Production - ASX:GGP
Greatland June quarter gold 79,099oz; FY26 328,986oz beats top of guidance, AISC due in July
Greatland produced 79,099oz of gold and 3,573t of copper in the June 2026 quarter, taking FY26 gold output to 328,986oz, which is 6% above the top of its 260,000-310,000oz guidance range. Cash rose to A$1,289m with nil debt, after capital spending and an A$87m tax instalment. All-in sustaining cost (AISC) has not been finalised and will come with the full quarterly report later in July.
(price sensitive) - Greatland Resources announced: "June 2026 Quarter Production Update" (1 pages) - read the original
What investors must know
- Production was 79,099oz of gold and 3,573t of copper in the June 2026 quarter, and 328,986oz of gold and 14,594t of copper for FY26.
- Full-year gold production was 6% above the top end of the 260,000-310,000oz FY26 guidance range.
- Sales were 74,648oz of gold and 3,531t of copper in the quarter, and 326,859oz of gold and 14,729t of copper for FY26.
- Cash at 30 June 2026 was A$1,289m, up A$81m on the March quarter after capital expenditure and an A$87m tax instalment, with nil debt.
- A further A$20m of sales was completed in late June, with the cash received after quarter end.
- AISC for the June quarter has not been finalised and will be reported in the full June 2026 Quarterly Activities Report.
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $1.3bn
- Debt
- $0
- Gold produced
- 79,099 oz
- Copper produced
- 3,573 t
- Guidance
- FY26 gold guidance was 260,000-310,000oz. Full-year production of 328,986oz was 6% above the top end, so guidance was exceeded. AISC is still to be finalised and will be reported in the June 2026 Quarterly Activities Report.
The 79,099oz is production, not sales. Sales were 74,648oz of gold in the quarter. Cash of A$1,289m is as stated at 30 June 2026 and nil debt is as stated. The A$81m cash build is after capital expenditure and an A$87m quarterly tax instalment for FY26. The A$20m of late-June sales had cash received after quarter end, so it is not in the 30 June balance. Operating cash flow, Appendix 5B funding figures and share count are not in this release, so no funding runway can be worked out from it.
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 +0.7% against the gold index (XGD). After 20 trading days: -6.8% against the XGD.
From the last close before the market could trade on it ($11.77 on 3 Jul 2026), with day-1 volume 1.1x 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 +2.2%.
DrillScore has no recorded share price reactions to Greatland's earlier price-sensitive news. Its last five analysed announcements were all scored positive. The share price has moved from A$11.77 before the release to A$10.36 now, but this is a since-release move over several months, not the reaction on release day, and it occurred while gold equities were mixed. This does not indicate how the stock will trade next.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for GGP and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.8% by day 1, +2.4% by day 5 and +1.2% by day 20 against the XGD on average.
- Day 1
- +1.8%
- Day 5
- +2.4%
- Day 20
- +1.2%
After its earlier announcements, GGP moved +2.8% by day 1, +5.3% by day 5 and +5.8% by day 20 against the XGD on average.
- Day 1
- +2.8%
- Day 5
- +5.3%
- Day 20
- +5.8%
In the 20 trading days before this release the XGD gold index moved +1.3% (steady). After 13 past gold announcements released into a steady gold index, stocks moved +1.1% by day 1, -0.9% by day 5 and +16.4% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.1%
- Day 5
- -0.9%
- Day 20
- +16.4%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,126 | US$3,886 | -5.8% |
| Gold (A$/oz) | A$5,986 | A$5,737 | -4.2% |
| Copper (US$/lb) | US$6.11 | US$6.09 | -0.4% |
| AUD/USD | 0.6916 | 0.6774 | -2.1% |
At the release date (2 July 2026) gold was US$4,125.7/oz and A$5,986.22/oz. Now it is US$3,886.3/oz and A$5,737.08/oz, so gold is lower over the period. The release does not give a price deck, but the A$ gold price remains well above the last reported AISC of A$2,056/oz from the March quarter, so the spot margin is still wide. The June quarter AISC will be a new figure. Copper is US$6.09/lb now, close to its release level but down 6.5% over one month. Gold equities were mixed: GDX is up 4.1% since release, GDXJ is down 3.8% and COPX is down 9.7%. The XGD is up 9.1% since release.
Against GGP's own history
DrillScore's database shows the March 2026 quarter reported 82,723oz of gold, an AISC of A$2,056/oz, cash of A$1,208m, nil debt and undrawn facilities of A$75m. This quarter's 79,099oz is lower than that quarter, but FY26 output is above the top of guidance. The 8 April 2026 update had said FY26 was seen near the top of the range, and this release confirms it finished above it. Cash rose A$81m this quarter, compared with A$260m in the March quarter. The Telfer resource (30 March 2026) and reserve (29 June 2026) upgrades were separate announcements and are not restated here.
Risks & caveats
- AISC is not yet reported, so the cost position for the quarter is unknown from this release.
- Quarter gold production of 79,099oz is below the 82,723oz reported for the March quarter, even though the full year beat guidance.
- Sales (74,648oz) were below production (79,099oz) in the quarter, and the release does not explain the difference.
- Gold has fallen since the release (US$ and A$ prices both lower). The release says gold put options give only partial downside protection, and it does not state how much is covered.
- The production and cash figures are preliminary and unaudited until the full quarterly report.
What's next
- Full June 2026 Quarterly Activities Report, including the AISC figure and the Appendix 5B funding position - later in July 2026
- Webcast on the day the full June 2026 Quarterly Activities Report is released - July 2026, details to be provided
Questions worth asking
- What is the June quarter AISC, and how does it compare with the A$2,056/oz reported for the March quarter?
- Why were sales (74,648oz) below production (79,099oz) in the quarter, and how much gold is in inventory at quarter end?
- What share of expected production is covered by the gold put options, at what price levels, and what did they cost?
- What were operating cash flow, capital expenditure and the cash position in the Appendix 5B, and what funding runway does that imply?
- What is the timing and funding plan for the Havieron development, now that FY26 production is above guidance?
What it means
This update is positive on the operating and financial numbers. FY26 gold output beat the top of guidance, cash grew with nil debt, and the company still has a sizeable cash pile after tax payments. The main unknown is AISC, which is needed to judge margins and cost trends, and the full June quarterly report later in July will supply it. Gold has fallen since the release, and the put options give only partial protection. Anyone following the stock should weigh the full quarterly report, its cost figures and its funding details before drawing conclusions. 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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