**Summary of Greatland Resources Limiteds Quarterly Activities Report (September Quarter 2025)**
Greatland Resources Limited reported a strong start to FY26 with robust operational and financial performance in the September 2025 quarter. Key highlights include
**Operations**
**Production** 80,890 ounces of gold and 3,366 tonnes of copper, with an all-in sustaining cost (AISC) of $2,155/oz Au.
**Gold Recovery** Exceptional recovery rate of 88.6%, the highest quarterly recovery at Telfer since FY2010.
**Safety** No Lost Time Injuries during the quarter, with a 12-month moving average LTIFR of 0 and TRIFR of 6.5.
**Financial Performance**
**Revenue** $476 million from sales of 82,199oz Au and 3,277t Cu at average prices of $5,277/oz Au and $12,552/t Cu.
**Cash Flow** $284 million operating cash flow, with a closing cash balance of $750 million (debt-free).
**Cumulative Cash Flow** $885 million since the Telfer-Havieron acquisition in December 2024, exceeding the $541 million upfront consideration.
**Growth Initiatives**
**Telfer** $69.8 million invested in growth capex, including tailings expansion, open pit pre-stripping, underground development, and fleet renewal.
**Havieron** Feasibility Study and early works progressing, with completion targeted for December 2025.
**Exploration** Record 240,000-meter drilling program underway, with 53,543 meters drilled in the quarter. A new high-grade zone identified at West Dome Underground.
**Management Commentary**
Managing Director Shaun Day highlighted the strong operational performance, cash generation, and progress in exploration and growth projects. The company remains debt-free with significant cash reserves, providing flexibility for Havieronโs development.
**Outlook**
FY26 production guidance remains at 260,000โ310,000oz Au at an AISC of $2,400โ$2,800/oz Au, slightly weighted towards the first half. Greatland maintains full upside exposure to gold prices with downside protection through gold put options.
**Sustainability**
No environmental non-compliances or significant incidents reported. Safety performance continues to improve post-Telfer acquisition.
**Corporate**
Market capitalization at $5.1 billion, with a cash balance of $750 million as of September 2025.
Greatlandโs strong performance underscores its position as a leading gold and copper producer with a robust growth pipeline.
Here is the HTML table code comparing the financials and debt year on year based on the provided text:
**Notes:**
- The table compares key financials and debt status for the September 2025 quarter (Q1 FY26) with the June 2025 and March 2025 quarters. Since the exact data for September 2024 is not provided, it is marked as "N/A".
- The company remains debt-free across all reported periods.
- Cumulative cash flow since the acquisition in December 2024 is highlighted to show the rapid payback of acquisition costs.
- Growth capex and cash balances are compared to show the company's investment in growth while maintaining a strong cash position.