Greatland Resources reports 70,131 ounces gold production
Key points
- Greatland Resources generated $485 million in net revenue after producing 70,131 ounces of gold during the September quarter.
- Operating cash flow reached $289 million, helping expand the miner’s debt-free cash balance to $1.31 billion.
- The company commenced project development at Havieron following capital outlays and regulatory approvals.
Greatland Resources (ASX:GGP) recorded quarterly production of 70,131 ounces of gold at an all-in sustaining cost of $2,925 per ounce.
The solid quarter was supported by high gold recoveries of 85.1% alongside record open pit material movements following a planned 15-day maintenance shutdown.
The quarterly operational results were further driven by strong commodity prices, as gold realised a weighted average price of $5,980 per ounce and copper achieved $16,653 per tonne.
Greatland Managing Director Shaun Day commented, "During the quarter, we achieved excellent process plant throughput, improved open pit productivity, increased underground ore output and record copper recoveries, which culminated in both gold production and AISC performing better than planned."
During the period, the business invested $37.2 million in Telfer growth capital projects and spent $45.2 million on Havieron development after receiving secondary construction permits.
The business maintained its full-year production guidance of 260,000 to 300,000 ounces of gold at an all-in sustaining cost of $2,900 to $3,300 per ounce.
Following the announcement, the Greatland Resources share price was unchanged at $8.68.
Greatland Resources focuses on precious and base metal exploration and extraction across major Australian mining districts.
The miner maintains downside commodity protection using gold put options at strike prices ranging from $4,200 to $5,200 per ounce through 2027.
