Beacon Minerals produced 5,419 ounces of gold in Q1 2026 amid operational shifts at Jaurdi, completed key asset sales to Forrestania, and set a June quarter production target of 5,000 to 6,000 ounces.
- 5,419 ounces of gold produced at Jaurdi in March quarter
- Gold sales of 3,600 ounces at average price of $7,045/oz, up 10%
- Completed $5 million cash and 36 million share sale of MacPhersons Reward
- First bullion poured from Lady Ida Iguana, triggering JV milestone
- June quarter production guidance set at 5,000 to 6,000 ounces
Production Holds Steady Despite Transition Challenges
Beacon Minerals Limited (ASX:BCN) reported a solid March quarter at its 100%-owned Jaurdi Gold Project, producing 5,419 ounces of gold. While down from the previous quarter’s 7,310 ounces, the output landed at the upper end of revised guidance amid a complex operational shift from MacPhersons Reward to the Lady Ida site.
Ore and waste mined totaled 663,867 bank cubic meters, with 221,155 dry tonnes milled at an 86.5% recovery rate. The mill processed remaining stockpiles from Lady Ida Hodari North before transitioning to laterite ore from the Iguana deposit. This shift affected head grades and recovery, explaining the dip from the prior quarter’s performance.
Strategic Asset Sales Sharpen Focus on Core Operations
In a move to streamline its portfolio, Beacon completed the sale of its MacPhersons Reward Project to Forrestania Resources for $5 million in cash plus 36 million Forrestania shares valued at $0.38 each. This transaction, which was the subject of a recent $5M cash and 36M shares sale, effectively ends operations at MacPhersons and redirects capital toward Lady Ida.
Further divestment included the sale of non-core Mt Dimer tenements to Forrestania for $200,000. These moves reduce holding costs and allow Beacon to concentrate on ramping up production at Lady Ida Iguana, where first bullion was poured on 2 April 2026, triggering a key milestone under the Earn-in and Joint Venture Agreement.
Gold Sales and Financial Position
Gold sales for the quarter amounted to 3,600 ounces, generating $25.36 million at an average realised price of $7,045 per ounce; a 10% increase from the previous quarter. Opportunistic sales earlier in March at a higher average price of $7,555 per ounce helped lift the overall average.
Beacon ended the quarter with 4,080 ounces of gold held at the Perth Mint and 750 ounces in transit. The company also raised $2.48 million through the exercise of over two million listed options, bolstering its cash position to $38.54 million as of 31 March 2026.
Operational Transition and Outlook
Mining equipment mobilisation and infrastructure relocation from MacPhersons to Lady Ida were completed by March, enabling pre-strip activities and initial ore mining at Lady Ida Iguana. Despite the operational challenges inherent in such a transition, Beacon reported no incidents or injuries.
Executive Chairman Graham McGarry highlighted the successful transition and noted the company’s contracted fuel supply arrangements remain unaffected by recent global oil market disruptions. Looking ahead, Beacon has set production guidance for the June quarter at 5,000 to 6,000 ounces, reflecting the ramp-up of Iguana laterite ore processing.
Bottom Line?
Beacon’s ability to maintain production during a significant operational shift and asset rationalisation will be tested as it scales up Lady Ida Iguana, with June quarter output and gold prices critical to watch.
Questions in the middle?
- How will the ramp-up at Lady Ida Iguana affect production costs and recovery rates in coming quarters?
- What impact will the Forrestania shareholding have on Beacon’s strategic options and capital allocation?
- Can Beacon sustain or improve its realised gold price amid volatile global markets and operational changes?