Preview - Australia's Paydirt Issue 348 (May 2026)

ISSN 1445-34369 771445 34300704 Australia’s Paydirt May 2026May 2026 VOLUME 1. ISSUE 348 $11.95PLUS...South Australia clears exploration pathCopper spotlightRed hot, red metalCypriumrewires Nifty●●●

Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Registered by Australia Post PP 643938/0071. No pages or articles in this publication may be reproduced in any form without the consent of the publisher. This includes photographs either taken by Paydirt Media staff or provided by other parties.PAYDIRT (ISSN 1445-3436)Published byPaydirt Media Pty Ltd.A.C.N. 063 985 133Head Office: Suite 9, 1297 Hay St, West PerthWestern Australia 6005P.O. Box 1589, West PerthWestern Australia 6872Phone: (+61 8) 9321 0355Facsimile: (+61 8) 9321 [email protected]: Editor: Dominic PiperDeputy Editor: Michael WashbourneSenior journalist: Rhonda MalkinJournalist: Michael CameronArt director: Nick BrownAdvertising:Head of Advertising: Richa FullerSubscriptions: Nicoletta AnticPhone: (+61 8) 9321 0355Facsimile: (+61 8) 9321 0426Pre-press and printing:Vanguard Press, 26 John St,Northbridge WA 6003Member of:Paydirt MediaExecutive chairman: Bill RepardFinance manager: Giovanny JeffersonAccounts/administration: Vanessa CaleConferences: Angelique Julien,Paula Fujita5265 NEWSHastings Technology Metals will vault into the rare earths producer stakes after striking a deal to acquire a fully-permitted but unconstructed hydrometallurgical mixed rare earth chloride facility in Thailand. The $US15 million purchase will not only allow it to become a producer of value-added products but offers an avenue to revive the company’s flagship Yangibana rare earths project in WAREGIONAL ROUNDUP There is no slowing down for Australia’s intrepid junior and mid-tier resources sector. This month’s global wrap includes the release of feasibility studies from Globe Metals & Mining and Sovereign Metals in Malawi, a big capital raising for Midas Minerals in Namibia and a Donald Trump tick of approval for Resolution Minerals in IdahoCOVER While its peers are heading far and wide to find new, developable copper projects, Cyprium Metals has stuck close to home and is on the brink of getting major reward. The company has been quietly plugging away at the refurbishment of the troubled Nifty copper mine in the Paterson region of WA but with a production restart imminent, it suddenly finds itself the centre of intensifying interest. Dominic Piper spoke to executive chairman Matt Fifield about the opportunitySOUTH AUSTRALIA After a period in which the sector fell off the agenda, mineral exploration is back on the priority list for the reelected Malinauskas Government in South Australia. Minister for Energy & Mines Tom Koutsantonis has pledged to fund the neglected PACE exploration initiative and the State is re-emerging as a place to exploreCOPPER Despite oscillating as a result of the US-Israel invasion of Iran, the copper price is still holding at a barely believable plus-$US13,000/t. The dramatic rise over the last nine months has spurred the ASX exploration sector into action, with a plethora of companies emerging with pre-development stories. Paydirt looks at CONTENTSMember of:202632in support of Australia’s mining industrymaroomba.com.au53ISSN 1445-34369 771445 34300704 Australia’s Paydirt May 2026May 2026 VOLUME 1. ISSUE 348 $11.95PLUS...South Australia clears exploration pathCopper spotlightRed hot, red metalCypriumrewires Nifty●●●Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

PAGE 4 MAY 2026 AUSTRALIA’S PAYDIRTMy grandad was the eternal optimist, always thinking we had a chance of winning 5-0, or scoring a last-minute equaliser, his enthusiasm was infectious. Uncle Eddie, on the other hand, was the pessimist in our gang. He talked himself into failure in almost every match. As soon as the opposition had possession of the ball, even if it was 50 yards from goal, he’d be predicting impending doom. If or when they eventually did score, he’d say: “I told you so, typical!” and march out the ground five minutes before full-time. I asked my grandad why Uncle Eddie always came to the match, “he loves the Boro” was his response. It’s true, he’d been to the ground during the darkest seasons, where wins had been as infrequent as sunny days on Teesside and the club languished in the third tier of English football, far away from the glamour of the Premier League. But, he kept coming back and his pessimism was still intact even during our rare periods of success. Uncle Eddie springs to mind when I hear some of the executives of junior companies in the mining industry. There is no doubt being the head of a junior mining company can be a hard slog. Your fortunes are so often beholden to factors outside your control, whether geological or macroeconomic, but you must still appease shareholders who have unrealistic expectations or brokers who want to cut a deal.However, there have been few better times to be an executive in the sector than the last two years. Commodity prices are flying, demand is rampant and investor interest is at levels unseen for more than a decade. But, like Uncle Eddie, talking to some executives only elicits negativity, particularly from those working in Western Australia. For these executives, WA is always “too expensive” or “you can’t get ground” or “the approvals system is too slow”. When you ask why they keep operating here, the answer is invariably along the lines of “well, because it is the best mining jurisdiction in the world”.Of this, there can be little doubt. We cover many jurisdictions in the pages of Paydirt and pride ourselves on shining a light on what we believe are overlooked, underappreciated or misunderstood regions of the world. However, facts are difficult to argue with and there are reasons why WA continues to attract much of Australia’s and indeed the world’s mining investment dollars. Other jurisdictions may be less expensive, have more walk-up prospects, offer better tax regimes, quicker regulatory systems or provide lower input costs, but nowhere offers the same combination of prospectivity, predictability and expertise as WA. In many other jurisdictions, identification of a project or prospect is just the start of a long, unpredictable journey towards development. In WA, if you secure a licence and follow the laws and regulations, there will be no surprises preventing you from reaching production.The development pathway in the State is proven to be stringent but robust.When international investors are looking at mining projects and ask for proof of an asset’s ESG performance, WA companies often find it quite difficult to express their credentials because these credentials are so embedded in the industry. While companies in other places may be able to get all the way to project development while hiding environmental, social or governance skeletons in the closet, the WA system prevents such projects getting anywhere near that stage.Issues are either ironed out earlier in the process or the project is stopped, and not even necessarily by the regulator. The wealth of industry knowledge within the State means any company which presents a project looking “too good to be true” is quickly assessed by peers. Occasionally these projects stand up to scrutiny, but more often they are proven to have flaws – whether expensive or sometimes fatal – and are quietly put on ice. Longer-than-hoped-for approvals, delayed drilling programmes or expensive power and labour might all elicit a “typical WA” reWhen I was a kid, I used to go to Middlesbrough’s English Premier League matches with my grandad and his [email protected] @Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Forgotten rare earths developer Hastings Technology Metals Ltd appears set to attain long-awaited producer status later this year – but not via the asset which has served as its flagship for more than a decade.Hastings has struck an agreement with Enuo Holdings Pte Ltd for majority board control and governance rights over a fully-permitted but unconstructed hydrometallurgical mixed rare earth chloride (MREC) processing facility in Kabin Buri, Thailand.Total consideration for the acquisition is capped at just $US15 million, comprised of Hastings shares, production-contingent deferred payments and commissioning costs funded by Enuo.Hastings estimates it will cost about $US1 million over the coming months to complete construction and commission the initial 5,000 tpa plant, which the company has already flagged will be scaled to 30,000 tpa next year.Monazite concentrate from one of Enuo’s existing mines in Africa will be used as the feedstock for the upcoming commissioning phase, with first MREC production slated for Q4 2026.Perhaps most crucially for Hastings, the acquisition of a hydrometallurgical plant is set to revive the stalled development of its flagship Yangibana rare earths project in Western Australia’s Gascoyne region.Hastings chief executive Vince Catania unashamedly described the Thai plant as a “game-changer” for the company and its shareholders.“A rare earths mine does not work if you don’t have a hydromet plant,” he told Paydirtlast month.“Without one, there’s very few places in the world – if any – where you can sell your concentrate. So, in order to have an operational rare earth mine, you first need to be able to feed your concentrate into a hydromet plant.“This is a pivotal moment for Hastings because if you look at the pathway that Lynas [Rare Earths Ltd] and MP Materials [Corp] have taken before us, we are going down a very similar pathway. We look forward to being in that same league in the next few years.”Hastings currently owns 40% of Yangibana, having finalised a JV transaction with Wyloo Metals Pty Ltd last September when the Andrew Forrest-backed group was officially anointed manager and operator of the project.Located about 250km north-east of Carnarvon, Yangibana is widely considered Australia’s most advanced undeveloped rare earths project. Hastings previously spent more than $150 million – roughly one-third of the estimated total project capex – on erecting critical infrastructure at site, including a 294-room accommodation village and 2km airstrip, as well as purchasing long-lead items such as the SAG mill and flotation cells.Yangibana was declared “shovel-ready” in mid-2024 just as prices for neodymium and praseodymium bottomed out, barely two years after hitting highs not seen since the turn of the last decade.Catania said the purchase of the MREC plant would allow development discussions concerning Yangibana to resume in earnest.“We, as Hastings, see this as a fantastic opportunity to progress Yangibana into construction and producing a concentrate to one day go through our Thailand plant,” he said.“We work very closely with Wyloo because our opportunity is their opportunity. The JV is operating like any good relationship should – in a positive, productive way – and we look forward to advancing Yangibana with our JV partners, Wyloo, to be able to get it into construction and production, hopefully in the very near future.”Wyloo chief executive Luca Giocovazzi echoed those sentiments in a statement released by Hastings.“This development is a valuable strategic option for the Yangibana JV,” he said. “It represents a capital-efficient downstream pathway and a fast route to market for one of the world’s highest-grade NdPr deposits.“Wyloo is working closely with Hastings and we look forward to jointly exploring the economic benefits of this processing option.”First concentrate from Yangibana could be fed through the Thai plant during the proposed ramp-up to 30,000 tpa, potentially starting as early as next year. Hastings has also flagged accepting other monazite feedstock from third parties to support this production phase.According to Catania, the MREC facility is primed for commissioning with all site buildings structurally complete and permitted. It is also situated 175km from Laem Chabang, home to one of the largest container ports in South-East Asia with established direct-shipping connections to potential key customers in Australia, China, Japan, Korea, Europe and the US.Hastings previously contemplated building a downstream plant in Onslow, about 430km by road to the north of Yangibana.“We hunted around the world for the best spot to build a hydromet plant and this fell in our lap for a fraction of the cost it would take to build one of these on a greenfields site,” Catania said.“The replacement value to build one of these hydomet plants from scratch is over $US300 million.“We looked at multiple locations, obviously at Onslow but also in Saudi Arabia, Estonia and the US, so we’ve done a huge amount of due diligence on what is the best location.”Hastings became the second ASX-listed rare earths developer within the space of a month to pounce on a MREC facility after Malawi-focused Lindian Resources Ltd penned a deal to acquire the SARECO downstream plant in Kazakhstan, also for just $US15 million.Lindian used the momentum from the transaction to raise $100 million early last month, ensuring Stage 1 development of its Kangankunde mine in Malawi and the upHastings pounces on Thai hydromet plantAUSTRALIA’S PAYDIRT MAY 2026 PAGE 5Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Element 25 Ltd managing director Justin Brown expects to ink new offtake agreements “well before” the expanded Butcherbird manganese mine in the Pilbara enters the commissioning phase early next year.Offtake remains on the table for Stage 2 production from Butcherbird, although it could feasibly be the next domino to fall after Element 25 raised $18 million last month, all but ensuring the company is fully funded for the impending expansion to 1.1 mtpa.Led by Sydney-based stockbroker Petra Capital, the single-tranche placement to new and existing shareholders was essentially the final piece of the funding puzzle to triple Butcherbird’s existing nominal production capacity, the company having secured a $50 million loan from the Northern Australia Infrastructure Facility (NAIF) last year.Manganese powerhouse OM Holdings Ltd grabbed the offtake rights for Stage 1 and seemingly would be the frontrunner for Stage 2. Element 25 indicated earlier this year it had identified a “preferred” offtake partner but was still negotiating commercial terms for the additional concentrate.Brown said offtake was the least of his worries.“Very pleasingly, there’s interest from multiple parties, which is always encouraging,” he told Paydirt.“We’ve obviously still got a very good relationship with OM Holdings, they’ve got plenty of smelting capacity in Malaysia and we’re always looking at ways to strengthen that relationship, but pleasingly we’ve got interest from a couple of other really strong parties as well, so we’re just working on how we kind of dovetail it all together.“It’s probably fair to say that we see ample demand for our planned production, so we’re not worried about that aspect at all. It’s now just down to the finer details of pricing models, payment terms and logistic plans. We intend to have that all bedded down well before production starts, so there will be some news to follow shortly, if all goes to plan, which I’m sure it will.”Element 25 was seeking to achieve financial close of the NAIF loan – comprised of $42.5 million in senior debt and a $7.5 million cost overrun facility – at the time of print.Last year’s updated feasibility study priced the expansion at $64.8 million with manganese oxide concentrate production over the estimated 18-year mine life set to generate pre-tax NPV of $561 million with IRR of 96%.Butcherbird, about 130km south of Newman, remains Australia’s largest onshore manganese resource with 274mt delineated to date.“This expansion [from 365,000 tpa to 1.1 mtpa] was always part of our strategic development pathway that we outlined a few years ago, even prior to the Stage 1 development which we did during COVID,” Brown said.“It’s going to put us on the map as a signifi- c a n t manganese producer and push us a long way down the cost curve as well. We’ll be a much larger-scale, low-cost producer into global markets.“And it’s at a great time too, because if you look at the production profile for manganese ore in Australia, it’s actually been in decline for a few years. Bootu Creek is running out of ore, Woodie Woodie is fairly mature now and Groote Eylandt is getting pretty long in tooth as well. So, we think this is a really good time to bring a new project online.”Financial close with NAIF will likely be followed by the appointment of the construction contractor. Element 25 has already signed up the likes of Altris Engineering (lead project engineer), MMD (plant design and procurement) and KISA (logwasher build and assembly) to key contracts.Most key contractors are expected to mobilise to site by mid-year. “It’s not a complex build,” Brown said. “I think once we get under way, it will be a pretty streamlined process.“There’s only three or four main bits of equipment and then it’s some pretty simple sort of concrete, structural steel, and electricals to bolt it all together.”Brown also confirmed the company would “carve out” an unspecified amount of production from the expanded Butcherbird mine for its proposed downstream facility in the US state of Louisiana, the world’s first high-purity manganese sulphate refinery PAGE 6 MAY 2026 AUSTRALIA’S PAYDIRTElement 25 tunes up for Butcherbird expansionNEWSElement 25 expects to start commissioning the expanded Butcherbird manganese operation early next yearSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Nedbank Ltd Reg No 1951/000009/06. Licensed fi nancial services and registered credit provider (NCRCP16).Cathy Nader Principal Mining and Critical MineralsNivaash Singh Head Mining and Critical MineralsLee-Anne de Bruin Chief Financial Offi cer PerseusNedbank Corporate and Investment Banking (CIB) has reinforced its standing in global mining fi nance with the successful execution of a US$400 million refi nancing for ASX- andTSX-listed Perseus Mining.The transaction supports Perseus’s continued expansion across its multijurisdictional African portfolio and highlights Nedbank CIB’s capability to lead complex, cross-border mandates in a rapidly evolving mining investment landscape shaped by the energy transition and geopolitical volatility.The mandate followed a competitive international process involving regional and global lenders, with Perseus selecting Nedbank CIB to lead and coordinate the refi nancing as joint bookrunner. This appointment refl ects confi dence in Nedbank CIB’s ability to coordinate across jurisdictions and execute in a complex international environment.The facility attracted strong interest from commercial banks and, under Nedbank CIB’s coordination, the syndicate grew from 6 to 8 lenders at close, broadening Perseus’s funding base. Structured to uphold prudent leverage levels and preserve liquidity headroom, the facility refl ects the capital discipline that remains essential in the gold-mining sector.Nedbank CIB was the only African bank appointed to bookrun the transaction, standing alongside leading international institutions in the fi nal lender group. Throughout the process, the team coordinated documentation, lender engagement and cross-border alignment within tight timelines, ensuring that the multijurisdictional requirements across credit appetite, regulatory frameworks and operational strategy were fully met.Nivaash Singh, Head of Mining and Critical Minerals at Nedbank CIB, said the transaction refl ects the bank’s focused mining fi nance capability. ‘Mining fi nance demands precision and a deep understanding of operational risk, jurisdictional dynamics and capital structure optimisation. Our role in this refi nancing demonstrated the coordination and experience required in a competitive international environment.’ The refi nancing also supports the construction of Perseus’s Tanzanian mine while maintaining steady production across its West African operations. The addition of Tanzania broadens the company’s geographic footprint and balances output across established mining jurisdictions.Nedbank CIB executes US$400 million debt refi nancing for Perseus Mining, cementing its position in global mining fi nanceCathy Nader, Principal in Mining and Critical Minerals at Nedbank CIB, said lender confi dence in the Perseus refi nancing is anchored in disciplined structuring and clear risk allocation. ‘For multijurisdictional producers with operating cash fl ows and growth projects, fi nancing must balance expansion with resilience. When credit structures provide visibility on cash fl ow strength and jurisdictional risk, lenders can support growth while maintaining long-term stability.’Perseus’s Chief Financial Offi cer, Lee-Anne de Bruin, said: ‘Perseus has received very strong support from a consortium of high-quality international lenders, including 2 additional international banks joining the syndication. The transaction was more than 100% oversubscribed, which we regard as a major endorsement of the underlying quality of our assets and future cash fl ows. With cash and undrawn debt capacity exceeding US$1.2 billion, we are fully funded to deliver on our 5-year outlook and pursue future growth opportunities, while maintaining our commitment to returning capital to shareholders through ongoing dividends and share buy-backs.’Gold continues to play a critical role in global fi nancial markets, serving as both a store of value and a hedge during periods of economic volatility. Matthew Stretch, Principal in Mining and Critical Minerals at Nedbank CIB, said the refi nancing refl ects a growing appetite among lenders for African gold producers with established cash fl ows and disciplined expansion plans. ‘As producers extend their footprint across jurisdictions, access to diversifi ed capital pools is becoming more attainable. Structured fi nancing enables expansion while maintaining lender confi dence in long-term stability.’The transaction strengthens Nedbank CIB’s position in natural resources fi nance, spanning gold, platinum group metals, diversifi ed mining and critical minerals. By combining its structuring capabilities with syndication expertise and balance-sheet participation, the bank continues to extend its reach across complex mining transactions.Gold continues to play a critical role in global fi nancial markets, serving as both a store of value and a hedge during periods Matthew Stretch, Principal in Mining Matthew StretchPrincipal Mining and Critical MineralsSunshinegun_2160821608_Nedbank_CIB_Perseus Deal PayDirt Mining Magazine_FA.indd 1 2026/03/20 11:49Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Paydirt deputy editor Michael Washbourne (second from left) with other major award winnersat the 2025 Diggers & Dealers Mining Forum in Kalgoorlie#paydirtmedia #magazines #conferencesWherever we are...trend with usSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 9OPINION‘Dark money’ weakens AustraliaMining doesn’t just support the Australian economy – it is the economy. But numerous forces are arrayed against this important industry. Forces who receive foreign donations from sources they refuse to reveal.This dark money is trying to turn public, and political, opinion against mining, and in doing so, threatens to weaken Australia.From the copper fields of Cloncurry to the iron ore and gas wealth of Western Australia, our national prosperity has always been built on resources. With a nation so abundant in resources, it’s imperative we return to drilling and mining for our own sovereign capability as well as to supply trading partners.It’s time that Australia produced its own fuel. Drilling in places such as the Officer, Arckaringa, Eucla and Bight Basins will replace the declining Bass Strait fields and again produce domestic supply. Instead of wasting hundreds of millions on hydrogen pipe dreams we should be producing oil to power agriculture and gas to produce fertiliser here. It’s crucial now more than ever that governments support the exploration and development of oil and gas reserves to back in energy security, local manufacturing and jobs, and to bring energy prices down.We need to be unlocking new resource corridors to drive our economy, so we are less reliant on imports, while creating more jobs and prosperity.Yet too many Australians still see mining as a distant, regional activity, rather than the engine that funds jobs, infrastructure, healthcare and household stability across the country.On a recent holiday to Japan, I toured a rehabilitated copper mine and overheard an Australian couple. The husband praised the economic contribution of mining, but his wife was concerned about environmental impacts.This sums up the attitude of many Australians who know we need to mine, but who also don’t realise mining in this country impacts only about 1% of our entire landmass.At a time when cost-of-living pressures dominate public concern, we must reconnect the dots. Every royalty, every export dollar, every mining job flows through to stronger communities and essential services. Undermining this sector through policy uncertainty, excessive regulation, or ideological opposition risks weakening the very foundation of our economy.The Environmental Defenders Office (EDO) alone, in addition to tax holding deductible gift recipient status, is receiving $6.7 million in Federal funding from the Albanese Labor Government over the next three years – despite being publicly condemned by the Federal Court.And even more worryingly, they received a blind grant from unknown sources paying off the costs they were ordered to pay.This funding has come with no strings attached – and no disclosure as to where it has come from.Australia has some of the strictest political disclosure laws in the world but groups like the EDO, who actively campaign against the prosperity of Australia are not subject to such laws.In 2014, the then Secretary-General of NATO said that the Russian Government was responsible for the anti-fracking campaign in the UK.This campaign undermined the UK’s energy sovereignty and ultimately on financial security, allegedly to increase Europe’s reliance on Russian gas. We would be naive to think that campaigns like that are not playing out here in Australia.Here in Australia, we have had the EDO attempt to disrupt and discredit a gas project critical to Australia’s energy security, and vital for the energy security of our close partners like Korea and Japan, who supply our liquid fuels.A group which received $6.5 million from a mystery donor to pay their court-ordered costs after being found to have confected evidence. Why this issue is not of more concern astounds me.In this increasingly uncertain and unstable time, the transfer of dark monies to “activist” or “philanthropic” groups to pay for their targeted anti-mining campaigns must be a key focus of us all.Many such groups repeatedly claim to be fully transparent in their funding arrangements, but when one looks at the financial disclosures of the Australia Institute, or the Institute for Energy Economics and Financial Analysis, those statements simply list dollar figures next to generic “revenue” items.No clarity, no detail, no transparency.Where is this funding coming from?What is it being used for?Are there malicious actors attempting to influence our decisions and weaken Australia?We must have more transparency of who Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Africa Down Under continues to be the leading forum for Australian-African business and government relations.Since the inaugural conference in 2003, ADU has assembled the best success stories fromacross the African continent. This is a must-attend event for anyone doing business in Africa.In addition to creating a melting pot for pro Africa-Australia relations, ADU forms the principal pillar of “Africa Week”, Australia’s week long celebration of the strong and growing business, social and cultural ties between Australia and the entire African continent.Join us on 2-4 September 2026 when Perth once again asserts its position as a global capital for African mining.24TH EDITIONJoin our 2026 sponsors and exhibitors to date:To present, exhibit or attend as a delegate please contact Angelique Julien on (+61) 8 9321 0355 or [email protected] must-attend industry event to promote your brand!

Join our 2026 sponsors and exhibitors to date:View exhibitor and sponsorship packagesafricadownunderconference.comLIMITED SPONSORSHIP OPPORTUNITIES AVAILABLE

mineralprocesscontrol.com.auLow cost, high ratemineralprocesscontrol.com.auPAGE 12 MAY 2026 AUSTRALIA’S PAYDIRTTwo ASX-listed developers with projects in Malawi published feasibility studies last month, confirming their respective potential to become leading suppliers of niche critical minerals.Globe Metals & Mining Ltd was the first cab off the rank with a BFS for its Kanyika niobium project, highlighting a post-tax NPV of $US1.025 billion ($1.46 billion) and IRR of 48% over 24 years.Development capex for the initial build was priced at $US139 million ($199 million), comprising the requirements for both the mine and refinery. Average annual operating costs were estimated at $US14.26/kg N2O5 (after factoring in the tantalum byproduct credit), placing the Kanyika project in the lowest quartile on the global niobium cost curve.Other key metrics from the DFS included average annual EBITDA of $US205 million ($293 million), net sales revenue of $US6.98 billion ($9.975 billion) and a 72% gross margin, both calculated over the life-of-mine.The DFS was based on a reserve of 33.8mt @ 3,050 ppm NbO5 and 142 pm Ta2O5 and focused on a phased development plan, initially targeting niobium production of 1,502 tpa before scaling up to 3,477 tpa.Globe is targeting FID in Q3 2026 with project evaluation and advanced funding, offtake and EPCM negotiations continuing.Based on that timeline, construction could begin before the end of the year with first production slated for Q1 2028 and the expansion phase completed in early 2030.Globe interim chief executive Charles Altshuler said the phased development approach allowed for improved capital efficiency while reducing execution risk.“Importantly, Kanyika represents one of the few near-term opportunities to establish a new, large-scale source of niobium supply outside Brazil,” he said.“As demand continues to grow across aerospace, defence, data centres, AI and advanced manufacturing, we are seeing increasing strategic interest in securing longterm, conflict-free supply. “We believe the project is well positioned to transition into development and deliver long-term value for shareholders.”Following Globe’s announcement, Rio Tinto Ltd-backed Sovereign Metals Ltd confirmed via a DFS that its Kasiya project is poised to become the world’s largest producer of both natural rutile and natural flake graphite.Kasiya is also forecast to be the lowestcost graphite producer globally.The DFS builds on the outcomes of Sovereign’s previous optimised PFS, flagging pre-production capex of $US727 million to deliver an initial 12 mtpa operation, later scaled up to 24 mtpa delivering 222 mtpa rutile and 275,000 tpa graphite over the 25-year mine life.Key financial metrics include total revenue of $US16.21 billion, annual EBITDA of $US476 million, pre-tax NPV of $2.2 billion and IRR of 23%.Total life-of-mine development capex was priced at $US1.24 billion while operating costs were estimated at $US450/t FOB Nacala.A technical committee from Rio Tinto, a 19.9% shareholder of Sovereign, provided input and oversight in the Kasiya DFS, ensuring it complied with the World Bank Group’s IFC performance standards.Sovereign managing director Frank Eager said the study was a defining milestone for its flagship asset.“To deliver a DFS of this quality, depth and confidence, rarely achieved by a pre-production company, reflects the calibre of partnerships that Sovereign has assembled around this project,” he said.“The successful completion of large-scale field trials, combined with the expertise of our experienced owner’s team and the technical support provided by Rio Tinto, reinforces Kasiya’s potential to be a long-life, low-cost, and reliable source of two critical and globally strategic minerals. Kasiya is not simply a mining project – it is a globally strategic asset.”REGIONAL ROUND-UPMalawi projects nearing the start lineSovereign’s DFS confirmed Kasiya as potentially the largest producer of both natural rutile and natural flake graphite globallySecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

mineralprocesscontrol.com.au Global leader in innovation, manufacturing and supply of gold miningand assaying chemicals and technologies since 1995.AUSTRALIA’S PAYDIRT MAY 2026 PAGE 13AFRICAMidas managing director Mark Calderwood and senior geologist Oliver Tors discuss the diamond drilling campaign at the T-13 prospect on OtaviMidas Minerals Ltd can put its foot to the floor after posting a maiden resource and raising a further $28 million to accelerate its Otavi copper project in Namibia last month. Midas has enjoyed a brisk start to its exploration push at Otavi, 360km north of the Southern African country’s capital, Windhoek, putting four rigs – two diamond, two RC – into action in January as it began its chase for sediment-hosted, structurallycontrolled coppersilver-gold deposits in the style of Central African copper belt in Zambia and the DRC. While all four rigs continue to turn on the T-13, Spaatzu and Deblin prospects, the wealth of pre-existing data Midas acquired with its purchase of Otavi has allowed it to publish a maiden resource before completing its first drilling campaign.The inferred resource of 10.5mt @ 1.6% copper and 21 g/t silver for 169,000t copper and 7.1 moz silver was built from the historical database of 43-holes for 16,800m drilled by previous owner Nexa Resources Corp into the T-13 deposit. T-13 has been traced over a 2.2km strike and 80m width, with the 300m-long main zone (6.6mt @ 2% copper and 30 g/t silver) drilled down to 400m.Having subsequently drilled several of its own holes into the deposit, Midas expects further upgrades and expansion of T-13.“I anticipate infill drilling will continue to refine and define the robust nature of the high-grade zone, over significant widths, which points to potential strong optionality for economic studies,” Midas managing director Mark Calderwood said. “Geologically, the current 1.4km-long T-13 trend remains an open book ready for further growth. Infill drilling is actively progressing with the goal of delivering a more detailed dataset for the area with first results expected in the June quarter.”Calderwood said T-13 was only the first of several emerging targets at Otavi, with the company already excited by early hits from Spaatzu.A surface geochemical anomaly extending 2.5km by 600m, Spaatzu had never been drilled by Nexa but Midas found immediate encouragement, returning hits of 44m @ 1.36% copper and 36.8 g/t silver from 23m, (including 16m @ 2.55% copper and 72.6 g/t silver), 26m @ 1.37% copper and 31.1 g/t silver from 45m, 56m @ 0.57% copper, 13.9 g/t silver and 1.12% lead from 4m and 18m @ 1.1% copper and 26.5 g/t silver from 70m in its first round of drilling. The company is now eyeing a maiden resource for Spaatzu by the end of the year and having seen its share price climb from 40c to $1.04 following the acquisition of Otavi last year, Midas was quick to lock in gains, raising $28 million at 75c/share in April. Calderwood said the money would applied directly to the ground, with additional work planned for T-13 and Spaatzu, as well as several other prospects.“We plan to use the proceeds from this placement to advance our resource definition and exploration drilling on the Otavi project,” he said. “At the same time, we will also undertake additional metallurgical test work on several deposits.”– Dominic PiperMidas locks in funding for OtaviSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

PAGE 14 MAY 2026 AUSTRALIA’S PAYDIRTCOVERThe last 12 months have seen the likes of FireFly Metals Ltd, Midas Minerals Ltd and Marimaca Copper Corp make big waves on the ASX with international copper plays identified as capable of filling the pressing need for more red metal.In contrast, shares in Cyprium Metals Ltd have traded in a narrow band of 30-45c in the last six months despite the company now firmly established as Australia’s next domestic copper producer through a 2026 restart of its Nifty operations in Western Australia’s Paterson province. Cyprium is preparing to switch Nifty back on mid-year, processing re-established heap leach pads through a refurbished SX-EW plant to produce up to 6,000 tpa of copper cathode. It is a simple, low-cost entry into the copper producer ranks for Cyprium and one which will set it up for further expansion in coming years. Surprising then, that Cyprium has experienced little of the market enthusiasm overseas-focused peers have. There may be frustration within the company but executive chairman Matt Fifield is ac- tually quite comfortable with Cyprium’s present status.“I don’t mind that we have that underdog tag because there are many times in this business when people say they are not sure about a project, only to say: ‘I always knew there was something in it’ once you’ve proved them wrong,” Fifield told Paydirt. “For Cyprium, it is about being cleareyed with our strategy and showing investors we are capable of executing this project and de-risking it. That is our job for 2026 because ultimately the world is looking for copper and we have the ability As Australian copper bulls scour the world looking for ASX companies with assets capable of immediately feeding a buoyant market, one potential solution is sat ready to go in the country’s mining heartland.Cyprium pieces brokenNifty together againSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 15to bring on copper units very quickly.”Part of the market reluctance to push Cyprium could be attributed to Nifty’s chequered history. Having been discovered by WMC in 1981, the mine started in 1993 as an open-pit oxide copper mine, treated via the heap leach and SX-EW plant the company is preparing to restart. Underground sulphide mining ran for 13 years through to 2019 before it was placed on careand-maintenance amid a soft copper market and escalating underground mining costs. Cyprium arrived in March 2021 but found a rapidly contracting market as no inducement to push the project back into production.Fifield stepped into the breach in September 2023 when he led a recapitalisation plan as managing director of Pacific Road Capital Management, which took on 15.5% of the company.His immediate task was to dispel the fears that Nifty’s best days were behind it. “We’ve had to do a lot of ghostbusting,” Fifield explained. “In some ways it is similar to FireFly at Green Bay in Newfoundland, Canada. That was an asset which had collapsed a company and was full of ghosts but through exploration and providing a steady hand, they got market support, not from Canada where it had a reputation, but from Australia.“Nifty’s reputation in the Australian market was similar but I feel like we spent much of 2024 and 2025 doing our ghostbusting and in 2026 it becomes all about execution.”While it may not have caught the attention to the extent FireFly has Cyprium still enjoys strong support.In August last year, the company raised $80 million via a placement and entitlement offer at 2.8c/share. It then undertook a 1:10 share consolidation before following up with another $41 million placement and entitlement offer at 52c/share in January. Fifield said both capital raisings were heavily oversubscribed, reflecting the growing interest in the Cyprium story.“We could’ve raised a lot more, they were more than 2.5 times oversubscribed,” he said. “That was a reason for going back to the market so soon – there were others as well – the August raising was terrific a n d h a d brought in a lot of great shareholders and we were starting to build a really nice base of support. But we have some near-term catalysts which should de-risk the asset further but didn’t have a lot of liquidity.”The double capital raising was also a response to shareholders who are increasingly eager to see Nifty pushed along.“Our shareholders were saying: ‘let’s go faster’ and so we felt with a bit of extra money we would be better capitalised,” Fifield said. “It allows us to start tackling what comes next as we look towards developing the open pit earlier.” This is the essence of Cyprium’s advantages over copper peers – cost and timeframes.“Time is one of the great accretive things Cyprium’s restart of the SX-EW plant is progressing with the electrowinning cells stripped, cleaned and ready for refurbishment Nifty was once considered to be in one of WA’s most remote mineral regions but the Paterson is now the focus of widespread copper and gold exploration effortsSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

PAGE 16 MAY 2026 AUSTRALIA’S PAYDIRTSOUTH AUSTRALIAAustralia’s most innovative exploration incentive programme is set for a relaunch after the Peter Malinauskas ALP Government was returned to power in South Australia in March – and the State’s junior sector is preparing for a major boost as a result. When the then Mike Rann-led Government introduced its Plan for Accelerated Exploration (PACE) initiative in 2004, the scheme was established with a goal of generating $100 million in exploration expenditure by 2007, it’s mix of co-funded drilling and investment in pre-competitive data a first for an Australian jurisdiction.Within a year, PACE had fuelled a 55% increase in spending to $55.5 million and by 2006, $191.4 million was being spent on exploration in the State. The success was maintained through the next seven years, with SA exploration reaching a peak of $331.3 million in 2007 and remaining as high as $311.6 million in 2011.However, the lingering effects of the GFC and the Fukushima incident saw a dramatic fall in expenditure through the 2010s and with government priorities pulling elsewhere, the PACE programme was left to drift.The nadir for the SA exploration sector came in 2017 with just $46.2 million spent in the State. There has been a steady increase since – peaking at $292.9 million in 2023 – but SA Minister for Energy and Mines (and State Treasurer) Tom Koutsantonis identified the need to reinvigorate the sector last year.In February, Koutsantonis pledged to reestablish the PACE programme with $12 million over four years should the Labor Government be re-elected.“It is estimated that every dollar of government investment under PACE schemes leverages up to $20 in private capital,” South Australian Labor said during its election campaign. “The programme also supports junior and new market entrants targeting emerging plays, helping to build greater capability and complexity within South Australia’s energy production sector.”Association of Mining & Exploration Companies (AMEC) chief executive Warren Pearce said PACE funds could begin to flow quickly once the returning Government was bedded down.“We have been told PACE funds should be available in three months,” he said. “It is an important initiative and demonstrates that the Government is starting to be more supportive and encouraging of exploration.”The Government’s financial support for the sector comes as exploration activity, Since then-Premier Mike Rann (left) opened Oz Minerals’ Prominent Hill mine in 2009, South Australia has enjoyed only one further mine opening, Oz’s Carrapateena in 2016 South Australia gets back on the PACESecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 17if not expenditure, has begun to ramp up again. The December quarter saw $49.2 million spent on exploration in SA, the lowest level since September 2022. However, with prices for key commodities copper and uranium displaying positive momentum, Pearce is seeing signs of a burgeoning exploration scene.As well as the Government’s legislative changes, SA was recognised in the recent Fraser Institute Annual Survey of Mining Companies, ranking fourth globally in its investment attractiveness index, above Western Australia, and first globally in the survey’s mineral potential index.“There is a fair amount of optimism in the sector,” Pearce said. “It feels like mining and government have found their mojo again and as Minister Koutsantonis is also Treasurer, he will help us really drive forward around critical minerals strategy and PACE. “The Fraser Institute survey was a good result for SA – the State finished top of the Australian list of most attractive investment locations – and that is being talked up by both government and industry, we had a big turnout for our pitch battle function in Adelaide last month and the new director general is also pushing the department.”Koutsantonis will further influence SA’s investment attractiveness if he can push through the Mining Act amendment bill which stalled in the last term of government.The amendment is designed to counter the 18-year compulsory relinquishment currently built into all mining leases in SA. It passed through the State Parliament’s Lower House last year but when the Upper House applied further amendments, it was sent back to the House of Assembly and couldn’t be enacted before the election period.Pearce said it was crucial the amendment bill was passed in its original form. “It will provide a boost to exploration and project development by ensuring companies investing in South Australia can continue to put money into the State,” he said. “It is particularly important for those companies two or three years away from having to relinquish their licences but need to make investment and continue progressing their projects. Eighteen years sounds like a long time but when you consider the time many of these companies have held the licences, four or five years in many cases, it doesn’t give them much time.”The amendment bill faced opposition from the Coalition in what played out as a miners-versus-farmers debate but Pearce is eager to see how a resurgent One Nation party will inject itself into the debate.The right-wing populist party came second in the statewide first preferences, enjoying a 20.3% swing away from Labor and the Liberal Party. However, the seatby-seat distribution will see it take only four seats in parliament against the Liberals’ five and ALP’s massive majority of 29.“The way the SA system works, that big One Nation vote won’t translate through in one election, although it might be enough that the ALP and One Nation could pass the amendment bill together,” Pearce said. “The questions will be how One Nation operates as they are a bit of an unknown quantity in SA. They have a well-known figure in Cory Bernardi, but that’s it. Will they behave in parliament and work with the Government around legislation or will they be a protest party? That will be really important for the mining industry and at the moment we just don’t know. “Across the country, One Nation has been relatively supportive of those things which grow the economy. The party has been quite sensible at the federal level Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

SOUTH AUSTRALIAPAGE 18 MAY 2026 AUSTRALIA’S PAYDIRTHillgrove regained producer status with the move to underground operations at Kanmantoo in early 2024, some four years after processing the last batch of ore from nearly a decade of open-pit mining activities.Fulker formally joined the company on July 1 that year, marking his return to South Australia after six years as chief operating officer at Sydney-headquartered gold producer Evolution Mining Ltd. Prior to that, the underground specialist served in the same role at Oz Minerals, then-operator of the Prominent Hill and Carrapateena copper mines.“It’s a pleasure being back in South Australia,” Fulker told Paydirt last month ahead of the second anniversary of his appointment at Hillgrove.“When I was here last time, we were dealing with Carrapateena and those sort of growth stories. I found the South Australian regulatory environment was very supportive and I haven’t seen any difference coming back this time. They help where they can, they don’t shortcut systems and they actually try to find solutions, as opposed to trying to find hurdles to get things up and going.“I don’t want to disparage the rest of Australia, but it’s probably one of the best and easiest jurisdictions to work in from that regard. I espouse the ease of working here in South Australia.”As it stands, Hillgrove is South Australia’s second largest copper producer, albeit there is a considerable and obvious gap to leader BHP Ltd, which acquired the Oz business for $9.6 billion just as Kanmantoo was being restarted.By definition, the company is also the latest addition to what remains a very small and niche list of Australian copper miners.Hillgrove has guided copper production of 12,750-14,000t at $5.75-6.25/lb AISC for 2026, having delivered 11,315t copper at $6.19/lb AISC in 2025, the company’s first full year of underground operations.“Last year was that year of building the mine and building the footprint to deliver in 2026,” Fulker said.“We also have a straight copper guidance, it’s not a copper equivalent guidance. A lot of Hillgrove sprouts fromstable footprintBob Fulker sought stability in his first year as managing director of Hillgrove Resources Ltd, while the second was predicated on growth of the company’s Kanmantoo underground mine. So, as he enters his third year at the helm of what technically remains Australia’s newest copper producer, it’s no surprise his focus has turned squarely to delivery.Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 19people forget that gold is adding a lot of value to this business. Last year we mined 2,500-3,000oz gold – and that was without Nugent, which has a higher global gold grade, so we do expect that will go up this year.“The fact is our guidance is what we are judged by and everything demonstrates that we will be within our guidance this year.”Fulker’s official first day in the Hillgrove office came just two days prior to the company declaring commercial production from the Kanmantoo underground, about 55km south-east of Adelaide. Upon his arrival, it quickly became apparent he would need to spend at least the balance of the calendar year watching and observing.“I always find it interesting to stop and listen when you first start a new role, then you can actually start building and creating,” he said.“Given it was already the second half of 2024, the year was pretty well set but there were still a lot of improvements that had to be made. For example, at Nugent, the decline and portal was just starting to be thought about when I started and we had to bring all those things into fruition in 2025.”Kanmantoo operated at circa 900,000 tpa run rate in its first year before consistently exceeding 1.5 mtpa by the end of December 2025 quarter.Hillgrove is currently pushing the Kanmantoo plant, which continued wet processing during the care-and-maintenance period earlier this decade, to achieve a run rate of 1.7-1.8 mtpa from next month.“We’ve come from basically nothing three years ago to doing just shy of 2 mtpa through a 3.6 mtpa plant,” Fulker said. “That’s pretty impressive and pretty awesome when you think about the speed of growth and speed of bringing it to fruition.“The plant was still working well at the back end of the open pit. It was run on water consistently through the care-and-maintenance period. When we started the plant on feed, because we hadn’t really spent money on refurbishing and all those sort of things, there were some areas where we had to do a little bit more routine maintenance. Plants, it’s about how you maintain them, not how old they are, and this one has been well maintained.“It’s actually a plant that’s now in its third location, so it’s not new, but it’s a classic example of the old man’s act [the ship of Theseus proverb] – we’ve changed four handles and five heads and she’s still going strong.”The introduction of a third mining front at Emily Star, alongside Kavanagh and Nugent, will go some way to helping Hillgrove increase its mining and processing rates over the course of this year and beyond.Like Nugent, Hillgrove is confident Emily Star can be brought into the mine plan on time and on budget. A development decision is expected early in the second half.Fulker said the cost benefits associated with operating multiple mining fronts began with improved efficiencies.“Improved efficiencies means you can do it for less cost, so you can actually have either less equipment or you can increase your tonnes commensurate without increasing your costs, so therefore your unit rate comes down in conjunction with your tonnes going up because your costs don’t go up at the same rate,” he said.“Emily Star, as well as Nugent and Kavanagh, they are at three different horizons and you can marry your different horizons in to get a smoother, longer-term cost structure by feeding in material that has a lower tonne-kilometre regime with a higher tonnekilometre regime.“That optionality gives us the ability to actually manage and control our costs.”Hillgrove has increased resources and reserves at Kanmantoo by 14% and 43% respectively over the past year with exploration continuing to yield potential future ore sources such as Saddle Zone, Paringa, Valentine and Critchley.North Kavanagh is likely to be the next cab off the rank on the mining front with an exploration incline included in the company’s $8-10 major capital works budget for 2026.Fulker said more mining fronts did not necessarily mean more tonnes through the 3.6 mtpa Kanmantoo mill which was originally sized to accommodate the open-pit mining activities.“With large plants, you can either de-rate it, you can put less through it or you can stop it – all of those things give you different permutations of cost benefit,” Fulker said.“What we’ve decided to do is run it at a lower run rate, but still stop it when we don’t have the dirt. Therefore when we stop it, we don’t have the consumables and the like, so our cost structure goes down. “We are running it at a slower rate than 3.6 mtpa at the present time, but that gives us higher recovery and longer residence time in Hillgrove has successfully converted the Kanamantoo copper mine into a long-life underground operationSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

PAGE 20 MAY 2026 AUSTRALIA’S PAYDIRTPacgold joins gold producers clubPacgold Ltd has become South Australia’s newest producer after delivering maiden gold from its White Dam project, 80km east of Broken Hill.Since acquiring the project last October, the company has recommissioned the heap leach operation and now successfully recovered circa 60oz of gold from 14 days of absorption and stripping. Another three strip cycles were planned before the first dore products were scheduled to be smelted and shipped at the end of last month.“The entire team is extremely proud to have achieved our first gold production from the White Dam heap leach pad successfully making the transition from explorer to producer,” Pacgold managing director Matthew Boyes said. “This initial production represents only a small portion of the gold we have leached to date, with the plant now running for a limited time post the completion of major refurbishment of the CIC [carbon-incolumn] columns and the gold room. We are now focused on maximising recovery of the gold already leached in the system and currently recirculating, as we continue to absorb and redistribute the significant water influx from recent heavy rains.”Pacgold will now ramp operations at White Dam to achieve its forecast crushing throughput of 80,000-90,000 tpm. Ore leaching will also continue “unabated” with the majority of plant refurbishment now complete except for construction of a new carbon-in-column tank.North American engineers Newfields are also designing a proposed pad expansion with the work to be finalised by late July, after which Pacgold will tender for the construction and liner installation works.Pacgold expects to deliver full production under its expansion plan in 2027.Maiden drilling beckons for new tin playHeavy Rare Earths Ltd (HRE) is inching closer towards the start of its maiden drilling programme at the South Ridge tin project at Prospect Hill after submitting its environmental application to South Australian regulators last month.The Perth-based company expects to receive a response to its Programme for Environment Protection and Rehabilitation (PEPR) permitting it to undertake a 2,500m drilling campaign from early month.HRE has already engaged a South Australian-based drilling contractor for the proposed 24-hole RC and five-hole diamond programme at what has been marketed as the largest and most advanced tin project in the State.“We are moving quickly toward our maiden drill campaign,” HRE chair Gabriel Chiappini said.“The updated submission of our PEPR to the Department for Energy and Mining represents a key milestone and we look for - ward to receiving a response in the coming weeks. “South Australia’s largest and most advanced tin project remains a flagship asset for HRE and we look forward to updating shareholders as we use the drill bit to test and build upon historical data and quickly work toward a maiden tin resource estimate at Prospect Hill.” HRE has also collaboratively closely with the Dieri Aboriginal Corporation, the registered Native Title body corporate representing the Dieri People, to conduct a cultural heritage clearance survey at Prospect Hill. The company indicated the original timing for this clearance as well as its maiden drilling programme were impacted by the weather delays and access to roads earlier this year.Funds flow for Paris silverdevelopmentInvestigator Silver Ltd has raised $55 million to accelerate its flagship Paris project into early works and bring forward the timeline to first silver production.The strategic placement to new and existing institutional investors included participation from the company’s largest shareholder, Jupiter Asset Management, and followed the release of the Paris DFS in early March.Based on a spot price of $US80/oz, the DFS highlighted a pre-tax NPV of $618 million, IRR of 61% and payback within 11 months of first production from the proposed three-phase operation which is forecast to deliver more than 30 moz silver over the estimated 11-year mine life.Development capex was estimated at $260 million.Investigator managing director Lachlan Wallace said the company was delighted to have secured such a quantum of funding within a week of the DFS being released for public consumption.“Since the DFS release, silver has tradPacgold has started gold production from White DamSOUTH AUSTRALIASecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 21ed above the US$80/oz spot case used in the study, reinforcing the strength of the silver price at a time when international demand continues to strengthen and the lack of near-term silver mines coming online demonstrates the need for high-quality projects like Paris to fill the growing gap in supply,” Wallace said.“Securing this $55 million placement allows us to keep momentum at Paris and along with the completion of the DFS, marks a key step change in focus as Investigator moves straight into execution phase. We will now focus on accelerating early execution activities, strengthen our delivery team, and progress long-lead procurement planning to keep schedule momentum and bring forward first silver production.”Investigator indicated proceeds from the placement will be used to advance to the next level of engineering and design, progress approvals and permitting workstreams, and early contractor engagement, procurement strategy development and tendering of preliminary work packages.Renascorreadies to startdemo plantGraphite hopeful Renascor Resources Ltd has completed construction of its downstream demonstration facility in Adelaide.All major process equipment for the company’s purified spherical graphite (PSG) plant was installed and interconnected in mid-March, enabling the facility to transition from pre-commissioning activities to full plant commissioning.The demonstration facility is a key pillar of Renascor’s vertically integrated battery anode material development strategy which incorporates graphite to be mined from its Siviour project near Arno Bay.Once operational, the facility will demonstrate Renascor’s HF-free purification process and position it as a potential alternative supplier to Chinese PSG production.“Achieving construction completion is an important milestone in the development of our integrated battery anode material project. the demonstration facility will enable process validation, customer qualification and further de-risking as we advance toward a final investment decision for our downstream PSG facility,” Renascor managing director David Christensen said.“With construction complete, our focus now shifts to commissioning, operational validation and optimisation as we prepare for commercial-scale production.”The demonstration facility was partially funded by a $5 million grant Renascor received from the Australian Government’s International Partnerships in Critical Minerals Programme in July 2024.Meanwhile, the company has reported encouraging drilling results from Bulloo Creek at its Olary project where cobalt and copper-bearing mineralisation was intersected.Best hits included 16m @ 901 ppm cobalt from 85m (including 1m @ 1,440 ppm cobalt and 1m @ 1,840 ppm copper), 1m @ 3,110 ppm copper from 20m and 1m @ 1,890 ppm copper from 91m.“Renascor continues to advance a pipeline of exploration opportunities across South Australia,” Christensen said.“The Bulloo Creek drilling results, together with our expanding footprint in the Olary district and ongoing work at Marree, Renascor has completed construction of its downstream graphite demonstration plantAlligator has completed 39 of the planned 70 pore volumes for its field recovery trial at the Samphire uranium projectSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

PAGE 22 MAY 2026 AUSTRALIA’S PAYDIRTCopper-silver refocus liftsElizabeth Creek economicsCoda Minerals Ltd is at the business end of a PFS on its Elizabeth Creek project after two years of iterations to shift into a copper-silver flowsheet capturing price momentum in both commodities. The PFS is expected to be completed by the end of 2026 and will be complemented by an increase in copper and silver recoveries based on a simplified processing flowsheet of copper-silver from the original copper-cobalt-silver concept. Using two whole-ore leach techniques on material from the Emmie Bluff deposit, Coda achieved 92.5% and 95% recoveries from catalysed ammonia leach and ammonium chloride leach test work in mid-2025, prompting a recalculation of the project economics for Elizabeth Creek. Decreases to capex and opex lifted production estimates to 454,000t copper and 20 moz silver with steady state production of about 31,000 tpa copper and 1 mozpa silver. The results triggered an $8.33 million raising in September to fast-track the PFS with $5 million spent on a 6,000-7,000m diamond drilling infill programme.An updated resource will ensue from the results, feeding into a rebuilt mine plan and subsequent reserve.Coda chief executive Chris Stevens said the breakthrough was “possibly the most significant advance in the history of Elizabeth Creek”.“Recovery optimisation has always been the single biggest lever we can pull, and these results show just how much value this work has unlocked,” Stevens said.“The fact that copper and silver alone now deliver stronger economics on a likefor-like basis compared with our previous base case producing all three metals [copper, silver and cobalt] from the outset is very encouraging. This simplifies and streamlines the project using a base case flowsheet based on well-established technology.”On the back of rapidly increasing copper and silver spot prices Coda also reevaluated the economics of Elizabeth Creek which were based on the estimates of the August 2025 scoping study. The copper price assumption was updated to $US10,500/t from $US9,260/t while silver was updated to $US60/oz from $US30/oz Coda has set an end-of-year deadline for its PFS at Elizabeth Creek projectSOUTH AUSTRALIASecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 23Australian mines in ECT tidy upEnvironmental Clean Technologies Ltd (ECT) has cleared a key IP hurdle in its mission to clean up “forever chemicals” at mine sites in Australia.ECT last month expanded its agreement with Rice University to work on ways to apply a proprietary treatment method known as flash joule heating (FJH) to filtration media, expanding on the existing agreement which was limited to soil contaminated with PFAS (per- and polyflouroalkyl substances).PFAS are a group of chemicals used in the manufacture of food packaging and cookware but also in firefighting foams commonly used at industrial and mine sites. Rules designed to stop environmental contamination from PFAS are becoming stricter across the globe including in Australia, where the import, export, use and manufacture of a broad range of these substances will be banned from July.PFAS are known as “forever chemicals” due to their strong carbon-fluorine bonds, which make them difficult to breakdown. They have been linked to a range of health problems such as infertility, kidney/liver malfunction, thyroid damage and cancer.The expanded IP agreement with Rice allows ECT to target a material widely used to remove PFAS from contaminated water called granular activated carbon (GAC).GAC is a cost-effective way to remove the PFAS from water used in the froth flotation processing method – commonly applied to sulphide ores in the extraction of copper, lead, zinc, nickel, molybdenum and antimony. ECT chief technology officer Justin Sharp told Paydirt several Australian mining companies were eager to explore the application of the technique. Sharp said one of FJH’s key advantages involved weaknesses in the methods used to dispose of GAC once PFAS have been captured.“GAC is typically transported to waste management sites which use incinerators to do thermal desorption,” Sharpe said. “They use heat to remove the PFAS from the GAC while trying retain as much of the GAC as possible so it can be sent back to the water treatment plant to be reused. But, incinerators are getting shutdown worldwide because when they do this thermal desorption, PFAS are released into the air.“With FJH, the PFAS gets destroyed. The low temperature thermal desorption processes don’t actually get rid of the PFAS, they produce hydrofluoric acid [HF] along with destroying the PFAS – HF is one of the worst contaminants possible when it comes into contact with people.“FJH heats the soil or GAC to 1,000ºC and breaks the carbon-fluorine bond. The carbon becomes neutral, inert and nontoxic. The fluorine will combine with calcium or sodium naturally found in soil, forming non- t o x i c calcium or sodium fluoride salts. This is how fluoride is found in nature – in these salts in the ground.”Most soils contain enough calcium and/or sodium to effectively neutralise the resultant fluoride from FJH processing and Sharpe said the addition of calcium and/or sodium as a final step to the GAC process would not present much of a hurdle, owing to their relatively low cost and high availability.European companies had been surprisingly reluctant to engage with ECT in its hunt for a strategic partner but, Sharp said Australian miners were eager to stay ahead of anticipated regulatory changes.“There are a lot of companies that need this type of solution to that step in the GAC filtration process worldwide so right now we are talking to people from Australia, the US, the Netherlands,” he said. “They have been asking if we have this figured out yet and we have, so it’s now a matter of buildSUSTAINABILITYRice University agreed to expand research into the flash joule heating method for capturing PFAS chemicals from flotation processingSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

DISCOVERYFOCUSSEDEXPLORATIONPAGE 24 MAY 2026 AUSTRALIA’S PAYDIRTAnew, Australian-created hydrometallurgical technology could liberate copper from problematic deposits by reducing both the cost and environmental impact of treating lower quality ores.Developed by the Loop Hydrometallurgy, the patented Halion Loop™ is an electrowinning technology proven to produce highpurity copper metal through leaching and purifying copper using simple saline water. Led by chief executive and founder Dave Sammut, Loop Hydrometallurgy believes it has designed a system which could provide the global copper industry with “massive” environmental and economic advantages.“We’ve developed the hardware that can directly pull metals back into highpurity forms, without having to convert them or use additional chemistry,” Sammut told Paydirt. The concept behind Halion Loop is a three-stage counter-current leach circuit containing a revolutionary new electrowinning cell design that makes practical the direct production of high purity copper from purified halide leachate.Starting with a copper concentrate, the cell uses less than half the power required for conventional electrowinning. The anolyte is then fully recycled to the leach, which aids in the direct extraction of gold and PGMs.Sammut said halide leaching had been studied for more than 40 years but without ever reaching commerciality.“Metso-Outotec, JX Nippon Mining & Metals and Intec spent more than $100 million between the 1980s and 2000s researching leaching processes for copper and other minerals. It can be fairly described as established technology,” he said. “They demonstrated there were massive environmental and economic advantages over traditional technology but they struggled to figure out how to recover the target metals out of the solution. Unlike sulphate systems, halide electrolytes produce dendritic copper crystals rather than flat plates, and this has hampered electrowinning cell designs.”Sammut and the Loop Hydrometallurgy team had a genuine eureka moment in 2021, with a breakthrough in the use of a flat plate cathode to produce dendritic copper. “The key to making this possible is by creating controlled growth sites, without the use of secondary materials or complicated manufacturing techniques,” Sammut said. “It took six weeks to build a prototype and within a week we knew we had cracked the problem.”Sammut said the technology had the potential to deliver up to 70% power savings over conventional electrowinning. The Helion Loop technology leaches, purifies and recovers copper directly using simple salt water and, as it can be installed on the mine site, it offers an alternative to the expensive and carbon-intensive trucking of copper concentrates to smelters.“We use simple salt water at less than 100ºC, with no noxious gas emissions and no liquid effluents, and we do it at the mine site,” he said.Since the technology was developed, the intervening five years have seen Loop patiently build the commercial proposition.“Building demand is critical for any new technology and we have spent these years speaking with potential clients about what they need and what they would use,” Loop co-founder and commercial director Heath Warman said. “It has been about proving each step, rather than spruiking the technology to the world. Time after time we have been able to prove it works and in the last 12 months as companies have thought about the opportunity, they have begun bringing their problem ores to us.”The company unveiled the process in March at its headquarters in Macquarie University where it has developed and advanced the technology. The prototype is designed to produce 20kg a day. Once its operational capability is proven, the process will be scaled up to 200kg a day.“Within three months, we will be getting first operating data out of the prototype cell,” Sammut said. “We will run that for 9-12 months, not because we need the data but because we want to demonstrate we can produce, uninterrupted, for that time. Once we have tested that hypothesis, we can move onto the 200kg and eventually 2 tpd scale.”While the Halion Loop has been shown to be most effective in the “sweet spot” of 12-16% copper concentrate, test work has shown it can be effective at as low as 4% copCOBRE.COM.AUASX: CBETHE NEXT COPPER PRODUCER ON THE [email protected] SPOTLIGHT COBRE100 - A GROWINGGLOBAL COPPER PLAYBreakthrough opens loop for copper extraction ASX:CBEcobre.com.auEXPLORE. DISCOVER. DEVELOPCobre has a large scale, strategic landholding in the Kalahari Copper Belt (KCB) of Botswana, considered one of the most prospective areas globally for new sedimentary copper discoveries. Our high-quality development pipeline seeks to underpin copper’s future growth in the electric vehicle and renewable energy sectors.Explore Big - To identify the next tier 1 depositStrategic Target Drilling - With the potential for short-term discoveriesIn-Situ Copper Recovery (ISCR) Development Potential - Developing projects that are viable for copper-silver extraction using in-situ recoveryCOBRE’S THREE PRONG APPROACHDave SammutSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 25per grades. It is also highly effective at dealing with high arsenic levels.For Sammut, this is the key to the Halion Loop, the ability to unlock problematic orebodies.“Typical concentrates the industry produces for smelters sit in a narrow band,” he said. “We’re not requiring people to find new resources, we can apply the technology to existing resources which can’t currently be processed. If it is high in arsenic and doesn’t float well, let us have a look at it. There is a reason we use the Statue of Liberty in our presentations, we like to say ‘give us your tired, your poor, your huddled copper orebodies yearning to breathe free’.“The process has been independently modelled at 11-18c/lb.”The company already boasts strategic alliances with groups in Australia, South America, North America and Central Asia but expects wider adoption as it gets closer to commercialisation.“The discussions have evolved to the point of clients asking themselves, ‘how do we implement this?’,” Warman said. “We’ve earned the trust and that is what is getting them excited. We’re showing we have a flexible process. The first project will likely be an unloved project which has problems preventing it from recognising full value, that is where there is most risk appetite.“Once established with a few mines, people will be beating our door down.”A letter-of-intent has already been received from the Barkly Processing Company, part of the Barkly Industrial Hub 4.0 in the Northern Territory, which Sammut anticipates will prove a prelude to further initiatives.“We hope for it to be one of the early applications of our technology domestically,” he said “We’re looking at starting producCOBRE.COM.AUASX: CBETHE NEXT COPPER PRODUCER ON THE [email protected] Atacama Copper Mine AcquisitionGame-changing M&A in Chile, the world’s top Copper jurisdictionTransforms Cobre from explorer to genuine producer with positive cash flows unfoldingOperating underground mine with scope for large-scale open pit expansion The Halion Loop hardware which uses halide leaching to extract copper metalCobre’s pathway to 100,000 tonne copper cathode production per annumSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

COBRE.COM.AUPAGE 26 MAY 2026 AUSTRALIA’S PAYDIRTAnax’s Whim Creek deliversred metal blueprint Finding a winning combination in a copper project seems to be becoming more difficult by the month, leaving operators large and small scouring the globe for assets which tick as many boxes as possible.However, Anax Metals Ltd’s Whim Creek copper-zinc-lead-silver project in the Pilbara of Western Australia appears to have found a way to buck the trend with an updated DFS revealing economically compelling geology and metallurgy with existing infrastructure to boot. Anax increased the already robust valuation of the project in February based on updated copper and silver spot prices and production optimisation work, resulting in a pre-tax NPV of $501 million and 113% more free cash flow of $723 million. IRR increased from 54% to 98%, development costs totalled $91 million with a 14-month payback period.The fully permitted site with existing infrastructure at Whim Creek allows for an 18-month development timeline from FID to production. Saleable metal production during the 10-year mine life is estimated at 13,000 tpa copper equivalent during the first eight years on 4.61mt @ 1.36% copper, 2.31% zinc, 0.67% lead, 30 g/t silver, and 0.27 g/t gold reserve. The silver reserve of 4.4 moz delivered a sizable contribution to overall project cash flow due to the growth in silver spot prices, while AISC of $US1.61/lb copper demonstrated the project’s low-cost credentials.The obvious appeal of the project also resounded with the market, which responded to the updated DFS by pulling the Anax stock price up from 2.6c to 3.7c, following the announcement in February, sentiment managing director Geoff Laing believes will continue to stack up as investors digest Whim Creek’s economic fundamentals.“I think people often wonder how we’re able to deliver such attractive capital costs,” Laing told Paydirt. “In terms of the IRR, revenue and free cash, the fact that we’ve got open pit, reasonably high-grade resources in a commodity price environment like we’ve got, you’re in a good space to start off with.“We’re in an even better position from the perspective that Whim Creek is a permitted mine site, [and] we’ve got infrastructure that was left behind from when Straits Resources [rebranded to Aeris Resources Ltd] developed the project.”Straits operated the mine for five years, depleting all oxide resources but leaving sulphide resources unmined before selling the asset in 2009, a time when equity and commodity markets were significantly different to the current thematic.Anax acquired 80% of Whim Creek in mid-2020, seizing the chance to extract the untouched resources. “We saw the opportunity, although it’s not a massive mine, it’s modest in scale, but it has all of these attributes with existing infrastructure and open pits in the Pilbara right next to the Northwest Highway,” he said. “You put that all together and it all shapes up for something pretty exciting.” Anax is now pursuing debt and equity financing options with a view to securing funding within the next 6-8 months despite the distractions of the US-Israel invasion of Iran and associated global tensions slowing the market by at least a couple of months. Getting boots on the ground will ensue quickly after FID to build process infrastructure, including a new concentrator and refurbishment of the crushing plant.A $10 million raising completed in March will assist with the quick progress to FID including pro - j e c t development activities, debt and offtake discussions, exploration and working capital. In parallel, Laing expects growth potential from the Salt Creek orebody through the drill bit and is confident the resource is open at depth.“There’s a reasonable strike length and it’s not been drilled to particularly deep levels so that will give us the opportunity to promote some growth potential while we’re going through this FID process,” he said. Anax will also post a further reserve update during FID to supplement the cost and revenue update delivered in February. “The reserves were generally done in a copper price environment that was a lot lower than it currently is so we’re looking forward to some reasonable growth in our reserves which essentially goes to the bottom line,” he said. “With the updated reserves we’ll probably look at the plant capacity as well because we’ll have more material in reserve – we might An updated DFS has provided a recipe for the restart of Whim Creek after a 17-year hiatus COPPER SPOTLIGHTSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

COBRE.COM.AUwww.newgengold.comFor all enquiries about exhibiting or attending please contact Angelique Julien on (+61) 8 9321 0355 or email [email protected] Yates & Associates Pty LtdJointly organised by:Perth 2725 18 - 19 NovemberPerth, Western Australia27 NovemberPerth, Western AustraliaCase historiesof discoveryThe world’s pre-eminent gold exploration eventSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Byrnecut buysunmanned kitByrnecut has ordered multiple automation systems for underground operations in Australia and Namibia allowing a surfacebased operator to control up to three loaders simultaneously.Sandvik’s AutoMine Multi-Lite system operates fully autonomously, mining from the stope and unloading material into the designated loading or dumping area under the supervision of a single operator. The system is claimed to increase efficiency and productivity via reduced downtime and Sandvik also highlighted enhanced operational safety with the surface operators not exposed to dust, noise, vibration and other onsite hazards.Byrnecut made five orders for the equipment last quarter along with further acquisitions of the automation systems destined for use in underground drilling.“This deal highlights the growing understanding across the mining sector that Sandvik’s advanced automation solutions help mines run safer, more efficiently and more sustainably,” Sandvik vice president automation David Halett said.Byrnecut manager – automation and electrification Luke Clements said AutoMine’s enhanced safety for operators was a key reason for the transaction.“Safety is Byrnecut’s No.1 priority and AutoMine helps ensure that our people get home safely, while also enabling high productivity through precise, consistent, repeatable operations,” he said.Santana confirmsKomatsu supplyKomatsu has secured the build slots for mobile equipment at the Bendigo-Ophir gold project in New Zealand.Komatsu agreed to supply Santana Minerals Ltd with an OEM-financed fleet for Bendigo-Ophir – 128km north-west of Dunedin – at a cost of $NZ115 million.The Japanese manufacturer agreed to provide five years onsite technical support, integrated maintenance, parts and technology support, as well as productivity and simulator training. Santana assessed Komatsu’s electric and hybrid units, confirming the purchase of a core fleet of conventional PC3400 and PC2000 primary excavators and 140t class HD1500 haul trucks in March. “Operating as an owner-miner removes the contractor margin typically embedded in mining costs, setting us up as a lowercost operation,” Santana chief executive Damien Spring said.“This is further supported by our residential workforce model, avoiding fly-in fly-out costs, and strong OEM support from Komatsu. Grid-connected processing infrastructure also provides stability across key cost drivers over the life of mine.”Ausenco knowhowcrucialAusenco’s heap leach expertise was crucial for Saturn Metals Ltd in its decision to award the company the Apollo Hill DFS contract.Saturn expects to upgrade the Apollo Hill resource – 60km south-west of Leonora – this quarter and has scheduled the study for completion in time for Christmas. “Ausenco has a strong track record of success in developing first-class heap leach projects across the globe, which will be a real asset for Saturn,” Saturn managing director Ian Bamborough said.Today. Tomorrow. Together.PAGE 28 MAY 2026 AUSTRALIA’S PAYDIRTSIGNED, SEALED & DELIVERED2021Protecting almost half of Australia’s listed mining and energy companies.We’re Australia’s leading D&O insurer for the Mining and Resources industry. Ranging from junior explorers through to the largest producers, talk to your insurance broker about how Liberty can support your business through all stages of the mining cycle.Insuring400+boardsDiscover moreLiberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited) (Liberty)Automated equipment could reduce exposure to underground hazards such as dust and fumesSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!

Today. Tomorrow. Together.2021Protecting almost half of Australia’s listed mining and energy companies.We’re Australia’s leading D&O insurer for the Mining and Resources industry. Ranging from junior explorers through to the largest producers, talk to your insurance broker about how Liberty can support your business through all stages of the mining cycle.Insuring400+boardsDiscover moreLiberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited) (Liberty)“A solid grounding in the Australian engineering and construction environment makes Ausenco an ideal business partner as we take the next important step in advancing the development of a large-scale, long-life gold project at Apollo Hill. We look forward to providing further updates as the study progresses and we confirm the parameters of a major new long-life West Australian gold operation.”Apollo Hill was last updated in July 2025 to 137.1mt @ 0.51 g/t gold for 2.239 moz at a 0.2 g/t cut off – a 59% increase in the measured and indicated categories and a 10% increase in the resource’s overall size (previously 2.03 moz gold).The Apollo Hill PFS, released in December last year identified the possibility of $2.5 billion EBITDA over a 14-year mine life. Steady-state production of 106,000 ozpa from the operation’s planned 10 mtpa heap leach facility could achieve $973 million NPV at an IRR of 51% with a 2.3 year payback.Forrestania amplifies Polaris dealForrestania Resources Ltd has added CIL circuit construction to its agreement with Polaris Engineering Services at the Lake Johnston gold project in the Southern Goldfields, WA.Polaris agreed to continue its work with design partner Mincore at Lake Johnston under the new deal which also includes broader scope plane refurbishment in a contract potentially worth a total of $58.5 million. A flexible payment structure consists of Forrestania scrip issued at a 12% premium to the company’s VWAP or a cash substitution.Commissioning of the CIL facility has been slated for November with Forrestania targeting circa 3.2 mtpa throughput.“This agreement represents a defining step in establishing Lake Johnston as a production-ready gold processing hub,” Forrestania chair David Geraghty said.“We have worked closely with Polaris for months through early engagement, and this expanded scope reflects the strength of the relationship. With both the crushing circuit and CIL plant progressing in a structured sequence, Forrestania is rapidly assembling the core infrastructure required to transition into production. Importantly, the scale and design of the plant provide a long-life processing solution capable of supporting both internal resources and potential third-party ore sources.”NRW restarts FinnissSurface mining at the Finniss lithium operation in the Northern Territory will start this month under the auspices of NRW Pty Ltd.The NRW Holdings Ltd subsidiary agreed last month to a scope of works which includes all key activities related to the delivery of material to the Grants ROM pad in a deal worth some $50 million.Finniss owner Core Lithium Ltd reached FID on the restart in March, expecting to mine about 784,000t of ore from the existing open pit for approximately 134,000t of spodumene concentrate in a “short timeframe”.The construction of a box cut portal in parallel with near-term production aimed to lower the risk of the staged ramp up. Core managing director Paul Brown said lower capex at Grants and the BP33 underground development would help Core deliver a “lower cost, long-life, brownfield lithium operation with a shorter path to nameplate production”.“Grants provides a low-risk, near-term source of ore using existing infrastructure, enabling a rapid and capital-efficient pathway back into production,” Brown said. “With mobilisation commencing immediately, this contract underpins our restart schedule and near-term cash generation objectives. “This contract positions Finniss to deliver the first spodumene concentrate in the December quarter. We are making strong progress across the balance of our restart workstreams, and we expect to finalise additional key contracts in the near-term as we bring Finniss back into production.”AUSTRALIA’S PAYDIRT MAY 2026 PAGE 29Core settled on the Finniss restart in MarchSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!