The Karlawinda Gold Project (“KGP”) is located 65 kilometres south-east of Newman in the Pilbara region of Western Australia. Operations commenced in June 2021, delivered on time and on budget.
The KGP consists of the Bibra open pit, Southern Corridor deposit and Berwick satellite project. Mining at Bibra is currently being undertaken using conventional open-pit truck and shovel methods, with ore processed through a three-stage crushing circuit and CIL processing plant featuring a 4Mtpa single ball mill.
In October 2024, the Board approved an expansion of the KGP, targeting an annual gold production of 150,000 ounces. The production upgrade, driven by the installation of a new three-stage crushing and ball mill circuit, will increase total processing capacity to 6.5Mtpa. The expansion involves a total capital investment of $120 million, with completion targeted for Q1FY27.
Based on current reserves of 1.30 million ounces, the expanded operation has a projected mine life approaching 10 years. With an extensive tenement package spanning over 4,000 square kilometres, the Company remains confident further reserve growth through ongoing exploration.
In FY26, the KGP is expected to produce 115,000 – 120,000 ounces of gold at AISC of $1,530 – $1,630 per ounce.
Karlawinda Mineral Resources and Ore Reserves
JORC-2012 compliant ORE RESERVE ESTIMATE as at 30 June 2025:
| Proved | Probable | Total Ore Reserve | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deposit | Type | Cut-off (g/t) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
| Bibra | Open-Pit | 0.3< | – | – | – | 26.9 | 0.9 | 769 | 26.9 | 0.9 | 769 |
| Southern Corridor | Open-Pit | 0.3< | – | – | – | 18.8 | 0.7 | 411 | 18.8 | 0.7 | 411 |
| Berwick | Open-Pit | 0.3 | – | – | – | 0.8 | 0.8 | 20 | 0.8 | 0.8 | 20 |
| Stockpiles | Stockpiles | 0.3< | – | – | – | 7.1 | 0.4 | 95 | 7.1 | 0.4 | 95 |
| Total | – | – | – | 53.6 | 0.8 | 1,294 | 53.6 | 0.8 | 1,294 | ||
Notes on the Ore Reserve Estimate:
- Ore Reserves are a subset of Mineral Resources.
- Ore Reserves are estimated using a gold price of A$2,200/ounce.
- Ore Reserves are estimated using a cut-off grades between 0.3g/t and 0.4g/t Au.
- The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur to rounding.
JORC-2012 compliant Mineral Resource estimate as at 30 JUNE 2025:
| Indicated | Inferred | Total Mineral Resources | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deposit | Type | Cut-off (g/t) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
Tonnes (Mt) |
Grade (g/t) |
Metal (koz) |
| Bibra | Open-Pit | 0.3< | 38.7 | 0.8 | 1,008 | 4.7 | 0.7 | 113 | 43.4 | 0.8 | 1,217 |
| Southern Corridor | Open-Pit | 0.3< | 30.1 | 0.7 | 640 | 7.5 | 0.6 | 152 | 37.7 | 0.7 | 792 |
| Easky | Open-Pit | 0.3< | 3.2 | 0.5 | 51 | 1.3 | 0.5 | 22 | 4.5 | 0.5 | 73 |
| KGP East | Open-Pit | 0.3 | 1.7 | 0.7 | 39 | 0.0 | 1.3 | – | 1.7 | 0.7 | 39 |
| Stockpiles | Stockpiles | 0.3< | 7.1 | 0.5 | 95 | – | – | – | 7.1 | 0.4 | 95 |
| Total | 80.9 | 0.7 | 1,833 | 13.6 | 0.7 | 287 | 94.4 | 0.7 | 2,120 | ||
Notes on the Mineral Resource Estimate:
- Mineral Resources are estimated using a gold price of A$2,400/ounce.
- Mineral Resources are estimated using a cut-off grade between 0.3g/t and 0.4g/t Au.
- The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur to rounding.