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02 February
Astral Resources
Investor Insight
Astral Resources presents a compelling investment case as an ASX-listed gold explorer with a 1.46 Moz resource base in Western Australia's premier Kalgoorlie region, anchored by its flagship Mandilla project which demonstrates robust economics with an AU$442 million NPV and 11-year mine life.
Overview
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated Mineral Resource Estimate (MRE) of 5.0 Mt at 1.2g/t gold for 196 koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining.
The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
Company Highlights
- Astral Resources is an ASX-listed gold exploration company in the Kalgoorlie region of Western Australia, a tier 1 jurisdiction and a mature mining region with a successful development history and granted mining leases.
- The company has three assets - the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold exploration project.
- The focus is on advancing its flagship Mandilla gold project, with a mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
- The scoping study at Mandilla highlights the project’s robust economics with a mine life of 11 years, NPV@8 percent of AU$442 million, and free cash flow of AU$740 million.
- Mandilla’s cornerstone Theia deposit comprises 81 percent of the project’s resources, contains 29 Mt at 1.1 g/t gold, with 1.02 Moz of contained gold in one large open pit.
- Updated JORC 2012 mineral resource estimate (MRE) at the Feysville gold project is 5.0Mt at 1.2g/t gold for 196koz of contained gold.
- Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
- The company is led by an experienced team with a proven track record of advancing projects to development and M&A.
Key Projects
Mandilla Gold Project
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company recently completed a four-hole 1,762-metre in-fill diamond drilling program at the Theia deposit late last year. Best results included: 28 metres at 2.63 g/t gold, 15.5 metres at 1.81 g/t gold, 9.6 metres at 27.6 g/t gold, 2.4 metres at 169.1 g/t gold, 24.9 metres at 4.14 g/t gold and 72.2 metres at 1.15 g/t gold.
Astral has commenced work on a pre-feasibility study at Mandilla, which is due in the June quarter 2025.
Feysville Gold Project
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 MRE indicates 5.0 Mt at 1.2 g/t gold for 196 koz of contained gold. Including the Mandilla MRE of 37 Mt at 1.1 g/t gold for 1.27 Moz of contained gold, Astral’s total gold MRE is now calculated to be 42 Mt at 1.1 g/t gold for 1.46 Moz of contained gold (group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 31-hole (3,834 m) reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program returned best assay results of 33 metres at 3.75 g/t gold, 22 metres at 5.21 g/t gold, and 22 metres at 4.44 g/t gold. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant.
Carnilya Gold Project
The Carnilya Hill gold project is situated about 20 kilometers south-southeast of the company's Feysville project and approximately 40 kilometers southeast of Kalgoorlie, Western Australia. The project encompasses various tenements – M26/047-049, M26/453 – spanning approximately 2.65 sq. km. Astral holds rights for gold mining, while Mincor Resources NL (ASX:MCR) holds rights to nickel and other minerals.Management Team
Mark Connelly – Non-executive Chairman
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler – Managing Director
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern – Non-executive Director
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe – Non-executive Director
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne – Non-executive Director
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton – Chief Financial Officer & Company Secretary
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Steve Lampron – Technical Services Manager
Steve Lampron is a mining engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.
Julie Reid – Geology Manager
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
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Larisa Sprott: Gold, Silver Early in Cycle, Smart Money Buying Now
Larisa Sprott of Sprott Money and Argo shares her thoughts on the gold and silver markets, saying she sees the "smart money" continuing to gravitate toward these metals.
In her view, price dips present a chance to get in at lower levels.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Zijin to Take on Precious Metals Streaming as Gold Price Soars
China’s largest gold miner, Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899), is moving into precious metals streaming — a model that offers miners upfront cash in exchange for a share of future production.
Through its Hong Kong-based subsidiary, Gold Mountains Asset Management, Zijin is rolling out China’s first streaming fund from a mining company, with ambitions to invest between US$200 million and US$400 million this year alone.
The fund will target projects in resource-rich but capital-hungry regions such as Africa and South America.
“We’re trying to find quality resources that are undervalued,” said Lisa Liu, managing director of the asset management arm, as reported by the Financial Times. “We are really bullish on gold prices.”
Gold has surged 27 percent since the beginning of the year, repeatedly setting all-time highs as geopolitical tensions and economic uncertainty — particularly around US trade policy — have driven investors toward safe-haven assets.
Zijin, which is listed in both Hong Kong and Shanghai and boasts a market capitalization of US$68 billion, is already one of the world’s most diversified and aggressive metals players.
Ranked as the sixth largest gold producer globally, Zijin also holds major interests in copper, zinc and lithium projects spanning from Serbia and Colombia to Australia and the Democratic Republic of Congo.
But streaming marks a new frontier for Zijin. Unlike traditional miners that take on ownership and operational risk, streaming companies can secure access to precious metals without actually owning or operating mines. They provide upfront capital, and in return, receive a share of the mined metal — often at a fixed, below-market price.
Zijin is betting on this model to complement its existing operations. Liu, a trained geologist, believes the company’s mining expertise will give it a leg up on deal evaluation and risk mitigation, allowing it to compete with key players like Franco-Nevada (TSX:FNV,NYSE:FNV) and Wheaton Precious Metals (TSX:WPM,NYSE:WPM).
It's worth noting that Zijin partnered with Wheaton last October in an US$825 million financing package for the Koné gold project in Côte d’Ivoire, operated by Montage Gold (TSXV:MAU,OTCQX:MAUTF).
Zijin contributed US$125 million to the deal, which included US$75 million for a gold stream. In April, it followed up with a US$25 million streaming deal with TongGuan Gold Group (HKEX:0340) for a mine in China’s Gansu province.
“The quality of gold mines ... they’re all decreasing,” Liu noted, citing the issues of falling ore grades and a lack of investment in exploration. “Under-investment has been a huge problem. It’s really hard to find quality projects.”
What is streaming — and why now?
Streaming, along with royalty financing, its cousin, has been steadily gaining favor as an alternative investment vehicle in the mining sector. As mentioned, in streaming deals, companies provide capital to miners in exchange for the right to purchase a portion of the metal produced — typically gold or silver — at a fixed price.
This model offers streamers several advantages: exposure to rising commodities prices, insulation from cost overruns and operational risks and the ability to warehouse metals during market downturns.
For miners, the benefit is an immediate capital infusion, usually during the expensive phases of development and expansion, without the debt burden or shareholder dilution associated with traditional financing.
Franco-Nevada’s transformative 1986 deal for a 4 percent royalty on the Nevada-based Goldstrike mine — which has since earned over US$1 billion — remains the industry’s archetype.
This example illustrates the outsized returns possible in streaming — but there are also risks.
For example, Franco-Nevada took a US$1 billion hit after Panama shut down First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF)Cobre Panama mine in late 2023. It is seeking US$5 billion in damages from the country.
Looking at Zijin's entry into the streaming space, the move appears to be a signal that China — the world’s top gold producer and consumer — is preparing to wield more financial influence in the global precious metals trade, not just through mine ownership, but through alternative financing models.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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27 May
Concentrate Offtake Agreements Signed for Nueva Sabana Copper-Gold Mine, Cuba
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU) advises that 50% owned Cuban joint venture mining company, Minera La Victoria SA, and a major global commodities trading house have signed two off-take agreements for the purchase of the gold concentrates and the copper/gold concentrates to be produced by the Nueva Sabana mine (“Nueva Sabana Mine”).
The proposed payables for metals outlined below are 12% higher for the gold concentrate, and the same for the copper/gold concentrate, that were included in the Nueva Sabana Pre-Feasibility Study ("PFS"), the results of which were advised to ASX on 13 January 2025, together with the production schedule and target specifications for the two concentrates on market-based terms
Additional details on the commercial arrangements include the following:
- The offtake agreements are for 100% of the gold concentrates and copper/gold concentrates produced from the Nueva Sabana Mine. The Company currently estimates the initial life of the Nueva Sabana Mine to be ~4.5 years which could be further extended;
- For each offtake, provisional payment of 90% of provisional value of the concentrate 5 business days after shipment from the port of loading and buyer’s receipt of various original documents;
- For the offtake of gold concentrates, the price of the gold content will be the mean of the AM/PM LBMA Gold Price published on the LMBA website in US$ and averaged over the quotational period. For the offtake of copper/gold concentrates, the price of the copper content will be based on the price published in the Metal Bulletin for Grade ‘A’ copper in US$ and averaged over the quotational period, the price of the silver content will be based on the LMBA Silver Price published on the LMBA website in US$ and averaged over the quotational period, and the price of the gold content will be the mean of the AM/PM LBMA Gold Price published on the LMBA website in US$ and averaged over the quotational period;
- For each offtake, final invoice shall be issued after final assays, weights and prices are known, and final Payment shall be made within 5 business days of buyer’s receipt of the final invoice, less the provisional payment;
- For each offtake, shipment to be approximately even spread throughout the calendar year in minimum bill of lading parcels of ~1,000dmt of concentrate (estimated to be equivalent to around two weeks of production from the Nueva Sabana Mine);
- For each offtake, no minimum or maximum volume commitments; and
- For each offtake, there are defined events of default which give rise to certain rights, including the right to suspend and/or terminate the offtake agreements.
The counterparty is a major global commodities trading house with a diverse portfolio including substantial interests in metals and minerals and an annual group revenue in excess of billions of dollars. The Company confirms that it does not consider the identity of the counterparty to be information that a reasonable person would expect to have a material effect on the price or value of the Company’s securities. The Company confirms that this announcement contains all material information relevant to assessing the impact of the off-take agreements on the price or value of the Company’s securities, and is not misleading by omission.
LISTING RULE CONFIRMATION
The Company confirms that all material assumptions underpinning the production target and the forecast financial information derived from the production target in the revised MRE for Nueva Sabana advised to ASX on 2 October 2024 continue to apply and have not materially changed.
The Company also confirms that it is not aware of any new information or data that materially affects the information included in previous market announcements and all material assumptions and technical parameters underpinning the mineral resources in the 13 January 2025 market announcement continue to apply and have not materially changed.
The Chairman of Antilles Gold, Mr Brian Johnson, commented“finalisation of the concentrate off-take agreements is a major step forward in arranging financing for the Nueva Sabana project, and positive negotiations are progressing with potential lenders for the construction of the mine.
The mine is fully permitted, and the aim is to finalise the financing within the next 3 months to allow construction commencement, with commissioning 12 months later”.
Click here for the full ASX Release
This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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26 May
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Exploration Target at Golden Crown to Focus on Resource Growth
WIN Metals Ltd (ASX: WIN) (“WIN” or “the Company”) is pleased to announce an Exploration Target for the high-grade Golden Crown gold deposit, part of the Company’s Butchers Creek.
Highlights
- WIN has defined an Exploration Target for Golden Crown of 400kt to 700kt tonnes between 2.4g/t to 3.2g/t Au for 23,000oz to 73,000oz of gold. This is in addition to the current Inferred Mineral Resource Estimate (MRE) of 400kt @ 3.1g/t Au for 38,000oz of gold1
- The Exploration Target is supported by the successful 2024 drilling campaign, which tested mineralisation below current Inferred Resource at Golden Crown including2:
- 24BCRC014 - 6m @ 10.85g/t Au (140m below MRE)
- 24BCRC012 - 5m @ 3.63g/t Au (95m below MRE)
- WIN remains focused on growing shareholder value through low-cost, high-impact drilling at the high-grade Golden Crown, complementing the recently announced 2025 Butchers Creek MRE update of 5.23Mt at 1.G1g/t Au for 321,000oz of gold
- Heritage clearance results for the 2025 field program have now been received with no impediments to proposed drilling activities
- Preparation work is underway to support a G,000m drilling program, with drilling scheduled to commence in July 2025
The potential quantity and grade of the Exploration Target is conceptual in nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012). This exploration target is exclusive of the 2021 Golden Crown Mineral resource estimate of 400kt at 3.10g/t Au for 38,000oz of gold.
Gold Project (“BCGP”) located in the East Kimberley region of Western Australia. The BCGP currently contains a global Mineral Resource of 5.63Mt @ 1.98g/t Au for 359,000oz of gold.
The Golden Crown Exploration Target, which lies below the current Inferred Resource, is estimated at between 400kt to 700kt @ 2.4g/t to 3.2g/t Au, representing an additional 23,000oz to 73,000oz of gold beyond the current MRE.
WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented:
“The establishment of an Exploration Target at the high-grade Golden Crown gold deposit following our highly successful 4-hole drilling program late in 2024 marks another important milestone in WIN’s strategy to unlock value from the project. The potential for additional gold at Golden Crown represents a compelling resource growth opportunity that could see Golden Crown be a meaningful satellite producer complementing the main Butchers Creek body of mineralisation.
With a very targeted, low-cost exploration approach this supports our vision of becoming the next gold producer in Kimberley region of WA. The upcoming S,000m drill campaign is designed to test the potential and deliver further value to shareholders through disciplined, high-impact exploration. We’re suitably enthused by what lies ahead.”
Exploration Target Basis
During WIN’s 2024 drilling campaign, 4 holes for 873m were drilled at Golden Crown demonstrating the resource growth potential. In aggregate, 159 holes for 12,570m have been drilled at Golden Crown along the lightly tested 2km strike.
Highlights from WIN’s drilling included:
- 6m @ 10.85g/t Au from 253m in hole 24BCRC014 (140m below the Mineral Resource)
- 5m @ 3.63g/t Au from 222m in hole 24BCRC012 (95m below Mineral Resource)
- 2m @ 6.00g/t Au from 130m in hole 24BCRC013 (25m below Mineral Resource)
The Golden Crown Exploration Target was generated using the following parameters:
- Mineralised envelopes have been remodelled at Golden Crown using Micromine software, with the new intercepts included at Golden Crown North from all holes drilled at the deposit
- A 0.3g/t Au cut-off was applied to constrain the mineralisation envelopes
- Mineralisation envelopes have been extended up to 250m below surface (130m RL) and extended a maximum of 60m radii along strike from a mineralised intercept
- Volume of the mineralisation envelopes were converted to tonnage using a factor of 2.71t per cubic meter, consistent with the April 2025 MRE update for Butchers Creek
- Upper and lower grade ranges were calculated at ±15% of the current MRE for Golden Crown of 3.10g/t Au. The southern extension mineralisation envelope, which was not modelled nor reported in 2021 MRE, has been assigned the average composite grade
- Upper and lower tonnage ranges were calculated at ±15% of the updated mineralisation envelopes
- The Exploration Target output range was rounded to the nearest 1,000oz to reflect the conceptual nature of this calculation
Figure 1: Golden Crown Exploration Target mineralisation envelopes (red fill) with 2021 MRE block model (grey) and drillhole traces (black) looking north-west. Dashed red line represents 500m of strike between Golden Crown South and North images for illustration purposes only.
Heritage Clearance for 2025 Drilling Programme
All drilling proposed in the 2025 heritage survey has been approved by the Koongie Elvire Traditional Owners Group following the completion of a heritage survey in April. This approval enables WIN to accelerate its 2025 drilling programme, focusing on growing the Golden Crown resource and testing the EIS co-funded exploration target, Ganymede3.
Future Work
The 2025 field season has commenced with reconnaissance work underway, now both heritage survey and the necessary clearances have been received. The drilling program will primarily focus on resource growth at the Golden Crown gold deposit, with 9,000m of drilling planned to commence in June/July 2025. An updated MRE for Golden Crown is expected later in 2025.
Location and Project History
The Golden Crown gold deposit is within exploration licence E80/4976, which is 4.5km north of the Butchers Creek gold mine and 30km southeast of Halls Creek in the Kimberley region of Western Australia. The project is accessible via the Duncan Road that connects the BCGP to the town of Halls Creek and the Great Northern Highway.
Click here for the full ASX Release
This article includes content from Win Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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26 May
Rick Rule: Gold Stock Outlook, "Superb" Silver Opportunity, Key Uranium Shift
Rick Rule, proprietor at Rule Investment Media, shares his latest thoughts on gold.
He also discusses silver, uranium and oil and gas.
Click here to sign up for the Rule Symposium, set to run from July 7 to 11, 2025, in Boca Raton, Florida.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
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