Port Gregory PFS Completion Imminent as Heavy Minerals Advances Industrial Testing
Heavy Minerals Limited is on track to release its Port Gregory Garnet Project Pre-Feasibility Study in Q3 2025, while advancing promising industrial minerals testing and preparing its mining lease application.
- Port Gregory PFS nearing completion with release expected late Q3 2025
- ~750 kg industrial minerals bulk sample undergoing CSIRO testing
- Mining lease application documentation ready for Q3 lodgement
- Royalty funding progressing with $350K secured and $85K raised via ATM
- Cash reserves low at $33K, relying on upcoming funding tranches
Port Gregory Garnet Project Advances
Heavy Minerals Limited (ASX – HVY) is steadily progressing its Port Gregory Garnet Project (PGGP) with the Pre-Feasibility Study (PFS) now nearing completion. The company anticipates releasing the PFS in late August or early September 2025, marking a critical milestone in defining the project's economic and technical viability. This study builds on earlier scoping and preliminary economic assessments, incorporating refined capital cost reviews and financial modelling based on updated ore reserve and mine scheduling data from AMC.
The PFS is being conducted by IHC Mining, a respected mineral sands engineering consultancy with extensive experience, including work on previous Port Gregory studies. The study adheres to rigorous industry standards such as the JORC Code and AusIMM guidelines, aiming to deliver a credible and robust foundation for future project development.
Exploring Industrial Minerals Potential
Alongside the PFS, Heavy Minerals is exploring an additional industrial minerals opportunity. During the quarter, the company processed a bulk sample of approximately 750 kilograms through IHC Mining to produce finished industrial products. These products are currently undergoing a comprehensive testing program at CSIRO’s facilities in Queensland, benchmarking their performance against industry standards and competitor offerings.
Preliminary work on process flows, plant design, and capital expenditure estimates has been undertaken in collaboration with IHC Mining and Allied Project Developments. While final test results remain confidential and incomplete, Heavy Minerals plans to assess the viability of entering a binding agreement for this opportunity in Q3 2025. If successful, this could lead to near-term production, adding a valuable new revenue stream complementary to the Port Gregory project.
Regulatory and Financing Progress
The company has prepared all necessary documentation for its Mining Lease Application and intends to lodge it in Q3 2025, with plans for direct engagement with the Department of Mines, Industry Regulation and Safety (DMIRS). This step is crucial for advancing towards operational status.
On the financing front, Heavy Minerals received $200,000 in royalty funds during the quarter, with an additional $150,000 committed, aiming to complete its Tranche 2 royalty funding in the coming quarter. The company also raised $85,000 through its At The Market (ATM) equity facility. Despite these efforts, cash on hand remains tight at $33,000, underscoring the importance of successful funding completion to sustain ongoing activities.
Looking Ahead
Executive Chairman Adam Schofield expressed confidence in the progress made, acknowledging shareholder patience amid PFS delays and emphasizing the value of the detailed work underpinning the study. The company’s dual focus on advancing the Port Gregory project and unlocking industrial minerals potential positions it well to enhance shareholder value in the near term. However, the outcomes of the industrial minerals testing and the timely completion of funding rounds will be pivotal in shaping Heavy Minerals’ development trajectory.
Bottom Line?
Heavy Minerals stands at a pivotal juncture with its Port Gregory PFS and industrial minerals testing poised to define its near-term future.
Questions in the middle?
- Will the industrial minerals testing at CSIRO validate commercial viability for near-term production?
- How will the final capital cost and financial modelling impact the project's feasibility and funding needs?
- Can Heavy Minerals secure sufficient funding to maintain momentum beyond Q3 2025?
