Greatland Resources (AIM:GGP) has reported a 62% increase in its group ore reserve to 5.0 million ounces of gold, underpinned by a 150% jump at its Telfer mine in Western Australia following the first phase of a major drilling campaign.
The gold and copper producer, which owns the Telfer-Havieron complex in the Paterson Province of Western Australia, said the updated reserve of 157 million tonnes at 0.99 grams per tonne gold and 0.12% copper incorporates results from roughly the first half of a planned 240,000-metre fiscal 2026 drill program.
Telfer's reserve rose by 1.1 million ounces to 1.8 million ounces after depletion, with the West Dome Open Pit alone up 375% to 1.4 million ounces.
A new Main Dome Underground reserve of 0.2 million ounces was established for the first time, while 22.5 million tonnes of stockpiles add a further 0.3 million ounces of operational buffer.
Telfer's residual mineral resources not yet converted to reserve total more than 6 million ounces, leaving a substantial pipeline for future conversion as drilling continues.
Separately, Greatland confirmed financial close on Facility B of its $500 million corporate debt package, a $225 million undrawn revolving credit facility with a seven-year tenor to fund working capital and Havieron development.
"This substantial uplift in reserves at Telfer only reflects drilling from just our first 12 months of ownership," said Managing Director Shaun Day, adding that the company is targeting further high-grade underground growth through ongoing studies at the West Dome Underground and Main Dome Underground areas.
