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Https://x.com/BrenchleyCap/status/2008671697453391927

Billion-dollar cash piles in sight for Greatland and Regis

Operations deliver amid stupendous price environment

"Gold miners Greatland Gold and Regis Resources have coffers bulging with cash after good December operational performances amid a stellar gold price backdrop.

Greatland produced 86,273 ounces of gold....."

https://www.miningnews.net/miners/news-analysis/4525281/billion-dollar-cash-piles-sight-greatland-regis

NOTE: Production expected to be 3% ABOVE the UPPER end of our FY26 guidance, and Copper within guidance, but with the higher price it should enable us to report AISC BELOW guidance!

Thanks to Paddy on 'X'...

New Argonaut Research Note today maintains BUY and increases the GGP Price Target to A$14.50 ASX & £7.00 AIM.

https://pbs.twimg.com/media/G-CRvt0XoAA6BhS?format=jpg&name=large

Greatland Resources (ASX:GGP) – December 2025 quarter production update

Greatland reported December-quarter production of 86,273 ounces of gold and 3,528 tonnes of copper, taking first-half FY26 output to 167,163 ounces of gold, alongside a substantial cash build. Cash at 31 December rose to $948m, up $198m over the quarter, despite capital expenditure and a $46m stamp duty payment linked to the Telfer–Havieron acquisition. The company remains debt-free and largely unhedged, retaining full exposure to gold prices, and confirmed it will release full cost metrics, including AISC, later in January.

https://www.sharecafe.com.au/2026/01/07/hot-stocks-greatland-resources-capricorn-metals-manuka-resources/

Greatland Resources ASX close at A$11.38 (£5.68) having hit a new record high of A$11.62 (£5.80) during trading.

It ended 5th highest riser on the ASX 200.

Yup, record high Greatland Resources sp @ £5.449, both on AIM & ASX (A$ 10.96 equivalent on todays exchange rate).

Scott, Element may know more, but, according to the 2025 Annual Report, we had revenue from/of:

Gold Concentrate A$ 713.185 Million

Gold doré A$ 137.851 Million

Copper Concentrate A$ 94.311 Million

Silver Concentrate A$ 4.552 million

Silver doré A$ 148,000

These were the first gold doré bars produced at Telfer, under Greatland ownership, on the 8 December 2024.

https://i0.wp.com/dw6uz0omxro53.cloudfront.net/3254009/6dba4a52-fbea-456d-b794-855f91228389.jpg?w=800&ssl=1

Gold at Telfer is primarily produced as gold doré bars and as a gold-copper concentrate.

Copper prices soared to records above $13,000 a metric ton on Monday, driven by fears of shortages and expectations turmoil in Venezuela could accelerate the broader race to secure critical minerals.

Expectations of strong demand growth from data centres needed for artificial intelligence and electric vehicles helped fuel a 40% increase last year in prices of the metal used to make power cables.

“Copper prices need to rise further to persuade miners to generate significant new production,” SP Angel analyst John Meyer said.

“Many existing mines have been run at or well beyond their initial design capacity for many years, raising the risk of catastrophic failure as seen with the mud rush failure at Grasberg in Indonesia.”....

https://www.mining.com/web/record-copper-price-signals-accelerating-race-for-supplies/

Indeed it was Magnum, and I remember it well, but that's exactly why I stated 'Greatland Resources'.

Yup, just a few more pence to breach the Greatland Resources AIM all time high of £5.40 (22/12). The ASX high was A$10.96 (29/12), which, on todays exchange rate is about 4p higher.

Just looking at the Gold Price alone....

Gold Price in Oz Dollars today, just after start of Q3 FY26 +/- A$6,640/oz

Average Gold Price in Oz Dollars in Q2 FY26 (1st October - 31st December 2025) +/- A$ 6,300/oz (awaiting imminent report on GGP Gold sales weighted average realised price for last quarter)

GGP Gold sales weighted average realised price A$5,277/oz in Q1 FY26 (1st July - 30th September 2025)

GGP Gold sales weighted average realised price A$5,014/oz in Q4 FY25 (1st April - 30th June 2025)

Very tight spread this morning. Any sells being bought up, principally in retail, who are likely to be catching on, even more, now about what's been happening, and likely to continue in the gold/gold miner market, which has been more widely covered in the media tha past few weeks. I also suspect that there is a fair amount more fund/institutional buying pending too. IMHO.

"Greatland Resources moved sharply higher in the second half of 2025, rising from around 240p in mid August to approximately 512.01p at the time of writing. The re-rating was driven by September quarter performance at Telfer, where the company produced 80.9koz of gold alongside 3.4kt of copper, generating A$284m of operating cash flow at an AISC of A$2,155 per ounce. The quarter closed with a cash balance of A$750m and a debt-free balance sheet, reinforcing investor confidence in the company’s ability to self-fund growth. By late 2025, the market was increasingly valuing Greatland as a scaled producer rather than a development-stage story....."

https://www.share-talk.com/small-cap-mining-outlook-2026-who-delivered-in-h2-2025-who-must-prove-it-next/

Https://www.kitco.com/news/article/2026-01-02/71-retail-investors-see-gold-trading-above-5000oz-2026-banks-and-experts

It's also definitely worth noting that, as mentioned at the Town Hall meeting, only two or three brokers have factored the West Dome Underground (WDU) into their research at all. The majority have not. That's what makes the pending WDU maiden MRE targeted this quarter so important, as they'll all have to factor that in, hopefully.

Hi Rotherby, as you state, some are out of date, and so the averages are pretty pointless. The Target Price which is shown as £2.40 is an old Berenberg note from April last year (12p old money)!

Just to add, as well as the Updated Telfer Mineral Resource Estimate in the March Quarter (1st January - 31st March), there is also the West Dome Underground (WDU) maiden Mineral Resource Estimate targeted for the same period. Whether they'll be released together, I don't know. Frankly, I'm very excited about the WDU figures, after the excellent drilling results to date. The cut-off date was the 31st December for those.