Eureka Gold Project to Begin Mining with A$25M MEGA Funding and A$4.5M Capital Raise

A Fully Funded Path to Production

Javelin Minerals Limited has taken a significant step forward in advancing its Eureka Gold Project near Kalgoorlie, Western Australia, by signing a Right to Mine contract with MEGA Resources. This agreement entrusts MEGA, a subsidiary of the Indian mining giant Bain Global Resources, with full responsibility for mining operations, haulage, and project financing. Crucially, MEGA will provide up to A$25 million in development and working capital, removing the need for Javelin to raise upfront funds and accelerating the project’s path to production.

The arrangement sets a clear timeline, with mining operations slated to commence in the June quarter of 2026, subject to final approvals and the signing of a binding ore processing agreement. This partnership not only brings operational expertise but also financial muscle, as MEGA will manage all costs and approvals, while Javelin benefits from a monthly cash pre-payment of A$250,000 once processing begins.

Profit Sharing and Resource Upside

The contract outlines an equitable profit-sharing model, Javelin and MEGA will split profits 50/50 from the current mine plan, which targets nearly 700,000 tonnes of ore at a grade of 1.98 grams per tonne gold. Notably, Javelin retains a 70% share of profits from any additional gold resources mined beyond this plan, incentivizing further exploration and resource expansion.

Javelin’s recent resource updates have been promising, with a 32% increase in grade and a total Mineral Resource Estimate of over 2 million tonnes at 1.69 g/t gold, containing approximately 110,687 ounces. The company is planning new drilling programs to test extensions of the existing resource and is actively reviewing other potential gold projects in the WA Goldfields to complement Eureka’s production strategy.

Capital Raising and Corporate Restructuring

Supporting these operational advances, Javelin has secured firm commitments for a A$4.5 million placement, with MEGA cornerstoning the raise through a A$1 million equity investment. The placement attracted strong interest from sophisticated investors, including major shareholders and directors, underscoring confidence in the project’s prospects.

Following the placement, Javelin plans a 1-for-31 capital consolidation aimed at streamlining its capital structure and reducing administrative costs. This move, pending shareholder approval, will significantly reduce the number of shares on issue, potentially improving liquidity and market perception.

Strengthening Leadership for Growth

To steer exploration and resource development, Javelin has appointed Mark Cossom as General Manager – Exploration and Resources. With extensive experience in mine development and resource growth across Australia and Papua New Guinea, Cossom’s leadership is expected to accelerate the company’s exploration programs and support the transition of Eureka into production.

Overall, the MEGA partnership, capital raise, and leadership appointment collectively position Javelin to move from exploration to production with a well-funded, expert-backed strategy. The company’s focus on resource expansion and operational efficiency will be critical as it navigates the final approvals and processing agreements necessary to unlock value from the Eureka Gold Project.