14th Apr 2025 10:46
(Alliance News) - Greatland Gold PLC on Monday said it generated AUD253 million, or USD164.5 million in free cash flow during its first full quarter of owning the Telfer and Havieron gold-copper assets, as higher production and stronger gold prices boosted performance.
The Western Australia-focused metals exploration and development company reported gold production of 90,172 ounces and copper output of 3,511 tonnes in the three months to March 31.
This was 21% above the company's initial mine plan projections, while the all-in sustaining cost per ounce of gold fell to AUD2,126, below its forecast of AUD2,203.
Sales totalled 89,125 ounces of gold and 3,705 tonnes of copper, generating AUD458 million in revenue. Realised gold and copper prices averaged AUD4,585 per ounce and AUD13,140 per tonne, respectively.
Closing cash stood at AUD398 million at March-end, up from AUD145 million at the end of December, and the company remains debt-free. Greatland said it also retains full exposure to gold prices, with downside protection through put options.
Chief Executive Officer Shaun Day said: "Production of more than 90,000 ounces of gold and full exposure to the strong gold price resulted in free cash flow of AUD253 million for the quarter. Closing cash of AUD398 million and no debt establishes a very robust balance sheet."
Greatland confirmed financial 2025 guidance of between 196,000 and 210,000 ounces of gold at an all-in sustaining cost of AUD2,100 to AUD2,250 per ounce, covering roughly seven months of ownership since completing the Telfer acquisition in December.
Drilling at Telfer has also shown promising results, according to the company, including high-grade intercepts at West Dome Underground, leading to the approval of a new 1.8-kilometre development drive.
Greatland plans to increase its underground drill rigs to six by June - the highest number at the site since 2020.
Shares in Greatland Gold were up 2.9% at 14.00 pence in London on Monday morning.
By Eva Castanedo, Alliance News reporter
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