Corrections in Stavely’s Scoping Study Raise Questions on Project Economics

Amended Presentation Clarifies Key Metrics

Stavely Minerals Limited (ASX:SVY) has released an amended investor presentation updating its 2026 Mineral Resource Estimate (MRE) and Scoping Study. The revisions address previously omitted details, notably the inclusion of an indicative strip ratio of approximately 2.5:1 for the open pit optimisation, and a correction to the metals prices used; switching from Mineral Resource Estimate prices to the more relevant Consensus Metals Prices. These adjustments, while technical, are crucial for investors assessing the project's economic viability.

Substantial Resource Growth Anchored by Cayley Lode

The updated MRE confirms a total resource of 60 million tonnes at 0.58% copper equivalent, containing approximately 280,000 tonnes of copper, 170,000 ounces of gold, and 5.4 million ounces of silver. This represents a material increase from previous estimates, with contained copper up 113%, gold up 67%, and silver up 69%. The standout remains the high-grade Cayley Lode, discovered in 2019, which alone accounts for 9.1 million tonnes at 1.61% copper equivalent and remains open at depth, suggesting further upside potential.

Scoping Study Highlights Mining and Processing Opportunities

The 2026 Scoping Study outlines a robust open pit optimisation capturing 34 million tonnes at 0.74% copper equivalent, with contained metals including 190,000 tonnes of copper and 110,000 ounces of gold. The study incorporates a strip ratio of 2.5:1, reflecting the volume of waste rock to ore, a critical factor in mining cost estimation. Additionally, improvements in metallurgical recovery, particularly targeting an 18% copper concentrate grade, promise enhanced metal recoveries and potentially lower processing costs. The study also evaluates a 3 million tonnes per annum processing plant, balancing throughput and cost efficiency.

Exploration Upside Across Western Victoria

Beyond the Cayley Lode, Stavely controls a fertile volcanic belt spanning approximately 130 kilometres in Western Victoria, hosting multiple gold and copper targets. Recent drilling at Fairview North and South prospects has delivered encouraging results, while the Freddy’s Find breccia-hosted gold discovery reveals a large-scale target with significant potential. The company’s strategy focuses on unlocking value through further resource updates and advancing the Junction copper porphyry project, which could add scale and diversity to the portfolio.

Financial Position and Market Context

Stavely Minerals currently holds a market capitalisation of around $9.6 million, with 685 million shares on issue and a modest cash position. Recent increases in metals prices, particularly copper and gold, enhance the project’s economics and underpin the company’s development plans. While the amended presentation does not alter the fundamental technical outcomes, it provides greater clarity and confidence for stakeholders evaluating Stavely’s prospects.