Beacon Minerals reported solid gold production of 6,884 ounces in Q3 2025 with a strategic focus on expanding its Iguana deposit and maintaining a robust gold retention strategy.
- Gold production of 6,884 ounces at A$4,092/oz AISC in Q3 2025
- Completion of 40 – 1 share consolidation and cancellation of on-market buy-back
- Acquisition of Wealth of Nations tenements near Jaurdi processing plant
- Significant high-grade drilling results at Iguana deposit supporting resource growth
- Gold holdings at Perth Mint increased 168% to 4,616 ounces valued at A$27.87 million
Quarterly Performance and Production
Beacon Minerals Limited (ASX, BCN) delivered a steady operational performance in the September 2025 quarter, producing 6,884 ounces of gold at an all-in sustaining cost (AISC) of A$4,092 per ounce. While mill throughput slightly declined to 248,827 dry tonnes with a marginal dip in head grade to 1.01 g/t, the company maintained strong revenue with gold sales totalling 5,550 ounces at an average price of A$5,210 per ounce, generating A$28.9 million in receipts.
The company’s cash position remains solid with A$18.11 million on hand as of 30 September 2025, complemented by a strategic gold retention approach that has seen gold holdings at the Perth Mint surge by 168% to 4,616 ounces, valued at nearly A$28 million at current spot prices.
Corporate Moves and Capital Structure
Beacon completed a significant 40, 1 share consolidation earlier in the year, streamlining its capital structure to approximately 105.7 million fully paid ordinary shares. The company initially announced an on-market share buy-back program targeting up to 9.4 million shares but subsequently cancelled it following a sustained share price rally, reflecting confidence in the company’s growth trajectory.
Additionally, Beacon expanded its asset base by exercising an option to acquire the Wealth of Nations tenements, located just 10 kilometres northwest of the Jaurdi processing plant. This acquisition is expected to bolster the company’s resource inventory and provide new drilling targets in 2026.
Exploration and Resource Development at Iguana
The quarter saw intensive exploration activity focused on the Iguana deposit within the Lady Ida Project. Beacon completed its largest reverse circulation drilling program to date, with 298 holes totaling over 16,500 metres. The results revealed numerous high-grade gold intersections, including spectacular hits such as 10 metres at 69.9 g/t gold and 1 metre at 593 g/t gold, underscoring the deposit’s significant upside potential.
Beacon secured all primary approvals for the Iguana Stage 1 project, including mining proposals and native vegetation clearing permits, paving the way for mining operations to commence in early November 2025. The company has committed to a five-year resource development strategy, aiming to convert inferred resources to indicated status through an extensive drilling campaign planned to continue throughout 2026.
Operational Outlook and Capital Investment
With the MacPhersons Reward open pit nearing completion, mining equipment mobilization to the Lady Ida – Iguana deposit is scheduled for the December quarter. The Jaurdi mill expansion is underway, with a revised capital budget of A$11.5 million approved and civil works commenced. Beacon anticipates a payback period of less than three years for this expansion, driven by improved recoveries and increased throughput.
Capital expenditure for the quarter was A$3.2 million, focusing on exploration, plant upgrades, and capital works, while corporate expenditure stood at A$1.7 million. The company’s disciplined cost management is reflected in quarterly cash costs of A$3,386 per ounce, excluding royalties and stock adjustments.
Resource and Reserve Growth
Beacon’s resource base continues to strengthen, with mineral resources increasing by 217% to 799,000 ounces of gold and ore reserves up 182% to 252,000 ounces as of June 2025. The updated Iguana laterite resource and reserve estimates further enhance the company’s long-term production profile, supported by a robust pre-feasibility study indicating attractive economics at current gold prices.
Overall, Beacon Minerals is positioning itself for a pivotal phase of growth, leveraging its strong operational foundation, strategic acquisitions, and high-grade exploration success to advance towards first gold production at Iguana in early 2026.
Bottom Line?
Beacon Minerals’ strategic resource expansion and operational progress set the stage for a transformative 2026.
Questions in the middle?
- How will the Iguana deposit’s high-grade drilling results translate into production timelines and costs?
- What impact will the Wealth of Nations acquisition have on Beacon’s resource growth and capital allocation?
- How sustainable is Beacon’s gold retention strategy amid fluctuating gold prices and operational cash flow needs?