Stavely Minerals Advances Robust Scoping Study with Large Resource Capture

• Open pit optimisations capture majority of 60Mt Mineral Resource Estimate
• Scoping Study explores 3 to 5 Mtpa processing throughput options
• Residential workforce model may reduce mining costs versus fly-in/fly-out
• Second pass optimisations underway targeting mid-2026 study release
• Robust project economics despite variations in key cost inputs

Large Portion of Resource Captured in Open Pit Optimisations

Stavely Minerals (ASX:SVY) has revealed that initial open pit optimisations for its Thursday’s Gossan and Cayley Lode deposits have successfully captured a very large proportion of its recently upgraded Mineral Resource Estimate (MRE) of 60 million tonnes at 0.58% copper equivalent. This resource includes 280,000 tonnes of copper, 170,000 ounces of gold, and 5.4 million ounces of silver, underpinning the project's scale and potential.

The MRE upgrade, which was detailed earlier this year, more than doubled the contained copper and significantly boosted gold and silver resources, providing a solid foundation for the current development study. This robust resource base supports multiple production scale options being assessed in the ongoing Scoping Study. The open pit optimisations have been carried out by Entech Engineering in Perth, with Mincore Engineers in Melbourne leading the broader study efforts.

Flexible Production Scales and Processing Throughput Options

The Scoping Study is evaluating a range of processing throughput scenarios from 3 million tonnes per annum (Mtpa) up to 5 Mtpa, including a novel two-circuit 2.5 Mtpa parallel processing option. This latter configuration would allow for a lower capital expenditure high-grade starter pit, with the second circuit installed later and funded by revenue, enabling operational flexibility as the open pit transitions to tighter ore zones near its base.

This flexibility also accommodates a potential shift to underground mining to maintain metal production volumes as open pit ore grades decline. The study has incorporated detailed operating and capital cost estimates for a stand-alone processing facility and associated mine infrastructure, with assessments of payback periods and mine life factored into scale decisions.

Residential Workforce Model Could Lower Mining Costs

Unlike many Western Australian mining operations reliant on fly-in/fly-out workforces, Stavely is considering a residential workforce model for its Western Victoria project. This approach could reduce mining costs compared to WA contract mining rates, which typically include accommodation and travel expenses. The Scoping Study’s second round of open pit optimisations is incorporating these cost considerations, potentially enhancing project robustness.

While these additional optimisations may extend the Scoping Study timeline slightly, Stavely remains on track to deliver results by mid-2026. Chair and Managing Director Chris Cairns highlighted the encouraging progress and the project’s resilience to variations in key input variables, reflecting confidence in the development pathway.

Ongoing Technical Evaluation and Upcoming Milestones

The Scoping Study update follows a series of recent milestones for Stavely, including a heavily oversubscribed A$4 million placement earlier this year to fund study completion and exploration programs. The company is also advancing exploration at nearby prospects such as Freddy’s Find, where significant gold-silver mineralisation has been confirmed, with deeper drilling planned to test porphyry targets.

These developments complement the Thursday’s Gossan project’s strong resource base and underline Stavely’s strategy to build a diversified copper-gold-silver portfolio in Western Victoria. Investors will be watching the upcoming Scoping Study release closely for detailed financial outcomes and production scale decisions that will shape the project’s next phase.

Bottom Line?

Stavely’s evolving Scoping Study highlights a robust copper-gold-silver project with flexible production options and cost advantages from a residential workforce, setting the stage for mid-year clarity on development economics.

Questions in the middle?

• How will the final Scoping Study balance throughput scale with capital intensity and payback periods?
• What impact will the residential workforce model have on overall operating costs compared to WA benchmarks?
• To what extent can underground mining supplement open pit production to sustain metal output?