Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Greatland Resources Reports AU$485 Million Revenue as Havieron Development Begins
Highlights:
Operational Performance Supports FY27 Production Outlook
Greatland Resources Limited (ASX: GGP) released its September 2026 Quarterly Activities Report on 26 October 2026, outlining a solid start to FY27 and progress on its growth projects. The gold and copper producer reported production of 70,131 ounces of gold and 2,927 tonnes of copper for the three months ended 30 September 2026.
All-in sustaining costs (AISC) stood at AU$2,925 per ounce of gold produced. The company said production and costs performed better than planned, primarily due to strong processing throughput and improved mining productivity.
Gold recovery reached 85.1%, while copper recovery was 82.5%. The planned 15-day processing plant maintenance shutdown was completed during the quarter. Open-pit mining also recorded its seventh consecutive quarterly increase in total material movement, reaching 7.86 million tonnes. Greatland maintained its FY27 production guidance of 260,000 to 300,000 ounces of gold, with AISC expected to range between AU$2,900 and AU$3,330 per ounce. Shares were last quoted at AU$9.165, up AU$0.485 or 5.587%, according to the supplied market data.
Revenue and Cash Position Strengthen Financial Flexibility
The company sold 71,901 ounces of gold and 2,714 tonnes of copper during the quarter, generating net revenue of AU$485 million. Average realised prices were AU$5,980 per ounce for gold and AU$16,653 per tonne for copper.
Operating cash flow reached AU$289 million, while the cash balance increased by AU$25 million despite substantial tax payments and investment in growth initiatives. Greatland ended September with AU$1.314 billion in cash and no drawn debt. Total available liquidity stood at AU$1.789 billion, including undrawn revolving credit facilities.
The company also retained exposure to increases in gold prices while using put options to provide partial downside protection through September 2027.
Havieron Construction Marks Major Growth Milestone
A key development during the quarter was the commencement of construction at the Havieron gold-copper project after all required secondary approvals were secured. Greatland invested AU$45.2 million in the project, including work on evaporation ponds, underground development and site infrastructure. Lycopodium was appointed to provide engineering, procurement, project controls and construction management services. Meanwhile, AU$37.2 million was directed towards growth projects at Telfer, including tailings storage expansion, open-pit development and underground mining. Greatland also invested in exploration and resource development, completing 51 kilometres of growth drilling and 22 kilometres of conversion drilling at Telfer.
Conclusion
Greatland Resources delivered a solid operational start to FY27, supported by production above plan, strong revenue generation and a substantial debt-free cash position. With Havieron construction underway and continued investment at Telfer
Note: All data presented is based on information available at the time of writing.
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