Last up, we have Shaun Day, Managing Director of Greatland Resources Limited. Shaun has over 25 years of experience in executive and commercial roles across mining, infrastructure, and investment banking. Prior to joining the company, Shaun was the CFO at Northern Star Resources. Thank you, Shaun.
Thanks, Tim, for the kind introduction. To Canaccord Genuity for supporting the Diggers and Dealers Conference, I'd also like to thank the Diggers Committee for giving the opportunity to Greatland Resources Limited to present again this year. In terms of our presentation, it's available in its entirety on our website. This overview just kind of talks to Greatland is new to the ASX, but we've been long listed up in London. Since December 2024, we've owned 100% of the Telfer asset, plus 100% of the nearby Haveron project, both in the Paterson Province here in Western Australia. Telfer is a really iconic site, and it's actually the third largest gold processing centre in Australia, with two parallel 10 million-ton trains. In the first seven months of ownership, Greatland Resources Limited was able to deliver 198,000 ounces of gold, plus copper on top of that.
From the site, we were able to generate over $600 million of free cash flow, which is translated at 30 June 2025 to being debt-free with $575 million in the bank. In FY 2026, we've guided to 260,000+ to 310,000 ounces of gold, at an all-in sustaining cost of $2,400- $2,800 per ounce. I wanted to acknowledge that at its midpoint, this was an 11% reduction in ounces and a 4% increase in costs relative to our previous production target. We feel this guidance appropriately reflects the risks we identified subsequent to FY 2025, and we're confident in delivering it. We remain positive on the opportunity at both Telfer and Haveron. We have a resource of over 10 million ounces of gold, + 387,000 tons of copper in addition to that. In FY 2026, we'll have eight drill rigs spinning as we undertake 240,000 m of resource development drilling.
That is the most in the 50-year history of Telfer. Overall, we really like what we have and what we see across our asset base and the optionality that affords us in terms of the quality of the asset base, the strong production, and the organic growth with the long life at Haveron and the life extension opportunities at Telfer. In respect of the history of Telfer, I'd just like to share a few slides on the evolution of Telfer over the past decades. In the 1970s, you saw the discovery of Telfer. With some contention, the gentleman pictured, John Paul, a Frenchman, claims to have discovered a large outcropping gold deposit in the Paterson Province. Two years later, you have Newmont Peg, what becomes the Telfer Gold Mine.
For good order, John Paul here claimed that he knew of another second Telfer out there, but he wouldn't disclose its location. Perhaps we have that today with Haveron, 45 km down to the east, albeit John Paul would have been doing very well to peer through 400 m of cover in 1970. Perhaps Damien Stevens and our resource, our exploration geology team, still have something ahead of them out there in the Paterson to find. In terms of how it was discovered in the early 1970s, you can see from this picture, you can see that dome structure outcropping at surface. In contrast, if you look at Haveron, which is only 45 km away, that's under a cover sequence of 400 m. It needed modern geophysics and geological techniques to be discovered.
Back in the history, in 1975, you actually had BHP become a 30% junior joint venture partner in Telfer. In 1977, Telfer started production, did about 150,000 oz a year across the last three years of the 1970s at almost 13 g gold. Remarkable grade back then. This takes us to the 1980s, and you can see that middle picture there, the old Telfer Mill. This was expanded, and also they started, the focus was mining on that main dome open pit, but they also started up a dump leach as well. Towards the end of the decade in 1987, Newmont spun off its Australian asset base, which became Newcrest listed here on the ASX. For those that can see the details in the photos, you just see the contrast in the approach to PPE back in the 1990s compared to, or indeed the 1980s compared to today.
In the 1990s, it starts with the merger of Newcrest and BHP Gold, which creates the vehicle that goes on to become, as Newcrest becomes the largest gold miner on the ASX. For Telfer, it's a really significant period of expansion. The old mill was expanded out up to 2.5 million tons. That's still about an eighth of what we have today. The dump leach is extended up to about 15 million tons per annum. Telfer goes underground for the first time into that main dome underground. Now that's still running today. It's a 25-year underground in that main dome, which talks to just the endowment and the scale of that endowment at Telfer. This all collectively doubles the production profile. Up in that top corner, you have just a little running tally of the production by decade. In the navy blue, the accumulative.
You can see the continued scale-up of Telfer through that period. Moving into the 2000s, there's a really significant change in Telfer. Effectively, operations are paused at care and maintenance. That old mill that we just talked about is swept away. In a new location, the new mill is constructed. In addition, there's some really significant changes to the underground. A shaft is installed down to 1,200 m, and that has a hoist capacity of 6 million tons per annum. Also, that main dome sub-level cave is commenced. A real change in the scale of activity at Telfer. If you look at these photos today up there, that's very much what you still see at the site today, the plant that was commissioned in 2005.
If we move to the 2010s, Telfer's really hitting its stride now, with record production of 5.2, so averaging over 5.2 million oz, so averaging over 500,000 oz a year across the decade. That west dome open pit, which we're mining today, is established. Perhaps best of all, towards the end of the decade, a small London-listed exploration company, Greatland, discovers the Haveron deposit just 45 km to the east. That HAD-5 discovery hole, it's the first slant hole into Haveron by Greatland, really high grade, and that effectively marks the discovery of Haveron. It takes us to the present decade and the 2020s. You can see in that first picture, in February 2021, we start the box cut to develop Haveron, and indeed the decline, which is down at 340 m vertical right now.
As Greatland, we'll be undertaking our own feasibility study on that, which we'll share in the December quarter. During recently, in fact, in December 2024, Greatland completed its own acquisition of both Telfer and Haveron, and we've really renewed the investment at the site, investing in the drill bit, but also the focus on those mine life extensions at Telfer. That photo there is a lovely photo because it kind of combines the new with the old. That's the team with the 10,000 gold bar poured at site, but also in their new Greatland shirts. From that history, what is Greatland's vision? That's really captured in these five key drivers for us.
That is really kind of seeing it as a single site across Telfer and Haveron, where we want to drive the productivity across that single site to be a really significant and continue to be a really significant Australian gold mine. We want to complement that really long life that we have at Haveron with the opportunity to extend out the life at Telfer. We also have the opportunity to leverage that installed infrastructure. As I mentioned, this is the third largest processing capacity in Australia, combined with the flexibility and the optionality of two 10 million-ton parallel trains. In terms of people, we really want to continue to attract great people to this iconic site. It has a great operating team there as we speak. It's been built with, you know, just attracted some great talent over time, and that continues to be a real focus for us.
In addition, just that community engagement, we're really building on the community engagement out at Telfer with what's been done extraordinarily well over the decades. The current team we have in place at Telfer, I think, is doing an extraordinary job, and I think that social engagement has never been stronger. To the extent you saw that just recently, we had the 42nd year anniversary of the mining lease, which was the second mining lease renewal, which was successfully completed in the quarter, which was a great credit to that team. Finally, this is a province-wide scale in terms of the Paterson area. We are the only operating infrastructure in that Paterson, and the scale of that opportunity we think is tremendous. In terms of what we are presently doing, as I've mentioned, we have this really significant processing capacity together with the flexibility.
With that, as that only operating processing plant or infrastructure in the Paterson, we're effectively a monopoly provider of infrastructure out there. That infrastructure supports Telfer, it supports the development of Haveron, but it also develops new opportunities that we have in terms of mine life extension, in terms of new discoveries, in terms of regional opportunities. We think that's a huge competitive advantage of us having that infrastructure position. As I mentioned, team's incredibly important, and we feel we've really brought together a team to deliver on the potential and the opportunity at Haveron Telfer. In terms of that, we want to continue to invest in the productivity. You look at some of the productivity gains we've done since we've taken over ownership.
For example, if I look in that underground when we took it over, prior to our ownership, it was doing about 200 m of development per month. If you look at the June quarter, we had that in excess of 400 m of jumbo development in a month. Some of the extraordinary productivity drivers that we're driving across site, across the mill, really focus on operations. We're also investing in the drill bit. As I mentioned, 240,000 m of drilling. I just went through the history. There's a 50-year history at Telfer. That's the most drilling in its 50-year history. It's a really significant investment by us, but it's based on the opportunities that we see there. Michael Thompson, who leads our resource development team, they've got eight rigs, or they're building up to having eight rigs spinning, and we think the opportunities that affords us are significant.
Of course, we think we have the team in place to deliver on the Haveron project. The investments we're making at Telfer, we've just tried to kind of put a schematic on this page just to show the life extension it affords us in terms of the lifts of the tailings dam. We're doing two lifts this year to push that out to 2028 or the end of 2028. That not only gives us additional capacity, but it de-risks us by basically getting a lift ahead. We're pushing back, doing the pre-strip on the stage seven. That's really important for us. That becomes an important feed for us over the next couple of years. We're refurbishing that open pit fleet, again, investing in the future, but also de-risking the short-term ability to deliver the mine plan. Similarly, you're seeing the investment in that underground.
In terms of Telfer, I think the way I tend to think about it is in the four quadrants, the two open pits and hopefully what's evolving to be the two undergrounds. Currently, our center of gravity is in that West Dome open pit. That's where we're currently mining, it's where we're doing that stage seven cutback. That will form the base load of Telfer or feed over the next two years. In addition to that, that's where a lot of our drilling is going on those extension opportunities, that stage two extension, and also on the west of this, what we call the stage six extension, which have really significant potential on mine life. If we go into that main dome, although not presently operational, there's a cutback available there. We think that's really good contingency and flexibility for our plan.
We go into that now down into the underground. We look at that main dome underground, again, 25 years of mining there, still continuing to extend, extending the existing areas, but we're also now taking it into the ESC, the Eastern Stock Works. We feel once we're in that Eastern Stock Works, we've really created additional flexibility in that underground mine and the resilience that we want to bring to that underground through that investment in additional mine development. The west dome underground, as I said, there's been 25 years of mining under the main dome in the underground. No one's mined under west dome. We do that first drive across, and we're drilling that west dome underground. The first 19 drill intercepts we've published, they're extraordinarily good intercepts in terms of strike length, in terms of mining width, and in terms of grade.
Couldn't be, we think, a better start for us. We've put a, we already have a rig on that as we speak. We'll have a second rig on it shortly. We think that's a really good opportunity. Where we've driven across is effectively in parallel with or horizontally across from the bottom of the shaft. Again, short horizontal haulage into the shaft, which then is a very efficient way to take ore to surface and conveyed straight into the mill. A lot of this presentation and where our current focus is around Telfer. Equally, it's really important that we focus on Haveron. Haveron's a really attractive asset. We think there's this confluence of factors in terms of size, in terms of the grade, and of course, it's a brownfield development, taking advantage of the existing Telfer infrastructure.
I want to conclude on probably my favourite slide on the deck, which is Haveron. It's a beautiful sub-vertical underground ore body where gravity is your friend. The ounces per vertical metre, you see through there, we're in excess of 9,000 oz per vertical metre through that top 300 m of the ore body. You can see from the Y-axis there, that's just where we've drilled more, so we've delineated more ounces. Across that whole 1,000 m, 1 km vertical extent, we're over 7,900 oz per vertical metre. When you install infrastructure and you mine this out, it's incredibly efficient. You're liberating a lot of ounces per meter developed, which gives you a lower capital intensity and also drives down your all-in sustaining costs. The other element of all-in sustaining costs is just the continuity of this ore body.
Our initial focus is on this red area, the southeast crescent, with big sub-level open stopes with secondary pastefill. These stopes are expected to exceed 100,000 tons each. That's about an order of magnitude larger than the average stope size for Australian underground gold mines. We think that also drives really good efficiency and cost structures in this ore body. We're doing that feasibility study with a view to getting that published in the December quarter of this year. Importantly, the focus for Greatland is we've effectively adopted this initial start with a 2.8 million ton single decline truck haulage to surface. We think we can take this to a four, maybe four and a half million ton Haveron with a second decline with a conveyor. That conveyor is good ESG, better economics, and allows us to better leverage that installed infrastructure at Telfer.
Thank you very much for taking the time to listen to the presentation. We're at stall 21 if anyone would like to follow up with some additional questions. Thank you.
Thank you very much, Shaun.