Quarterly - ASX:GGP
Greatland June quarter: 79,100oz gold at A$2,312/oz AISC, cash A$1,289m; FY26 beats guidance
Greatland produced 79,100oz of gold and 3,573t of copper in the June quarter at an AISC of A$2,312/oz. FY26 gold output of 328,987oz beat the 260-310koz guidance, and cash rose A$81m to A$1,289m with no drawn debt. FY27 guidance is lower at 260-300koz and A$2,900-3,330/oz AISC, as lower-grade stockpiles make up more of the mill feed. The Pinnacles drill hole and the 5.0Moz reserve were released earlier and are only summarised here.
(price sensitive) - Greatland Resources announced: "June 2026 Quarterly Activities Report" (20 pages) - read the original
What investors must know
- June quarter: 79,100oz gold and 3,573t copper produced at an AISC of A$2,312/oz, up from A$2,056/oz in the March quarter.
- FY26 finished at 328,987oz gold and an AISC of A$2,179/oz, beating the 260-310koz and A$2,400-2,800/oz guidance.
- Cash was A$1,289m at 30 June (A$1,208m at 31 March) after A$302m of operating cash flow, with no drawn debt and A$475m of undrawn revolving facilities.
- FY27 guidance is 260-300koz at A$2,900-3,330/oz, below FY26 output and at a higher AISC, with Telfer growth capex of A$315-335m and Havieron growth capex of A$365-435m.
- The Pinnacles hole WRC14503A (58.7m at 6.5g/t Au from 1,754m) was first reported on 11 May 2026, so it is not new in this report.
- The Telfer Ore Reserve rose by 1.1Moz to 1.8Moz, taking the group total to 5.0Moz. This was announced on 29 June 2026.
The drill intercepts, normalised
- Holes reported
- 1
- Metres drilled
- 41,000
- Drilling
- diamond (surface diamond hole WRC14503A)
- True widths
- Stated - The company states approximately true width for the 58.7m and 37.0m intervals, and those values are reported as stated. No true width is given for the 34.1m interval.
- Hole spacing
- A single hole, WRC14503A, drilled from surface about 1.2km from the current West Dome Underground resource and about 1.5km from the Telfer underground crusher and hoist. This is a discovery or step-out hole, not infill, and continuity between holes is unknown. Wedge holes and further drilling between Pinnacles and WDU are planned.
- Depth
- Hole WRC14503A total depth is 1,858m. The intercept depths of 1,754m and 1,820m are down-hole, and vertical depth is not stated. Total Telfer drilling in the quarter was 41km, including 20,243m of resource growth drilling.
Against the project's earlier holes
Cannot be compared with earlier West Dome holes, because DrillScore holds no earlier WDU or Pinnacles intercepts. The 58.7m interval is long and high grade, and its 37.0m core is higher still. The 34.1m interval at 1.1g/t Au is much lower grade.
Against similar explorers
Against the rough gram-metre guide for gold (50 good, 100 really good, 200 excellent, 500 stellar), the headline and core intervals are high grade and wide. Our system calculates the exact figures. Discovery-style holes at explorers are often shorter and lower grade, but this result is one hole summarised as three intervals.
Gram-metre calculator - gram-metres explained - the leaderboard
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $1.3bn
- Debt
- $0
- Undrawn facilities
- $475m
- Operating cash flow (quarter)
- $302m
- Exploration spend (quarter)
- $10.9m
- Shares on issue
- 674.7m
- Options, rights & convertibles
- 24.9m
- Gold produced
- 79,100 oz
- Copper produced
- 3,573 t
- AISC
- A$2,312/oz (margin about A$3,468/oz at the day's gold price)
- Revenue
- $545m
- Guidance
- FY27 guidance: 260-300koz gold at A$2,900-3,330/oz AISC, with copper assumed at A$17,500/t and gold recovery budgeted at 85%. FY26 guidance was 260-310koz at A$2,400-2,800/oz and FY26 beat both. Quarter gold output is as produced, and sales were 74,648oz.
All A$ figures from the report. gold_oz is gold produced in the quarter, not sold. Revenue of A$545m is net sales revenue for the quarter. Exploration of A$10.9m is A$3.8m expensed plus A$7.1m capitalised. Cash build was A$81m, after the April tax instalment and Telfer and Havieron growth capex. The company says the A$1,764m total liquidity (cash plus A$475m undrawn revolvers) fully funds Havieron development. The A$25m contingent instrument facility had A$9m drawn for guarantees, and the A$64m June-quarter tax instalment was paid in July. The Havieron final investment decision was approved in June 2026, with pre-production capex estimated at A$1,065m and expansion capex at A$673m. No Appendix 5B is attached, so burn and funding quarters are not stated.
Appendix 5B explained - why runway predicts raisings - every company's runway
Resource / reserve
- Tonnes
- 157.2 Mt
- Grade
- 0.99 g/t Au
- Contained metal
- 5.00 Moz
- What changed
- Group Ore Reserve (Proved and Probable) at 31 March 2026, restated from the 29 June 2026 announcement and not new here. Telfer 118.7Mt at 0.46g/t Au for 1.8Moz, up 1.1Moz. Havieron 38.5Mt at 2.63g/t Au for 3.3Moz, unchanged. Table 4 gives 157.2Mt, which the text rounds to 157Mt. Proved 1.9Mt and probable 155.3Mt. Measured and indicated share is not stated as such for reserves.
How the price reacted
News signal mixed, and on day 1 the stock moved -1.6% against the gold index (XGD). After 20 trading days: -0.7% against the XGD.
From the last close before the market could trade on it ($10.33 on 28 Jul 2026), with day-1 volume 1.3x 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 +2.4%; after quarterlies alone, +3.3%.
DrillScore has no recorded share price reactions to Greatland's earlier price-sensitive news, so past reception cannot be measured. Since the release the share price has moved from A$10.33 to A$10.36, about 0.3%. Over the same period gold miner ETFs rose more (GDX up 10.0%) and copper miner ETFs fell (COPX down 9.5%), so sector moves rather than this report drove the share price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for GGP and it isn't advice.
After 39 other announcements read as 'mixed', stocks moved +0.6% by day 1, +0.8% by day 5 and +0.7% by day 20 against the XGD on average.
- Day 1
- +0.6%
- Day 5
- +0.8%
- Day 20
- +0.7%
After its earlier announcements, GGP moved +2.5% by day 1, +4.5% by day 5 and +3.7% by day 20 against the XGD on average.
- Day 1
- +2.5%
- Day 5
- +4.5%
- Day 20
- +3.7%
In the 20 trading days before this release the XGD gold index moved -0.7% (steady). After 13 past gold announcements released into a steady gold index, stocks moved +1.2% by day 1, -1.3% by day 5 and +12.1% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.2%
- Day 5
- -1.3%
- Day 20
- +12.1%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,039 | US$3,886 | -3.8% |
| Gold (A$/oz) | A$5,780 | A$5,737 | -0.7% |
| Copper (US$/lb) | US$6.32 | US$6.09 | -3.7% |
| AUD/USD | 0.6987 | 0.6774 | -3.0% |
At release, spot gold was A$5,780/oz, and it was A$5,737/oz on 14 November. That is well above the June quarter AISC of A$2,312/oz and the FY27 guidance range of A$2,900-3,330/oz, so margins look wide at spot. The company's reserve price decks are much lower, at A$4,000/oz for Telfer (medium term) and A$2,500/oz for Havieron, so the reserve is conservative against spot. The FY27 AISC assumes copper at A$17,500/t, against A$16,107/t realised in the June quarter. Copper fell about 3.7% after release (US$6.32 to US$6.09/lb) and COPX fell 9.5%. Gold in US$ fell 3.8% and silver fell 14.3% after release. US 10-year yields rose 0.55 points to 5.15% and the US dollar index rose 2.0%, both of which weigh on gold. Gold equities rose strongly, with the XGD up 17.7% and GDX up 10.0% since release. The realised gold price in the quarter (A$6,468/oz) was above spot at release.
Against GGP's own history
March quarter (reported 28 April 2026): 82,723oz gold, A$2,056/oz AISC, cash A$1,208m, operating cash flow A$453.2m and A$75m undrawn facilities. This quarter has lower gold output (79,100oz) and a higher AISC (A$2,312/oz), but cash rose to A$1,289m and undrawn facilities are now A$475m after the A$500m debt facilities were executed. Shares on issue rose from 672.91m to 674.67m. The 6 July production note reported 79,099oz gold and 328,986oz for FY26, and said AISC was due in July. This report gives 79,100oz and 328,987oz, which is a rounding difference, and confirms the A$2,312/oz AISC. There are no capital raisings or earlier drilling intercepts on record for Greatland, so the Pinnacles result cannot be compared with earlier holes. The 29 June reserve, 26 May Havieron approval and 30 March resource notes were each scored 62 or 66.
Risks & caveats
- FY27 gold output is guided below FY26 (260-300koz against 328,987oz), and AISC is guided well above FY26's A$2,179/oz.
- Lower-grade stockpiles (19.8Mt at 0.33g/t Au) replace higher-grade stockpiles in FY27 feed, and gold recovery is budgeted at 85% against 88% achieved in FY26.
- Havieron still awaits secondary approvals and the delivery partner is not yet signed. First gold is expected about 2.5 years after construction starts, in FY29.
- The gold put options (A$4,200/oz to A$5,200/oz strikes) only protect the downside below those strikes, so most of the price exposure stays with the company.
- Tax instalments of A$87m (April) and A$64m (July) show the cash cost of a strong year, and monthly instalments begin in FY27.
What's next
- Havieron secondary approvals, after which site clearing and construction start - expected in the coming weeks (as stated 29 July 2026)
- Havieron Project Delivery Partner contract (final negotiations underway) - not stated
- Nick Strong starts as Chief Operating Officer - 2026-10-05
- West Dome Underground study completion - FY27
- Vertical Stockwork Corridor sub-level cave mining study - FY27
- Telfer growth and conversion drilling of about 215km - FY27
- First development ore from West Dome Underground (subject to study) - FY28
- Havieron first gold - FY29
Questions worth asking
- What drove the rise in AISC from A$2,056/oz in the March quarter to A$2,312/oz in the June quarter, and how much was timing of stockpile or sustaining capex?
- When will the Havieron secondary approvals be received, and has the Delivery Partner contract been signed?
- What cut-off, width and assay list sit behind the WRC14503A intercepts, and what did the rest of the 1,858m hole return?
- How much of the 42% open pit and 8% underground Inferred resource upside is realistic, and what drilling is planned to test it?
- Does the September quarter report show cash after the start of Havieron construction, and is FY27 guidance still unchanged?
What it means
For someone following Greatland, this report confirms a strong FY26 and a larger cash balance. The company says that balance fully funds the Havieron build and the Telfer growth program. The new information is mainly the June quarter figures and FY27 guidance. FY27 is set up as a lower-output, higher-cost investment year, with growth from FY28 and FY29 depending on West Dome Underground and Havieron. The Pinnacles drilling and the 5.0Moz reserve are older news, and their value depends on follow-up drilling and studies. Watch the Havieron approvals and delivery partner, the WDU study and the September quarter report, which was due in late October and is not part of this analysis. This is general information, not a recommendation.
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.
Start the conversation
Discuss GGP's announcement