Latest news with #Laverton
News.com.au
06-07-2025
- Business
- News.com.au
Kristie Batten: Brightstar maps path to 200,000ozpa of gold
One of Australia's top mining journalists, Kristie Batten, writes for Stockhead every week in her regular column placing a watchful eye on the movers and shakers of the small cap resources scene. It's been a busy couple of weeks for Brightstar Resources (ASX:BTR) as ticks off milestones on the road to its goal of becoming a 200,000 ounce per annum gold producer by 2029. The up-and-comer is already ramping up to become a 35,000-40,000ozpa gold producer from its Second Fortune and Fish underground mines via an ore processing agreement with Genesis Minerals. But the company has bigger aspirations of becoming a gold producer in its own right and in the process, becoming a major player in the Eastern Goldfields. A week ago, Brightstar released a definitive feasibility study for the staged development of its Menzies and Laverton gold projects. Based on a maiden open pit reserve of 210,500oz at 1.63 grams per tonne gold, the project would produce 338,528oz, or an average of 70,000ozpa, over five years at all-in sustaining costs of $2991 an ounce. Using a base case gold price of $4500/oz, the project returned a pre-tax net present value of $203 million and an internal rate of return of 48%. Increasing the gold price to around $5000/oz, which is closer to spot, increases the NPV to $316 million and IRR increases to 73%. The company has signed a memorandum of understanding to process Menzies ore through the Paddington mill for up to two years while the Laverton plant is being built. Total project peak funding requirements for the Menzies and Laverton projects is $120 million, while payback from the commissioning of the plant, expected in early 2027, is one year. Brightstar has received letters of intent or term sheets from multiple domestic and offshore commercial banks, as well as interest from non-bank lenders for debt financing of up to 70% of the capital requirements. The company has also received a non-binding term sheet from an offshore precious metals specialist investment company for a funding package comprising a gold doré offtake and equity financing at a premium for A$120 million. Brightstar managing director Alex Rovira described Laverton and Menzies as 'a really financeable project with great return on investment'. The bigger prize A prefeasibility study is also underway for Brightstar's larger Sandstone project, due for completion next year. Sandstone hosts shallow resources of 1.5Moz at 1.5g/t gold and Brightstar has 80,000m of drilling planned across the project this year. The PFS will consider a 3-5 million tonne per annum open pit development. The company is aiming to move straight into a DFS on Sandstone next year, with the aim of making a final investment decision in early 2027, coinciding with first gold from Laverton and Menzies. Brightstar is aiming to self-fund at least part of the Sandstone development from its other operations. 'We see Sandstone as the flagship, tier one asset within our portfolio and the ability to fund that from existing and near-term operations is important,' Rovira said. Canaccord Genuity analyst Tim McCormack is modelling a $250 million, 3Mpta operation which would pour first gold in the June quarter of 2029. 'We expect the project to support production of around 130,000ozpa at an AISC of $2655/oz for six years,' he said. McCormack maintained a speculative buy rating and $1.50 price target for Brightstar, which is more than three times its Friday closing price of 46c. Deal brewing Brightstar has been one of the more acquisitive juniors in the gold space. Over the past two years, Brightstar has merged with Kingwest Resources, acquired unlisted Linden Alliance, merged with Alto Metals and bought Gateway Mining's Montague project. In October last year, Brightstar revealed it had made an offer to Sandstone neighbour Aurumin (ASX:AUN) over a potential joint venture. Last week, the two companies announced they were in merger talks, which would create a larger Sandstone project with a resource of 2.4Moz. Under the proposed deal, Brightstar would offer one share for every 4.6 Aurumin shares held, implying a value of 11.7c per Aurumin share, a 17% premium to the previous close. The companies are carrying out mutual due diligence. 'For context, Aurumin's ground is encapsulated entirely within our portfolio,' Rovira said. 'They have 900,000 ounces of resources, and importantly, the old mill site where Troy Resources mined and operated, so a potential transaction here delivers some great open pit resources that would be perfect to go through any mill in the district, but also key licences, permits and infrastructure.' Rovira pointed out that there were no major mills within 100km of Sandstone, but there were a handful of other junior companies with resources in that radius. 'We think ultimately there's a lot more consolidation that should happen in Sandstone that will be for the betterment of all sets of shareholders and the market in general,' he said. 'I'd love to have a business here in Sandstone that's underpinned by 3-4 million ounces of resources, on mining leases, that is near-term development. 'That opportunity, in my view, doesn't exist anywhere else in the Eastern Goldfields of WA. 'That would underpin a significant valuation for this business in the future, but also probably importantly, it would be a very opportune target for the mid-tier sector, which is looking for growth opportunities, so we're excited about the opportunity that we can build out here in Sandstone.'
The Australian
26-06-2025
- Business
- The Australian
VRL drilling finds new gold trend
Scout drilling has confirmed that a new gold mineralised trend is present at the Triton prospect Intersection of supergene mineralisation supports potential for significant gold at depth and along strike Verity Resources planning to grow and upgrade existing 154,000oz gold inferred resource at Korong and Waihi Special Report: Preliminary scout drilling at the Triton prospect has confirmed a new mineralised trend about 5km northwest of the existing Korong resource at Verity Resources' Monument gold project in WA's Laverton district. Shallow aircore drilling at Triton intersected bedrock gold mineralisation beneath a robust surface anomaly. Triton aligns with historical soil geochemistry of +20ppb gold and is hosted within the same Archean greenstone terrain that underpins some of WA's most prolific gold mines. Contact-related gold mineralisation at the prospect mirrors the mineralised architecture observed at Fred's Well, where drilling returned results such as 24m at 3.24g/t, suggesting that a structural corridor might be present. Adding interest, the mineralisation is supergene in nature, which is indicative of dispersion from a potentially higher-grade bedrock source at depth. Meanwhile, Verity Resources' (ASX:VRL) soil sampling at the McKenzie Well prospect has defined multiple large-scale coherent gold-in-soil anomalies, with peak values up to 96ppb gold across structurally favourable greenstone terrain. This makes it a high priority target for drilling in the next phases. The Monument gold project covers 232km2 about 40km west of Laverton and is directly adjacent to and along strike from Genesis Minerals' (ASX:GMD) 3.1Moz Mt Morgan project. Monument is surrounded by notable gold players such as Genesis Minerals. Pic: VRL Aircore drilling The company's aircore drill program of 19 holes totalling 757m targeted surface gold anomalism from soils and rock chip samples in prospective stratigraphic positions at the Triton, Star Well and Korong West prospects. At Triton, this drilling returned broad zones of supergene mineralisation, returning assays such as 12m at 0.2g/t gold from 20m and 4m at 0.2g/t from 24m. This mineralisation is at a favourable stratigraphic contact between mafic volcanics and siltstone, a known control on gold deposition in the region with a setting analogous to the nearby Fred's Well prospect. Intersecting gold within this structural-stratigraphic framework strongly supports the potential for significant mineralisation at depth and along strike. VRL plans to carry out follow-up reverse circulation drilling to test for continuity, grade improvement and deeper, high-grade feeder zones. While drilling at Star Well did not return significant gold intercepts, the company noted that it enhanced its understanding of the structural and lithological setting at Star Well. Future work at Star Well will focus on defining drill-ready targets beneath the strongest surface anomalies using detailed mapping, geophysics and potentially fresh rock testing from deeper RC drilling. Likewise, the lack of significant gold intersections did not take away from the fact that Korong West remains largely untested and highly underexplored, particularly considering its proximity to the Korong gold deposit. Further geochemical coverage, along with geophysical reinterpretation and deeper drilling, will be considered to evaluate the full potential of this prospective structural corridor. Prospect location plan and significant intercepts from recent aircore drilling. Pic: Verity Resources Other activity Over at McKenzie Well, the soil sampling outlined multiple broad and coherent gold-in-soil anomalies that cover a large area and display structural continuity. This makes it one of the most promising untested prospects within the company's regional pipeline. VRL noted the anomalous zones are coincident with mapped greenstone lithologies and potential structural intersections, which is indicative of a favourable setting for shear-hosted or intrusion-related gold systems. It adds the scale and strength of the geochemical response suggest a robust gold system may be present under shallow cover. Follow-up exploration at McKenzie Well will include infill soil sampling, detailed mapping, and aircore drill testing of the highest priority anomalies to progress the prospect to RC drilling in the next phase. Next steps Verity is currently focused on its resource upgrade and expansion strategy, targeting the existing 154,000oz inferred resource at Korong and Waihi. It has engaged Environmental Resources Management to carry out a comprehensive review and validation of historical drilling data associated with the current resource. This will determine the level of infill and twin drilling required to support a reclassification to the higher confidence indicated status. VRL will then design a targeted drill program to infill and step out from known mineralisation along the Korong-Waihi BIF corridor, which remains largely underexplored beyond the current resource boundaries. Following this resource-focused drill program, the company will then carry out follow-up drilling at the Triton prospect to test the depth extent and strike continuity of the newly identified mineralised trend. It will also conduct geochemical vectoring and structural interpretation of mineralised zones to refine drill targeting, including the analysis of multi-element pathfinder suites to identify fertile gold systems. This article was developed in collaboration with Verity Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Yahoo
28-05-2025
- Business
- Yahoo
Elemental Altus Notes Continued Growth at Royalty Assets with A$250m Laverton Acquisition and Hercules Maiden Reserve
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental Altus" or "the Company") notes the recent announcement by Focus Minerals Limited (ASX: FML) ("Focus") reporting the sale of their Laverton assets ("Laverton Project") in Western Australia, to Genesis Minerals Limited (ASX: GMD) ("Genesis"). Elemental Altus holds an uncapped 2% gross revenue royalty over a significant portion of the project. The Company also notes the recent announcement by Northern Star Resources Limited (ASX: NST) ("Northern Star") reporting a maiden Mineral Resource and Ore Reserve Estimate1 at the Hercules Discovery ("Hercules"), part of the South Kalgoorlie Operations ("SKO") in Western Australia. Elemental Altus holds a A$10 per ounce production royalty and an A$1 million Discovery Bonus over a significant portion of the project. Laverton Highlights A$5 billion Australian miner Genesis to acquire Laverton Project for A$250 million Genesis notes the clear potential for Laverton to supply open pit and underground ore to their operating 3 Mtpa Laverton mill approximately 30 km away All Resource and Reserve material covered by the Elemental Altus Laverton royalty lies within granted Mining Leases Immediate priorities for Genesis include: Infill and extensional drilling with substantial scope for Resource growth Studies to incorporate multiple oxide and transitional open pits into Laverton mine plan Staged mill expansion studies at Laverton Exploration over the highly prospective tenement package Elemental Altus royalty coverage includes the following JORC 2012 Mineral Resource and Ore Reserve Estimates1,2: Indicated Mineral Resource Estimate of 12.9 Mt @ 1.8 g/t Au for 754,000 ounces Inferred Mineral Resource Estimate of 9.5 Mt @ 3.3 g/t Au for 1,024,000 ounces Including: Probable Ore Reserve Estimate of 3.3 Mt @ 2.2 g/t Au for 238,000 ounces SKO Highlights Elemental Altus has a royalty of A$10 per ounce on SKO plus a Discovery Bonus of A$1 million for each new ore body with production and/or Reserves greater than 250,000 ounces of gold Northern Star have released the following maiden JORC 2012 Mineral Resource and Ore Reserve Estimates at their recent Hercules Discovery3: Indicated Mineral Resource Estimate of 7.4 Mt @ 2.1 g/t Au for 491,000 ounces Inferred Mineral Resource Estimate of 5.9 Mt @ 2.2 g/t Au for 425,000 ounces Including: Probable Ore Reserve Estimate of 2.4 Mt @ 3.1 g/t Au for 246,000 ounces A$1 million Discovery Bonus is payable upon a 4,000 ounce Reserve increase at Hercules The Hercules deposit is amenable to mining by both open pit and underground methods and it is expected that any future mining will be processed at the Kanowna Belle processing facility Multiple exploration holes demonstrate continued mineralisation at depth beyond the currently defined resource Additional definition drilling is planned for FY 2026 focused on expanding underground reserves Frederick Bell, CEO of Elemental Altus, commented: "The recent developments at Laverton and Hercules highlight the material value embedded across our Australian royalty portfolio. The acquisition of the Laverton Project by Genesis Minerals for A$250 million significantly upgrades the Company's development portfolio and adds to organic growth going forward. With the vast majority of the project on existing Mining Leases there is the ability to fast-track production to Genesis' Laverton mill, which is currently toll treating 3rd party ore. Excitingly, the discovery potential across the tenement package can also now be realised, with Genesis noting the immense exploration upside. With our uncapped 2% gross revenue royalty covering approximately 1.8 million ounces of gold, similar to our cornerstone Karlawinda royalty, Laverton has the potential to grow into a future cornerstone asset for the Company. At Hercules, Northern Star's maiden Resource and Reserve Estimate delivered approximately 900,000 ounces of gold, which marks a major milestone and confirms the project's scale and development potential. A royalty over the new and fast-growing Hercules discovery at Northern Star's major Kalgoorlie operations in Australia is a valuable asset that was previously unrecognised. The Company's A$10 per ounce royalty, with additional discovery bonuses, highlights the value within the Company's wider exploration and development portfolio." Laverton (2% Gross Revenue Royalty) Figure 1: Elemental Altus Laverton Project Royalty CoverageTo view an enhanced version of this graphic, please visit: The Laverton Project covers several Archaean greenstone belts north-northeast of Kalgoorlie which host a range of orogenic lode gold deposits, typical of the Western Australian Yilgarn Eastern Goldfields. The Laverton district is one of the best endowed gold regions in Australia with over 28,000,000 ounces of gold produced in recent history. Elemental Altus' royalty covers 67 km2 of the Laverton Project, encompassing the following deposits: Beasley Creek and Beasley Creek South The Chatterbox Trend, including Apollo, Eclipse, Innuendo, Rumor The Lancefield-Wedge Trend, including Telegraph and Wedge-Lancefield North The historic Underground Lancefield Gold Mine The wider Laverton project has the following JORC 2012 compliant Mineral Resource and Ore Reserve Estimates1, over which Elemental Altus has partial coverage: Indicated Mineral Resource Estimate of 45.0 Mt @ 1.5 g/t Au for 2,100,000 ounces Inferred Mineral Resource Estimate of 23.0 Mt @ 2.1 g/t Au for 1,600,000 ounces Including: Probable Ore Reserve Estimate of 13.0 Mt @ 1.3 g/t Au for 546,000 ounces Genesis notes the clear potential for Laverton to supply open pit and underground ore to Genesis' operating 3 Mtpa Laverton mill approximately 30 km away. The mill is currently designed for standard CIL/CIP processing of free milling ores, comprising a jaw crusher and ball mill, CIL tanks and an elution circuit. Genesis is investigating staged expansion opportunities, including an additional ball mill, increased leaching capacity and a crushing circuit upgrade. The new operator is also investigating the possible inclusion of refractory gold deposits, and these studies could potentially include restarting the Lancefield underground mine, with an Inferred Resource of 790,000 ounces at 6.3 g/t Au2, under Elemental Altus' royalty coverage area, which could be used to supplement future mill feed. Hercules (A$10/oz Royalty plus Discovery Bonus) Figure 2: Elemental Altus SKO Project Royalty CoverageTo view an enhanced version of this graphic, please visit: The Hercules deposit is located approximately 20 km west of the Hampton-Boulder-Jubilee ("HBJ") deposit and approximately 55 km from the Kanowna Belle processing facility. The project lies within the historically producing Penfolds camp of deposits (Fuji, Penfolds, Erebus, and Greenback). After discovery in 2023, a campaign of resource definition drilling resulted in an initial combined open pit and underground Indicated Mineral Resource of 7.4 Mt @ 2.1 g/t Au for 491,000 ounces, and an Inferred Mineral Resource of 5.9 Mt @ 2.2 g/t Au for 425,000 ounces3 over which Elemental Altus has 100% coverage. The Mineral Resource currently extends to a depth of 350 m below surface, however multiple deep exploration holes have returned positive assay results over 300 m below the Mineral Resource. Results include 6.1 m @ 14.7 g/t Au, 6.0 m @ 12.9 g/t Au and 19.4 m @ 6.4 g/t Au, demonstrating that mineralisation continues at depth. In late 2024, an area of higher-grade mineralisation was targeted with close-spaced drilling to improve the understanding of the short-range grade variability. This drilling increased confidence in the Indicated Mineral Resource allowing the calculation of an underground Probable Ore Reserve of 246,000 ounces. The Hercules Ore Reserve Estimate is based on detailed mine development and stope designs completed to a preliminary feasibility study standard minimum. Much of the currently defined Hercules deposit is amenable to mining by open pit or underground methods. Higher grade ore extraction is being considered first by way of underground long hole stoping, with access to lateral ore drives by a decline from the base of a nearby historical open pit. Subsequently, remnant lower grade material can be extracted via open pit mining. Northern Star expect that any future ore produced at the Hercules deposit will be processed at the Kanowna Belle processing facility (19 km northeast of Kalgoorlie and approximately 55 km from Hercules). The plant has the capability to treat both refractory and free milling ores, using either the flotation circuit and concentrate roaster circuit, including carbon-in-leach (CIL) gold recovery, or directly to a CIL circuit. Metallurgical test work based on the current processing circuit indicates that 89% recovery of the contained gold is achievable3. Additional resource definition drilling is planned for FY 2026, with the aim to expand and further delineate the underground Mineral Resource and Ore Reserve at Hercules. This discovery highlights the future potential that exists across the broader Kalgoorlie region, including from Elemental Altus's royalty area, which is within easy trucking distance to Northern Star's processing hubs. SKO (A$10/oz Royalty plus Discovery Bonus) The South Kalgoorlie Operations are located in Kalgoorlie, Western Australia, within the prolific Eastern Goldfields Superterrane. Gold mineralisation is associated with greenstones with volcano-sedimentary rocks in multiple orogenic lode gold style deposits, controlled by generally NNW-trending shear zones; and minor paleoplacer deposits. In addition to Hercules, Elemental Altus' royalty coverage includes the long-term producing underground HBJ gold mine complex, owned and operated by Northern Star since 2018. The mine is a primary source of ore feed of Northern Star's regional Kalgoorlie Operations, providing ore to both the Kanowna Belle and KCGM mills. Northern Star has also updated the Mineral Resource and Reserve estimates for the wider SKO project3 (inclusive of Hercules and HBJ), over which Elemental Altus has partial coverage: Measured and Indicated Mineral Resource Estimate of 22.4 Mt @ 2.8 g/t Au for 1,992,000 ounces Inferred Mineral Resource Estimate of 14.4 Mt @ 2.5 g/t Au for 1,162,000 ounces Including: Proven and Probable Ore Reserve Estimate of 6.1 Mt @ 3.6 g/t Au for 714,000 ounces Due to recent project advancements, Elemental Altus has decided to consolidate the two royalty areas (previously referred to as "HBJ" and "Hercules") into one larger area of interest, to be referred to as "SKO", covering a total of 177 km2 of Northern Star's licence area. Frederick BellCEO and Director Corporate & Media Inquiries:Tel: +1 604 646 4527info@ Elemental Altus is a proud member of Discovery Group. For more information please visit: or contact +1 604 646 4527. (TSXV: ELE) | (OTCQX: ELEMF) | ISIN: CA28619K1093 | CUSIP: 28619K109 About Elemental Altus Royalties Corp. Elemental Altus is an income generating precious metals royalty company with 10 producing royalties and a diversified portfolio of pre-production and discovery stage assets. The Company is focused on acquiring uncapped royalties and streams over producing, or near-producing, mines operated by established counterparties. The vision of Elemental Altus is to build a global gold royalty company, offering investors superior exposure to gold with reduced risk and a strong growth profile. Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V.) accepts responsibility for the adequacy or accuracy of this press release. Notes 1) Genesis Minerals Limited ASX release titled "Genesis eyes further growth in production and cashflow with the acquisition of Laverton Gold Project", dated May 25, 2025, at 2) Focus Minerals Limited Annual Report for the year ended December 31, 2024, at 3) Northern Star Resources Limited ASX release titled "Annual Mineral Resources and Ore Reserves. Statement", dated May 15, 2025, and effective March 31, 2025, at Qualified Person Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental Altus, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release. Market and industry data This news release includes market and industry data and forecast that were obtained from third-party sources, industry publications and publicly available information. Third-party sources generally state that the information therein has been obtained from sources believed to be reliable, but there can be no assurances as to the accuracy or completeness of included information. Although management believes it to be reliable, management has not independently verified any of the data from third-party sources referred to in this news release or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources. JORC Code Certain Resource and Reserve estimates covering properties related to certain mining assets in this corporate presentation have been prepared in reliance upon the JORC Code. Estimates based on JORC Code are recognized under NI 43-101 in certain circumstances. In each case, the Mineral Resources and Mineral Reserves included in this presentation are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, the Company is not able to reconcile the Resource and Reserve estimates prepared in reliance on JORC Code with that of CIM definitions. The Company previously sought confirmation from its Qualified Person who is experienced in the preparation of Resource and Reserve estimates using CIM and JORC Code, of the extent to which an estimate prepared under JORC Code would differ from that prepared under CIM definitions. The Company was advised that, while the CIM definitions are not identical to those of JORC Code, the Resource and Reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar Reserve and Resource estimates. Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources This corporate presentation uses the terms "measured", "indicated", and "inferred" Mineral Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred Mineral Resources mat not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or part of an inferred Mineral Resource exist, or is economically or legally mineable. Cautionary note regarding forward-looking statements This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, (together, "forward-looking statements"), concerning the business, operations and financial performance and condition of the Company. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold; the estimation of mineral reserves and mineral resources; the realization of Mineral Reserve estimates; the Company's growth prospects; the Company's estimated 2025 revenues; and the timing and amount of estimated future production. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," "believes," "projects" or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to, volatility in the price of gold, discrepancies between anticipated and actual production by companies in our portfolio, risks inherent in the mining industry to which the companies in our portfolio are subject, regulatory restrictions, the impact of the current COVID-19 pandemic on the companies in our portfolio, activities by governmental authorities (including changes in taxation), currency fluctuations and the accuracy of the mineral reserves, resources and recoveries set out in the technical data published by the companies in our portfolio. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company cautions readers not to place undue reliance on forward-looking statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. The Company does not undertake to update any forward-looking statements except in accordance with applicable Canadian securities laws. Readers are directed to the Company's Annual Information Form dated April 29, 2024, filed under the Company's profile on SEDAR+ ( for a complete list of applicable risk factors. Investors are advised that National Instrument 43-101 Standards for disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of Mineral Reserves and Mineral Resources be reported separately. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
26-05-2025
- Business
- Yahoo
Genesis to acquire Laverton Gold Project in WA for $162m
Genesis Minerals has entered a binding share purchase agreement with Focus Minerals for the acquisition of the Laverton Gold Project in Western Australia for A$250m ($162.3m). This move is poised to bolster Genesis Minerals' production capabilities and cash flow, while unlocking significant synergies by combining deposits with regional processing infrastructure. The acquisition also includes 455km2 of gold-prospective land, offering considerable exploration potential both in-mine and regionally. The transaction, with no conditions precedent, is expected to be completed by early June 2025. Funding for the acquisition will come from Genesis' existing cash reserves and an upsized corporate revolver facility, which has increased from $120m to $225m. This leaves Genesis with approximately A$350m in available funding post-completion, ensuring continued balance sheet flexibility. Genesis views this acquisition as a step towards merging the Laverton assets of both Focus and Genesis, which include the recently reactivated three million tonnes per annum (mtpa) Laverton mill. Located approximately 30km from the Laverton mill, the Laverton Gold Project boasts a mineral resource of 73 million tonnes (mt) at 1.7g/t, amounting to 3.9 million ounces (moz). The Laverton Gold Project's assets, including site infrastructure like workshops and haul roads, as well as a historical production of about 3.6moz, will now fall under Genesis' ownership. Genesis managing director Raleigh Finlayson said: 'This is the perfect bolt-on acquisition. It delivers a substantial 4moz resource with immense exploration upside right next to our Laverton mill. It offers supplementary open pit and underground ore to our Laverton mill and in the process gives us flexibility regarding the most efficient pairing of deposits and processing infrastructure between Laverton and Leonora. 'With more ore available at Laverton, our flagship Tower Hill deposit can potentially be processed at Leonora resulting in significantly lower operating costs. With both the Laverton and Leonora mills now 'long ore', studies into staged plant expansions continue apace. These benefits make the transaction entirely consistent with our 'ASPIRE 400' accelerated growth strategy'. Brightstar Resources initiated gold processing at the Laverton Mill in March, with ore sourced from Brightstar's Second Fortune mine and stockpiles at Lord Byron. "Genesis to acquire Laverton Gold Project in WA for $162m" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
ABC News
13-05-2025
- Science
- ABC News
Australia's JORN defence radar is being bought by Canada, the decision is part of a wider shift
In the red dirt near Laverton in Western Australia, two rows of poles sit side by side, stretching three kilometres into the distance. They are antennas — 480 sets of them — and they are just one part of a vast radar system that lets Australia monitor the sky and sea thousands of kilometres from our shores. The system is called JORN, which stands for Jindalee Operational Radar Network. Jindalee is an Aboriginal word that means 'the place the eye cannot see'. "It's critical for Australia," said the nation's Chief Defence Scientist Professor Tanya Monro. The system is recognised as a world leader in over-the-horizon radar. And Canada has taken note, announcing plans last month to spend $6.5 billion to purchase JORN for its Arctic defence. "It really is a very significant milestone," Professor Monro told 7.30. "It is the biggest defence export proposed by quite some margin, and it really holds up the extraordinary things we can do in Australia when we put our minds to it and commit." JORN is the product of 50 years of development by the Commonwealth's Defence Science and Technology Group (DSTG). Aside from Laverton, it also operates from stations near Alice Springs in the Northern Territory and Long Reach in Queensland to give Australia unsurpassed surveillance capabilities up to 3,000 kilometres away. The radar's operations centre is at RAAF Base Edinburgh, north of Adelaide, and across the road is a vast DSTG site where research leader Dr Joe Fabrizio heads a team that constantly tweaks the high frequency radio waves that give JORN its edge. "The interest that there has been in JORN is a testament to the high class and high value over-the-horizon radar systems that defence and [the] defence industry … are capable of producing," he said. Unlike conventional radars, JORN transmits high frequency radio waves 110 kilometres up into the ionosphere, where they bounce back to the Earth's surface from above. Objects underneath — like planes or ships on the ocean surface — are detected when waves reflect back to JORN's massive array of receivers, thousands of kilometres away. "One of the key features of over the horizon radar is it's down-looking viewing geometry," Dr Fabrizio said. In other words, all that low flying you see in movies like Top Gun Maverick to avoid radar won't work with JORN. "An over-the-horizon radar can detect and track aircraft … the same size as a BAE Hawk 127, which is around 12-metres long, or larger aircraft, and ships the same size as an Armidale-class patrol boat which is roughly 56-metres long," Dr Fabrizio said. Defence journalist Murray Brewster from Canada's CBC said JORN is just the sort of system needed in the Arctic. Canada has been under pressure from the US to ramp up defence spending, especially in the far north where its Cold War-era radar stations need to be replaced. "It's been a few years that Canada has been in the market for this," Brewster told 7.30. So new, that when Canada's new prime minister Mark Carney announced the deal to purchase JORN, many in the defence community were stunned. "It is not something I've heard discussed in defence circles until virtually just ahead of the announcement," he said. Brewster believes with US President Donald Trump imposing tariffs and proposing to annex Canada, JORN has one other major advantage — it's not American. "[The purchase] presented itself as a political opportunity for Canada to not wean itself off of the US defence industrial complex entirely, but certainly make a political point." Historically Canada moves slowly when it comes to defence purchases and it has taken so long to replace its F-18 fighter jets, that in 2019 it bought used ones from Australia to fill the gap until new planes arrive. And there have been few details about how the JORN purchase will unfold, but Professor Monro believes this time Canada intends to move much faster. Climate change is impacting the Arctic region and ice coverage is receding. The vast waters north of Canada are more accessible than ever to potential threats. The country recently said there was increased Russian and Chinese activity in Arctic waters. Brewster says Canada can't afford to wait on defence. "The government needs to demonstrate not only to the United States but to other major allies that it is taking the defence of its own territory seriously," he said. He believes buying JORN from Australia does just that. Watch 7.30, Mondays to Thursdays 7:30pm on ABC iview and ABC TV Do you know more about this story? Get in touch with 7.30 here.
