Greatland Gold's Havieron Project: A Game-Changer for Long-Life, Low-Cost Gold-Copper Mining in Australia

Australia's gold-copper mining sector is on the cusp of a transformation, driven by Greatland Gold's Havieron Project. This operation, now confirmed as a long-life, low-cost producer, has the potential to redefine industry benchmarks for cost efficiency, resource longevity, and operational integration. With a feasibility study completed in December 2025, the project's economic and strategic advantages are crystallizing, offering a compelling case for investors seeking exposure to a sector poised for sustained growth.

A Robust Resource Base with Long-Term Viability

Havieron's ore reserve of 38.5 million tonnes, containing 3.3 million ounces of gold and 128,000 tonnes of copper, positions it as the third-largest underground gold-copper reserve in Australia and the largest outside of global majors like Newmont's Cadia and Tanami operations. This scale, combined with a projected mine life extending until June 2046, ensures a steady-state production of 266,000 ounces of gold and 9,600 tonnes of copper annually, with All-in Sustaining Costs (AISC) of A$1,610 per ounce of gold. Such metrics place Havieron among the lowest-cost producers in the country, outperforming even Greatland's existing Telfer mine, which reported AISC of A$1,736 per ounce in the June 2025 quarter.

Strategic Integration with Telfer: Synergies and Cost Efficiency

The project's proximity to Greatland's Telfer mine-just 45 km away-enables seamless integration of infrastructure, processing capacity, and operational expertise. This adjacency reduces initial capital expenditure and allows for shared resources, such as the Telfer processing plant, which will be upgraded to handle Havieron's output without disrupting current operations. By FY28, the combined entity is expected to see a "step-change reduction" in AISC, driven by economies of scale and optimized logistics. This integration not only de-risks Havieron's development but also enhances Telfer's productivity, with plant upgrades projected to improve ore recovery rates.

Expansion Potential and Financial Strength

Greatland is already planning to expand Havieron's mining rate from 2.8 million tonnes per annum (Mtpa) to 4.0–4.5 Mtpa through the installation of an underground crusher and material handling system as part of a broader expansion plan. This 43–60% capacity increase underscores the project's scalability and aligns with a broader strategy to capitalize on the buoyant gold price environment. Financially, Havieron is fully funded by Greatland's existing cash reserves, Telfer's production, and a A$500 million corporate debt facility as confirmed in the feasibility study. The project's robust economics are further highlighted by its internal rate of return (IRR) of 22.5% at base case pricing and 31.5% at current spot prices, significantly outperforming industry averages. At base case pricing, Havieron is projected to generate an average annual post-tax free cash flow of A$550 million, rising to A$870 million at spot prices as detailed in the financial analysis.

Industry Comparisons and Market Significance

Havieron's low-cost structure and long mine life place it in a league of its own. While many gold-copper projects in Australia struggle with high operational costs and short mine lives, Havieron's AISC of A$1,610 per ounce is a standout metric, particularly in a sector where costs often exceed A$2,000 per ounce. The project's integration with Telfer also mitigates risks associated with standalone developments, such as infrastructure costs and environmental permitting delays. Furthermore, Havieron's proximity to Telfer allows for a phased approach to production, with first gold expected approximately 2.5 years after final investment decision.

Sustainability and Future Growth

Beyond economics, Havieron's environmental profile is a critical differentiator. The project's low strip ratios and underground mining methods minimize surface disturbance, aligning with global trends toward sustainable resource extraction. Additionally, the ore reserve base outside the mine plan-87 million tonnes of gold-copper potential-provides a clear pathway for extending the mine life beyond the initial 17-year plan as confirmed in the feasibility study. This flexibility is invaluable in an industry where resource depletion and exploration costs often constrain long-term viability.

Conclusion: A Transformational Opportunity

Greatland Gold's Havieron Project is more than a new mine-it is a blueprint for the future of long-life, low-cost gold-copper mining in Australia. By leveraging strategic integration, robust resource economics, and a disciplined capital structure, the project offers a rare combination of scalability, sustainability, and profitability. For investors, Havieron represents not just a high-conviction play on gold prices but a structural shift in how the sector balances growth with cost discipline. As the feasibility study moves into implementation, the focus will shift to execution, but the foundations for success are already firmly in place.