Key Highlights
- Resource +658koz (56%) to 20.4Mt at 2.8 g/t for 1.84Moz.
- Restart works advanced; first production H2 FY27.
- A$104m undiscounted pre-tax free cash flow; NPV8 A$87m at A$6,000/oz.
- The three companies reported development updates.
Three gold developers reported steps toward production. Ballard Mining (ASX:BM1), Valiant Gold (ASX:VAL) and Carnavale Resources (ASX:CAV) each published an update that is covered below.
Ballard Mining (ASX:BM1): Resource
Baldock rose to 12.2Mt at 3.5 g/t (437koz Indicated in pit), West Knell added 147koz, Golden Vale 124koz, and maiden resources came at Neptune, Pluto and Astro-Quasar. Discovery cost was A$36/oz.
WKEX101 cut 9m at 27.1 g/t from 191m. Baldock and Kestrel geotechnical work finished, the West Knell Mining Lease was granted, camp expanded to 30 rooms, water bores support a 2.5GL licence and a 4km road diversion was contracted.
Valiant Gold (ASX:VAL): Comet
Power, ventilation, pumping, accommodation, safety and communications progressed; mine planning and pricing continue and underground drilling tendering started.
South Emu-Triton diamond drilling finished and remains open; Boomerang drilling began with two rigs. Reedy resource is 1.7Mt at 4.00 g/t for 224koz.
Carnavale Resources (ASX:CAV): Economics
At A$6,000/oz, pre-tax free Cash Flow is A$104 million, NPV8 A$87 million, IRR 417%, Capital A$24 million, payback in month 10.
Ore from Swiftsure and Tiptoe pits, contract mined under an Ore Purchase Agreement, with a maiden open-pit reserve.
Why These Updates Could Matter
Ballard Mining: Resource growth and tenure steps lead to the feasibility study. Valiant Gold: The study will set restart costs; production is targeted for H2 FY27. Carnavale Resources: Results rest on one gold price assumption, and the underground has lower study accuracy.
In Summary
Ballard Mining (ASX:BM1), Valiant Gold (ASX:VAL) and Carnavale Resources (ASX:CAV) each issued development updates, summarised above using the figures in their filings.
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