Vertex Minerals Reports 195 Ounces Gold Production in June Quarter with Key Rehabilitation Milestones
Vertex Minerals focused on underground decline rehabilitation at Reward Gold Mine during June quarter, setting the stage for mechanised long hole stoping in October 2026. Gold production aligned with mine plan, while corporate moves bolstered funding.
- Decline 2 rehabilitation completed, Decline 3 Lift 2 finished
- Airleg stoping progressed on high-grade Paxtons Reef
- June gold sales hit monthly record of 113 ounces
- $9 million convertible loan facility closed, $2.5 million SPP launched
- Awaiting Bathurst council decision on blasting hours modification
Underground Rehabilitation Sets Stage for Production Ramp-Up
Vertex Minerals Limited (ASX:VTX) spent the June 2026 quarter deepening its commitment to underground development at the Reward Gold Mine in NSW. The company completed rehabilitation of Decline 2 and finished the second lift of Decline 3 flatback, unlocking access to lower mine levels. These efforts underpin the planned start of mechanised long hole stoping in October, marking a critical transition from development to production.
Decline 1 remained with about 100 metres of rehabilitation outstanding at quarter-end, while airleg stoping advanced on the high-grade Paxtons Reef across the 671 and 677 levels. This approach, targeting multiple mining fronts north and south of the Reward shaft, aims to increase production flexibility and reduce reliance on any single area.
Gold Production Reflects Development Phase, Records June Sales
Gold output for the quarter was 195 ounces, down from 284 ounces in March but consistent with the mine plan focused on development material and airleg stopes ahead of long hole stoping. June was a standout month, with 93 ounces produced and 113 ounces sold, a monthly record for Vertex. Mill recovery improved to 81%, notable given the lower-grade feed from development ore.
The gravity-only processing plant operated approximately 11 hours daily, maintaining steady throughput despite the ore profile. The company continues to optimise plant utilisation as underground production scales up.
Fleet Expansion and Narrower Drives to Boost Mining Efficiency
Operationally, Vertex is refining its underground mining profile by reducing development drive dimensions by about 20% to better match vein widths. This adjustment is designed to minimise dilution and enhance grade control. New Muki jumbo rails arrived on site to support this narrower development, with fitting scheduled for July.
Fleet capacity also expanded with the commissioning of a second Aramine tele-remote loader underground and arrival of a second Bird underground truck expected in late August. Additionally, a Muki LHBP narrow vein long hole rig is on track for delivery in October, ready for the first long hole stoping trial.
Corporate Moves Strengthen Balance Sheet
On the corporate front, Bruce McInnes was appointed Executive Chairman in June, bringing extensive regional and corporate experience. The company completed a $9 million convertible loan facility during the quarter, with Mr McInnes personally investing $115,000. Post-quarter, Vertex launched a Share Purchase Plan targeting $2.5 million to further bolster funding ahead of production ramp-up.
Regulatory Approval Pending for Extended Blasting Hours
Vertex awaits a decision from Bathurst Regional Council on a development application to extend underground work and blasting hours. Approval, expected by mid-August, would materially increase available mining time and accelerate the mine’s production ramp-up trajectory.
With most decline rehabilitation nearing completion and mechanised mining imminent, the company is poised to shift from its development-intensive phase to steady production. The upcoming long hole stoping trial and updated Mineral Resource estimate will be key milestones to watch.
Bottom Line?
Vertex’s underground development progress and funding initiatives position it for a critical production phase starting October, though regulatory timing and ramp-up execution remain pivotal.
Questions in the middle?
- Will the Bathurst council approve extended blasting hours as expected in August?
- How will the first trial of mechanised long hole stoping perform compared to airleg stoping?
- What level of shareholder participation will the $2.5 million Share Purchase Plan achieve?
