Devon Pit Yields First Gold Doré, Targeting 40,000 Ounces Over 18 Months

A Significant Operational Milestone

Matsa Resources Limited has announced a landmark achievement with the first gold pour from its Devon Pit Gold Mine, processed at the FMR Greenfields Mill in Coolgardie. This milestone, reached on 15 September 2025, marks the transition from development to active gold production, a critical step for the company’s growth trajectory.

Details of the Initial Processing Campaign

The initial ore processing campaign is targeting a minimum of 50,000 tonnes, with mining operations having commenced in July 2025. The first batch of Devon ore was processed starting 11 September, culminating in the first gold doré pour just days later. This gold will be refined at the Perth Mint, with the first sale expected imminently, signalling the start of revenue inflows from the project.

Project Outlook and Production Expectations

The Devon Pit is anticipated to operate for approximately 18 months, with a reserve of 309,000 tonnes at a grade of 4.59 grams per tonne of gold. Over this period, Matsa expects to produce in excess of 40,000 ounces of gold. The company plans a second processing campaign to begin at the end of December 2025, indicating a sustained production rhythm moving forward.

Leadership Perspective and Market Implications

Executive Chairman Paul Poli described the first gold pour as a “landmark occasion” and a testament to the dedication of the team behind the Devon project. While this initial success is promising, Poli emphasised that it is just the beginning, with the company focused on progressing mining operations and delivering shareholder value over the coming months.

Looking Ahead

As Matsa Resources moves from milestone to milestone, the market will be watching closely for the results of the first processing campaign and subsequent gold sales. These will provide clearer insight into operational efficiency, cost management, and the overall economic viability of the Devon Pit project.