Stavely Minerals has initiated an updated 2026 Scoping Study for its copper-gold project in Western Victoria, driven by significantly higher metal prices and improved economic prospects since 2022.
- Updated 2026 Scoping Study underway for Thursday’s Gossan and Cayley Lode deposits
- Current metal prices for copper, gold, and silver substantially higher than 2022 assumptions
- Revised mineral resource estimates and enhanced metallurgical testwork planned
- Evaluation of underground-only development option included
- Exploration at depth and regional targets to potentially increase project scale
Background and Rationale
Stavely Minerals Limited (ASX, SVY) has announced the commencement of an updated 2026 Scoping Study for its flagship Stavely Copper-Gold Project in western Victoria. This follows a comprehensive review of the incomplete 2022 Scoping Study, which had previously indicated a financially neutral outcome under then-prevailing metal prices and cost assumptions.
Since 2022, the prices of copper, gold, and silver have risen materially, copper by nearly 33%, gold by over 150%, and silver by approximately 183% relative to the 2022 baseline. Additionally, the Australian dollar has weakened against the US dollar, further enhancing the value of metals priced in USD when converted to AUD. These factors collectively provide a compelling economic incentive to revisit and refine the project’s development potential.
Scope of the Updated Study
The updated Scoping Study will incorporate several key enhancements. An updated Mineral Resource Estimate (MRE) will better capture the continuity and grade of the high-value Cayley Lode deposit. Additional metallurgical testwork aims to improve metal recoveries, a critical factor for project economics. Mining optimisations will be revisited for both open pit and underground scenarios, reflecting current metal prices and cost benchmarks.
Importantly, Stavely is also evaluating a small-footprint, high-grade underground-only development option, which could offer a more focused and potentially lower-impact mining approach. The study will update capital and operating cost estimates and financial modelling to reflect these inputs.
Exploration and Growth Potential
Beyond the immediate scope of the Scoping Study, Stavely plans to advance exploration at depth beneath the Cayley Lode and at the nearby Junction Porphyry prospect, located approximately 2 kilometres south. Early-stage regional targets will also be assessed. The company acknowledges that increasing the scale of the project through additional discoveries would be highly beneficial.
Recent drilling completed prior to the Christmas period is expected to yield results shortly, which may further inform the updated study and exploration strategy.
Technical and Regulatory Considerations
The company is mindful of regulatory requirements under the JORC Code and ASIC guidelines, particularly concerning the classification of Mineral Resources and Ore Reserves. The updated study will ensure a reasonable basis for production targets and financial forecasts, with particular attention to converting lower-confidence Inferred Resources to higher-confidence categories through targeted drilling.
Stavely’s extensive technical data, including detailed sampling, drilling, and metallurgical testwork, underpin the robustness of the resource estimates. The company has also engaged independent consultants for resource modelling and validation.
Management Commentary and Outlook
Executive Chair and Managing Director Chris Cairns emphasised the shift in project economics since 2022, stating that the updated financial model now produces a strong positive return. He highlighted the company’s intention to complete and publish the updated Scoping Study by mid-2026, aiming to better reflect the intrinsic value of the Thursday’s Gossan and Cayley Lode deposits in the market.
Mr Cairns noted that much of the foundational work from the 2022 study remains valid and will be updated rather than redone, expediting the process. The company is also pursuing parallel copper-gold and gold-only exploration strategies to potentially expand the project’s scale and value.
Bottom Line?
With metal prices on the rise and a robust technical foundation, Stavely’s updated study could unlock significant value, investors will watch closely as mid-2026 approaches.
Questions in the middle?
- How will updated metallurgical recoveries impact overall project economics?
- What are the potential timelines and costs for converting Inferred Resources to Indicated or Measured categories?
- Could recent drilling results materially expand the resource base or alter development plans?