The figures indicate better operational focus. For the financial year ended June 2026, the company witnessed a large increase in operating revenue – up 200.70% yoy from FY25 AUD394.60 to FY26 AUD 1,186.40. Operating revenue is that earned from ordinary business trading activities, and may be lower than the gross revenue which also reflects income from other activities.
So although total income saw a lower growth rate of 136%, from FY25 AUD 957.40 to FY26 AUD 2,259.40, this likely means reduced capital gains from asset disposals and/or income from interest on securities or investments.
Another important indicator is that net margin in 2026 climbed to 38.20%, vs an industry median of 17.30%, suggesting more economic and/or efficient deployment of capital, and possibly reduced costs and current liabilities.
The Return on Equity ROE for FY26 was 48.40%, vs an industry median of 18.80%. This represents a higher value earned on shareholder equity and likely more efficient unit turn.
However gross margin was roughly on par with competitors, 55.40% in FY26 vs the benchmark industry median of 56.40%. This indicates that the company’s competitive advantage may lie in its ability to keep operating costs down.
In its annual report for the financial year ending June 2026, the company explained, “Telfer’s strategic positioning in the Paterson region, with existing infrastructure and processing capacity, de-risks, expedites and reduces the cost of completing Havieron’s development. Greatland’s strategy is to deliver a high quality,
long-life integrated Telfer-Havieron mining and processing operation.”
The report states that All-In-Sustaining-Cost HISC was lower than they had allowed for. The annual figure was AUD 2,176 vs guidance for AUD 2,400-2,800. AISC is stated per ounce of gold produced, net of by-product credits. AISC excludes inventory movements.
https://www.marketindex.com.au/asx/ggp/announcements/greatland-2026-annual-report-6A1340573
The company inherited reserves or stockpiles from the previous owner of Telfer, and was able to utilise these assets “together with productivity and cost improvements under Greatland’s ownership” to achieve maximum utility from available resources, translating into the lower rate of AISC of $2,179/oz.
Growth capital on resource development was AUD 36.1mn vs a guidance range of AUD 55-60mn; growth capital specific to the Telfer development was within set parameters AUD 230-260mn, Telfer coming in at AUD 231.7mn. The equivalent budgeted for Halieron was AUD 86.8mn, higher than the forecast range of AUD 60-70mn.
“A key driver of the strong FY26 operational performance was significant improvement in both gold and copper recoveries. FY26 gold recovery of 88.0% was the highest annual gold recovery achieved at Telfer since 2010, an exceptional result given the lower than historical grade processed in FY26.”
Operations also improved at the joint gold-copper Havieron facility, with copper production coming online in 2026 totalling 14,594 tonnes of copper, in addition to the headline 328,987oz of gold sourced from all managed locations.
A Kalkine analyst wrote,
“In FY26, the EBITDA Margin increased to 58.90%, indicating improved operating profitability and stronger earnings generated from core operations. Current ratio also increased to 3.55x, reflecting stronger short-term liquidity and a better ability to meet near-term financial obligations.”
The current ratio is a liquidity metric calculated by dividing Total Current Assets by Total Current Liabilities, representing the book value of the company in the near-term. It does not always accurately represent the available cash-flow, as even current assets such as inventory, accrued income and accounts receivable are not immediately cash-convertible. Similarly, current liabilities might encompass regular payments of a long-term loan and are not always temporary.
Greatland is trading at a current market price of GBX 524, with initial target price of GBX 581.64 and second target price of 607.84; stop-loss points indicated are respectively GBX 487.32 and GBX 461.82
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