Everest Metals Corporation reports successful commissioning of its Gekko Gravity Gold Processing Plant at the Revere Gold Project, alongside significant rubidium recovery at Mt Edon and a mining proposal submission for Mt Dimer. The company is well-positioned financially to advance exploration and production activities.
- Gekko Gravity Gold Processing Plant commissioned and processing at Revere Gold Project
- High-grade near-surface gold assays up to 85.1g/t Au confirmed
- Mt Edon project achieves up to 91% rubidium recovery with lithium by-product
- Mining proposal submitted for Mt Dimer Taipan Gold & Silver Project targeting 2025 production
- Strong cash position of $4.2 million and $4 million private placement completed
Revere Gold Project: Processing Milestone and High-Grade Results
Everest Metals Corporation (ASX: EMC) has successfully commissioned its 10 tonnes per hour (TPH) Gekko Gravity Gold Processing Plant at the Revere Gold Project in Western Australia. The plant has processed 550 tonnes of stockpiled material, producing approximately 3 tonnes of concentrate destined for secondary processing early this year. This milestone marks a critical step in advancing the project from exploration towards production.
Complementing the processing progress, drilling results continue to impress with near-surface gold grades reaching up to 85.1 grams per tonne (g/t) Au. The bulk sampling program, designed to mitigate the 'nuggety' nature of the gold mineralisation, remains underway and is expected to conclude by mid-2025. The recent granting of a key exploration licence (E51/2199) expands EMC's footprint by 84 square kilometres, bringing the total to 171 square kilometres and opening new exploration avenues.
Mt Edon Critical Mineral Project: Rubidium Recovery Breakthrough
At the Mt Edon Critical Mineral Project, EMC has reported a successful Phase 2 research and development program conducted in collaboration with Edith Cowan University’s Mineral Recovery Research Centre. The program achieved up to 91% rubidium recovery through a direct extraction process, also producing lithium as a valuable by-product. This breakthrough underscores the project's tier-1 potential, with an initial inferred mineral resource estimate of 3.6 million tonnes grading 0.22% Rb2O and 0.07% Li2O, containing over 7,900 tonnes of rubidium oxide.
Engineering scoping studies are set to commence, focusing on scaling the technology and assessing commercial viability. The appointment of senior technical consultant Jon Starink to lead rubidium processing and marketing strategy further signals EMC’s commitment to unlocking value from this critical minerals asset.
Mt Dimer Taipan Gold & Silver Project: Mining Proposal Submitted
EMC has submitted a mining proposal for the Mt Dimer Taipan Gold & Silver Project to Western Australian regulators, aiming for a small-scale open-pit operation on a toll-treatment basis. The project holds a JORC-compliant inferred resource of 722,000 tonnes at 2.10 g/t gold and 3.84 g/t silver, equating to approximately 48,500 ounces of gold and 89,000 ounces of silver. Discussions with toll-treatment parties are ongoing, with mining and processing targeted to commence in the second half of 2025.
Financial Position and Corporate Developments
Financially, Everest Metals maintains a robust position with $4.2 million in cash as of December 31, 2024, bolstered by a $4 million private placement completed in December. The company also secured $1.17 million in Junior Minerals Exploration Incentive (JMEI) credits and received a $0.1 million research and development refund post-quarter. Operating cash inflows from gold production at Revere are expected to fund ongoing activities and exploration programs adequately.
Corporate governance enhancements include the appointment of Jon Starink as Senior Technical Consultant to spearhead rubidium processing and marketing efforts, aligning technical expertise with strategic growth objectives.
Outlook and Exploration Plans
Looking ahead, EMC plans to continue bulk sampling and high-grade gold processing at Revere, initiate a 5,500-metre regional air core drilling campaign in early 2025 to explore near-surface gold potential, and advance rubidium pilot plant and scoping studies at Mt Edon. The company’s diversified portfolio across gold, silver, and critical minerals positions it well to capitalize on evolving market demands.
Bottom Line?
Everest Metals is transitioning from exploration to production phases with strong technical results and financial backing, setting the stage for value creation in 2025.
Questions in the middle?
- How will the final gold recovery rates from the Revere bulk sampling program impact project economics?
- What are the timelines and capital requirements for scaling up rubidium extraction at Mt Edon?
- Can toll-treatment agreements at Mt Dimer be secured to enable timely commencement of mining operations?