Gibb River Diamonds reports over 5,200 ounces of gold produced from its Neta Gold Project, generating nearly AUD 38 million in sales, with final processing results pending. The company anticipates a significant cash payment soon and plans further drilling at Edjudina.
- Total gold production of 5,267.9 ounces to date
- Gold sales proceeds approaching AUD 38 million
- Final ~9,000 tonnes of lower grade ore processed, results pending
- Mining partner BML Ventures to distribute first cash payment in March 2026
- Upcoming drilling planned at Edjudina Gold Project
Production Progress at Neta Gold Project
Gibb River Diamonds Limited has provided a comprehensive update on its gold production activities at the Neta Gold Project, part of the broader Edjudina Gold Project in Western Australia. To date, the company has produced 5,267.9 ounces of gold from mined ore, excluding the final processing campaign of approximately 9,000 dry metric tonnes of lower grade ore recently treated at the Greenfields Mill near Coolgardie. This final batch's production figures are yet to be reconciled and reported.
The gold produced so far has been sold at average prices ranging from AUD 7,100 to AUD 7,260 per ounce, resulting in total sales proceeds of nearly AUD 38 million. These figures reflect solid market conditions and effective operational execution despite earlier challenges.
Operational Highlights and Challenges
The mining and processing campaigns at the Three Mile Hill and Lakewood facilities have been completed, with metallurgical recoveries exceeding 88%, a commendable outcome given the complexities of ore grade variability. The Three Mile Hill campaign processed 33,529 dry metric tonnes of blended Neta ore, recovering 1,792 ounces of gold, while the Lakewood campaign processed 95,256 dry metric tonnes, recovering 3,476 ounces.
Earlier in the project, a pit wall failure and grade control issues limited ore extraction volumes. However, these challenges were effectively managed, resulting in a positive overall production outcome. The company and its mining partner, BML Ventures Pty Ltd, are currently finalising operational costings and accounts, with a significant first cash payment to Gibb River Diamonds expected in March 2026.
Looking Ahead: Drilling and Acquisitions
Following the initial cash distributions from the joint venture, Gibb River Diamonds plans to commence drilling on highly prospective gold targets at the Edjudina Gold Project, specifically on mining lease M31/481, which the company fully owns. This move signals a strategic focus on expanding resource potential and advancing exploration activities.
Additionally, the company continues to explore acquisition opportunities within the Western Australian gold sector, aiming to leverage its operational experience and market position to grow its asset base. Rehabilitation efforts at the Neta site will also continue as part of environmental management commitments.
Overall, Gibb River Diamonds’ update underscores a successful mining and processing campaign at Neta, setting the stage for further exploration and potential growth in one of Australia's prolific gold regions.
Bottom Line?
With cash flow imminent and drilling on the horizon, Gibb River Diamonds is poised for its next growth phase in WA’s goldfields.
Questions in the middle?
- What will the final gold recovery figures from the Greenfields Mill processing campaign reveal?
- How will operational costs impact the net cash flow from the Neta joint venture?
- What are the prospects and timelines for the upcoming drilling program at Edjudina?