The Greatland Resources Ltd (ASX: GGP) share price is in focus today after the company posted a record $260 million cash build for the March quarter, with strong gold output and a solid operational performance adding to a bumper closing cash balance of $1.2 billion.
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What did Greatland Resources report?
- Quarterly production of 82,723 ounces of gold and 4,128 tonnes of copper at an AISC of $2,056/oz
- Sales of 97,800oz gold and 4,620t copper generated net revenue of $742 million
- Cash flow from operations was $453 million, lifting closing cash to $1,208 million (up from $948 million)
- No lost time injuries, with a 12-month moving LTIFR of 0.2
- Significant Telfer Mineral Resource Estimate (MRE) upgrade: total group resources now 14.9Moz gold & 645kt copper
- Investment of $42 million in Telfer growth capex and continuation of a record drilling program
What else do investors need to know?
Greatland remains debt-free and holds a total liquidity position of $1.28 billion, including an undrawn $75 million working capital facility. The company maintains full upside exposure to the gold price, with partial downside protection from gold put options for coming quarters.
Operationally, the company is progressing its Havieron gold-copper development, with permitting moving forward and early decline tunnel works underway, expected to de-risk long-term production. The latest resource upgrades at Telfer and O'Callaghans also increase the size and quality of Greatland's mineral inventory, supporting ambitions for long-life mining in the Paterson region.
What's next for Greatland Resources?
Looking ahead, Greatland expects full-year gold production to be near or above the top end of its guidance, while costs should be toward the low end of its forecast range. The business aims to advance development at Havieron and maintain a focus on extending mine life at Telfer.
Drilling remains a key priority, with the large-scale program on track for 240,000 metres this financial year. Management is also monitoring industry cost pressures, especially around diesel, but notes that Telfer's exposure is modest and well managed via long-term supply agreements.
Greatland Resources share price snapshot
For the year to date, Greatland Resources shares have increased 46%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 9% over the same period.
