Greenwing Resources has significantly enhanced the economics of its Que River Project following a sharp rise in key metal prices, nearly doubling projected cash flows and advancing a two-stage development plan.
- Metal prices for silver, gold, and copper surge since October 2025
- Net Smelter Return increases by approximately 40%
- Conceptual undiscounted cash flows rise to A$90-100 million
- Two-stage development: near-term open pit mining and future data infrastructure
- Fast-tracked regulatory approvals targeted within 7-9 months
Metal Price Surge Transforms Project Economics
Greenwing Resources Ltd (ASX:GW1) has delivered a substantial update to its Que River Project scoping study, reflecting a dramatic rise in metals prices since October 2025. Silver prices have more than doubled (+115%), gold has climbed by 51%, and copper by 33%. These gains have translated into a roughly 40% uplift in Net Smelter Return (NSR), a key metric measuring the revenue potential from mined ore.
The company’s revised analysis indicates potential processing volumes between 570,000 and 665,000 tonnes at NSR values ranging from approximately A$265 to A$275 per tonne. This recalibration has nearly doubled the conceptual undiscounted cash flows from an initial A$40-60 million range to an impressive A$90-100 million, underscoring the project’s enhanced financial attractiveness.
A Two-Stage Development Strategy Emerges
Greenwing is advancing a clear development pathway for Que River, initially focusing on near-term open pit mining that leverages existing third-party processing infrastructure. This approach aims to capitalise on the project’s inherent advantages and Tasmania’s supportive mining jurisdiction.
Looking beyond mining, the company is exploring opportunities to develop data infrastructure facilities on-site, including battery energy storage systems. This innovative pivot seeks to utilise Que River’s existing infrastructure and favourable conditions, such as access to low-cost renewable energy, grid connection, and a secure remote location, to tap into Tasmania’s emerging digital infrastructure sector.
Regulatory Progress and Environmental Governance
Greenwing is actively engaging with Mineral Resources Tasmania and the Environmental Protection Authority to fast-track regulatory approvals. The company plans to lodge a Notice of Intent and an amended Decommissioning and Rehabilitation Plan within approximately three months, aiming for development commencement within 7 to 9 months, subject to regulatory timelines.
Environmental stewardship remains a priority, with ongoing internal optimisation and disturbance footprint analysis designed to minimise rehabilitation impacts and ensure compliance. Greenwing emphasises maintaining strong stakeholder engagement and environmental governance as it unlocks additional resource value within the approved mining lease.
Outlook and Market Implications
While the updated scoping study reflects promising economics, it remains conceptual, with no updated cost assumptions or detailed mine optimisations yet undertaken. The inclusion of inferred resources and absence of ore reserve estimates introduce some uncertainty around the ultimate economic viability.
Nevertheless, the combination of robust metal prices, a pragmatic staged development plan, and proactive regulatory engagement positions Que River as a project to watch. Greenwing’s dual focus on mining and data infrastructure could create diversified value streams, aligning with broader trends in resource sector innovation and sustainability.
Bottom Line?
Greenwing’s Que River Project is poised for a transformative phase, but investors should watch closely as regulatory and technical milestones unfold.
Questions in the middle?
- How will updated cost assumptions and mine optimisations affect project economics?
- What are the timelines and likelihood of securing final regulatory approvals?
- How viable and profitable will the proposed data infrastructure development be?