Beacon Minerals Advances Lady Ida Ramp-Up Amid Strong Gold Sales

Operational Ramp-Up at Lady Ida and Jaurdi Mill Upgrade

Beacon Minerals (ASX:BCN) has successfully ramped up mining operations at its Lady Ida Gold Project, with two sets of company-owned equipment now operating steadily on day shifts. The company processed 221,155 dry tonnes through the Jaurdi mill during the March quarter, producing 5,419 ounces of gold at an all-in sustaining cost (AISC) of A$4,484 per ounce. This production is lower than the previous quarter’s 7,310 ounces, primarily due to milling lower-grade stockpiles from Jaurdi ROM and Iguana laterite material. The throughput increase of 7% compared to the prior quarter reflects ongoing operational optimisation.

Upgrades to the Jaurdi processing plant remain on track with an $11.5 million budget, including tank farm expansion scheduled for commissioning in November 2026. Civil works are complete, and on-site assembly of tanks and electrical infrastructure is well advanced, supporting future throughput capacity improvements.

Exploration Momentum at Iguana and Lizard Deposits

Exploration drilling continues to be a core focus, particularly at the Iguana deposit where Beacon deployed up to three drill rigs during the quarter. The company completed 77,410 metres of reverse circulation drilling and 1,477 metres of diamond drilling, with assays confirming strong economic mineralisation extending beyond the current reserve pit shell. This drilling effort aligns with Beacon’s aim to update resource and reserve statements in the coming months.

Meanwhile, the maiden drilling campaign at the Lizard deposit progressed with 23 reverse circulation holes drilled for 2,101 metres. This program aims to convert the deposit into company resources and reserves, with assay results pending. The company has engaged Entech to undertake a JORC-compliant resource estimate, following up on the initial drilling phase.

Strategic Asset Sales and Corporate Position

Beacon completed the sale of its MacPhersons Reward project to Forrestania Resources (ASX:FRS) for $5 million in cash plus 36 million shares, enabling the company to concentrate on its core Lady Ida operations. Subsequent to quarter-end, Beacon also sold non-core Mt Dimer tenements to Forrestania for $200,000. These transactions provide both liquidity and ongoing exposure to MacPhersons via Forrestania’s equity.

The company’s gold retention strategy remains robust, with 4,080 ounces held at the Perth Mint valued at A$26.3 million as of 29 April 2026, plus 750 ounces in transit valued at A$4.83 million. Gold sales during the quarter amounted to 3,600 ounces at an average price of A$7,045 per ounce, generating $25.36 million in revenue. Beacon holds no corporate debt but has $8.5 million in asset finance liabilities related to mining equipment.

Beacon’s Managing Director Graham McGarry highlighted the operational progress and the supportive gold price environment amid global uncertainties, noting that the company is reviewing opportunities to increase waste and ore movement to boost productivity. The ramp-up at Lady Ida and ongoing resource definition drilling at Iguana position Beacon well for future growth and value creation.

Beacon’s recent operational and corporate developments build on its strategic transition, as reflected in the 5,419 ounces produced at Jaurdi and the sale of MacPhersons Reward to Forrestania Resources. Additionally, the ongoing drilling at Lizard continues the company’s resource expansion efforts following its maiden campaign at Lady Ida’s Lizard Project.