How Is Avenira Steering Wonarah’s Phosphate Future Amid Board Changes?

Operational Progress at Wonarah

Avenira Limited has marked the September 2025 quarter with tangible advancements in its Wonarah Phosphate Project, situated in the Northern Territory's Barkly region. The company completed the construction of the Jemena pipeline crossover bridge, securing operational approval from Jemena, a critical infrastructure milestone that facilitates future mining activities. Additionally, the design for the road intersection at the Barkly Highway is finalized and ready for tendering, underscoring Avenira’s commitment to improving site accessibility and logistics.

Mine design optimisation studies have been conducted, focusing on a three-phase mining operation that encompasses more than 130 million tonnes of mineralised material. This includes both direct shipping ore (DSO) and beneficiation feed, positioning the project for a phased development approach. These studies are currently under review, reflecting a methodical progression towards operational readiness.

Strategic Importance of DSO Operations

The potential DSO operations at Wonarah represent a foundational step toward establishing a downstream beneficiation plant and a yellow phosphorus processing facility within the Northern Territory. This vertical integration could enhance value capture and position Avenira as a significant player in the phosphate supply chain. The company has expressed appreciation for shareholder support, notably from Hebang, highlighting the collaborative effort behind advancing the project.

Exploration and Legal Challenges at Jundee South

Meanwhile, at the Jundee South Gold Project in Western Australia, Avenira has been actively planning future drilling programs to target exploration opportunities. However, the company faces ongoing legal challenges as Manda Resources Pty Ltd has lodged Applications for Forfeiture against several Jundee South exploration licenses. Avenira is opposing these applications, and the matter remains unresolved, injecting an element of uncertainty into the project’s near-term outlook.

Leadership Reshuffle Signals New Direction

Post-quarter, Avenira announced significant board and management changes. John He, with a strong background in industrial investments and strategic consulting, has been appointed Executive Chairman and CEO. His experience spans roles at Roc Partners, PwC, and Boston Consulting Group, bringing a blend of operational and strategic expertise. Jason He joins as an Executive Director, complementing the leadership team with his commercial property investment and M&A experience.

Stephanie Yuan stepped down as Chairperson and CEO but remains on the board as a Non-Executive Director, ensuring continuity. Directors Ran Mo and Shixing Zhang have resigned from the board, with Ms Mo transitioning to an executive role as Finance Manager, maintaining financial governance stability.

Financial Position and Outlook

Financially, Avenira closed the quarter with a cash balance of AUD 3.545 million. The company incurred approximately AUD 137,000 in exploration expenditure and AUD 1.306 million in development costs, reflecting active investment in project advancement. No mining production expenditure was recorded during the quarter. Payments to related parties, including directors’ salaries and fees, totaled AUD 298,000.

The company acknowledges that some development costs were one-off site establishment expenses and does not expect to maintain the current level of net operating cash outflows. While no immediate capital raising is planned, Avenira remains confident in its ability to secure funding if necessary, supported by a history of successful capital raisings.

Mineral resource estimates remain unchanged since the last update, with competent persons confirming the validity of the data underpinning the project’s resource base.