Retraction Raises Questions as GreenTech Eyes Near-Term Production at Whundo

Retraction and Resource Update

GreenTech Metals Limited (ASX, GRE) has issued a formal retraction of previous statements regarding the in-situ valuation of its Whundo Project, citing a lack of reasonable basis for those claims. This move underscores the company's commitment to transparency and regulatory compliance, while simultaneously updating investors on a significant revision of its Mineral Resource Estimates (MRE).

The updated MRE now incorporate extensive gold assay data, revealing a consistent and economically meaningful association of gold with copper mineralisation across the Whundo, Ayshia, and Yannery deposits. This integration of gold into the resource model reflects a strategic pivot, prompted in part by the recent near doubling of gold prices, which materially enhances the project's economic potential.

Gold Assays and Economic Implications

Analysis of over 50,000 sample assays from more than 1,195 drill holes has identified high-grade gold intercepts, including standout results such as 1 meter at 64.7 grams per tonne gold from 47 meters depth at Whundo. These gold occurrences are closely linked with copper mineralisation, suggesting a valuable polymetallic deposit that could improve project economics significantly.

GreenTech’s Executive Director, Thomas Reddicliffe, highlighted the encouraging nature of these historic drilling results, emphasizing the enhanced economic benefit derived from the gold endowment. The company is now moving to re-estimate the Whundo MRE incorporating these gold assays, with results expected in the coming weeks. This re-estimation will inform the viability of near-term production, a key focus given the favorable commodity price environment.

Advancing Towards Near-Term Production

To support this transition, GreenTech has engaged Burnt Shirt Pty Ltd, a respected mining consultancy, to evaluate various mining and processing scenarios. The goal is to identify a viable near-term mining operation and complete a scoping study that will guide development decisions. The Whundo Project benefits from being situated on a granted mining lease, facilitating the commencement of permitting processes.

Historical mining activity at Whundo includes open pit operations in the 1970s and 2000s, with copper concentrates previously produced at the nearby Radio Hill processing plant. GreenTech also has potential processing options at the Anax facility at Whim Creek, positioning the company well to leverage existing infrastructure.

Ongoing Exploration and Future Plans

GreenTech continues to advance its Stage 2 drilling program, targeting expansions of mineralisation at Austin, Shelby, and Ayshia, as well as shallow high-grade oxide mineralisation at Yannery. Metallurgical testing of core samples from Whundo and Ayshia is planned to further refine processing strategies.

Whittle optimisations are underway to quantify open-pittable resources that could underpin near-term mining. These studies, combined with the updated resource model incorporating gold, will provide a clearer picture of the project's economic viability and potential production timelines.

Investors are cautioned not to rely on the retracted valuation statements and are advised to await the forthcoming updated resource estimates and economic studies, which will provide a more accurate foundation for investment decisions.