RE: Q2 2025 results29 Jul 2025 00:07
Greatland joins the ASX as a leading Australian gold-copper producer
June quarter caps a transformational FY25 with more than $600 million cash flow from
operations generated in just seven months, and 198,319 ounces of gold produced at AISC
of $1,849 per ounce. $575 million closing net cash to support key growth investments in
FY26, targeting further multi-year Telfer life extension.
Highlights
Operations
▪ FY25 production in just seven months1 of 198,319 oz of gold (Au) plus 8,429t of copper (Cu) at an
all-in-sustaining cost (net of by-product credits) (AISC) of $1,849/oz Au; production within guidance
and AISC substantially better than guidance.
▪ June quarter production of 78,283oz Au and 3,729t Cu at an AISC of $1,736/oz Au.
▪ No Lost Time Injuries during the quarter. 12-month moving average lost time injury frequency rate
(LTIFR) is 0 and Total Recordable Injury Frequency Rate (TRIFR) has improved significantly to
6.0 from 14.1 (31 December 2024).
▪ Successful completion of the post acquisition integration of Telfer and Havieron operations into
Greatland, including the stand-up of all systems, operational processes, and conclusion of
transitional services arrangements.
▪ Key Telfer mining leases achieved their second renewal, until December 2045.
Financial & Corporate
▪ June quarter sales of 87,529oz Au and 3,740t Cu at weighted average realised prices of $5,014/oz
gold and $12,718/t copper, generating net revenue of $487 million.
▪ Strong operating cash flow of $310 million for the June quarter (March quarter: $297 million)
delivered a closing cash balance of $575 million ($398 million at 31 March 2025), debt free.
▪ ASX initial public offering (IPO) successfully completed in June 2025. Exceptionally strong investor
demand for the $490 million offering priced at $6.60 per share and minimal dilution from a modest
$50 million primary share issuance, with the balance a $440 million secondary sell down of shares
held by Newmont.
▪ Full upside exposure to the gold price with downside protection provided from gold put options at
$3,905/oz (CY25) and $4,200/oz (CY26).