Can Stavely Deliver on Its Ambitious Scoping Study Plans?

Significant Resource Upgrade

Stavely Minerals Limited has released an updated 2026 Mineral Resource Estimate (MRE) for its flagship copper-gold-silver project in Western Victoria, marking a major milestone for the company. The total resource now stands at 60 million tonnes grading 0.58% copper equivalent, a substantial increase from previous estimates. Notably, contained copper has surged by 113%, gold by 31%, and silver by 67% compared to the 2022 figures, reflecting both expanded tonnage and improved confidence in the deposit.

Cayley Lode and Regional Prospects

The Cayley Lode remains the centerpiece of Stavely's portfolio, featuring a shallow, high-grade copper-gold-silver discovery that extends from surface to 300 metres depth and remains open for further expansion. The updated MRE includes a significant portion of mineralisation now classified in the higher-confidence Indicated category, enhancing the project's development prospects. Beyond Cayley, Stavely is advancing multiple regional gold targets such as Fairview North and South prospects and Freddy’s Find, a large breccia-hosted gold system with promising recent drilling results. Additionally, the company is prioritising access to the Junction copper porphyry, which could add further scale to the project.

Scoping Study Highlights

The accompanying 2026 Scoping Study outlines a potential 3 million tonnes per annum processing plant, supported by open pit optimisation and underground mining scenarios. The study incorporates updated metal price assumptions reflecting recent market improvements, which allow for lower cut-off grades and increased mineable volumes. Metallurgical testwork indicates potential improvements in metal recoveries, particularly targeting an 18% copper concentrate grade, which could reduce processing costs and enhance throughput. The study also highlights the production of a clean concentrate with very low deleterious elements, potentially commanding premium pricing.

Strategic Positioning in a Fertile Belt

Stavely Minerals controls approximately 130 kilometres of a fertile volcanic arc in Western Victoria, an under-explored region with significant potential for world-class mineralisation. The company’s strategy leverages this tenure to pursue multiple discovery opportunities, combining lateral thinking with first-mover advantages in the region. Recent approvals for nearby mineral sands and gold projects underscore the region’s growing mining-friendly environment, further supporting Stavely’s development ambitions.

Corporate and Market Context

With a market capitalisation of around $10 million and cash reserves of $0.5 million as of December 2025, Stavely remains a junior explorer with significant upside potential. Management holds approximately 9% equity, aligning interests with shareholders. The company’s next steps include advancing the scoping study to a definitive feasibility stage, continuing regional exploration drilling, and refining metallurgical processes to optimise recoveries and costs.