Stavely Minerals Unveils A$818M NPV Scoping Study for Thursday's Gossan Copper-Gold Project

Robust Economics Anchor Thursday's Gossan Project

Stavely Minerals (ASX:SVY) has delivered a significant update to its Thursday's Gossan copper-gold-silver project in western Victoria, underpinning a compelling case for advancing the asset toward production. The 2026 Scoping Study outlines a 13-year open pit operation processing 4 million tonnes per annum, anchored by a 60 million tonne Mineral Resource Estimate (MRE) grading 0.58% copper equivalent (CuEq). This resource contains approximately 280,000 tonnes of copper, 170,000 ounces of gold, and 5.4 million ounces of silver, with mineralisation remaining open at depth.

The study projects a pre-tax net present value (NPV7) of A$818 million and an internal rate of return (IRR) of 40%, reflecting strong economics bolstered by recent metals price increases. Capital expenditure is estimated at A$472 million, including a A$333 million plant and infrastructure budget and A$139 million for pre-stripping, with a life-of-mine all-in sustaining cost (AISC) of US$3.76 per pound of copper equivalent. The operation is expected to generate average annual free cash flow of around A$110 million in the early years, with a capital payback period of just 2.5 years from first production.

Production Profile and Resource Confidence

The production target is based on 59 million tonnes at 0.58% CuEq, delivering 210,400 tonnes of copper equivalent metal over the mine life. The first three years are forecast to yield 24,300 tonnes of CuEq annually, including 19,700 tonnes of copper and 6,700 ounces of gold, with a subsequent 10-year period producing 14,500 tonnes CuEq per annum. Notably, 75% of the scheduled production value derives from Indicated Resources, which carry higher geological confidence, while Inferred Resources remain to be converted through further drilling.

Mining will be conducted via a single open pit with a 13-year life, processing ore through a conventional crush, grind, and sulphide flotation plant. The concentrate, grading approximately 24% copper, will be transported roughly 150 kilometres by road to the deep-water port of Portland for export.

Exploration Upside in a Fertile Volcanic Belt

Beyond Thursday's Gossan and the Cayley Lode, Stavely controls around 130 kilometres of a prospective volcanic arc, offering multiple exploration targets with potential to expand the resource base. The Freddy’s Find breccia-hosted gold prospect stands out with recent reconnaissance drilling intercepting broad zones of gold mineralisation, including 16 metres at 1.09 g/t gold equivalent from 46 metres depth. This target, alongside early-stage porphyry targets such as S4 and the Junction copper porphyry, presents sizeable upside opportunities.

Stavely is actively progressing drilling programs to convert Inferred Resources to Indicated status and to test these regional targets. The company’s strategic focus on these exploration prospects aims to enhance project scale and value beyond the current scoping study parameters.

Positioning Within the Australian Copper Sector

In a peer comparison of ASX-listed copper projects, Stavely stands as an early-stage, high-risk, high-leverage opportunity with a relatively modest market capitalisation of around A$16.5 million and a cash position of approximately A$3.1 million. Its 60Mt resource at 0.58% CuEq contrasts with larger, more advanced projects like Caravel Minerals’ 1.28 billion tonne resource at 0.24% copper, but Stavely’s higher grades and potential for resource growth underpin its appeal as a deep value play.

The copper market outlook remains robust, with analysts forecasting a sustained refined copper deficit through the 2020s, adding strategic importance to projects like Thursday’s Gossan. Stavely’s updated study and exploration momentum position it to capitalise on this thematic if it can successfully advance development and resource conversion.