Greatland Resources (GGP) Q4 2025 TU earnings summary

Executive summary

• FY25 gold production reached 198,319 oz at AISC of $1,849/oz, meeting or exceeding guidance, with strong cash flow and successful integration of Telfer and Havieron operations.

• June quarter production was 78,283 oz gold and 3,729–3,740 t copper, with sales of 87,529 oz gold and 3,740 t copper, generating $487 million in revenue.

• Completed ASX IPO raising $490 million, renewed Telfer mining leases to December 2045, and achieved operational independence from Newmont.

• FY26 gold production guidance revised down by 11% to 260,000–310,000 oz due to risk adjustments on ROM stockpiles and open pit material.

• Multi-year mine life outlook established for Telfer, with significant investment in drilling and development to support future production.

Financial highlights

• Q4/FY25 gold production: 78,283 oz; copper: 3,729–4,000 t; Q4 revenue: $487 million; operating cash flow: $310 million.

• Q4 AISC: $1,736/oz, below guidance; FY25 AISC: $1,849/oz.

• Cash balance at June quarter end: $575 million; debt free, with an undrawn $75 million working capital facility.

• FY25 net revenue: $962 million; June quarter net revenue: $487 million.

• FY25 saw highest gold recovery since 2010 and copper recovery 10% above historical levels.

Outlook and guidance

• FY26 gold production guidance: 260,000–310,000 oz at AISC $2,400–$2,800/oz, 11% lower than previous outlook.

• CapEx in FY26: $230–260 million for Telfer, $60–70 million for Havieron early works, $55–60 million for exploration/resource development.

• Over 240 km of drilling planned at Telfer in FY26, the largest in its history.

• Havieron Feasibility Study on track for December 2025 quarter completion; FID expected post-study.

• Multi-year production profile targeted, aiming for Telfer and Havieron to run in parallel.