Minerals 260 (MI6) Diggers & Dealers Mining Forum 2026 summary

Strategic achievements and growth

• Resource base expanded from 2.3 million to 6.2 million ounces in 12–15 months, now among Australia's largest undeveloped gold resources, with 70% classified as Indicated and a maiden Ore Reserve of 2.5 million ounces established.

• Market capitalization increased from AUD 220 million to approximately AUD 1.4 billion, with share price and liquidity rising significantly.

• Over 170,000 meters drilled since acquisition, with resource growth driven by efficient exploration and low discovery costs.

• Additional 1,160km² acquired to unlock further resource potential, with mineralisation open in multiple directions and the project among the largest undeveloped gold assets in Australia.

• High-grade trends and new prospects identified, supporting ongoing resource growth and production readiness.

Project development and financials

• Pre-feasibility study (PFS) completed, showing a post-tax NPV of AUD 2.3 billion, 43% IRR, and two-year payback for Stage 1.

• Stage 1 targets 150,000 ounces annual production, with first output expected by end of 2028 and expansion potential to 200,000 ounces per year; processing plant designed for 5Mtpa, expandable to 7.5Mtpa.

• All-in sustaining cost projected just over AUD 2,500 per ounce, supporting high-margin, long-life operations.

• Franco-Nevada invested AUD 220 million, including a major royalty and equity placement, marking its largest Australian investment.

• Competitive debt process underway with banks, aiming for FID and finalized funding in Q1 2026, with A$211M cash and deposits as of June 2026.

Operational progress and community engagement

• Early construction underway since May 2026, including a 400-person village, water bore drilling, and grade control drilling.

• Approvals and milestones achieved on or ahead of schedule, with key permits granted or submitted in 2026 under WA State pathway.

• Native Title Land Use Agreement in place and strong relationships with traditional owners and local community.

• Social license to operate emphasized, with commitments to employment, education, and commercial opportunities in Coolgardie.

• Development plan remains on track, with DFS, final approvals, and FID targeted for early 2026/Q1 CY2027.