Wildcat’s Tabba Tabba PFS Unveils Robust 17-Year Lithium Mine with $1.19B NPV

A Milestone for Tabba Tabba

Wildcat Resources Limited has announced the completion of a Preliminary Feasibility Study (PFS) for its 100% owned Tabba Tabba lithium project, located near Port Hedland in Western Australia's Pilbara region. The study confirms the technical and economic viability of a robust, long-life lithium mine with a 17-year lifespan, combining both open pit and underground mining methods.

Ore Reserves and Production Outlook

The PFS delivers a maiden Probable Ore Reserve of 46.3 million tonnes at an average grade of 0.99% lithium oxide (Li2O). The project is designed to produce spodumene concentrate grading 5.5% Li2O, starting with a 2.2 million tonnes per annum (Mtpa) processing plant in Stage 1, expanding to 4.5 Mtpa in Stage 2. Production is forecast to average approximately 295 kilotonnes per annum (ktpa) in Stage 1, increasing to 565 ktpa in Stage 2, underpinning a steady supply of lithium concentrate for export.

Strong Financial Metrics

Financially, the project is compelling. At a lithium concentrate price of US$1,384 per tonne FOB and an exchange rate of AUD/USD 0.70, the post-tax net present value (NPV) at an 8% discount rate is AUD 1.19 billion, with an internal rate of return (IRR) of 22.9%. The payback period is estimated at 5.4 years from commercial production. Capital expenditure for Stage 1 is budgeted at AUD 443 million, with total pre-production capital costs reaching AUD 687 million, including pre-strip mining and contingency allowances.

Mining and Processing Details

The mining plan leverages a combination of open pit mining on the Leia pegmatite and underground mining on the Luke and Leia pegmatites, with underground operations contributing 21% of the ore reserve. The processing plant will employ a whole-of-ore flotation circuit, designed to achieve a conservative lithium recovery of 74%, producing a high-quality spodumene concentrate. The project also includes a Tailings Storage Facility designed to safely manage 74.1 million tonnes of tailings over the mine life.

Infrastructure and Environmental Considerations

Strategically located on granted mining leases, the project benefits from proximity to existing transport and energy infrastructure, including sealed roads to Port Hedland, facilitating concentrate export. Environmental baseline studies and heritage surveys are well advanced, with ongoing engagement with the Nyamal Aboriginal Corporation and other stakeholders. The project anticipates standard regulatory approvals under Western Australian and Commonwealth environmental legislation.

Funding and Next Steps

Wildcat is fully funded to complete the Definitive Feasibility Study (DFS) and make a financial investment decision, holding AUD 55 million in cash as of June 2025. The company is actively engaging with potential financiers, strategic partners, and offtake parties to secure development funding. The DFS will further refine mining, processing, and infrastructure plans, incorporating additional deposits such as Chewy, Han, and Hutt, which were excluded from the PFS but offer potential upside.