Heavy Minerals Raises $675K, Advances Port Gregory and Industrial Minerals Projects
Heavy Minerals Limited is finalising its Port Gregory Garnet Project Pre-Feasibility Study with a report due in November 2025, while advancing a promising industrial minerals project towards a binding agreement expected this quarter.
- Port Gregory PFS report completion imminent with financial modelling finalised
- Successful product testing at CSIRO supports industrial minerals project progress
- Binding agreement for industrial minerals project anticipated in Q4 2025
- Mining lease application for Port Gregory planned for Q1 2026
- Raised $675K via royalty funds, option conversions, and ATM facility during the quarter
Port Gregory Garnet Project Advances
Heavy Minerals Limited (ASX – HVY) is approaching a significant milestone with the near completion of its Pre-Feasibility Study (PFS) for the Port Gregory Garnet Project (PGGP). The study, led by industry experts IHC Mining and AMC, has refined equipment requirements and capital costs, with financial modelling now finalised. The company expects to release the comprehensive PFS report in November 2025, which will provide investors with a detailed assessment of the project's economic and technical viability.
Progress on Industrial Minerals Opportunity
Alongside the PGGP, Heavy Minerals has made notable strides in a potential industrial minerals project. Successful product testing conducted at CSIRO’s Pullenvale facility in Queensland has validated the project’s technical assumptions. Collaborative study work with IHC Mining and Allied Project Developments is advancing process flow design, plant layout, capital requirements, and logistics. Encouragingly, the company is moving towards executing a binding agreement for this project, anticipated in the fourth quarter of 2025, signaling a potential new revenue stream.
Regulatory and Funding Updates
Heavy Minerals plans to lodge the Mining Lease Application for Port Gregory in the first quarter of 2026, aligning with its project development timeline and regulatory engagement strategy. Financially, the company raised approximately $675,000 during the quarter through a combination of royalty payments, option conversions, and its At The Market (ATM) facility. Despite ongoing exploration and evaluation expenditures totaling $303,000, the company closed the quarter with $111,000 in cash and total available funding of $208,000, reflecting prudent capital management amid advancing project milestones.
Strategic Outlook
Executive Chairman Adam Schofield expressed confidence in the value created during the quarter, highlighting the advanced stage of project studies and the company’s near-term production ambitions. The dual focus on completing the Port Gregory PFS and progressing the industrial minerals project positions Heavy Minerals to potentially diversify its asset base and enhance shareholder returns. However, the company’s limited cash runway underscores the importance of continued successful fundraising and operational execution in the coming quarters.
Bottom Line?
As Heavy Minerals finalises key studies and nears binding agreements, the next quarter will be pivotal in translating potential into production and value.
Questions in the middle?
- What are the detailed financial metrics and capital requirements outlined in the upcoming Port Gregory PFS?
- What are the terms and strategic implications of the binding agreement expected for the industrial minerals project?
- How will Heavy Minerals manage its cash flow and funding needs beyond the current quarter to sustain project development?
