Greatland Resources Shares Climb Nearly 15% as Gold Rally Lifts Telfer Miner Building Havieron Project

Shares of Greatland Resources Ltd. rose almost 15% on Thursday, joining a broad rally in Australian gold miners as bullion prices rebounded and investors bet on companies with strong cash flow and growth pipelines.

Greatland shares gained A$1.38, or 14.6%, to close at A$10.83, near the session high of A$10.86. About 1.7 million shares changed hands, and the gain lifted the company's market value to roughly A$7.3 billion.

Sector-wide rally

The company did not issue fresh price-sensitive news on Thursday. Its shares rose alongside other gold producers as commodity stocks surged. The ASX 200 materials sector logged its best day since April 2025, rising 5.59%.

Spot gold rose 2.72% overnight to US$4,036.49 an ounce, as investors sought safe havens and the U.S. dollar weakened after Democrats won control of Congress.

Strong September quarter

The rally builds on a solid operational update released late last month. Greatland reported September-quarter production of 70,131 ounces of gold at an all-in sustaining cost of A$2,925 per ounce, and net revenue of A$485 million. It sold 71,901 ounces of gold at an average realized price of A$5,980 an ounce.

The result beat expectations. The company's shares rose 6.34% to A$9.23 after the Oct. 26 presentation, as investors responded to production beats, tight cost control and progress on growth projects.

Cash flow was particularly strong. Telfer generated A$289 million in operating cash flow during the September quarter, while Greatland continued investing in Telfer and the development of its nearby Havieron project.

Managing Director Shaun Day said the quarter reflected strong operating execution and cost control.

Debt-free with deep cash reserves

Greatland's balance sheet provides a cushion for its growth plans. The company ended September with A$1.31 billion in cash, no drawn debt and total available liquidity of A$1.79 billion.

It also has some downside protection. Greatland retains full exposure to rising gold prices, while put options provide partial downside protection for about 150,000 ounces through the September 2027 quarter.

Havieron construction underway

The company's main growth driver is now in construction. Greatland formally started construction of its Havieron gold-copper project in Western Australia during the quarter. The company expects first gold from Havieron during fiscal 2029.

The project is designed to make use of existing infrastructure. Havieron ore will be processed through the existing Telfer plant, avoiding the need for a standalone mill, with a 17-year initial mine life and steady-state output of about 266,000 ounces of gold a year.

Guidance and analyst views

Management reaffirmed its targets. Greatland said the quarter positions it well to deliver fiscal 2027 guidance of 260,000 to 300,000 ounces of gold. Production is expected to be modestly weighted toward the second half of the financial year.

Brokers see further upside. Citi set an A$13.50 price target for Greatland on Oct. 26, with analyst Jack Whelan maintaining a Buy rating.

Risks remain

Analysts note the project carries execution risk. The principal risks are construction delays, higher capital costs, changing gold prices and Telfer's ability to deliver cash flow while Havieron is built.

Greatland shares have gained about 49% over the past year.