LONDON (ShareCast) - (Sharecast News) - Greatland Gold reported a solid start to production at Telfer during the initial period under its ownership on Wednesday, achieving higher-than-expected output levels, having completed the acquisition of 100% ownership of the Telfer and Havieron projects on 4 December.
The AIM-traded firm said that in the 27 days from completion to the end of December, Telfer produced 29,864 ounces of gold and 1,189 tonnes of copper, equivalent to 33,882 ounces of gold.

It said the production rate exceeded initial expectations by about 33%, though the company noted that the short timeframe and higher-than-average mill grades contributed to the strong performance.

A total of 1.47 million tonnes of ore were processed during the period, with 639,000 tonnes mined from the West Dome Open Pit and 95,000 tonnes from the Telfer Underground operations.

As of 31 December, Telfer's estimated stockpiles included 10.9 million tonnes of run-of-mine material containing 247,000 ounces of gold and 7,600 tonnes of copper, alongside 24.5 million tonnes of low-grade stockpiles containing 262,000 ounces of gold and 12,200 tonnes of copper.

The transition of operations saw 435 employees transferred to Greatland, with several key leadership appointments made to strengthen the company's operational and technical capabilities.

Efforts to extend the mine life of Telfer were ongoing through a site-wide review and ranking of mine extension targets.

Meanwhile, feasibility study work for the Havieron project continued as planned, with completion targeted for the second half of 2025.

Greatland also announced the execution of an AUD 100m (£50.86m) syndicated facility agreement with ANZ, HSBC, and ING.

That included an AUD 75m working capital facility and an AUD 25m contingent instrument facility.

The company reported a closing cash balance of AUD 145m at the end of December, with the full working capital facility remaining undrawn.

Greatland said it had opted not to report costs, including all-in sustaining costs (AISC), for the December period due to the limited timeframe under its ownership.

Production and cost guidance for the rest of the financial year would be provided in April alongside the full quarterly results for the March period.

At 1303 GMT, shares in Greatland Gold were up 10.08% at 6.66p.

Reporting by Josh White for Sharecast.com.

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