Greatland Resources lifts on higher than expected quarterly gold production
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The news: Shares in Greatland Resources were leading gains on the ASX 200 in afternoon trade after announcing quarterly production figures that were ahead of market consensus expectations, according to Visible Alpha.
The numbers: At 3:29pm AEDT, shares in Greatland Resources had lifted 9.6% to $8.36.
Citi analysts lifted their target price on the stock by 30 cents to $9 per share.
Greatland Resources told the market on Tuesday morning that gold production for the September quarter came in at 80.89 kilo ounces. Copper production came in at 3.37 kilo tonnes.
The production volumes were higher than the market consensus expectation of 74 kilo ounces of gold and 2.7 kilo tonnes of copper.
Greatland reiterated FY26 guidance for gold production at between 260 and 310 kilo ounces and all-in-sustaining-cost (AISC) guidance of between $2,400 and $2,800 per ounce of gold.
The context: Greatland is still finalising its AISC calculation for the September quarter but it is expected to be at the lower end of the FY26 guidance range. The full September 2025 quarterly result will be released on 27 October 2025.
Following the release, Citi analysts lifted their forecasts for net cash and FY26 earnings. This was also driven by an increase in the expectation of the gold price to USD4,000 per ounce for the fourth quarter of 2026.
What they said: “Today’s update is positive in that [production and costs] are tracking ahead of guidance and we still see delivery of FY26 guidance and a reiteration of the FY27 outlook as key to outperformance,” the Citi research note said.
“Further guidance on financial metrics such as [depreciation and amortisation] and non-cash inventory adjustments would also be welcome.”
The sources: Citi research, ASX
