Anax Metals Advances Whim Creek Heap Leach with Feasibility Study Launch
Anax Metals is upgrading its Whim Creek Heap Leach Scoping Study to a Feasibility Study, aiming to unlock additional value from low-grade copper and zinc ores alongside its strong concentrator project.
- Heap leach feasibility study to build on robust concentrator economics
- Large-scale bioleaching testwork confirms high copper and zinc recoveries
- Study to refine costs, schedules, and processing enhancements
- Bioleaching technology development targets future commercialisation
- Feasibility Study completion expected in Q1 2027
Heap Leach Feasibility Study Targets Value Uplift
Anax Metals (ASX:ANX) has kicked off a Feasibility Study to advance its Whim Creek Heap Leach project, seeking to complement the already robust concentrator development with an additional processing route for lower-grade and transitional ores. This move follows a September 2023 scoping study and leverages existing permitted heap leach infrastructure on site, providing a cost-effective platform to potentially boost project returns.
The February 2026 Definitive Feasibility Study (DFS) update confirmed the standalone Whim Creek concentrator project as economically compelling, with pre-tax free cashflows of A$723 million, a pre-tax NPV7 of A$501 million, and a striking 98% IRR based on an all-in development cost of around A$91 million. The heap leach circuit, now being studied in more depth, was explicitly identified in that DFS update as a future upside opportunity.
Bioleaching Testwork Underpins Study Scope
The study will also assess processing enhancements such as pyrite leaching, update capital and operating cost estimates for heap leach circuits, SXEW plants, and zinc sulphate processing, and refine the integration of heap leach production schedules within the broader project timeline. Market and offtake options for copper cathode and zinc sulphate products will be evaluated to solidify the commercial case.
Concentrator Project Remains Core Focus Amid Financing Progress
While the heap leach feasibility study advances, Anax’s immediate priority remains the concentrator project, which is progressing through Front-End Engineering Design (FEED) and financing discussions. The company recently secured substantial funding through placements and has commenced diamond drilling to expand resources at Mons Cupri, underpinning the project’s development plans and aiming for a Final Investment Decision later this year. This parallel track of heap leach evaluation could provide meaningful optionality and upside to the base case economics.
Managing Director Geoff Laing emphasised the strategic value of the heap leach study as a potential enhancer to the Whim Creek project’s economic profile, highlighting the integration of existing infrastructure with updated technical data and market conditions. The study is scheduled for completion in the first quarter of 2027, setting the stage for a clearer assessment of bioleaching’s role in the project’s future.
Bottom Line?
Anax’s heap leach feasibility study could unlock additional value from Whim Creek’s lower-grade ores, complementing a strong concentrator project and advancing proprietary bioleaching technology towards commercialisation.
Questions in the middle?
- How will updated metal price assumptions impact the feasibility study’s economic outcomes?
- What are the key risks and timelines for commercialising Anax’s bioleaching technology?
- Could heap leach operations materially alter the project’s capital intensity or financing requirements?
