Greatland Resources (GGP) Q2 2026 TU earnings summary

Executive summary

• December quarter gold production was 86,273–86,300 ounces and copper production 3,500–3,528 tons at an AISC of AUD 2,196/oz, generating operating cash flow of AUD 406 million and closing cash of AUD 948 million, debt free.

• FY26 H1 production totaled 167,163oz gold and 6,894t copper, with full-year output expected at the upper end of 260,000–310,000oz guidance and AISC at the lower end.

• Havieron Feasibility Study completed, confirming a world-class, long-life, lowest quartile cost gold-copper mine leveraging Telfer infrastructure, with robust funding from cash, debt facilities, and ongoing cash flows.

• Record drilling at Telfer with 54,204 meters completed in the quarter, supporting resource conversion and growth.

Financial highlights

• Revenue for the quarter was AUD 507 million from sales of 72,212oz gold and 3,301–3,300t copper at an average realized gold price of AUD 6,301/oz.

• AISC margin for the quarter exceeded AUD 4,000/oz, up 67% since March 2025, reflecting significant cost discipline and high realized prices.

• Cash build of AUD 198 million after a one-off AUD 46 million stamp duty payment.

• Depreciation and amortization for the quarter was AUD 24.6 million.

• Market capitalization stood at AUD 9.4 billion as of 27 January 2026.

Outlook and guidance

• Full-year production is expected at the upper end of guidance, with AISC trending to the lower end.

• Havieron development is expected to be fully funded from cash and a AUD 500 million binding debt commitment.

• Gold put options provide downside protection at strike prices of AUD 4,200–5,200/oz through mid-2027, while retaining full upside exposure.

• Telfer JORC resource update expected in March 2026, with reserve update in June.