Highlights

  • Greenwing Resources shares rose 5.13% on 25 March 2026, following the commencement of a Pre-Feasibility Study at its Que River Project.
  • The study aims to refine project scale, economics and development pathways, building on prior scoping work and updated resource estimates.
  • The company continues to target extraction of approximately 660kt of polymetallic material from existing and new open pits.
  • Existing site infrastructure, including power, water and access, supports both mining and future development pathways.

Greenwing Resources Ltd (ASX:GW1) shares gained 5.13% to AUD 0.041 on 25 March 2026, following PFS commencement update, as the company announced the start of a Pre-Feasibility Study (PFS) at its 100%-owned Que River polymetallic project in Tasmania.

Pre-Feasibility Study to Refine Development Pathway

Greenwing confirmed that the PFS will build on previously completed scoping work, with the objective of providing greater clarity on project scale, economic parameters, development options and approval requirements.

The study will be undertaken by Proactive Mining Solutions, alongside Ardent Environmental, and is expected to further define key aspects including mine design, production scheduling, processing pathways, cost estimates and environmental considerations.

Focus on Near-Term Mining Opportunity

The initial stage of the Que River strategy is centred on the potential restart of open pit mining, particularly through redevelopment of the PQ Pit. The company is targeting extraction of an estimated 660,000 tonnes of material containing gold, copper, silver, zinc and lead from existing pits and new starter zones.

Earlier scoping work outlined a potential pathway to production utilising third-party processing infrastructure, supporting a lower capital intensity approach. Subsequent analysis based on updated metals prices indicated improved project-level outcomes compared to initial assumptions.

Infrastructure Supports Project Advancement

The Que River Project benefits from established infrastructure, including proximity to an approximately 30MW substation, access to around 200ML of water, existing road networks and previously disturbed land areas.

These factors, combined with the site’s location in Tasmania, are considered supportive of both mining redevelopment and broader project opportunities.

Second Stage Targets Data Infrastructure Potential

Beyond mining, Greenwing is progressing evaluation of a longer-term opportunity to utilise the site for data infrastructure. The company highlighted favourable characteristics including access to renewable energy, a secure and remote setting, and environmental conditions suited to such developments.

The site’s existing infrastructure and industrial footprint are being assessed for their suitability in supporting potential digital infrastructure applications, alongside possible partnerships.

Ongoing Workstreams and Next Steps

In parallel with the PFS, the company is advancing environmental and regulatory work, including finalisation of rehabilitation planning and engagement with relevant Tasmanian authorities.

Greenwing also continues discussions with stakeholders and potential strategic partners, as it progresses both the mining and infrastructure components of its broader development strategy.

Investor Takeaway

The commencement of the PFS marks a key step in advancing the Que River Project, providing greater definition around its development potential. The dual strategy combining near-term mining with longer-term infrastructure opportunities highlights multiple pathways under evaluation.

Today’s share price movement appears to reflect investor response to this progression, as the company moves towards refining project economics and development plans.