23rd Feb 2026 11:00
(Alliance News) - Greatland Resources PLC on Monday posted a profit surge following its first full year controlling the Telfer mine.
The London-based mining company targets Western Australia. Its shares rose 4.3% to 707.10 pence on Monday morning in London, having more than doubled over the past year.
It swung to a pretax profit of AUD487.9 million in the six months ended December 31 from a loss of AUD8.2 million the year prior, as revenue multiplied to AUD977.3 million from AUD16.6 million.
The company proposed no dividends, though diluted earnings per share multiplied to 50.11 Australian cents from 8.58 cents on-year.
This disparity reflects the fact that Greatland only bought Telfer in December 2024, meaning 2025 was its first full year of ownership. The mine is located in the East Pilbara region, and has produced around 15 million ounces of gold since mining began there in 1977, Greatland noted.
In the first half that ended in December, Greatland produced 167,163 ounces of gold, graded at an average 0.61 grammes per tonne, and 6,894 tonnes of copper at an all-in-sustaining cost of AUD2,176 per ounce. Gold sales totalled 154,411 ounces, at an average realised price of AUD5,756 per ounce.
"A key driver of the period's performance was consistently high recovery rates," Greatland said. Though the company claims "the overall safety statistics have continued to improve", there was one lost-time injury at Telfer during the period.
Greatland reaffirmed its full-year drill target of 240,000 metres, with 107,747 metres drilled from 1,467 holes during the first half. It noted Telfer's West Dome Underground prospect for "delivering the highest grade intercepts to date", and aims to confirm the site's mineral resource estimate in the March 2026 quarter.
At the Havieron mine near Telfer, Greatland has completed a feasibility study, which in the company's view reinforced Havieron's potential as "a world-class, long-life, lowest quartile cost" project.
Greatland is targeting two approval decisions from Australia's environmental authorities by the end of financial 2026, but noted that these "remain subject to the ongoing processes."
By Holly Munks, Alliance News reporter
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