Production - ASX:GGP
Greatland March quarter gold output 82,723oz, cash up $260m to $1,208m; FY26 seen near top of range
Greatland produced 82,723oz of gold and 4,128t of copper from its Telfer operation in the March 2026 quarter, and cash rose by $260m to $1,208m with nil debt. The cash build is after capital spending and a $73m tax payment for FY25. The company expects FY26 output around or slightly above the top of its 260,000-310,000oz guidance range, but its all-in sustaining cost (AISC) is not yet finalised.
(price sensitive) - Greatland Resources announced: "March 2026 Quarter Production Update" (2 pages) - read the original
What investors must know
- Telfer produced 82,723oz of gold and 4,128t of copper in the March 2026 quarter; year-to-date output is 249,887oz gold and 11,022t copper.
- Sales were 97,800oz gold and 4,620t copper, including 17,014oz gold and 854t copper that the company was paid for in the December 2025 quarter.
- Cash rose $260m to $1,208m at 31 March 2026 (from $948m at 31 December 2025), after capital expenditure and a $73m tax payment for FY25, with nil debt.
- Regular cash tax instalments start from April 2026, so tax will be a recurring cash outflow from this quarter on.
- FY26 production is expected around or slightly above the upper end of the 260,000-310,000oz guidance range, but year-to-date output of 249,887oz is still below the bottom of that range.
- AISC is still to be finalised and will be reported in the March 2026 Quarterly Activities Report.
- Greatland keeps full upside to the gold price and has partial downside protection from gold put options.
Money: can they follow it up?
- Period ending
- 2026-03-31
- Cash
- $1.2bn
- Debt
- $0
- Gold produced
- 82,723 oz
- Copper produced
- 4,128 t
- Guidance
- FY26 production expected around or slightly above the upper end of the 260,000-310,000oz Au range. AISC to be finalised in the March 2026 Quarterly Activities Report.
Gold_oz and copper_t are production for the quarter; sales were 97,800oz gold and 4,620t copper (includes 17,014oz gold and 854t copper paid for in the December 2025 quarter). Cash of $1,208m is at 31 March 2026, up $260m after capex and a $73m FY25 tax payment, with nil debt. The release does not give operating cash flow, investing cash flow, exploration spend, undrawn facilities or Appendix 5B funding quarters. Regular cash tax instalments start April 2026. Gold put options give partial downside protection.
Appendix 5B explained - why runway predicts raisings - every company's runway
How the price reacted
News signal positive, and on day 1 the stock moved +5.2% against the gold index (XGD). After 20 trading days: +6.1% against the XGD.
From the last close before the market could trade on it ($13.36 on 7 Apr 2026), with day-1 volume 0.9x the 20-day average.
GGP's past price-sensitive news
After 9 earlier announcements, GGP rose on day 1 3 times and fell 6 times - an average move of +0.7%.
DrillScore holds no earlier price reactions for GGP, so there is no stock-specific pattern to describe. Since release the share price has moved from A$13.36 (7 April close) to A$10.36, while gold, copper, and the gold and copper miner funds also fell. The data here cannot separate this release from those wider moves.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for GGP and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.7% by day 1, +2.3% by day 5 and +0.9% by day 20 against the XGD on average.
- Day 1
- +1.7%
- Day 5
- +2.3%
- Day 20
- +0.9%
Only 1 of GGP's earlier announcements have traded - too few to show a pattern.
In the 20 trading days before this release the XGD gold index moved -17.9% (falling). After 34 past gold announcements released into a falling gold index, stocks moved +1.5% by day 1, +4.1% by day 5 and +11.8% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.5%
- Day 5
- +4.1%
- Day 20
- +11.8%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,685 | US$3,886 | -17.0% |
| Gold (A$/oz) | A$6,773 | A$5,737 | -15.3% |
| Copper (US$/lb) | US$5.54 | US$6.09 | +9.8% |
| AUD/USD | 0.6917 | 0.6774 | -2.1% |
At release (7 April 2026) gold was US$4,684.7/oz (A$6,772.73/oz); now it is US$3,886.3/oz (A$5,737.08/oz), so the A$ gold price is down about 15% since release, though 4% lower than a month ago and 10.6% lower than a year ago. Telfer's AISC is not in this update, so margin at spot cannot be judged from the announcement. Copper is US$6.09/lb now, against US$5.545/lb at release. The AUD was US$0.6774 now against US$0.6917 at release. Sector mood has been weaker since release: GDX is down 14.0%, GDXJ down 19.4% and COPX down 9.8%, while the S&P/ASX All Ordinaries Gold index is up 3.2%. The release does not state a price deck. Gold put options provide partial downside protection, but their terms are not given.
Against GGP's own history
DrillScore's database holds one earlier analysed announcement for GGP: a 30 March 2026 resource update, which put Telfer's gold resource at 8.0Moz (up 4.8Moz) at December 2025 and measured plus indicated resources up 163% to 3.8Moz, rated positive with a DrillScore of 58. This update does not restate resources. No earlier cash, raising or production history is on record, so the cash figures are compared only with the December 2025 cash of $948m stated in this release. The quarter's cash build of $260m is after a $73m FY25 tax payment.
Risks & caveats
- AISC has not been disclosed, so the margin from this update cannot be judged.
- Output expectations are stated as an outlook, and the full-year figure depends on the June 2026 quarter, since year-to-date output is still below the guidance range.
- The company is monitoring supply chain and cost risks from the Middle East conflict; it says Telfer is not currently affected by diesel supply disruptions and its plant power comes from natural gas.
- Regular cash tax instalments from April 2026 will reduce future cash build, although the amount is not stated.
- The figures are preliminary and the full quarterly report, with AISC and full detail, is still to come.
What's next
- March 2026 Quarterly Activities Report (full detail, AISC) and webcast on the same day - later in April 2026
- Regular cash tax instalments begin - from April 2026
Questions worth asking
- What is the March quarter AISC per ounce, and how does it compare with the FY26 guidance?
- Why do sales (97,800oz) exceed production (82,723oz) by this much, and how much of the difference is from the December quarter ounces?
- How much is the regular cash tax instalment expected to be from April 2026, and what does that do to cash build?
- What are the terms, volumes and cost of the gold put options, and what share of output do they cover?
- What does the full-year FY26 production expectation require from the June 2026 quarter, given year-to-date output of 249,887oz?
What it means
For someone following Greatland, the update shows solid quarterly gold output, a $260m cash build with no debt, and an outlook for FY26 at or slightly above the top of guidance. The key missing piece is AISC, which will show whether margins held up as gold fell, and it is due in the full quarterly report in April. Regular tax payments now start, and gold prices have fallen materially since this release. This is general information only and not personal financial advice.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: high. Spotted a mistake? Tell us.
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