Quarterly - ASX:GGP
Greatland March quarter: 82,723oz gold at A$2,056/oz AISC; cash rises A$260m to A$1,208m
Greatland produced 82,723oz of gold and 4,128t of copper in the March quarter at an all-in sustaining cost (AISC) of A$2,056/oz. Operating cash flow was A$453m, cash rose A$260m to A$1,208m, and the company has no debt. Full-year guidance is now tracking to the top of the production range and the lower end of the cost range, but the report contains no new drill results. The Telfer and Group resource figures it repeats were first released on 30 March 2026.
(price sensitive) - Greatland Resources announced: "March 2026 Quarterly Activities Report" (13 pages) - read the original
What investors must know
- Production of 82,723oz gold and 4,128t copper at an AISC of A$2,056/oz, down from 86,273oz and A$2,196/oz in the December quarter.
- Sales of 97,800oz gold at a realised A$6,773/oz and net revenue of A$742m, which includes A$119m received in cash in the December quarter.
- Operating cash flow of A$453.2m and closing cash of A$1,208.2m, debt free, with an undrawn A$75m working capital facility.
- FY26 gold production is now expected to be around or slightly above the top of the 260,000-310,000oz guidance, and AISC toward the lower end of A$2,400-2,800/oz.
- No new drill results were reported; 78,302m was drilled in the quarter and 184,322m year to date against a 240,000m FY26 target.
Money: can they follow it up?
- Period ending
- 2026-03-31
- Cash
- $1.2bn
- Debt
- $0
- Undrawn facilities
- $75.0m
- Operating cash flow (quarter)
- $453m
- Exploration spend (quarter)
- $16.7m
- Shares on issue
- 672.9m
- Options, rights & convertibles
- 26.0m
- Gold produced
- 82,723 oz
- Copper produced
- 4,128 t
- AISC
- A$2,056/oz (margin about A$4,514/oz at the day's gold price)
- Revenue
- $742m
- Guidance
- FY26 gold production now expected around or slightly above the top of the 260,000-310,000oz range (YTD 249,887oz). FY26 AISC now expected toward the lower end of the A$2,400-2,800/oz range (YTD A$2,136/oz). Telfer growth capex guidance of A$230-260m is unchanged. Guidance is not yet met but is tracking favourably.
No Appendix 5B is included, so cash and flows come from the report. Gold production is produced ounces including dump leach; sales were 97,800oz. Operating cash flow of A$453.2m and cash build of A$260m are shown after A$72.6m of tax paid for FY25. Sustaining capex was A$28.7m and growth capex A$80.0m (Telfer A$35.6m, Havieron A$27.5m, resource development and exploration A$16.9m in cash). Exploration of A$16.7m is A$3.9m expensed plus A$12.8m capitalised. The company reports positive operating cash flow, so the company is self-funding on these figures. A further A$87m tax instalment was due in April 2026. Funding quarters are not stated. No raising is reported.
Appendix 5B explained - why runway predicts raisings - every company's runway
Resource / reserve
- Tonnes
- 550.0 Mt
- Grade
- 0.84 g/t Au
- Contained metal
- 14.90 Moz
- Measured + Indicated
- 40%
- What changed
- Restated from the 30 March 2026 release. Telfer MRE (31 Dec 2025): 419Mt at 0.59g/t Au and 0.09% Cu for 8.0Moz Au, up 4.8Moz. Telfer Measured plus Indicated: 170Mt at 0.69g/t Au for 3.8Moz, up 2.4Moz. Group MRE: 550Mt at 0.84g/t Au and 0.12% Cu for 14.9Moz Au and 645kt Cu, with Havieron unchanged. O'Callaghans first MRE: 70Mt at 0.35% WO3, 0.30% Cu, 0.57% Zn and 0.28% Pb. The Group Measured plus Indicated share (39.9%) is calculated from Table 3 (2.7Mt Measured plus 217Mt Indicated, of 550Mt).
How the price reacted
News signal positive, and on day 1 the stock moved +2.3% against the gold index (XGD). After 20 trading days: +4.3% against the XGD.
From the last close before the market could trade on it ($14.17 on 27 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 4 times and fell 5 times - an average move of +2.3%; after quarterlies alone, +3.0%.
No earlier price-sensitive announcements from this company have a recorded share price reaction, so there is no stock-specific pattern to compare. Between the 27 April close (A$14.17) and today (A$10.36), the shares fell about 27%, while gold in US dollars fell about 17%, the GDX gold miners ETF about 12% and the GDXJ junior gold ETF about 19%. The XGD gold index was roughly flat over the same period. The release came out before the market opened, so the 27 April close is the pre-release reference. This describes past moves only and does not predict the share price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for GGP and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.8% by day 1, +2.3% by day 5 and +0.9% by day 20 against the XGD on average.
- Day 1
- +1.8%
- Day 5
- +2.3%
- Day 20
- +0.9%
Only 2 of GGP's earlier announcements have traded - too few to show a pattern.
In the 20 trading days before this release the XGD gold index moved +9.8% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.9% by day 1, +2.7% by day 5 and -4.5% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.9%
- Day 5
- +2.7%
- Day 20
- -4.5%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,694 | US$3,886 | -17.2% |
| Gold (A$/oz) | A$6,570 | A$5,737 | -12.7% |
| Copper (US$/lb) | US$6.02 | US$6.09 | +1.2% |
| AUD/USD | 0.7144 | 0.6774 | -5.2% |
At the 27 April release, gold was US$4,694/oz (A$6,570/oz). The March quarter realised price of A$6,773/oz and AISC of A$2,056/oz show the quarter earned well above cost at the prices received. Gold has since fallen to US$3,886/oz (A$5,737/oz), which is still far above the quarter's AISC. The CY26 put strike of A$4,200/oz sits well below spot, so downside protection on those ounces is limited. The Telfer cut-off price of $4,200/oz gold (currency not stated, presumably A$ given the hedge table) is also below spot. Sector sentiment has weakened: GDX fell about 12%, GDXJ about 19% and COPX about 15% over the same period, while the XGD index was roughly flat. A 5.0% rise in the US dollar index and a 0.82 point rise in the US 10-year yield are headwinds for gold. Copper rose 1.2% to US$6.09/lb, but copper was only A$74m of A$742m in quarterly net revenue. This is context only, and we do not forecast prices.
Against GGP's own history
DrillScore's database holds no earlier intercepts, raisings or price reactions for Greatland. It does hold a 30 March 2026 resource entry, which matches the MRE restated here, and the cash and output figures for the quarter to 31 March 2026 (cash A$1,208m, gold 82,723oz, copper 4,128t). An 8 April 2026 production entry describes the same March quarter figures, but that date is before this 28 April report, so it may be a duplicate or an earlier release and should be checked. Compared with the company's own history, cash has built strongly this quarter, though the entries on record show no prior raisings or drilling results to compare against.
Risks & caveats
- Gold put options cover 187,502oz at strike prices of A$4,200/oz (CY26), A$5,000/oz (Q1 CY27) and A$5,200/oz (Q2 CY27), so downside protection is partial and the CY26 strikes are well below the current gold price.
- About half of the 14.9Moz Group gold resource (7.0Moz) is Inferred, and the Telfer resource growth depends on continued conversion drilling.
- Low-grade stockpiles of 20.6Mt at 0.33g/t Au are not yet in the mine plan and are expected to be used only from FY27, pending trial results.
- The company flags diesel cost inflation risk; direct diesel is about 3.8% of the YTD cost base.
- A tax instalment of A$87m was due in April 2026, and Havieron still needs state environmental approval and a final investment decision before construction.
What's next
- Havieron state environmental approval under the EP Act, targeted within FY26 - FY26, timing subject to ongoing processes
- Telfer FY26 drilling target of 240,000m - FY26 (year to 30 June 2026)
- Review of Telfer pit design changes arising from the March MRE update - June quarter 2026
- Outcomes of low-grade stockpile trial campaigns to inform the FY27 processing schedule - Trials run through FY26; outcomes not stated
- Havieron decline tunnel completion, scheduled in the report - May 2026 (as stated in April; outcome not in this report)
- Havieron project final investment decision - not stated
- June quarter and full-year FY26 results - not stated
Questions worth asking
- Why does the underground contained gold of 18,815oz not match 315kt at 2.08g/t Au (about 21,000oz), and why does the open pit copper of 1,833t not match 3.63Mt at 0.07% Cu?
- Are the Telfer (US$4,200/oz) and Havieron (A$2,360/oz) cut-off price decks being updated against current gold prices, and what would the resource look like at spot?
- What is the timing and total capital for Havieron's final investment decision, and how much of the A$1.2bn cash balance is committed to it?
- How much of the 240,000m FY26 drilling target remains, and how much of the Inferred resource is expected to convert to Measured or Indicated?
- Does management plan to add gold put cover beyond the current 187,502oz, given the A$4,200/oz CY26 strikes now sit well below spot?
What it means
On the company's own figures this was a solid operating quarter. Production was steady, costs are well below the gold price, cash is large and the company carries no debt. The report contains no new drill results, and the resource figures were already released on 30 March. Most of the forward risk sits with the gold price, the Havieron build timetable and cost inflation. Anyone following the stock may want to watch the June quarter report, Havieron's approvals and investment decision, and whether the underground and open pit contained-metal reconciliation questions are answered. This is general information, 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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