Greatland Resources' (ASX:GGP) outcome from its feasibility study at its Havieron project in Western Australia missed expectations, but reinforced the quality of the project, according to a Tuesday note by Jarden.

On Monday, the company said the study confirmed further upside potential at the project and generated an internal rate of return post-tax of 22.5%.

The results also showed a steady state average annual production target of 266,000 ounces of gold and 9,600 tonnes of copper, the company said.

The outcome shows the project as a standalone development. However, it has a high probability of incremental returns from savings on processing costs, Jarden said.

Jarden believes the project remains robust and is one of the best undeveloped gold resources in the country.

However, it believes that the company's permitting timelines for the project are "aspirational."

It maintained the company's neutral rating but lowered its price target to AU$5 from AU$5.50.