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Metals Australia Ltd (ASX: MLS) (“the Company”) is pleased to announce that its Mine Management Plan for the upcoming field exploration program at the Warrego East copper-gold project in the Tennant Creek Mineral Field has been authorised by the Northern Territory Government (Refer to Figure 1 and 2). Weather permitting, the field exploration program will be scheduled as soon as a land holder access agreement is finalised.
- The $82M takeover of Tennant Creek Mining Group Pty Ltd (TCMG) by London-listed Pan African Resources PLC (AIM: PAF) has reignited interest in the underexplored Tennant Creek Mineral Field (TCMF)1
- The corporate activity comes as Metal Australia finalises plans for a substantial exploration program at its Warrego East copper-gold project2 after the Northern Territory Government authorised the Company’s Mine Management Plan. Warrego East is adjacent to, and immediately east of, the high- grade Warrego mine and Mineral Resource held by TCMG and its Joint Venture partner, Emmerson Resources (ASX: ERM)3
- The program will test a series of priority gravity and magnetics defined ironstone hosted copper- gold targets within a corridor which links the Warrego mine with the Gecko and Orlando copper- gold deposits4,5. The Warrego mine historically produced 4.95Mt @ 2.0% Cu and 8g/t Au6
- Weather permitting, the field exploration program will commence as soon as land holder access agreements are finalised.
Metals Australia CEO Paul Ferguson commented:
“We welcome the clear show of confidence Pan African Resources has demonstrated in the Tennant Creek Mineral Field via its $82 million takeover of TCMG, which is Emmerson Resources’ JV partner in the tenements hosting the Warrego copper-gold mine and various mineral resources. This comes as Metals Australia finalises plans for a substantial field exploration program at its Warrego East copper-gold project, located immediately adjacent to and east of those JV tenements.
The takeover of TCMG by Pan African Resources demonstrates the potential now being seen by bigger overseas players in the Tennant Creek Mineral Field. With a market cap of more than $1 billion, South African- based Pan African Resources has recognised the potential of this underexplored region to host significant mineral resources where less than 10% of drilling has extended beyond 150m in depth and where almost all significant deposits to date have been discovered under shallow cover.
The Warrego mine was identified undercover as a magnetic anomaly during an airborne survey conducted in 1956. Similar magnetic anomalies occur within a corridor through our Warrego East lease, with the Gekko and Orlando deposits discovered further to the east, within the same corridor.
Warrego went on to produce consistently between the early 1970s up until 1989 – averaging around 2% copper and 8gpt of gold during its production life.
We are working diligently to finalise the remaining requirements for our upcoming exploration program at Warrego East.
The planned program is a further illustration of Metals Australia’s status as one of the most active exploration companies, with field exploration programs recently completed at three projects and two more in the pipeline as we seek to unlock the true value of our portfolio in known mining districts in Australia and Canada.”
Figure 1: Metals Australia’s Tenements, TCMG tenements (acquired by PAF), Warrego Production6 in the TCMF.
This comes as the prospectivity of the Tennant Creek Mineral Field is further underlined by the $82 million takeover of TCMG announced on 5 November. Metals Australia’s Warrego East project is adjacent to, and immediately east of, the tenements hosting the Warrego mine and mineral resources held by TCMG and its JV partner Emmerson Resources.
The Tennant Creek Mineral Field has produced 25Mt @ 6.9 g/t gold (Au) & 2.8% copper (Cu)4, with historical production coming from deposits in outcropping areas – or undercover - such as the Warrego mine. Metals Australia’s tenements are located on Cu-Au trends in areas of shallow soil cover which have not been tested with modern exploration (see Figure 2 below). The tenements include EL32725 (granted) and EL32837, EL32937 and EL32410 (all under application), which were acquired by the Company as part of its 80% acquisition of Payne Gully Gold7 in 2022.
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This article includes content from Metals Australia Ltd, 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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Metals Australia
Investor Insight
Metals Australia offers investors exposure to a rapidly advancing, high-grade graphite development project in Quebec with near-term growth catalysts, backed by strong government support, battery-grade test results, and a diversified portfolio of critical, precious and base minerals assets in tier-1 jurisdictions.
Overview
Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in tier-1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada – the Lac Carheil flake graphite project and the Corvette River gold, silver and base metals project. The Australian portfolio comprises two projects: Warrego East (copper-gold) in Tennant Creek, Northern Territory, and Manindi (vanadium-titanium, zinc) in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. EV automakers and battery manufacturers rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Graphite is a critical mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite, to the North American market – including for lithium-ion and EV battery production in the future. The company has completed a major winter drill program and is targeting a mineral resource upgrade in Q3 2025, with the updated resource to feed into the ongoing PFS and downstream studies.
Metallurgical work has demonstrated battery-grade spherical graphite (99.96 percent graphitic carbon) with high conversion efficiency and tap density. Downstream battery-grade purification and shaping test work is underway in Germany with ANZAPLAN.
Metals Australia is also advancing its gold silver and base metals exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Work to date has included mapping, trenching and sampling, with further drilling programs planned for 2025.
The company continues its exploration programs at its other Australian projects: Manindi (vanadium-titanium-magnetite) and Warrego East (copper-gold).
Company Highlights
- Metals Australia is rapidly advancing its flagship Lac Carheil graphite project in Quebec, Canada.
- The company holds a high-quality suite of exploration projects, including:
- gold, silver and base metals in Quebec
- vanadium, titanium and magnetite (VTM) in Western Australia (WA) – beside an already declared zinc-copper and silver mineral resource and copper-gold in the Northern Territory (NT)
- All projects are located in tier-1 mining jurisdictions (Canada and Australia) with world-class prospectivity and stable geopolitics.
- The company’s four key projects include: Lac Carheil (graphite); Corvette River (gold, silver and base metals); Manindi (vanadium-titanium-iron + zinc-copper-silver) in WA; Warrego East in the NT (copper-gold)
- A 9,482 meters winter drilling program was completed at Lac Carheil in early 2025, increasing total drilling to ~11,800 meters.
- The program added more than 4,000 m of graphitic carbon drill intercepts to the 840 m used to define the initial mineral resource.
- Graphite mineralisation has now been confirmed to be over 2.3 km of strike length, up from 1 km, on just one of 10 mapped trends.
- A mineral resource estimate (MRE) update is expected in Q3 2025 to expand the existing JORC 2012 mineral resource of 13.3 Mt @ 11.5 percent Cg, and to support an expanded mine plan.
- Only 6 percent of 36 km mapped graphite trends have been drilled to date.
- Battery-grade graphite testing confirmed:
- 99.96 percent Cg purity
- 65.3 percent battery anode conversion efficiency
- 0.97 kg/L tap density
- A pre-feasibility study (PFS) is progressing with Lycopodium, and ANZAPLAN is advancing downstream test work for a battery anode material (BAM) facility.
- A C$600,000 grant awarded to Lac Carheil from the Quebec government to support pilot metallurgy and downstream studies.
- Exploration also continues across the Corvette River, Manindi, Warrego East Projects.
- Metals Australia is led by a seasoned board and management team with extensive mining experience and a strong track record of project development.
Key Projects
Canada
Lac Carheil Flake Graphite Project (MLS 100 percent)
The 100 percent owned Lac Carheil graphite project is located in eastern Quebec, a tier-1 mining jurisdiction with strong infrastructure and government support. The project lies near the town of Fermont and has excellent access to power and logistics, including proximity to the upgraded Highway 389, nearby hydropower infrastructure, and an expanding provincial road network.
Project location, claims boundaries, graphite resource & trends, regional magnetics & sample results
The current JORC 2012 mineral resource is 13.3 Mt 11.5 percent total graphitic carbon (Cg) for 1.53 Mt of contained graphite, based on limited drilling along just 1 km of a much larger 36 km mapped trend. The resource includes an indicated resource of 9.6 Mt @ 13.1 percent Cg, and inferred resource: 3.7 Mt @ 7.3 percent Cg.
A major 9,482-meter winter diamond drilling program was completed in early 2025, increasing total project drilling to ~11,800 meters. The program defined a new southeast extension zone with multiple intersections >15 percent Cg and demonstrated graphite continuity over 2.3 km of strike length, more than double the previous extent.
The results from this drilling campaign are being incorporated into an updated mineral resource estimate, expected in Q3 2025, which will underpin the next stage of project development.
Metallurgical and battery test work has confirmed Lac Carheil’s graphite is suitable for battery-grade applications, with:
- Flotation concentrate purity of 97 percent Cg
- Spherical graphite purity of 99.96 percent Cg
- Tap density of 0.97 kg/L
- Anode conversion efficiency of 65.3 percent, exceeding global industry averages
A PFS is being led by Lycopodium Minerals Canada and is progressing in parallel with downstream battery anode (BAM) test work led by ANZAPLAN in Germany, a location study for a BAM facility, likely in Canada, and marketing and pricing assessments in collaboration with Lone Star Technical Minerals.
The project is uniquely positioned to meet North America’s surging demand for secure, domestic graphite supply, especially for EV and energy storage battery markets. It represents a strategic, high-grade, long-life source of critical material, with potential for vertical integration from mine to battery anode material.
Corvette River Gold, Silver and Base Metals Project (MLS 100 percent)
MLS’s Corvette River Project Area’s – Felicie in the northeast, West and East Eade prospects to the south of the Corvette River, 2024 & prior sample result highlights, regional geology - including greenstone belts
The Corvette River gold, silver and base metals project is located in Quebec’s James Bay region. Corvette River comprises multiple prospects including East Eade, West Eade and Felicie. The 2024 program confirmed high-grade gold and base metal zones, with trench samples of up to 29.7 g/t gold. Field programs are ongoing, with follow-up work planned in 2025.
Australian Projects
Manindi Project (MLS 80 percent)
Located in the Murchison District of Western Australia, the Manindi project includes a JORC-compliant zinc-copper-silver resource of 1.08 Mt at 6.52 percent zinc, 0.26 percent copper and 3.19 g/t silver. The project also hosts a high-grade vanadium-titanium-iron (Ti-V-Fe) discovery zone situated adjacent to the base metals resource.
Recent metallurgical test work from the Ti-V-Fe zone has produced two commercially attractive concentrates: a high-grade iron-vanadium product grading 66 percent Fe and 1.19 percent V₂O₅, and a titanium-iron product grading 43.8 percent TiO₂ and 32.0 percent Fe. The combined mass recovery from the two products exceeded 65 percent of the sample, and both products displayed low impurity levels and strong commercial potential. Further processing optimization is underway to enhance the TiO₂ grade.
The mineralised Ti-V-Fe zone remains open at depth and along strike and is hosted within a 2 km-long magnetic gabbro trend. A program of work is being finalised to support drilling to define a mineral resource within the original discovery and to test four newly identified nearby targets. These complements renewed interest in the zinc-copper-silver resource due to stronger base metal prices.
Warrego East Project (MLS 80 percent)
The Warrego East copper-gold project is located in the Tennant Creek region of the Northern Territory, near the historically significant Warrego Mine. The exploration license (E32725) is fully granted, and the mining management plan has been approved. Land access agreements have also been finalised.
Geophysical surveys have defined 11 compelling magnetic and gravity targets along a known mineralised corridor. These targets lie within a prospective structural setting that hosts several high-grade historical deposits. A field program is being prepared for execution following the wet season, alongside three additional tenement applications that aim to expand the project footprint.
Management Team
Paul Ferguson – Chief Executive Officer
A mining engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby – CFO and Joint Company Secretary
Tanya Newby is a finance and governance professional with over 20 years’ experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to several publicly listed entities through exploration, project development through to the production stage. She is a member of the Institute of Chartered Accountants, member of the Governance Institute of Australia and a graduate member of the Institute of Company Directors.
Michael Muhling – Joint Company Secretary
Michael Muhling has over two decades of experience in resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
Chris Ramsay – General Manager Geology
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Board
Michael Scivolo – Non-executive Chairman
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs – Non-executive Director
Alexander Biggs has over 20 years of experience in the mining and engineering sectors. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX: CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky – Non-executive Director
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Domansky holds non-executive board positions at Larvotto Resources Ltd and Quebec Lithium.
Basil Conti – Non-executive Director
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for gold and copper in the Northern Territory, vanadium, titanium, iron, zinc, copper and silver in WA – and gold, silver and base metals in addition to graphite in Quebec, Canada.
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