Greatland Gold PLC shares jumped on Tuesday as it reported an ‘outstanding’ resource estimate for its Telfer gold-copper mine.

Shares in Greatland Gold were up 9.3% to 10.44 pence in London on Tuesday afternoon. It has a market capitalisation of £1.37 billion.

The Western Australia-focused metals exploration and development company said its inaugural mineral resource estimate for the mine was 3.2 million ounces of gold and 117,000 tonnes of copper.

The firm said this confirms the site’s ‘life extension potential’.

It said the Telfer mineral resource estimate will form the basis of the Telfer Ore Reserve, with an estimate targeted for the June 2025 quarter.

Greatland said its group mineral resources have increased by more than 40% to 10.2 million ounces of gold and 387,000 tonnes of copper.

Managing Director Shaun Day said: ‘This inaugural Greatland Telfer Mineral Resource estimate is an outstanding result, delineating 3.2 million ounces of contained gold. This exceptional outcome is a testament to the significant opportunities we saw at Telfer during our acquisition due diligence, and the excellent work of our team to progress and validate those opportunities in short order.’

He said the total mineral resources are an ‘exceptional foundation’ for Greatland ‘as a leading new Australian gold and copper producer’.

‘When we announced the acquisition, we described an initial 15-month mine plan at Telfer to produce 374,000 ounces of gold and 13,000 tonnes of copper. Our two key focuses at Telfer now are continuing safe and profitable operations and demonstration of mine life extension,’ he said.

‘This Telfer MRE confirms the very significant extension opportunities we see at Telfer and gives us confidence in the opportunity to extend Telfer’s mine life. This result is an important step towards a long life integrated Havieron and Telfer mining operation.’

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