train 1 circuit intended to optimise recovery of Havieron ore. A timeline to first ore from Havieron was not detailed.

Guidance and drilling

Greatland maintained FY27 guidance of 260,000 to 300,000 ounces of gold at an AISC of A$2,900 to A$3,330 an ounce. Output is expected to be modestly weighted to the second half, reflecting open-pit scheduling and the September maintenance shutdown. The September result sits within the quarterly run-rate implied by that annual range. Depreciation and Amortisation is forecast at A$280 million to A$320 million, compared with A$144 million in FY26.

Resource drilling at Telfer continued at pace, with 51 kilometres drilled for resource growth and 22 kilometres for conversion. Six underground rigs, three reverse circulation rigs and three surface diamond rigs were active, and an additional diamond rig has been approved for the Pinnacles prospect.

What to watch

Guidance remains a forecast and depends on grade, recoveries and mining sequence holding up over the remaining three quarters. Telfer's head grades are low, so costs are sensitive to throughput and input prices, while Havieron carries the usual construction and schedule risks of a new underground development. Investors are likely to focus on December quarter cash flow after the tax payment, further Havieron contract awards and any update on development timing.