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Mount Hope Mining (ASX:MHM) is a copper and gold exploration company based in Australia. The company's flagship Mount Hope project in the prolific Cobar Basin is comprised of four tenements spanning 175 sq km. Mount Hope Mining's acquisition of Fisher Resources has provided it with full control over the project.
The Cobar Basin, a region with a longstanding history of copper and gold mining dating back to the 1870s, has seen a flurry of significant mining activities in recent years. In August 2024, Polymetals Resources (ASX:POL) finalized the acquisition of the Endeavor Mine, located 40 kilometers north of Cobar, which boasts JORC-compliant resources of 16.3 million tonnes grading 8 percent zinc, 4.5 percent lead, and 84 grams per ton (g/t) silver. In 2023, Metals Acquisition (NYSE:MTAL) successfully acquired the CSA copper mine from Glencore, further signalling the growing investment attractiveness of the Cobar Basin as a major hub for copper production.
The Mount Hope project has four granted exploration tenements: EL6837, EL8058, EL8290 and EL8654. The region is historically significant for its rich copper and gold deposits and has contributed substantially to Australia’s mining output since the 1870s. Despite its long-standing mining heritage, the southern Cobar Basin remains underexplored, presenting a unique opportunity for Mount Hope Mining to utilize modern exploration techniques to uncover untapped resources.
Company Highlights
- Mount Hope Mining is a copper and gold exploration company based in Australia
- The company holds 100 percent ownership of the Mount Hope project in the prolific Cobar Basin, comprising four tenements spanning 175 sq km
- The Cobar Basin has long history of copper and gold mining dating back to the 1870s, and recently experiencing increased M&A activity.
- Mount Hope has identified key zones of interest within the project and will be the target for near-term phased exploration
- The company’s experienced and dynamic board and management team, bring a wealth of expertise in mineral exploration, corporate governance, and strategic planning.
This Mount Hope Mining profile is part of a paid investor education campaign.*
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Mount Hope Mining
Investor Insight
Mount Hope Mining’s strategic location in the prolific and resource-rich Cobar Basin, which has seen increased activity in recent years, signifies the company’s compelling investment proposition.
Overview
Mount Hope Mining (ASX:MHM) is an Australian resource company specializing in copper and gold exploration. With its flagship project located in the Cobar Basin of New South Wales, Australia, the company leverages the region's rich mining history and underexplored potential. On August 30, 2024, Mount Hope transitioned to a public company to attract investments for its ambitious mineral exploration goals.
Mount Hope Mining's acquisition of Fisher Resources, a wholly-owned subsidiary of Unico Silver Limited, has provided it with full control over the Mount Hope project. This project spans four tenements covering approximately 175 square kilometers, located in the southern Cobar Basin, a region with a longstanding history of copper and gold mining dating back to the 1870s.
The Cobar Basin has seen a flurry of significant mining activities in recent years, underscoring the region's robust potential for polymetallic resource development. In August 2024, Polymetals Resources (ASX:POL) finalized the acquisition of the Endeavor Mine, located 40 kilometers north of Cobar, which boasts JORC-compliant resources of 16.3 million tonnes grading 8 percent zinc, 4.5 percent lead, and 84 grams per ton (g/t) silver. In 2023, Metals Acquisition (NYSE:MTAL) successfully acquired the CSA copper mine from Glencore, further signalling the growing investment attractiveness of the Cobar Basin as a major hub for copper production.
These activities highlight a dynamic and competitive landscape that Mount Hope Mining can leverage for its own exploration strategy.
The strength and vision of Mount Hope Mining's leadership are critical to its success. The company boasts an experienced and dynamic board and management team, each member bringing a wealth of expertise in mineral exploration, corporate governance, and strategic planning. Their collective experience in mining, resource development, and financial oversight ensures the company is well-equipped to meet its objectives.
Company Highlights
- Mount Hope Mining is a copper and gold exploration company based in Australia
- The company holds 100 percent ownership of the Mount Hope project in the prolific Cobar Basin, comprising four tenements spanning 175 sq km
- The Cobar Basin has long history of copper and gold mining dating back to the 1870s, and recently experiencing increased M&A activity.
- Mount Hope has identified key zones of interest within the project and will be the target for near-term phased exploration
- The company’s experienced and dynamic board and management team, bring a wealth of expertise in mineral exploration, corporate governance, and strategic planning.
Key Project
Mount Hope
The Mount Hope project is Mount Hope Mining’s flagship exploration initiative, located in the southern Cobar Basin of New South Wales, Australia. This project spans approximately 175 square kilometers across four granted exploration tenements: EL6837, EL8058, EL8290 and EL8654. The region is historically significant for its rich copper and gold deposits and has contributed substantially to Australia’s mining output since the 1870s. Despite its long-standing mining heritage, the southern Cobar Basin remains underexplored, presenting a unique opportunity for Mount Hope Mining to utilize modern exploration techniques to uncover untapped resources.
The project area encompasses several historical mining sites, including the Mount Hope, Comet and Great Central copper mines, alongside the Mount Solitary and Solar gold mines. These sites, although historically productive, have seen limited contemporary exploration, leaving substantial potential for discovering residual and new deposits.
Geology and Targets
The Mount Hope project is characterized by volcanic and sedimentary sequences with structural features conducive to hosting polymetallic deposits, particularly copper and gold. Fault zones and folding within the tenements act as pathways for mineralization, creating promising exploration targets.
Mount Hope Mining has identified key zones of interest within the project area, including Mount Hope East, Black Hill, Main Road East, Little Mount Solitary, and the Mount Solitary to Solar Trend. These targets are prioritized for exploration based on historical mining data and geophysical anomalies. The company plans to implement a phased approach to exploration, beginning with geophysical and geochemical surveys to refine target zones, followed by drilling campaigns to confirm mineralization and assess the economic viability of the deposits.
Strategic Location
The Mount Hope project benefits from its strategic location within the Cobar Basin, an established mining district with access to infrastructure and services. The recent resurgence of mining activity in and around the Cobar Basin, as demonstrated by Polymetals Resources’ acquisition of the Endeavor mine, and Metals Acquisition’s purchase of the CSA copper mine, underscores the region’s significance as a hub for resource development.
Mount Hope Mining aims to build on this momentum, leveraging both historical data and cutting-edge exploration methodologies to maximize the project’s potential. With its focus on copper and gold, commodities essential to green technologies and global markets, the Mount Hope project is well-positioned to contribute to the growth of Mount Hope Mining and the broader Australian resource sector.
Management Team
Fergus Kiley – Managing Director and CEO
Fergus Kiley plays a pivotal role in driving Mount Hope Mining’s exploration and growth strategies. He previously served as Senior Geologist and Technical Business Development Lead at Wyloo, one of Australia’s largest private natural resources investment groups. This role honed his expertise in exploration, geological modeling and project evaluation. Kiley also serves on the board of Grand Gulf Energy (ASX:GGE) and has over a decade of experience managing exploration programs for various ASX-listed companies. His leadership at Mount Hope focuses on leveraging modern exploration techniques and building partnerships to unlock the potential of the Mount Hope project.
Ben Phillips – Non-executive Chairman
Ben Phillips provides strategic oversight and governance to Mount Hope Mining. Appointed on July 5, 2024, he plays a vital role in ensuring the board operates effectively and aligns with the company’s objectives. Phillips’ leadership in other ventures and his focus on strong corporate governance bring additional credibility to Mount Hope’s public presence. His insights into the mining sector and his strategic vision position the company for sustainable growth.
Todd William – Non-executive Director
Todd Williams brings significant expertise in mining exploration and operations, particularly within the Cobar Basin. He is currently the managing director of Unico Silver (ASX:USL) and a Non-executive director of Orpheus Uranium (ASX:ORP). As the former owner of the Mount Hope project through Unico, William's historical knowledge of the tenements is an invaluable asset. His extensive work in the region strengthens Mount Hope’s technical and operational strategies.
Advancing a copper and gold-rich asset in the prolific Cobar Basin of New South Wales
Magmatic Closing In on Potential New Copper-Gold Porphyry Discovery at Calais
HIGHLIGHTS
- Magmatic Resources Limited (‘Magmatic’ or ‘the Company’) is pleased to provide an update on ongoing activities at our Myall Project with FMG Resources Pty Ltd (‘Fortescue’), a wholly-owned subsidiary of Fortescue Ltd (ASX:FMG) near Narromine in New South Wales. This drilling program1, organised pursuant to the Farm-in and Joint Venture Agreement signed between the Company and Fortescue in March 2024 (ASX MAG 8 March 2024), was designed to test multiple regional conceptual targets (Calais, Barina, SLR, Monaro, Sandman) based on geophysical and geochemical modelling conducted by Fortescue, as well as test and extend Magmatic’s geological model at the Corvette – Kingswood copper-gold maiden Inferred Mineral Resource Estimate2.
- A second diamond drill hole (FMD0508, 393.8 m; Table 2; Figures 1-5) was completed at the Calais prospect, following up on previously released results from FMD0504: 10.8 m at 0.39% Cu, 0.07 g/t Au (from 197 m to 207.8 m, at end of hole) within 42.8 m at 0.19% Cu, 0.03 g/t Au (from 165 m to eoh). Best assay results include;
- 11.7m at 0.59 g/t Au, 0.38% Zn, 2.9 g/t Ag, 1.8 ppm Mo, 0.05% Cu (from 138 m)
- 8 m at 0.23% Cu, 0.04 g/t Au (255m) within 26 m at 0.14 % Cu, 0.08 g/t Au (from 241m)
- 26m at 0.10 % Cu, 0.01 g/t Au (from 329m)
- The above results are within a broad magnetite-pyrite-chalcopyrite zone of 271.2m at 660ppm Cu (122.6 to 393.8m end of hole) in intensely magnetite-epidote altered diorite.
- Magmatic interpret these results to indicate that the copper and gold intercepts in FMD0504 and FMD0508 at Calais are within the wallrock of a mineralised porphyry system and the anomalous gold result in FMD0508 is potentially related to an epithermal overprint at the upper levels of a porphyry system. Further work, including drilling, is required to vector to the centre of the system. Magmatic staff and consultants are working closely with Fortescue to further understand the system and refine the geological framework of the Narromine Igneous Complex.
- FMD0508 is only the second deep hole at Calais and the controls on mineralisation are not well understood. The high-grade copper intercept in FMD0504 was not intersected in FMD0508, and so significant search space remains to be tested.
- For this drilling program, including results for FMD0501 to FMD0507 reported in March (ASX MAG 25 March 2025), 12 holes for 2,988 m were completed (FMD0501 to FMD0512, Table 1). Assay results have been received for FMD0508 (Calais) and FMD0509 (Monaro). Results for the remaining holes (FMD0510- 512 Monaro and Sandman) are pending and will be reported once results are received.
Commenting on the latest diamond drilling results from the Myall FJVA Project, Magmatic Resources’ Managing Director Mr David Richardson said:
“The gold mineralisation intersected by recent drilling at Calais has continued to open up this second exploration front within the Myall FJVA Project and intersecting a gold-copper zone at this early stage is very encouraging. We are working closely with Fortescue on a follow-up program.”
Figure1.Calais conceptual geological cross section looking north with drilling over 3D modelled magnetic isosurfaces of equal field strength with interpreted magnetite-pyrite-chalcopyrite shell
Click here for the full ASX Release
This article includes content from Magmatic Resources, 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.
Metals Focus: Gold to Average US$3,210 in 2025 as Central Banks Buy and Trade Tensions Grow
Metals Focus anticipates that the underlying conditions supporting gold's record run will persist through 2025, with the price expected to reach a yearly average of US$3,210, a record high.
What’s behind the shift in investor sentiment?
Up until the start of 2025, investor sentiment remained low, particularly in western markets where exchange-traded funds (ETFs) saw outflows for much of the year. It wasn’t until October, as the price of gold approached the US$2,800 mark, that ETF inflows in the US and Europe began to gain positive momentum.
Significant purchases by central banks in Asia, the Middle East, and Eastern Europe provided essential pricing support for gold behind the price gains in 2024. Overall, central banks added a record 1,086 metric tons throughout the year.
This buying was driven by countries aiming to diversify their monetary holdings away from the US dollar, as gold serves as a non-liability-bearing reserve asset. The shift in monetary policy has gained attention over the past several years, especially after Russia’s invasion of Ukraine and growing concerns over US overreach following the country’s actions to cut Russia off from the global banking system and restrict the use of the US dollar.
Investors also noted the persistent tensions between Russia and Ukraine, along with fears that the Israel–Gaza conflict could escalate into a broader regional war, which further influenced sentiment in favour of gold as a haven asset.
Geopolitics, uncertainty provide additional price support in 2025
The underlying global drivers have persisted into early 2025, accompanied by new tailwinds for the gold market.
These include the chaos caused by US trade policy, which has created a rift between the world’s largest economy and key trading partners, notably Canada, Mexico, and China. Tariffs have heightened the expectation of a trade war that could affect supply chains and future trade agreements.
The severity, permanence, and outcomes of these measures have only just begun to be felt in the market. US market data registered a slight uptick in inflation numbers for May, and the US Federal Reserve suggested that uncertainty played a role in its decision to maintain interest rates at its last meeting on May 6-7.
Policies enacted by the Trump administration since the beginning of the year have led to a slowdown in global economic growth and have even raised the spectre of a recession as the tariffs threaten to reverse global central banks’ fight against inflation.
In addition to US foreign policy, its ballooning debt continues to erode confidence in the US dollar as the global reserve currency. The current US debt sits around US$37 trillion. The Trump administration pledged to tackle growing debt by cutting government spending through new initiatives like the Department of Government Efficiency.
However, a new spending bill that would essentially extend Donald Trump’s Tax Cuts and Jobs Act would reduce federal income by US$4.5 billion, with minimal decrease in spending to offset this loss.
The overall sustainability of the US economy has raised significant concern among investors, particularly as expectations suggest that Trump’s policies will worsen the debt crisis in the US. This has led to considerable instability in US and global equity markets since the start of the year, resulting in increased inflows into gold and gold-backed securities.
Supply and demand outlook
High prices are causing significant shifts in market demand, leading Metals Focus to predict a net decline of 9 percent in 2025, with total tonnage falling to 4,246 metric tons from the 4,669 metric tons recorded in 2024.
Leading the way is jewellery, the largest demand segment, which is projected to decrease by 16 percent in 2025, dropping from 2,011 metric tons in 2024 to 1,696 metric tons, with India and China contributing the most substantial declines.
In India, a shift towards lighter weight and lower karat pieces is expected to accelerate, while in China, high prices, weak consumer sentiment, and a sluggish economy will impact demand there.
In other countries, jewellery demand is likely to be affected by high prices, low consumer confidence, and economic uncertainty.
Gold supply and demand.
Chart via Metals Focus.
Additionally, central banks are expected to slow their pace of buying, with Metals Focus suggesting an 8 percent decline to 1,000 metric tons, down from the record 1,089 metric tons purchased the previous year.
However, these declines will be offset by increases in other sectors.
Net physical demand is predicted to rise by 2 percent to 1,218 metric tons from 1,191 metric tons in 2024 as more investors will be drawn to gold to diversify their portfolios amid economic uncertainty and geopolitical tension.
The expectation is that much of the increase will be driven by Chinese investment, followed by a recovery in European markets. Conversely, the US may experience some decline as investors there seek to take profits while gold continues to trade near record-high prices.
Gold supply is projected to see modest growth in 2025, with Metals Focus forecasting a 1 percent increase to 3,694 metric tons from the 3,661 metric tons recorded in 2024. Higher output is anticipated globally, with the exceptions of Asia, Oceania, and the Commonwealth of Independent States.
A significant contributor is a 19 percent increase in North American output as Artemis Gold’s (TSXV:ARTG,OTCQX:ARGTF) Blackwater mine, B2Gold’s (TSX:BTO,NYSE:BTG) Goose Project, and Calibre Mining’s (TSX:CXB,OTCQB:CXBMF) Valentine mine come online. Similarly, Central and South America are expected to see several new mines begin operations in 2025, resulting in a 23 percent increase in regional output.
The firm expects recycling to remain stable, despite predictions that gold prices will reach record highs for the remainder of 2025.
Metals Focus attributes this stability to weak retail destocking in China, which corresponds with low demand for jewellery. In the West, recycling is anticipated to be affected by near-market stock depletion and increased exchange rates of old for new jewellery in price-sensitive markets.
Furthermore, producer debt obligations must be addressed alongside periods of high capital expenditures for certain producers, which is anticipated to result in heightened hedging activity by year-end.
Investor takeaway
Overall, Metals Focus predicts a strong year for gold prices, driven by a global macro environment characterized by trade wars, economic uncertainty, and geopolitical tensions.
While higher prices may reduce discretionary spending on gold products, investors are turning to the gold market to diversify their portfolios, further contributing to a rise in gold prices in 2024 and 2025.
However, elevated prices will likely benefit producers who have spent recent years finding operational efficiencies and offsetting cost increases from a heightened inflationary environment. This situation has led to higher margins and a healthy balance sheet in 2024, which Metals Focus believes is likely to continue into 2025.
Although exploration activities faced a global downturn in 2024, there were notable exceptions. Metals Focus noted that mining data firm Opaxe recorded a 10 percent decrease in global exploration reports in 2024. However, Canada, Australia, and the US made up 70 percent of the total updates, indicating a preference for politically stable jurisdictions.
Investors in the gold market may benefit from paying attention to these trends, as producers aim to expand mining operations or seek new deposits to replenish depleting resources.
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Securities Disclosure: I, Dean Belder, own shares of Calibre Mining.
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