Beacon Minerals Posts 7,310 Ounces Gold at A$3,832/AISC in December Quarter

Strong Quarter for Gold Production

Beacon Minerals Limited (ASX – BCN) has reported a solid performance for the December 2025 quarter, producing 7,310 ounces of gold at an all-in sustaining cost (AISC) of A$3,832 per ounce. This marks an increase from the previous quarter’s 6,884 ounces, driven by an improved head grade and a modest uplift in recovery rates from 85% to 88%. Notably, the milling of laterite ores from joint venture stockpiles boosted recovery rates to over 93% in late December, highlighting operational optimisation efforts.

The company achieved gold sales of 8,350 ounces at an average price of A$6,403 per ounce, generating revenue of A$53.47 million. Cash on hand stood at a healthy A$36.05 million as of 31 December 2025, underpinning financial stability amid ongoing capital and corporate expenditures.

Advances at Lady Ida and MacPhersons

Operational progress was evident at the Lady Ida Gold Project, where mining activities commenced at the Iguana open pit and Hodari North pit. At Iguana, preparatory works including waste removal and site infrastructure development laid the groundwork for ore mining scheduled in the third quarter of FY26. Meanwhile, mining at Hodari North, a smaller lateritic deposit, also began under the Lady Ida Joint Venture agreement.

At the MacPhersons Reward open pit, mining continued but at reduced production rates due to confined working areas as the pit approaches its planned depth. Despite this, ore volumes remained steady, and the strip ratio improved to 2 – 1. The pit is expected to complete mining operations in early February 2026.

Mill Throughput and Expansion Plans

The Jaurdi Mill processed 207,283 dry tonnes of ore during the quarter, an increase on previous periods, with feed sourced from MacPhersons, Geko stockpiles, and joint venture laterite ores. The company has approved a revised capital budget of A$11.5 million for mill expansion, including tank farm upgrades, with civil works underway and expected completion by November 2026. This expansion aims to improve throughput and recovery further, with a payback period of less than three years.

Exploration and Resource Development

Beacon continues to prioritise exploration at Lady Ida, particularly at the Iguana deposit where two drill rigs are actively conducting resource definition drilling. The company completed 2,000 metres of diamond drilling and 28,000 metres of reverse circulation drilling during the quarter, targeting depth extensions. A resource update based on grade control drilling is anticipated in Q3 FY26, with a more comprehensive update including current drilling planned for the end of the financial year.

Additional exploration efforts include the Wealth of Nations deposit, where data validation is underway to support a maiden mineral resource estimate, and the Mt Dimer Project, which is awaiting environmental approvals before drilling can proceed.

Corporate and Strategic Developments

Beacon maintains a strategic gold retention approach, holding 3,675 ounces at the Perth Mint and 1,031 ounces in transit, collectively valued at over A$35 million at current spot prices. The company raised A$4.28 million through the exercise of listed options during the quarter and paid fully franked interim and special dividends, reflecting confidence in cash flow generation.

On the corporate front, Beacon signed a land use agreement with the Marlinyu Ghoorlie claimants, traditional owners of a significant portion of the Eastern Goldfields, following Federal Court recognition. Meanwhile, the sale of Timor Leste concessions to Tivan Ltd has been extended to 31 January 2026 due to unmet conditions precedent.