Scoping Study
THURSDAY’S GOSSAN SCOPING STUDY – STAVELY PROJECT
The Company has completed a Scoping Study on potential production from the Thursday’s Gossan and Cayley Lode coper-gold-silver deposits, part of the 100% owned Stavely Project in western Victoria.
The Thursday’s Gossan Scoping Study is based on a Mineral Resource Estimate of 59Mt at 0.58% CuEq (grade)[1] (0.46% copper, 0.09g/t gold and 2.8g/t silver) (see table below), estimated by ERM Australia Consultants Pty Ltd[2].
Click here for details of the March 2026 Mineral Resource Estimate.
Open pit optimisations, underground stope optimisations (not included in the Scoping Study) and open pit scheduling were completed by Perth-based Entech Mining Consultants. The resulting production schedule comprised production of 51.4Mt of process plant feed from a single 3-stage open pit. The pits were sequenced to maximise high-grade copper-gold-silver mill feed from the higher-grade Cayley Lode early in the mine life in order to maximise early cashflow.
Mining production of 51.4Mt of mineralized process plant feed was sourced from a single open pit at a 2.5:1 strip ratio, processed through a conventional on-site processing plant with throughput capacity of 4Mtpa.
Milling cost and metallurgical recovery assumptions are based on several phases of comminution and metallurgical recovery studies, culminating in a review of previous study outcomes and follow-on testwork by Strategic Metallurgy Pty Ltd.
Process plant design, processing cost estimates, capital cost estimates and the financial model were generated by Scoping Study lead Mincore of Melbourne.
Key economic outcomes, include:
- Estimated pre-tax NPV7 of A$818M;
- Estimated IRR of 40%;
- Projected payback in 2.5 years of production;
- Average annual free cash flow from first production estimated at ~A$110M; and
- Net cashflow from operations estimated to be A$1.4B; and
- Life-of-mine estimated all-in sustaining costs (AISC) of US$3.76/lb copper and first 3-years AISC of US$2.75/lb copper.
Mining from potential underground operations has not been included in the production targets or forecast financial information – that potential production may be incorporated in a subsequent study.
Click here for the 10 August 2026 ASX Announcement with details of the Scoping Study.
[1] The CuEq (grade) equivalent calculation quoted in the MRE is based on copper grade + recovered gold grade copper equivalent + recovered silver grade copper equivalent.
[2] See ASX announcement 17 March 2026