Wyloo pulls the trigger on $200m Greatland purchase, joining Evolution and Westgold basking in fresh gold high

Andrew Forrest’s Wyloo has snapped Newmont’s remaining stake in Greatland Resources for $200 million, paying about $700m below market value.

Wyloo boosted its stake in Greatland to 18.1 per cent after exercising an option to acquire Newmont’s residual 9.9 per cent stake in the gold-copper producer.

Newmont received 20 per cent of Greatland as part of a $715 million deal in which the former sold its Telfer mine and a 70 per cent interest in the nearby Havieron deposit in the Pilbara to the latter.

Newmont cut an option deal with Wyloo — Greatland’s number one shareholder — to gets its blessing for the Telfer and Havieron sale.

The Forrest family company on Wednesday exercised its option at $3 per share, with Greatland finishing trade at $13.57, equating to a windfall for the Forrest family of $705m.

Wyloo’s stake is now worth nearly $1.6 billion, plus it has 17.6 million of Greatland warrants with an exercise price of $4.14 per share for an in the money valuation of more than $150m.

“We are proud to continue deepening our partnership with Greatland as its largest shareholder. We believe in the company’s disciplined approach, the quality of its assets and the capability of its team,” Wyloo chief executive Luca Giacovazzi said.

“Greatland is emerging as a leading multi-asset gold and copper producer with the potential to become one of the most significant mining companies on the ASX.

“We believe there is substantial value yet to be unlocked from Havieron and Telfer, and we look forward to continuing our support as Greatland drives operational excellence and delivers disciplined, sustainable growth.”

Wyloo pulled the trigger on exercising its options as safe-haven gold continues to climb past $7,000 an ounce with fears of a US invasion of Greenland growing.

The fresh all-time high put wind in the sails of a raft of ASX-listed gold producers that unveiled quarterly results on Wednesday.

Evolution Mining rose 9.5 per cent after reducing cost guidance by 6 per cent for the 2026 financial year and boosting its cash balance by $187m to $967m.

Investors overlooked an expected hit to production from its Ernest Henry mine in Queensland being flooded by 30cm of rainfall in a 24-hour period.

Westgold was another shining star on the market, rising 9.6 per cent.

The Wayne Bramwell-led company unveiled record production of 111,148oz, which was well above analyst expectations, and a record “underlying” cash build of $365m.

Taking away various payments like stamp duty, debt, and dividends, Westgold added $182m to its pile of cash and bullion to sit on $654m with no debt or hedging arrangements.