Maritana Minerals Limited (ASX:MRT) Advances Black Swan Processing Hub Toward H2 2027 First Gold

Aditi Sarkar

11 November 2026 06:47 PM AEDT

Maritana Minerals Limited (ASX:MRT) Advances Black Swan Processing Hub Toward H2 2027 First Gold

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Highlights

Concrete Placement for the first Carbon-in-Leach (CIL) tank ring-beam foundations commenced during October 2026.
Principal demolition of redundant front-end infrastructure completed, releasing areas for new conveyors and regrind circuit.
SAG mill liner removal underway, with Hofmann Engineering awarded for specialist mill refurbishment works.
Early works agreement with GR Engineering Services extended to 31 December 2026 at an additional committed cost of A$19.9 million.
Chris Mardon appointed as General Manager Operations to lead operational readiness and commissioning.

Maritana Minerals Limited (ASX:MRT) has provided a construction update on its 2.5 million tonne per annum (Mtpa) Black Swan Processing Hub (BSPH), a gold processing Facility located approximately 50 kilometres northeast of Kalgoorlie in the Western Australian Goldfields. The Company is targeting first gold in the second half of calendar year 2027 and is positioning the hub as a regional processing centre capable of receiving ore from multiple satellite deposits.

Latest Development

During October 2026, Civitech commenced construction of the new CIL tank ring-beam foundations, completing reinforcement and formwork for the first ring beam and commencing concrete placement. This marks the transition from the site preparation and demolition phase into active construction of the new gold processing circuits. In parallel, the principal demolition scope for redundant front-end infrastructure was completed by Focus Demolition, which demobilised by the end of October, releasing areas for new conveyors, the regrind circuit, and supporting infrastructure. SAG mill liner removal has commenced using dedicated relining equipment provided by Specialised Reline Services, and Hofmann Engineering has been issued a Letter of Award for specialist SAG mill refurbishment. The existing SAG mill was successfully rotated during the assessment program for the first time in approximately 17 years.

Company Background

Maritana Minerals is an ASX-listed gold developer focused on its Kalgoorlie Eastern Hub project portfolio in the Western Australian Goldfields. The BSPH, designed as a 2.5 Mtpa plant, is intended to process ore from multiple regional Mining operations, including the Company's Boorara deposit, where a 60,000-metre resource conversion drilling campaign is ongoing. Mining restart at Boorara is targeted for mid-2027. The hub-and-spoke operating model — where a central processing facility draws ore from multiple regional sources — is a common feature of Goldfields-region gold operations.

Sector Context

Western Australia's Goldfields region remains one of the most active gold development jurisdictions globally, with a dense concentration of processing infrastructure, experienced contractors, and established Supply chains. The region has seen a number of mid-tier gold developers advance processing hub strategies, leveraging surplus or refurbished processing capacity to unlock deposits that are individually too small to justify standalone plants. For Maritana, refurbishing and expanding the existing BSPH infrastructure — rather than constructing a greenfields plant — reduces Capital intensity and execution risk while enabling flexibility to accommodate different ore sources.

Market Perception

The commencement of concrete works on the new CIL circuit, combined with completion of the principal demolition program, represents visible physical progress at a site that has been in preparation for some months. The extension of the early works agreement with GR Engineering Services to December 2026 — at an additional committed cost of A$19.9 million — maintains engineering and procurement momentum while the full Engineering, Procurement and Construction contract is finalised. The appointment of an experienced General Manager Operations adds operational depth to the management team ahead of the commissioning phase.

Growth Drivers

The BSPH's success as a regional hub is supported by several factors. The Kalgoorlie Eastern Hub tenement package contains multiple deposits at various stages of resource definition, providing potential medium-term ore feed. The staged tailings strategy — lifting the existing TSF4 facility to provide approximately three years of initial processing capacity while TSF5 is designed and permitted — reduces near-term capital and schedule risk. Long-lead procurement, including the regeneration kiln, electrowinning cells, bolted CIL tanks, and power equipment, is advancing, reducing the risk of supply chain delays in a constrained contracting market.

Risks and Challenges

Gold processing projects of this scale face inherent execution risks, including contractor availability, equipment lead times, geotechnical conditions, and integration of refurbishment works with new construction. The EPC contract with GR Engineering Services is yet to be finalised, and the extension of the early works agreement — while providing continuity — does not eliminate schedule risk. Additionally, the success of the hub-and-spoke model depends on timely commencement of regional mining operations and adequate ore grade and Volume from satellite sources. Gold price Volatility and foreign exchange effects on input costs are ongoing considerations.

Recent Announcements

In addition to the construction update, the Company has previously announced an amended Mineral Resource and maiden reserve update for Rose Hill, an expanded ROM pad design to support the hub model, and ongoing resource conversion drilling at Boorara. All statutory approvals required for BSPH process plant construction are in place, removing a potential near-term regulatory risk.

Key Insights

Maritana Minerals has entered the active construction phase at Black Swan, with CIL foundations commenced and the principal demolition program complete. The extension of the early works agreement with its construction partner maintains momentum while the full EPC contract is finalised. With all statutory approvals in place, a staged tailings strategy providing initial operational flexibility, and long-lead procurement advancing, the Company is working toward its H2 CY2027 first gold target. The hub-and-spoke regional processing model positions the facility as a potentially durable piece of infrastructure for the Kalgoorlie Eastern Hub portfolio.

FAQs

Q: What is the Black Swan Processing Hub?

A: The BSPH is a 2.5 Mtpa gold processing facility near Kalgoorlie that Maritana Minerals is refurbishing and expanding. It is designed to process ore from multiple regional mining operations as a hub-and-spoke model.

Q: When is first gold targeted?

A: Maritana is targeting first gold in the second half of calendar year 2027.

Q: What construction work is currently underway?

A: Current activities include construction of CIL tank ring-beam foundations, SAG mill liner removal and refurbishment, ROM pad expansion, and ongoing long-lead procurement for major equipment including the regeneration kiln and CIL tanks.

Q: What is the tailings storage strategy?

A: The Company plans to lift the existing TSF4 to provide approximately three years of processing capacity, while simultaneously designing and constructing a new TSF5 to support the longer-term operating life of the hub.

Q: Who has been appointed to lead operations?

A: Chris Mardon has been appointed General Manager Operations, bringing experience from previous roles at Mineral Resources, Focus Minerals, and Mineral Mining Services.

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