Greatland Gold reports strong March quarter
By Josh White
Date: Monday 14 Apr 2025
(Sharecast News) - Greatland Gold delivered a strong operational and financial performance in the March quarter, it announced on Monday - its first full period of ownership following the acquisition of the Telfer and Havieron gold-copper projects.
The AIM-traded company generated AUD 253m (£121.53m) in free cash flow, and closed the quarter debt free with a cash balance of AUD 398m, up from AUD 145m at 31 December.
Gold production totalled 90,172 ounces, with 3,511 tonnes of copper also produced.
All-in sustaining costs were AUD 2,126 per ounce, coming in below Greatland's pre-acquisition mine plan of AUD 2,203 per ounce.
Gold output was 21% higher than the plan's quarterly average, driven by significantly improved gold recoveries of 86.7%, compared with an assumed 78%.
Sales during the quarter amounted to 89,125 ounces of gold and 3,705 tonnes of copper, generating revenue of AUD 458m at weighted average realised prices of AUD 4,585 per ounce for gold and AUD 13,140 per tonne of copper.
The company said it retained full exposure to the gold price while maintaining downside protection via put options.
Operational milestones included the start of mining at the stage seven cutback of the West Dome Open Pit, and completion of a major planned maintenance programme at the processing plant.
No lost time injuries were recorded during the quarter, with a 12-month lost time injury frequency rate of zero.
For the 2025 financial year, Greatland reaffirmed production guidance of 196,000 to 210,000 ounces of gold at an all-in sustaining cost of AUD 2,100 to AUD 2,250 per ounce, reflecting roughly seven months of ownership post-acquisition.
Growth capital was forecast at AUD 95m to AUD 105m.
The quarter also saw completion of the inaugural Telfer mineral resource estimate, which outlined 3.2 million ounces of gold and 117,000 tonnes of copper, extending mine life potential.
Including Havieron, Greatland said its total group resource now stood at 10.2 million ounces of gold and 387,000 tonnes of copper.
Exploration drilling at West Dome Underground confirmed high-grade mineralisation, with 16 out of 19 holes intercepting over 50 gram-metres of gold.
Development of a second underground access drive was approved in March, and two additional rigs would be mobilised in the June quarter, taking the total to six - the most at Telfer since 2020.
"Greatland's first full quarter since acquiring 100% ownership of Telfer and Havieron was a tremendous success and is a great credit to the exceptional work of our operational team," said managing director Shaun Day.
"Production of more than 90,000 ounces of gold and full exposure to the strong gold price resulted in free cash flow of AUD 253m for the quarter."
Day said closing cash of AUD 398m and no debt established a "very robust balance sheet", and would allow the firm to invest significantly in organic growth and extension at Telfer.
"Our confidence in the outlook for Telfer is demonstrated by the approval of investments in a new mining area at the West Dome Open Pit Stage 7 cutback, a second development drive to the new West Dome Underground project and an increase to six drill rigs at Telfer."
At 1104 BST, shares in Greatland Gold were up 3.31% at 14.05p.
Reporting by Josh White for Sharecast.com.
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