Que River Project’s Net Smelter Return Jumps 40% on Silver, Gold, Copper Gains

Metals Price Surge Transforms Project Economics

Greenwing Resources Ltd (ASX:GW1) has released a replacement announcement updating the scoping study for its 100%-owned Que River polymetallic project in Tasmania. The update incorporates a marked increase in spot metals prices since the initial October 2025 study, with silver prices up 115%, gold 51%, and copper 33%. These price movements have translated into a roughly 40% uplift in the Net Smelter Return (NSR), a key metric reflecting the revenue potential of the ore.

This recalculation has significantly enhanced the project's financial outlook, with conceptual cash flows rising from an earlier range of AUD 40M–60M to a new estimate between AUD 90M and 100M after discounting and capital allocation. This represents a 1.6 to 2.0 times increase, underscoring the sensitivity of the project’s economics to commodity price fluctuations.

Development Strategy and Infrastructure Leverage

Greenwing is advancing a two-stage development pathway for Que River. The near-term focus is on open pit mining within the existing lease boundary, utilising third-party processing facilities nearby to minimise capital expenditure. The company highlights the advantage of existing infrastructure, including power and access roads, which reduces upfront costs and complexity.

Looking further ahead, Greenwing is exploring the integration of data infrastructure and battery energy storage systems at the site. This innovative approach aims to leverage Que River’s low-cost renewable energy and cool climate to support digital infrastructure, potentially diversifying revenue streams and enhancing site power resilience.

Regulatory Progress and Funding Outlook

The company is actively engaging with Mineral Resources Tasmania and the Environmental Protection Authority to fast-track approvals. A Notice of Intent and an amended Development and Rehabilitation Plan are targeted for submission within approximately three months, with an overall approval timeframe of 7 to 9 months anticipated before development can commence.

Funding remains a key focus, with Greenwing evaluating a mix of equity raising and strategic partnerships. Early-stage, non-binding discussions with potential partners are underway, reflecting confidence in the project’s fundamentals and the supportive mining jurisdiction of Tasmania.

Remaining Uncertainties and Next Steps

While the updated scoping study delivers materially improved outcomes, it remains a preliminary assessment. Approximately 5% of the material included in the production target is classified as inferred resource, indicating some geological uncertainty. No Ore Reserves have been declared, and further drilling, feasibility studies, and commercial agreements are required to confirm economic viability.

Greenwing’s next steps include finalising environmental and rehabilitation plans, advancing regulatory submissions, and continuing stakeholder engagement. The company’s strategic vision to combine mining with emerging data infrastructure opportunities positions Que River as a potentially differentiated asset in the critical minerals sector.