Definitive Feasibility Study Confirms Strong Gold Production and Excellent Financial Returns over a 10-Year Mine Life
Robust Resource and Reserves
Significant Production
Right-Size CapEx and Competitive OpEx
- Mineral Reserve: 1.25Moz @1.11g/t Constrained at a A$3,000/oz gold price 84% in Proven classification
- Mineral Resource1: 2.44Moz @1.11g/t Constrained at a A$4,500/oz gold price 91% in Measured & Indicated classification
- Initial 4 years delivering an average of 140.2koz p.a. with a Life-of-Mine average production of 113.7koz p.a.
- 10-year Life-of-Mine production of 1.14Moz, with an average of 90.4% recovery
- Initial development CapEx of A$355m (incl. preproduction OpEx and Contingency)
- AISC of A$2,180/oz over the initial 4 years, with Life-of-Mine AISC of A$2,265/oz
Compelling Economic Returns
Straightforward Processing
Rapid payback period
- Post-tax CF: A$1.37B | NPV₅: A$954m | Payback: 13 mths | IRR: 53% at A$4,300/oz gold price
- Post-tax CF: A$1.91B | NPV₅: A$1.35B | Payback: 12 mths | IRR: 68% at A$5,000/oz gold price
- 3.6Mtpa Carbon-in-Leach Gold Plant
- 13 months from first production
1 For further details, including JORC 2012 disclosures, refer to ASX announcement dated 30th June 2025
Resource and Reserve¹
Mineral Resource Estimate
- MRE of 69Mt @ 1.11g/t Au for 2.44Moz
- Constrained to A$4,500/oz optimised pit shell
- Cut-off grade of 0.35g/t Au supported by DFS financial modelling
1 For further details, including JORC 2012 disclosures, refer to ASX announcement dated 30th June 2025
| Resource Category | Tonnes (Mt) |
Grade (g/t Au) |
Contained Gold (oz) |
| Measured | 41.6 | 1.14 | 1,531,000 |
| Indicated | 21.2 | 1.02 | 693,000 |
| Inferred | 5.9 | 1.16 | 219,000 |
| TOTAL | 68.6 | 1.11 | 2,443,000 |
Table 1
Notes to Table:
Resource is reported at a lower cut-off grade of 0.35 g/t Au within A$4,500 pit optimisations. Tailings reported at 0g/t Au cut-off grade. Reported at 100% recovery. Estimates reported against SMU (LUC model). There may be minor discrepancies in the table due to rounding of tonnages, grades and metal contents.
Ore Reserves
- Ore Reserve of 2Mt at 1.11g/t Au for 1.25Moz
- Significantly de-risked with ~84% classified as Proven
- Conservative A$3,000/oz gold price used for Reserve calculation
| Zone | Resource Category | Tonnes (Mt) |
Grade (g/t Au) |
Contained Gold (oz) |
| Central | Proved | 27.6 | 1.15 | 1,015.3 |
| Probable | 4.8 | 0.96 | 146.9 | |
| Sub-Total | 32.3 | 1.12 | 1,162.2 | |
| South | Proved | 1.2 | 0.97 | 36.5 |
| Probable | 1.7 | 1.01 | 54.6 | |
| Sub-Total | 2.9 | 0.99 | 91.0 | |
| TOTAL | 35.2 | 1.11 | 1,253.2 |
Table 2
Notes to Table:
Ore Reserve reported using a minimum cut-off of 0.4 g/t. Cut-off grades vary by material type due to variations in process recoveries and cost.
Ore Reserve includes dilution and ore loss at an average of 26% and 25% respectively.
Proved Ore Reserve estimate is based on Mineral Resources classified as Measured and the Probable Ore Reserve is based on Mineral Resources classified as Indicated. Totals may differ due to rounding.
Low Cost Production
Exceptional Upside
Ongoing drilling targeting growth and de-risking of Resource
- Open Pit Growth: ‘Low hanging fruit’ down-dip and down-plunge of Jinkas-White Dam lodes, where pit optimisations are constrained by drill density
- Underground Resource Expansion: Target up to 700m down-plunge of the current Resource (pit constraints) guided by down-hole electromagnetics (DHEM), which has historically been effective in identifying gold at KGP
- Resource De-Risking: In-fill early mine life zones (Years 1–2) and targeting areas with potential grade upside; Additional down-plunge testing of Datatine high-grade shoots, supported by EIS co-funding
Oblique view looking SW, displaying grade and the A$4,500 pit and A$5,000 pit, drill traces and DHEM plates
