Funding Challenges Loom as Vertex Ramps Up Reward Gold Mine Operations

Operational Progress at Reward Gold Mine

Vertex Minerals Ltd (ASX: VTX) reported a busy first quarter of 2025, marked by the commissioning of its gravity gold plant at the Reward Gold Mine in New South Wales. The plant began processing gold ore from surface stockpiles, with feed grades averaging 2.40 g/t, consistent with prior test work. While some modifications were required to handle fine material from weathered stockpiles, the plant is being fine-tuned to accommodate higher-grade, fresh underground ore expected to significantly boost throughput and gold recovery.

Complementing the plant commissioning, Vertex has focused on preparing the Reward mine for underground operations. This includes mine rehabilitation, installation of ventilation systems, and mine planning to access high-grade stopes identified by the technical team. The company has also ordered key underground equipment, notably an Epiroc Boomer TD1 drill and a remote-operated Aramine L350D loader, designed for narrow vein mining and unsupported ground conditions.

Technological Enhancements and Sustainability

Vertex has installed a TOMRA laser ore sorter and pre-concentrator at its Hill End gravity gold plant, aiming to improve operational efficiency and reduce environmental impact. The ore sorting technology is expected to increase the grade of material fed into the gravity plant, thereby lowering processing volumes, energy and water consumption, and operator hours. This aligns with Vertex’s commitment to sustainable mining practices, including dry stacking of tailings, minimal chemical use, and potential integration of renewable energy sources.

Strengthening the Team and Corporate Developments

During the quarter, Vertex onboarded several key personnel with extensive mining and geological expertise, including a new Independent Non-Executive Director, Sean Richardson. The company also enhanced its operational capabilities through training programs led by TOMRA and Gekko technicians. On the corporate front, Vertex successfully completed its US OTCQB listing under the ticker VTXXF, broadening its access to international capital markets.

Financial Position and Outlook

As of 31 March 2025, Vertex held approximately A$1.4 million in cash, supported by convertible debt funding of over A$6 million received during the quarter. The company’s expenditure focused on mine development, production costs, and property, plant, and equipment acquisitions. Despite a current funding runway of less than one quarter, Vertex is actively engaging with investors and financiers to secure additional capital to support the ramp-up of underground mining and production.

Executive Chairman Roger Jackson expressed confidence in the company’s trajectory, highlighting the visible gold concentrate produced by the gravity plant and the strong global gold price environment. Vertex’s clear strategic focus remains on developing into a significant high-grade gold producer in Australia, leveraging its well-established processing infrastructure and experienced team.