Maritana moves Black Swan closer to first gold with approvals complete

Black Swan enters active construction

Maritana Minerals Limited (ASX:MRT) has cleared the main statutory hurdle for its Black Swan Processing Hub, with all approvals required to construct the process plant now in place. The final Native Vegetation Clearing Permit was granted on 19 September, completing a process that had been closely tied to the project's move from planning into site execution.

Early works are now spread across demolition, earthworks, ground improvement and refurbishment. Focus Demolition has removed redundant conveyors, transfer towers, ore bins and related structures, while PCH Civil has begun excavation and engineered fill work for the new carbon-in-leach circuit and associated infrastructure. The existing SAG mill was also rotated for the first time in about 17 years as Maritana assessed the refurbishment required.

The approval milestone was reported earlier alongside the final Black Swan permit, but the quarterly report shows the practical consequences: approximately A$31.5 million is now committed to the early-works program, covering engineering, procurement, construction management and site execution. The main EPC and reimbursable contracting arrangements, however, are still being developed, as are the final capital estimate, schedule and execution strategy.

Infrastructure expands ahead of first gold

Construction support systems are being built in parallel. Borefield refurbishment and upgrades, costing A$1.3 million, are intended to establish a more reliable construction water supply and reduce reliance on water cartage. Power options remain under evaluation, including on-site gas generation, Goldfields grid connections and hybrid renewable solutions, with temporary diesel generation still under consideration for commissioning and initial operations.

Accommodation capacity has reached 73 rooms across the temporary construction village, while a permanent 60-room village is being developed with expansion potential to 120 rooms. Maritana continues to target first gold in the second half of calendar 2027, with mining at Boorara targeted to restart in mid-2027. Those dates remain plans rather than completed milestones, with contract awards for mining and haulage expected in late 2026.

Gold inventory grows while drilling targets mine life

Maritana's gold Mineral Resources increased to 2.15 million ounces and Ore Reserves to 235.6 thousand ounces at quarter end. The resource growth included a 62% increase at Burbanks to 755koz and a maiden 31.6koz underground Ore Reserve at Rose Hill. The Burbanks upgrade was previously reported in the Burbanks resource increase, but no Ore Reserve has yet been declared for that project.

“Burbanks Mineral Resource bridge, 2023 to 2026 (contained gold)12.”

“Coote and Crake Project diamond drilling”

Caption and image © Maritana Minerals Limited. From “Quarterly Activities Report 30 September 2026”, 26 Oct 2026.

Exploration is aimed at converting more of that inventory into mineable material. At Boorara, 119 reverse-circulation holes covering 17,246 metres extended mineralisation below the planned Pit 4, including 23 metres at 1.80 grams per tonne gold and 6 metres at 3.68 grams per tonne. The remaining assays are expected in the second half of 2026, ahead of an updated resource estimate targeted for the first half of 2027. Phase 2 drilling at Burbanks has also finished, with nine assays still pending, while resource conversion drilling has started at Coote and Crake.

Cash funds the transition, but execution remains central

Cash at 30 September was A$214.5 million, down from A$229.5 million at 30 June. Maritana spent A$5.3 million on mine development and Black Swan-related work during the quarter and A$5.5 million on exploration and evaluation. It also received A$400,000 after Encore Minerals made a positive final investment decision on the Windarra Tailings Project, while retaining a 3% net smelter return royalty, reduced to 1.5% on Lancefield tailings.

The next test is less about permitting than delivery. Maritana must convert early works into a fully contracted project, settle its long-term power and water solutions, award mining contracts and keep the Boorara restart aligned with Black Swan commissioning. Pending drill results may add to the longer-term inventory, but they do not remove the construction and scheduling work still ahead.