Quick Hit: Why This FS is a Monster.1 Dec 2025 16:54
First off, thanks for the shoutout—love chatting mining stocks, especially when they're dropping bombs like this. I think you meant Greatland Gold plc (AIM/OTC: GGP, ASX: GGP) rather than "Resources" (that's their old name pre-rebrand after the Telfer/Havieron buyout). And heads up: What they've actually just released isn't a pre-feasibility study (PFS)—that's the 2021 version from their Newcrest JV days. This is the big leagues: a full Feasibility Study (FS) for the Havieron gold-copper project, dropped on November 30, 2025 (with the investor webcast hitting December 1 AWST). It's a game-changer, confirming Havieron as a Tier-1 beast. Let me break down my take—bullish AF, but with the usual caveats.
Quick Hit: Why This FS is a Monster.
Havieron's been simmering since Greatland discovered it in 2018, but post-100% ownership from Newmont (grabbed back in Dec 2024), this FS de-risks it massively. It's not just viable; it's a low-cost cash machine leveraging Telfer's infrastructure 45km away. Key highlights from the study (standalone scenario, no Telfer synergies baked in yet):
MetricBase Case (A$4,500/oz Au)Spot Price (A$6,250/oz Au)Post-Tax NPVUS$2.9 billionUS$5.4 billionIRR22.5%31.5%Annual Steady-State Production266,000 oz Au + 9,600 t Cu(Same output, juicier economics)AISCUS$1,610/oz Au (lowest quartile globally)-Mine Life17 years-Pre-Production CapexA$1.07 billion (US$1.065B)-Ore Reserves38.5 Mt @ 2.63 g/t Au, 0.33% Cu (3.3 Moz Au, 128 kt Cu)Australia's #3 underground Au reserveFree Cash Flow (Annual Avg)US$550 million post-taxEven higher upside
Funding? Locked in. Greatland's sitting on A$750M cash (as of Sep 30, 2025, debt-free), plus Telfer's churning ~A$284M quarterly cash flow. They've got A$500M committed debt from big banks (ANZ, HSBC, etc.) and A$200M for Telfer plant upgrades to handle Havieron ore. Minimal dilution risk—smart move.
Timeline: Environmental approvals eyed for FY26, Final Investment Decision (FID) soon after, first gold ~2.5 years out (late 2027?). Expansion potential to 4-4.5 Mtpa (43-60% uplift) is the cherry on top.
Synergies: This isn't isolated—Havieren ore trucks to Telfer for processing, slashing capex and emissions. Combined, it could make Greatland Australia's next mid-tier powerhouse.
The FS used conservative assumptions (e.g., Au at A$4,500/oz vs. current ~A$6,250), so real-world economics look even spicier. Shaun Day (MD) nailed it: "This confirms Havieron's world-class quality... generating significant after-tax free cash flow of US$550M per annum."
My Overall Take: Thumbs Up, Big Time, this is rocket fuel.
Link https://grok.com/share/bGVnYWN5LWNvcHk_7e823e42-85d9-4a2a-8623-365ed
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