Greatland Resources (ASX:GGP) Hits Record High as Cash Surges to $948m – Buy, Hold or Sell?

Greatland Resources Hits Record High on Strong Cash Flow

Greatland Resources (ASX: GGP) hit a new record high of A$11.6 on Wednesday, with shares trading at A$11.38, up 5.57%. The company just released its December quarter update showing gold production of 86,273 ounces and copper output of 3,528 tonnes. The cash balance jumped to A$948 million from A$750 million three months ago.

The story here isn’t just about production numbers – it’s about a deal that has worked out even better than management promised.
When Greatland bought the Telfer mine from Newmont just over a year ago, plenty of investors were sceptical. Could a former junior explorer really run one of Australia’s largest gold operations? The answer is now clear. The company has already generated more than double what it paid upfront, turning a bold acquisition into a cash-generating machine.

The bigger question for investors today is whether there’s still value on the table or if the market has already priced in the good news.

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Telfer Keeps Pumping Out Cash

This marks another strong quarter for Greatland Resources since taking over the Telfer mine in December 2024. Gold production rose 7% from the previous quarter, while copper also ticked higher.

The real story is the cash. The company added A$198 million to its bank account after paying costs and a one-off A$46 million stamp duty bill. Strip out that stamp duty, and the underlying cash generation was closer to A$244 million in just three months.

What makes this particularly impressive is the consistency. This isn’t a one-off result. Greatland Resources has now strung together four solid quarters since taking the keys to Telfer. The company is comfortably on track to meet full-year guidance and has smartly locked in downside protection on the gold price for 2026 while keeping full exposure to any upside. For a company that was purely an explorer just 18 months ago, the transformation has been remarkable.

Havieron Offers Big Growth Potential

Beyond the cash machine at Telfer, the real prize is Havieron. This nearby project completed its feasibility study in December, and the numbers look strong.

The mine holds 3.3 million ounces of gold in reserves. Once running, it should produce around 266,000 ounces per year at just A$1,610 per ounce, among the cheapest globally. With a 17-year mine life and a value of A$2.9 billion (rising to A$5.4 billion at current gold prices), this is a major asset.

Greatland Resources can fund the A$1.065 billion build cost without raising money from shareholders. Between their cash pile, ongoing Telfer cash flow, and a A$500 million loan facility from major banks, the project is fully funded. First gold is expected about 2.5 years after final approvals.

The Investor’s Takeaway

Here’s where it gets tricky. Greatland Resources has done everything right, but the share price now reflects a lot of that success. The stock has more than doubled from last year’s lows and currently trades above where most analysts have it valued.

The bull case remains strong: Telfer keeps generating cash, Havieron adds significant growth in a few years, and gold prices stay elevated. The balance sheet is pristine with nearly a billion dollars in cash and zero debt. But the easy gains may be behind us. The Havieron feasibility study is now public knowledge, and any delays to approvals or cost blowouts could disappoint a market expecting smooth execution.

For growth investors comfortable with mining risk, Greatland Resources still offers a rare combination of current profits and future upside. However, after such a strong run, patient investors might prefer to wait for a pullback before jumping in. Current holders should stay the course; the fundamentals remain solid, but buying at record highs requires conviction that further re-rating lies ahead.