The Greatland Resources Ltd (ASX: GGP) share price is down 2% on Thursday despite the company reporting a net profit after tax of $862 million and revenue of $2,259 million for the year ended 30 June 2026, marking its first full year owning the Telfer gold mine.
A pullback in the gold price overnight appears to be overshadowing the news.
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What did Greatland Resources report?
- Net profit after tax: $862 million, up 156% year on year
- EBITDA: $1,332 million, up 186%
- Revenue: $2,259 million from sales of 326,859 ounces of gold and 14,730 tonnes of copper
- Free cash flow: $737 million, up 413%
- Total available liquidity: $1,764 million (including $1,289 million cash and $475 million undrawn debt facilities)
- All-in-sustaining cost (AISC): $2,179 per ounce gold produced
What else do investors need to know?
FY26 was a landmark year for Greatland Resources, with the Telfer mine delivering a full 12 months of results under Greatland's ownership. The company processed over 19 million tonnes of material, achieving strong gold and copper recoveries, and significantly boosted its cash position.
Key project milestones included completing the Havieron Feasibility Study, achieving substantial mineral resource and ore reserve upgrades at both Telfer and Havieron, and securing $500 million in corporate debt facilities with major banks. The company's safety performance also improved, with a lower injury frequency rate versus the prior year.
Importantly, all necessary environmental and permitting approvals for the Havieron project were received after the financial year end, paving the way for the development phase to commence.
What did Greatland Resources management say?
Commenting on the results, Shaun Day, Managing Director, said:
FY26 was another transformative year for Greatland. Our first full financial year of Telfer under our ownership delivered exceptional operating results, driven by significant productivity improvements in our open pit and underground mines, and an excellent performance in our processing operations.
The safe delivery of strong production outcomes, and full upside exposure to a strong metal price environment, delivered net profit of $862 million (~$1.28 per share) and free cash flow of $737 million (~$1.10 per share). I would like to extend my appreciation to our Greatland team, particularly at our operations, for their hard work and dedication which delivered these excellent outcomes for the year. Equally importantly, we made important progress on improving and advancing our organic growth profile during the year. At Havieron, we completed our Feasibility Study which confirmed the pathway to a world-class Australian gold-copper mine leveraging existing Telfer infrastructure, and subsequently made our final investment decision for the project. At Telfer, we delivered substantial resource and reserve upgrades, including a maiden resource at our West Dome Underground project.
Looking ahead to FY27, we are guiding to produce 260,000 – 300,000 ounces of gold at an AISC of $2,900 – $3,330 per ounce, which will support an important year of investment in organic growth. We will commence the construction phase for Havieron, and will continue our investment in Telfer including progressing new high-grade opportunities, in particular the West Dome Underground. The investments we make in FY27 will set the foundations for a period of production growth delivered by a higher quality, longer life, gold-copper production centre in the Paterson region. We enter the year in a position of strength with net cash of approximately $1.3 billion at the close of FY26.
What's next for Greatland Resources?
For FY27, Greatland Resources is guiding gold production between 260,000 and 300,000 ounces at a higher AISC of $2,900–$3,330 per ounce, reflecting increased investment in mine development and growth projects. Major capital expenditure is planned for both the Telfer and Havieron sites, including construction at Havieron and fleet renewal at Telfer.
The company is focused on organic growth, including new exploration drive at Telfer and upcoming development milestones at Havieron where first gold is expected in FY29. Management sees strong foundations for long-term growth, supported by a robust cash position and approved expansion plans.
Greatland Resources share price snapshot
The Greatland Resources share price has been one of the best performers on the S&P/ASX 200 index (ASX: XJO) over the past 12 months with a gain of over 130%.
