Highlights

  • Future Metals began an updated scoping study on 4 August 2026 for the Panton PGM project, assessing a simpler single-flotation flowsheet in place of a 2023 dual-circuit design.
  • The study compares two development pathways: a standalone operation and ore toll treatment at the Savannah facility owned by Zeta Resources, approximately 60 kilometres from Panton.
  • The Panton Mineral Resource stands at 82.3 million tonnes at 1.6 grams per tonne platinum equivalent for approximately 4.24 million ounces, with about half in the lower-confidence Inferred category.
  • Closing cash was A$3.52 million after a A$3.6 million raising, with approximately 4.76 quarters of estimated funding runway.

A simpler flowsheet and a nearby processing option could change the economics at Panton. Future Metals (ASX:FME) spent the September quarter developing the assumptions behind an updated scoping study for its Panton platinum group metals project in Western Australia's East Kimberley region, with the aim of identifying a development pathway that works at current commodity prices and manageable capital requirements. The study, launched in August 2026, tests whether a single flotation circuit and the potential use of the existing Savannah processing facility — owned by Zeta Resources and approximately 60 kilometres from Panton — could lower the capital threshold compared with the more complex 2023 dual-circuit design.

Panton Mineral Resource

The July 2026 Mineral Resource estimate for Panton is 82.3 million tonnes at 1.6 grams per tonne platinum equivalent, containing approximately 4.24 million ounces. Open-pit material totals 65.1 million tonnes and underground material 17.2 million tonnes. Indicated resources account for approximately 2.06 million ounces and Inferred resources approximately 2.18 million ounces, meaning approximately half the resource sits in the lower-confidence category. Platinum equivalent figures depend on assumed metal prices and recoveries that can shift materially with commodity markets.

Metallurgical testwork reviewed on 28 July 2026 suggested that a single flotation train on blended open-pit and underground feed, potentially supplemented by ore sorting to upgrade feed grade, might achieve comparable recoveries to the 2023 dual-circuit design with less capital intensity. These are preliminary findings requiring further testwork before they can be considered reliable, and the scoping study had not been completed as of the quarterly report date.

Scoping Study: Standalone vs Savannah

The updated scoping study compares two development scenarios. The standalone scenario assumes Panton ore is processed on-site in a purpose-built concentrator, with concentrate trucked to Wyndham port. The Savannah scenario assumes ore is trucked approximately 60 kilometres to the Savannah nickel processing facility owned by Zeta Resources, subject to commercial terms still being negotiated. Preliminary engineering work suggests the Savannah mill could treat approximately 0.7 to 1.15 million tonnes of Panton ore per annum — a range the company explicitly states is not a production target, as it depends on agreements not yet reached and permitting that is expected to be on the critical path.

The Eileen Bore copper exploration target at the Alice Downs Corridor, approximately 12 kilometres from Panton, is conceptual at 12 to 15 million tonnes at 0.62 to 0.86% copper equivalent. No drilling has been completed and no resource exists. Drilling is planned for calendar 2027 subject to approvals and heritage clearances.

Funding and Capital Raise

Future Metals raised approximately A$3.6 million in a placement through approximately 254.6 million shares at A$0.014. The first tranche of A$3.0 million settled in August 2026; a second tranche of A$565,000 plus 25 million lead manager options received shareholder approval on 7 October after quarter-end. Zeta Resources committed A$500,000 to the placement, reflecting its involvement in the Savannah processing discussions. Closing cash at 30 September was A$3.52 million, with an estimated 4.76 quarters of funding. The company's report notes that further funding will likely be required to progress the project beyond the current scoping and early development phases.