News

Greatland Gold has celebrated its first gold pour at the Telfer gold-copper mine, a pivotal achievement in the company’s journey.

The milestone occurred on December 4, shortly after Greatland finalized its acquisition of Telfer and the adjacent Havieron project from Newmont.

Before the acquisition, operations at Telfer were scaled back to a single 10-million-tonne-per-annum (Mtpa) processing train to preserve ore for Greatland’s use post-acquisition. Following the transaction, the company resumed dual-train processing, significantly enhancing capacity.

Greatland has inherited between 30.5 and 34.5 million tonnes of stockpiles, including approximately 11.5 million tonnes of high-grade ore. Mining continues in the west dome open pit and the main dome underground areas.

“Greatland’s first-ever gold production at Telfer is a remarkable milestone and a testament to our team’s efforts,” said managing director Shaun Day. “Resuming dual-train processing operations in line with our Telfer mine plan further underscores our operational readiness.

“With a robust gold price and significant ore stockpiles, this is an outstanding time to own the Telfer mine.”

To manage price risks, Greatland has implemented a 150,000-ounce gold hedging program, securing downside protection while maintaining upside exposure to gold price movements. The program includes quarterly gold-put options with an average strike price of $3,905.17 per ounce, spread across 2025 as follows:

• March 31, 2025: 33,996 ounces
• June 30, 2025: 46,302 ounces
• September 30, 2025: 38,910 ounces
• December 31, 2025: 30,792 ounces

Telfer is projected to produce approximately 426,000 ounces of gold equivalent at an all-in sustaining cost (AISC) of $US1,454/oz ($2,265) over a 15-month period starting from late September, when Newmont restarted processing operations.

The 11.5 million tonnes of run-of-mine (ROM) high-grade stockpiles already mined will reduce costs and de-risk Greatland’s initial production phase at Telfer. An additional 20 million tonnes of low-grade stockpiles remain available for future processing.

Horizon Minerals has reached a key operational milestone with the first ore delivery from its Boorara gold project in Western Australia, set to be processed at Norton Gold Fields’ nearby Paddington mill this month.

The initial stockpile of 54,380 tonnes of ore has undergone assaying and metallurgical test work, with an expected grade of 0.8 grams per tonne (g/t) of gold. Horizon anticipates that grades will improve as mining progresses in the coming months.

“It’s very satisfying to transport our first ore from Boorara, with first revenue expected shortly,” said Horizon managing director and CEO Grant Haywood. “This achievement comes despite challenges such as the tight labour market during the ramp-up phase and some inclement weather. Our team is now fully staffed and making excellent progress, and we look forward to steady gold production from Boorara.”

Mining at Boorara is planned to continue for 14 months, with processing extending over a 19-month period. The company expects to pour its first gold at Paddington mill in October under an ore sale agreement, which is projected to generate $30 million in free cash flow at a gold price of $3,600 per ounce.

The agreement specifies that within five days of delivering the first ore to the Paddington run-of-mine pad, Paddington will pay Horizon 50% of the gross revenue, less estimated processing costs based on the determined grade of each stockpile. After the full treatment of the stockpile, a final payment will be made to Horizon based on the determined grade, moisture, and metallurgical recovery, less agreed processing costs.

Horizon approved Boorara’s development in late July, which includes mining four open pits containing 1.24 million tonnes of ore at 1.24 g/t gold, yielding an estimated 49,500 ounces.

In addition to Boorara, Horizon’s Phillips Find project is progressing well and is expected to deliver its first ore to the Greenfields mill in February 2025.

Earlier this year, Horizon announced plans to merge with Poseidon Nickel to create a new mid-cap gold producer, targeting an annual production of 100,000 ounces in Western Australia.

Black Cat Syndicate has achieved significant milestones in the refurbishment of its Paulsens gold mine in Western Australia, targeting its first gold pour in December 2024.

Key Achievements:

• Commissioning Progress:

  • The dry commissioning of the crushing circuit is complete, with wet commissioning now underway to build a low-grade crushed stockpile.
  • Installation of critical infrastructure, including Knelson gravity concentrators, a 415-volt switchboard, and 880 KVA generators, has been finalized, marking key milestones in the refurbishment timeline.

• Infrastructure Upgrades:

  • Completion of a new oxygen storage tank and the connection of CIP circuit pipework.
  • Repairs and upgrades to the power station’s fuel systems and the tailings storage facility (TSF) have been finalized, ensuring readiness for operations.

“All refurbishment activities have been completed on time, within budget, and with no safety incidents,” said Black Cat managing director Gareth Solly. “Our focus now shifts to finalizing dry and wet commissioning as we approach first gold later this month.”

Path to Production

The commissioning process will scale up from low-grade material to high-grade ore, culminating in the first gold pour. Concurrently, selective mining and preparations for a fully mechanized fleet remain on schedule.

Future Plans

Black Cat is preparing for an accelerated exploration program in 2025, with plans to expand near-mine drilling at Paulsens and exploration at Kal East. This strategy aligns with the company’s vision for long-term growth and enhanced production.

“Refurbishment at Paulsens marks a significant step forward, and we are excited about the growth opportunities ahead,” Solly said. “Our comprehensive plan positions Black Cat Syndicate for a strong operational and exploration performance in 2025 and beyond.”

Regis Resources has reported significant progress in expanding gold mineralization across its portfolio, driven by extensive exploration efforts over the past six months. The company completed 81,674 meters of drilling, uncovering promising opportunities across its priority projects.

“The ongoing success of Regis lies in our ability to explore our vast landholdings and identify extensions to existing mineralization,” said managing director and CEO Jim Beyer. “These results demonstrate our continued success, with impressive drilling outcomes across several key targets.”

Key Exploration Highlights:

• Duketon Operations:
  Regis continues to systematically explore its large landholding at Duketon, focusing on both underground and open-pit opportunities.

  • Garden Well and Rosemont: Infill drilling has identified extensions to known mineralization, supporting near-term underground growth.
  • Ben Hur: An underground exploration target has been defined, potentially making it Duketon’s fourth underground mine.
  • Tooheys Well: Drilling has revealed down-plunge extensions, with additional drilling planned.
  • Kintyre and Gloster: Exploration has uncovered further open-pit potential.

• Tropicana Operations:
  Near-mine and regional exploration activities have delivered encouraging results. At Boston Shaker, drilling has intersected extensions of known underground mineralization, further supporting growth potential.

Commitment to Growth

Beyer expressed pride in the company’s exploration achievements and reaffirmed Regis’ commitment to ongoing investment in exploration.

“We are incredibly proud of the progress our exploration team continues to make,” Beyer said. “Their efforts have built a robust pipeline of exploration targets at various stages of maturity. We will continue to systematically evaluate and test these targets to create long-term value for our shareholders.”

Regis’ consistent success in exploration underscores its ability to drive growth and unlock the potential of its extensive gold assets.

Northern Star Resources is set to acquire De Grey Mining, the owner of the globally significant Hemi gold project in Western Australia, in a deal valued at approximately $5 billion.

Under the agreement, De Grey shareholders will receive 0.119 new Northern Star shares for each De Grey share held, equating to an implied offer price of $2.08 per share. This represents a 37.1% premium to De Grey’s last closing price of $1.52 on November 29.

A Transformational Acquisition

De Grey’s flagship Hemi gold project, located in WA’s Pilbara region, boasts a mineral resource estimate of 264 million tonnes at 1.3g/t gold for 11.2 million ounces (Moz). The project is forecast to produce 530,000 ounces per year over its first decade, offering Northern Star access to a low-cost, long-life, and large-scale gold development opportunity.

“This acquisition aligns perfectly with our strategy and enhances our purpose of delivering superior returns to shareholders,” said Stuart Tonkin, Northern Star managing director and CEO. “Hemi will complement our portfolio with its Tier 1 jurisdiction, scale, and cost profile, reinforcing Northern Star’s position as a global gold leader.”

Combined Entity and Shareholder Benefits

Upon completion of the scheme, Northern Star shareholders will own 80.1% of the combined entity, with De Grey shareholders holding the remaining 19.9%. The De Grey board has unanimously recommended the deal, citing its value and long-term benefits.

“This transaction provides De Grey shareholders an upfront premium while retaining exposure to Hemi’s future growth and Northern Star’s broader portfolio,” said Glenn Jardine, De Grey’s managing director. “The integration of our talented team into Northern Star will ensure Hemi continues its trajectory towards becoming a world-class gold mine.”

Expanding Northern Star’s Growth Path

Northern Star’s existing portfolio includes production centres in Kalgoorlie and Yandal in WA, and the Pogo mine in Alaska. The addition of Hemi will establish Northern Star’s third production centre in WA and its fourth globally, increasing its growth pathway to approximately 2.5 million ounces annually.

Australian Gold Sector Consolidation

This acquisition marks another major milestone in 2024’s wave of mergers and acquisitions in Australia’s gold sector. Other notable deals include the Red 5–Silver Lake Resources merger, Westgold Resources’ acquisition of Karora Resources, and Greatland Gold’s partnership with Newmont.

“This is a transformational step for both companies, combining exceptional assets and expertise,” said Jardine. “Alongside my fellow directors, I wholeheartedly support this transaction and look forward to the combined group’s bright future

Black Cat Syndicate has reported significant progress at its Paulsens gold operation in Western Australia, with underground mining activities advancing ahead of schedule. The company’s high-grade stockpile strategy continues to yield encouraging results, positioning the operation for accelerated growth.

“Mining activities at Paulsens are gaining momentum, with jumbo development now underway ahead of schedule alongside selective mining,” said Black Cat managing director Gareth Solly. “Strong gold mineralization observed to date highlights the growth potential beyond our published studies. With only 11 of 45 pre-existing levels developed so far, every level has shown promising potential.”

This progress has reinforced Black Cat's commitment to high-grade selective mining throughout the life of the mine.

Key Developments:

• Drive Development: Approximately 760 meters of mineralized drive development has been completed, with strong continuity and extensions of mineralization exceeding expectations in several areas.
• Stoping Timeline: Stoping activities are projected to begin as early as December 2024.
• Enhanced Workforce and Equipment: Additional miners have joined the team, with new equipment and personnel expected to mobilize in the coming weeks to enable mechanized mining by January 2025.
• Rehabilitation Efforts: Upgrades to mine services and ventilation systems are advancing, ensuring sustained access to high-grade zones.

Ore drives continue to demonstrate consistent high-grade gold mineralization, with notable intercepts including:

• 0.6m at 23.57g/t gold and 0.6m at 23.59g/t gold in vein widths, and
• 0.7m at 47.37g/t gold from the 823_AL_East ore drive, which intersected high-grade structures earlier than anticipated.

The commencement of jumbo development on the 1146 east ore drive ahead of schedule further enhances the operation’s growth outlook.

Black Cat plans to begin commissioning Paulsens using low-grade stockpiles in December, marking another milestone in the operation’s ramp-up.

Recent drilling has significantly expanded 29Metals' Golden Grove copper-gold project in Western Australia, uncovering high-grade copper mineralization at the Europa prospect. The resource extension drilling intersected mineralization approximately 100 meters below current resource estimates, signaling substantial growth potential.

Key intercepts included:

• 43.9m at 3% copper, 0.4g/t gold, and 18g/t silver from 955.1m, and
• 16.6m at 4.9% copper, 0.5g/t gold, and 30g/t silver from 937.5m.

Resource conversion drilling at Europa also delivered exceptional results, such as 25.8m at 6.9% copper, 0.6g/t gold, and 42g/t silver from 864.5m.

Europa is one of 29Metals' key in-mine growth focus areas, located in the lower Golden Grove formation near the Xantho Extended deposit. Positioned within 155 meters of the existing Xantho Extended decline, Europa is a future planned ore source offering potential cost synergies with Xantho, which is already producing increased volumes of high-grade ore.

Europa's mineralized zone remains open along strike and down dip, suggesting further resource growth opportunities.

“As a high-grade, copper-dominant zone, today’s results emphasize Europa’s potential to strengthen Golden Grove’s production mix with even greater copper weighting,” said 29Metals CEO James Palmer.

“These findings build on decades of successful resource extension drilling at Golden Grove, which has extended the lives of the Gossan Hill and Scuddles mines since production began over 30 years ago. With today’s results and the potential for new mining fronts like Gossan Valley, we are optimistic about continuing this legacy of mine life extensions.”

Golden Grove remains a cornerstone of 29Metals’ strategy, with ongoing exploration and development bolstering its long-term production outlook.

Spartan Resources has obtained all required regulatory approvals to begin underground mining and processing operations at its Dalgaranga gold project in Western Australia.

Approvals from the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) and the Department of Water and Environment Regulation (DWER) mark a pivotal milestone in redeveloping the high-grade gold operation.

These clearances allow Spartan to transition from the development phase to full-scale mining and production of underground ores, following the completion of the Juniper exploration drill drive decline.

The green light has also been given for upgrades to the process plant, including the installation of a ball mill, pre-leach thickener, and a paste plant. The paste plant will utilize recovered tailings as backfill to support underground mining, improving ore recovery at each level.

Further approvals cover the re-mining of tailings from the Gilbey’s tailings storage facility (TSF) and the dewatering of the disused Gilbey’s open pit. Additionally, the Golden Wings in-pit TSF, with approximately 23 million cubic metres of remaining capacity, remains operational under existing permits.

Spartan’s interim executive chair, Simon Lawson, expressed gratitude for the streamlined regulatory process. “We thank the regulatory agencies for their efficient and pragmatic oversight during the pre-submission consultation, enabling a smooth and timely approval process,” Lawson said.

He praised the efforts of Spartan’s in-house approvals and development team, alongside technical consultants, for demonstrating the project’s low environmental risk.

“The key parameters of the Dalgaranga project are well understood and managed, enabling us to confidently restart operations based on the high-grade Never Never and Pepper underground gold deposits,” Lawson added.

With the final approvals in place, Spartan is poised to advance the Dalgaranga project toward production, creating jobs and boosting local communities in the Murchison region of Western Australia.

Genesis Minerals chair Tony Kiernan has highlighted the company’s impressive progress in gold production and strategic growth during its 2024 Annual General Meeting. Reflecting on the past three years, Kiernan praised Genesis’ transformation into a significant gold producer in Western Australia's Leonora district.

“What began as a concept three years ago, built on an ‘open for business’ strategy in the Leonora region, has evolved into a gold producer of growing importance,” Kiernan said, crediting managing director Raleigh Finlayson and his team for their successful execution of acquisitions and asset development.

Genesis delivered 134,451 ounces (oz) of gold in the 2023–24 financial year (FY24), meeting the mid-point of its production guidance. This included strong contributions from the Gwalia underground mine, supported by improvement projects, and the Admiral open pit, which achieved commercial production in May.

Development at the Ulysses underground mine also advanced significantly, with production set to commence soon following the cutting of the portal. Additionally, the Laverton mill was restarted six months ahead of schedule, positioning Genesis to meet its FY25 production guidance of 190,000–210,000oz.

“The early restart of Laverton has positive implications for our five-year plan, potentially enabling us to reach our 2029 production target of 325,000 ounces per annum ahead of schedule,” Kiernan said.

Genesis has also bolstered its growth strategy with key acquisitions, including full ownership of Dacian Gold and Kin Mining’s Bruno-Lewis and Raeside deposits. These additions have strengthened the company’s ability to scale production and secure ore supply for its operations in the Leonora region.

With a growing market capitalisation and its ambitious “ASPIRE 400” vision targeting 400,000oz of annual production, Genesis is positioned to solidify its reputation as a leading ASX-listed gold producer.

Liontown Resources has updated its production strategy for the Kathleen Valley lithium project, located approximately 60 kilometers north of Leinster, Western Australia. This adjustment comes as the company seeks to navigate softened lithium prices for the second half of the 2024-25 financial year (H2 FY25).

Following the first shipment of spodumene concentrate in late September, Liontown is now aiming to reset its production baseline and revise its mine plans. These changes could yield up to $100 million in cost reductions, while also preserving options for future expansion when market conditions improve.

The company has set new operating cost expectations at $775–855 per dry metric tonne of spodumene concentrate for H2 FY25. Under the revised plan, Liontown targets an annual production rate of 2.8 million tonnes by the end of FY27, emphasizing high-margin output and reducing both development and fixed costs.

“When market conditions change, companies need to quickly adapt to meet the market,” said Liontown’s managing director and CEO, Tony Ottaviano. “The business optimization work done by our team shows our responsiveness to the current low-price environment."

Ottaviano also highlighted the advantages of their underground mining approach, allowing Liontown to focus on high-margin areas and scale operations flexibly. “Our goal is to ensure long-term value for our shareholders by leveraging the quality of our assets to meet strong long-term demand for lithium,” he added.

This strategic shift underscores Liontown's commitment to aligning production with market demands while positioning itself for long-term growth and value creation.