Anax Metals Limited

Heap Leach Scoping Study Shows Substantialy Greater Free Cash At Whim Creek

Anax Metals Limited (ASX: ANX, Anax, or the Company) is pleased to announce the results of a scoping study that evaluated processing of low-grade sulphide and transitional material through the existing and fully permitted heap leach facility at the Whim Creek Project (Whim Creek or Project). The Whim Creek Project is 80% owned by Anax with the remaining 20% owned by Develop Global Limited (Develop).


HIGHLIGHTS

  • Significant future upside from bioleaching low-grade sulphide and transitional ores,
    • Potential for Whim Creek cashflows* to increase by 20% to more than $410 Million (M). Heap leach to deliver ~$70 M in free cash.
    • Total project NPV to grow to $270 M with preproduction capex remaining at $71 M.
    • Production of copper cathode and zinc sulphate crystal to further enhance the product suite from the Project.
    • Project production potential to grow to 10 Ktpa Cu and 10 ktpa Zn.
  • The planned bioleaching is in addition to the sulphide concentrate detailed in the April 2023 DFS (Appendix 1).
  • The heap leach study demonstrates the potential for the low-cost production of sought after copper cathode and zinc sulphate products. The capacity to process ores through a concentrator or leach plant is a major step towards becoming the Pilbara processing hub.
  • Whim Creek is strategically positioned to become a producer of key battery metals including copper and zinc concentrates along with copper cathode and a fertiliser feedstock, zinc sulphate crystal.
  • The project is permitted to process sulphide ores through the concentrator and to utilise the heap and associated infrastructure to leach oxide, transitional and sulphide ores.

Figure 1: Whim Creek Heap Leach and Associated Infrastructure

The Company’s Managing Director, Geoff Laing, commented:“The Anax team have developed world class bioleaching intellectual property that unlocks value for Whim Creek and provides a platform for our business to become the dominant player in consolidating Pilbara base metal projects. The capacity to treat primary ores and secondary/oxidised ores allows us to deliver treatment options for all the base metal projects in our region. We will produce a suite of battery metal products along with a key feedstock for the production of fertiliser through a facility that will generate low carbon emissions.”

* Reported on a 100% Project Basis. Anax has an 80% interest in the project and will contribute 80% of costs and receive 80% of financial outcomes Free Cashflow reported before financing and before tax.


Click here for the full ASX Release

This article includes content from Anax Metals Limited, 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.

Anax Metals Limited

Anax Metals Limited Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Anax Metals (ASX:ANX)

Anax Metals Limited


Keep reading...Show less
Equinox Resources Limited

Ultra-High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb

Equinox Resources Limited (ASX: EQN) (“Equinox Resources” or the “Company”) is pleased to announce reconnaissance assay results from its maiden exploration program at the Alturas Antimony project within British Columbia, Canada. The company has increased its total land holding interests to 6.31km2 on the Alturas project.

Keep reading...Show less
Woomera Mining Limited

Woomera Completes Maiden Drilling Program at Bronze Fox Copper-Gold Porphyry Project

Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that its two-pronged diamond core programme for the recently acquired Bronze Fox Project in Mongolia has been completed. Woomera was able to complete the program in less than four weeks, with all drillholes reaching proposed target depths. In total 16 holes were completed for 2516.4m (Refer to Table 1).

Keep reading...Show less
Trump campaign flag.

US Indexes Reach Fresh Highs as Trump Secures Election Win

Key US indexes hit new records following Donald Trump's victory in the presidential election.

Trump’s campaign, which focused on reviving traditional industries and reinforcing tariffs, suggests a shift in economic priorities that investors in the US and elsewhere are now trying to assess.

Immediate reactions were seen across various asset classes on Wednesday (November 6), including American indexes and equities, the US dollar, cryptocurrencies and commodities.

Keep reading...Show less
King River Resources Limited

Kurundi Main Assay Results Tennant Creek

King River Resources Ltd (ASX: KRR) is pleased to provide the following update on results for the 2024 drilling at Kurundi Main prospect. Drilling focused on extending previously discovered high grade gold mineralisation (reported in 2022) and testing alternative structural positions identified in detailed drone magnetics completed in 2023 (KRR ASX: 28 June 2024). Significant results have been returned (Figure 1) including the discovery of a new high grade gold zone 250m south of the central main workings with best result of:

Keep reading...Show less
Basin Energy

Exploration Program Commences at Virka

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce that work has commenced at the Virka project (the “Project” or “Virka”) following execution of a binding agreement (the “Agreement”) to acquire an exploration portfolio located within Scandinavia.

Keep reading...Show less
Grid with decarbonization imagery over forest.

Report: Mining Industry Sees Path to Decarbonization Through Existing Technologies

A recent report from ABB (STO:ABB) reveals that mining leaders are growing increasingly confident that the industry can decarbonize significantly using existing technologies.

For the report, titled "Mining’s Moment," the Swiss electrification and automation firm surveyed 412 mining leaders from 18 countries, asking for their perspectives on the future of the industry through 2050.

As mentioned, a key insight established by the report is the belief that substantial progress can be achieved without waiting for new innovations, an idea 70 percent of the participants agreed with.

Keep reading...Show less
Anax Metals Limited

Anax Metals Limited Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×