RTG’s Mabilo Project Advances Towards FID With Glencore Funding Ready

Mabilo Funding Is Ready, But Permits Still Set the Pace

RTG Mining Inc. (ASX:RTG, TSX:RTG) has financing, a high-grade ore source and early site works in place at its Mabilo Copper and Gold Project in the Philippines. The missing piece is still government approval: RTG and joint venture partner TVI Resource Development are working through outstanding requirements, including permits for coconut tree felling, before committing to a Final Investment Decision.

The project’s Stage 1 direct shipping operation is designed to avoid the need for a processing plant and is expected to start approximately eight months after FID. Tree cutting has begun on relevant lots, while camp facilities, offices, community engagement and local employment activity are advancing. RTG said government processes remain slow, but the joint venture’s senior management is meeting fortnightly to address the remaining requirements.

Under the binding finance and offtake term sheet, Glencore International AG is providing a facility of up to US$30 million across three tranches, including US$3.5 million for land acquisition, US$21.5 million for the balance of Stage 1 development and working capital, and a further US$5 million subject to both parties’ consent. The arrangement is a reaffirmation of the Glencore Stage 1 backing previously reported by RTG.

Stage 1 is based primarily on 104,000 tonnes of supergene chalcocite grading an average 20.7% copper. RTG says the material is expected to produce about 25,200 tonnes of copper, with an additional 52,900 ounces of gold from other products. RTG holds a 40% interest in Mt. Labo, which owns Mabilo, alongside a 2% net smelter royalty and a loan of about US$27 million that is intended to be repaid from Stage 1 proceeds, subject to liquidity and debt requirements.

Mabilo Drilling Points to Possible Orebody Extensions

Four infill holes drilled into the chalcocite orebody during the quarter all intersected the expected mineralised horizon, with widths described as comparable to earlier resource drilling. The interpretation also pointed to possible extensions north and south, although assays had not been returned by 30 September. Two sterilisation holes in the planned waste dump area found no mineralisation, supporting the selected location.

Further sterilisation, geotechnical validation, grade-control and resource-extension drilling is planned. RTG also intends to test a porphyry target beneath volcanic cover between the South and East Mineralised Zones, as well as extensions to the skarn system. Those targets remain exploration opportunities rather than defined additions to the current reserve.

Chanach Campaign Moves Towards Assay Results

At the 90%-owned Chanach Project in Kyrgyzstan, RTG completed 16 diamond holes for 1,730 metres and 55 metres of trenching during the quarter. The work targeted extensions and infill areas across the epithermal gold vein system and high-grade skarns, with another 194 metres of trenching and about 250 metres of drilling planned for the following quarter.

The current campaign’s assays are expected in the fourth quarter of 2026. It builds on the 2025 Chanach drilling results, which included high-grade gold and copper intersections, but the new drilling cannot yet be assessed until laboratory results arrive.

Cash Position Gives RTG Time to Reach the Next Milestone

RTG reported A$6.7 million in cash and liquid assets at 30 September, while its Appendix 5B showed US$4.72 million in cash and cash equivalents. Quarterly operating cash use was US$966,201, including exploration and evaluation, staff, administration, business development and Chanach costs. On that quarterly run rate, the company reported approximately 4.88 quarters of funding available, excluding any undrawn financing facility.

For RTG, the immediate test is not whether Mabilo has an attractive orebody or a financing partner. It is whether the outstanding Philippine approvals can be converted into FID, allowing the eight-month development clock to start.