Greatland Shares Look Undervalued Following Major Resource Upgrade
Greatland Resources Ltd (ASX: GGP) has reported a major resource upgrade at its Telfer gold project.
The company raised the Telfer gold resource to eight million ounces. This represents a 150% increase.
Resource totals and grades
Taken together with Havieron, the combined mineral resource now stands at 14.9 million ounces of gold.
Greatland reported a combined 550 million tonnes at 0.84 g/t gold and 0.12% copper. That equates to 14.9Moz gold and 645 kilotonnes of copper.
The higher confidence Measured and Indicated component increased by 163% to 3.8 million ounces.
Drilling and West Dome
The upgrade was supported by about 134,000 metres of new growth and infill drilling since 31 December 2024.
Another 100,000 metres are planned in the second half of the FY26 drilling program.
The update included a maiden resource for the West Dome Underground project, with 600,000 ounces of gold delineated.
West Dome is being promoted as a potential high-grade mining front and remains a focus of ongoing drilling.
Analyst response
Canaccord Genuity said the West Dome results were especially encouraging.
They view West Dome as a potentially rapid, low-capex pathway to a second high-grade underground mine at Telfer.
Existing infrastructure could be leveraged, and it historically supported mining rates above five million tonnes per annum.
Canaccord noted it currently does not model production from West Dome. A second development drive is already underway, and GGP is committed to a prefeasibility study.
Analysts suggested Greatland shares may be undervalued on current pricing.
Following the resource upgrade, Canaccord raised its price target from $14 to $15.45. That compares with the current share price of $10.86.
Greatland’s market valuation is about $7.29 billion.
Outlook
Management says the combined Telfer and Havieron package could underpin a multi-decade, world-class mining hub.
Ongoing drilling aims to convert more resources to higher confidence categories. Investors will watch prefeasibility work and further drill results closely.
Filmogaz.com will monitor developments and report new information as it becomes available.
