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Highlights

  • Gold production jumps 21% above pre-acquisition estimates to 90,172oz.

  • Company generates A$458 million in revenue and ends quarter debt-free with A$398 million cash balance.

  • ASX/AIM cross-listing on track for June 2025.

Greatland Gold plc (LSE:GGP) has released its Quarterly Activities Report for the March 2025 quarter — the company’s first full operational period following its 100% acquisition of the Telfer gold-copper mine and Havieron gold-copper project. The report highlights a significant uplift in production and financial outcomes.

During the March quarter, Greatland produced 90,172 ounces of gold and 3,511 tonnes of copper. Notably, gold production was 21% higher than the company's initial pre-acquisition mine plan, which forecast 74,800 ounces. The company also reduced its all-in-sustaining-cost (AISC) to A$2,126 per ounce, below the expected A$2,203 per ounce. These results signal a robust start to Greatland’s stewardship of the newly acquired assets.

Gold recovery also saw notable improvement, reaching 86.7%, a significant uplift from the anticipated 78% in the Pre-Acquisition Plan. Management confirmed that optimisation of processing operations remains a top priority moving forward.

Expansion and Operational Milestones Achieved

Operational momentum continued with the approval and commencement of the Stage 7 cutback at the new West Dome Open Pit mining area. Another critical milestone was the successful execution of Greatland’s first major dual train planned maintenance at the Telfer processing plant, which was completed from late March into early April.

Importantly, the quarter was injury-free, with no Lost Time Injuries reported. The company’s 12-month Lost Time Injury Frequency Rate (LTIFR) remained at zero.

On the financial front, Greatland reported the sale of 89,125 ounces of gold and 3,705 tonnes of copper, achieving average realised prices of A$4,585/oz and A$13,140/t respectively. This translated into total revenue of A$458 million.

The company ended the quarter with A$398 million in cash, a substantial rise from A$145 million at the end of December 2024, and generated A$253 million in free cash flow. Greatland remains debt-free and holds an undrawn A$75 million working capital facility.

To mitigate market risks while retaining upside exposure to rising gold prices, Greatland has secured gold put options for calendar year 2025 at A$3,905/oz and for 2026 at A$4,200/oz.

Outlook and Upcoming Listing

Looking ahead, Greatland reaffirmed its guidance for FY25, covering the period from its acquisition of Telfer on 4 December 2024 through to 30 June 2025. The company expects to produce between 196,000 and 210,000 ounces of gold at an AISC range of A$2,100–A$2,250/oz. Growth capital expenditure is forecast between A$95–105 million.

The company also confirmed that it is progressing toward a dual listing on the Australian Securities Exchange (ASX) in addition to its existing AIM listing, targeting June 2025 for completion.