Greatland Resources (AIM:GGP) reported net profit after tax of $862 million for the year ended 30 June, with EBITDA of $1.332 billion, in its first complete financial year of ownership of the Telfer mine in Western Australia since acquiring it in December 2024.
Revenue reached $2.259 billion, driven by sales of 326,859 ounces of gold at an average price of $6,223 per ounce and 14,730 tonnes of copper at $14,895 per tonne.
The AIM and ASX-listed miner generated free cash flow of $737 million and built cash by $714 million, closing the year with $1.289 billion in cash and total available liquidity of $1.764 billion including undrawn debt facilities.
Production totalled 328,987 ounces of gold and 14,594 tonnes of copper at an all-in sustaining cost of $2,179 per ounce.
"FY26 was another transformative year for Greatland," said Managing Director Shaun Day, pointing to net profit of roughly $1.28 per share and free cash flow of about $1.10 per share.
The board took its final investment decision on the Havieron project in June, following a feasibility study completed in December that pointed to a post-tax net present value of $2.9 billion at base-case gold pricing, with first production targeted for FY29.
Telfer's mineral resources grew 150% to 7.9 million ounces of gold during the year, alongside a maiden resource at the West Dome Underground project.
For FY27, Greatland guided to gold production of 260,000 to 300,000 ounces at an AISC of $2,900 to $3,330 per ounce, with growth capital spending of $315 million to $335 million at Telfer and $365 million to $435 million at Havieron.
News Intelligence what this means for the company
Greatland Resources delivered $862 million net profit and $737 million free cash flow in its first full year operating Telfer (acquired December 2024), generating $714 million in cash buildup to reach $1.29 billion in hand. The company has now moved decisively past exploration into cash-generative production, funding a $2.9 billion NPV Havieron development (FY29 first production targeted) while guiding FY27 production of 260–300k gold ounces at $2,900–$3,330 per ounce AISC—a material step from the pre-revenue exploration company the factfile describes.
Telfer's immediate cash generation ($737m FCF on $2.26bn revenue) has transformed Greatland from a capital-dependent explorer into a self-funding operator with $1.76 billion total liquidity. The shift to production-backed cash flow materially de-risks Havieron's $365–435 million annual capex guidance and removes near-term funding dependency, though FY27 guidance implies margin compression (AISC rising 33–53% year-on-year) as production declines 20–30% and growth capex accelerates.
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