Greatland Resources (GGP) Q1 2027 earnings summary

Executive summary

• Produced 70,131oz gold and 2,927t copper at AISC of $2,925/oz; production and AISC beat plan, and FY27 guidance was reaffirmed.

• Operating cash flow was $289m; cash increased $25m to $1.314bn after $100m in tax payments and higher growth investment. No debt was drawn; available liquidity was $1.789bn.

• Havieron entered construction after secondary approvals; Telfer productivity and underground development continued to improve.

Financial highlights

• Gold and copper sales of 71,901oz and 2,714t generated net revenue of $485m; realised prices were $5,980/oz gold and $16,653/t copper.

• AISC was $2,925/oz, within FY27 guidance of $2,900–$3,330/oz; margin exceeded $3,000/oz.

• Mining costs were AUD 88m, processing costs AUD 90m, sustaining CapEx AUD 36.5m, and site services costs AUD 42m.

• Depreciation and amortization was $73m for the quarter; FY27 expectation is $280m–$320m, weighted to H2.

Outlook and guidance

• FY27 guidance remains 260,000–300,000oz gold at AISC of $2,900–$3,330/oz; output is expected to be modestly H2-weighted.

• FY27 growth capital guidance: Telfer $315m–$335m, Havieron $365m–$435m, and exploration and resource development $70m–$80m.

• Q2 production is expected to rise slightly from Q1, with a larger uplift in H2; a shorter mill shutdown is planned for November, and wet-season conditions affect planning.

• Telfer growth CapEx is expected to ramp through the remaining FY27 quarters; the slower Q1 pace was planned and guidance remains achievable.

• First gold from Havieron is targeted ~2.5 years after construction commencement; Telfer reserve work is expected by May–June 2027 to inform an integrated plan.