Greatland feasibility study confirms A$1bn Havieron build

The study outlines steady-state output of 266 000 oz/y of gold and 9 600 t/y of copper at an all-in sustaining cost of $1 610/oz, generating $739-million in yearly pre-tax free cash flow, rising to $1.197-billion at spot gold.

Base-case economics show a post-tax net present value, using a 5% discount, of $2.9-billion and a 22.5% internal rate of return (IRR), increasing to $5.4-billion and 31.5% at spot prices.

MD Shaun Day said in a statement that the study “confirms Havieron’s world-class quality and sets the pathway for its development into a long-life, low cost, leading Australian gold/copper mine that will integrate efficiently with the existing infrastructure at Telfer".

Greatland has updated Havieron’s ore reserve to 38.5-million tonnes at 2.63 g/t gold and 0.33% copper, containing 3.3-million ounces of gold and 128 000 t of copper, which it says is now the largest Australian underground gold reserve outside a global major. The reserve reflects a 55% increase in tonnage and a 36% increase in contained metal from previous estimates.

The mine plan envisages 50.3-million tonnes mined for 4.1-million ounces of gold and 153 000 t of copper contained over an initial 17-year mine life, with first gold expected around 2.5 years after final investment decision, which is targeted following environmental approvals in the 2026 financial year.

Day noted that the project’s economics remained resilient across pricing scenarios. “The results of the study are robust, generating an IRR of 22.5% at a long term $4 500/oz gold price. At a long term price equal to the current spot gold price, this rises to 31.5% IRR,” he said.

Pre-production capital expenditure is estimated at $1.065-billion, including allowances for growth. Development is expected to be fully funded through Greatland’s $750-million cash balance, cash flows from Telfer and $500-million in committed debt financing from a syndicate of ANZ, HSBC, ING, NAB and Westpac.

Havieron ore will be processed through the existing Telfer plant, with $200-million of upgrades included in the initial capital expenditure. Greatland said cost savings were possible under a co-processing scenario if the Telfer mine life was extended.

Day emphasised the financial strength the project could deliver once in production. “The assessed steady state average production target of 266 000 oz gold and 9 600 t copper annually would generate significant after tax free cash flow of $550-million per annum at our base case pricing, or $870-million per annum at spot gold pricing,” he said.
He added that Greatland entered the development phase with “an exceptionally strong balance sheet, substantial ongoing production from Telfer, and new corporate debt finance commitments with a Tier 1 lending syndicate", which give the company confidence that Havieron is “expected to be fully funded".

Day said the strategy aimed to unlock the full potential of both assets. “Looking ahead, we look forward to obtaining the final permits required to take final investment decision and resume full development at Havieron, and to outlining our integrated Telfer-Havieron production plan.

"The potential is to deliver Havieron and in parallel extend the mine life of Telfer to achieve the full potential of the Greatland platform.”

Beyond the initial mine plan, Greatland highlighted more than three-million ounces of additional mineral resources and further growth potential from underground drilling, particularly in the Breccia and Link zones, where the deposit remained open at depth.

Looking ahead, the company is targeting a record 240 000 m drill programme at Telfer in the 2026 financial year, with updated mineral resources due in the March 2026 quarter and updated reserves in June 2026, ahead of an integrated Telfer-Havieron outlook in the 2027 financial year.