Greatland Gold has marked its transition from explorer to producer ahead of a planned ASX cross-listing in the coming months.
During the first half of the 2024–25 financial year (H1 FY25), the company consolidated ownership of the Havieron gold-copper project and acquired the historic Telfer gold-copper mine.
The company ended H1 FY25 with a cash balance of £71.9 million ($146 million) and net assets of £491.5 million ($1 billion), reporting £8.3 million in revenue and £18 million in net profit after tax – a strong financial foundation as it pushes forward with its ambitious growth strategy.
Managing director Shaun Day described the period as “a transformative” phase for the company, highlighting key milestones that reinforce Greatland’s vision of establishing a world-class mining and processing hub in Western Australia’s Paterson Province.
Greatland has laid out a base case development and mine plan for Havieron, outlining a mineral resource estimate of 8.4 million ounces of gold equivalent, an annual mining rate of 2.8 million tonnes, and a life-of-mine extending to June 2046.
The project is expected to deliver an average of 221,000 ounces of gold and 8000 tonnes of copper annually for the first 15 years, with first ore production in H2 2026 and first gold targeted for H2 2027.
Progress on Havieron’s feasibility study remains on track for completion in H2 2025, with Day emphasising that Greatland’s ownership of the Telfer infrastructure has “significantly de-risked development”.
Telfer’s processing plant, which is now under Greatland’s control, offers an immediate opportunity for cash flow generation and future growth.
“We are delighted with the strong start to production (at Telfer) in December and the combination of a high Australian dollar gold price, very substantial mined stockpiles at surface, Telfer mine life extension targets, and the approaching development of the world-class Havieron gold-copper asset presents a unique opportunity for near-term cashflow and medium-term growth,” Day said.
“Greatland today is the owner and operator of a processing plant that ranks as Australia’s third largest gold-copper processing plant by capacity, with a generational opportunity presented by Havieron and a highly prospective exploration portfolio.”
In addition to Havieron and Telfer, Greatland has expanded its exploration footprint in the Paterson region to approximately 3800km², inheriting Newmont’s remaining interests.
The company intends to continue exploration to unlock further potential in what is emerging as a highly prospective gold-copper province.
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