Greatland lifted its quarterly revenue on stronger gold and copper prices, offsetting lower sales as the miner closed its first full year at Telfer.
Greatland Resources has capped off the December quarter with over half a million in revenue, defying a dip in sales as higher commodity prices buoyed earnings at Telfer.
The quarter concluded off Greatland’s first year of ownership at the gold and copper mine, with its $507 million in revenue up 6.5 per cent on the September quarter despite its gold sales falling roughly 12 per cent to 72,212 ounces.
Speaking to investors on Wednesday, Greatland CFO Monique Connolly said the weaker sales reflected shipping timing, rather than the miner’s performance.
“This was in the ordinary course of business, so the sales ounces and revenue will be recognised in January … for ounces that were produced during the December quarter,” she explained.
Greatland’s average realised gold price rose to $6,301 per ounce between September and December, up from $5,277 in the quarter before.
The company’s all-in sustaining costs held to $2,196 per ounce, delivering a gross margin of about 80 per cent.
And it appears copper’s performance provided further support for the WA miner: base metal sales edged up to 3,301 tonnes, on a higher average price of $14,652 per tonne, compared to $12,552 a tonne in the quarter prior.
The result translated into operating cash flow of $406 million, leaving Greatland with $948 million in cash at quarter end and no debt heading into 2026.
Managing director Shaun Day said the company remained fully exposed to upside in the gold price, while holding downside protection through gold put options.
“We continue to focus on cost control while participating in the strong gold market pricing,” he said on Wednesday.
Greatland’s production totalled 86,000 ounces of gold and more than 3,500 tonnes of copper for the quarter.
On the back of its first-half performance, management said the miner’s full-year output was expected to trend towards the upper end of guidance of 260,000 to 310,000 ounces, with full-year costs towards the lower end of its $2,400 to $2,800 per ounce range.
Capital investment at Telfer continued, with $61.2 million spent during the quarter on tailings expansion, open-pit pre-stripping, underground development and fleet renewal.
The company also completed more than 54,000 metres of drilling, part of a broader push to extend mine life and lift confidence in future production.
“We think this will start mapping out that story to give the market more confidence around the life extensions at Telfer,” Mr Day continued.
On the development front, Greatland ticked off its Havieron feasibility study, which envisions a second gold and copper hub supported by Telfer’s infrastructure.
That study puts Havieron’s life-of-mine production at about four million gold-equivalent ounces.
Mr Day said the company was still working towards a resource update in the March quarter, which would fold in recent drilling across Telfer’s open pit and underground, including the West Dome area.
Management has flagged the potential for extensions beyond the current mine plans, with more details due this financial year.
