In 2025, gold and copper didn’t just have a good year - it was their biggest upshot in four decades. Chalk up to hedging inflation, as well as major structural shifts in the global economy.
Central banks in countries such as India and China went shopping for gold to move away from the US dollar. With ongoing conflicts in the Middle East and Ukraine, investors too rushed towards gold as a safe haven. And it’s not just gold that’s basking in the sun.
Copper prices, too, surged over 60% because of a massive supply-demand mismatch. Indeed, EVs use about three to four times more copper than the average car. More recently, AI data centers have been gobbling the metal for power and cooling. However, disruptions in mines across Chile, Peru, and Indonesia hampered operations, which meant tonnes of copper never made it to the market, other than in Australia.
While the countries were sweating over high interest rates, Australia, meanwhile, took it easy with its cheat code in its backyard. We are talking about its massive gold and copper haul. So much so, that gold exports are touted to hit $60bn in FY 26, up from $47bn in FY 25, according to Australia’s Resources and energy quarterly.
The metal's exports are soaring, with South Australia alone reporting record refined copper exports of AUD 3.1bn ($2.1bn) from November 2024 to November 2025. It’s easy to see why the mining sector is currently contributing around 14% to Australia's GDP. Indeed, it is this boom that has significantly boosted Greatland Resource’s margins.
Gains outshine slump
The company produced 80,890 ounces of gold in Q1 26, up 3.3% y/y. This boost was largely driven by a record gold recovery rate of 88.6%, at the company’s Telfer plant. This also makes it the highest gold recovery rate at Telfer since 2010. While the company’s gold metrics paced ahead, copper production for the quarter stood at 3,366 tonnes, a 9.7% slump from the previous quarter’s number of 3,729.
Greatland's December production report shows 86,273 ounces of gold and 3,528 tonnes of copper. While the production numbers seemed higher than the previous quarter, the company sold 72,212 ounces of gold and 3,301 tonnes of copper. Despite the sales dips, the company is still sticking to their guns for the full year, keeping guidance at 260,000 to 310,000 ounces of gold.
Revenue holds its mettle
Gold sales took a bit of a breather in Q1 26. It dipped about 6% to 82,199 ounces in Q1 26 from 87,529 ounces in Q4 25. With gold hitting a weighted average realized price of $5,277 an ounce (up 5%), the higher price tag has helped offset lower sales. Copper sales fell more, down over 12% to 3,277 tonnes over the quarter.
The numbers still have some reason to cheer. The surge in metal helped mitigate the impact on the bottom line. The net revenue for the company totaled $476m for the quarter. Cash balance stands at $750m (up from $575m).
Mining for more
Investors are still swimming in rewards from record gold prices, with the company's stock up 20% in the last 12 months. The stock price is currently
AUD 12.6, exceeding its average target price, indicating that the market has already priced in the recent good news. However, unforeseen market volatility could offer some buy opportunities for investors.
The optimistic analysts say that the stock could climb as high as AUD 13.5, i.e. 7% upside potential from its current level. Four of the eight analysts who monitor it are buyers.
Juggling the risks
However, it’s not all sunshine for the company. With record gold prices come a few big risks that the company will have to juggle. The company’s success is closely tied to the Telfer mine and the successful development of the Havieron Project. Equipment breakdowns or a geological surprise could hamper production, and eventually the bottom line. A sudden drop in commodity prices could squeeze profits as well. Then there’s the constant headache of finding enough skilled workers in Western Australia. Finally, energy prices in WA are sky-high, which makes running a massive mine way more expensive than it used to be.
