Greatland Gold PLC on Monday said it generated A$253 million, or $164.5 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 A$2,126, below its forecast of A$2,203.

Sales totalled 89,125 ounces of gold and 3,705 tonnes of copper, generating A$458 million in revenue. Realised gold and copper prices averaged A$4,585 per ounce and A$13,140 per tonne, respectively.

Closing cash stood at A$398 million at March-end, up from A$145 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 A$253 million for the quarter. Closing cash of A$398 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 A$2,100 to A$2,250 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.

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