Greatland Resources Reports Strong H1 FY26 Results with $342.9M NPAT and Havieron Project Update

Greatland Resources H1 FY26: Big cash build, robust margins, and Havieron momentum

Greatland Resources has posted a very strong half-year to 31 December 2025 off the back of disciplined operations and buoyant metal prices. Net profit after tax came in at $342.9 million, EBITDA was $560.3 million, and the cash balance surged to $948.3 million with no debt. With the Havieron Feasibility Study now complete and early works under way, the growth narrative is increasingly tangible.

All figures are in Australian Dollars. Comparatives to the prior half are not provided because Greatland only owned Telfer for one month in the period ended 31 December 2024.

Financial performance: high prices, healthy margins, and a fattening cash pile

Revenue was $977.3 million, reflecting full upside exposure to strong commodity prices. EBITDA of $560.3 million implies an EBITDA margin of roughly 57%, which is punchy for a gold-copper operation. Operating cash flow was $658.5 million, supporting free cash flow of $387.4 million and a period-end cash balance of $948.3 million, debt free.

Note that closing cash includes $119.5 million received in late December 2025 for a shipment that will be recognised as revenue in the March quarter 2026. It’s still cash in the bank, but worth remembering when benchmarking revenue momentum.

Sales mix and pricing: gold-led with valuable copper credits

Sales comprised 154,411 ounces of gold at an average realised price of $5,756/oz and 6,578 tonnes of copper at $13,606/t. Greatland’s strategy of keeping full upside to the gold price clearly paid off in the half. The company also maintained put options for downside protection on 225,004 ounces between January 2026 and June 2027 at a weighted average strike of $4,500/oz, which acts like insurance if prices slide.

Operations at Telfer: steady plant, solid recoveries, and tight costs

Gold production was 167,163 ounces at an all-in sustaining cost (AISC) of $2,176/oz. AISC is the industry’s broad cost measure including sustaining capex and site costs. Against an average realised gold price of $5,756/oz, the headline spread is around $3,580/oz, signalling strong unit economics in the period.

The mill processed 9.19Mt at an average head grade of 0.61 g/t gold and 0.09% copper. Recoveries were approximately 88.5% for gold and 80.0% for copper, indicating consistent metallurgical performance. Gold sold (154,411 oz) trailed gold produced (167,163 oz), with timing of shipments the likely driver.

Safety performance: improving trend, one LTI

Safety metrics continued to improve, with a Total Recordable Injury Frequency Rate (TRIFR) of 5.3 and a Lost Time Injury Frequency Rate (LTIFR) of 0.3 on a 12‑month moving average. There was one lost time injury during the half. The trajectory is encouraging, though the aim will be continued reduction from here.

Havieron Feasibility Study: large-scale, low-cost plan with funding lined up

The Havieron Feasibility Study, completed on 1 December 2025, confirms a world-class, long-life, gold-copper development leveraging the existing Telfer infrastructure. The base case shows a post-tax NPV5 of $2.9 billion and a post-tax IRR of 22.5%. At a higher gold price of $6,250/oz, the NPV5 lifts to $5.4 billion.

On steady state, Havieron targets annual production of 266 koz of gold and 9.6 kt of copper at an AISC of $1,610/oz. Pre‑production capex of $1,065 million is expected to be fully funded through existing cash, future operating cash flows and a $500 million debt commitment from a Tier 1 lending syndicate. Early works, including the box cut and restart of underground development, commenced in the half.

Environmental approvals at both Commonwealth and WA level are progressing, with primary approvals still targeted for FY26. The company notes the Feasibility Study mine plan includes a mix of Probable Ore Reserves (c.80%), Indicated (2%), Inferred (13%) and Exploration Target (5%) over the life of mine; resources in the lower-confidence categories are predominantly in later years. That mix is common in long-life studies, but it is a risk factor to track as drilling and conversion progress.

Growth capex and drilling: building for mine life and throughput

Greatland invested $177.0 million in growth during the half, including Telfer ($131.1 million), Havieron ($29.8 million) and resource development ($16.1 million). The company completed the Tailings Storage Facility 8 Stage 3 lift, advanced 7.3 Mt of growth waste stripping in the West Dome Open Pit Stage 7 cutback, and drove 1,712 m of growth underground development at Main Dome and West Dome Underground.

A hefty 107,747 m of resource growth and conversion drilling was completed as part of Telfer’s record 240,000 m FY26 drilling programme. A Telfer Mineral Resource update – including a maiden West Dome Underground Resource – is targeted in the March 2026 quarter, which is a clear near-term catalyst for the equity story.

Funding and risk management: firepower secured, downside protected

Greatland entered a binding commitment letter for $500 million of corporate debt facilities with ANZ, ING, HSBC, NAB and Westpac, subject to conditions precedent. The $75 million working capital facility was also extended to 30 June 2026 and remains undrawn. Combined with $948.3 million in cash at period end, the balance sheet looks well set to fund Havieron and ongoing Telfer investment while staying flexible.

The put option book covering 225,004 oz to June 2027 at $4,500/oz gives price protection if gold weakens, while retaining full upside. That’s a sensible hedge structure in a volatile macro environment.

Why this matters for investors

Positives to underline

• Strong profitability and cash generation: $342.9 million NPAT, $560.3 million EBITDA, and $658.5 million operating cash flow.
• Balance sheet strength: $948.3 million cash, debt free at period end, plus a $500 million debt commitment available for growth.
• Compelling unit economics: AISC of $2,176/oz against an average realised gold price of $5,756/oz and solid copper by-product revenues.
• Havieron de-risking: Feasibility Study completed with robust NPV/IRR and early works under way, leveraging existing Telfer infrastructure.
• Near-term catalysts: Telfer Mineral Resource update targeted in the March 2026 quarter.

Watch items and risks

• Approvals timeline: Environmental approvals are progressing, with primary approvals targeted for FY26 – timing remains a key milestone.
• FS mine plan composition: Inclusion of Inferred resources and an Exploration Target in later years adds a conversion risk to monitor as drilling advances.
• Price exposure: Results benefited from strong metal prices; while puts protect the downside to $4,500/oz, realised pricing remains a swing factor.
• Cash timing: Closing cash includes $119.5 million for a shipment that will be recognised as revenue in the March quarter 2026.

Key operating metrics at a glance

Josh’s take

This is an impressive half: fat margins, a rapidly strengthening balance sheet, and clear progress towards a lower-cost, long-life combined Telfer-Havieron operation. The funding toolkit looks ample, the hedge book is pragmatic, and the drilling programme sets up useful news flow. The main things to watch are approvals, execution at Havieron, and how unit costs evolve if metal prices cool. For now, the trajectory is firmly positive.