FY2026 Forecasts3 Aug 2025 10:09
I feel Shaun and the team have been cautious in their approach to the forecast. I cannot see confirmation, but the list below of 'investment' in Telfer seems very substantial. I assume these costs are why the AISC has risen, specifically the hard work on Telfer. Perhaps Bamps can confirm? Any sensible investment decision would only be made with an assessment of potential returns. Finding good grades and accessing them is key. As has been said, good grades have been found in the domes and ESC etc. New equipment, fuel costs/risks, staffing all face potentially increased costs. On the revenue side the gold is hedged, but also the potential after any brief correction is massive at US$4000+ per oz. The team at the top hasn't changed this last week and as far as I'm concerned they sit with Hav/Telfer as our great assets.
‒ The largest drilling program in Telfer's operating history, with ~ 240,000 metres total drilling planned (+145% vs. FY21-25 average) across eight drill rigs;
‒ Open pit life-extension pre-stripping, new mining fleet, and haul truck refurbishment;
‒ Underground life-extension development; and
‒ Tailings capacity expansion.
§ Greatland is undertaking significant infill drilling with tighter spacing than historically applied at Telfer, to inform and increase confidence in future mine planning and resource and reserve updates.
§ Havieron growth capital (pre FID) includes study completion, early works and development restart.