Greatland group ore reserves rise 62pc after Telfer drilling

(Sharecast News) - Greatland Resources said on Monday that group ore reserves had risen 62% to 5.0m ounces of gold and 196,000 tonnes of copper, after the first phase of its drilling programme drove a 150% increase in the Telfer reserve to 1.8m ounces. The AIM-traded firm said the updated Telfer reserve stood at 119m tonnes at 0.46 grams per tonne gold and 0.06% copper, including a 375% increase in the West Dome Open Pit reserve to 1.4m ounces and a new 0.2m-ounce reserve at Main Dome Underground.

Greatland said the estimate was based on about half of its planned 240,000-metre FY26 drill programme, with further drilling and studies targeting additional open pit and underground reserve growth.

Managing director Shaun Day said the combined Telfer and Havieron reserve was "an outstanding achievement" and an important step towards a multi-decade mine life, adding that ongoing drilling showed "strong potential" to bring on additional high-grade underground mining areas.

Greatland also said it had reached financial close on Facility B of its $500m corporate debt package, giving it access to a $225m undrawn revolving credit facility.

At 1342 BST, shares in Greatland Resources were down 1.97% at 631.32p.

Reporting by Josh White for Sharecast.com.

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