Future Metals Launches Updated Scoping Study for Panton Project

Two Development Pathways Under the Microscope

Future Metals NL (ASX:FME) has kicked off an updated Scoping Study for its Panton PGM-Ni-Cr Project in Western Australia, aiming to chart a practical and capital-efficient development path. The study pits a greenfield standalone operation at Panton against an alternative that leverages existing infrastructure at the nearby Savannah processing facility, owned by Zeta and currently under care and maintenance. This dual-pathway approach is designed to deliver a clear comparison of costs, economics, schedules, approvals, and risks, enabling the company to select the option that balances economic returns with execution certainty.

Standalone Panton Operation: Building from Scratch

The base case envisions a full-scale mining and processing operation on the Panton leases, combining open-pit and underground mining with a new processing plant and supporting infrastructure including power, water, accommodation, tailings storage, and concentrate load-out facilities. Concentrates of platinum group metals (PGMs) and chromite would be trucked to the Port of Wyndham for export. The processing plant design integrates recent strategic insights such as a simplified flotation circuit, ore-sorting, and staged recovery additions, aiming to optimise capital and operating costs.

Savannah Facility Reuse: Capital Savings versus Operating Costs

The alternative pathway assesses transporting mined material from Panton, approximately 60 kilometres away, to the Savannah processing plant. This option evaluates the suitability of existing crushing, grinding, and flotation circuits, alongside refurbishment and modification needs. While reusing Savannah's infrastructure could reduce upfront capital expenditure, the study will weigh these savings against increased operating costs from haulage and plant recommissioning. Notably, any use of Savannah remains contingent on finalising commercial agreements with Zeta.

Strategic Review Drives Processing Optimisation

Future Metals is incorporating findings from a recent Strategic Review that identified opportunities to simplify the flotation circuit, implement ore-sorting to upgrade feed quality, and explore lower-energy grinding options. The review also recommended evaluating staged recovery additions for precious metals and chromite, allowing a phased development that limits initial capital outlay while preserving upside potential. Parallel metallurgical testwork will continue, with new data feeding into the study as it becomes available.

Robust Mineral Resource Underpins Study

The updated Scoping Study builds on the July 2026 Mineral Resource Estimate for Panton, which totals 82.3 million tonnes at 1.6 g/t platinum equivalent, containing 4.24 million ounces of PtEq. This resource includes both open-pit and underground components, with indicated and inferred classifications. The resource is constrained by economic cut-offs and demonstrates reasonable prospects for eventual economic extraction, providing a solid foundation for development planning. The company’s technical team, including experts from Orelogy, Barminco, ResourcesWA, and IMO, is driving the study’s comprehensive evaluation of mining, processing, infrastructure, and environmental factors.

Next Steps Focus on Approvals and Feasibility

Alongside the Scoping Study, Future Metals is advancing metallurgical testwork, environmental baseline reviews, and early regulator consultations. The study is structured to front-load critical workstreams, enabling a smooth transition to a Feasibility Study pending outcomes and the negotiation of terms with Zeta. This phased approach reflects a cautious balancing of capital efficiency, project risk, and future growth optionality, as the company seeks to position Panton for development in a tier-one mining jurisdiction.