Key Highlights

  • TG Metals (ASX:TG6) achieved gold recoveries above 90% from heap leach metallurgical testwork at Van Uden.
  • The company said recoveries improved from 88% after 35 days to more than 90% after 52 days.
  • Current laterite resources potentially suitable for heap leaching total 17,700 ounces of gold.
  • Additional transition material may also be amenable to heap leach processing.
  • TG Metals is progressing Mining approvals, equipment sourcing and project development studies.

TG Metals (ASX:TG6) updated the market after reporting further positive metallurgical testwork results from the Van Uden Gold Project in Western Australia, where heap leach recoveries have now exceeded 90%.

The company’s shares eased 1.25% to AUD0.24 on 14 May 2026 despite the operational update, with investors continuing to assess the broader development potential and economic implications of the project.

According to TG Metals, the latest column leach testwork achieved recoveries above 90% after a 52-day leaching period, improving on earlier recoveries of 88% achieved after 35 days.

Management described the results as reinforcing confidence in a potential onsite heap leach operation focused initially on laterite mineralisation located at surface within the Van Uden deposit.

Testwork supports heap leach processing strategy

The metallurgical results form part of TG Metals’ broader effort to evaluate low-cost processing pathways for the Van Uden resource.

The company stated that the laterite mineralisation displays physical characteristics suitable for heap leaching, including favourable percolation and rapid leach kinetics. Management believes the combination of shallow mineralisation, strong recovery rates and simplified processing requirements may support attractive operating conditions.

TG Metals currently estimates that approximately 1.05 million tonnes grading 0.52 grams per tonne gold for 17,700 ounces could initially support a heap leach operation.

In addition, the company said a further 1.85 million tonnes grading 1.05g/t gold for 62,400 ounces of transition material may also prove suitable for heap leach processing.

Heap leach operations are often considered lower-Capital alternatives to conventional milling and carbon-in-leach processing, particularly for oxide and near-surface gold deposits.

Surface mineralisation could lower mining costs

Management highlighted several operational advantages linked to the laterite component of the Van Uden deposit.

According to the company, the laterite mineralisation occurs at surface and requires no pre-stripping, potentially reducing mining complexity and handling costs. TG Metals also noted that onsite heap leach processing could eliminate trucking and milling costs associated with toll treatment at third-party facilities.

CEO David Selfe stated that achieving recoveries comparable to or exceeding traditional carbon-in-leach plant performance strengthens the case for onsite processing of the laterite material.

The company also emphasised the potential cost advantages associated with avoiding grinding circuits and tailings dam infrastructure typically required for conventional processing plants.

For junior gold developers, low upfront capital intensity can become an important Factor when assessing development timelines and financing requirements.

Additional targets offer resource growth potential

Beyond the existing resource base, TG Metals said multiple additional laterite mineralisation targets have been identified through soil sampling across the company’s broader tenure package.

Management believes these targets could potentially add further ore feed to a future heap leach operation if planned drilling successfully defines additional mineralisation.

The company suggested the broader laterite opportunity could potentially double the current laterite resource inventory.

Resource growth potential remains an important driver for emerging gold developers, particularly where additional near-surface material could extend mine life or improve processing Economics.

Development activities continue toward Investment decision

TG Metals confirmed that several development workstreams are progressing simultaneously as the company advances toward a potential Final Investment Decision targeted for the third quarter of 2026.

The company said lodgement of the mining proposal is expected imminently, while engagement with mining contractors has already commenced for laterite mining and earthworks construction activities.

Equipment sourcing has also begun, with management indicating that potential used equipment Options are being evaluated to accelerate startup timelines.

In parallel, the company expects to release outcomes from its scoping study during the second quarter of 2026.

The advancing project timeline suggests TG Metals is moving beyond pure exploration toward early-stage development planning at Van Uden.

About the Company

TG Metals (ASX:TG6) is an Australian exploration and development company focused on gold and lithium projects in Western Australia. The company is currently advancing the Van Uden Gold Project through metallurgical testing, development studies and permitting activities.

Industry trends and market context

Gold developers continue exploring lower-capital processing pathways as investors increasingly focus on project economics, funding requirements and operational flexibility. Heap leach operations have become widely used for suitable oxide and near-surface gold deposits due to their relatively lower infrastructure requirements compared with conventional processing plants.

The broader gold sector continues benefiting from elevated bullion prices and ongoing investor interest in near-term development opportunities. Companies capable of demonstrating simplified processing routes and reduced capital intensity may attract increased attention in tighter financing environments.

At the same time, metallurgical recoveries, permitting timelines and operating cost assumptions remain critical factors influencing development viability.

Investment risks and challenges

TG Metals remains exposed to development, operational and market risks associated with advancing the Van Uden project toward production. Metallurgical testwork results may not fully translate into commercial-scale operational performance, while future mining and processing costs could differ from current assumptions.

The company also faces permitting, financing and execution risks as it advances toward a Final Investment Decision. Additional drilling targeting laterite mineralisation may not ultimately deliver the resource growth currently anticipated by management.

From a bullish perspective, investors may view the high heap leach recoveries, shallow mineralisation and low-cost processing potential as supportive factors for project development. From a bearish perspective, the project remains at a pre-development stage and will still require successful economic studies, approvals and funding before commercial production can be achieved.