Record FY26 Profit Surge
Greatland Resources Posts Transformational FY26 Profit Following Strong Telfer Production
Anonymous
Key Points
1
Havieron progress: Havieron feasibility study completed with a final investment decision in June 2026, underpinning a 17‑year initial mine life and a steady‑state target of 266,000 ounces of gold and 9,600 tonnes of copper per year, with first gold expected about 2.5 years after project commencement and secondary approvals secured to begin surface disturbance and development.
2
Gold and copper sales and processing metrics: In FY26, Greatland sold 326,859 ounces of gold at an average of AUD 6,223/oz and 14,730 tonnes of copper at AUD 14,895/tonne, with Telfer producing 328,987–329,987 ounces of gold and 14,594 tonnes of copper, processed 19.2 million tonnes at 0.58 g/t gold and 0.1% copper, and gold recovery of 88%.
3
Balance sheet and liquidity expansion: FY26 closing cash reached about AUD 1.29 billion, contributing to total liquidity of around AUD 1.76 billion, reinforcing Greatland’s balance sheet and funding capacity for growth.
4
Net tangible assets per security and governance: NTAs per security rose to AUD 3.26; the Appendix 4E noted an Employee Share Trust established in 2025, and PwC issued an unqualified audit opinion with no dividends paid for the year.
Greatland Resources delivered a transformational FY26, posting net profit after tax of AUD862.3 million on revenue of AUD2.26 billion Kalkine, driven by a full year of production from its Telfer mine. The company generated EBITDA of AUD1.33 billion, free cash flow of AUD737 million, and closing cash of AUD1.29 billion Kalkine, signaling robust cash generation and a strengthened balance sheet.
Telfer produced roughly 329,000 ounces of gold and 14,594 tonnes of copper at an all-in sustaining cost around AUD2,179 per ounce Kalkine. For FY27, the company guided gold production of 260,000–300,000 ounces with a higher AISC of AUD2,900–3,300 per ounce. The board withheld dividends but net tangible assets per security rose to AUD3.26, underpinning the stronger financial position Kalkine.
Telfer's First Full Year Delivers Steep Profit Jump
Greatland's profit surged 156% year-on-year to AUD862.3 million Kalkine, powered entirely by Telfer's first full operational year. Revenue climbed 136% to AUD2.259 billion Kalkine, while EBITDA jumped 186% to AUD1.332 billion Kalkine. Gold sales reached 326,859 ounces at an average price of AUD6,223 per ounce, and copper sales totaled 14,730 tonnes at AUD14,895 per tonne Kalkine.
Telfer processed 19.2 million tonnes of ore at grades of 0.58 grams per tonne gold and 0.1% copper, achieving 88% gold recovery Kalkine. This output came despite a 2% drop in the gold price during the year Fool, showing the mine's operational resilience. The strong performance cemented Telfer as a critical asset in Greatland's portfolio.
Havieron Clears Key Gate With June Investment Decision
Havieron, Greatland's next major growth project, cleared a crucial milestone when the feasibility study wrapped up and the board approved a final investment decision in June 2026 Kalkine. The project is backed by a 17-year initial mine life and targets 266,000 ounces of gold and 9,600 tonnes of copper per year at steady state Kalkine. First gold is expected roughly 2.5 years after project commencement Kalkine.
Greatland has already secured secondary approvals to begin surface disturbance and development Kalkine, removing a key permitting hurdle. The project represents the next phase of the company's growth strategy. Ongoing drilling and studies continue to refine economics and de-risk the asset ahead of first production.
Cash Generation Bolsters Balance Sheet and Funding Capacity
Closing cash reached AUD1.29 billion Kalkine, contributing to total liquidity of around AUD1.76 billion Kalkine. Free cash flow hit AUD737 million, demonstrating Greatland's ability to self-fund growth capex at both Telfer and Havieron. The board retained earnings rather than pay dividends, prioritizing balance sheet strength for the acceleration phase ahead.
Net tangible assets per security rose to AUD3.26 Kalkine, reflecting both profit retention and the strengthened liquidity position. PwC issued an unqualified audit opinion Kalkine, affirming the integrity of the financial statements. This fortress balance sheet gives Greatland room to maneuver on capex and exploration.
Production Costs to Rise as Output Cools in FY27
Greatland guided FY27 gold production of 260,000–300,000 ounces, down from FY26's 329,000 ounces Kalkine. The all-in sustaining cost is expected to climb sharply to AUD2,900–3,300 per ounce, from AUD2,179 per ounce in FY26 Kalkine. The higher AISC and lower volumes reflect the natural mine production profile and rising operational costs as processing deeper ore.
Despite the production dip, Greatland emphasized that growth capex at Telfer and Havieron will support future production ramp and value creation. The company is balancing near-term cash generation with medium-term project investment to extend reserve life and unlock new ounces.
Sentiment
Mostly PositiveNEGATIVENEUTRALPOSITIVE
Publishers
12
Articles
23
Reach
35
A
AnonymousAuthor
