Welcome to the April 2026 Greatland Resources live stream town hall meeting hosted by Ticker TV, where we collect your questions and put them to Shaun Day, managing director at Greatland Resources. Shaun and the team continue to de-risk the business and have delivered some significant milestones since the December 2025 town hall. These include a 150% MRE increase to 8 million oz of gold at Telfer, which has put to bed all thoughts of Telfer as a spent asset. The O'Callaghans tungsten MRE proved to be globally significant, which came as a pleasant surprise on the upside, as did the excellent March 26th quarterly update. At the 31st of March, Greatland had cash of over 1,200 million Aussie dollars in the bank and no debt. Thanks for all your questions, which I'll put to Shaun in a moment, but first, here's Shaun with the latest Greatland presentation. Shaun, over to you.
Thanks very much, Donald. I appreciate you putting together another event for us and for those people dialing in, and of course the questions. With the presentation, look, I'll try to keep it quite brief, and that way we can spend more time going through those questions that Donald's been able to collect. With that, look, the disclaimer's available on the website, but let me just kind of walk through the overview of Greatland, where we have this confluence of this producing cash flow, producing Telfer asset, world-class significant infrastructure, and this development asset with Havieron. You would have seen the quarterly result recently completed for the March quarter, just over 82,000 oz of gold, another 4,000 tons of copper, and that takes us to almost 250,000 oz in just the last three quarters. Importantly as well, you've seen that cash balance continue to build up to over 1.2 billion dollars, and of course we're debt-free. And what's important about that is that underwrites our ability to execute our growth program.
Telfer itself is this marvelous infrastructure, Australia's third largest gold processing plant. And what we've done with the resource update is demonstrated the longevity of this life at Telfer. And of course the highest value you get from Greatland is if both Telfer and Havieron are operating together. And that leads us to Havieron. This world-class development asset, of course, as people understand, it's partly built, but we are waiting on final environmental approval, EPA approval, before we recommence full operations there, but we are slowly ramping up activity there right now. And of course when Havieron comes online, it's a considerable development, but the grade is around five times higher than the grade it displaces out of Telfer. So we think when this is online, it's a lower cost or it's a higher grade ore to deliver growth in terms of ounces, and of course that potentially transitions into additional free cash flow generation.
In terms of the asset, the company itself, we're listed in both London here and in Australia. We think both exchanges are operating really well. They both have strong liquidity, and we remain really grateful and respectful of the support we get here in London. And we've got a great universe of research coverage both here in London and in Australia. And what we tried to do with that Australian listing is get that traction into the Australian market, get that indexation, and I think that's what we've achieved, and you've seen the growth in the stock. And that growth now, we are Australia's third largest gold miner. We started modestly mid-pack. There's the two big units there, Northern Star and Evolution. Some of you may be aware, you know, I spent much of my career at Northern Star as we developed Australia's largest gold miner, but it's a tremendous achievement for Greatland to now be Australia's third largest gold miner.
And I think this table tells the story as to why we've got that traction and why you've seen that growth. And this is across that sector, the cash flow generation, the profit margin per ounce. And as you can see, we're top of the pops. We're generating almost $2,700 per ounce produced. That is best in class. And that's a great credit to the team in terms we've been able to participate in that high gold price, but we've also continued to put downward pressure on that cost structure, which has generated that positive itself. Yeah, I mentioned it's this big asset, the third largest. And those two bigger assets, Boddington and Cadia, are both owned by Newmont, the world's largest gold miner. So again, in our peer group, we are the largest processing platform.
And then this slide I think tells you the advantage of that. We really operate in that bottom right-hand corner in terms of large volume of ore processed around that 18 to 20 million tons, and at a lower cost. The unit average for the sector is around $34 per ton processing cost. We process ore at around $18. So we really have a quartile all of its own. Even if you only ran one train at Telfer, you'd still be the fourth largest gold processing plant in Australia. But of course, as we've continued to invest in the drill bit and demonstrate that resource, we have more and more confidence that we continue to run this asset, both trains, at full throughput.
I talked about cost improvements before, and this is the efficiency that we've delivered across the site. If we look at that underground, we've increased productivity around 49, almost 50%, measured by total material moved. So we've taken that from about 4.4 million tons a quarter up to 6.6 million tons in a quarter over the last 12 months. If we look in the underground, it's even more dramatic. We've moved from around 175 m of monthly development to over 450 m of monthly development. That's around 250% improvement. We've also improved the processing. When we look at processing, we've taken gold recoveries from around 81% up to 88% for the last two quarters, and we think we can sustain that north of 85% into the future. In terms of copper, it's been slightly more dramatic where we've taken it from 70-71% up to 79, almost 80% recovery. And that is huge because what it means for the activity we're doing at site, we're generating more payable metal.
And all of this, you know, you can see translated into that upper right-hand corner chart where you see the all-in sustaining cost. And this goes all the way back to 2022. You'd expect to see some inflationary creep. You'd expect to see that all-in sustaining cost just walking up. Over we're even producing a slightly smaller number of ounces, we've actually been able to take about 1/8 of our cost structure out, and you're seeing that reduction in cost. And that's generating this positive jaws where our gold price received is higher and our cost is lower, creating a bigger margin. And we've done all this safer. We've taken the safety TRIFR at site from about 10 to 12 a year down to five to six. And in our 15 months of operation, zero significant injuries. So again, the fact that we're achieving this increased productivity and safer is a great credit to the site team.
And all of this allows us to invest in this growth cycle where we're investing across the business, in the open pit, in the underground, in the infrastructure to create a sustainable long-term outcome for shareholders. This really is manifest in this resource update. When we bought the asset, it famously had a short life. But we saw the opportunity through due diligence to reinvest in the drill bit and reinvigorate Telfer and demonstrate that life. We acquired it with around 600,000 oz of drill resource. Today we have 8 million oz just 15 months later. That's an increase of around 12-fold. That is remarkable. Combined with that big resource that we already have at Havieron, it means we're 14.9, almost 15 million ounces delineated across 550,000 tons of ore.
That resource, or 550,000 tons feeding a 20 million ton per annum plant, gives us this opportunity to demonstrate a very long life at Telfer. We already have that 17-year life at Havieron, but similarly this gives us the opportunity to not just demonstrate a decade life at Telfer, but that and beyond. And of that, around 68% of that was either measured or indicated drill resource. All of that is what's available to come into that reserve update, which we intend to do in this quarter. So, by June we'd like to update the bottom part of this slide with a new reserve table.
And where does this, in terms of a schematic of Telfer, how does this look? People are aware the center of gravity of our operations are in that Telfer open pit. That continues to be our focus in that West Dome open pit area. We've been doing a strip of the stage seven area. That becomes our base load feed into that mill for June 27 and June 28 years, the next say 24 months or more. And then also we continue the underground mine with that main dome underground. That does about 1 to 1.5 million tons per year. But then there's the growth opportunities. When we look at this, we see the continuation from the resource to continue to drive the West Dome open pit, continue to drive that main dome underground, but then add additional potential mining areas. We have Havieron, but also that West Dome underground. That's the highest average grade we've seen at Telfer since its 2005 restart. It even is a shade higher grade than Havieron.
So, we're really excited that comes up through the existing Telfer infrastructure, in through that underground main dome infrastructure of the underground crusher and the hoist to surface, which directly goes into that mill. We have the opportunity to move Telfer from one relatively modest size underground, that main dome underground, to say three or even four underground mines. Continue the main dome underground, bring on West Dome underground, which potentially even beats Havieron into the mill. Of course, we want to complete that Havieron development, which is incredibly important. And also on that top right slide, you can see that red shaded area sitting behind below that old sub level cave. We've also got the ability to turn back on that sub level cave. That vertical stock work there is fully drilled out and creates a potential for us again to leverage that embedded infrastructure, that latent infrastructure, which can crush and hoist to surface over 6 million tons. So, all of these come into play, and what we want to achieve is change the proportion of high grade underground ore going into the Telfer mill, continuing to also run the open pit, but the more of that underground ore we're able to blend in, that should lift our ounce profile and ultimately deliver additional free cash flow for shareholders.
This really just captures this in terms of the Telfer overall, but it just shows you that surge in exploration up in that top right hand corner, where we saw this opportunity and we've taken exploration to 240,000 m of drilling. That's our current cadence. We've gone from two rigs at site to 11. So, that's a huge uplift in the investment, and I think we'll intend to continue that cadence of drilling probably right out to the end of this calendar year. So, that 240,000 m drilling program probably ends up closer to 360,000 m of surge capacity. And that will continue to allow us to demonstrate these life expansion opportunities at Telfer.
And if we just look at that main dome area, that big blue halo around that stage two, it's a huge volume area. Similar grades, similar strip ratios, more of the same. At a strong gold price, we think that's really attractive for us. But even also re-drilling that main dome pit. That hasn't been active for around 8 years. There's mineralization in there. There's already some small delineated kind of ounces there. But what we see as well at today's gold price, which has virtually doubled since they stopped mining there, we'll probably put a couple of rigs on that main dome in the back half of this year. And although we don't expect to start mining that, I think we have a lot of mining ahead of us in the main dome. Having the contingency, having the flexibility of different mining areas is always advantageous. Open pit we think is beneficial, just like ultimately moving to three or four undergrounds we think gives us that same flexibility and resilience in the organization.
Just turning to Havieron, which I guess has been a huge part of the journey. The feasibility study you would have seen in December 25 upon announcement. This is a world class asset. Once ramped up, generates around 266,000 ounces per annum plus 10,000 tons of copper over a 17-year period. And there's a large amount of ore sitting outside that mine plan, which gives us the opportunity to extend it well beyond that initial life. When we look at the economics on it, absolutely compelling. This was last done in December at a just over 6,000 Australian gold price. It's around 500-700 dollars higher today. So again, some of those economics in terms of payback, in terms of IRR, are actually a shade better. And of course, this will be one of Australia's lowest cost gold mines.
This is all part of that overall narrative around Telfer. It's this coming together of a world class development, Australia's second largest gold development, but highest grade. And then with that existing infrastructure at Telfer, leveraging that infrastructure for a relatively low cost delivery of Havieron. And this is kind of where I talked about that grade. You can just see the size of the development there, the reserve base and where that grade sits relative to other development assets. So, we're really excited about the opportunity that we have at Telfer. And we think we're advanced with the EPA, but we think that's a really important announcement. Confident it will happen this calendar year. And when we do that, that really fires the starting pistol in terms of delivering that and people having an understanding about when that all augments the operations at Telfer.
This is just more of that feasibility study. I think one of the really interesting aspects to this is to remind that that Havieron feasibility study was done on a completely stand-alone basis of Havieron. Just 4 million lonely tons going through that 20 million ton mill. That meant that our processing cost was around 38 dollars a ton, as opposed to the current 18 dollars a ton. Now, reminder that we do grind a little bit finer the Havieron ore to get that higher recovery, so that's a higher energy input. So, it's probably always going to have a cost slightly higher than that 18 dollars a ton processing cost, but even if it came out in the middle around 27 dollars a ton or similar, I think that's a huge additional benefit and again puts downward pressure on the cost of Havieron if you believe Telfer continues to operate. That equally applies to shared overhead costs, shared sustaining capital. It actually makes Havieron look better. It makes Telfer look better when done together.
And this is that mine at Telfer. Just a reminder, there's already a significant amount of work. That main decline is already 320 m progress. So, it's really rare you start a new mine with that kind of head start. We continue that main decline down into the Havieron ore body, but then we also in parallel start work on that second conveyor decline, which is more of that red straight line down to the ore body. And that's what allowed us to reimagine Havieron and take it from say a 2.8 million ton per annum asset to a 3.9 to 4 million ton Havieron and take advantage of that big Telfer mill.
Just as we wrap up, I think this slide is probably, or at least that chart in the bottom left hand corner, has got to be one of my favorite slides in the deck. And that's just that free cash flow generation. A record quarter of free cash flow generation in March, 260 million to take us to 1.2 billion dollars of cash. Again, no debt, but we do have a 7-year undrawn 500 million facility. This gives us already 1.7 billion dollars available cash to deliver that growth program. To deliver the just under 1.2 billion Havieron, but also deliver the West Dome open pit cutback, deliver the West Dome underground, and bring these other really attractive investment opportunities to grow Greatland.
And that's before I will just jump across just briefly before I line up, just to also touch on the announcement of O'Callaghans. This had some interest. I think we might have some questions, but I think seeing this chart probably does give a context to it. Tungsten, O'Callaghans maps as one of the three best tungsten assets in the world. Mt. Mongan, which is a Canadian asset, I think prints very strongly. And then Sandong, which is South Korean, and O'Callaghans. Sandong's in development. Mt. Mongan is also kind of in development, but I understand going through approval process. And this actually almost undersells O'Callaghans a little bit because there's also a base metals, principally copper, there, which adds to the economics, which actually takes it from about a pure 0.35 percent tungsten to about a 0.45 percent tungsten and a bigger bubble. So, you actually lift that up a little bit towards that right hand corner. So, perhaps for some people it shades Sandong. But to have that in the portfolio, we think is hugely advantageous and a good time for tungsten presently.
So, just to conclude, look, we think we have a really strong platform. This combination of immediate production, cash flow, strong infrastructure, and well-funded to deliver that growth and take advantage for the Greatland platform. So, with that, I'll hand back to Donald and we'll tackle those questions.
Thank you very much, Shaun. That was very interesting. Interesting also that you ended on O'Callaghans. O'Callaghans has completely caught people's attention. Now, we've got questions from a range of people: Nick Taylor, Dip Sard, George McKenzie, Jonathan Dixon, and John Steel. They all ask about, or pretty much every question you could imagine on O'Callaghans. So, the tungsten mineral resource estimate has been published. It's been fantastically successful. Would you consider having a tungsten division as part of Greatland? Have you had any interest from outside companies about possible mining of the deposit or even a JV? Might you divest the tungsten asset altogether? So, pretty much from start to finish. And I would like to know that potential isn't particularly in the share price yet. So, that's another something exciting, another reason to hold Greatland really.
Yeah, look, thanks. I did jump into the supplementary slides there just to give the context to O'Callaghans because we did chat before camera that there was a question on O'Callaghans. And look, I think for us, interestingly, look, O'Callaghans was always a really interesting part of this transaction. We did actually try to buy in a previous life O'Callaghans off Newcrest back I think in 2008. So, it's always an asset that I think has been intriguing because it really is this...
Was that when you were at Northern Star?
No, that was prior to that, but Strata Geoscience it would have been. But it's a world-class tungsten asset. And so, look, for us, I think, you know, we've brought out this resource update. I think into a very strong tungsten market, but we started the work on this 6 months ago. You know, to have that drill ready because we wanted to daylight this asset for shareholders so they understood the potential sitting within their portfolio of assets. Look, there's a range of what we could do with it. I guess at one end of the spectrum, we have our tungsten division. Perhaps at the other end of the spectrum is we spin off Greatland Tungsten. Perhaps we can be more imaginative with the name. But there's a range of outcomes in between, joint venture developments, or indeed a divestment. And we have had some inbound interest on that. Look, to be open with you, Donald, and for shareholders, look, we remain really focused on delivering at Telfer and Havieron. You know, that's our first, second, and third priority.
That makes it clear because you're so focused on your delivery.
But having said that, I think if there's a pathway where we think we can realize value for shareholders, and it could be anywhere within that range of outcomes, I think that's of course we'd consider that. So, I think it's an active file for us, and it's great to have that opportunity within the portfolio.
You must have, you know, a gut feeling about where you might land though. Do you want to share that gut feeling with us?
Well, I think what I can maybe add there is if we didn't have the growth profile we had. If we didn't have Havieron, if we didn't have the West Dome underground, if we didn't have the potential sublevel cave, and there's even other opportunities like the Southeast Havieron in our portfolio in our existing mining lease, which is a series of higher grade but smaller open pits. I think there's a lot of gold and copper to keep us focused. If we didn't have those, perhaps, you know, developing a tungsten division would be more attractive. I think it's probably looking at either partner or some other way where we can demonstrate value without necessarily distracting our team from our core mission.
Okay. Good question from Peter Goodman, still sticking with tungsten. What do you expect O'Callaghans development costs to be? How much is it going to cost? What's the potential time scale to net positive cash flow? I think Peter might be disappointed with the second answer, but not with the first one.
Yeah, look, I think in terms of O'Callaghans, again, this is a really advanced tungsten project. Newcrest did a great job. They fully drilled it out. It was not just resource for Newcrest, it was also reserve. They did a 1,100-page study on it back in 2014. So, although I'm familiar with the 2014 CapEx numbers, they seem modest by today's standards. So, I think as we roll that forward, I'm sure, you know, it's meaningful. I think it costs less than, say, a Havieron to deliver. And also we think it can leverage that existing... it's closer to Telfer. So, less road, less infrastructure to put in. It can take advantage of the bitumen airstrip, take advantage of the gas pipeline, or perhaps the electrons that we already generate. So, I think there are some really good ways to expedite it. It sits on a mining lease. It already has an indigenous land use agreement. So, I think if there was conviction to progress this, it's almost shovel ready, but there's no doubt you'd have to spend time, energy, and effort to update that study and reset. Equally, tungsten prices have really shot up. So, I think it creates a very attractive environment to do that. And it's also around by value, say 10% copper. And copper's also a really attractive pricing.
Would it be open cast? Would it need its own mill?
It's an underground asset. So, I think of it as a slightly more shallow Havieron. But look, you could consider taking advantage of that Telfer mill, but we're so confident that we have gold and copper ore to fill that Telfer mill for a long time to come, I think you ultimately need to develop its own standalone O'Callaghans processing capability.
So, my hope is to just ask you some really big questions at the start to wet people's appetite. And here's the big one from Barbara Wilson and a few others. They all point to the Telfer Havieron combination as a solid platform for growth as you've outlined. And you were using language such as extraordinary, which is not very Shaun language. So, I'm thinking it must be really good. But what would you... is it going to be organic growth as you've already outlined? Is it acquisition? And you're going to stick to your knitting. Will it be gold, copper, or possibly tungsten, or frankly anything else? And would you even consider going beyond Australia?
Yeah, look, I think our initial focus, again, we think we have such a strong organic, particularly on that gold copper portfolio. I think that is, as we presently see it, the highest order way to deliver value to our shareholders. I think anything that takes advantage of that Paterson footprint, that Paterson infrastructure, we continue to be interested in. So, we're active in terms of how we think about that. But I think what you've seen with delineating another 8 million ounces, having 550 million tons across 14.9 million ounces, plus copper, I think a lot of shareholders would remember the original narrative in the market when we first acquired Telfer: mine the gap. Telfer will close after 15 months. It's already meant to be closed and it's still running both trains absolutely full. We still have 24 million tons of stockpiles at surface. If we stop mining today, we'd still have almost 18 months of processing still to go. So, I think that mine the gap is behind us. It's now how do we not just fill that mill, but what are the opportunities to actually make the ore that we're putting through the mill higher value? Typically either lower cost or a combination of lower cost and higher grades.
I can't remember the name, but somebody's definitely asked, would you ever consider adding to the mill capacity at Telfer?
Look, I think all things come into the frame, and again with the platform we have, yeah, we have to walk before we can run, Donald. So, I think we're a ways off that decision. I also think there's a hybrid there where do you consider a standalone plant at Havieron for instance? Because we truck that ore 45 km, but 55 km by the haul road. There's a cost to hauling that ore. So, again, perhaps an attractive way to expand Telfer is to actually create a standalone Havieron mill and free up capacity to focus on additional Telfer ore. So, there's lots of ways in the mix.
Okay, that's a clever solution. Mike Harbor asks, he wants you to talk through the Telfer gold stockpiles. He says that as of the 31st of March 2026 there were 22 million tons. Do you have a breakdown between the high grade and the low grade stockpiles?
Yes. Yeah, we do, and that's in our quarterly report. I think again if you look back at the narrative, people expected the high grade stockpiles to be fully depleted down to zero by December. I think at December we reported 2 million tons of high grade stockpiles still plus around 22 million tons of low grade stockpile. Well, that will be part of our quarterly update. So, I don't want to front run that. But we continue to think the operational productivity that we've achieved at Telfer allows us to preserve stockpiles by putting more of the fresh ore that we've mined through the mill. And we love the flexibility the key...
You produce the blend. Up in the blend.
Up in the blend. And we love preserving those stockpiles because that creates that resilience, that flexibility.
Gold sales lagged somewhere behind production for the first two quarters of FY26, but finally caught up in Q3. What were the reasons for the lag? says Mike.
Look, there's not a particular lag. Look, when we do a shipment, yeah, ships do tend to be... well, they're bulk carriers. Yeah, that's really around the copper which contains some of our gold. So, I think literally whether that sails on the 31st of December or the 1st of January has an impact on the accounting. It didn't impact the cash. So, I think when people are looking at the free cash flow generation, I think that's normalized. But when you look at the accounting numbers, you'll see a little bit more revenue in the March quarter and you saw a little bit less revenue in the December quarter. But by March it will be washed through and certainly by the full year June accounts, it will all be washed through.
Okay. And I'm not sure if this does have huge impact, but it's probably worth asking about the Iran war. If there's a long drawn out conflict, will there be an impact on the Australian economy and does Greatland get sucked into that in terms of inflation, higher energy costs, supply chain shortages, or as a gentleman called John referenced, diesel shortages and leaching acids etc.?
Yeah, look, well, I think with diesel costs, I think that can be inflationary across the world. That includes Australia, it includes the mining sector, and by extension it includes our Telfer asset within the Greatland portfolio. So, we're not immune to that. But one thing that I think is really helpful for Telfer is its gas. The power generation is gas. Natural gas from the Northwest Shelf. Western Australia in particular is the largest gas producer on the planet. We also have a domestic market for that. So, gas is cheaper in Australia. It's cheaper in Western Australia than the East Coast of Australia because we have a domestic requirement. I think it's 25% of production has to be kept for the domestic market. So, although it's influenced by the international price, it is a different and typically lower cost market. That means that actual diesel as an input cost into Greatland is 3.8% of our cost structure pre-war. So, really for the first 8 months or even 9 months of this year it's around 3.8%. I expect that's... in the bottom half, like I've previously been involved where diesel direct input cost is around 30 to 40% of your cost structure. So, this is relatively modest. Having said that, part of the question was around general inflation. Most things, whether it's the groceries we buy from the supermarket or indeed the groceries we get delivered at Telfer, come by truck. So,
Fuel costs do tend to be inflationary across the sector. I don't — I think we won't be immune to that, but we're probably a little bit more insulated than, yeah, than the average mine.
It's not keeping you awake at night?
It's not. And I think there was the second part of that question was around: do you expect to have diesel or other input — do you think there'll be a shortage? No, we haven't seen that. So we're confident about that. We talk to our suppliers. I think it's a robust supply market. So we continue to be confident about that. But equally, it's a fluid situation. We continue to monitor it. We continue to think about contingency planning. Feels a little bit like COVID in terms of, you know, how would you reduce transport costs? How would you, you know, reduce flights into site? But really that's just been war gaming. We haven't had to implement any of that. If anything, we continue to see operations unphased.
And let me just link it back briefly to the previous questions on stockpiles. We have 24 million tons of stockpiles at surface, already broken all. If we were to stop tomorrow, if there was a hiatus and you couldn't get diesel for six months, we would still be processing that all. You'd see the impact of that because those stockpiles are lower grade on average. But we'd still be producing cash flow. So I'd be one of the very few companies to continue to do that. So I think that also gives us a fantastic insulation, which is not unique, but just about unique to Greatland.
We've got seven questions on the Havieron development. Sean Haggerty and Stuart Hines were the first. The EPA suggested trucking Havieron ore should only take place during daylight hours. What impact might this have on costs, and can you share any options that you may be considering?
Yeah, look, it's a good question. We saw some reporting about — what I would do is probably recommend people look at the EPA release. It was a positive release. What they said is they were effectively recommending the project to the minister. And we, as in Greatland, initiated the suggestion that right now we get an approval based on daylight haulage. We're not a bulk — we're only doing 3.9 million, I think we top at 4.3 million tons per annum. That's a very manageable amount of tonnage per annum.
So, to speak illustratively to that, if you did day and night haulage you'd have five trucks, or you'd probably have six trucks because one would be on maintenance, and you'd have ten drivers — five on day shift, five on night shift — and you'd haul 24 hours a day. If we go to all day shift, you'd have ten trucks and ten drivers still.
So you have to buy an extra four trucks. You do maintenance on the back of the clock. Obviously we'd rather not acquire an extra four trucks, but these are surface trucks, relatively cheap, relatively long-life vehicles. So it has an impact. We'd love the flexibility of haulage 24 hours a day, but we volunteered that to diffuse any concerns around the night parrot. And we've undertaken to do a two-year study into that. If there were no night parrots there, we expect we'd be permitted to do 24-hour haulage. Or perhaps if there is a small number of night parrots...
In very Shaun fashion, you decided to nip that in the bud.
Exactly right, Donald. This was tactical to make sure the night parrot didn't delay approval.
Very wise, Shaun. Very wise. Right, they're now awaiting the Havieron approvals, awaiting ministerial approval. Do the state and federal government reviews — do they do them — those reviews, do they progress in parallel, and how long might they take?
Look, Australia is blessed by two EPA approvals, both state and federal.
They — and they're very, yeah, they duplicate each other in large measure. That said, look, we've had a really positive engagement with both departments through that process. I think our team has done just a wonderful job in terms of engagement and managing that process. So we feel really confident about it. I think when you look at the market, people expect us to get EPA approval this calendar year. I like to think we've already been through public comment. I think a lot of people realize that. That means it's very well advanced. I'm a little bit optimistic about that approval process. And again, I think the team's done a wonderful job to put ourselves in that position.
Let's pull out and take an overview question about Telfer. Do you really think you've — with that MRE, and that cracking MRE — do you think you've put all the doubts about Telfer to bed, particularly amongst the institutions?
I think you saw some traction in the market, but I think the reserve update will be really important as well. But, Donald, you know, we'll be doing another 240,000 m of drilling. I think only 110,000 m were drilled before that 31 December cutoff. So I think the March 2027, which seems a little way away right now, but that's going to capture, you know, another 240,000 m of drilling. So I think that's very exciting where we get up to. I think that will be...
You mean you're continuing to add to resource.
Correct. We continue. And I wouldn't suggest you extrapolate that. I think, you know, there'll be a lot of infill drilling. There'll be a lot of improving confidence around areas that we intend to mine. But I think — I think there's — you know, this is a continuum. I think as we complete that process and then in June 2027 complete the reserve update to reflect that, I think that's when you convince everyone. But I think we've convinced, yeah, a number of people, but I think there's 12 months to go on that journey.
Great. Now, Dips Ard was asking about the reserve upgrade. He also asks about the recent GDX and ASX 100 inclusions. How might they affect how Greatland is perceived?
Yeah, look, when I mentioned on the slide deck about we're listed in both Australia and London, and we — I think we hopefully did a good job communicating to the shareholder base why we felt the Australian, you know, listing would be beneficial. And part of that was this indexation. Yeah, I think to have got into the ASX 100 so rapidly exceeds expectations. I think that was the first balance date that we could have been eligible on the ASX. So to go straight into the ASX 100 as Australia's third largest gold miner is extraordinary. In addition to that, we entered into the VanEck GDX in addition to continuing to be in the GDXJ. So again, I think that vision, that intent to get additional indexation, to get additional relevance and additional credibility when we're going to the US markets and places like that with institutional funds, I think is beneficial. And I think the second leg of that, although we've seen the initial index buying, I think the greater profile for the company, the greater credibility you get in that, the greater attraction you potentially get with some of these big US funds, I think that's yet to play out.
Do you think in Australia you've been slightly underrated by the mining press, by the press in general, the financial press?
Oh, look, we're really comfortable with, you know, the engagement we get there. Of course, we think — a little like your question about the journey on resource — we think there's still, you know, I think we've kind of done a good job with that December 2025 feasibility study on Havieron to have a degree of price discovery on Havieron. I think there's still more work that we need to do and share with the market on Telfer to get full price discovery on Telfer. But in addition to that, you know, we talked as part of the deck about these opportunities at West Dome underground, to expand the West Dome open pit, even revisiting the SLC. They will all be studies. You know, they will be a series of final investment decisions, or of course not. And I think as we're able to delineate those to the market, I think they give additional catalysts where we can demonstrate value to the market.
So you see it as a good thing that you have these minor catalysts to kickstart things.
This is a journey, Donald. And look, no one's dying of boredom at Greatland. There's still much to be done.
Sean Kelly asks, what's the time frame from here for getting Havieron into production? And what will matter most in maintaining reliable performance during that transition period? Not a bad question.
Yeah, look, there's a lot of work to be done to deliver Havieron. There's no relax about the work that needs to be undertaken there. Look, Newcrest was a global major. And, you know, it had some struggles through that period. We have the benefit, of course, of having observed that, seeing what worked, seeing what didn't work. Our feasibility study reflects the actual advancement rates they achieved. So I think it's incredibly beneficial to go into a new development having someone already done, you know, a third of the work for you.
Is it only a third of the work?
Well, one decline, 320 m. By doing the second decline, I guess it's — we need to do five-eighths of the work. So the — and when we look at the other de-risking at Havieron, the fact that it's this brownfields project that comes back through that Telfer infrastructure, there's some surface infrastructure that we're building — roads, power lines, vent fans at surface. But there's a lot of float. And by float, I just mean they're not on the critical path. We have an extra six months to deliver them. Of course, there's a risk they're a couple of months late or cost 10% more, but they won't go to the critical path of delivering the project on time. What's on the critical path is that underground mining and development and ventilation system. That's really our focus.
And as I said, it's a challenge. It's a 1.1, almost 1.2 billion dollar project. That's a big project. So, you know, it's important to us. We're focused on delivering it. But of course, what we want to do is get that EPA approval so we can start. But we are doing early works. We're quite active at site right now. And what we're trying to do is not necessarily accelerate that right now, but do a lot of work to allow us to go straight into a ramp up quickly. So the normal things that may slow you down at the start, we've already taken care of.
Great. Now, which flows really nicely into this question. Bumps asks, is the Havieron portal only going to have a short length enclosed with precast units, a short amount of precast units? Christian Olafsson hits the nail on the head. Christian from Sweden asks, in December, the Havieron main incline, 2,125 m completed, 781 m to go. Where are we now?
