Key Highlights

  • Stavely Minerals (ASX:SVY) shares were up 8.33% at $0.013 during the 22 October 2026 session, while the S&P/ASX 200 was down 0.64%.
  • A 13 October 2026 announcement said studies had begun on underground, hybrid and heap-leach options for the Thursday's Gossan copper-gold-silver deposit.
  • The earlier scoping study outlined a pre-tax NPV7 of A$818 million and an IRR of 40% for a large-scale three-stage open pit and 4Mtpa processing operation.

Stavely Minerals Limited (ASX:SVY) shares were up 8.33% at $0.013 during the trading session on 22 October 2026, based on data at 11:55 am. The S&P/ASX 200 stood at 8,774.90, down 0.64% (56.40 points), while the All Ordinaries stood at 8,897.80, down 0.66%. Stavely Minerals is a Western Australia-based explorer advancing the Stavely Copper-Gold Project in western Victoria.

About the Company

Stavely Minerals Limited is listed on the Australian Securities Exchange under the code SVY. Its head office is on Stirling Highway in Nedlands, Western Australia, while its flagship asset lies in western Victoria.

Chris Cairns is Executive Chair and Managing Director, and is also the Competent Person for the company's reported mineral resources. The company holds 100% of the Stavely Copper-Gold Project.

Business Overview

The Stavely Copper-Gold Project hosts a Mineral Resource estimate of 59 million tonnes grading 0.53% copper equivalent, comprising 0.43% copper, 0.08 grams per tonne gold and 2.7 grams per tonne silver. The Thursday's Gossan copper-gold-silver deposit forms part of that project.

Thursday's Gossan contains three styles of mineralisation. These are high-grade, steeply dipping, structurally controlled copper-rich sulphide lodes known as the Cayley Lodes, a low-grade halo around those lodes, and a flat-lying secondary chalcocite-enriched blanket that is 40 to 50 metres thick and typically sits 30 to 80 metres below surface.

Scoping Study Outcomes

In its announcement dated 13 October 2026, the company referred back to the Thursday's Gossan Scoping Study released on 10 August 2026. That study assessed a large-scale, three-stage open pit mine with 4 million tonnes per annum of processing capacity.

The study outlined a pre-tax NPV7 of A$818 million, an internal rate of return of 40% and projected payback of 2.5 years of production. Average annual free cash flow from first production was estimated at about A$110 million, with net cash flow from operations of A$1.4 billion. Life-of-mine all-in sustaining costs were put at US$3.76 per pound of copper, and US$2.75 per pound for the first three years.

Alternative Development Options Under Study

The 13 October 2026 announcement said the company had commenced studies on further development options for Thursday's Gossan. These include a small-footprint underground mine focused on the high-grade Cayley Lode, which holds 9.1 million tonnes grading 1.6% copper equivalent, a hybrid development with a starter open pit transitioning to underground operations, and a separate, non-exclusive heap-leach option for the chalcocite blanket, which holds 22 million tonnes at 0.39% copper.

The company said the studies would compare capital expenditure, processing rates, relative metals production and revenue, and processing routes, including standalone treatment versus toll treatment or ore sales. It noted that the large open pit scenario is expected to require capital expenditure of A$333 million for the process plant and site infrastructure, including a 30% contingency, plus A$139 million in pre-production stripping. The alternatives are expected to have lower NPVs but lower capital intensity, and the company suggested they may offer a simpler permitting pathway and attract increased community support.

Related Sector Context

Copper-gold exploration and development companies typically advance projects through successive study stages, from scoping to pre-feasibility and feasibility, before permitting and financing. The company itself refers to a rising copper demand environment.

On the day of the data, the S&P/ASX 200 was down 0.64% and the All Ordinaries down 0.66% at 11:55 am, while Stavely's shares moved higher to $0.013. At that price level, small changes in the share price can produce sizeable percentage moves.

Risks to Weigh In

The study work on the alternative scenarios has only just begun, and the announcement does not provide economic outcomes for them. The company expects those options to have lower NPVs than the open pit case, although IRRs could be comparable.

Mr Cairns stated that the projected capital expenditure of the large-scale scenario would likely require Stavely either to secure a development partner or to be sold to a multi-asset company with a bigger development profile. The mineral resource also includes Inferred material, which carries a lower level of geological confidence, and approvals, funding and timelines are yet to be determined.

Catalysts on Watch

The company stated that a full investigation of the alternative scenarios would allow a cost-benefit analysis of the options, along with an assessment of the likely timeline and pathway to project approvals and funding.

Results from the comparative underground, hybrid and heap-leach evaluations, any discussions with potential development partners, and further updates on the Thursday's Gossan development pathway may be reported by the company as the work progresses; no dates for these updates are given in the announcement.

Putting It Together

Stavely Minerals shares were higher at $0.013 during the session while the broader market was lower. The company's announcement dated 13 October 2026 describes a widening of the Thursday's Gossan study program beyond the large open pit case, with outcomes for the alternative options still to be reported.